Below is a list of books that are the very best of the many dozens I’ve read over the years. Each one has had a significant impact on the Pilane Capital investment approach. My approach.
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I’ve made no secret of the fact that the entire premise of the Pilane Capital investment approach is built around a small section in chapter 7 of The Intelligent Investor by Benjamin Graham. The book is a superb introduction to the value approach, how it works, and different ways to deploy it. It’s widely acknowledged as one of the best investing books ever written.
Warren Buffett is the world’s most famous and successful investor of all time. Robert Hagstrom distills Buffett’s investment style in this amazing book with some of Buffett’s real-world investments. From his early life and education, through to the investment tenets Buffett applies to each investment, Hagstrom lays out Buffett’s investing framework that anyone and copy and apply to the markets.
Yes, another Buffett book. But this time you get the low-down in the early investment career of the man who started his first partnership at the age of 26 in 1956 and ran it until 1970. Warren Buffett’s Ground Rules is a collection of 33 letters he wrote to his partners, listing his thoughts, ideas, and reflections on the global financial markets. You also get a glimpse of how Buffett changed from a bargain hunter to a buyer of businesses at a reasonable price.
William O’Neill is a successful businessman and stock market investor who has distilled his winning stock market method into a system called CANSLIM. Everything from chart patterns to fundamental analysis, the book is packed full of useful and actionable information including the most common pitfalls to avoid when investing in stocks.
Mark Minervini explains at length how many investors get played by the stock market and what you can do to avoid it. Trade Like a Stock Market Wizard does an excellent job of explaining how a few simple charting techniques can transform your understanding of market phases and how to profit from them. An excellent mix of fundamental and technical analysis.
The author Peter Lynch, was an extremely successful fund manager before writing this well-known investment book. ‘One Up’ will show you how your consumer behavior can give you great insight into stocks that professional money managers miss and you can profit from. Trust what you see on the high street and when internet shopping, it can tell you how well companies are performing which will be reflected in their share price in the future.
Nicolas Darvas may not necessarily teach you about stock market investing strategy, but his book will show you how the progression of a newbie investor develops into a professional one. There are lessons throughout, including the value of good information, and how to interpret it. It’s a great read.