Everyone loves a good book on investing, economics, or a fresh take on finance.
With all of the titles floating around out there, though, it can be hard to sort through the pile.
"Doug Kass has a terrific reading list," says Blackstone Vice Chairman Byron Wien.
Kass, the widely-followed portfolio manager who is president and founder of Seabreeze Partners Management, gave us a list of his 31 favorite titles he recommends investors should read.
The Most Important Thing
By Howard Marks
"Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways."
Extraordinary Popular Delusions and the Madness of Crowds
By Charles Mackay
"Why do otherwise intelligent individuals form seething masses of idiocy when they engage in collective action? Why do financially sensible people jump lemming-like into hare-brained speculative frenzies--only to jump broker-like out of windows when their fantasies dissolve? We may think that the Great Crash of 1929, junk bonds of the '80s, and over-valued high-tech stocks of the '90s are peculiarly 20th century aberrations, but Mackay's classic--first published in 1841--shows that the madness and confusion of crowds knows no limits, and has no temporal bounds."
The Money Game
By Adam Smith
"The Money Game, written by one who signs himself 'Adam Smith' (and who some believe is Harvard-and-Oxford-trained George J. W. Goodman), is a modern-day classic. Like many modern paintings, the book looks simple. But as W. Somerset Maugham said about an unforgettable Mondrian abstraction: 'It looks as though you had only to take a ruler, a tube of black paint and a tube of red, and you could do the thing yourself. Try!' "—Professor Paul A. Samuelson, First American Nobel Prize Winner in Economics."
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