25 Investment Classics: Insights from the Greatest Investment Books of all Time (英语) 精装 – 1998年10月19日
There are certain books that have earned a place in investment history: old masters and modern classics that have made the greatest contributions to the world's store of investment know-how. 25 Investment Classics brings together, in one volume, and invaluable guide to the best investment writing of all time. It defines and introduces these classic texts that have shaped, and continue to shape, the foundation of investment wisdom.
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The collection of books is haphazard, looking at areas of the market and investing that are widely dispersed. This is not a weakness in itself, but the disjointed way the author jumps from work to work with no transition gives this volume the flavor of reading a stack of unorganized book reviews. The writing quality is not terrible, but it does not hold attention well and could have used some serious editing in places. The book's main strength is its brief distillations of the 25 works it covers.
The author, a financial journalist, provides no evidence of any special competence or authority in any of the subjects he covers. This is a significant contrast to a work like Dean LeBaron's Treasury of Investment Wisdom, where Mr. LeBaron brings a lot of expertise in various areas and makes no bones about where he stands on various topics.
One quote that stood out for me near the end of the book was the following (p. 207):
"...He (Wittgenstein) was ever conscious of our inability to be certain. This is one of the great existential riddles, and I have every sympathy with the majority of people, who feel uncomfortable at this thought and prefer to find refuge in the arms of any number of ideologies and belief systems."
No, Wittgenstein is not one of the 25 authors covered among the investment classics (for an exact list, check the book's editorial reviews in detail). Wittgenstein is simply a manifestation of the author's wishy-washiness. He does not believe in technical analysis, is not quite sure he believes in fundamental analysis, and does not appear to have any shockingly special insights on these works.
Because some of the books he covers are very good, the wisdom of the 25 authors cannot help but affect you, no matter how buried in the author's prose. The few direct quotes from works that he inserts provided the fresh breaths of air I needed to keep going through these pages.
Hopefully digesting this book will inspire the reader to read the underlying "25 Investment Classics", which will be ultimately much more rewarding.
Most business readers will have probably already read or heard of many of the books. Books such as A Random Walk Down Wall Street: Completely Revised and Updated Edition and The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) are found here, as well as others that go back decades, even centuries.
Each classic is summed up in about 5-10 pages. This is good and bad. It lets you get an idea and the main points, but there is something to reading the original text in its entirety. That said, this should be apart of your business library, not your ENTIRE business library.
'25' is good, but could use less opinion from the other. Author Tom Butler-Bowden does a fine job writing clear and concise summaries, such as 50 Prosperity Classics: Attract It, Create It, Manage It, Share It (50 Classics) which lays out a books main points and lets the reader decide their opinion.
He is very negative on technical analysis (the author), as his tone and comments about this form of analysis is negative throughout the book. I personally find this very distasteful as technical analysis would have bailed you out of the market at most of its peaks (when money flows turned negative - it did in telecom service in April 2000)
I do believe the wide array of books utilized is a very good collection for a beginner. Some other good books, which actually talk to individuals is Market Wizards : Interviews With Top Traders by Jack D. Schwager and John Train's Money Master and New Money Masters (2 different books). I believe everyone should read Peter Lynch's first book, Beating the Street. A good book on managing your money is Suze Orman's 9 Steps to Financial Freedom
Having worked with portfolio managers as a research analyst I hope this helps everyone.