All of My Favorite Investing Books aka Ph.D. in Investing Reading List

Ph.D. in Investing Reading List
Title	Author	Pages	Subject
The Essential Buffett	Hagstrom	270	investing principles
The Little Book of Common Sense Investing	Bogle	240	index fund investing
Where are the Customer's Yachts?	Schwed	208	finance industry
The Money Masters	Train	301	great investors
Fooled by Randomness	Taleb	368	psychology
Origins of the Crash	Lowenstein	288	corporate financial half truths
Influence	Cialdini	336	external influence/persuasion
The Essays of Warren Buffett	Cunningham	256	mind of a genius
Investment Madness	Nofsinger	192	investor psychology
Extraordinary Popular Delusions (Audio)	MacKay	96	crowd psychology
When Genius Failed (Audio)	Lowenstein	288	inside a hedge fund
Economics in One Lesson (Audio)	Hazlitt	218	economics
Stocks for the Long Run (Audio)	Siegel	240	years of market history
Against the Gods (Audio)	Bernstein	400	history of risk
The Only Investment Guide You'll Ever Need	Tobias	312	all in one
Sense and Nonsence in Corporate Finance	Lowenstein	184	diverse corp finance topics
Triumph of the Optimists	Dimsom	320	101 years of stock, bond hist.
Capital Ideas	Bernstein	360	development of finance
The Money Game	Smith	272	makings of market mania
Competitive Strategy	Porter	416	competitive advantage
A Piece of the Action	Nocera	464	modern financial history
You Can Be a Stock Market Genius	Greenblatt	304	special situation investing
The Little Book that Beats the Market (Audio)	Greenblatt	176	stock selection
The Millionaire Next Door (Audio)	Stanley	258	attributes of millionaires
Moneyball (Audio)	Lewis	320	inefficiency and opportunity
The Road to Serfdom (Reader's Digest)	Hayek	96	economics
Manias, Panics and Crashes	Kindleburger	355	a history of financial crises
The Intelligent Asset Allocator (Audio)	Bernstein	206	asset allocation
Psychology and the Market	Dreman	306	mass psychology
Freakonomics	Levitt	336	power of incentives
Global Investing	Ibbotson	339	700 years of data
The Intelligent Investor	Graham	368	most mentioned by investors
Adventure Capitalist: The Ultimate Road Trip	Rogers	392	global markets
Devil Take the Hindmost	Chancellor	400	history of speculation
The Black Swan:  The Impact of the Highly Improbable	Taleb	400	risk and improbable events
The World is Flat	Friedman	608	globalism
The Power of Gold	Bernstein	304	1500 B.C. until modern times

Building The Core With Vanguard: Domestic Bonds http://t.co/xmmU3xlKLn $AGG $BSV $SCHZ $VTI $BND

— ETF Investing (@SAlphaETF) June 11, 2015

12 Stocks to Earn Dividends Every Month-Kiplinger #helpYOUgetGAINS https://t.co/fmEcDLhRro

— #HelpYouGetGAINS (@whey2muscle) August 17, 2016

Dividend Income For Easy Cash Flow $ARCC $BDCS $CTL $ED $EPR $GEO $GOV $MAIN $MLPS $MO $O #helpYOUgetGAINS https://t.co/DYcAAKuTJT

— #HelpYouGetGAINS (@whey2muscle) August 15, 2016

3 Investment Gurus Share Their Model Portfolios : NPR #investing #retirement #helpYOUgetGAINS https://t.co/oGNIbNxQTl

— #HelpYouGetGAINS (@whey2muscle) August 2, 2016

Must Read: Value Investing: From Graham to Buffett and Beyond
Part III Value Investing in Practice p. 161 - 277 #HelpYouGetGAINS #investing

— #HelpYouGetGAINS (@whey2muscle) July 6, 2015

5 Monthly Dividend Stocks To Pay Your Bills http://t.co/UHGDtKxeMc … $LTC $O $PSEC $MAIN #HelpYouGetGAINS #monthlydividends #stockmarket

— #HelpYouGetGAINS (@whey2muscle) June 15, 2015

The Vanguard Dividend Appreciation ETF Is Better Than Social Security http://t.co/IqhuVLAOuO … $VIG #HelpYouGetGAINS

— #HelpYouGetGAINS (@whey2muscle) June 15, 2015

Armed With An Index Fund, Warren Buffett Is On Track To Win Hedge Fund Bet : NPR https://t.co/v0qMeZsuOM #helpYOUgetGAINS

— #HelpYouGetGAINS (@whey2muscle) August 21, 2016

Pre-orfered book I am most curious about is Cialdini's "Pre-suasion" https://t.co/gCq0f5ZWLb Everyone should read: https://t.co/M1lufOr8ol

— Tren Griffin (@trengriffin) August 27, 2016

The Kelly Optimization Model (from Robert Hagstrom, The Essential Buffett, p. 143)

The Kelly Optimization Model, often called the optimal growth strategy, is based on the concept that if you know the probability of success, you bet the fraction of your bankroll that maximizes the growth rate.  It is expressed as a formula:

                        2p – 1 = x

where 2 times the probability of winning (p) minus 1 equals the percentage of the total that should be bet (x).  For example, if the probability of beating the house is 55 percent, you should bet 10 percent of your bankroll to achieve the maximum growth of your winnings.

The Focus Investor’s Golden Rules

(from Robert Hagstrom, The Warren Buffett Way, 2005)

§  Concentrate your investments in outstanding companies run by strong management.

§  Limit yourself to the number of companies you can truly understand. Ten to twenty is good, more than twenty is asking for trouble.

§  Pick the very best of your good companies, and put the bulk of your investment there.

§  Think long-term: five to ten years, minimum.

§  Volatility happens. Carry on.

The Warren Buffett Way by Robert G. Hagstrom

Business Tenets

1.      Is the business simple and understandable from your perspective as an investor?

2.      Does the business have a consistent operating history?

3.      Does the business have favorable long-term prospects?

Management Tenets

1.      Is management rational?

2.      Is management candid with its shareholders?

3.      Does management resist the institutional imperative?

Financial Tenets

1.      Focus on return on equity, not earnings per share.

2.      Calculate “Owner Earnings”.

3.      Search for companies with high profit margins.

4.      For every dollar of retained earnings, has the company created at least one dollar’s extra market value?

Value Tenets

1.      What is the value of the business?

2.      Can the business currently be purchased at a significant discount to its value?

(Notice how this follows what was stated by Warren Buffett on CNBC)