Investing

The Intelligent Investor 《聪明的投资者》 Benjamin Graham Graham separates investing from speculating, sets out defensive and enterprising frameworks built on intrinsic value, margin of safety, and… Investment Classic Index 97

Security Analysis 《证券分析》 Benjamin Graham Graham and Dodd turned security valuation from a matter of personal judgment into a testable method: estimate intrinsic value from balance sheets… Investment Classic Index 95

Poor Charlie's Almanack 《穷查理宝典》 Charlie Munger A collection of Munger’s speeches organized around a latticework of mental models: borrow reliable tools from psychology, mathematics, biology, and… Investment Classic Index 92

A Random Walk Down Wall Street 《漫步华尔街》 Burton Malkiel Malkiel uses the efficient-market hypothesis and random-walk theory to argue that most active managers cannot beat the market consistently, which… Investment Classic Index 92

Fooled by Randomness 《随机漫步的傻瓜》 Nassim Nicholas Taleb Taleb writes from a trader's perspective to show how we explain luck as skill and treat survivors as examples, thereby systematically overrating the… Finance Classic Index 91

Common Stocks and Uncommon Profits 《怎样选择成长股》 Philip Fisher Fisher argues for gathering information through “scuttlebutt” — talking to customers, suppliers, and competitors — to find companies with durable… Investment Classic Index 90

Reminiscences of a Stock Operator 《股票作手回忆录》 Edwin Lefèvre A narrative based on Jesse Livermore, tracing a speculator’s rise and ruin in early twentieth-century American markets. Its subject is not technique… Investment Classic Index 89

Margin of Safety 《安全边际》 Seth Klarman Klarman starts from the priority of avoiding loss over pursuing gain, argues that value investing is the most logically sound approach, and explains… Investment Classic Index 88

Irrational Exuberance 《非理性繁荣》 Robert Shiller Shiller uses valuation data, survey evidence, and psychological research to explain how asset bubbles form: feedback loops, news and narrative, herd… Investment Classic Index 88

One Up on Wall Street 《彼得·林奇的成功投资》 Peter Lynch Lynch argues that amateur investors hold an information advantage over institutions in industries and consumer situations they know firsthand, and… Investment Classic Index 87

The Outsiders 《商界局外人》 William Thorndike Thorndike compares eight CEOs with outstanding long-run records and finds that what they share is not operational brilliance or charisma but… US Stock Investment Classic Index 87

The Psychology of Money 《金钱心理学》 Morgan Housel Housel uses short essays to argue that financial outcomes depend more on behavior than on knowledge: patience, room for error, and honesty about… Psychology & Cognitive Science Classic Index 82

The Battle for Investment Survival 《投资生存之战》 Gerald Loeb Loeb’s practical handbook from the 1930s argues that the first task of investing is to protect capital, which requires a willingness to cut losses… US Stock Investment Classic Index 81

The Little Book That Beats the Market 《股市稳赚》 Joel Greenblatt Greenblatt lays out the “magic formula” in deliberately simple terms: rank companies by return on capital and by earnings yield, buy those that… US Stock Investment Classic Index 80

100 Baggers 《百倍股》 Christopher Mayer Mayer studies stocks that returned a hundredfold and abstracts their common traits: high returns on capital, the ability to keep reinvesting, a long… US Stock Investment Classic Index 79