The 10 Best Investment Books for Value Investors that No One Knows About

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Jae Jun

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The 10 Best Investment Books for Value Investing

With thousands of investment books available, it’s difficult to find a good one. I’ve ordered my best investment books in order of difficulty.

I am often asked to recommend top investment books. When I find investment books that I like, I go over it line by line to scrutinize, learn, reverse engineer and apply.

When it comes to my top investment books, I like books to have depth. In other words, I don’t particularly find light, introductory investment books appealing. I read it once or thumb through it and I never touch it again.

Instead, the investment books I really love to read and continually reference are practical, requires a slower reading pace to absorb the information and a little more thought.

Choosing the right investment books will significantly increase your investing knowledge.

Of course there are going to be books that you feel are missing, but these books are the hidden gems. The best investment books that the majority will not know about. More titles can be found on book lists such as Amazon’s best investments books list.

Here are my recommended books for the best investment books in order of difficulty.

[Easy] 1.Why are we so Clueless about the Stock Market Review

best investment booksA very good primer for new investors to the world of investing, accounting and financial analysis.

This is one of the best investing books that introduces you to what value investing is all about.

It is detailed, yet easy to understand and well written in plain english.

Definitely a book I recommend to new investors or anyone wanting to learn what value investing is all about.

[Easy] 2.F Wall Street Book Review

top investment bookF Wall Street is an amazing book. There is just enough mix of overview and practical advice to be beneficial to every reader.

The book really does a fantastic job of making difficult concepts easy to understand. Everyday examples are used to help you understand how a stock is just a business. After reading the book, you will appreciate looking at stocks like a business owner.

The author learned a lot by reading Warren Buffett’s annual letters and it shows.

Highly recommended and deserves its place in my best investment books recommended list.

[Easy] 3.Economic Moats: The Little Book that Builds Wealth review

best investing booksThis little book is a quick read but very informative. It is all about the different types of durable competitive advantages a.k.a. moats, that a company achieves.

Once you read this book, you will understand why certain businesses can outlast and beat competitors.

A definite read if you want to be able to understand businesses better and receive new insight.

[Intermediate] 4.Financial Statements: Step-by-Step Guide to Understanding and Creating Financial Reports

This is where you start to get deeper into the numbers and really learning to expand your investing knowledge.

Financial statements, is as the title suggests. All about financial statements. It is an accounting book that takes you through the basics. Easy to understand and follow. What more could you ask from an accounting book?

If you read and understand the concepts from this book, you can pass any accounting course. In fact, why take an accounting course for several hundred or thousands of dollars, when this sub $20 book will do more for you?

[Intermediate] 5.The Art of Short Selling Book Review

If you are at the point of reading this book, you have a good understanding of financial statements. The only problem with reading the Financial Statements book above, is that it is an accounting book and not an investment book.

What does this mean?

Accounting books do not teach you how to apply the accounting concepts to investing. This book will get you started in linking the accounting and investing. In fact, this was the investing book that broke my plateau and frustration in trying to understand how to apply the accounting concepts to investing.

If you can, go to a library to read it as the price has gone up significantly.

[Intermediate] 6.Active Value Investing Book Review

Active Value Investing can be broken into two parts. The first can be considered as the economic and macro side of the market, with the second part dedicated to value investing concepts, strategy, fundamentals and valuation.

It is not the easiest book to go through, and personally I am not much of a macro or economics guy so the first part bored me.

However, this book still manages to get on my top investment books list because the second half is really good.

You’ll learn about the author’s investing framework of QVG (Quality, Value, Growth) which is a great help in understanding and expanding my thinking towards the qualitative aspects of investing.

[Intermediate] 7.You can be a Stock Market Genius! Review

This book is not a conventional investment book. The book is dedicated to special situations.

Special situations are investments with a twist and are not dependent on the market to realize the value of the company. Special situations can range from investing in stocks that are merging and taking advantage of the small percentage difference in price before the merger is approved, investing in spinoffs and even taking advantage of companies coming out of bankruptcy.

This is a fairly high level investment book, but it will open your eyes to a whole new world.

[Difficult] 8.Value Investing: Graham to Buffett and Beyond review

I have categorized this book as difficult because it requires a lot of knowledge and confidence in number crunching, accounting and working through financial statements and annual reports.

The book is all about valuing companies first based on their assets, followed by what is described as earnings power.

It’s a very detailed and thorough book and written by Colombia University’s Prof Bruce Greenwald.

You will not read this in a single sitting. Be prepared with pen, paper and highlighter if you want to master this book.

As difficult as it is, it is still one of the best investment books on valuation.

[Difficult] 9.Quality of Earnings Book Review

My favorite investment book to date. I reference it all the time.

From this book, you will learn how to interpret the financial statements from an investors point of view and learn ways to determine the true quality of earnings.

Instead of relying on what it says on the income statement, you can apply the methods taught in the book to see whether it is a one time thing.

Other lessons include how to analyze inventory to prevent you from being victim to surprises.

It is just full of useful and practical lessons you can start applying immediately.

[Difficult] 10.Financial Shenanigans Book Review

Rounding up the list of the best investment books is Financial Shenanigans.

This book is a gem. It is very detailed, thorough and practical. This book will teach you the ins and outs of games that companies play to either confuse or trick investors.

The information in this book is so good that business schools use it as class text.

You have to have a very good understanding of accounting and financial statement analysis for this book to be worthwhile. Keep it on your list however, because if there is one book that will immediately take you to another level in investing, it is this one.

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9 responses to “The 10 Best Investment Books for Value Investors that No One Knows About”

  1. kalidasa says:

    i cant read the article, why?

  2. sorry it should work now.
    Try clearing your browser cache.

    If you are windows do CTRL+F5

  3. Reuben says:

    I agree with your book picking philosophy, cause as a value investor I like books that i can refer to from time to time. Only read “You Can Be A Stock Market Genius”. A great referencre tool.

  4. Exactly. I don’t classify investment books as good unless I can reuse the lessons instead of reading it like a story book.

    One of the reasons why I don’t promote books like “A random walk down Wall Street”. Not sure what people see in that book.

  5. nazim says:

    Surprised not to see any of Graham’s books– “Security Analysis” especially.

  6. nazim says:

    Uh, I should have read the title

  7. Yogi Berra says:

    I will add few more books which are Must Read for any investor…

    1. Pat Dorsey’s 5 Rules for successful stock market investing

    2. One up on wall street by Peter Lynch

    3. Intelligent Investor by Ben Graham

    4. The art of value investing by John Heins and Whitney Tilson

    5. Security Analysis by Ben Graham

    6. Manias, Panics and Crashes: A History of Financial Crises

    7. At least one of the three valuation books written by either- Damodaran or McKinsey & company or Penman

    8. Margin of Safety by Seth Klarman

  8. 🙂 Everyone knows about the intelligent investor and security analysis.

  9. 5 Rules for Successful Stock Investing really helped me get started

    The Art of Value Investing is a new book and definitely worth putting on the list.

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