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Insights.

ALL YOU NEED TO KNOW ABOUT INVESTING & FINANCE IN 7 BOOKS

12/12/2018

1 Comment

 
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It’s almost that time of year when thoughts turn to resolutions for the 12 months ahead. Financial resolutions are always among the most common and, according to a poll by YouGov, the most popular resolutions in the UK this time last year included reading new books and learning a new skill.

For 2019, how about aiming to improve your knowledge of investing and personal finance through reading? No, we’re not talking about articles and blog posts, which only give you a tiny snapshot, but actual books which will leave you feeling that you’ve genuinely broadened your understanding.

If that appeals, here are seven books we would recommend.




THE BIGGER PICTURE

The Geometry of Wealth: How to Shape a Life of Money and Meaning by Brian Portnoy

Most people embark on an investment strategy without having a plan, and it’s not a good idea. True wealth, explains Brian Portnoy, is “funded contentment”. So, first of all, you need to work out what contentment looks like for you. What do you want from life? How much money do you need to enable you to lead that life? And when are you going to need it? Tackling these big questions and tending to everyday financial decisions, says Portnoy, are complementary, not separate, tasks. His book will help you to find the answers.


The Financial Wellbeing Book by Chris Budd

Personal wellbeing has almost become a new religion, but there are very few books that specifically tackle the financial aspect of it. In this book, former financial planner Chris Budd picks up on many of the issues discussed in The Geometry of Wealth. The starting point, he says is to “know thyself”. He then goes on to explain the secret to feeling in control of your finances, being able to cope with a financial shock and ensuring you always have options — and the peace of mind that goes with each of those.


INVESTING

The Little Book of Common Sense Investing by Jack Bogle

Jack Bogle is the founder of Vanguard Asset Management, and the world’s most prominent advocate of low-cost index funds. This short, best-selling classic explains, in simple terms, how to guarantee your fair share of stock market returns by simply tracking global markets at minimal cost. The tenth anniversary edition has been updated and revised and is personally endorsed by none other than Warren Buffett.


How to Invest with Exchange-Traded Funds (ETFs): A practical guide for the modern investor by Henry Cobbe & Shweta Agarwal

OK, we’re not entirely impartial — Henry Cobbe is, of course, Elston Consulting’s Head of Research. But this book will particularly suit those who are looking to manage their own investments. It explains how to diversified and manage a low-cost, diversified and robust portfolio constructed entirely with ETFs.


The Four Pillars of Investing by William Bernstein

Learn about investing in just three books? Are we serious? Yes, we are. To quote William Bernstein in The Four Pillars of investing, “the body of knowledge that the individual investor, or even the professional, needs to master is pitifully small.” Bernstein’s book is a superbly written, down-to-earth and easy-to-read explanation of how to design an effective investment strategy and how to construct and manage an investment portfolio that reflects your personal capacity for risk.


FINANCIAL HISTORY

The Ascent of Money: A Financial History of the World by Niall Ferguson

Uh? Why do you need to know about history to be financially savvy? Well, it’s true that history doesn’t repeat itself exactly, but having a very long-term perspective helps you to understand how financial markets work. “Sooner or later, says Niall Ferguson, “every bubble bursts (and) greed turns to fear.” But the good news is that capitalism has proved remarkably resilient over the centuries and, for patient investors, equities have delivered strong returns compared to cash and bonds.


PSYCHOLOGY

Thinking Fast and Slow by Daniel Kahneman

What? How does a knowledge of psychology make you more financially literate? The answer is that, as the legendary investor Benjamin Graham once said, “the investor's chief problem – and even his worst enemy – is likely to be himself.” As Nobel laureate Daniel Kahneman explains, our minds are tripped up by error and prejudice, and investors are a classic example. His book includes a wealth of wisdom, as well as practical techniques for improving the decision-making process. 



Book lists are, of course, subjective. Books that we find helpful might not do the trick for you. Let us know how you get on with these, and if you have any suggestions for books we should add to future lists, we would love to hear from you.
1 Comment
John Bonini link
21/12/2018 01:41:46

The breadth of history and psychology materials are vastly underutilized in business schools, especially those concentrating in finance.

Reply



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  • WHO WE ARE
    • About
    • Contact
    • Events
    • Press
  • WHAT WE DO
    • Portfolio Solutions >
      • Our Portfolios
      • Custom Portfolios
      • Research Portfolios
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      • Our Funds
      • Custom Funds
    • Index Solutions >
      • Our indices
      • Custom Indices
    • SPECIALIST STRATEGIES >
      • Liquid Real Assets
      • UK Equity Income
      • Permanent Portfolio UK
      • All Weather Portfolio UK
      • Dynamic Risk Parity
      • Gold and Precious Metals
      • Enabling Net Zero
    • Research >
      • Investment Research
      • Regulatory Research
    • CPD
  • WHO WE HELP
    • Financial Advisers
    • Discretionary Managers
    • Asset Managers
    • Asset Owners
    • 中文
  • Insights