What are the best value investing books of all time?
To answer the question, let’s look at what books influenced the greatest value investors.
Legendary value investors such as…
- Warren Buffett
- Charlie Munger
- Seth Klarman
- Howard Marks
- Joel Greenblatt
…have each shared what value investing books influenced them the most.
In this post, I’m going to share the favorite books from each of these famed investors.
First, let’s look at the reading list of the most famous value investor of all-time Warren Buffett.
Warren Buffett’s Favorite Value Investing Books
What books on value investing does Warren Buffett recommend?
Each year at the Shareholder Conference, Buffett shares his favorite books. His complete list of recommendations covers everything from biographies on himself to classic books on investing.
The investing books which he list that shaped his thinking include:
- The Intelligent Investor: The Classic Text on Value Investing by Benjamin Graham
- The Intelligent Investor (Revised Edition) by Benjamin Graham, revised by Jason Zweig
- Strategic Value Investing: Practical Techniques of Leading Value Investors by Stephen Horan, Robert Johnson and Thomas Robinson
- The Ten Commandments for Business Failure by Donald R. Keough
- Where Are the Customers’ Yachts? Or a Good Hard Look at Wall Street by Fred Schwed, Jr.
Charlie Munger’s Recommended Value Investing Books
Charlie Munger shares the complete list of his favorite books in the back of Poor Charlie’s Almanack.
Out of the 20 recommendations, Munger lists only one book on value investing.
Seth Klarman On The Best Value Investing Books
The well-respected hedge fund manager Seth Klarman, shared his favorite books at the 2010 CFA Institute Annual Conference.
His recommended value investing books are:
Howard Marks’ Recommended Value Investing Books
In the introduction of his book The Most Important Thing, Howard Marks explains:
If you read widely, you can learn from people whose ideas merit publishing. Some of the most important for me were Charley Ellis’s great article “The Loser’s Game” (The Financial Analysts Journal, July- August 1975), A Short History of Financial Euphoria, by John Kenneth Galbraith (New York: Viking, 1990) and Nassim Nicholas Taleb’s Fooled by Randomness (New York: Texere, 2001). Each did a great deal to shape my thinking.
*The original Charles Ellis article was then turned into a book.
Joel Greenblatt’s Recommended Value Investing Books
One book that comes recommended from investors of all types is Joel Greenblatt’s You Can Be A Stock Market Genius.
In the back of the highly recommended book, You Can Be A Stock Market Genius, Greenblatt lists his favorite books.
- The New Contrarian Investment Strategy by David Dreman
- The Intelligent Investor: A Book of Practical Counsel by Benjamin Graham (He listed the 1986 edition)
- Margin of Safety by Seth Klarman
- The Only Investment Guide You’ll Ever Need by Andrew Tobias
- The Money Masters by John Train
Next, Joel Greelblatt teaches the Value and Special Situation Investing class at Columbia. The required reading he recommends for students is:
- Value Investing by Bruce Greenwald – required
- The New Finance: (4th Edition) by Robert Haugen – required
- You Can Be a Stock Market Genius by Joel Greenblatt – required
- The Little Book That Beats the Market by Joel Greenblatt – required
- The Big Secret for the Small Investor by Joel Greenblatt – required
- The Essays of Warren Buffett by Lawerence Cunningham – required
- Security Analysis on Wall Street by Jeffrey Hooke – recommended
- What Works on Wall Street by James O’Shaughnessy – recommended
- The New Contrarian Investment Strategy by David Dreman – recommended
- The Intelligent Investor: A Book of Practical Counsel by Benjamin Graham – recommended
Best Value Investing Books of All Time
When it comes to selecting the best value investing books, you can’t go wrong with the reading lists from above.