100 books like Out of the Pits

By Caitlin Zaloom,

Here are 100 books that Out of the Pits fans have personally recommended if you like Out of the Pits. Shepherd is a community of 11,000+ authors and super readers sharing their favorite books with the world.

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Book cover of The Big Short

Claire A. Hill Author Of Better Bankers, Better Banks: Promoting Good Business through Contractual Commitment

From my list on bankers, especially bankers behaving badly.

Why am I passionate about this?

I’ve always been interested—a vast understatement to anyone who knows me—in what makes people tick. I’ve focused on analyzing business actors – bankers, lawyers, investors, executives, shareholders, and others. What do they want? Some combination of money, power, or prestige? How does loving to win fit in? How about hating to lose? When is enough (money/power/prestige) enough? What do they think is ok to do to get what they want? What do they think is not ok? Amazingly, as a law professor, I can pursue that interest as part of my job, and – I think and hope – do so in a way that might help lawmakers, regulators, and policymakers do better.

Claire's book list on bankers, especially bankers behaving badly

Claire A. Hill Why did Claire love this book?

As everyone knows at this point, anything Michael Lewis writes will be enormous fun to read, while being about something really important—something he’ll make you care about even if you didn’t when you started the book.

In this case, the subject is people who bet on the direction of mortgages (and thus, house prices), and how those who bet on a huge plunge were right. This book has an amazing cast of characters, all richly drawn: some are smart, some are not so smart; some are excellent schmoozers, some can barely tolerate human interaction; some care a lot about money, some care more about being right, especially if everyone else is wrong.

Each book I've recommended cries out to be made into a movie. This one actually was.

By Michael Lewis,

Why should I read it?

8 authors picked The Big Short as one of their favorite books, and they share why you should read it.

What is this book about?

The real story of the crash began in bizarre feeder markets where the sun doesn't shine and the SEC doesn't dare, or bother, to tread: the bond and real estate derivative markets where geeks invent impenetrable securities to profit from the misery of lower- and middle-class Americans who can't pay their debts. The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they weren't talking.

Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller Liar's Poker. Out of a…


Book cover of Fool’s Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe

Donald Angus MacKenzie Author Of Trading at the Speed of Light: How Ultrafast Algorithms Are Transforming Financial Markets

From my list on financial trading and the global financial system.

Why am I passionate about this?

I'm a sociologist at the University of Edinburgh, and for almost fifty years I’ve researched a large variety of topics, from the story of the guidance systems of nuclear missiles to the instantaneous auctions that, today, determine the ads you are shown online. But I keep returning to the topic of trading and the global financial system. The processes that lie behind this shape our lives in profound ways, but they are often both complicated and opaque. We need reliable guides for them, and the authors and books that I am recommending are among the very best guides!

Donald's book list on financial trading and the global financial system

Donald Angus MacKenzie Why did Donald love this book?

The global financial crisis that erupted in 2008 was a shocking event. Britain’s cash machines came within a few hours of stopping working, and the global banking system would have collapsed were it not for unprecedented multi-billion-dollar government bail-outs. Gillian Tett, trained as an anthropologist, became a financial journalist but kept on applying her fieldwork skills. Almost alone in her new profession, she grasped the huge risks that were developing underneath the radar and wrote about them in the Financial Times. Her book, Fool’s Gold, was one of the first books written about 2008’s giant crisis and remains one of the best. 

To my mind, Tett is the world’s top financial journalist, and I’ve always learned a great deal from her pioneering in-depth reporting.

By Gillian Tett,

Why should I read it?

1 author picked Fool’s Gold as one of their favorite books, and they share why you should read it.

What is this book about?

'A truly gripping narrative . . . The fact that Tett is able to reproduce such raw private communications is a tribute to her journalistic abilities' Dominic Lawson, Sunday Times

'Her blow-by-blow story is an impressive piece of detective work. She pulls back the curtain on a closed, unaccountable world of finance' Will Hutton, Guardian

In the mid 1990s, at a vast hotel complex on a private Florida beach, dozens of bankers from JP Morgan gathered for what was to become a legendary off-site meeting. It was a wild weekend. But among the drinking, nightclubbing and fist-fights lay a more…


Book cover of Liquidated: An Ethnography of Wall Street

Donald Angus MacKenzie Author Of Trading at the Speed of Light: How Ultrafast Algorithms Are Transforming Financial Markets

From my list on financial trading and the global financial system.

Why am I passionate about this?

I'm a sociologist at the University of Edinburgh, and for almost fifty years I’ve researched a large variety of topics, from the story of the guidance systems of nuclear missiles to the instantaneous auctions that, today, determine the ads you are shown online. But I keep returning to the topic of trading and the global financial system. The processes that lie behind this shape our lives in profound ways, but they are often both complicated and opaque. We need reliable guides for them, and the authors and books that I am recommending are among the very best guides!

Donald's book list on financial trading and the global financial system

Donald Angus MacKenzie Why did Donald love this book?

From the 1980s onwards, one of the best ways to get rich has been to land a job as an investment banker or other highly paid financial professional. You might have thought that this required an economics degree and advanced mathematics, but one of my students discovered that what a leading investment-management firm most liked about her was that she was a near-professional-level cellist! That’s an example of what the famous sociologist Pierre Bourdieu calls ‘cultural capital’: skills, tastes, and so on that are highly regarded (even if not directly relevant to the job at hand).

Karen Ho landed a job at an investment bank but seized on it as an opportunity to gain insights into what it took to become successful at the pinnacle of the global financial system. She has also researched in-depth the processes by which students at elite Ivy League universities such as Princeton and Harvard…

By Karen Ho,

Why should I read it?

1 author picked Liquidated as one of their favorite books, and they share why you should read it.

What is this book about?

Financial collapses-whether of the junk bond market, the Internet bubble, or the highly leveraged housing market-are often explained as the inevitable result of market cycles: What goes up must come down. In Liquidated, Karen Ho punctures the aura of the abstract, all-powerful market to show how financial markets, and particularly booms and busts, are constructed. Through an in-depth investigation into the everyday experiences and ideologies of Wall Street investment bankers, Ho describes how a financially dominant but highly unstable market system is understood, justified, and produced through the restructuring of corporations and the larger economy.

Ho, who worked at an…


Book cover of Taking the Floor: Models, Morals, and Management in a Wall Street Trading Room

Donald Angus MacKenzie Author Of Trading at the Speed of Light: How Ultrafast Algorithms Are Transforming Financial Markets

From my list on financial trading and the global financial system.

Why am I passionate about this?

I'm a sociologist at the University of Edinburgh, and for almost fifty years I’ve researched a large variety of topics, from the story of the guidance systems of nuclear missiles to the instantaneous auctions that, today, determine the ads you are shown online. But I keep returning to the topic of trading and the global financial system. The processes that lie behind this shape our lives in profound ways, but they are often both complicated and opaque. We need reliable guides for them, and the authors and books that I am recommending are among the very best guides!

Donald's book list on financial trading and the global financial system

Donald Angus MacKenzie Why did Donald love this book?

Taking the Floor is the story of a 20-year intellectual odyssey, by Daniel Beunza, one of the world’s most insightful analysts of the financial system. He delves in-depth into the organization of a Wall Street trading room, beginning with him negotiating access to it when he was working on his PhD. He also reveals how later conversations with key people in the trading room made him rethink many of his first impressions, showing him that what he took to be a typical form of organization was actually very deliberately designed to be unusual. 

I particularly admire Beunza’s nuanced take (co-developed with the sociologist David Stark) on how traders use mathematical models. Traders are far from the naïve users of models that they are often portrayed as being, and instead often use models in a sophisticated way, not as guides to the truth of markets but as insights into what their…

By Daniel Beunza,

Why should I read it?

1 author picked Taking the Floor as one of their favorite books, and they share why you should read it.

What is this book about?

An inside look at a Wall Street trading room and what this reveals about today's financial system

Debates about financial reform have led to the recognition that a healthy financial system doesn't depend solely on how it is structured-organizational culture matters as well. Based on extensive research in a Wall Street derivatives-trading room, Taking the Floor considers how the culture of financial organizations might change in order for them to remain healthy, even in times of crises. In particular, Daniel Beunza explores how the extensive use of financial models and trading technologies over the recent decades has exerted a far-ranging…


Book cover of The Disciplined Trader: Developing Winning Attitudes

Richard L. Weissman Author Of Trade Like a Casino

From my list on for trading like a casino.

Why am I passionate about this?

Richard L. Weissman is one of the world’s foremost authorities and thought leaders in the fields of derivatives, risk management and technical analysis. He is the author of two books: Mechanical Trading Systems: Pairing Trader Psychology with Technical Analysis (Wiley, 2004) and Trade Like a Casino: Find Your Edge, Manage Risk and Win Like the House (Wiley, 2011) which was a finalist for the 2012 Technical Analyst Book of the Year Award. Mr. Weissman has over thirty years experience as a derivatives trader and has provided training and consultation services to traders and risk managers at investment banks, hedge funds, energy, and agricultural companies for over twenty years. 

Richard's book list on for trading like a casino

Richard L. Weissman Why did Richard love this book?

Mark Douglas’ book focuses on practical tools and techniques to counter the gambling mentality that typifies speculative trading. He focuses on a more rational, math-based approach to participation in markets as a speculator. Although I was already a successful trader by the time I’d read Mark’s book, it reinforced that the tools and techniques I had developed to dampen emotionalism in the markets were sound.

By Mark Douglas,

Why should I read it?

1 author picked The Disciplined Trader as one of their favorite books, and they share why you should read it.

What is this book about?

The classic book that introduced the investment industry to the concept of trading psychology.

With rare insight based on his firsthand commodity trading experience, author Mark Douglas demonstrates how the mental matters that allow us function effectively in society are often psychological barriers in trading. After examining how we develop losing attitudes, this book prepares you for a thorough "mental housecleaning" of deeply rooted thought processes. And then it shows the reader how to develop and apply attitudes and behaviors that transcend psychological obstacles and lead to success.

The Disciplined Trader helps you join the elite few who have learned…


Book cover of Buffett: The Making of an American Capitalist

George Anders Author Of Merchants of Debt: KKR and the Mortgaging of American Business

From my list on financial heroes and villains.

Why am I passionate about this?

My first job after college was at The Wall Street Journal, working evenings as a copyreader. It was thrilling to enter a big-league newsroom, but torture to be confined to putting tiny headlines on even tinier stories. Then at age 23, after a whirlwind staff shuffle, I started writing the paper’s premier stock-market column, “Heard on the Street.” Daylight had arrived. For the next 11 years, I covered finance. I met billionaires and people en route to prison. It wasn’t always easy to tell them apart! My writing career has widened since then but sizing up markets – and the people who rule them – remains an endless fascination. 

George's book list on financial heroes and villains

George Anders Why did George love this book?

There have been newer books on Warren Buffett since this 1995 gem, but this one goes the deepest into the mechanisms that have brought Buffett a $124 billion fortune. Plus it’s the best on Buffett’s quirky personality. I’ve known Roger from our days at The Wall Street Journal together, and it was exciting seeing him research this project over a three-year span – even if Buffett never officially helped him. The finished book made me feel I “knew” Buffett as if he were a long-time neighbor. 

By Roger Lowenstein,

Why should I read it?

2 authors picked Buffett as one of their favorite books, and they share why you should read it.

What is this book about?

Since its hardcover publication in August of 1995, Buffett has appeared on the Wall Street Journal, New York Times, San Francisco Chronicle, Los Angeles Times, Seattle Times, Newsday and Business Week bestseller lists.

Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the twentieth century—an astounding net worth of $10 billion, and counting. His awesome investment record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle, a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street,…


Book cover of Adaptive Markets: Financial Evolution at the Speed of Thought

Stephen R. Foerster Author Of In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest

From my list on developing your investment philosophy.

Why am I passionate about this?

I’ve been interested in investing for over four decades since I started as a finance PhD student at Wharton. Since then my research has focused on understanding the stock market. Early on, I tried applying my research to my investing. For example, I was convinced that a recently listed stock called Google was way overvalued—was I ever wrong! That got me to reflect on my investment philosophy—what did I truly believe about how markets really behaved? That brought me back to understanding and appreciating the contributors to Modern Portfolio Theory, which led to a fun decade-long book project. Currently I enjoy writing about investing through my blog.

Stephen's book list on developing your investment philosophy

Stephen R. Foerster Why did Stephen love this book?

I also first met Andrew when I was a PhD student in the first course he taught at Wharton. I was fortunate to be his co-author decades later.

I can’t think of anyone else who is both so incredibly bright but also articulate and an engaging storyteller in so many areas. Lo’s book challenges the fundamental theory of market efficiency which suggests that security prices reflect all relevant information—in other words, that securities are always fairly priced.

Drawing on psychology, evolutionary biology, neuroscience, and artificial intelligence, he comes up with a convincing a new model, that he calls the Adaptive Markets Hypothesis.

By Andrew W. Lo,

Why should I read it?

1 author picked Adaptive Markets as one of their favorite books, and they share why you should read it.

What is this book about?

A new, evolutionary explanation of markets and investor behavior

Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist-the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence,…


Book cover of Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing

Tony Davidow Author Of Goals-Based Investing: A Visionary Framework for Wealth Management

From my list on wealth advisors who want to embrace change.

Why am I passionate about this?

Tony Davidow has more than 35 years of experience in working with advisors, institutions, and ultra-high-net-worth investors regarding advanced asset allocation strategies, and the use of alternative investments. He's currently Senior Alternatives Strategist at the Franklin Templeton Institute. Previously, Davidow held senior leadership roles with Morgan Stanley, Guggenheim, and Schwab among other firms. He's a frequent writer and speaker with deep expertise in the use of alternative investments, asset allocation and portfolio construction, and goals-based investing. In 2020, he received the prestigious Investments & Wealth Institute Wealth Management Impact Award for his contributions to the wealth management industry; and in 2017, he was awarded the Stephen L. Kessler Writing Award for excellence in editorial contributions.

Tony's book list on wealth advisors who want to embrace change

Tony Davidow Why did Tony love this book?

Hersh Shefrin shares research and insights regarding behavioral biases, and how investors respond to emotional stimuli.

Even though the research on behavioral finance has been around for decades, it hasn't been effectively incorporated into advisor practices. Shefrin emphasizes the importance of financial advisors to understand and embrace behavioral finance. He argues to ignore these psychological tendencies would be foolish and unwise.

By Hersh Shefrin,

Why should I read it?

1 author picked Beyond Greed and Fear as one of their favorite books, and they share why you should read it.

What is this book about?

This book provides a comprehensive treatment of behavioural finance. With the use of the latest psychological research, Shefrin helps us to understand the human behaviour that guides stock selection, financial services, and corporate financial strategy. He argues that financial practitioners must acknowledge and understand behavioural finance - the application of psychology to financial behaviour - in order to avoid many of the investment pitfalls caused by human
error. Shefrin points out the common but costly mistakes that money managers, security analysts, financial planners, investment bankers, and corporate leaders make, so that readers gain valuable insights into their own financial decisions…


Book cover of The Money Game

Victor Haghani Author Of The Missing Billionaires: A Guide to Better Financial Decisions

From my list on intelligent financial decision-making in less than 200 pages.

Why am I passionate about this?

I have over four decades of experience working and innovating in the financial markets and have been a prolific contributor to academic and practitioner finance literature. I started my career at Salomon Brothers in 1984, where I became a managing director in the bond-arbitrage group, and in 1993 I was a co-founding partner of the hedge fund Long-Term Capital Management. I founded Elm Wealth in 2011 to help clients, including my own family, manage and preserve their wealth with a thoughtful, research-based, and cost-effective approach that covers not just investment management but also broader decisions about wealth and finances.

Victor's book list on intelligent financial decision-making in less than 200 pages

Victor Haghani Why did Victor love this book?

This book by "Adam Smith" (a tongue-in-cheek pseudonym) is a witty, irreverent dive into Wall Street's chaotic world. I was continuously laughing and learning both times I read this book.

It exposes the madness and irrationality of the financial decision-making of many market participants while debunking common myths and "get rich quick" schemes. I was left with a much deeper understanding of the actual game that is being played below the surface.

It was one of the first books that explained to me how "winning" doesn't always mean making the most money. It made me a much more aware investor. This unconventional book was decades ahead of its time, and it’s a fun, short, and highly worthwhile read.

By Adam Smith,

Why should I read it?

2 authors picked The Money Game as one of their favorite books, and they share why you should read it.

What is this book about?

“The best book there is about the stock market”—timeless investing basics by the host of the Emmy Award–winning show Adam Smith’s Money World (The New York Times Book Review).

This essential book takes readers to the Street to learn about the intricacies of money and how the stock market impacts every area of our lives. According to the author, the key to making wise, lucrative investments is knowing ourselves. In witty, easily accessible language, he shares pithy insights about the role of intuition and the psychology of guilt, arguing that there is no substitute for information. Smith’s Irregular Rules shatter…


Book cover of Come Into My Trading Room: A Complete Guide to Trading

Bo Yoder Author Of Optimize Your Trading Edge: Increase Profits, Reduce Draw-Downs, and Eliminate Leaks in Your Trading Strategy

From my list on helping you optimize your trading edge.

Why am I passionate about this?

I first fell in love with the markets when in 1995, I made more on 1 stock investment than I did working all winter in the freezing cold as a ski instructor. I see it as the world’s greatest game and it has given me a life of unparalleled freedom that I am eternally grateful for. Trading has allowed me to pursue my interests and go deep into behavioral psychology, economics, neurobiology, and would never have had the breakthroughs I have had like the Bottega method for AI or the Myalolipsis technique for developing effortless, unshakable self-discipline if I hadn’t been an active trader.

Bo's book list on helping you optimize your trading edge

Bo Yoder Why did Bo love this book?

Another trader who writes about the reality of trading for a living, Dr. Elder has really laid out many of the critical fundamentals of a successful trading operation in this book.  

Engaging and easy to read, this book will likely shock you with its simplicity, focus on planning, and conservative “grinding” for cash-flowing the markets.

Trading has this sexy image of well-dressed men screaming into phones, before they head out to their yachts. In reality it is supremely boring and the best traders I know live lives of complete freedom… Often totally unrecognized by their neighbors. 

This book gives you a real insight into the day-to-day operations of a career trader and it’s an important perspective shift for anybody wanting to make trading a significant aspect of their life.

By Alexander Elder,

Why should I read it?

1 author picked Come Into My Trading Room as one of their favorite books, and they share why you should read it.

What is this book about?

The trading bible for the new millennium

In Come Into My Trading Room, noted trader and author Dr. Alexander Elder returns to expand far beyond the three M's (Mind, Method, and Money) of his bestselling Trading for a Living. Shifting focus from technical analysis to the overall management of a trader's money, time, and strategy, Dr. Elder takes readers from the fundamentals to the secrets of being a successful trader--identifying new, little known indicators that can lead to huge profits.

Come Into My Trading Room educates the novice and fortifies the professional through expert advice and proven trading methodologies. This…


5 book lists we think you will like!

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