100 books like The Alchemy of Finance

By George Soros,

Here are 100 books that The Alchemy of Finance fans have personally recommended if you like The Alchemy of Finance. 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 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 The Financial Expert

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?

This is a 1951 Indian novel, but don’t let that deter you. Narayan’s central character is a dreamy village banker who ends up running a bit of a hustle on all of the townspeople. I was braced for this to have an ugly, Bernie Madoff style ending. But that’s not exactly where it goes! I read this on a long flight from San Francisco to Bangalore – and this journey into a culture that was both familiar and surprising made the miles go by very fast. 

By R. K. Narayan,

Why should I read it?

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

What is this book about?

In the novels of R. K. Narayan (1906-2001), the forefather of modern Indian fiction, human-scale hopes and epiphanies express the promise of a nation as it awakens to its place in the world. In The Financial Expert, a man of many hopes but few resources spends his time under a banyan tree dispensing financial advice to those willing to pay for his knowledge. As charming as it is compassionate, this novel provides an indelible portrait of India in the twentieth century.


Book cover of The Billionaire's Apprentice

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?

This is a beautifully written story about bankers who rise, and fall spectacularly – into crime, in this case insider trading, with the loss of money, status, and prestige that followed.

What’s particularly fascinating is the historical, ethnic, and sociological backdrop. The book begins with a scene in which Indian-born Rajat Gupta, having come to the US and ascended to the highest echelons of the US business world, was attending a White House dinner for India’s Prime Minister.

The book ends as some people who had been on top are dealing with the aftermath of trials that went very badly for them. The word “Shakespearean” has been used to describe this book, and aptly so.

By Anita Raghavan,

Why should I read it?

2 authors picked The Billionaire's Apprentice as one of their favorite books, and they share why you should read it.

What is this book about?

Just as WASPs, Irish-Catholics and Our Crowd Jews once made the ascent from immigrants to powerbrokers, it is now the Indian-American's turn. Citigroup, PepsiCo and Mastercard are just a handful of the Fortune 500 companies led by a group known as the "Twice Blessed." Yet little is known about how these Indian emigres (and children of emigres) rose through the ranks. Until now...The collapse of the Galeon Group--a hedge fund that managed more than $7 billion in assets--from criminal charges of insider trading was a sensational case that pitted Preet Bharara, himself the son of Indian immigrants, against the best…


Book cover of The Fateful History of Fannie Mae: New Deal Birth to Mortgage Crisis Fall

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?

Who’s the hero in the story? Who’s the villain? I like this book a lot because it’s about a very powerful U.S. institution – mortgage kingpin Fannie Mae – that’s been both. Bob explains how the New Deal era of the 1930s produced a mighty organization that was supposed to make it easier for ordinary people to get mortgages. And then Fannie Mae’s mission drifted, until it became a spectacular part of the 2008 financial meltdown. It’s almost a financial version of Dorian Gray, where virtue turns into sin, and no one notices until it’s too late.

By James R. Hagerty,

Why should I read it?

1 author picked The Fateful History of Fannie Mae as one of their favorite books, and they share why you should read it.

What is this book about?

“A lucid and meticulously reported book by one of the Wall Street Journal’s ace reporters” (George Anders, Forbes contributor and author of The Rare Find).
 
In 1938, the administration of Franklin Delano Roosevelt created a small agency called Fannie Mae. Intended to make home loans more accessible, the agency was born of the Great Depression and a government desperate to revive housing construction. It was a minor detail of the New Deal, barely recorded by the newspapers of the day.
 
Over the next seventy years, Fannie Mae evolved into one of the largest financial companies in the world, owned by…


Book cover of Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk

Jason Kelly Author Of The 3% Signal: The Investing Technique That Will Change Your Life

From my list on to learn systematic stock market investing.

Why am I passionate about this?

I am the author of The Neatest Little Guide to Stock Market Investing and The 3% Signal, among other financial books, and editor of The Kelly Letter. Despite having been ranked by CXO Advisory as one of the best stock-market forecasters, I gave up the practice in favor of price reaction. I realized that nobody knows where stocks are headed, myself included, and set out to find ways to beat the market without forecasting—and succeeded. My readers and I are now much happier and wealthier.

Jason's book list on to learn systematic stock market investing

Jason Kelly Why did Jason love this book?

I first encountered Gary Antonacci’s strategy in his paper “Risk Premia Harvesting Through Dual Momentum,” in which he called momentum “the premier market anomaly.” He found that combining absolute and relative momentum delivered optimal results. In this book, he shows how to boost performance with monthly switching among three asset classes in the following decision tree: Did the S&P 500 beat US bonds over the past 12 months? If no, own US bonds. If yes, did the S&P 500 beat global stocks over the past 12 months? If no, own global stocks. If yes, own the S&P 500. Just three funds could power this system: SPY (S&P 500), AGG (US bonds), VEU (global stocks ex US).

By Gary Antonacci,

Why should I read it?

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

What is this book about?

The strategy that consistently gets high returns with low risk--because it knows when to adapt

After examining more than two hundred years of data across dozens of markets and asset classes, the conclusion is clear: Momentum continually outperforms. However, most mainstream investors haven't had a way to fully discover and implement the benefits of momentum investing . . . until now! Whether you're an independent investor, investment professional, or money manager, Dual Momentum Investing enables you to consistently profit on major changes in relative strength and market trend.

Based on the award-winning work of Gary Antonacci, an expert in modern…


Book cover of A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing

Eric Tyson Author Of Investing For Dummies

From my list on getting smarter about investing and money.

Why am I passionate about this?

When I was growing up, I saw family members and friends, who were otherwise smart people who could master other aspects of their lives, have difficulty with personal finance decisions and investing. When my dad was laid off during a recession, he had some retirement money distributed to him, and I got interested in investing as he researched and tried with difficulty to handle this money himself. In my young adult years, I was a sponge to learn as much as I could about personal finance. 

Eric's book list on getting smarter about investing and money

Eric Tyson Why did Eric love this book?

I first read this book as required reading for a college course, and it greatly changed how I thought about investing.

Over the years, I’ve read updated editions, and it never gets stale and always includes new information and insights. But the foundational issues have stood the test of time and remain in the newest edition.

I also love this book because it introduced me at a young age to mutual funds and Vanguard.

By Burton G. Malkiel,

Why should I read it?

8 authors picked A Random Walk Down Wall Street as one of their favorite books, and they share why you should read it.

What is this book about?

Today's stock market is not for the faint hearted. At a time of frightening volatility, the answer is to turn to Burton G. Malkiel's advice in his reassuring, authoritative, gimmick-free and perennially best-selling guide to investing. Long established as the first book to purchase before starting a portfolio, A Random Walk Down Wall Street now features new material on "tax-loss harvesting"; the current bitcoin bubble and automated investment advisers; as well as a brand-new chapter on factor investing and risk parity. And as always, Malkiel's core insights-on stocks and bonds, as well as investment trusts, home ownership and tangible assets…


Book cover of Enough: True Measures of Money, Business, and Life

Jonathan Chevreau Author Of Findependence Day

From my list on financial independence and retirement.

Why am I passionate about this?

I am a veteran semi-retired Canadian financial journalist who has long made a distinction between the terms “Retirement” and “Financial Independence.” I  recently turned 70 and have been financially independent since my early 60s BUT I am not yet retired. I coined the term Findependence in my financial novel Findependence Day, and since 2014 have been running the Financial Independence Hub blog, with new blogs every business day.

Jonathan's book list on financial independence and retirement

Jonathan Chevreau Why did Jonathan love this book?

The late Jack Bogle, founder of Vanguard Group, published this excellent book in 2009.

Consider the following apophyrical tale related in Chapter 10 of Enough: “Too Much Success, Not Enough Character.” It concerns an old greyhound who spent his days at a race track chasing a mechanical rabbit. Over the years, the dog had won over a million dollars for his owner but ultimately decided to quit: not because he was mistreated or had become disabled but because “I found out that the rabbit I was chasing wasn’t even real.”

Those who accumulate more money than they need in life and end up as the richest denizen in the cemetery would do well to reflect on the main premises of Enough. Remember, financial independence is about having income exceed expenses, no matter how modest those expenses might be. It’s about working only because you want to, not because you…

By John C. Bogle,

Why should I read it?

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

What is this book about?

John Bogle puts our obsession with financial success in perspective Throughout his legendary career, John C. Bogle-founder of the Vanguard Mutual Fund Group and creator of the first index mutual fund-has helped investors build wealth the right way and led a tireless campaign to restore common sense to the investment world. Along the way, he's seen how destructive an obsession with financial success can be. Now, with Enough., he puts this dilemma in perspective. Inspired in large measure by the hundreds of lectures Bogle has delivered to professional groups and college students in recent years, Enough. seeks, paraphrasing Kurt Vonnegut,…


Book cover of How to Make Money in Stocks: A Winning System in Good Times and Bad

Michael Lamothe Author Of The Trading Mindwheel: Eight Essential Skills for Trading Mastery

From my list on trading stocks part-time.

Why am I passionate about this?

I grew up poor. At 6 years old, I was homeless. My parents had a messy divorce, and I was bounced around a lot as a child. As a result, I grew up with many limiting beliefs; about myself and about money. By age 13, I heard about the stock market and the ability to turn a little into a lot. By the time I graduated high school, I had saved up some money and placed my first trade… I then struggled for more than a decade. After learning the hard way, I finally turned the corner in 2011. My dream is to help others do the same.

Michael's book list on trading stocks part-time

Michael Lamothe Why did Michael love this book?

William O’Neil’s How To Make Money In Stocks is great for anyone looking to learn how to trade stocks part-time.

It gives you a framework of what actually causes stocks to make the big moves of 300%, 500%, 1,000% or more over the span of a few months to a few years along with a historical perspective of why they move the way they move and a strategy of how to take advantage of it that doesn’t require tuning into the news or being glued to a PC all day.

One of the big things you’ll learn in O’Neil’s book is that modeling success is key. The book starts out with over 100 pages of annotated charts of the biggest winning stocks in history. What you’ll quickly notice is that history repeats itself, over and over again.

By William O'Neil,

Why should I read it?

2 authors picked How to Make Money in Stocks as one of their favorite books, and they share why you should read it.

What is this book about?

THE NATIONAL BESTSELLER!

Anyone can learn to invest wisely with this bestselling investment system!

Through every type of market, William J. O'Neil's national bestseller, How to MakeMoney in Stocks, has shown over 2 million investors the secrets to building wealth.O'Neil's powerful CAN SLIM (R) Investing System-a proven 7-step process for minimizingrisk and maximizing gains-has influenced generations of investors.

Based on a major study of market winners from 1880 to 2009, this expandededition gives you:

Proven techniques for finding winning stocks before they make big price gains Tips on picking the best stocks, mutual funds, and ETFs to maximize your gains…


Book cover of The Little Book of Behavioral Investing: How not to be your own worst enemy

John M. Jennings Author Of The Uncertainty Solution: How to Invest with Confidence in the Face of the Unknown

From my list on novices to learn about investing.

Why am I passionate about this?

I’ve long been fascinated by money and wealth and people’s relationship to them. I started my career as an estate planning attorney and then broadened my expertise to investing. I know that investing can seem scary due to the complexity of the financial markets and the overwhelming amount of investment products and strategies. But successful investing doesn’t have to be hard or scary. With the proper guidance, anyone can embark on a strategy of creating wealth through investing. Reading the right book is a good first step in the right direction.

John's book list on novices to learn about investing

John M. Jennings Why did John love this book?

Practicing good behavior is the most important ingredient of successful investing.

And understanding the ingrained biases and heuristics that negatively impact our behavior is essential to good investment behavior.

I’ve read dozens of books on behavioral biases, and I think this book is among the best and a perfect introduction to the topic. Written in a light and humorous manner, Montier explains common cognitive biases, how they lead to irrational investment decisions, strategies for overcoming them, and how to practice better investment behavior.

By James Montier,

Why should I read it?

1 author picked The Little Book of Behavioral Investing as one of their favorite books, and they share why you should read it.

What is this book about?

A detailed guide to overcoming the most frequently encountered psychological pitfalls of investing

Bias, emotion, and overconfidence are just three of the many behavioral traits that can lead investors to lose money or achieve lower returns. Behavioral finance, which recognizes that there is a psychological element to all investor decision-making, can help you overcome this obstacle.

In The Little Book of Behavioral Investing, expert James Montier takes you through some of the most important behavioral challenges faced by investors. Montier reveals the most common psychological barriers, clearly showing how emotion, overconfidence, and a multitude of other behavioral traits, can affect…


Book cover of Investing for Growth: How to Make Money by Only Buying the Best Companies in the World - An Anthology of Investment Writing, 2010-20

Gautam Baid Author Of The Joys of Compounding: The Passionate Pursuit of Lifelong Learning

From my list on value investing from a longtime investor.

Why am I passionate about this?

I am the Founder of Stellar Wealth Partners, a SEBI-registered Research Analyst firm and small case manager for investors in the Indian stock market. I am the author of the international best-seller on value investing, The Joys of Compounding. Once a strong foundation is created for a business, owners don’t work for money. Rather, money works for them. As an investor, your money is working for you 24/7. You are becoming wealthier with each passing second, alongside the increasing intrinsic value of your businesses. An investor builds earnings power through a business ownership mindset. 

Gautam's book list on value investing from a longtime investor

Gautam Baid Why did Gautam love this book?

Some people love to make successful investing seem more complicated than it really is. In this anthology of essays and letters written between 2010–20, Terry Smith makes the case for simply buying the best companies in the world. These are businesses that generate large amounts of cash and know what to do with it in the form of sound capital allocation. The result is a powerful compounding of returns for the long term.

This book serves as a good reiteration of the thinking and principles underpinning Smith’s investing approach, including his three-step investment mantra: “Buy good companies. Don’t overpay. Do nothing.” It also highlights the nuances of the process, including why Smith favors return on capital employed (ROCE) and free cash flow (FCF) yield as metrics for assessing companies and why Smith is less enamored of measures such as earnings per share (EPS).

By Terry Smith,

Why should I read it?

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

What is this book about?

Buy good companies. Don't overpay. Do nothing.

Some people love to make successful investing seem more complicated than it really is. In this anthology of essays and letters written between 2010-20, leading fund manager Terry Smith delights in debunking the many myths of investing - and making the case for simply buying the best companies in the world.

These are businesses that generate serious amounts of cash and know what to do with it. The result is a powerful compounding of returns that is almost impossible to beat. Even better, they aren't going anywhere. Most have survived the Great Depression…


5 book lists we think you will like!

Interested in investment, alchemy, and personal finance?

11,000+ authors have recommended their favorite books and what they love about them. Browse their picks for the best books about investment, alchemy, and personal finance.

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