The most recommended risk management books

Who picked these books? Meet our 41 experts.

41 authors created a book list connected to risk management, and here are their favorite risk management books.
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Book cover of The Black Swan

Jason McGathey Author Of Riots Of Passage

From Jason's 3 favorite reads in 2023.

Why am I passionate about this?

Author Randomness enthusiast Endlessly energetic Outsider artist Autodidact

Jason's 3 favorite reads in 2023

Jason McGathey Why did Jason love this book?

I've had this on my "want to read" list for eons but only finally got around to it. I found this a highly informative book without really bogging down into a bunch of math or other fine details. 

In fact, that's kind of the whole point of it. His writing style is also quite hilarious and I would suspect we might hit it off, if I was ever fortunate enough to meet the guy, a lot of this stuff sounds like something I would say, though, of course, he thought of it first and went the distance chasing down these thoughts. But yeah, I totally get where he's coming from.

The basic premise is that all these charts, reams of data, prediction models, et cetera are completely useless because one fluke hugely unexpected event arrives (it pretty much always arrives) and totally annihilates any notion of an "average" or anyone…

By Nassim Nicholas Taleb,

Why should I read it?

7 authors picked The Black Swan as one of their favorite books, and they share why you should read it.

What is this book about?

The most influential book of the past seventy-five years: a groundbreaking exploration of everything we know about what we don’t know, now with a new section called “On Robustness and Fragility.”

A black swan is a highly improbable event with three principal characteristics: It is unpredictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random, and more predictable, than it was. The astonishing success of Google was a black swan; so was 9/11. For Nassim Nicholas Taleb, black swans underlie almost everything about our world, from the rise of religions…


Book cover of Trade Like a Stock Market Wizard: How to Achieve Superperformance in Stocks in Any Market

T. Livingston Author Of Swing Into It: A Simple System For Trading Pullbacks to the 50-Day Moving Average

From my list on learning stock market trading.

Why am I passionate about this?

The stock market has been a passion of mine for over 15 years. These books have helped me learn how to spot trends and manage my risk while trading in stocks and cryptocurrencies through bull and bear markets. 

T.'s book list on learning stock market trading

T. Livingston Why did T. love this book?

Mark Minervini is undoubtedly one of the greatest traders to ever live. This book is an absolute gem, building on what O’Neil wrote in his book. Minervini has gotten his trading down to absolute precision, from when to buy, when to sell, and how to screen for stocks. It’s all in here. A must-read for anyone looking to learn about trading.

By Mark Minervini,

Why should I read it?

1 author picked Trade Like a Stock Market Wizard as one of their favorite books, and they share why you should read it.

What is this book about?

"Minervini has run circles around most PhDs tryingto design systems to beat the market." -- JACK SCHWAGER, bestselling author of Stock Market Wizards

"Mark's book has to be on every investor's bookshelf. It is about the most comprehensive work I have ever read on investing in growth stocks." -- DAVID RYAN, three-time U.S. Investing Champion

"[Minervini is] one of the most highly respected independent traders of our generation. His experience and past history of savvy market calls is legendary." -- CHARLES KIRK, The Kirk Report

"One of Wall Street's most remarkable success stories." -- BEN POWER, Your Trading Edge

THE…


Book cover of The Nonprofit Board Answer Book: A Practical Guide for Board Members and Chief Executives

Melisa Galasso Author Of Money Matters for Nonprofits: How Board Members Can Harness the Power of Financial Statements by Understanding Basic Accounting

From my list on someone new to a nonprofit board.

Why am I passionate about this?

I’m a CPA with nearly 20 years of experience in the accounting profession and I provide continuing education to CPA firms in the area of accounting and auditing. One of my areas of specialization is government and nonprofit accounting. I serve on the Financial Accounting Standards Board (FASB’s) Not-for-Profit Advisory Committee and the AICPA’s Governing Council. I am passionate about the standard setting process and ensuring financial reporting is accurate and presented in a way to help the user make financial decisions. I have a BSBA from Georgetown University with a concentration in Accounting and International Business. 

Melisa's book list on someone new to a nonprofit board

Melisa Galasso Why did Melisa love this book?

The Nonprofit Board Answer Book is a question-and-answer style book that takes the learnings from The Best of Boards one step further. It addresses board functions and structure with a section on board member selection and development. Oftentimes nonprofit boards aren’t intentional about these items. The Q&A addresses all the common questions that persons new to a board would ask or need to know. Board Source is a phenomenal organization whose aim is to help boards succeed. When I was researching governance for chapter 1 of my book, I cited several Board Source tools as they really do have the experience with nonprofit governance through their research. I love that each chapter of the text closes with suggested action steps to make the book more hands-on and practical. 

By BoardSource,

Why should I read it?

1 author picked The Nonprofit Board Answer Book as one of their favorite books, and they share why you should read it.

What is this book about?

An essential guide to good governance for board leaders at all levels of experience and expertise This third edition of the bestselling book for nonprofit board members and professionals offers a thoroughly revised and updated resource that answers the most-commonly asked question on board governance. The book covers such topics as board structure and process, board member recruitment and orientation, board-staff relations, and financial management. This new edition includes updated information on topics that have recently increased in importance including new Form 990; dealing with the financial crisis, risk management, and mergers.
* Shows executives and board members how to…


Book cover of Stocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies

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 loved this book because it is well-written and presents 200+ years of stock market history in a clear and compelling fashion.

This book helped me to understand the value of buying and holding stocks for the long term. I appreciated the thoroughness and objectivity that the professor who wrote this book brings to the table.

By Jeremy Siegel,

Why should I read it?

2 authors picked Stocks for the Long Run as one of their favorite books, and they share why you should read it.

What is this book about?

The stock-investing classic--UPDATED TO HELP YOU WIN IN TODAY'S CHAOTIC GLOBAL ECONOMY

Much has changed since the last edition of Stocks for the Long Run. The financial crisis, the deepest bear market since the Great Depression, and the continued growth of the emerging markets are just some of the contingencies directly affecting every portfolio inthe world.

To help you navigate markets and make the best investment decisions, Jeremy Siegel has updated his bestselling guide to stock market investing.

This new edition of Stocks for the Long Run answers all the important questions of today: How did the crisis alter the…


Book cover of Option Volatility and Pricing: Advanced Trading Strategies and Techniques

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?

Traders often ask me for a book that will teach them the nuts and bolts (pricing models, volatility, the Greeks, spread strategies, etc.,) of options and I always recommend this book. When I was learning options, the Natenberg book hadn’t been written and although there were “good” books on the topic, Natenberg is truly the gold standard for options traders.

By Sheldon Natenberg,

Why should I read it?

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

What is this book about?

WHAT EVERY OPTION TRADER NEEDS TO KNOW. THE ONE BOOK EVERY TRADER SHOULD OWN.

The bestselling Option Volatility & Pricing has made Sheldon Natenberg a widely recognized authority in the option industry. At firms around the world, the text is often the first book that new professional traders aregiven to learn the trading strategies and risk management techniques required for success in option markets.

Now, in this revised, updated, and expanded second edition, this thirty-year trading professional presents the most comprehensive guide to advanced trading strategies and techniques now in print. Covering a wide range of topics as diverse and…


Book cover of Against the Gods: The Remarkable Story of Risk

Darius Foroux Author Of The Stoic Path to Wealth: Ancient Wisdom for Enduring Prosperity

From my list on investing for beginner and intermediate investors.

Why am I passionate about this?

I’m Darius Foroux (pronounced Dare-eus For-oe), and thanks for exploring my recommendations. As a former mutual funds advisor, I understand the complexity of finance, a lesson driven home when I lost two-thirds of my investment in 2007. Not wanting to repeat my costly mistakes, I earned degrees in business and finance, launched a business, and continuously educated myself on investing. The biggest thing I learned? Investing and wealth-building aren’t logical but emotional. I'm passionate about helping others achieve financial independence and live on their terms. My book empowers you to manage your emotions, build wealth, and enjoy life, regardless of the stock market's ups and downs.

Darius' book list on investing for beginner and intermediate investors

Darius Foroux Why did Darius love this book?

This book taught me a great deal about how managing risk differed between modern and past times. This helped me to spot whether a “prediction” is likely to happen. (In investing, plenty of “experts” often like to predict a crash, a bull market, or a bubble).

Humanity used to rely on oracles and soothsayers to have a clearer vision of what the future would bring. Questions like: What jobs would be in demand in X years? What kind of risks should we prepare for in our lives and careers? Which companies would grow or go bust? With the right mindset and risk management tools, I’ve learned to answer these questions better.

By Peter L. Bernstein,

Why should I read it?

4 authors picked Against the Gods as one of their favorite books, and they share why you should read it.

What is this book about?

A Business Week, New York Times Business, and USA Today Bestseller "Ambitious and readable ...an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism." -The New York Times "An extraordinarily entertaining and informative book." -The Wall Street Journal "A lively panoramic book ...Against the Gods sets up an ambitious premise and then delivers on it." -Business Week "Deserves to be, and surely will be, widely read." -The Economist "[A] challenging book, one that may change forever the way people think about the world." -Worth "No one…


Book cover of Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever

Larry R. Frank Sr. Author Of Wealth Odyssey: The Essential Road Map for Your Financial Journey Where Is It You Are Really Trying to Go with Money?

From Larry's 3 favorite reads in 2023.

Why am I passionate about this?

Author Father Grandfather Business founder Planner and thinker Income and longevity researcher

Larry's 3 favorite reads in 2023

Larry R. Frank Sr. Why did Larry love this book?

I often wondered who and when indexed investing was invented. This work discusses the history of investing and how indexing came to be. Turns out there were many people working independently initially, just like many other inventions earlier in the 20th Century.

Who knew the latter half of the 20th Century saw technology as well as a lot of academics come to bear on making investing for people easier and less expensive. Out of all random events and experiences different players had, Vanguard and Dimensional were born.

I’m a history nut as well as being concerned about our personal finances. This work hit all cylinders on both those accounts. It’s important to understand history and where things come from to better understand how it properly applies to yourself.

By Robin Wigglesworth,

Why should I read it?

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

What is this book about?

Best books of 2021, Financial Times

'Grab some popcorn and take a front row seat, because Robin Wigglesworth has an astonishing story to tell you' Tim Harford, author of How to Make the World Add Up

'A fascinating account of an investment revolution' Ian Fraser, Literary Review

'A magisterial, delightfully written history offering up portraits of the academic scribblers and entrepreneurial practitioners who created the index-fund revolution' The Wall Street Journal

'Wigglesworth has written an important book' Patrick Hosking, Financial Editor, The Times

'A terrific read' Gregory Zuckerman, author of The Man Who Solved the Market

'A fascinating journey and…


Book cover of A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation

Susanne Trimbath Author Of Lessons Not Learned: 10 Steps to Stable Financial Markets

From my list on stock market plumbing.

Why am I passionate about this?

My entire career has been spent in finance. From life insurance to central banks, from stock exchanges to post-trade clearing and settlement, this is all I’ve ever done. My college degrees include BSBA in Business/Marketing, MBA in Management, and PhD in Economics. In addition to knowing what a lot of people know about finance, I also worked inside the “black box” of the Federal Reserve System and depository trust and clearing corporations (in 4 cities, on 2 continents). Therefore, I know more about the plumbing of stock market infrastructure than most people who have careers (and education) as long as mine.

Susanne's book list on stock market plumbing

Susanne Trimbath Why did Susanne love this book?

I started working at Depository Trust Company in New York in September 1987 – a month later the “Black Monday” stock market crash happened! At the time, it was very difficult to see exactly what caused it. “When you are up to your neck in alligators, it is hard to remember why you drained the swamp!” This book explains how Wall Street banks hatched all those alligator eggs by hiring MIT math-whizz-kids and turning them loose without explaining the simplest thing about the stock market to them. One of the errors in their models was that they did not take bank holidays into account when calculating the time value of stocks and option prices.

By Richard Bookstaber,

Why should I read it?

2 authors picked A Demon of Our Own Design as one of their favorite books, and they share why you should read it.

What is this book about?

Inside markets, innovation, and risk Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street-from Morgan Stanley to Salomon and Citigroup-and a member of some of the world's largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. From the…


Book cover of Radical Uncertainty: Decision-Making Beyond the Numbers

Jonquil Lowe Author Of Be Your Own Financial Adviser

From my list on insights for managing your money wisely.

Why am I passionate about this?

I’m an economist who started out in stockbroking. But that felt like an exploitative industry and, looking for a more positive role, I moved to the consumer organisation Which? There, I cut my teeth helping people make the most of their money and then started my own freelance business. Along the way, I’ve worked with many clients (including financial regulators and the Open University where I now also teach), taken some of the exams financial advisers do and written 30 or so books on personal finance. The constant in my work is trying to empower individuals in the face of markets and systems that are often skewed against them.

Jonquil's book list on insights for managing your money wisely

Jonquil Lowe Why did Jonquil love this book?

US economist Frank Knight is credited with distinguishing uncertainty from risk back in 1921. Yet the two are often conflated.

Kay (an eminent economist) and King (a former Governor of the Bank of England) argue powerfully that the distinction does matter. They range widely across macroeconomics, politics, and consumer choices to show why reducing the future to a set of numbers (probabilities) creates a false – and often disastrous – illusion of power over future outcomes.

They argue that instead we should aim to make decisions that stand a reasonable chance of being robust against unknowable, as well as forecastable, paths that the future might take. That’s very much the ethos of my own books: building in resilience is a key part of successful personal financial planning.

By John Kay, Mervyn King,

Why should I read it?

3 authors picked Radical Uncertainty as one of their favorite books, and they share why you should read it.

What is this book about?

Some uncertainties are resolvable. The insurance industry's actuarial tables and the gambler's roulette wheel both yield to the tools of probability theory. Most situations in life, however, involve a deeper kind of uncertainty, a radical uncertainty for which historical data provide no useful guidance to future outcomes. Radical uncertainty concerns events whose determinants are insufficiently understood for probabilities to be known or forecasting possible. Before President Barack Obama made the fateful decision to send in the Navy Seals, his advisers offered him wildly divergent estimates of the odds that Osama bin Laden would be in the Abbottabad compound. In 2000,…


Book cover of Normal Accidents: Living with High Risk Technologies

Damon P. Coppola Author Of Introduction to International Disaster Management

From my list on expanding your thinking on disaster risk management.

Why am I passionate about this?

As a professional emergency and risk management practitioner, I’ve spent my career supporting and shaping emergency management policy and practice in every context from the village to global levels. What I’ve found to be most rewarding are those opportunities where I’ve been able to translate this knowledge and practice into training the next generation of emergency managers. The textbooks I’ve written, which include the first comprehensive book on emergency management (Introduction to Emergency Management, currently in its 7th edition) and the first book on homeland security in the United States (Introduction to Homeland Security, currently in its 6th Edition), are currently in use at hundreds of universities worldwide.

Damon's book list on expanding your thinking on disaster risk management

Damon P. Coppola Why did Damon love this book?

This is an older text, but a good one nonetheless.

Normal Accidents highlights the complexity behind major disasters. In the hours, days, and even years leading up to any major incident, there are often multiple opportunities to reduce the negative impacts or even avoid them altogether.

Focusing on technological hazards, Perrow highlights the fact that major incidents are rarely the result of a single point of failure. As risk managers, we need to understand the compounding nature of risk, and this book brings that lesson to life. 

By Charles Perrow,

Why should I read it?

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

What is this book about?

Normal Accidents analyzes the social side of technological risk. Charles Perrow argues that the conventional engineering approach to ensuring safety--building in more warnings and safeguards--fails because systems complexity makes failures inevitable. He asserts that typical precautions, by adding to complexity, may help create new categories of accidents. (At Chernobyl, tests of a new safety system helped produce the meltdown and subsequent fire.) By recognizing two dimensions of risk--complex versus linear interactions, and tight versus loose coupling--this book provides a powerful framework for analyzing risks and the organizations that insist we run them. The first edition fulfilled one reviewer's prediction that…