I am new to the world of finance, what are some of the great books?
Wow, there are alot of Detroit people on the OG.
Figure out what you want to know, first. Is it investing? How the equities markets work? Cost of Capital? basic time value of money?
After that, you can look for the right book(s).
On a side note, after 6pm tonight, I will be willing to sell you my textbook from my Corporate Finance course. A deal at a mere $100. I paid $140.
Ok, ok, i'd be willing to let it go to a Detroit brotha for $95.
tower1 that is what I am looking for. books that people who do this shit for a living call the bible. I am coming from computers and I can name a bible that everyone should own for just about every area of computing, and I am sure its got to be the same for finance.
It's like Mark1 said, you've gotta figure out the area that you want to be in. Just like you can name the "bible" for every area of computing, and there's no one bible for "computing", it's the same in finance.
If you want to get the feel for trading, a book like Reminessence of a stock operator (I know I spelled it wrong) by Lefevre is probably the best.
If you want stuff on real estate as an investment, ask Iceberg Slim.
If you want to learn the "nuts and bolts" of finance, grab a textbook that your local university uses for finance courses (of course, these are dry and boring).
The first task, though, is to figure out what you want to read about first. Then the forum can lead you to your bible. :)
Thanks for the recommendation, tower1, I will have to check that out.
I will give you the two "bibles" of stocks when I get home.
I appricate that there is no one book that covers all of finance. I will rephrase my question: what is your area of finance, and what is the best book you ever read about it?
Mark1 where are you away at
analysis for financial management - Robert Higgins... a great intro to corp finance!
Marty Zweig, Winning on Wall Street, along with Peter Lynch
The Wealthy Barber and another book called Lazy Man's Way to Riches are two books I've been hearing a LOT of....
Can anyone give reviews or thoughts on them?
"Security Analysis" by Ben Graham.
Buffett's bible and mine as well. It's big, old, and
really boring, but the information is priceless. If
you are interested in "business perspective
investing", nothing else comes close to this book.
Some that I've read lately that have been great:
Stock Market Wizards: Interviews with America's top money managers... Here are interviews with guys who have consistantly returned 50-70% (sometimes more than 100%) annually, with VERY low drawdowns.
Alchemy of Finance: George Soros challenging the very structure of the traditional economic model. Haven't finished it, but there's some GREAT stuff in it already.
It's interesting to contrast these to Random Walk down Wall Street, which tells you how things SHOULD be... If Random Walk is right, though, guys like Peter Lynch and Warren Buffett have no more skill than you or me... they just got lucky in a coin flipping contest. This is the model that Soros (and many others) challenge so staunchly.
velt, could you give a run down of the Soros book when you finish please? I just finished "The new market wizards", it had some good spots in it. I started jotting down notes while reading earlier this year and its came in handy.
Russ: I'll review it when I'm done, but it likely won't be for a bit... It's very interesting, but fairly heavy reading (compared to the Schwager book, or the Nison book on Candlesticks I'm reading now).
'Options as a Strategic Investment' = Bible
Are you refering to : Investment Options As A Strategic Investment - Fourth Edition
by Lawrence G. McMillan ?
If so I'll buy it straight away. It seems to be getting rave reviews at amazon