ShareSoc
INVESTOR ACADEMY

RECOMMENDED READING LIST

IMPROVING YOUR INVESTMENT SKILLS AND KNOWLEDGE

One of our key objectives (see Objects) is to improve our members’ investment performance and knowledge. Reading these books would be a good starting point for any investor and can help you to develop your own investing approach and style. But even re-reading them after a period of time can be useful to remind you not to fall into bad habits. Note that some of these books are US orientated and may only be available from US book stores. A number of these books may seem to be archaic at first glance, although the history of reprints tells you that they are still popular among modern readers. It would be a mistake to think that we cannot learn from the past experience of master investors, or that we should ignore the academic underpinnings of the modern investment scene.

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Title	Author	Comments
Introductory Books for the New Investor
Beginners Guide to Investment	Bernard Gray	Primer published by Investors Chronicle but it needs a revised edition
How the Stock Market Works	Michael Beckett and Yvette Essen	Up to date guide sponsored by the Daily Telegraph.
Investing in Stocks and Shares	Dr John White	A good basic guide.
The Financial Times Guide to Investing	Glen Arnold	A good overview of investment.
A Random Walk Down Wall Street	Burton G. Malkiel	Essential reading for those new to stock market investing.
The FT Guide to Investment Trusts	John Baron	A sound guide to investment trusts.
The DIY Investor: How to get started in investing and plan for a financially secure future.	Andy Bell	A practical "how to" guide, explaining how modern platforms, investment products and tools can be used for equity investment. ShareSoc full members can read a review of this book here: https://www.sharesoc.org/book_reviews/the-diy-investor-how-to-get-started-in-investing-and-plan-for-a-financially-secure-future/


Fundamentals Orientated Investing
Ten key investing lessons from an ISA Millionaire	Leon Boros	An e-book published by ShareSoc and written by Leon Boros about the ’snowball effect’, featuring ten key lessons for investors. Click here.
Intelligent Investor	Benjamin Graham	Now somewhat dated but still a good grounding by the mentor of Warren Buffett.
Buffettology	Mary Buffett	How Warren Buffett achieves his returns.
Warren Buffett Way	Charles Hagstrom	Same as above.
Essays of Warren Buffett	Lawrence Cunningham	The words of the master investor.
On Investing	John Neff	Words of a successful investor.
Zulu Principle	Jim Slater	Selecting growth stocks.
How to Make Money in Stocks	William O’Neill	CANSLIM investment approach.
Common Stocks and Uncommon Profits	Philip A. Fisher	Emphasis is on picking growth stocks.
Investment Guide to Warrants	Andrew McHattie	A good introduction to warrants.
Security Analysis	Graham & Dodd	Update of Ben Graham’s classic tome. May be a bit heavy going for some but comprehensive.
Selecting Shares that Perform: 10 Ways to Beat the Stock Market	Richard Koch and Leo Gough	A good introduction to share selection for medium to long term investors.
FT Guide to Using the Financial Pages	Romesh Vaitilingam	Although aimed originally at how to interpret the information in the Financial Times, it’s a good grounding in interpreting financial information generally.
Don’t Count On It!	John Bogle	A good explanation of how the US mutual fund industry operates to the disadvantage of investors by the advocate of low cost index tracking funds.
How to Make Money in Value Stocks	Ed Croft, Ben Hobson and David Brickell	A very comprehensive overview of "fundamental" investment techniques and the rules used by the masters. Complements the Stockopedia Pro service.
The Little Book that Beats the Market	Joel Greenblatt	Suggests a "Magic Formula" for beating stock market indices by automated stock selection based on financial fundamentals. ShareSoc full members can read a review of this book here: https://www.sharesoc.org/book_reviews/the-little-book-that-beats-the-market/
How to Make a Million Slowly	John Lee	How the author became an "ISA Millionaire" in record time.
What Works on Wall Street	James P. O’Shaughnessy	An analysis of the factors that affect investment returns from companies.
One up on Wall Street	Peter Lynch	How to find potential investments and value them
The Defensive Value Investor	John Kingham	A guide to building a high-yield, low-risk share portfolio.
Invest In The Best	Keith Ashworth-Lord	Business perspective investing by a disciple of Warren Buffett.
High Returns from Low Risk: A Remarkable Stock Market Paradox	Pim van Vliet	Busting the myth that achieving higher returns requires taking greater risks.


Trading Techniques
Book of Investing Rules	Jenks & Eckett	Rules of thumb from experienced investors.
How to Trade in Stocks	Jesse Livermoore	A classic text.
Trader Vic: Methods of Wall St. Master	Victor Sperandeo	Practical advice from an experienced Wall St.trader.
How I Trade in Stocks & Bonds	Richard D. Wyckoff	Another classic text.
Investment Policy	Charles Ellis	How to formulate an investment plan, or "win the loser’s game" as he puts it.
Practical Speculation	Niederhoffer & Kenner	A traders view of the market.
Stock Market Profits	Richard Schabacker	Overview of market practices.
The UK Trader’s Bible	Dominic Connolly	Contains lots of detail technical information on how the markets operate and trading techniques. Useful background information even for less frequent traders. ShareSoc full members can read a review of this book here: https://www.sharesoc.org/book_reviews/the-uk-traders-bible-the-complete-guide-to-trading-the-uk-stock-market/
The Art of Execution: How the world’s best investors get it wrong and still make millions	Lee Freeman-Shor	Essential reading on portfolio management. Full members of ShareSoc can find a review of this book here: https://www.sharesoc.org/book_reviews/the-art-of-execution-how-the-worlds-best-investors-get-it-wrong-and-still-make-millions/


Technical Analysis
Guide to Charting	Alistair Blair	Basic charting techniques.


Accounting and Legal
Accounting for Growth	Terry Smith	Creative accounting techniques.
Meaning of Company Accounts	Reid & Middleton	How to analyse company accounts.
Company Law Handbook	Keith Walmsley	Comprehensive reference guide.
The Signs Were There	Tim Steer	How to spot and avoid impending corporate disasters. You can find a review of this book here: https://www.sharesoc.org/blog/education/the-signs-were-there-corporate-disasters-and-how-to-avoid-them/
Accounting and Business Valuation Methods - How to interpret IFRS accounts	Malcolm Howard	This book is intended to appeal to junior accountants and entrepreneurs who need guidance and practical analytical tools to enable them to develop business plans, raise capital and assess risk.

Historic, Educational, Biographical, Comic & Esoteric
Caught Short	Eddie Cantor	A memoir of the Wall Street Crash
Do You Sincerely Want to be Rich	Raw, Page & Hodgson	The story of IOS, Bernie Cornfeld and how investors in mutual funds get taken for a ride.
Fortune’s Formula	William Poundstone	The links between gambling and investment.
Reminiscences of a Stock Operator	Edwin Lefevre	Trading techniques of Jesse Livermoore.
The Big Short	Michael Lewis	History of the sub-prime banking crisis.
Decline and Fall of Banking	William Brown	The banking crisis including extended analysis of Northern Rock.
Fooled by Randomness	N.N. Taleb	The role of chance in the markets.
Money Makers	Jonathan Davis	Biographies of top fund managers.
Accidental Empires	Robert Cringely	Amusing software industry history.
The Great Crash 1929	John K.Galbraith	A short history of the Wall Street Crash.
Superinvestors: Lessons from the greatest investors in history, from Jesse Livermore to Warren Buffett & beyond.	Matthew Partridge	A review of the greatest investors in history and their investment styles. Full members of ShareSoc can find a review of this book here: https://www.sharesoc.org/book_reviews/superinvestors-lessons-from-the-greatest-investors-in-history-from-jesse-livermore-to-warren-buffett-beyond/
The Deal Maker	Axel Madsen	Biography of William Durant (GM creator).
Titan	Ron Chernow	Biography of John D. Rockefeller.
The Rational Optimist	Matt Ridley	A mixture of anthropology, economics and history.
The New Few	Richard Mount	An analysis of the current problems in business and political democracy with the rise of oligarchs in the UK.
Monkey With a Pin	Pete Comley	An explanation of why stock market investment returns are never as good as you expect.
Inflation Tax	Pete Comley	How inflation erodes your wealth and how to avoid it. Full members of ShareSoc can find a review of this book here: https://www.sharesoc.org/book_reviews/inflation-tax-the-plan-to-deal-with-the-debts/
Free Capital	Guy Thomas	How 12 Private Investors made Millions in the Stock Market.
The Deals of Warren Buffett - Volume 1: The First $100m	Glen Arnold	How Warren Buffett went from an initial $120 to his first $100m. ShareSoc full members can read a review of this book here: https://www.sharesoc.org/book_reviews/the-deals-of-warren-buffett-volume-1-the-first-100m/
Boom and Bust: A Global History of Financial Bubbles	William Quinn, John D. Turner	Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? ShareSoc full members can read a review of this book here: https://www.sharesoc.org/book_reviews/boom-and-bust-a-global-history-of-financial-bubbles/
Where are the customers’ yachts?	Fred Schwed	An entertaining read, exposing the practices and people of Wall Street in the 1940s - but with many of the lessons still applicable today and in the City as well as on Wall Street. ShareSoc full members can read a review of this book here: https://www.sharesoc.org/book_reviews/where-are-the-customers-yachts/
Share Power	Merryn Somerset Webb	A brilliant and insightful page turner. Fun and easy to read, this short book explains how ordinary people can change the way that capitalism works. You can read a review of the book here: https://www.sharesoc.org/blog/education/share-power-book-review/


Business Background
In Search of Excellence	Peters and Waterman	What makes a successful company.
Competitive Strategy	Michael Porter	How to analyse companies and industries.
Only the Paranoid Survive	Andrew Grove	Overcoming crises in businesses.
Other People’s Money	John Kay	The financial structure of the modern world and how to reform it.

Don’t forget to let us know if you have your own recommendations to add to this list. Note that some of these books have been reviewed in past editions of the ShareSoc Informer newsletter or on the Members Network – use the site search facilities to check for the presence of a review on a specific title.

Group description:	All levels of experience welcome. A typical meeting agenda includes: – Macro Environment – Trades: Members review existing positions and identify securities with promising TA entry patterns or setups and with suitable risk/reward. Any security, long, short, futures, options may be considered. The convener takes actual positions in trades and maintains his own detailed ledger, accurately measuring performance of individual securities and cumulative activity. Members are notified by e-mail prior to the entries or exits that are decided upon. Following each meeting an updated copy of the ledger is circulated together with the next meeting agenda. Members may wish to maintain similar ledgers of their own but there is no obligation to do so. – Technical Analysis: Techniques and systems used in trades. Members can request discussion of particular aspects of TA.
Meeting Type/Venue:	Online via Zoom
Meeting Frequency/Timing:	The first Tuesday of every month from 7 to 9pm

Group description:	Following the launch of the SIGnet Technical Traders groups, it was identified that there were a number of members who use fundamental and other information as their main source of choosing companies to invest in, who would find some understanding of technical analysis helpful to identify good entry and exit points for their investments. This new SIGnet Technical Analysis in Support of Investing group is therefore being launched and we welcome members of all levels of experience to join.
Meeting Type/Venue:	Online via Zoom
Meeting Frequency/Timing:	There will be an initial Zoom meeting on Monday 29th April at 7pm to launch this group, please email info@sharesoc.org if you are interested in joining.

Group description:	A new in person group coming soon! Keep and eye on our Events page to register for the launch meeting.
Meeting Type/Venue:	In person
Meeting Frequency/Timing:	TBC

Group description:	Open to all investors / people with an interest in investing. Typical meeting will involve members talking about recent purchases, successes, failures and possible future purchases. Also with occasional visiting speakers or members making presentations on a topic of interest.
Meeting Type/Venue:	We aim to meet on the last Tuesday of each month in a private room at a pub in Playhatch. Start time 7pm with members encouraged to meet up around 6pm for a bite to eat / drink before hand, if their diaries allow.
Meeting Frequency/Timing:	7pm on the last Tuesday of the month. Meetings likely to last about two hours but with informal ‘overspill’ before / after.

Group description:	This group was set up as a forum to discuss companies in detail, each company is introduced by a member and discussion may last one or two hours. Membership is by invitation only and is for experienced investors.
Meeting Type/Venue:	The group meets at a venue in Waterloo, London.
Meeting Frequency/Timing:	Meetings are on Tuesday mornings at two month intervals.

Group description:	Our group members have wide ranging investment experience and work backgrounds. Discussion topics include reviewing our recent stock or collective investment buying and selling activity, plus what we are considering buying or selling and the reasons for our decisions. We also have a wider discussion on where we think opportunities might arise in the next few months and what we think needs to be avoided. Members occasionally lead discussions on specific topics such as recent events attended, articles or books of interest and sources of investment ideas and information.
Meeting Type/Venue:	During the pandemic our meetings were held on Zoom, but we have now resumed meeting in person at a location a few miles to the west of Colchester. Most meetings will now be in person, but it is possible that occasional meetings will be held on Zoom in special circumstances.
Meeting Frequency/Timing:	We meet midweek every two months. Zoom meetings run for about two hours from 10.30am and in person meetings from 11am until about 3pm, including a break for lunch.

Group description:	Our group is a broad church that contains investors of varying age and experience. We discuss stocks and investment trusts that we have bought, sold or are interested in and the reasons behind our decisions, and try to make sense of the ever changing investment environment. Our members backgrounds are diverse and include corporate banking, engineering, teaching and the leisure industry. Discussions are robust and challenging but tend to be to be informal, and do not generally involve agendas, presentations or detailed preparation. We are a friendly and approachable group who welcome investors of all levels – we just ask that you contribute, at whatever level you can.
Meeting Type/Venue:	Our meetings are held in a very nice pub near to South Ealing tube station (Piccadilly Line), not far from Ealing Broadway (District, Central and Elizabeth Line). Group numbers permitting (and assuming members are happy to purchase food and drink from the bar), we may also have access to a private room in the pub.
Meeting Frequency/Timing:	We meet every 2 months, usually on a Wednesday morning at 11am.

Group description:	Group focused on active investing, primarily in small / medium cap UK equities.
Meeting Type/Venue:	Regular Zoom meetings interspersed with occasional face to face meetings and social activities in the North West.
Meeting Frequency/Timing:	Monthly on Saturdays at 10am.

Group description:	Our group covers a wide spectrum of mainly stock market investing and trading from equities – which include shares, ETF’s Investment and Unit Trusts. We normally rotate the meeting chairperson (responsible for creating, with member’s help, suitable agendas) and a meeting presenter (members take it in turns to provide a 15 to 45 minute presentation on a subject of their choice). Various investing topics of interest are regularly discussed such as software, brokers, investing categories and markets and any related topics of interest.
Meeting Type/Venue:	Meetings will be returning to in-person in a private room at a West London golf club, close to an underground station. In the meantime monthly video calls and an in-between meeting email group will continue.
Meeting Frequency/Timing:	In-person meetings will be held on the second Wednesday of each month in the afternoons, following a golf club one course lunch.