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Jack Bogle, founder of Vanguard and pioneer of index funds, is one of the most brilliant and most important minds in investing.We recently reached out to Mr. Bogle and asked him for what he thought were the best books in investing.
What follows is his list of six “must-read investment books.”
Any one of these would make a perfect gift this holiday season.
By Benjamin Graham, updated with commentary by Jason Zweig
'First published in 1949, Benjamin Graham's classic text is perhaps the best book ever written about investing. With his clear and accessible writing, Graham laid the foundation for all investment books that followed.'
By Burton G. Malkiel
'Princeton economist Burton Malkiel's influential book (now in its 10th edition) presents a compelling argument for his random walk hypothesis, which states that market prices are essentially random and therefore cannot be reliably predicted over the long-term. Professor Malkiel's work helps solidify the intellectual basis for my personal favourite investment, the index fund.'
By David F. Swensen
'David Swensen's investment strategy for Yale University's endowment--characterised by shifting assets from traditional stocks and bonds to less liquid, alternative assets--has been so influential, it's now commonly referred to as the Yale Model. While the Yale Model may make sense for endowments, Unconventional Success lays out an approach for individual investors that focuses on investing in low-cost index funds and rails against the high fees and abdication of fiduciary responsibility so pervasive in the mutual fund industry.'
By William J. Bernstein
'William Bernstein is something of a renaissance man--he is a neurologist, the founder of an investment advisory firm, a financial theorist, an author of investment books, and an author of books about economic history. In The Four Pillars of Investing, Bernstein presents a common-sense strategy for building a portfolio that will position investors for success.'
By Charles Mackay
'Scottish journalist Charles Mackay first published his chronicle of fashionable fantasies in 1841. He not only debunks common myths about alchemy, fortune-telling, haunted houses, and the like, he also describes classic economic bubbles such as the South Sea Company and the Dutch tulip mania of the early seventeenth century. This classic still influences writers and economists today, and provides a cautionary tale for those who might follow the crowd as the next bubble--there undoubtedly will be one--inflates and inevitably deflates.'
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