Reading List Recommendations

I decided to put together this list so people have an idea what order to read the books in and what it discusses. I have summaries of these books and others if you are interested. The summaries can help you decide if you want to read more or not.

And a note on my summaries. I basically don't go into much detail on the "why". I just put down the key point. Behind the point might be lots of math, graphs, history, analysis, etc. If you want to know more details of the "why" or where the data was coming from. Pick up the book.

Beginner

Raw Beginner – You don't know anything about finance or investing

• Intro to Personal Finance by Professor Frank Paiano - https://www.reddit.com/r/Bogleheads/comments/16a6t5y/intro_to_personal_finance_by_professor_frank/
• Intro to Investments by Professor Frank Paiano - https://reddit.com/r/Bogleheads/s/Vv1sVggZJd
• Boglehead Financial Literacy Page - https://boglecenter.net/

Beginner Books – You know the basics of personal finance

How to Save Money – If you can't save money, even if you are Warren Buffett, it won't matter

• The Millionaire Next Door by Thomas Stanley – Personal favorite in this category. https://www.reddit.com/r/Bogleheads/comments/16a6vbq/the_millionaire_next_door/
• The Richest Man in Babylon by George S Clason – Short book, good stories about saving money. https://www.reddit.com/r/Bogleheads/comments/16a6wzq/the_richest_man_in_babylon/
• The Automatic Millionaire by David Bach – Talks about how paying yourself first is key to success in investing. https://www.reddit.com/r/Bogleheads/comments/16a7st4/the_automatic_millionaire/

Basic Investing Books – Gives you a solid base. Lots of people stop reading here. But there is a lot more to learn if you keep reading

• The Little Book on Common Sense Investing by John Bogle – The Boglehead Bible. https://reddit.com/r/Bogleheads/s/83AK4T5gD5
• If You Can by William Bernstein – Favorite in this category and my favorite starter book. https://www.etf.com/docs/IfYouCan.pdf
• Simple Path to Wealth by JL Collins – Just an all-around good book (Minus the only US stock recommendation). https://reddit.com/r/Bogleheads/s/sTFRhnmv5X
• The Bogleheads Guide to Investing by Taylor Larimore – Again, another solid book. Describes the Boglehead philosophy. https://reddit.com/r/Bogleheads/s/K3nwhoQsrL

Theory – Goes more into the "why" of the basic investing books. If you like to know "why"

• A Random Walk Down Wall Street by Burton Malkiel – Favorite in this category. Explains why the market is efficient. https://reddit.com/r/Bogleheads/s/uNLH7aO5U4
• Stocks for the Long Run by Jeremy Siegel – Has detailed data going back to the 1800's on stock market returns. https://reddit.com/r/Bogleheads/s/MdaZCJ83YD
• Winning the Losers Game by Charles Ellis – Goes into detail on why indexing beats active management. https://reddit.com/r/Bogleheads/s/2hAcsnk7QJ
• The Incredible Shrinking Alpha by Larry Swedroe – Goes into why active managers consistently underperform the indexes and how difficult it is to gain alpha in the market. https://www.reddit.com/r/Bogleheads/comments/16a9lf6/the_incredible_shrinking_alpha/

Intermediate

Psychology

• The Psychology of Money by Morgan Housel - Discusses the behavioral aspects into managing money. https://old.reddit.com/r/Bogleheads/comments/18cgsky/the_psychology_of_money/
  
• Your Money and Your Brain by Jason Zweig – Goes into detail of what is happening to your individual brain when you are investing in the market and how to control those emotions. https://reddit.com/r/stocks/s/kOMGTXoKHW
• Irrational Exuberance by Robert Shiller – Goes more into the psychology of the market as a whole and how it reacts and what you can do as an individual investor. https://reddit.com/r/Bogleheads/s/8CS9NY393u

Asset Allocation – How to build a portfolio

• All About Asset Allocation by Richard Ferri – A more advanced version of the basic investing books. https://reddit.com/r/Bogleheads/s/PHGOvGSO3h
• The Investors Manifesto by William Bernstein – A condensed version of 4 Pillars. https://reddit.com/r/stocks/s/BlwpIVBi24
• 4 Pillars by William Bernstein – My favorite book out of all the books I read. Covers everything. Part 1 - https://reddit.com/r/Bogleheads/s/6VqkzljdSg. Part 2 - https://reddit.com/r/Bogleheads/s/ntTTwXJRrG. (2023) Edition Part 1 - https://www.reddit.com/r/Bogleheads/comments/1ad8tqb/4_pillars_2023_edition_by_william_bernstein/. (2023) Edition Part 2 - https://www.reddit.com/r/Bogleheads/comments/1ad8qtv/4_pillars_of_investing_2023_edition_by_william/
• Reducing the Risks of Black Swans by Larry Swedroe – A Boglehead type approach to the "Black Swan" problem in investing. A "Barbell" type approach. https://www.reddit.com/r/Bogleheads/comments/16a9o4m/reducing_the_risks_of_black_swans/

History – Discusses the history of stock markets and especially bubbles

• Devil Take the Hindmost A History of Financial Speculation by Edward Chancellor – Very good information, but a very slow read. Lots of details and stories of what was happening. Covers Dutch Tulip to Japan. Part 1 - https://old.reddit.com/r/stocks/comments/otlokh/devil_take_the_hindmost_a_history_of_financial/. Part 2 - https://old.reddit.com/r/Bogleheads/comments/r4cb1a/devil_take_the_hindmost_a_history_of_financial/
• The Delusions of Crowds Why People Go Mad in Groups by William Bernstein – Not as detailed as Devil Take the Hindmost. Deals with both financial and religious ideas. https://old.reddit.com/r/stocks/comments/q6ecmq/william_bernstein_the_delusions_of_crowds_why/
• Where are the Customers Yachts by Fred Schwed – Funny history of Wall Street. https://old.reddit.com/r/stocks/comments/otlv6k/fred_schwed_where_are_the_customers_yachts/
• The Price of Time The Real Story of Interest by Edward Chancellor - Goes into the history of interest rates from 5,000 years ago to present and their role in society. Part 1 - https://www.reddit.com/r/Bogleheads/comments/z4vrfg/the_price_of_time_the_real_story_of_interest_by/. Part 2 - https://www.reddit.com/r/Bogleheads/comments/zf0akd/the_price_of_time_the_real_story_of_interest_by/. Part 3 - https://www.reddit.com/r/Bogleheads/comments/zrlt1d/the_price_of_time_the_real_story_of_interest_by/

Advanced

Asset Allocation

• The Young Investors Book Series by William Bernstein – Ages of the Investor, Deep Risk, Skating Where the Puck Was, and Rational Expectations – My favorite in the category. Goes into more detail than 4 Pillars but still easy to digest. https://www.reddit.com/r/Bogleheads/comments/sdr4nw/young_investors_seriesthe_ages_of_the_investor/
• Intelligent Asset Allocator by William Bernstein – A very math heavy version of 4 Pillars. https://www.reddit.com/r/Bogleheads/comments/scdblp/the_intelligent_asset_allocator_by_william/
• The Only Guide to Alternative Investments You Will Ever Need by Larry Swedroe – As the title says, goes into potential alternative investment and the pros/cons. https://www.reddit.com/r/Bogleheads/comments/16aa21x/the_only_guide_to_alternative_investments_you/
• Complete Guide to Factor Based Investing by Larry Swedroe – Goes into the various factors in investing. https://www.reddit.com/r/Bogleheads/comments/16a9x2c/complete_guide_to_factor_based_investing/
• Global Investing by Roger Ibbotson – A great history of investing assets. And a good detail on why investing globally is ideal. Lots of historical data. https://old.reddit.com/r/Bogleheads/comments/rbkn3l/global_investing_by_ibbotson_and_brinson_book/
• Asset Allocation by Roger Gibson – Much of the same information as above. But geared toward the financial professional on how to make these topics easier to understand for the client. https://www.reddit.com/r/Bogleheads/comments/sifppu/asset_allocation_by_roger_gibson_book_summary/
• Investing Amid Low Expected Returns by Antti Ilmanen - Goes into the lower expected returns in the market and what you can do about it. https://www.reddit.com/r/Bogleheads/comments/y16e2d/investing_amid_low_expected_returns_by_antti/
• Asset Management A Systemic Approach to Factor Investing by Andrew Ang - Goes into detail on factor investing. Part 1 - https://www.reddit.com/r/Bogleheads/comments/190tw83/asset_management_a_systemic_approach_to_factor/ Part 2 - https://www.reddit.com/r/Bogleheads/comments/1910y9n/asset_management_a_systemic_approach_to_factor/

Specialized

Economics

• Principles of Navigating Big Debt Crises by Ray Dalio – goes into central bank policy. Lots of case studies on various central bank inflations and deflations and how they responded. Also includes a template of "typical" central bank responses. https://old.reddit.com/r/Bogleheads/comments/obcr4m/ray_dalio_principles_of_navigating_big_debt/
• Money Mischief by Milton Friedman – goes into the history of central banks and money. And how they mishandle monetary policy. https://old.reddit.com/r/Bogleheads/comments/rh5nyu/milton_friedman_money_mischief_book_summary/

Risk Mitigation – These are more "ideas" on how to think about risk in the portfolio. From people who practice risk mitigation strategies at the highest level

• Dao of Capital by Mark Spitznagel. https://old.reddit.com/r/Bogleheads/comments/obdesy/mark_spitznagel_the_dao_of_capital_book_summary/
• Safe Haven by Mark Spitznagel. Part 1 - https://old.reddit.com/r/Bogleheads/comments/p9nys6/safe_haven_by_mark_spitznagel_book_summary_part_1/. Part 2 - https://old.reddit.com/r/Bogleheads/comments/r4n0kp/mark_spitznagel_safe_haven_book_summary_part_2/
• Fooled By Randomness by Nassim Nicholas Taleb. https://www.reddit.com/r/Bogleheads/comments/16ab4zf/fooled_by_randomness/
• Black Swan by Nassim Nicholas Taleb. https://www.reddit.com/r/Bogleheads/comments/16ab5nl/the_black_swan/
• Anti-Fragile by Nassim Nicholas Taleb. https://www.reddit.com/r/Bogleheads/comments/16ab62o/antifragile/

Precious Metals

• The Golden Constant by Roy W. Jastram – goes back over 500 years of data into Gold. Many books quoting data on gold are citing this book. https://old.reddit.com/r/stocks/comments/q4p6sg/the_golden_constant_book_summary/
• Crash Proof by Peter Schiff. https://reddit.com/r/Wallstreetsilver/s/eHG24iyeC9

Bogleheads Book Recommendations

https://www.bogleheads.org/wiki/Book_recommendations_and_reviews

Book Summaries and Specific Topics/FAQ

Whole Book Summaries - https://www.reddit.com/user/captmorgan50/comments/10kpbhc/whole_book_summaries/

Specific Topics and FAQ's - https://www.reddit.com/r/Bogleheads/comments/1n5fv9g/specific_topics_and_faqs/

Whole Book Summaries

These are my whole book summaries organized by topic. I have a reading list that goes into the order I recommend reading the books in. A note on my summaries, I don't go into much detail. I just post the key points. If you want the details of where the key point came from, you need to pick up the book. If you just want to get started or are overwhelmed with information, start with the If You Can book by William Bernstein.

Start Here

If You Can (Basic Boglehead 3 Fund/TDF Portfolio) by William Bernstein

https://www.etf.com/docs/IfYouCan.pdf

Boglehead Financial Literacy Page

https://boglecenter.net/

Reading List and Suggested Order

https://www.reddit.com/user/captmorgan50/comments/16acnsk/reading_list_recommendations/

Specific Topics and FAQs

https://www.reddit.com/r/Bogleheads/comments/1n5fv9g/specific_topics_and_faqs

Personal Finance

Automatic Millionaire by David Bach, The Millionaire Next Door by Thomas Stanley, Suze Orman, Dave Ramsey, Clark Howard, The Richest Man in Babylon by George S Clason, Intro to Personal Finance 101 by Professor Frank Paiano

https://www.reddit.com/r/personalfinance/comments/p6j1ae/general_financial_advise_various_book_summary/

Introduction

The Little Book of Common Sense Investing, Boglehead Guide to Investing by John Bogle

https://reddit.com/r/Bogleheads/comments/x15jsx/bogle_the_little_book_of_common_sense_investing/

The Simple Path to Wealth by JL Collins

https://reddit.com/r/Bogleheads/comments/rxzook/the_simple_path_to_wealth_book_summary_by_jl/

Intro to Investments 101 by Professor Frank Paiano

https://old.reddit.com/r/Bogleheads/comments/r4bzsy/intro_to_investments_by_professor_frank_paiano/

Asset Allocation

All About Asset Allocation by Richard Ferri

https://old.reddit.com/r/Bogleheads/comments/obcxqu/richard_ferri_all_about_asset_allocation_and/

Investors Manifesto by William Bernstein

https://old.reddit.com/r/stocks/comments/otjqbu/the_investors_manifesto_by_william_bernstein_book/

4 Pillars by William Bernstein Part 1

https://reddit.com/r/Bogleheads/comments/scilhl/4_pillars_by_william_bernstein_book_summary_part_1/

4 Pillars Part 2

https://reddit.com/r/Bogleheads/comments/sciqw1/4_pillars_by_william_bernstein_book_summary_part_2/

4 Pillars (2023) Edition by William Bernstein Part 1

https://www.reddit.com/r/Bogleheads/comments/1ad8tqb/4_pillars_2023_edition_by_william_bernstein/

4 Pillars (2023) Edition Part 2

https://www.reddit.com/r/Bogleheads/comments/1ad8qtv/4_pillars_of_investing_2023_edition_by_william/

Young Investors Series - Ages of the Investor, Deep Risk, Skating Where the Puck Was, Rational Expectations by William Bernstein

https://reddit.com/r/Bogleheads/comments/sdr4nw/young_investors_seriesthe_ages_of_the_investor/

Intelligent Asset Allocator by William Bernstein

https://reddit.com/r/Bogleheads/comments/scdblp/the_intelligent_asset_allocator_by_william/

The Only Guide to Alternative Investments You Will Ever Need, Complete Guide to Factor Based Investing by Larry Swedroe

https://www.reddit.com/r/Bogleheads/comments/sdqrf0/larry_swedroe_the_only_guide_to_alternative/

The Incredible Shrinking Alpha, Complete Guide to a Successful and Secure Retirement, Reducing the Risks of Black Swans by Larry Swedroe

https://reddit.com/r/Bogleheads/comments/zp0ug2/larry_swedroe_the_incredible_shrinking_alpha/

Asset Allocation by Roger Gibson

https://www.reddit.com/r/Bogleheads/comments/sifppu/asset_allocation_by_roger_gibson_book_summary/

Global Investing by Roger Ibbotson

https://old.reddit.com/r/Bogleheads/comments/rbkn3l/global_investing_by_ibbotson_and_brinson_book/

Investing Amid Low Expected Returns by Antti Ilmanen

https://reddit.com/r/Bogleheads/comments/y16e2d/investing_amid_low_expected_returns_by_antti/

Asset Management by Andrew Ang Part 1 - https://www.reddit.com/r/Bogleheads/comments/190tw83/asset_management_a_systemic_approach_to_factor/?

Asset Management Part 2 - https://www.reddit.com/r/Bogleheads/comments/1910y9n/asset_management_a_systemic_approach_to_factor/?

Theory

A Random Walk Down Wall Street by Burton Malkiel

https://old.reddit.com/r/Bogleheads/comments/obd5nu/burton_malkiel_a_random_walk_down_wall_street/

Stocks for the Long Run by Jeremy Siegel

https://old.reddit.com/r/Bogleheads/comments/obd8s2/jeremy_siegel_stocks_for_the_long_run_book_summary/

Winning the Losers Game by Charles Ellis

https://www.reddit.com/r/Bogleheads/comments/savnly/winning_the_losers_game_by_charles_ellis_book/

History

Where are the Customers Yachts? by Fred Schwed

https://old.reddit.com/r/stocks/comments/otlv6k/fred_schwed_where_are_the_customers_yachts/

Devil Take the Hindmost A History of Financial Speculation by Edward Chancellor Part 1

https://old.reddit.com/r/stocks/comments/otlokh/devil_take_the_hindmost_a_history_of_financial/

Devil Take the Hindmost A History of Financial Speculation Part 2

https://old.reddit.com/r/Bogleheads/comments/r4cb1a/devil_take_the_hindmost_a_history_of_financial/

The Delusions of Crowds: Why People Go Mad in Groups by William Bernstein

https://old.reddit.com/r/stocks/comments/q6ecmq/william_bernstein_the_delusions_of_crowds_why/

The Price of Time The Real Story of Interest by Edward Chancellor Part 1

https://reddit.com/r/Bogleheads/comments/z4vrfg/the_price_of_time_the_real_story_of_interest_by/

The Price of Time The Real Story of Interest Part 2

https://reddit.com/r/Bogleheads/comments/zf0akd/the_price_of_time_the_real_story_of_interest_by/

The Price of Time The Real Story of Interest Part 3

https://reddit.com/r/Bogleheads/comments/zrlt1d/the_price_of_time_the_real_story_of_interest_by/

Classics

One Up on Wall Street by Peter Lynch

https://old.reddit.com/r/Bogleheads/comments/r4oizg/peter_lynch_one_up_on_wall_street_book_summary/

The Intelligent Investor by Ben Graham

https://old.reddit.com/r/Bogleheads/comments/r4ojsl/benjamin_graham_the_intelligent_investor_book/

Buffettology, New Buffettology, The Essential Buffett, How to Pick Stocks like Warren Buffett

https://old.reddit.com/r/Bogleheads/comments/r97mey/warren_buffett_book_summaries/

Psychology

The Psychology of Money by Morgan Housel

https://old.reddit.com/r/Bogleheads/comments/18cgsky/the_psychology_of_money/

Irrational Exuberance by Robert Shiller

https://old.reddit.com/r/Bogleheads/comments/obcu81/irrational_exuberance_book_summary/

Your Money and Your Brain by Jason Zweig

https://old.reddit.com/r/stocks/comments/otlkym/jason_zweig_your_money_and_your_brain_book_summary/

Economics

Principles of Navigating Big Debt Crises by Ray Dalio

https://old.reddit.com/r/Bogleheads/comments/obcr4m/ray_dalio_principles_of_navigating_big_debt/

Money Mischief by Milton Friedman

https://old.reddit.com/r/Bogleheads/comments/rh5nyu/milton_friedman_money_mischief_book_summary/

Risk Mitigation

Dao of Capital by Mark Spitznagel

https://old.reddit.com/r/Bogleheads/comments/obdesy/mark_spitznagel_the_dao_of_capital_book_summary/

Safe Haven by Mark Spitznagel Part 1

https://old.reddit.com/r/Bogleheads/comments/p9nys6/safe_haven_by_mark_spitznagel_book_summary_part_1/

Safe Haven Part 2

https://old.reddit.com/r/Bogleheads/comments/r4n0kp/mark_spitznagel_safe_haven_book_summary_part_2/

Fooled by Randomness, The Black Swan, Anti-Fragile by Nassim Nicholas Taleb

https://old.reddit.com/r/Bogleheads/comments/rasfdm/nassim_taleb_fooled_by_randomness_the_black_swan/

Precious Metals

The Golden Constant by Roy Jastram

https://old.reddit.com/r/stocks/comments/q4p6sg/the_golden_constant_book_summary/

Crash Proof by Peter Schiff

https://reddit.com/r/Wallstreetsilver/comments/r7rggs/peter_schiff_crash_proof_book_summary/

Other/Misc

Value Averaging by Michael Edleson

https://reddit.com/r/Bogleheads/comments/sai8ef/michael_edleson_value_averaging_book_summary/

Various Internet Articles

The expected return of precious metal equity (PME) - http://www.efficientfrontier.com/ef/197/preci197.htm

The expected return of precious metal equity (PME) part II - http://www.efficientfrontier.com/ef/997/precio97.htm

Gold Miners (The Longest Discipline) - http://www.efficientfrontier.com/ef/adhoc/gold.htm

Permanent Portfolio - http://www.efficientfrontier.com/ef/0adhoc/harry.htm

Of Earnings, Dividends, and Agency - http://www.efficientfrontier.com/ef/700/agency.htm

Target Date Funds (TDF) - http://www.efficientfrontier.com/ef/404/grail.htm

How to calculate estimated returns - http://www.efficientfrontier.com/ef/403/fairy.htm

Commodity Futures - http://www.efficientfrontier.com/ef/0adhoc/stuff.htm

Overbalancing - http://www.efficientfrontier.com/ef/703/timer.htm

The Rebalancing Bonus - http://www.efficientfrontier.com/ef/996/rebal.htm

The Loneliness of the Long Distance Asset Allocator - http://www.efficientfrontier.com/ef/497/lonely.htm

DCA - http://www.efficientfrontier.com/ef/997/dca.htm

Not Rebalance? - http://www.efficientfrontier.com/ef/197/rebal197.htm

Bond Duration - http://www.efficientfrontier.com/ef/997/maturity.htm

Credit Risk - http://www.efficientfrontier.com/ef/401/junk.htm

William Bernstein Articles - http://www.efficientfrontier.com/ef/index.shtml

Larry Swedroe Articles - https://reddit.com/r/Bogleheads/comments/rzu0hy/larry_swedroe_etf_articles/

Richard Ferri Articles - https://reddit.com/r/Bogleheads/comments/s06ujt/richard_ferri_articles/

What has Worked in Investing (Why Value investing works) - https://www.grahamanddoddsville.net/wordpress/Files/Gurus/Christopher%20Browne/WhatHasWorkedInInvesting.pdf

Investment Strategies for the 21st Century by Armstrong - https://thetaoofwealth.files.wordpress.com/2012/09/investment-startegies-for-the-21st-century-by-frank-armstrong.pdf