"This is that rarity, a useful book."--Warren Buffett Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor. Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways. Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "contrarian," Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing.

Book Description
THE NATIONAL BESTSELLING BOOK THAT EVERY INVESTOR SHOULD OWN
Peter Lynch is America's number-one money manager. His mantra: Average investors can become experts in their own field and can pick winning stocks as effectively as Wall Street professionals by doing just a little research.
Now, in a new introduction written specifically for this edition of One Up on Wall Street, Lynch gives his take on the incredible rise of Internet stocks, as well as a list of twenty winning companies of high-tech '90s. That many of these winners are low-tech supports his thesis that amateur investors can continue to reap exceptional rewards from mundane, easy-to-understand companies they encounter in their daily lives.
Investment opportunities abound for the layperson, Lynch says. By simply observing business developments and taking notice of your immediate world -- from the mall to the workplace -- you can discover potentially successful companies before professional analysts do. This jump on the experts is what produces "tenbaggers," the stocks that appreciate tenfold or more and turn an average stock portfolio into a star performer.
The former star manager of Fidelity's multibillion-dollar Magellan Fund, Lynch reveals how he achieved his spectacular record. Writing with John Rothchild, Lynch offers easy-to-follow directions for sorting out the long shots from the no shots by reviewing a company's financial statements and by identifying which numbers really count. He explains how to stalk tenbaggers and lays out the guidelines for investing in cyclical, turnaround, and fast-growing companies.
Lynch promises that if you ignore the ups and downs of the market and the endless speculation about interest rates, in the long term (anywhere from five to fifteen years) your portfolio will reward you. This advice has proved to be timeless and has made One Up on Wall Street a number-one bestseller. And now this classic is as valuable in the new millennium as ever.
From Publishers Weekly
The authors argue that average investors can beat Wall Street professionals by using the information gleaned from everyday life. "Investors will be able to put the shrewd insights presented to good use," remarked PW. 200,000 first printing.
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In 2005, Joel Greenblatt published a book that is already considered one of the classics of finance literature. In The Little Book that Beats the Market—a New York Times bestseller with 300,000 copies in print—Greenblatt explained how investors can outperform the popular market averages by simply and systematically applying a formula that seeks out good businesses when they are available at bargain prices. Now, with a new Introduction and Afterword for 2010, The Little Book that Still Beats the Market updates and expands upon the research findings from the original book. Included are data and analysis covering the recent financial crisis and model performance through the end of 2009. In a straightforward and accessible style, the book explores the basic principles of successful stock market investing and then reveals the author’s time–tested formula that makes buying above average companies at below average prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Greenblatt explains it using 6th grade math, plain language and humor. He shows how to use his method to beat both the market and professional managers by a wide margin. You’ll also learn why success eludes almost all individual and professional investors, and why the formula will continue to work even after everyone “knows” it. While the formula may be simple, understanding why the formula works is the true key to success for investors. The book will take readers on a step–by–step journey so that they can learn the principles of value investing in a way that will provide them with a long term strategy that they can understand and stick with through both good and bad periods for the stock market. As the Wall Street Journal stated about the original edition, “Mr. Greenblatt…says his goal was to provide advice that, while sophisticated, could be understood and followed by his five children, ages 6 to 15. They are in luck. His ‘Little Book’ is one of the best, clearest guides to value investing out there.”

There are many ways to make money in today’s market, but the one strategy that has truly proven itself over the years is value investing. Now, with The Little Book of Value Investing, Christopher Browne shows you how to use this wealth-building strategy to successfully buy bargain stocks around the world.

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Book Description
The Five Rules for Successful Stock Investing
"By resisting both the popular tendency to use gimmicks that oversimplify securities analysis and the academic tendency to use jargon that obfuscates common sense, Pat Dorsey has written a substantial and useful book. His methodology is sound, his examples clear, and his approach timeless."
—Christopher C. Davis Portfolio Manager and Chairman, Davis Advisors
Over the years, people from around the world have turned to Morningstar for strong, independent, and reliable advice. The Five Rules for Successful Stock Investing provides the kind of savvy financial guidance only a company like Morningstar could offer. Based on the philosophy that "investing should be fun, but not a game," this comprehensive guide will put even the most cautious investors back on the right track by helping them pick the right stocks, find great companies, and understand the driving forces behind different industries—without paying too much for their investments.
Written by Morningstar's Director of Stock Analysis, Pat Dorsey, The Five Rules for Successful Stock Investing includes unparalleled stock research and investment strategies covering a wide range of stock-related topics. Investors will profit from such tips as:
* How to dig into a financial statement and find hidden gold . . . and deception
* How to find great companies that will create shareholder wealth
* How to analyze every corner of the market, from banks to health care
Informative and highly accessible, The Five Rules for Successful Stock Investing should be required reading for anyone looking for the right investment opportunities in today's ever-changing market.
From the Inside Flap
Stocks can be the perfect vehicle for your investment journey–if you know how to pick them. With Morningstar’s unparalleled guidance you can get the story behind the numbers and learn how to invest in stocks with care and confidence.
In The Five Rules for Successful Stock Investing, Pat Dorsey, Director of Stock Analysis for Morningstar, Inc., helps today’s investors learn from the mistakes of the past in order to lay a solid foundation for future success. According to Mr. Dorsey, "Investment success depends on personal discipline, not on whether the crowd agrees or disagrees with you." In a highly accessible and down-to-earth style, Dorsey helps even novice investors understand how to evaluate companies and achieve success by buying stocks at a discount of their true worth.
Reading The Five Rules for Successful Stock Investing is like joining a community of fellow investors who want to better understand how stocks operate, avoid the common pitfalls of investing, and build strong stock portfolios they can be confident in. Dorsey and his team of stock analysts will open investors’ eyes to a wealth of investment opportunities that exist regardless of market conditions, as they learn:
* How to develop a feel for what makes a company profitable
* How to find great companies with a competitive advantage
* How to make sure a company’s management team is on their side
* How to recognize red flags that can cause blow-ups in a portfolio
* How to apply proven valuation principles to improve results
* And how to apply a 10-Minute Test to any stock in order to determine if it’s worth investigating in more detail
A complete investment guide for people who are serious about mastering stock strategies, The Five Rules for Successful Stock Investing outlines the rigorous process through which Morningstar evaluates stocks, providing readers with tried-and-true tools for selecting stocks that will make promising long-term investments–and perhaps more important–avoiding those that won’t.
In today’s economic climate, The Five Rules for Successful Stock Investing has something to offer every investor. Seasoned investors will welcome the kind of sound, reliable advice that can help them avoid the mistakes of the past, while novice investors will find the kind of "on-ramp" introduction they need to get moving along the road to better investment results.
Book Dimension
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In The Little Book That Builds Wealth, author Pat Dorsey—the Director of Equity Research for leading independent investment research provider Morningstar, Inc.—reveals why competitive advantages, or economic moats, are such strong indicators of great long–term investments and examines four of their most common sources: intangible assets, cost advantages, customer–switching costs, and network economics. Along the way, he skillfully outlines this proven approach and reveals how you can effectively apply it to your own investment endeavors.

The personally revealing and complete biography of the man known everywhere as “The Oracle of Omaha”—for fans of the HBO documentary  Becoming Warren Buffett

Here is the book recounting the life and times of one of the most respected men in the world, Warren Buffett. The legendary Omaha investor has never written a memoir, but now he has allowed one writer, Alice Schroeder, unprecedented access to explore directly with him and with those closest to him his work, opinions, struggles, triumphs, follies, and wisdom.

Although the media track him constantly, Buffett himself has never told his full life story. His reality is private, especially by celebrity standards. Indeed, while the homespun persona that the public sees is true as far as it goes, it goes only so far. Warren Buffett is an array of paradoxes. He set out to prove that nice guys can finish first. Over the years he treated his investors as partners, acted as their steward, and championed honesty as an investor, CEO, board member, essayist, and speaker. At the same time he became the world’s richest man, all from the modest Omaha headquarters of his company Berkshire Hathaway. None of this fits the term “simple.”

When Alice Schroeder met Warren Buffett she was an insurance industry analyst and a gifted writer known for her keen perception and business acumen. Her writings on finance impressed him, and as she came to know him she realized that while much had been written on the subject of his investing style, no one had moved beyond that to explore his larger philosophy, which is bound up in a complex personality and the details of his life. Out of this came his decision to cooperate with her on the book about himself that he would never write.

Never before has Buffett spent countless hours responding to a writer’s questions, talking, giving complete access to his wife, children, friends, and business associates—opening his files, recalling his childhood. It was an act of courage, as The Snowball makes immensely clear. Being human, his own life, like most lives, has been a mix of strengths and frailties. Yet notable though his wealth may be, Buffett’s legacy will not be his ranking on the scorecard of wealth; it will be his principles and ideas that have enriched people’s lives. This book tells you why Warren Buffett is the most fascinating American success story of our time.

Praise for The Snowball

“Even people who don't care a whit about business will be intrigued by this portrait. . . . Schroeder, a former insurance-industry analyst, spent years interviewing Buffett, and the result is a side of the Oracle of Omaha that has rarely been seen.” — Time

“Will mesmerize anyone interested in who Mr. Buffett is or how he got that way.  The Snowball  tells a fascinating story.” — New York Times

“If the replication of any great achievement first requires knowledge of how it was done, then   The Snowball , the most detailed glimpse inside Warren Buffett and his world that we likely will ever get, should become a Bible for capitalists.” — Washington Post

“Riveting and encyclopedic.” — Wall Street Journal

“A monumental biography . . . Schroeder got the best access yet of any Buffett biographer. . . . She deals out marvelously funny and poignant stories about Buffett and the conglomerate he runs, Berkshire Hathaway.” — Forbes

“The most authoritative portrait of one of the most important American investors of our time.” — Los Angeles Times

Charlie Munger, Berkshire Hathaway's visionary vice chairman and Warren Buffett's indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. His notion of "elementary, worldly wisdom" - a set of interdisciplinary mental models involving economics, business, psychology, ethics, and management - allows him to keep his emotions out of his investments and avoid the common pitfalls of bad judgment.
Munger's system has steered his investments for 40 years and has guided generations of successful investors. This book presents the essential steps of Munger's investing strategy, condensed here for the first time from interviews, speeches, writings, and shareholder letters, and paired with commentary from fund managers, value investors, and business-case historians. Derived from Ben Graham's value-investing system, Munger's approach is straightforward enough that ordinary investors can apply it to their portfolios. This book is not simply about investing. It is about cultivating mental models for your whole life, but especially for your investments.

《证券分析(第6版)》在长达70年的时间里共发行了5版，计有百万册，充当了无数美国最杰出投资家的启蒙教程，加上本杰明·格雷厄姆与戴维·多德两人在华尔街创下的不朽业绩，使得《证券分析》一书成为投资方面不史以来最有影响力的著作。从它于1934年问世以来，至今仍是人们最为关注的书籍，被誉为投资者的圣经。这部著作是华尔街的经典，也是奠定格雷厄姆声誉的里程碑。书中第一次阐述了寻找“物美价廉”的股票和债券的方法，这些方法在格雷厄姆去世后20年依然适用。
"A road map for investing that I have now been following for 57 years."
--From the Foreword by Warren E. Buffett . First published in 1934, Security Analysis is one of the most influential financial books ever written. Selling more than one million copies through five editions, it has provided generations of investors with the timeless value investing philosophy and techniques of Benjamin Graham and David L. Dodd. . As relevant today as when they first appeared nearly 75 years ago, the teachings of Benjamin Graham, �the father of value investing,� have withstood the test of time across a wide diversity of market conditions, countries, and asset classes. . This new sixth edition, based on the classic 1940 version, is enhanced with 200 additional pages of commentary from some of today�s leading Wall Street money managers. These masters of value investing explain why the principles and techniques of Graham and Dodd are still highly relevant even in today�s vastly different markets. The contributor list includes: . Seth A. Klarman, president of The Baupost Group, L.L.C. and author of Margin of Safety . James Grant, founder of Grant's Interest Rate Observer , general partner of Nippon Partners. Jeffrey M. Laderman, twenty-five year veteran of BusinessWeek . Roger Lowenstein , author of Buffett: The Making of an American Capitalist and When America Aged and Outside Director, Sequoia Fund. Howard S. Marks, CFA, Chairman and Co-Founder, Oaktree Capital Management L.P.. J. Ezra Merkin, Managing Partner, Gabriel Capital Group .. Bruce Berkowitz, Founder, Fairholme Capital Management.. Glenn H. Greenberg, Co-Founder and Managing Director, Chieftain Capital Management. Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School. David Abrams, Managing Member, Abrams Capital. . Featuring a foreword by Warren E. Buffett (in which he reveals that he has read the 1940 masterwork �at least four times�), this new edition of Security Analysis will reacquaint you with the foundations of value investing�more relevant than ever in the tumultuous 21st century markets. . (20080617)
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证券分析(上)(原书第6版)

More than one million hardcovers soldNow available for the first time in paperback!The Classic Text Annotated to Update Graham s Timeless Wisdom for Today s Market ConditionsThe greatest investment advisor of the twentieth century, Benjamin Graham taught and inspired people worldwide. Graham s philosophy of "value investing" -- which shields investors from substantial error and teaches them to develop long-term strategies -- has made The Intelligent Investor the stock market bible ever since its original publication in 1949.Over the years, market developments have proven the wisdom of Graham s strategies. While preserving the integrity of Graham s original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today s market, draws parallels between Graham s examples and today s financial headlines, and gives readers a more thorough understanding of how to apply Graham s principles.Vital and indispensable, this HarperBusiness Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.

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Book Description
Widely respected and admired, Philip Fisher is among the most influential investors of all time. His investment philosophies, introduced almost forty years ago, are not only studied and applied by today's financiers and investors, but are also regarded by many as gospel. This book is invaluable reading and has been since it was first published in 1958. The updated paperback retains the investment wisdom of the original edition and includes the perspectives of the author's son Ken Fisher, an investment guru in his own right in an expanded preface and introduction
"I sought out Phil Fisher after reading his Common Stocks and Uncommon Profits...A thorough understanding of the business, obtained by using Phil's techniques...enables one to make intelligent investment commitments."
Warren Buffet
From AudioFile
This program takes a fundamental view of what it takes to be a top-drawer business worthy of your investment dollar. It's based on traditional company variables like capitalization, market position, and labor relations, and some new variables like organizational adaptability and leadership depth and vision. The broad thinking and nuances are so intuitive and clearly drawn that listeners won't even realize how abstract and intelligent this writing is. The impressive piece of work is nicely abridged, and George Guidall is as connected to the material as anyone could be. Still, this is not for the cognitively challenged, nor for overly aggressive investors nor those with money hang-ups. A great resource for understanding why some companies are great and which ones will be. T.W.
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The incredible national bestseller that is changing people's lives -- and increasing their net worth! CAN YOU SPOT THE MILLIONAIRE NEXT DOOR? Who are the rich in this country? What do they do? Where do they shop? What do they drive? How do they invest? Where did their ancestors come from? How did they get rich? Can I ever become one of them? Get the answers in The Millionaire Next Door, the never-before-told story about wealth in America. You'll be surprised at what you find out....

This title includes the stories of eight extraordinary CEOs, who ignored or defied the conventional wisdom of their time and applied a common set of principles to achieve remarkable and enduring success. It's time to redefine the CEO success story. Ask most people what describes an effective CEO, and you'll get a pretty consistent answer-"a seasoned manager with deep industry expertise". Magnify that through today's celebrity - saturated lens, and someone like former GE head Jack Welch becomes the poster child for CEO success: seasoned, but also charismatic, cutting-edge, and "Wall-Street" savvy. But is this the blueprint we should be following? Not necessarily. The performance of Welch and other high-profile CEOs doesn't come close to the achievements of the CEOs profiled in "The Outsiders". Meet eight iconoclastic leaders who helmed firms where returns on average outperformed the S&P 500 by over 20 times. You may not know some of their names (Henry Singleton, Bill Anders, Tom Murphy) - but you will recognize many of their companies (General Cinema, Ralston Purina, The Washington Post Company, and Berkshire Hathaway). In this book, you'll learn the consistent and rational traits that helped these select leaders achieve that exceptional performance. Humble, unassuming, and often frugal, these "outsiders" shunned "Wall Street" and the press and shied away from hot management trends. Instead, they honed specific (and less sexy) characteristics including: a laser-sharp focus on per share value rather than sales or earnings; an exceptional talent for allocating capital and human resources; the belief that cash flow, not reported earnings, determines a company's long-term value; and, a penchant for giving local managers autonomy to release entrepreneurial energy. Drawing on extensive research, Will Thorndike tells many of these leaders' stories for the first time - and extracts lessons for those of you hoping to lead your company to exceptional returns today.

This title reveals the proprietary framework used by an exclusive community of top money managers and value investors in their never-ending quest for untapped investment ideas. Considered an indispensable source of cutting-edge research and ideas among the world's top investment firms and money managers, the journal "The Manual of Ideas" boasts a subscribers list that reads like a Who's Who of high finance. Written by that publication's managing editor and inspired by its mission to serve as an "idea funnel" for the world's top money managers, this book introduces you to a proven, proprietary framework for finding, researching, analyzing, and implementing the best value investing opportunities. The next best thing to taking a peek under the hoods of some of the most prodigious brains in the business, it gives you uniquely direct access to the thought processes and investment strategies of such super value investors as Warren Buffett, Seth Klarman, Glenn Greenberg, Guy Spier and Joel Greenblatt. It is written by the team behind one of the most read and talked-about sources of research and value investing ideas. Reviews more than twenty pre-qualified investment ideas and provides an original ranking methodology to help you zero-in on the three to five most compelling investments. It delivers a finely-tuned, proprietary investment framework, previously available only to an elite group of TMI subscribers. Step-by-step, it walks you through a proven, rigorous approach to finding, researching, analyzing, and implementing worthy ideas.

Getting rich is not just about luck; happiness is not just a trait we are born with. These aspirations may seem out of reach, but building wealth and being happy are skills we can learn.
So what are these skills, and how do we learn them? What are the principles that should guide our efforts? What does progress really look like?
Naval Ravikant is an entrepreneur, philosopher, and investor who has captivated the world with his principles for building wealth and creating long-term happiness. The Almanack of Naval Ravikant is a collection of Naval’s wisdom and experience from the last ten years, shared as a curation of his most insightful interviews and poignant reflections. This isn’t a how-to book, or a step-by-step gimmick. Instead, through Naval’s own words, you will learn how to walk your own unique path toward a happier, wealthier life.
This book has been created as a public service. It is available for free download in pdf and e-reader versions on Navalmanack.com. Naval is not earning any money on this book. Naval has essays, podcasts and more at Nav.al and is on Twitter @Naval.

《文明、现代化、价值投资与中国》是喜马拉雅资本创始人、查理·芒格家族资产管理人、价值投资思想第三代代表人物李录的文集。
全书包含上下两篇，上篇脱胎于在投资界口耳相传的“现代化十六讲”，作者提出了人类社会从1.0文明到3.0文明演化的思想，讨论了现代化的诞生、本质与铁律。作者站在全体人类的角度，思考人类未来的共同命运；同时，对中国未来的现代化演进进程做出了预测。下篇收录了作者二十余年来的重要演讲、思考与书评，其中包括作者在北京大学光华管理学院、哥伦比亚大学商学院等的几次著名演讲，除了涉及价值投资的观念、方法与实践外，作者还对人类与人性、时代与未来等问题进行了思考。

EXPANDED THIRD EDITION includes Charlie's 2007 USC Law School Commencement address. Edited by Peter D. Kaufman. Brand New.

Warum bleibt bei vielen Unternehmer*innen die Vermögensbildung hinter dem unternehmerischen Erfolg zurück?
Weil ihr steuerliches Fundament durchlässig ist und die Gewinne versickern.
Dieses Buch zeigt, wie du als Unternehmer*in ein solides steuerliches Fundament schaffst:
Mit ein paar wenigen grundsätzlichen Weichenstellungen kannst du dein Vermögen nachhaltig sichern und mehren.
# Was die beste Rechtsform für dein Unternehmen ist
# Was die beste Rechtsform für dein Vermögen ist
# Wie du dein Gehalt gestalten kannst
# Wie deine Investitionen besteuert werden
# Wie du vor Steuern in deine Altersvorsorge investierst
Beginne, deine Steuern zu gestalten!
Als Unternehmer*in solltest du das Thema Steuern nicht nur deiner Steuerberatung überlassen – du selbst brauchst ein grundsätzliches Verständnis über die Besteuerung deines Unternehmens, um deine Steuerberatung in deinem Sinne instruieren zu können.
Nach dem Lesen des Buchs wirst du in der Lage sein, diese Weichen für dich selbst zu stellen: Du erhältst konkrete Handlungsempfehlungen zur Umsetzung und auch Tipps zur Zusammenarbeit mit deiner Steuerberatung.
Das Buch ist für alle diejenigen geschrieben, die unternehmerisch tätig sind und Einkünfte aus selbständiger Tätigkeit beziehen:
# Für erfahrene Unternehmer*innen
# Für Gründer*innen
# Für (Solo-)Selbständige
# Für Freiberufler*innen
# Für nebenberuflich Selbständige
Wenn du schon erfolgreich bist und gutes Geld verdienst, ist es an der Zeit, deine Unternehmensstruktur und Steuergestaltung deinem Erfolg anzupassen.
Wenn du noch vorhast zu gründen oder noch am Anfang stehst, dann hilft dir dieses Buch, gleich zu Beginn die richtigen Weichen zu stellen.
Autor Alexander Keck ist erfolgreicher Unternehmer. Wie viele Unternehmer*innen hatte er lange eine mentale Barriere gegenüber dem Thema Steuern. Bis er erkannt hat, wie groß der Steuerhebel sein kann – wenn man denn weiß, wann und wie die Steuerberatung beauftragt werden sollte.
Da er auf seiner eigenen Steuerreise keinen passenden Leitfaden für Unternehmer*innen finden konnte, hat er das Buch geschrieben, das er selbst gern gehabt hätte.
»Investitionen in deine Steuerbildung und die Umsetzung der Maßnahmen gehören zu den besten Investitionen, die du machen kannst. Schließlich erntest du die Erträge dein ganzes Leben lang.« | Alexander Keck