larry swedroe

Larry Swedroe’s Best Investment Books

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This article originally appeared in ETF.COM here.

Q3 hedge fund letters, conference, scoops etc

Investing is not a science, at least in the sense of a natural or physical science such as biology, chemistry or physics. Scientific phenomena are determined precisely and reproducibly by the rules of nature, whereas investing is contaminated by the complicated interactions of investors. This is why science has laws, and investing has hypotheses and models.

As the director of research for the Buckingham Family of Financial Services, I’ve read dozens of books on the “science of investing,” or what some have called “evidenced-based investing,” that I’ve both learned from and enjoyed, and would highly recommend.

I’m often asked for a list of what I consider the best books on the subject (of course, such lists are personal opinions). With that in mind, I sat down and narrowed my collection to the top baker’s dozen. So here they are. The order is alphabetical, by author. I hope you find them as impactful as I did

  1. Capital Ideas by Peter Bernstein
  2. Against the Gods by Peter Bernstein
  3. Investment Management by Peter Bernstein and Aswath Damodaran
  4. The Four Pillars of Investing by William Bernstein
  5. Strategic Asset Allocation by John Campbell and Luis Viceira
  6. Quantitative Value by Wesley Gray and Tobias Carlisle
  7. Quantitative Momentum by Wesley Gray and Jack Vogel
  8. Expected Returns by Antti Ilmanen
  9. Adaptive Markets by Andrew Lo
  10. Successful Investing Is a Process by Jacques Lussier
  11. The Success Equation by Michael Maubossin
  12. The Physics of Wall Street by James Weatherall

Larry Swedroe is the director of research for The BAM Alliance, a community of more than 140 independent registered investment advisors throughout the country.

Article by Larry Swedroe, Advisor Perspectives

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