现在最经典的投资书籍有哪些?关于价值投资的?

1. Benjamin Graham: Securities Analysis

This book is essential to the securities research industry, as it provides a bridge between academia and practice without the need for precise academic models. Graham avoids the extremes of both practicality and theory, instead choosing to root his theories in detailed and complex examples. Although Graham is best known for his stock investments, the majority of this book focuses on bonds and preferred stocks, which are equally valuable investments.

2. Richard Gestetner: Investment Banking in Financial System

This investment banking textbook is comprehensive and detailed, covering every aspect of investment banking from securities underwriting to mergers and acquisitions, capital markets, research, retail brokerage, and fund management. Gestetner also explores the intricate relationships between investment banks, commercial banks, and regulators. While the book focuses primarily on Wall Street, Gestetner also includes discussions on European and Japanese investment banking. However, the regulatory policies discussed primarily apply to the United States.

3. Stephen Davis: Bank Mergers: Lessons for the Future

Bank mergers have swept across the world, but how many of them truly bring value to shareholders? What drives management to continuously acquire or be acquired? What role do investment banks, institutional investors, and bank management play in mergers? As a management consultant, Davis offers many firsthand case studies and interviews. Understanding bank mergers may also unlock the secrets to successful mergers in general.

4. George Soros: The Alchemy of Finance

Soros attempts to establish the "reflexivity" principle of financial markets, which explains the complex interaction between investors and investment targets. This principle is then used to explain the entire field of social science. Soros claimed that he used his hedge fund to conduct a "time experiment" to prove his theory during the quantum fund's most prosperous period in1986-1987.

5. Benjamin Graham: Rediscovering Benjamin Graham

This book contains Graham's most valuable articles and speeches, which cover financial statement analysis, investment principles, monetary banking, macroeconomics, and more. Graham was best known for his pessimistic outlook, which made him an unpopular figure on Wall Street. However, readers today can better appreciate his teachings about value investing, risk control, and avoiding frequent trading, which still need to be implemented today.

6. Warren Buffett: Letters to Shareholders

Buffett has written no professional works besides his annual letters to the shareholders of Berkshire Hathaway. He repeats seemingly outdated topics such as the importance of cash, the management importance of companies, the importance of buying assets at a discount, and the importance of paying the appropriate amount to promote growth. One detail highlights Buffett's greatness - he lists "corporate governance" in the table of contents before "corporate finance." Buffett is generally thought of as a financial and tax expert, but his ability to identify high-quality business managers is unparalleled. Each sentence can be summarized as familiar truths, but Buffett conveys them in a simple and straightforward way.

7. Bruce Greenwald: Value Investing

What is value investing? Is it purchasing bankrupt low-priced stocks or high-growth blue-chip stocks? From Graham, numerous value investing sects emerged, with successful fund managers possessing unique models and stock-picking methods, but the core remained the same. Greenwald analyzes the most successful value investment managers since Graham, such as Mario Gabelli, Warren Buffett, and Paul Tsai, and delves into their successes and failures, revealing the tedious and boring models behind the brilliant investment decisions. As a scholar, Greenwald's analysis of the models is impressive, and his fluent writing style enhances our understanding of the common factors behind successful value investors.

8. Peter Bernstein: The Intelligent Asset Allocator

Bernstein argues that while the presence of efficient markets renders most securities analysis tools useless, investors can still optimize their returns with intelligent asset allocation. This book spends a lot of time discussing fundamental investment issues such as risk, why variance is used to measure risk, and why stocks command a high premium to bonds. For beginners, these discussions are crucial.

9. Richard Ferri: All About Index Funds

Ferri, a portfolio analyst and proponent of the efficient market hypothesis, argues that actively managed stock funds cannot beat the market. Therefore, the best investment strategy is to adequately allocate one's assets to various index funds. This book devotes substantial space to index creation and rebalancing- how can index funds most accurately mirror their respective targets? How can they overcome issues of liquidity, trading costs, and tax? Are the "enhanced" or "fundamental" index funds that contradict the efficient market hypothesis likely to succeed? Why are fixed-income index funds developing slowly? Ferri provides answers to all these questions, but convincing everyone is impossible, so actively managed funds still account for the majority of global financial assets.

10. David Swenson: Pioneering Portfolio Management

As the head of Yale University's endowment fund, Swenson outperforms the vast majority of his peers. He gives numerous vivid examples to illustrate how challenging it is to maintain exceptional performance in a constantly changing market. Contrary to our expectations, rather than boasting about his success, he gravely analyzes the reasons for other people's failures, such as hasty investment decisions, insufficient risk management, excessive asset management fees, and the wrong psychology of buying high and selling low. These incidents provide evidence that psychology may be the most crucial factor, rather than technical knowledge.