I recommend several series of books in the investment field, covering biography, financial history, and value investment. I hope everyone can learn knowledge and experience from them.

Keywords:

Biography, Financial History, Value Investment

Biography

1. "The Morgan Consortium - a generation of American banking dynasties and The Rise of Modern Finance, Second Edition

English name: The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance, written by Ron Chernow, China Financial and Economic Press Published in September 2003

Reasons for recommendation: The history of the Morgan family and the panoramic view of the development and evolution of the American financial market and banking industry in the 19th and 20th centuries. Jin Li, former deputy minister of the Ministry of Finance and current president of the Asian Investment Bank Mr. Qun’s translation represents the highest level of Chinese-related professional translations.

2. "The Warburgs"

English name: The Warburgs: The Twentieth-Century Odyssey of a Remarkable Jewish Family, written by Ron Chernow, there is currently no Chinese translation in the mainland

Reason for recommendation: The rise and fall of the famous merchant bank Warburg (the predecessor of UBS Warburg) founded by the German Jewish businessman Sigmund Warburg reflects the impact of the changes in the political and economic landscape of Europe and the United States in the 19th and 20th centuries on individual bankers. The development of financial institutions, especially investment banks, has had a huge impact.

3. "The House of Rothschild: Money's Prophets 1798-1848 (Volume 1)", "The House of Rothschild: The World's Banker 1849-" 1998 (Volume 2) Written by Oxford scholar Niall Ferguson, there is currently no Chinese translation in the Mainland

Reason for recommendation: Rothschild (Germany), the most important banking family in the evolution of politics, economy and financial markets in Europe for more than 200 years Jews), whose success or failure is closely related to the ebb and flow of the strength of the British and American countries, as well as the status of financial centers such as Paris, London and New York.

4. "Citi Empire"

English title: Tearing Down the Walls: How Sandy Weill Fought His Way to the Top of the Financial World...and Then Nearly Lost It All

Written by Monica Langley, a famous reporter for the Wall Street Journal, published by CITIC Publishing House in January 2005

Reason for recommendation: This book describes in detail the Jewish culture in Eastern Europe Sandy Weill, who was born in an immigrant family, has a legendary performance from founding a small brokerage company to successively acquiring Shearson, American Express, Travelers Insurance, Smith Barney, Salomon Brothers and Citibank. It has a great influence on the careers of professionals who are interested in multinational financial institutions. Career development also provides many experiences, lessons and inspirations. Market Turbulence

5. "Den of Thieves"

English name: Den of Thieves, written by James B. Stewart, a famous reporter of "Wall Street Journal", published by International Culture Published by the company in May 2004, it won the Pulitzer Prize for Journalism in the United States

Recommended reason: On Wall Street's "Bond King", Jews Michael Milken and Ivan Boesky, Martin Siegel and Dennis Levine's documentary-style account of building the largest insider trading ring in American financial history. At the same time, this book can also be regarded as the history of the rise and fall of Drexel Burnham Lambert, which was very popular in the 1980s.

6. "Barbarians at the Gate"

English name: Barbarians at the Gate: The Fall of RJR Nabisco

Bryan Burrough (Bryan Burrough) and John Helyar, published by Machinery Industry Press in May 2004

Reason for recommendation: The interlocking and progressively better scenes reproduce the largest scale in the history of Wall Street. leveraged buyout transaction (the battle for RJR Nabisco); at the same time, it also gives readers an in-depth understanding of the growth process of KKR, a model of American private equity investment companies, and the career development of related professionals. Today, when reading this book, you will definitely be reminded of the current Vanke crisis.

7. "Liar's Poker"

English name: Liar's Poker

Written by Michael Lewis, Hainan Publishing House, 2000 September Published monthly

Reason for recommendation: A classic work by a former trader at Salomon Brothers, from which readers can understand the development of the U.S. securities market in the 1980s and learn a lot about the trading field.

8. "Big Deal"

English name: Big Deal: Mergers and Acquisitions in the Digital Age

Bruce Was-serstein ), published by Hainan Press in January 2000

Reason for recommendation: The work of a famous American M&A banker who is currently the CEO of Lazard Freres & Co. investment bank, which has a profound influence on the development of modern capital markets and enterprises. The causes, traders and trends of M&A are briefly and comprehensively reviewed and analyzed. Institutional Overview and Career Development

9. "Wall Street Giant"

English name: Who's Who and What's What on Wall Street

Editor and reporter of "The Wall Street Journal" Author, published by Hainan Publishing House in December 2000

Reason for recommendation: A panoramic analysis of the largest and most decentralized full-service company on Wall Street from the aspects of company structure, development strategy, assets, profits and losses, etc. Major retail brokerage houses, institutional trading houses, investment banks and commercial banks. The book also details the venues where Wall Street brokerages conduct most of their business—the New York Stock Exchange and Nasdaq—and the government agencies that govern their operations—the Securities and Exchange Commission and the Federal Reserve Board.

10. "Record of Dream Chasing on Wall Street"

English name: Monkey Business: Swinging Through the Wall Street Jungle

John Rolfe Written by Peter Troob, published by Machinery Industry Press in May 2001

Reason for recommendation: Two MBA students who have just graduated from American business schools reviewed the Their journey from entering Wall Street to becoming a "standard investment banker" has been a journey of ups and downs. For MBA students who aim to start as analysts or associates and enter the investment banking industry, this book's reference value is self-evident.

Financial History

1. John Kenneth Galbraith, author of "The Great Crash of 1929"

This taught me to understand risks and the risks involved The book on how to seize investment opportunities. This book provides a comprehensive, systematic and accurate review of that suffocating period in history, aiming to "expose the root cause of the disease and draw attention to treatment." Since the book was first published in 1954, it has been continuously reprinted in 1955, 1961, 1972, 1979, 1988, and 1997. It has been widely praised by the world and has become a highly representative work widely cited in the academic and securities investment circles.

The author, Mr. Charles R. Guest, was a financial market analyst and investment banker. This book comprehensively presents the history of Wall Street investment banks to readers. This is the first time that someone has studied and verified these American financial legends in such detail. Whether it is those who are interested in American history and the stories behind the headlines in business magazines, or those who want to know how American financial tycoons found their "first pot of gold," this book is worth reading.

3. "The Great Game" Author: John Steele Gordon

"The Great Game" is a book about the development history of the American capital market represented by Wall Street 's writings. This book shows the entire process of the development of the U.S. capital market with Wall Street as the main line. It vividly tells the legendary history of Wall Street's development from an ordinary small street to the world's financial center, and shows the huge role of the American capital market represented by Wall Street in the development and take-off of the American economy. The book contains a large number of historical facts and economic data, allowing readers to have a more comprehensive and accurate understanding of the development process of the U.S. capital market.

4. "The Adventure of Capital" author: John Steele Gordon

This book is another work by John S. Gordon after "The Great Game" A masterpiece. Different from the current concept-first business management books, Gordon only restores the thrilling scenes in American business history through his own careful arrangements, and reproduces the glorious magnanimity of the capital tycoons. Capital is a transformative force. Those business geniuses either seized the good opportunities provided by nature, or found their own unique ways to maximize the imagination of individuals and times, creating the great scene that you and I are witnessing today.

How society relies on capital risk-taking to develop, and how companies use capital to take risks and become stronger and bigger, are issues that everyone is concerned about.

The path we take may not be exactly the same as that of the United States, but their experiences and lessons are very inspiring to us.

5. "The Boiling Years" by John Brooks

This classic book about the bull market in the U.S. stock market in the 1960s tells the story of the entire 20th century for today's investors. The sobering story of the people, events, market factors, and trends of the times that drove stock prices higher in the 1960s and turned many people into millionaires—until the inevitable crash of 1970.

This book tells the story of a critical era in American financial history. It was a decade of youth revolution, concepts of growth and performance, investment quickies and mutual funds. It witnessed the trend of new stocks, creative accounting, the endless emergence of investment stars and conglomerates. Much has been written about the 1960s, but few have captured what really happened on Wall Street during this critical era.

6. "Western European Financial History" Author: Charles Kindleberger

The author provides a wonderful review of the process of European financial history from its early days to the present day. It helps us understand the evolution of Western European currencies, the emergence of the gold standard and the emergence of bistandard, the establishment of the banking system in continental Europe and the British Isles, an overview of foreign investment, regional and global financial integration, and European public and private finance. Wait for history.

In the long history of the evolution of the financial system, Western Europe plays a decisive role. It has countless "bests". For example, the earliest currency, currency exchange and financing appeared in Western Europe in the Middle Ages. The earliest central bank in Western Europe was the Bank of England, which was founded in 1694. The earliest monetary system, the gold standard system, originated in the United Kingdom in 1717. Western Europe is not only the birthplace of the financial system, but also the birthplace of financial theory.

Of course, early bubbles such as Tulip Mania, Mississippi Bubble and South Sea Bubble also appeared in Europe. Therefore, when studying world financial history, Western Europe cannot be ignored. It is precisely because of its profound and long-standing financial origins that Western European financial history has attracted widespread attention from historians and financial scientists.

The author of this book is Charles P., a famous American economist and former president of the American Economic Association. Kindleberger. He has made considerable achievements in the fields of development economics, financial crisis, international investment, and reform of the international financial system. As a well-known economic historian, Kindleberger is good at extracting the sparks of ideas from seemingly cumbersome and boring historical facts.

From 1929 to 1933, Kindleberger’s work, life and study were deeply affected by the economic depression. Probably for this reason, he paid close attention to crisis events in financial history. Through these tragedies, Kindleberger found the root cause of the crisis-bubbles. This is really valuable in an era when financial markets are underdeveloped. It is precisely because of his pioneering contribution to the bubble theory that the entry "bubble" in the New Palgrave Dictionary of Economics was written by him. In addition, Kindleberger also realized the necessity of reforming the international financial system architecture. His famous saying, “If we want to stabilize the world economy, there must be a stabilizer, and there can only be one stabilizer,” is the blueprint for the “hegemonic stability theory.” Strictly speaking, Kindleberger cannot be called a prolific writer, but he is a master of every word.

7. "Investment Trap - 30 Disastrous Scandals in Financial History" Author: Thomas Luther

There are endless incidents in history such as the financial scandal of Xintai Electric! There are countless similar "disasters" in financial history - many of which have obvious similarities. This book reveals how the bad behavior of speculators and the unwise actions of investors in these incidents led to disasters, and warns people to avoid falling into investment traps!

The greatest value of this book is that it uses sufficient data to prove that if held for a long time, stocks are safer assets than bonds and even cash, and can obtain returns that are much higher than bonds. force. In the long run, buying stocks can not only defeat inflation and outperform CPI, but is also safer than bank deposits. After reading this book, you will accept this view.

"A Century of Mergers and Acquisitions" is an exciting picture depicting all the famous mergers and acquisitions events in the United States in the 20th century. From J． P. From Morgan's acquisition of Carnegie in the early 20th century to AOL's merger with Time Warner at the end of the century, renowned business historian and best-selling author Charles Guest traces and reviews the past century's most important changes in industry and finance. The influential mergers and acquisitions chronologically show the figures behind these events and how they established, deconstructed and reorganized one industry after another driven by money rather than long-term interests. Once you understand mergers and acquisitions, you will also understand how to truly look at securities investment from an industrial perspective.

A must-read for value investors

1. "The Intelligent Investor" by Benjamin Graham

Graham is the founder of value investing theory . Buffett called this book the best investment book ever written. It is straightforward and interesting to read. It was also recommended by Mr. Buffett, so it ranked first in the recommendation list.

2. "Security Analysis" by Benjamin Graham

"Security Analysis" and "The Intelligent Investor" are recognized as "epoch-making and landmark investment bibles" .

It's just that "Securities Analysis" is a bit thick. In an era where people are accustomed to being fed by chicken soup, holding the book in hand may make you feel intimidated. In addition, it is a bit boring when you first read it, and it is too far away from today's era. But classics are classics, investment bankers A true work of enlightenment.

3. "Fooling Some of the People All of the Time, A Long Short" by David Ehorn

The author is the famous Greenlight Capital founder, this book tells the story of how he shorted United Capital.

4. "Beating Wall Street" by Peter Lynch

This book is written by the investment guru Lynch. This book is a practical guide to stock investment strategies specially written by him for amateur investors. . The writing style is simple and the translation language is also very Mandarin.

5. "How to Choose Growth Stocks" by Philip A. Fisher

Buffett believes that his own investment system is inherited from the author of this book and the author of the first book.

6. "Contrarian Investment Strategies-The Next Generation" by David Dreman

Dreman is known as the "Father of Contrarian Investment". This book briefly explains value investing strategies that can deliver high returns, in addition to vividly describing investor psychology.

7. "The Little Book That Beats the Market" by Joel Greenblatt

The author is the founder of Gotham Capital. His simple and easy-to-understand "magic formula" is well-known in the American investment community. His investment company has achieved an average annual return of 40% over more than 20 years. In this book, Greenblatt explains two criteria for judging whether an investment will produce a good return.

8. "Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor" by Seth Klarman

I recommended this book on my blog , also introduced the author’s life, a good book.

9. "Value Investing: From Graham to Buffett and Beyond" by Bruce C. N. Greenwald

This book Different styles of value investing are introduced.