These are some of the books that shaped how I think about investing. They are not easy reads — some of them will take more than one pass. But if you want to go beyond the surface and understand the principles behind what this blog teaches, these are the right places to start.
Graham, Benjamin. The Intelligent Investor: The Definitive Book on Value Investing. Revised edition, commentary by Jason Zweig. HarperBusiness, 2006. (Original publication: 1949.)
The foundational text of value investing. Graham introduces the concept of Mr. Market — the irrational, emotional entity you are buying from and selling to — and makes the case that an investor’s greatest enemy is not the market but himself. The chapters on margin of safety and the distinction between investment and speculation are required reading for anyone serious about owning equities.
Fisher, Philip A. Common Stocks and Uncommon Profits and Other Writings. Wiley Investment Classics. John Wiley & Sons, 2003. (Original publication: 1958.)
Fisher’s contribution is the qualitative side of investing — the questions you ask about a business that the numbers alone cannot answer. His “scuttlebutt” method, the practice of gathering information about a company from its customers, competitors, and suppliers, remains one of the most practical frameworks for evaluating whether a business has durable competitive advantages.
Malkiel, Burton G. A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing. 13th edition. W. W. Norton & Company, 2023. (Original publication: 1973.)
The definitive book on the efficient market hypothesis and the case for index investing. Malkiel, a Princeton economist, argues that stock prices move in ways that no one can consistently predict, and that the best strategy for most investors is to own a diversified, low-cost index fund rather than trying to pick individual winners. Now in its 13th edition — updated to address algorithmic trading, cryptocurrencies, and ESG investing — it remains the most important single book for understanding what markets actually do to money over time. The foundation for the Hess Group’s Efficient Markets blog series.
Lynch, Peter, with John Rothchild. One Up on Wall Street: How to Use What You Already Know to Make Money in the Market. Simon & Schuster, 2000. (Original publication: 1989.)
Lynch’s argument is that individual investors have a structural advantage over professionals — they encounter great businesses in daily life long before Wall Street notices them. This book introduces his stock classification system (Slow Growers, Stalwarts, Fast Growers, Cyclicals, Turnarounds, Asset Plays) and his PEG ratio approach to growth valuation. Accessible and practical.
Damodaran, Aswath. Investment Valuation: Tools and Techniques for Determining the Value of Any Asset. 3rd edition. John Wiley & Sons, 2012.
The definitive technical reference on valuation. Damodaran covers discounted cash flow analysis, relative valuation, and the valuation of special cases — financial firms, cyclical companies, intangible-heavy businesses — with the rigor of an academic and the clarity of a practitioner. The Intrinsic Value series on this blog draws directly from his framework. Not light reading, but the most complete single-volume treatment of the subject available.
This list will grow. Check back as the blog expands.