Books Recommended by Howard Marks

So I would recommend Factfulness, and I love the idea of unmasking biases.

I did fast-forward to Nassim Nicholas Taleb and his book Fooled by Randomness. I think it’s a really important book in terms of its ideas. It’s really about how much randomness there is in our world.

The insights Duke offers in this book are incredibly helpful when we contemplate decisions in the face of multiple possible outcomes, and that renders her book enormously applicable to the world of investing.

I read this extremely interesting book on self-justification last summer at the suggestion of my son, Andrew. The authors explain that “cognitive dissonance” arises when people are confronted with new evidence that calls into question their preexisting beliefs.

The best investing book I've read in years, one that pulled me along from chapter to chapter, is 1929: Inside the Greatest Crash in Wall Street History

This short book provides a very good description of the way market participants' psychology swings to extremes. And it really is short! But I'd suggest you disregard the gratuitously negative comments on high yield bonds at the end.

There are a lot of lessons to be learned from 1929, along the lines of my favorite books about market excesses: A Short History of Financial Euphoria by John Kenneth Galbraith (1994) and Devil Take the Hindmost: A History of Financial Speculation by Edward Chancellor (2000).