Howard Marks Book Recommendations (All-Time)
Book 1 - Thinking In Bets by Annie Duke
Howard S. Marks: “Thinking in Bets talks about how to systematize our thinking about making decisions under uncertainty because that's what we do as investors, just like poker players or gamblers.”
Book 2 - Against The Gods by Peter Bernstein
Howard S. Marks: “Bernstein talks in this book about the development of the science of probability and how the concepts of probability permitted us to get involved in transferring risk from those of us who want to avoid risk to those of us who are willing to take it – and I think that that is an essential concept.”
Book 3 - Fooled By Randomness Nassim by Nicholas Taleb
Howard S. Marks: “I like to read books that in are indicative of investor psychology and so Fooled by Randomness talks about how important randomness is in the financial markets and how randomness is confused with things happening for a reason.”
Book 4 - Winning The Loser's Game by Charles Ellis
Howard S. Marks: “If you think you can see the future and the world is going to go according to your decisions, go for winners. But if you think the world is full of randomness and uncertainty, spend your time trying to avoid losers.”
Book 5 - A Short History of Financial Euphoria by John Kenneth Galbraith
Howard S. Marks: “This book was extremely important for me because it told me about cycles, about euphoria and about the pendulum swing of human psychology. I recommend it to everybody – and it has the added virtue of being a thin book so you can get through it very easily.”
Book 6 - The Little Book of Investing Like the Pros by Joshua Pearl
Howard S. Marks: “Simply put, I have never before seen a book that provides the same complete and thoughtful orientation to the process of investing. The Little Book is clear, logical and well-organized, a concise survey course in what investors need to know. It starts at the beginning, with identifying candidates for investment and screening them for potential.”
Book 7 - Wealth of Wisdom by Tom McCullough
Howard S. Marks: “Honored to be included in [Tom McCullough's] book coming out in November that I recommend"
Book 8 - The Psychology of Money by Morgan Housel
Howard S. Marks: “Housel's observations often hit the daily double: they say things that haven't been said before, and they make sense."