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Fraser's Book Bag

Ten Investment Classics - a selection by James Fraser

Our choice as contrarian investing guru, James Fraser, runs a publishing house specializing in reprints of investment classics. We invited him to select and comment briefly on ten of his favorites for an 'ultimate investor library'. All the books are available from Fraser or other booksellers with good investment sections, such as www.amazon.com.

Why You Win or Lose: The Psychology of Speculation, Fred C Kelly

A successful amateur of the market pinpoints the four greatest enemies to stock market success, and combines eye-opening personal history with observations on the psychological aspects of stock. Easy to read primer on those emotions that make us win or lose. Originally published in 1930.

The Crowd: A Study of the Popular Mind, Gustave Le Bon

This masterly analysis of crowd characteristics and psychology is one of the rare books whose message is thoroughly time-tested. More vital today than ever, indispensable reading on contrary thinking and mass behavior. Originally published in 1896.

The Battle for Investment Survival, Gerald M Loeb

This book continues to be a practical day-by-day guide that provides experience and wisdom for traders and investors within an ever-changing stock market. The original chapters were written in 1935. The book is a wonderful primer and is worth skimming every few years.

Reminiscences of a Stock Operator, Edwin Lefevre

First published in 1923, this fictionalized biography of Jesse Livermore, one of the greatest speculators ever, remains the most widely read, highly recommended investment book. This is the story of the ultimate 'player'. A timeless tale that will enrich the lives - and portfolios - of today's investors. It's as timely today as it was 70 years ago.

Capital ideas: The Improbable Origins of Modern Wall Street, Peter L Bernstein

'Bernstein's book is fascinating reading for anyone who wants to understand the financial revolution of the past 20 years', says William E Simon. Fascinating indeed as the author unravels the tale of how the ideas of some 'academia nuts', as they were known on Wall Street, revolutionized the management of the world's wealth and shaped modern finance.

Extraordinary Popular Delusions and the Madness of Crowds, Charles Mackay

'This book has saved me millions of dollars', claimed Bernard M Baruch. 'A case book of human folly' (James Hilton) citing scores of historic manias that led to disaster. Exhaustively documented story of historic disastrous manias is your yardstick for evaluating today's mass trends and fads. Originally written in 1841.

Art of Contrary Thinking, Humphrey B Neill

The originator of the Theory of Contrary Opinion answers the question: Contrary Opinion - what is it? With observations on its development and many applications. For anyone seeking to benefit from the contrary approach in analyzing trends. Originally published in 1954.

Popular Financial Delusions, Robert J Smitley

All the delusions by which investors annually lose billions of dollars are here. The reader will learn to identify those delusions that seek to lure him from his ultimate aim - the protection of capital and the profit that comes from common sense handling of money. Originally published in 1933.

The Intelligent Investor: The Classic Bestseller on Value Investing, Benjamin Graham

One of America's most respected guides to the stock market, this classic text offers sound principles proven by the success of hundreds of investors for over 35 years. The main objective of the author's philosophy of 'value investing' is to develop rational policies that will protect the investor against potential error.

Common Stocks and Uncommon Profits and Other Writings, Philip A Fisher

The author's investment philosophies, introduced almost 40 years ago, are not only studied and applied by today's finance professionals, but also regarded by many as gospel. Fisher is one of the pioneers of modern investment theory. His book was considered invaluable when first published in 1957 and is a must read today.