Books on Other Master Investors Part 2
Other Investment Books Worth Reading
For other views on investing from people not directly involved in the industry (including academics) some of the better choices include A Random Walk Down Wall Street by Burton Malkiel, Stocks for the Long Run by Jeremy Siegel and Irrational Exuberance by Robert Shiller.
Charles Mackay’s The Extraordinary Popular Delusions and the Madness of Crowds is the classic study of how crowd psychology can grab hold of the market.
And I recommend Roger Lowenstein’s When Genius Failed: The Rise and Fall of Long-Term Capital Management. Read this so you can avoid making the same mistakes!
The Permanent Portfolio Approach
If you’d like to follow up on Harry Browne’s Permanent Portfolio approach to investing, you’ll find it outlined in detail in his Why the Best-Laid Investment Plans Usually Go Wrong (mentioned above). Or check out Fail-Safe Investing, and his website, harrybrowne.org. (You’ll also find what I believe is some of the sanest and best-written commentary on current issues you can read anywhere.)
Another option is a mutual fund based on Harry Browne’s investment philosophy. It’s called The Permanent Portfolio Fund. Call 1-800-531-5142 or visit www.permanentportfoliofunds.com if you’d like to see a prospectus. (Note: I was an independent director of this fund until December 2004.)