Welcome to Investing for Beginners podcast episode 57, Andrew and I are going to take a stab at talking about some of our favorite books.
Books are a fantastic way to learn and as Andrew and I are both self-taught investors we thought we would share some of the books that have helped shape our views and philosophies. So without any further ado, I’m going to turn it over to Andrew and he’s going to talk about his first book.
Andrew: yeah love to talk about them and it’s so crucial right if you want any chance at jumping into the stock market I think it’s important to instead of immersing yourself immediately in the media and in the charts and everything that’s going on the business world. You can build a base and a foundation and get some wisdom from people who’ve done this for decades.
Getting a huge head start on the rest of the investors who are going to they’ll go out and they’ll learn these expensive lessons where you can kind of shortcut all of that and you can really get your skill set get that at a much higher level in the beginning and the only compound from there.
I mean there’s some books while Dave and I don’t have like the whole financial educational background we do have a huge passion when it comes to reading these books. I’ve personally been reading these books voraciously and I’m just constantly reading new investing books so you start to get to a point where a lot of the books start to say the same things and that becomes a good point because then you understand which parts of these books are really crucial which ones have worked for a ton of investors and not just maybe one or two who sound really opinionated.
But has worked for the majority and then you start to get the collective wisdom of all these smart people and so I’ve always been just going through all these different books ever since I started out. So it gets hard for me to kind of pinpoint in and there’s so many different recommendations that I want to give out.
I’ll say this like what we’ll talk about the Intelligent Investor and that’s an obvious must read for everybody. It’s a book Buffett that highly praises it’s the foundation of any value mister you talk to they’re going to talk about the Intelligent Investor but I really think that books a little tough from a readability standpoint I think you need like a quick win you need to you need to get confidence you need to get excitement and you need a book that like starts to kind of it’s like baby food right.
It’s something that can start you out and until you get to some bigger more intense concepts that you can really chew on. so for me personally and I really lucked out like it’s kind of funny the way I got into it was I don’t know how I ended up at this bookstore I was out of Barnes and Noble. I don’t even know if those yeah they’re still around today right so I know there’s one down the street from where I work but I went into Barnes & Noble and I went over to the investing section and didn’t have really a clue right.
Outside of a couple of conversations, I have with the guy who really pushed me in the direction of investing kind of listening to him talk about some of the general principles of investing like dollar cost averaging was a big one that you really espouse in my head from the outset.
Outside of those like little discussions, I didn’t have much of a foundation when they came to educating myself in the stock market and investing as a whole. so I literally went to the investing section and I just had an open mind I had no idea which books I was going to pick out and just saw if anything really stuck out and I saw Beating the Street by Peter Lynch and literally like my thought process was what that named Lynch sounds really familiar like sounds like Merri...