What to read before your first investment
These are our favourite books for anyone learning to pick stocks and build an investment portfolio. They cover everything from getting your mindset right before you invest, to reading financial statements, to understanding what makes a great company. Several are written from a UK perspective, which is surprisingly rare in a market dominated by American authors.
We update the list regularly. If you have any other recommendations, please get in touch with us!
Morgan Housel
This isn't a book about stock picking or financial models. It's about the weird, wonderful and often irrational relationship we all have with money. Housel uses 19 short stories to explore how personal history, ego, fear and optimism shape our financial decisions far more than spreadsheets ever will. It covers everything from why people go bankrupt after winning the lottery to why "enough" is the hardest financial concept to master.
Peter Lynch
Legendary fund manager Peter Lynch explains his strategy of looking for potential investments in your everyday life (at the grocery store, your office, etc.). He stresses understanding a company's product and story over complex economic theories.
Peter Thiel (with Blake Masters)
Whilst not specifically about stocks, this book argues that the best businesses are monopolies that create something entirely new, rather than just competing in an existing market. It teaches you to look for companies with a "moat" a strong advantage that protects profits.
Jeremy Siegel
This is a dive into 200 years of market history. Siegel shows that despite wars, recessions, and crashes, stocks (equities) are the single best asset class for building wealth over a lifetime. This book covers a lot of overall market principles and pitfalls to watch out for. An absolute must as one of the first books you read.
Bruce Greenwald, Judd Kahn, Paul Sonkin, & Michael van Biema
The definitive academic guide that defines how to calculate a company's intrinsic value (what it is actually worth). It gives you a clear method for finding companies trading for less than their true worth. Whilst some of the concepts are less relevant in today's technology driven world, the core process of evaluating a company's worth is the same and an extremely valuable tool to have in your investing arsenal.
Mary Buffett & David Clark
This book translates Warren Buffett's investment logic into a clear method for reading a company's financial reports. It focuses on the key numbers that show if a business is truly great and durable.
Leon Boros
Leon Boros became one of the UK's roughly 200 ISA millionaires by investing in individual shares through his Stocks and Shares ISA over more than two decades. Originally shared through ShareSoc, this paper documents his journey from modest contributions to a portfolio worth over £1.7 million, with ten key lessons along the way.
Anthony Bolton
Anthony Bolton managed the Fidelity Special Situations Fund for 28 years, turning £1,000 into £147,000. He distils his contrarian investment philosophy into practical lessons on assessing companies, evaluating management, building conviction, and knowing when to admit you're wrong.
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