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Old 05-19-2009, 10:27 AM   #1
ArturiusX
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The "What the hell should I read?!" Thread. Books, Blogs, and News

Such a common topic in this forum, I've decided to produce a comprehensive list on everything you could or should be reading. I'll divide it into three categories, blogs, books, and news sites, which I'll further divide into three sections; Beginner's Starting Points and Everything Else. In the interest of coming up with the best list possible, I'll be holding off adding the rest of my books pending some suggestions from everyone. I have lists I'm working on but there's many great books out there I've probably missed (especially economics books) so keep me informed by posting in here!

We'll start off with books, since that seems to be the most common topic.

-------------------Starting Points-------------------



Beginner Investing Books


The Intelligent Investor by Benjamin Graham

Often considered the bible (along with Security Analysis) by many value investors, Graham talks about certain timeless concepts which must be considered by any prudent investor.


Security Analysis 6th edition
by Benjamin Graham, Foreward by Warren Buffett (omg warren buffett!!!!1)

Buffett calls this the single most important investing book, and its no stranger why, core company valuations start with ideas formulated in this book. A must read for anyone interested in valuing companies and making prudent investments.

Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb

Taleb could almost be considered a cult hero now days, after writing a book about the stupidity of Wall Street trader/banker types, and how the long run and fat tail effect will eventually turn around and crush them, as it has in the past. Personally, the book is a little overrated, since Taleb isn't sporting a beard, white robes, and a halo above his head, but he's a smart guy who makes some very sound points. If you're going to be a trader, or even if you're not, read this.

Market Wizards: Interviews with Top Traders by Jack D. Schwager

Everyone needs a little inspiration, and this is exactly what this book provides. Great stories about how great traders rose from different backgrounds to become the top of their field. If you read this and are still luke warm about finance/investing, find something else to do, because this book should be getting you excited.

Soros on Soros: Staying Ahead of the Curve
by George Soros

A legendary trader who's infamy comes from breaking the British Pound single handedly, Soros talks about how he formulates ideas and why he does what he does. Great starting point for how to 'think' like an investor, even if Soros is a 'trader', because its all about conviction and understanding your strengths.

The Dick Davis Dividend: Straight Talk on Making Money from 40 Years on Wall Street by Dick Davis

I think this books better than Graham's, more current, more ideas, and advice that won't lead anyone astray. Based around dividends as both a signaler and a cash returner, Dick Davis is all about timeless wisdom. A classic value investor book that talks about the pros and cons of both index investing and active investing.

Stock Market Primer by Claude N Rosenberg

A straight forward book about what stocks are, why they do what they do, and how you get involved. A little better than the dummies books. Anyone can read this.

Martin Zweig Winning on Wall Street by Martin Zweig

I was exposed to this book through my Dad. This is a nice read to help you branch out into other ideas like market timing, reading statements, and understanding momentum without getting too Technical Analysisy. It's a little bit dated, but great for idea exposure.


Financial Fine Print: Uncovering a Company's True Value
by Michelle Leder

The only book on financial accounting and company valuation I've ever read and I've never felt like reading another. Goes through all the methods that companies report as requires by law, and how to break them down and evaluate their true meaning. Great book, and not too huge a read either. I use it as a reference book sometimes too.




Beginner Economics Books


Principles of Economics by N. Gregory Mankiw

Probably the best introductory college level text book available. Mankiw runs a popular economics blog (talked about below) and is a traditional economists who is fairly respected by all (except durka). Even if you disagree with his economics, its hard to argue this book isn't a solid introduction to the concepts behind economics.

New Ideas from Dead Economists: An Introduction to Modern Economic Thought by Todd G. Buchholz

Ok, so you don't want to shell out 15 of your .05/.10 buy ins and buy a college level text book. Nor do you want to both to read one. No problem. This book is a great primer on economic history and where all our views came from. Well written and light for a beginner.

Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein

This isn't really an economics book, but more a history lesson in finance, which I believe is essential to truly understanding the heart of economics. Bernstein talks about risk and all the advancements that have led to what the financial markets are today. Talks about more ancient history as well as modern history, a little heavy and name drops a little too often but otherwise a good read.

Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy by Barry Ritholtz

Not so much boring economics but more applied economics/finance. A very new book (only came out 2 weeks ago, I only received mine a week ago), Ritholtz goes into depth about why the economic crisis came about and the failings of governments. He also highlights the absurdity in trying to practice classic economics on a situation where there is no free market. Read this if you want to know more about the current problem, his research is top notch.

Freakonomics: A Rogue Economist Explores the Hidden Side of Everything by Steven D. Levitt

A famous book, very pop, but a must read. It turns economics into a statistical witch hunter, finding the truth in unlikely places. Use it for imagination expansion.

Naked Economics: Undressing the Dismal Science by Charles Wheelan

A more serious version of Freakonomics, Naked Economics talks about why stuff happens in the real world and tries to make it interesting to a newbie reader. Does a good job so here it is!




Beginner Trader Books


Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy

The bible of technical analysis, Murphy goes through price movements, oscillators, and gives an overview on technical analysis. Probably not profitable to read by itself, but an instrumental first step.

Martin Pring on Market Momentum by Martin J. Pring

I have a soft spot for this book, explains momentum trading really well, and why its an effective and staple trading idea.

Enhancing Trader Performance: Proven Strategies From the Cutting Edge of Trading Psychology by Brett N. Steenbarger

What an amazing book. If you've ever considered becoming a trader or at least dabbling, buy this book. Don't ask questions, just do it. Hell, even if you're just a poker player, replace the words 'trading' for 'poker' and you have the best poker psychology book ever written.

Trade Your Way to Financial Freedom by Van Tharp

Simple advice on trading, how to become a winner, and essential on understanding why multiple tactics can all be winners with the correct mentality and system design.

Reminiscences of a Stock Operator by Edwin Lefèvre

A classic tale about the ups and downs of being a trader, and how bad money management can bring a lifetime of pain, while a clear understanding of your edge can keep you fighting. Written before my grandfather was in school, very old but very timeless.

Trading Day by Day: Winning the Zero Sum Game of Futures Trading by F. H. Chick Goslin

Who needs complex system when you have simple momentum and cross over indicators? I've run some demos of his system and they all do pretty well at keeping out of trouble and letting winners run. Explains his technical analysis trading system in a simple way, another good starting point.

Options, Futures, and Other Derivatives (7th Edition) by John C Hull

The bible on options and futures pricing. A fantastic primer in the world of paper that represents an right to do something later, which is actually a really complicated concept and requires smart people to be paid lots of money to get it right. I heard all new options traders at both ibanks and prop firms have this book and the volatility pricing one (linked later) as the only required reading, that's how thorough this book is.




Art's Picks

(These are just awesome books that should be read by all. I may update later.)

Liar's Poker: Rising Through the Wreckage on Wall Street by Michael Lewis

A very well written, thoroughly interesting backdoor peak into the world that was 1980's bond trading. This is where Wall Street really began, with high intensity trading and even higher pay checks. A Wall street primer.

Option Volatility & Pricing: Advanced Trading Strategies and Techniques
by Sheldon Natenberg

Simply a kick ass book in showing off how options are priced, how it works, and what tactics can be used to exploit all the anomalies in options pricing. Goes into all that complicated stuff like betas, gammas, and all the different plays you can make on certain options. Once again, required reading for all new options trader's at many firms.

A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation by Richard Bookstaber

I haven't read this book snce 2007, but it was scary to read then and it probably reads a little 'aww derr' now that all this bad stuff has happened in the markets. Still an excellent historical summary of why cutting edge financial products go wrong and why they will continue too.

Markets in Profile: Profiting from the Auction Process
by James F. Dalton

This was my trading light bulb epiphany book. Everything clicked after I read this. It might not do it for you, but I've read this 10 times and each time I've learning something. Information and idea dense, but in a good way. Great exposure to alternative trading ideas like market profiling.

Evidence-Based Technical Analysis: Applying the Scientific Method and Statistical Inference to Trading Signals by David R Aronson

This book explains how to do a real backtest and be sure about your results. Really shakes your belief in technical analysis but goes through how to create scientific reasoning that can back your belief and allows you to give the finger to all those "RANDOM WALK AND EMH RAH RAH RAH" disciples who are usually poor anyway.

Inside the Investor's Brain: The Power of Mind Over Money by Richard L. Peterson

We're all pre-designed to be market fish. This is the why, what studies have shown, and how we can avoid it. Really interesting to read from a poker perspective, too.

&~~Coming Soon~~&

Other Investing Books


Other Economics Books


Other Trader Books

Last edited by ArturiusX; 05-19-2009 at 11:05 AM.
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Old 05-19-2009, 10:28 AM   #2
ArturiusX
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

News Sites

The Wall Street Journal

CNBC

CNN Business

Seeking Alpha

NY Times Business

Market Watch

Barron's Stock Watch

China Analysis (Asia Markets)

Calculated Risk

Slate Business Headlines

Dealbreaker

Index Universe



Articles & Opinions

The Big Money

The Economist

Zack's

The Green Faucet

Smart Money


Business Week

Value Investing News

Portfolio.com

Tradergrinders (My Premium Trading based info-site)



Useful Sites

Bankrate

XE

Economagic

Finviz

Dividend Detective



Primary Research Resources

Federal Government Data

* Bureau of Economic Analysis (BEA)
* Bureau of Labor Statistics (BLS)
* US Department of Commerce

Federal Reserve Board Economic Research

* The Federal Reserve Board Research & Data

Federal Reserve Districts Economic Research

* Boston Fed Publications
* Fed Bank NY Research Publications
* Philly Fed Research Publications
* Cleveland Fed Publications
* Richmond Fed Economic Research
* Fed Bank Atlanta Publications
* Chicago Fed Economic Research & Data
* St. Louis Fed Publications
* Minneapolis Fed Publications
* Kansas City Fed Publications and Education Resources
* Dallas Fed Publications and Resources
* San Fran Fed Economic Research & Data


Federal Reserve Economic Data (FRED)


Board of Governors of the Federal Reserve System

Economic Indicators

Blue Chip Economic Indicators

Economic Report of the President

The Budget and Economic Outlook: Fiscal Years 2003-2012

CBO’s Current Budget Projections

Department of Commerce


Joint Economic Committee

Tax Foundation’s Facts and Figures on Government Finance

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Old 05-19-2009, 10:28 AM   #3
ArturiusX
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

Blog List

Note: Some of these overlap in terms of category definition, so its worth scouring down the description list as well. I've missed a lot of blogs here, and if you have any that you would like to be added let me know.



Art’s Picks

The Big Picture - Ritholtz is a realist who wasn’t afraid to go bearish when everyone was bullish and is a great source of perspective. Great source for both links and comment.

Trader Mike - Great source for news and a constant technical picture analysis. Talks about market trends.

Market Sci – All about backtesting and finding edges that exist within the market over the long run. Smart sound scientific thinking with lots of freebie resources.

Trader Feed - Brett is your one stop shop for psychology needs. Posts very regularly, chock full of content and trading ideas. Probably my favourite blog on the internet, and that says something.

The Kirk Report - Excellent market wrap up and link finder. Great resource for both fundamental and technical traders.

Freakonomics Blog - A great way to kill some time. Loads of guest interviews and a diverse range of topics, but with a less serious tone.

Blog Maverick - Mark Cuban, a billionare owner of HDnet and the Dallas Mavericks, putting his 2 cents on everything from the stock market to modern technology to government affairs.

ArturiusX's Blog - Shameless self promotion. I promise I'll start updating more instead of ****ing around.



Investing Blogs

Tech Trader Daily - Tons of technology sector news and ideas.

Bronte Capital - Fundamental ideas and arbitrage style plays. Also does some investigative journalism from time to time.

Calculated Risk - Opinions on recent economic news.

Deal Book - Fundamental news and market ideas.

Footnoted - Tongue and cheek company accounting investigation.

Hedge Fund - Why Hedge Funds are a legitimate investing options.

Infectious Greed - Opinion blog on current news and direction.

The Learning Curve - Interesting weekly market wrap ups.

Naked Capitalism - Company news and commentary, with a macro slant.

Falkenstein's Blog - Really solid thinker and has a very 'arb value investor' type style, good to read.

The Private Equiteer - A Private Equity blog with some great insight.



Economics Blogs

A Dash of Insight - Academic style investigative reviews with a slant on ETF’s. I put this in with the economic blogs because he uses new government figures as a basis for his decisions.

Greg Mankiw - Harvard Economist and market rationalist, Mankiw is very academic but loves talking about the core of economics (and promoting his book).

Paul Krugman - My favourite economist, nobel prize winner and world renowned left leaning academic, Krugman isn’t afraid to tell it like it is. Offers a multitude of data to show his positions. Also writes a weekly editorial. Regularly gets into economist battles.

Carpe Diem - Reviews of government figures and newly released data.

Cafe Hayek - A more light hearted economics blog.

Division of Labor - Philosophical look on economics.

Ross Gittins - Australian economist who is the ultimate in common sense economics.

Econ Log - Three economists; Arnold Kling, Bryan Caplan, and David Henderson blog on issues and insights in economics.

Marginal Revolution - News based economic analysis.

EconomPic - Some homebrew charts and good analysis



Trading blogs

Michael Covel: Trend Trading – Wrote many books on trend trading and an excellent market commentator.

Trader Narrative - Senitment monitoring and smart market commentator on all assets.

Market Rewind – Plenty of charts and updates with his own trading plays.

Slope of Hope with Tim Knight – A traditional swing trader with a bearish bias who has a good sense of perspective.

Move the Markets - Mechanical System Trader with ideas on platform programming.

VIX and More - Using the VIX as the basis for mechanical trading systems. Talks about back testing and other trading ideas.

Blog for Trading Success - Barros goes into detail about his very powerful swing trading tactics. He uses some of his home grown tools to review market movements
.
1440 Wall Street - A Wall Street perspective on trading and macro economic news.

Information Arbitrage - Former Wall Street bankers look at modern banking, trading, and technology.

Capital Speculator - Trading off macro economic ideas.

Wall Street Warrior - Technical pattern trading with stocks, as well as macro technical pattern reviews.

Between the Hedges - One stop shop for stock and market watching. Repost based but an excellent site to skim.



delicious profiles

Note: delicious is a social bookmarking tool which makes it a great way to find new articles. I find myself using delicious more than my RSS feed because it works like a filtering system; only the best articles get tagged! Most people have a very general portfolio of bookmarked pages (including myself), so check them out yourself. If you'd like to add your delicious account, just send me a PM (so long as its frequently updated).

ArturiusX

Ben Casnocha

Trader Mike

Maoxian

Hojohn Lee

Plan Maestro

Ryan Holiday

Wall Street Warrior

Trader Eyal

Trading Goddess

Tony Casa

Last edited by ArturiusX; 08-03-2009 at 10:36 PM.
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Old 05-19-2009, 10:46 AM   #4
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

Reminiscences of a Stock Operator is still one of my favorites
Extraordinary Popular Delusions and Madness of the Crowds
Economagic.com - A subscription is needed for some stuff, but there is some data available for free.

Last edited by kattrades; 05-19-2009 at 11:15 AM.
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Old 05-19-2009, 11:05 AM   #5
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

I really liked the Dhandho investor by Monish Pabrai for a value investor read.
Other value investor books in my library not mentioned include:

Poor Charlie's almanack (charlie munger)
Essays of Warren Buffet
Interpretation of financial statements (ben graham)
The little blue book that beats the street (Greenblat)
Pioneering portfolio management (David Swenson)
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Old 05-19-2009, 03:17 PM   #6
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

wowowo just what i needed tytyty. Can you recommend the ultimate book for noobs though - like the first book I should read?
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Old 05-19-2009, 03:36 PM   #7
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

amazing thread, ty so much
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Old 05-19-2009, 07:18 PM   #8
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

Quote:
Originally Posted by $upermad4it View Post
wowowo just what i needed tytyty. Can you recommend the ultimate book for noobs though - like the first book I should read?
Quote:
Originally Posted by ArturiusX View Post
Stock Market Primer by Claude N Rosenberg

A straight forward book about what stocks are, why they do what they do, and how you get involved. A little better than the dummies books. Anyone can read this.
Its an old book but I think thats why its good, exposes you to all the terminology and talks about how the market works etc. A good launching pad.
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Old 05-19-2009, 07:27 PM   #9
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

Anything by Milton Friedman.

If you are interested in marketing, check out "Tribes" by Seth Godin. Best book I have read in years.
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Old 05-19-2009, 07:28 PM   #10
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

no Austrian economic content?

for beginner economics book... economics in one lesson by henry hazlitt is definately the place to start.

and you should put Crash Proof by Peter Schiff up there... because i think it was the most accurate predictor of current economic events.
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Old 05-19-2009, 08:44 PM   #11
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

im virtually humping your leg atm
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Old 05-19-2009, 10:17 PM   #12
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

Quote:
Originally Posted by ahnuld View Post
I really liked the Dhandho investor by Monish Pabrai for a value investor read.
Other value investor books in my library not mentioned include:

Poor Charlie's almanack (charlie munger)
Essays of Warren Buffet
Interpretation of financial statements (ben graham)
The little blue book that beats the street (Greenblat)
Pioneering portfolio management (David Swenson)

I echo ahnuld's comments about Buffett's essays, though I'd go further and just read all of his letters, from the beginning, particularly his old Buffett partnership letters.

I also would recommend Peter Lynch's writings.

Arturius, you are going above and beyond here -- great job and thanks!

I'd be particularly interested in hearing thoughts on good blogs and podcasts as well, though I think I have discovered the best podcasts.
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Old 05-20-2009, 01:39 AM   #13
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

Ah right, forgot to mention One up on wall street by Peter Lynch as a good book, especially for people starting out.
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Old 05-20-2009, 07:29 AM   #14
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

Way of the Turtles by Curtis Faith is good. It is written from a systematic trading standpoint but, nonetheless, will appeal to all traders and investors. Takes you away from all the 'prediction' and 'crystal ball' nonsense and focuses more on the odds of making profitable trades.
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Old 05-20-2009, 10:07 AM   #15
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

Also make sure to check out the biggest local library in your area, they will probly have alot of these titles...once you have read a few mentioned here then start checking out random titles in the same section..you will quickly get a feel for what you are looking to learn vs stuff you don't care about that way.
I ran across Carret's Art of Speculation that way, which doesn't get much mention but as good of a place as any as a first book.
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Old 05-20-2009, 10:24 PM   #16
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

sticky this please =)
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Old 05-20-2009, 10:35 PM   #17
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

Start recommending books to be added, I'll be doing the next wave with a full and comprehensive list in the next couple of days.
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Old 05-20-2009, 11:16 PM   #18
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

I think you have to have Cialdini's Influence on this list.
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Old 05-20-2009, 11:38 PM   #19
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

Fortune's Formula by WIlliam Pundstone
Outliers by Malcolm Gladwell
Mistakes were Made (but just not by me) by Carol Travis
My Life as A Quant by Emanuel Derman
When Genius Failed by Roger Lowenstein
The Misbehavior of Markets by Benoit Mandelbrot
Black Swan by Nassim Taleb
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Old 05-21-2009, 02:41 AM   #20
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

Great post

I also like http://zerohedge.blogspot.com/
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Old 05-21-2009, 01:34 PM   #21
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

Great blog list, you have my favorite four that I try to read everyday on there:

The Big Picture
Bronte Capital
Infectious Greed
Calculated Risk

If you can only read one of these, I would do the Big Picture. Personally Bronte Cap is my favorite as it has much longer very thought provoking posts.
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Old 05-21-2009, 04:22 PM   #22
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

Quote:
Originally Posted by SMB View Post
Great post

I also like http://zerohedge.blogspot.com/
Yeah great post - should definitely be stickied. and yes - the zero hedge blog is one of my favorites.. breaking stories originate on this site all the time..
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Old 05-22-2009, 01:04 AM   #23
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

The problem with this thread though is that I've tried to read every trading/investement book there is...I don't regret a single one I've read but some are far more valueable than others...Eventually, this thread will just be naming every investment book ever penned...
It would be more helpfull to those who are not as well read if those who are would put up a "course"/outline of the order of what you would read if you started over...
For me, it would go with a bent towards trading and not investing:
start with Practical Speculation by Victor Niederhoffer
then Fooled by Randomness and Enhancing Trader Performance
At the same time start learning a programming language and get a good tick data feed and good software.
then look up simple technical patterns on the web like flags and triangles along with reading both of James Dalton's books.
Then brush up on statistics/probability and read Evidence Based Technical Analysis...
If a light bulb doesn't go off at this point then your probly wasting your time.
If it does, read every other book you can get your hands on for fun.
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Old 05-22-2009, 01:20 AM   #24
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

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Options, Futures, and Other Derivatives (7th Edition) by John C Hull

The bible on options and futures pricing. A fantastic primer in the world of paper that represents an right to do something later, which is actually a really complicated concept and requires smart people to be paid lots of money to get it right. I heard all new options traders at both ibanks and prop firms have this book and the volatility pricing one (linked later) as the only required reading, that's how thorough this book is.
ArturiusX, while I obviously agree highly with your recommendations I take serious issue mentioning this book to newbs...I've also "heard" all new options traders are required to read this...This book though is just Black Scholes voodoo and its so ubiquitous at the institutional level that every bit of it is already priced in. IMO its completely useless considering the time involved to understand it.
To me the optimal options course goes:
Natenburg
Option Market Making - by Baird
then Cottle's Options:Perception and Deception, Coulda Woulda Shoulda or the realistic way of buying both used with Options Trading Hidden Reality...
Thats just enough knowledge for a newb to understand why options are a fools game.
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Old 05-22-2009, 02:04 AM   #25
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Re: The "What the hell should I read?!" Thread. Books, Blogs, and News

All of the newbie books are completely useless if you're trying to find an edge, the idea is to understand some of the basic theories behind the price movements and slowly expose them to more advanced concepts as they become for adept. Saying that a book doesn't have an edge isn't a reason for it not to be in the beginner section.
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