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Books
Clay Baker
Stay Invested
”I find television very educational. Every time somebody turns on the set,
I go into the other room and read a book.”
― Grouch Marx
Every serious investor, or anyone trying to learn how the stock market works and how to invest, should consume knowledge from many sources.
I have stacks of books on investing, the markets, and economics in my office, next to my favorite chair, on my iPhone, and on the nightstand. Sometimes a book grabs me, and I feel like I've risen to a new level in my thinking. Sometimes a book is like panning for gold, and I have to look closely to see the little nuggets hidden in the rubble. Then there are those books and authors I won't bother to mention. I've donated many of those to the Salvation Army Thrift Store and the recycle bin in cases where it wasn't worth burning gas to deliver them. Below are the books I've read or am reading. If you buy a book from the links below, I may receive a small commission from Amazon, which helps support the cost of this website.
Best Sellers
Jim Cramer's How to Make Money in Any Market offers accessible investing wisdom drawn from his extensive Wall Street career and television experience. The book targets everyday investors seeking to navigate stocks across different economic conditions, emphasizing adaptable strategies over quick-win promises. Cramer focuses on teaching readers to grasp market rhythms, analyze financial metrics like company earnings and balance sheets, and adjust their investment tactics based on whether markets are rising, falling, or stagnant—all while considering personal financial objectives and comfort with risk. Most readers appreciate its straightforward language and encouraging tone for those just starting out, though experienced investors might find the content familiar territory. Critics note the book could benefit from more systematic frameworks and discussion of diversification beyond equities. Still, it provides a useful entry point for understanding hands-on stock investing, with the important caveat that real results demand ongoing effort and self-control.
John Bogle's The Little Book of Common Sense Investing makes a compelling case for a straightforward wealth-building strategy: investing in low-cost index funds that track broad market indices like the S&P 500. This tenth anniversary edition updates the original 2007 classic with current data and two new chapters on asset allocation and retirement planning, while maintaining Bogle's timeless buy-and-hold philosophy. The legendary fund pioneer argues that index investing is the most reliable way to capture your fair share of market returns over the long term, a approach so effective that Warren Buffett has praised Bogle as deserving of a statue for helping millions of investors achieve better returns than they would have otherwise earned. Despite market volatility since the book's initial publication, Bogle's principles have proven enduring and continue to serve investors well.
In this essential work, renowned investor Ray Dalio—who famously predicted both the 2008 financial crisis and the European debt crisis—unveils his comprehensive framework for understanding global debt dynamics and their role in shaping world order. Dalio explains his "Big Debt Cycle" model in accessible terms, offering readers a clear lens through which to view current economic challenges facing major economies like the US, Europe, Japan, and China, while proposing practical solutions that have long eluded policymakers. Beyond debt mechanics, the book connects these financial pressures to broader transformative forces including domestic politics, international tensions, climate-related disruptions, and technological advances like artificial intelligence, all of which Dalio sees as driving fundamental shifts in the global system. This timely analysis equips investors, leaders, and general readers alike with the knowledge needed to navigate our complex economic landscape and prepare for what lies ahead.
Historical
This book was a gift from my Father-in-Law, but the real gift was the way it made me think differently about cryptocurrency. Roger Lowenstein's book examines how Lincoln exploited the Civil War's financial emergency to fundamentally reshape American government. Inheriting a bankrupt treasury and a fragmented union, Lincoln and Treasury Secretary Salmon Chase engineered a revolution in federal power, establishing income taxes, paper currency, and an activist government that funded railroads, homesteads, and education. While the Republican Congress passed transformative legislation that inserted Washington into citizens' daily lives for the first time, the Confederacy's ideological resistance to centralized authority trapped it in financial catastrophe—unable to tax, borrow effectively, or escape ruinous inflation despite its cotton wealth. Lowenstein argues convincingly that the war's outcome hinged less on battlefield prowess than on the North's financial superiority, as Lincoln's team built a self-sustaining economic engine while the South's treasury collapsed, leaving its population starving and its cause doomed regardless of military stalemates.
Beginning Investors
Regardless of age, everyone can start with this book. This comprehensive guide tackles financial literacy for young readers with an engaging approach that covers everything from landing your first job to understanding complex investments like stocks and cryptocurrency. Written by the minds behind popular educational programs, the book succeeds in making potentially intimidating topics feel accessible through real-world examples of young entrepreneurs and self-made millionaires who started from humble beginnings. What sets this resource apart is its practical toolkit—including resume templates and business plan frameworks—that encourages kids to take immediate action rather than just absorbing theory. The central message about starting early with saving and investing is woven throughout in a way that feels motivating rather than preachy, making it an empowering read for any young person curious about building wealth and making smart financial choices.
Classics
Benjamin Graham's 1949 masterpiece continues to stand as the definitive guide for anyone seeking to build wealth through disciplined, rational investment strategies. At its core, the book champions a value-oriented approach that shields investors from impulsive decisions and market hysteria, offering instead a framework for long-term financial success that has proven remarkably durable across multiple generations of market cycles. What makes this edition particularly valuable is Jason Zweig's contemporary commentary, which bridges the decades between Graham's original insights and today's investment landscape, helping modern readers translate timeless principles into actionable strategies for current market conditions. Whether you're a novice investor just starting out or an experienced one looking to refine your approach, this work provides the intellectual foundation necessary to navigate financial markets with confidence and clarity, making it an indispensable resource for building and preserving wealth over a lifetime.
Often quoted, rarely read all the way through. Adam Smith's The Wealth of Nations, released in 1776, stands as a cornerstone text that transformed economic thought and continues to shape policy debates centuries later. Smith challenged the prevailing notion that national prosperity was measured by royal treasuries filled with precious metals, arguing instead that collective welfare emerges when individuals pursue their own rational self-interest within a functioning market system. Writing during the dawn of industrialization, Smith examines essential concepts including labor specialization, capital formation, monetary systems, commodity pricing, and the relationship between urban trade and rural development. His framework laid the groundwork for classical economics and provided the first comprehensive explanation of how market forces operate to allocate resources and generate prosperity. The text remains remarkably applicable to contemporary discussions about economic growth and living standards, offering readers insights into foundational principles.
Portfolio Design and Management
David Swensen's updated edition of Pioneering Portfolio Management stands as a masterclass in institutional investing, chronicling his extraordinary stewardship of Yale's endowment—which grew by over $20 billion during his tenure and consistently outperformed market benchmarks by substantial margins. Drawing from decades of practical experience managing one of academia's most successful investment portfolios, Swensen demystifies sophisticated concepts like asset allocation and active management through compelling real-world examples while offering counterintuitive wisdom that challenges conventional approaches. His central thesis emphasizes that disciplined, long-term thinking trumps short-term trends, that building trust matters more than chasing fleeting gains, and that true expertise combined with patience yields superior returns compared to gimmicky strategies that trap investors into buying high and selling low. The book serves both as a detailed roadmap of Yale's investment philosophy and as a broader meditation on what separates genuinely successful institutional fund management from the pack, making it essential reading for anyone seeking to understand how patient capital and strategic thinking can generate outsized results over time.
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