In this post, I have tried to summarize the books that I have read or re-read in 2018. A summary of the whole book in just a single sentence. But why? Because I find it to be one of the best ways to present the core idea of a book in a style that is easy to read and understand.
As Shane Parish of Farnam Street Blog says, “Reading is only one part of the equation. It’s nearly worthless if you can’t remember and apply what you read.”
I hope you’ll enjoy reading the post as much as I enjoyed writing it 🙂
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The Little Book of Common Sense Investing, John Bogle: Written by the founder of World’s 1st index fund, Jack Bogle tells investors that investing in a low-cost index fund produces far better results in the long-term than investing in an actively-managed fund with high management fees and commissions.
The ONE Thing, Gary Keller: The most effective lesson that I have picked up from this book is that one needs to be like a postage stamp and never stop until he/she gets there as extraordinary results are achieved by concentrating on just one task instead of doing multiple tasks at the same time.
The Tipping Point – How Little Things Can Make A Difference, Gladwell Malcolm: This book explains that an idea or a trend (bird flu or influenza) starts really small, reaches a certain level of threshold, tips to spill over to countless people and leaves a positive or negative dramatic impact.
The Millionaire Next Door, Thomas Stanley & William Danko: The rich people live below their means by avoiding lavish lifestyles, never judge others based on their choices in foods – suits – cars – watches – clothes, allocate their time in building appreciable assets, have a firm belief that financial independence is much important than displaying high-consumption social status while discarding the ideology – “If you don’t show it, you don’t have it.”
Atomic Habits, James Clear: One of the best self-help books of 2018, it explains that a little improvement of just 1% does seem unimportant at the very beginning but compounds over the years to produce a remarkable result if repeated consistently.
Rich Dad Poor Dad, Robert Kiyosaki: The rich people start out by using paychecks to acquire assets like stocks – real estates – websites – businesses that put money in their pockets, build multiple sources of income and focus on staying invested for decades while poor people invest in liabilities that they think are assets (cars, materialistic possessions)which depreciate in value consistently.
The Behavior Gap, Carl Richards: This book addresses the behavior issues of an investor due to which he/she gets beaten down by the market as he/she never chooses to sit tight when the market bleeds, tends to buy what goes up and sell what goes down, alters his/her investment decisions based on the CNBC analysts opinions, and makes irrational decisions based on the stock price movements.
How to Influence People and Make Friends, Dale Carnegie: After reading this book, you can build a strong network through the simple acts of appreciating people for their doings, talking about your own mistakes before criticizing others, talking in terms of what other wants, greeting people with a smile, and respecting the opinions of others.
The Aspirational Investor, Ashvin Chhabra: It talks about the goals-based investing approach in the sense that one should have 3 portfolios: essential portfolio to cover the current lifestyle by investing in safer products; important portfolio to meet the long-term goal such as retirement through market-linked products; and aspirational portfolio based on the investor’s aspirations by investing in high-risk products.
The Tao of Charlie Munger, David Clark: This book is a compilation of Charlie Munger’s (Vice President, Berkshire Hathaway) quotes on business, successful investing, life philosophies, and economics.
Dead Companies Walking, Scott Fearon & Jesse Powell: This is the true story of a hedge fund manager who made more than 1400 visits to companies over a span of 20 years, made a great deal of money by investing in good companies and shorting the stocks of the dead companies with declining revenues, increasing debts and weakening operations.
A Gift to My Children, Jim Rogers: Through this book, one of the world’s greatest investors offers the investing lessons, life experiences, and personal guidance to his two daughters.
A Wealth of Common Sense, Ben Carlson: In this book, Ben focuses on building a long-term wealth by avoiding the complex strategic practices of financial markets and keeping things insanely simple.
I Will Teach You To Be Rich, Ramit Sethi: Through his book on personal finance, Ramit tells his readers to take control of their money, disburse a portion of it towards the fixed costs such as rentals-groceries, invest a part of it every month through an auto-pilot mode, and spend the left-over extravagantly on things what they love doing the most.
The Subtle Art of Not Giving a Fuck, Mark Manson: As per this book, one can live a purposeful life by caring less about the things that are not in his/her control and taking up the responsibility of his/her problems instead of being a complainer.
The Education of a Value Investor, Guy Spier: In his book, Guy pens down his thoughts on how he said goodbye to the toxic environment of his investment firm, paid $6,50,000 for a lunch with Warren Buffett and turned a value investor by modeling his ethics, investing approach and life lessons.
One Up on Wall Street, Peter Lynch: With simple observations in day-to-day life and ignoring the hot tips of CNBC analysts, people can rake in huge profits by investing in companies whose products they love to use.
Secrets of a Millionaire Mind, T Harv Eker: In order to be rich, one needs to have a positive attitude towards wealth in order to attract it, learn by associating yourself with the like-minded people, let go of old ways of thinking, and start thinking like people who have already made it big.
Reminiscences of a Stock Operator, Edwin Lefevre: It’s the biography of one of the world’s tallest stock speculators, Jesse Livermore, who develops an art of speculation in the market, makes-and-loses millions throughout his career with his skills, learns a lot of trading lessons which are equally applicable in investing arena, and eventually ends his life after losing his entire fortune in 1940.
The Compound Effect, Darren Hardy: This book unleashes the power of small routinely actions which can bring a remarkable change in one’s life if they are practiced consistently over a period of time.
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Related Post: The Reading Framework by Venkatesh Jayaraman
The cover image has been taken from Tim Calkins
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