Start a New Chapter With These Summer Reading Suggestions

Summer's in full swing, and there's no better time to sink into an Adirondack chair with a glass of iced tea and a good book.

We recently asked Morningstar readers which investing or financial books are on their summer reading list. We also asked for their recommendations for books that have changed the way they invest and helped them on their road to financial success.

We collected a very robust list of book recommendations (one more reason you'll wish summer was longer). We also provided a link to each book on Amazon.com in case you are interested in reading the reviews and a more in-depth summary; however, many of these books are of course available from your local library.

For brevity's sake, we didn't list all of the recommendations, but if you are interested in reading the full thread and want to weigh in, click here. The following is a summary of the responses.

Classics, Old and New Some books have been so widely read, and are so well-regarded, that they have become classics. The Intelligent Investor by Benjamin Graham, for instance. Security Analysis by Benjamin Graham and David Dodd. Competitive Strategy: Techniques for Analyzing Industries and Competitors by Michael Porter. And many others, such as those listed below.

"I just finished the 2015 revision and update of A Random Walk Down Wall Street by Burton Malkiel," said Tomas47.

This classic is also on RBH2006's list of summer reads. [Editor's note: A Random Walk is also on my list of books to reread this summer.] It has been updated a few times over the years--the latest update includes information on exchange-traded funds, emerging-markets investments, strategic-beta funds, and derivatives.

MPodracky mentioned that he is reading "The Little Book of Common Sense Investing" by Jack Bogle. "Bogle recently celebrated his 65th year in the investment industry, and arguably no one has saved investors more money than this legendary pioneer. His book made me confident to be a DIY investor," MPodracky said.

Ssh44691 echoes the Bogle book endorsement: "In times of uncertainty the information and advice contained is practical. The book helps enforce the basic disciplines and patience of investing." this reader writes.

Reader Taylor Larimore shared a list of "investing books with valuable quotes." Among them are the aforementioned Bogle and Malkiel books, as well as several books by Bill Bernstein, the noted author, financial advisor, and neurosurgeon: The Four Pillars of Investing; If You Can: How Millennials Can Get Rich Slowly; and The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between.

Also listed on Taylor's list was a few books by Wall Street Journal investing and personal finance columnist Jason Zweig, including The Devil's Financial Dictionary and Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich.

Mlott1 echoed Taylor's recommendation of The Only Investment Guide You'll Ever Need by Andrew Tobias. "It was originally published in 1978 (I bought the first paperback edition in 1979 and still have it) and is periodically updated. [The] most recent edition is April 2016. I make it a point to read each new edition. If you know anyone who is interested in learning about investing, I'm hard-pressed to think of a better first investing book," mlott1 said.

BoomerGuy rounded our the discussion by endsorsing a few of the aforementioned authors: "Anything by Andrew Tobias, Burt Malkiel, and/or John Bogle," this reader said.

Books You Won't Want to Put Down Some readers recommended books that they found very engrossing--which is often a perfect ingredient for a summer read.

RBH2006 suggested Michael Lewis' The Big Short and Liar's Poker.

C F S plans to reread some books on black swans (which are events that are difficult to predict, but have widespread and measurable effects). In particular, C F S is rereading The Black Swan: The Impact of the Highly Improbable and Reducing the Risk of Black Swans: Using the Science of Investing to Capture Returns with Less Volatility by Larry Swedroe and Kevin Grogan.

Armagh36 is rereading The Signal and the Noise: Why So Many Predictions Fail--but Some Don't by Nate Silver. This reader says Silver's book is a helpful reminder "how to identify and avoid the 'noise' affecting investment decisions, [avoid] heuristic shortcuts in analysis, [sit] on my impulses until they pass, and … to what end lemmings herd. And, always, prediction is the property of the gods, not man."

Mlott1, who has been "reading about investing and related subjects since the 1970s," recommended The Ascent of Money: A Financial History of the World by Niall Ferguson. "Great book and at some point will probably be considered a classic in its field." This reader also mentioned All the Presidents' Bankers: The Hidden Alliances that Drive American Power by Nomi Prins. "Covers the relationship between the White House and Wall Street over the last 100 years or so. Prins is a great writer, and I wish she would write more. This book will give you a lot to think about," mlott1 said.

Johnep is reading Saving Capitalism: For the Many, Not the Few by Robert Reich. "Reich raises concerns about how the 1% (corporations, CEOs, Wall Street, Hedge funds, private equity) have dominance over the 99% in current world, regardless of which political party is in power. He also has recommendations for reversing this trend," this reader said.

Check Out MOOCs A great suggestion came from cpspen, who encouraged readers to check out massive open online courses offered for free by universities and other entities. "I've tremendously enjoyed a couple of recent MOOCs on financial/investing related topics. They are pre-recorded so you can watch the (video) lectures and do any recommended reading at whatever time and pace is convenient for you, at whatever level of involvement suits you," cpspen said. This reader specifically mentioned "Financial Markets," Robert Shiller's undergraduate Yale University course (2008 and 2011) and "The Global Financial Crisis," also offered by Yale (via Coursera). [Editor's note: Beginning investors--check out "Introduction to Financial Accounting" offered on Coursera by University of Pennsylvania's Wharton School, which is also offered in Spanish.]

Cpspen also offered these tips: "If you are in the MOOCs via Coursera for 'summer fun reading' purposes, I would recommend 1) making sure you select 'audit' during enrollment; 2) Select 'no email reminders' in your profile so that the computer doesn't nag you about deadlines; and 3) Select the 'do not verify identity' option on the course home page so that the computer doesn't nag you about a photo ID, a typing pattern, and a webcam photo during every (optional) quiz."

More Great Book Mentions

• Expected Returns: An Investor's Guide to Harvesting Market Rewards by Antti Ilmanen
• Stocks for the Long Run 5/E: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies by Jeremy Siegel
• The Most Important Thing: Uncommon Sense for the Thoughtful Investor by Howard Marks
• Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed
• The Little Book of Behavioral Investing: How Not to Be Your Own Worst Enemy by James Montier