Recommended Reading List

Foundational - Accessible, Practical Foundations

• ‘Smarter Investing’ – Tim Hale

  A UK-focused, step-by-step guide to building a low-cost, diversified portfolio. Grounded in academic research and ideal for DIY investors.

• ‘The Perfect Portfolio’ – Lyle Sussman & Chuck Sussman

  Uses real-world case studies and behavioural insights to help readers construct a portfolio that aligns with both evidence and personal values.

• ‘The Four Pillars of Investing’ – William Bernstein

  Combines investing theory, financial history, psychology, and practical advice in an engaging and readable style.

• ‘A Random Walk Down Wall Street’ – Burton Malkiel

  A timeless classic advocating for index investing, backed by decades of empirical evidence.

• ‘The Psychology of Money’ – Morgan Housel

  A highly accessible exploration of how emotions and human behaviour affect financial decisions.

Intermediate – Deeper Analysis & Asset Allocation

• ‘In Pursuit of the Perfect Portfolio’ – Andrew W. Lo & Stephen R. Foerster

  Interviews with twelve of the world’s leading investors and scholars — including Harry Markowitz, Robert Merton, and Myron Scholes — exploring how each would design an ideal portfolio. A brilliant blend of evidence and insight.

• ‘Stocks for the Long Run’ – Jeremy Siegel

  A data-rich case for long-term equity investing, drawing on over two centuries of market history.

• ‘The Intelligent Asset Allocator’ – William Bernstein

  A practical guide to diversification, risk, and long-term investing — rooted in sound mathematics and empirical data.

• ‘Narrative Economics’ – Robert Shiller

  Examines how compelling stories and collective beliefs shape market behaviour and economic outcomes.

• ‘Common Sense on Mutual Funds’ – John Bogle

  Insightful, no-nonsense advice from the founder of Vanguard, with a strong focus on costs, discipline, and evidence-led investing.

• ‘The Most Important Thing’ – Howard Marks

  A collection of investing memos from one of the industry’s most respected voices, emphasising risk awareness and long-term thinking.

Advanced – Theory, Crises & Quantitative Insights

• ‘Irrational Exuberance’ – Robert J. Shiller

  A landmark critique of efficient markets theory, offering compelling analysis of bubbles and investor psychology.

• ‘Expected Returns’ – Antti Ilmanen

  A comprehensive, quantitative examination of what drives asset class performance, grounded in decades of global research.

• ‘Portfolio Selection’ – Harry Markowitz

  The seminal work introducing Modern Portfolio Theory — essential for understanding diversification and risk optimisation.

• ‘This Time is Different’ – Carmen Reinhart & Kenneth Rogoff

  An in-depth historical review of sovereign debt, defaults, and crises over eight centuries — showing how financial folly repeats.

• ‘Manias, Panics, and Crashes’ – Charles Kindleberger

  A sweeping economic history of speculative booms and busts, with timeless lessons for today’s investors.

• ‘Capital Ideas’ – Peter Bernstein

  The story of how modern academic theories — from efficient markets to risk modelling — reshaped the investment world.