Hi everyone, I’m making it a New Year’s resolution of mine to read more. I’ve been investing for a while to moderate success, but I realize I don’t even know exactly how stocks work. I’d love a book that’s more about the history and inner workings of stocks, speculations, etc., NOT a book on “how to win.” Any suggestions for someone with very little financial knowledge who’d like to become more educated?
Posted by VVayaga
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1929 by Andrew Ross Sorkin
If you’re looking to understand how markets actually work (not how to “beat” them), you’re already asking the right question.
A few books that focus on structure, history, and behavior rather than tactics:
“A Random Walk Down Wall Street” : Burton Malkiel
Great foundation for how markets evolved, why speculation exists, and why beating the market is harder than it looks.
“The Intelligent Investor” : Benjamin Graham
Not about stock picking tricks. It’s about mindset, market cycles, and protecting yourself from your own emotions. Slow read, but timeless.
“Manias, Panics, and Crashes” : Charles Kindleberger
Probably the best book for understanding why bubbles and crashes keep repeating. Very relevant if you want historical context.
“Common Stocks and Uncommon Profits” : Philip Fisher
More qualitative than technical; helps you understand how businesses differ from just “tickers.”
If you want something lighter but still insightful:
“The Psychology of Money” : Morgan Housel
Big picture: learning how markets behave, how incentives work, and how humans react under uncertainty will pay off far more than any “strategy” book. Most investing mistakes come from misunderstanding behavior, not math.
i don’t like books. i like tv.
seriously, google “oak tree capital is it a bubble”. good read
The Simple Path to Wealth by JL Collins
**The Undoing Project.** It’s not going to tell you how to become rich in a year or two, but it might help save you from becoming poor in the next 10 years. Or making other bad decisions.
Random Walk and Four Pillars of Investing sound like what you want.
If you want books that explain how investing actually works rather than hype or stock picking tricks, I’d start with these.
The Little Book of Common Sense Investing by John Bogle is probably the best foundation. It explains why most people underperform and why simple index investing works, without jargon. Even if you don’t end up agreeing with everything, it gives you a solid baseline.
A Random Walk Down Wall Street by Burton Malkiel is great for history and context. It walks through bubbles, speculation, crashes, and why markets behave the way they do. It’s not a how to win book, more a why most people don’t.
The Psychology of Money by Morgan Housel is less technical but very important. It focuses on behavior, risk, patience, and decision making, which honestly matter more than understanding balance sheets for most investors.
If you want something a bit heavier but still readable, The Intelligent Investor by Benjamin Graham is a classic. You don’t need to absorb every detail, but the mindset around risk and margin of safety is still relevant. Just be aware parts of it are dated, so don’t take it literally.
One thing I’d avoid early on is books that promise beating the market or secret strategies. They’re entertaining, but they usually confuse people more than they help. Understanding how markets function and how humans behave around money will take you further than any clever tactic.
The Coffeehouse Investor by Bill Schultheis