We firmly believe that a knowledgeable investor is not only the most likely type of investor to succeed, but is also the best client an advisor can have. We believe the same of ourselves. So at Friedman Investment Group we invest in human capital - ours and yours.
The books noted here are the classics every investor should read. The articles, charts, downloads and video are all interesting and informative as well.
The importance of having a process
It's never too early to start investing
Why Alan is so passionate about helping investors succeed
Alan's thoughts about successful investors and their emotions
Alan on mutually-beneficial Advisor/Client relationships
Benjamin Tal is the Deputy Chief Economist at CIBC. Click here to find out why he thinks recession is unlikely in 2020 and why the Canadian stock market will do well.
The Upside of Irrationality
Dan Ariely is a Professor at Duke University, a journalist, a commentator, an author and, also, highly amusing. Click here to find out why he thinks that you haven’t lived if you think that logic rules.
The Intelligent Investor
More than 1 million copies have been sold! Considered the stock market bible ever since its original publication in 1949, the book has been updated for today’s market conditions. Graham, the greatest investment advisor of the twentieth century, is known for his philosophy of ‘value investing.’
The Most Important Thing
Much admired and respected for his deep understanding of the markets Howard Marks, the chairman and cofounder of Oaktree Capital Management, has written a book that speaks brilliantly to both the amateur and seasoned investor. Using his much-coveted memos as a demonstration of his beliefs Marks teaches us by example, detailing the development of an investment philosophy that recognizes the complexities and risks associated with investing.
New Insights On Covered Call Writing
An easy-to-understand book that explains how investors can earn attractive returns with less risk usually associated with the stock market. Co-written by Richard Lehman (25+ years applying his expertise in options strategies) and Lawrence G. McMillan (one of the foremost options trading experts) introduces individual investors to the strategy that professional investment managers have been using for years.
The Essays of Warren Buffett
Warren E. Buffett
Hear from the master, himself. This compilation of Warren Buffett’s annual letters to shareholders dates back to the 1970s - and it's full of pearls of financial wisdom. A must-read for every ‘smart’ investor. Expect to learn a lot!
The Little Book of Sideways Markets
Vitaliy N. Katsenelson
Part of a 15-book series, Vitaliy N. Katsenelson's The Little Book of Sideways Markets: How to Make Money in Markets That Go Nowhere (Wiley, 2011) is thoroughly enjoyable, not so much for the message as for the thoughtful and often entertaining way in which it is delivered. What makes it different is that it describes how value investors ‘think.’ This may be a little book, but it's packed with insights for both novices and experienced investors.
More Than You Know: Finding Financial Wisdom in Unconventional Places
Michael J. Mauboussin
Named best business book by Business Week and best economics book by Strategy+Business, Michael J. Mauboussin’s collection of 30 short articles has been translated into eight languages. Somewhat unconventional in his approach, he takes animal behaviour, psychology, philosophy of science and more and explores the relevance to the world of finance.
Spend some time going through his publications, columns and interviews for important and interesting insights from Jamie Golombek, Managing Director, Tax & Estate Planning, CIBC Wealth Advisory.
Seuss-isms! A Guide to Life for Those Just Starting Out ... and Those Already on Their Way
On a lighter note - America’s favourite doctor may write in rhyme, primarily for youngsters, but we should not discount the wisdom in his messages. Or, for that matter, the connection between his perceptive and refreshing ‘take’ on life and investing.
A Wealth of Common Sense: Why Simplicity Trumps Complexity in Any Investment Plan
Written by Ben Carlson, a manager of institutional portfolios, A Wealth of Common Sense: Why Simplicity Trumps Complexity in Any Investment Plan is a book I believe every investor should read. He does a great job of translating the complexities of the financial markets, and investing in general, into understandable language. And of course it doesn’t hurt that his philosophy is so closely aligned with mine.
In our desire to save and invest enough money to live well once we retire, we often overlook the importance of having the ‘best’ life, as opposed to the ‘longest’. To want to extend our lives, even when medical science can no longer save us, may be a natural human reaction but in reality it makes no sense. While the best-selling author, Atal Gawande, may not be teaching us anything about investing he is, nonetheless, teaching us a very important life lesson — quality, not quantity, is what really matters.
What has Worked in Investing
Tweedy, Browne Company LLC
Founded over 90 years ago Tweedy, Browne Company LLC is an American investment advisory and fund management company. They have made their fame, and their fortune, as value investors and Warren Buffett refers to them as one of the super investors of Graham-and-Doddsville. In their White Paper, which makes a very compelling case for value investing and the principles that guide us, they consolidate more than 50 academic studies of value investing approaches and characteristics that have really paid off.
Charlie Munger: The Complete Investor
Charlie Munger, Berkshire Hathaway's visionary vice chairman and Warren Buffett's indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. His notion of "elementary, worldly wisdom"—a set of interdisciplinary mental models involving economics, business, psychology, ethics, and management—allows him to keep his emotions out of his investments and avoid the common pitfalls of bad judgment.
Lessons and Ideas from Benjamin Graham
Benjamin Graham wrote his first book on investing in 1934, and although he refined these thoughts over time, his message (and the truth therein) has remained the same. Thus, Graham was not a man ahead of his time; he was a man for all time.
Willing Wisdom: 7 Questions to Ask Before You Die
Thomas William Deans
In his book, Willing Wisdom, Dr. Tom Deans, PhD points out that while “your Will is the most important document you will ever write, 50% of North Americans don’t have one; and for those who do, most are outdated.” And the consequences, for your loved ones can be dire. So instead of avoiding the topic of death, use Dr. Dean’s “7 Questions” to start the dialogue with your family and other beneficiaries. Learn about the benefits of a collaborative Will and why there’s so much more to your legacy than protecting and passing on your wealth and your possessions.
Partners in Preservation: How to Know your Advisor is Truly Protecting your Wealth
There are hundreds of books on investing. Yet, with Partners in Preservation: How to Know your Advisor is Truly Protecting your Wealth, Mo Lidsky has condensed almost everything that matters into one understandable and easy to read book. It confirms that process and prudent investor behavior can lead to desired outcomes.
Dollars and Sense
Dan Ariely and Jeff Kreisler
I think about money a lot, not just my clients’ but also mine. I’m a pretty rational guy but even I sometimes wonder what I was thinking when I look back at certain purchases I’ve made. It’s what Dan Ariely and Jeff Kreisler refer to, in their book, as “the precarious relationship between our brains and our money.” A great example of it can be found in the chapter that talks about how retailers can manipulate us into believing we’re getting a “bargain,” by artiﬁcially inﬂating prices and then marking them down. Who doesn’t love a deal, right? But a deal isn’t always a deal, and to be honest, I’ve been a victim of it myself. Bottom Line — Dollars and Sense makes you more conscious of the value of your money and, how you deal with it.
Communications Risk Investor’s Guide
As a lawyer who represents advisors, Ellen Bessner has seen her fair share of advisors and investors spending countless hours in court — and regardless of who wins, they both lose due to the stress and cost of litigation. If only they had addressed the root cause of the problem, which is, she has observed, “the failure of both parties to properly understand and communicate transparently and honestly with each other.”
In the 14-page Investor’s Guide accompanying the book Ellen wrote for advisors, she explains how clients can avoid this stress and aggravation and instead build a productive relationship with their registered advisor.
The Guide is not for sale and you won’t find it in stores or online. Ellen Bessner makes it available only to advisors who read her book and choose to share the Investor’s Guide with their clients.
After reading her book and the Investor’s Guide I think this is an invaluable resource as it’s specifically designed to help foster openness between advisors and their investor clients and make sure everyone is “holding up their end in the relationship”. Topics include everything from why it’s beneficial to work with an advisor to who’s responsible for what ... from setting the right foundation for your relationship ... to asking questions — all with the goal of enjoying a long-term, successful partnership by keeping the lines of communication open.
It is with thanks to Ellen that we are permitted to feature her Investor’s Guide on our website, so you can go through it together with your advisor.