Every Shareholder Should Read This Nowhttp://www.fool.com/investing/small-cap/2010/01/31/every-shareholder-should-read-this-now.aspx Austin Edwards
January 31, 2010
If the last two years have taught me anything, it's that I'm not nearly as smart as I think I am -- and neither is anyone else.
I suspect my old man has known this for years. After all, he's spent his life with his nose buried in one book after another, trying to learn everything he can about -- well, everything. And, frankly, the past 24 months have left me wishing I'd followed his lead.
See, if I'd been reading everything I could get my hands on back in 2007 -- including the dire predictions of Nouriel "Dr. Doom" Roubini -- maybe I would have been moving into cash instead of gloating about near-triple-digit gains in Freeport-McMoRan (NYSE: FCX ) and Transocean (NYSE: RIG ) .
You see, recently, at a companywide meeting, he pointed out that when things are going well, most of us spend our time high-fiving and celebrating -- yet when things go sour, we turn to sulking, worrying, and even panicking.
Meanwhile, when the going gets tough for the toughest, smartest, and most successful people out there, they do something drastically different: They learn from it. And that's what sets them apart.
Follow the leaders
This list comprises 25 books -- broken down into categories based on level of investment experience -- that Tom has read and reread over the years, and that have helped to form the foundation of his investment philosophy and strategy.
A few highlights follow.
Here's something else you should read
While that may hold true for matters of the heart, I don't think it necessarily has to hold true for investing -- especially not if we follow the leads of people like Tom Gardner and my father, and dedicate ourselves to soaking up as much wisdom as we can from those who have dedicated themselves to soaking up all of the wisdom they can.
Now I'd like to know what're you're reading -- and why. Furthermore, I'm curious what you think we all should be reading to ensure that investment wisdom comes to us while it can still do us some good. So, I encourage you to use the comment box below to chime in.
And before you buy ...
But just because your neighbor or golfing buddy made a killing buying Goldman Sachs (N