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Holiday reading: Five fund managers pick their favourites

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30/07/2014
Stumped for beach reading this summer? Five fund managers share their favorite books for DIY investors.

The financial markets may not be your ideal choice of holiday reading, but Laith Khalaf at Hargreaves Lansdown insists that these favorites are as readable as any blockbuster.

He says: “Anyone looking to widen their investment knowledge over the summer holidays, as well as enjoying a bit of stimulating entertainment, might consider packing one of these books- alongside Game of Thrones of course. Not all investment books are full of charts and numbers; it may come as a surprise, but some are real page-turners. Many focus on history and human behaviour, and the lessons these can teach us about investing today.”

Angus Tulloch suggests ‘Boomerang’ by Michael Lewis

“If you are going on holiday, try an author who can explain the uglier facets of recent stock market history in a clear and compelling way. Michael Lewis, with his piercing insights into the impact of crowd psychology on markets, is by far the most effective proponent of this genre. My pick of his books would be Boomerang, which describes the author’s various forays through countries worst affected by the 2008 financial crisis. It is full of tongue-in cheek, politically incorrect generalisations on national characteristics- but all the more fun as a result.”

Angus Tulloch is manager of the First State Asia Pacific Leaders fund.

Nick Train suggests ‘One Up on Wall Street’ by Peter Lynch

“Written by one of my all-time investment heroes, Lynch explains how any smart private investor is in no way disadvantaged when it comes to picking stocks relative to the professionals. He argues that although you may not now be conscious of it, in fact you already know much more about what creates long term wealth in the stock markets than you imagine. What’s more, never let yourself be cowed by incomprehensible institutional investment jargon.”

Nick Train is manager of Lindsell Train Global Equity and UK Equity funds, and the Finsbury Growth & Income Trust.

William Littlewood suggests ‘Snowball’ by Alice Schroeder

“You can’t go wrong with the classics, so Warren Buffett is the obvious starting point. Schroeder’s book is more of an autobiography than a book about Buffett’s investment approach, but as his life is about investing, anybody would learn something from it.”

William Littlewood is manager of the Artemis Strategic Assets fund.

Lee Gardhouse suggests ‘The Most Important Thing: Uncommon Sense for the Thoughtful Investor’ by Howard Marks

“Howard Marks may not be such a well-known name in the UK, but the longevity and quality of his investment performance is unquestionable. This book passes on his years of wisdom that can be utilised by the retail investor in both reducing losses and backing your views with conviction when valuations are attractive.”

Lee Gardhouse is manager of the HL Multi-Manager Income & Growth fund.

Sebastian Lyon suggests ‘The Great Crash of 1929′ by JK Galbraith

“This is a real page-turner and just shows how bubbles form and what happens when they collapse. It is a lesson in human behaviour. The mindless, rampant speculation that we experienced seventy years later during the dot com boom was familiar to those who had read this book.”

Sebastian Lyon is manager of the Troy Trojan fund and Personal Assets Trust.

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