Below are some books that have influenced my thinking. Like most, I’ve read all the usual stuff from Buffett and Greenblatt, etc., so I’ll skip those suggestions and list things that maybe people haven’t come across.
1.) Asymmetric Returns: The Future of Active Asset Management by Alexander Ineichen
Alexander does a great job of framing out the difference between passive, active and absolute investment management. I aways struggled to understand how to develop a comprehensive view of portfolio management and all the competing approaches until I read this book.
2.) The Dao of Capital: Austrian Investing in a Distorted World by Mark Spitznagel
If Asymmetric Returns is theory, than this book is application. To me it offers the clearest demonstration I’ve found of the power of going from a pro-cyclical, relative approach to one that is counter cyclical and absolute.
3.) Fortune’s Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street, by William Poundstone
4.) Rock Breaks Scissors: A Practical Guide to Outguessing and Outwitting Almost Everybody, by William Poundstone
5.) Priceless: The Myth of Fair Value (and How to Take Advantage of It), by William Poundstone