The guys over at bankstocks.com have been doing their reading. Eric T. Miller has a Random Gleanings piece up on criticisms of the mutual fund industry in two new books. Books from industry stalwarts, John Bogle and David Swensen, both take pretty hard swipes at the financial services industry, and money management specifically. Matt Stichnoth has read William Poundstone’s, Fortune’s Formula, and explains the Kelly criterion. Although there are real differences between betting and investing, that does not mean investors should ignore insights from another field.
Still on the investment book front, Barry Ritholtz in TheStreet.com notes the importance of continuing education for investors. As a part of his Apprenticed Investor series, he lists some of his favorite books on investing. Most experienced investors know that the mental side of investing is indeed the most difficult part to master. Accordingly there is a serious dollop of recommendations geared toward psychology. Worth a look.