15本金融方面的书

15本金融方面的书 15本关于金融与投资的有趣又有益的书 2009-08-16 01:20 | (分类:学习资源) 如果一个人要对金融和投资方面的实际知识得到比较深入的了解，十五本书无疑是远远不够的。然而，很少有人真的能在短时间内读完十五本书。除了读书之外，正确的思考或许才是最重要的东西。 一本有趣的书往往是有益的书，反之则未必如此。许多在学术上有崇高造诣的著作是无法带来任何阅读乐趣的。在某个狭小的专业领域极有参考价值的书，往往也过于艰涩。以下列出的十五本书属于“有趣又有益”的交集——尽管它们并不像惊险小说那样好读，但至少不至于让人头昏脑胀又不知所云。 随着时间的进步，金融技术和投资技巧的发展都已经比几十年前先进了许多。但是某些基本原理是不变的，所以我相信，以下列出的十五本书，在几十年后至少还有一大部分是值得阅读的。 1、本杰明-格雷厄姆:《证券分析》(Securities Analysis) 如果整个证券研究领域的书籍全部被焚烧了，仅仅凭借这样一本书，这个行业也必将重建。大本没有建立任何精确的学术模型，却恰到好处地切入了学术和实践之间。他既不向浮躁的现实低头，也不向自大的学术低头。通过众多纷繁复杂的例子，大本把自己的理论建立在非常具体的基础上。 虽然以知名股票投资家著称，但大本的《证券分析》的大部分内容是关于债券和优先股，而且其价值并不逊色于股票部分。大本精辟地指出，选择良好债券的艺术可以在一定程度上转换为选择良好股票的艺术，这两者之间的联系远比人们想像的紧密。 2、本杰明-格雷厄姆:《聪明的投资者》(The Intelligent Investor) 在这本书里，大本回避了大部分艰涩的定量分析，几乎不讨论股票与债券投资的具体技术，而把全部精力集中在对“投资”一词的定义上。从第一章到最后一章，大本都试图找出投资与投机的根本区别，并在现实中阐述这些区别。 《聪明的投资者》的精髓在于对风险的控制。大本从来不讲述一夜暴富的技术。他认为投资应该在一个可以承受的风险水平上带来满意的回报，剩下的内容全部用来回答两个更具体的问题:什么是可以承受的风险，什么又是满意的回报。 3、本杰明-格雷厄姆:《价值再发现》(Rediscovering Benjamin Graham) members from key minority outreach, promote a comprehensive strictly administering the party into the branches, put it into every party member, give full play to each party organization fight fortress function, each the exemplary vanguard role of party members. Is to promote the inner-party education extend from the concentrated education to regular education, in the regular education efforts, real party ideology in the all party members and the party's construction through system. Is to boost the spirit of all party members, education guide all members of the party in their respective work positions, responsible and dependable officer, make contributions. Therefore, we must from the height of political and global, fully aware of "two" learning the importance of education, put "two" education as a major political task and practice well. All members to active participation, really into, in "learn, and do, and modified, and promoting" upper and lower really Kung Fu, effective put thought and action unified to XI General Secretary of important indicates spirit up, unified to Central and provincial of decision deployment up, solid do learning education the work, effective do good accountability, caught in place, see effectiveness, condensed up officer venture, and promoted water the work of powerful power. Second, accurately grasp the "two" educational focus ... Marxist positions, knowing that good talk show a strong belief in pursuit, history as spirit, sincere feelings for the people, pragmatic style of thinking, enhance the scientific level of the work, and to better promote our work. In terms of learning methods, units of the party organization, the party branch in accordance with the implementation plan, organization members planned and subtopics to learn to combine 除了以上两本书，大本曾经在多种学术和商业期刊上发表大量专业文章，并在高等院校和研究机构进行演讲。《价值再发现》一书收录了大本晚年发表的最有价值的文章和演讲，不仅涉及财务分析和投资学原理，还涉及货币银行和宏观经济学内容。 大本发表的大部分文章都有浓厚的悲观主义情绪，所以他在华尔街并不是受欢迎的人。几十年过去，今天的读者可以更加心平气和地体会他的教诲——对于价值投资理念的信奉，对风险控制的执著以及对频繁交易的厌恶。这些教诲在今天仍然没有得到执行。 4、乔治-索罗斯:《金融炼金术》(The Alchemy of Finance) 索罗斯的大部分言论都充斥着狂妄自大的气息，但考虑到他的宏大功业，这样的自大是可以理解的。在《金融炼金术》中，他试图建立金融市场的所谓“反身性”原理，即投资者与投资标的之间的复杂的相互作用，并且用这种原理来解释整个社会科学。 为了证明他的理论，索罗斯声称他运用自己的对冲基金进行了“历时实验”，包括实验期和对照期。这个历时实验发生在量子基金最辉煌的时期——1986年至1987年。索罗斯告诫我们，历时实验不重要，重要的是理论;可是事与愿违，对于非哲学专业读者来说，唯一有价值的部分可能就是历时实验。 5、戴维-法柏:《法柏报告》(The Faber Report) 在所有讲述华尔街现状的书里，法柏的著作不一定是最好的，但是是实例最多、证据最充足、最能让人感到身临其境的著作之一。这本书是他长期采访银行家、分析师、基金经理和上市公司高管之后的经验结晶，几乎每一段都具备“口述史”的性质。 法柏经历了1990年代的大牛市，2000年的网络股泡沫，2001-02年的安然与世界通信丑闻以及许多伟大基金的兴起和衰落。没有必要采取任何戏剧性的描写，因为现实本身已经很有戏剧性了。法柏对大部分事务采取批评的态度，有些评价简直是刻薄。但是他最后仍然承认，“华尔街是这个世界上最不坏的地方”。 6、理查斯-盖斯特:《最后的合伙人》(The Last Partners) 盖斯特通过合伙人的诞生、发展、衰落与毁灭，写出了一部严谨深刻的华尔街史。他从19世纪中叶开始叙述那些最伟大的合伙人家族——摩根家族、戈德曼家族、雷曼家族以及许多你没有听说过的延续百年的大家族。此后，随着金融业越来越成为资本主宰的行业，合伙制被摧毁了。 这本书不是合伙制的挽歌，作者对那些旧的家族没有太多同情。他只是指出，变幻莫测的华尔街让我们忘记了太多东西，适当地阅读是非常有益的。或许有一天，已经发生过的一切会以某种奇特的形式卷土重来。 members from key minority outreach, promote a comprehensive strictly administering the party into the branches, put it into every party member, give full play to each party organization fight fortress function, each the exemplary vanguard role of party members. Is to promote the inner-party education extend from the concentrated education to regular education, in the regular education efforts, real party ideology in the all party members and the party's construction through system. Is to boost the spirit of all party members, education guide all members of the party in their respective work positions, responsible and dependable officer, make contributions. Therefore, we must from the height of political and global, fully aware of "two" learning the importance of education, put "two" education as a major political task and practice well. All members to active participation, really into, in "learn, and do, and modified, and promoting" upper and lower really Kung Fu, effective put thought and action unified to XI General Secretary of important indicates spirit up, unified to Central and provincial of decision deployment up, solid do learning education the work, effective do good accountability, caught in place, see effectiveness, condensed up officer venture, and promoted water the work of powerful power. Second, accurately grasp the "two" educational focus ... Marxist positions, knowing that good talk show a strong belief in pursuit, history as spirit, sincere feelings for the people, pragmatic style of thinking, enhance the scientific level of the work, and to better promote our work. In terms of learning methods, units of the party organization, the party branch in accordance with the implementation plan, organization members planned and subtopics to learn to combine 7、理查斯-盖斯特:《金融体系中的投资银行》(Investment Banking in Financial System) 这本书是我所见过的最清晰详尽的投资银行学教材。作者不但深入讨论了广义投资银行业的每一个领域——证券承销、并购咨询、资本市场、销售与交易、证券研究、零售经纪和基金管理，还探讨了投资银行与商业银行以及监管者的千丝万缕的联系。难能可贵的是，盖斯特特别注重探讨投资银行界，并将华尔街史视为一个发展的过程。 盖斯特的重点描述放在华尔街，但他并未忽视欧洲和日本。遗憾的是，这本书主要讨论的监管政策是美国的政策。这些政策或许不能解释其他国家投资银行业的深刻变化。也许技术手段和投资观念的进步，才是这个行业变动的根本动力。 8、《华尔街日报》编辑部:《华尔街巨人》(Who's Who and What's What) 这是一本5年前出版的“华尔街百科手册”，在这里你可以找到许多已经消失的名字:所罗门美邦、潘恩韦伯、基德-皮博蒂乃至德雷克赛-哈顿。书中描述的市场环境和监管措施与今天已经有很大区别，但还不是天壤之别。为什么推荐这本书,因为它是由那些最了解华尔街的人撰写的，这些人知道华尔街巨人背后的秘密。 在每一个华尔街巨人的简介之后，紧接着的是几篇著名人物传记——出色的银行家，伟大的交易员，以及某些恶名昭彰的“坏孩子”。作者的笔调在轻松和严肃之间游走，而且经常能够一针见血地指出重要细节。这就是所谓的“华尔街日报体”，他们总是能够见微知著。 9、伯顿-麦基尔:《漫步华尔街》(A Random Walk on Wall Street) 麦基尔是极少数在学术界和实践界都做出重大成就的人物，他既是经济学家，又是职业投资者和分析师。他的核心观点只有一条:金融市场是有效的，证券价格的波动归根结底是随机漫步，所以华尔街是一个不应该存在的地方。 以上陈词滥调我们早已在课本上读过了，但是麦基尔用一种生动活泼的方式阐述了他的理论。他没有用一两个公式来糊弄我们，而是深入剖析了在现代工商业和金融业体系中蕴含的有效性和随机性，这些特性使一切技术分析和基本分析都趋于无效。我不赞成麦基尔的结论，但我们无法忽视他的论证，那简直是天才和雄辩的伟大结合。 10、沃伦-巴菲特:《巴菲特致股东的信》(Letters to Shareholders) 巴菲特没有撰写过什么专业著作，唯一的作品是每年写给伯克夏哈撒维公司股东的信。他每年都重复一些似乎早已过气的言论，例如现金的重要性，公司管理层的重要性，在折扣价格购买资产的重要性以及“为增长付出恰当代价”的重要性。 仅仅从一个细节就可以看出巴菲特的伟大——在目录中，排在最前面的是“公司治理”，其次才是“公司财务”。人们往往把巴菲特视为财务和税务专家，但他在鉴别公司经理人方面的才members from key minority outreach, promote a comprehensive strictly administering the party into the branches, put it into every party member, give full play to each party organization fight fortress function, each the exemplary vanguard role of party members. Is to promote the inner-party education extend from the concentrated education to regular education, in the regular education efforts, real party ideology in the all party members and the party's construction through system. Is to boost the spirit of all party members, education guide all members of the party in their respective work positions, responsible and dependable officer, make contributions. Therefore, we must from the height of political and global, fully aware of "two" learning the importance of education, put "two" education as a major political task and practice well. All members to active participation, really into, in "learn, and do, and modified, and promoting" upper and lower really Kung Fu, effective put thought and action unified to XI General Secretary of important indicates spirit up, unified to Central and provincial of decision deployment up, solid do learning education the work, effective do good accountability, caught in place, see effectiveness, condensed up officer venture, and promoted water the work of powerful power. Second, accurately grasp the "two" educational focus ... Marxist positions, knowing that good talk show a strong belief in pursuit, history as spirit, sincere feelings for the people, pragmatic style of thinking, enhance the scientific level of the work, and to better promote our work. In terms of learning methods, units of the party organization, the party branch in accordance with the implementation plan, organization members planned and subtopics to learn to combine 能无人能及。其实他的每一句话都可以归结为我们耳熟能详的真理，只是用一种非常简洁朴实的方式来表达而已。 11、布鲁斯-格林威尔:《价值投资》(Value Investing) 价值投资究竟是什么,它应该购买濒临破产的低价股，还是购买气势如虹的蓝筹股,从格雷厄姆开始，产生了许多价值投资的分支流派，成功的基金经理人拥有独特的模型和选股方法，但是其核心仍然与格雷厄姆差别不大。 格林威尔分析了自格雷厄姆以来最成功的价值投资经理人——马里奥-加比利、沃伦-巴菲特和保罗-索金等等，分析了他们成功和失败的案例，指出了在绚烂的投资行为背后的枯燥无味的模型。作为一位学者，格林威尔对模型的分析令人印象深刻;他的流畅文笔也可以使我们更深刻地认识到价值投资者成功的共同因素。 12、彼得-伯恩斯坦:《有效资产管理》(The Intelligent Asset Allocater) 作为金融学家，伯恩斯坦指出，尽管有效市场的存在使大部分证券分析手段都失去了价值，但是投资者仍然可以通过有效的资产配置来优化自己的回报。这本书花了大量时间讨论投资的一些基本问题，例如什么是风险，为什么要用方差来度量风险，以及股票为什么对债券具有很高的溢价。对于初学者来说，这些讨论尤其重要。 伯恩斯坦并没有给出什么精确的资产配置技巧，他只是一再强调分散配置资产、及时进行再平衡以及避免频繁交易的重要性。他并不迷信定量分析工具，反而希望投资者们通过理性的判断得出适合自己的资产配置结论，这在学者中是相当难得的。 13、理查德-费里:《指数基金》(All About Index Funds) 费里是一位投资组合分析师，也是有效市场假说的信奉者。他通过实证数据和自己多年工作的经验证明，积极管理的股票基金想打败市场是不现实的，所以最佳的投资策略就是把资产妥善配置到各种指数基金中去。 这本书用大量篇幅描述了指数编制和再平衡的方法——指数基金怎样做到尽可能模仿指数,怎样克服流动性、交易成本和税收方面的困难,那些与有效市场假说矛盾的“增强型”“基本面型”指数基金有可能成功吗,为什么固定收益方面的指数基金发展很慢,费里对这些问题一一做了力所能及的回答，但想说服所有人是不可能的。所以，积极管理基金仍然占据着全球金融资产的大部分份额。 14、大卫-史文森:《机构投资与基金管理的创新》(Pioneering Portfolio Management) 作为耶鲁大学捐赠基金的主管，史文森取得了超越绝大多数同行的业绩。他认为投资成功的关键不仅在于资产配置，也在于对各种资产门类的本质的深刻了解，以及在投资决策中坚持members from key minority outreach, promote a comprehensive strictly administering the party into the branches, put it into every party member, give full play to each party organization fight fortress function, each the exemplary vanguard role of party members. Is to promote the inner-party education extend from the concentrated education to regular education, in the regular education efforts, real party ideology in the all party members and the party's construction through system. Is to boost the spirit of all party members, education guide all members of the party in their respective work positions, responsible and dependable officer, make contributions. Therefore, we must from the height of political and global, fully aware of "two" learning the importance of education, put "two" education as a major political task and practice well. All members to active participation, really into, in "learn, and do, and modified, and promoting" upper and lower really Kung Fu, effective put thought and action unified to XI General Secretary of important indicates spirit up, unified to Central and provincial of decision deployment up, solid do learning education the work, effective do good accountability, caught in place, see effectiveness, condensed up officer venture, and promoted water the work of powerful power. Second, accurately grasp the "two" educational focus ... Marxist positions, knowing that good talk show a strong belief in pursuit, history as spirit, sincere feelings for the people, pragmatic style of thinking, enhance the scientific level of the work, and to better promote our work. In terms of learning methods, units of the party organization, the party branch in accordance with the implementation plan, organization members planned and subtopics to learn to combine 科学审慎的原则。史文森并不排斥积极管理，但他指出，要避免过高的管理费用和过于危险的风险敞口。他还对捐赠基金的支出政策进行了点评。 史文森举出了大量生动的事例，告诉我们在变幻莫测的市场中持续取得佳绩是何等困难。与我们想像的不同，他并未吹嘘自己如何成功，而是严肃分析了其他人失败的原因——过于轻率的投资决策，不恰当的风险管理，过高的资产管理费用以及“买涨卖跌”的错误心理等等。这些事例证明，心理或许是比技术更重要的因素。 15、斯蒂芬-戴维斯:《银行并购:经验与教训》(Bank Mergers: Lessons for the Future) 银行并购的浪潮席卷了整个世界，但是究竟有多少并购真的给股东带来了价值,驱使管理层不断收购或被收购的动机是什么,投资银行、机构投资者和银行管理层在并购中各自扮演了什么角色,作为管理咨询顾问，戴维斯用许多亲身经历的案例和访谈讲述了许多典型的并购故事。毫无疑问，大部分失败了，但成功者的奖赏很丰厚。 这本书从多个角度深入描述了并购的具体和主要问题。在这个并购横行的世界上，如此冷静的思考是少见的。作为一种复杂而且不稳定的金融机构，银行并购可能是世界上最艰难的并购，所以了解银行并购无疑就了解了并购问题的核心。 members from key minority outreach, promote a comprehensive strictly administering the party into the branches, put it into every party member, give full play to each party organization fight fortress function, each the exemplary vanguard role of party members. Is to promote the inner-party education extend from the concentrated education to regular education, in the regular education efforts, real party ideology in the all party members and the party's construction through system. Is to boost the spirit of all party members, education guide all members of the party in their respective work positions, responsible and dependable officer, make contributions. Therefore, we must from the height of political and global, fully aware of "two" learning the importance of education, put "two" education as a major political task and practice well. All members to active participation, really into, in "learn, and do, and modified, and promoting" upper and lower really Kung Fu, effective put thought and action unified to XI General Secretary of important indicates spirit up, unified to Central and provincial of decision deployment up, solid do learning education the work, effective do good accountability, caught in place, see effectiveness, condensed up officer venture, and promoted water the work of powerful power. Second, accurately grasp the "two" educational focus ... Marxist positions, knowing that good talk show a strong belief in pursuit, history as spirit, sincere feelings for the people, pragmatic style of thinking, enhance the scientific level of the work, and to better promote our work. In terms of learning methods, units of the party organization, the party branch in accordance with the implementation plan, organization members planned and subtopics to learn to combine