The Putnam Bookshelf

A study of CEOs who delivered extraordinary shareholder returns, by Will Thorndike

“The best musicians know that the most powerful note is often the one you don’t play. Will Thorndike profiles eight CEOs who shared that instinct, shunning the spotlight and quietly outperforming the S&P 500 by a factor of 20.”

— Spencer Morgan, CFA, Portfolio Manager

One of the world’s leading investors, Howard Marks shares his investment philosophy and insights on risk and market cycles. The book uses his famous client memos as examples to illustrate how to navigate the complexities of investing and achieve superior results through disciplined, thoughtful decision-making.

Joan Magretta’s definitive guide to Michael Porter’s groundbreaking frameworks on competitive strategy is essential reading for investors seeking to understand what makes companies sustainably competitive. The book clarifies essential concepts, dispels common misconceptions, and introduces Porter’s five tests of robust strategy. 

Veteran fund manager Joel Tillinghast outlines simple but crucial steps to successful investing with an emphasis on self-awareness, patience, and decision-making based on personal expertise. Tillinghast offers lessons on avoiding common mistakes, identifying mispriced stocks, and learning from others’ errors.

A comprehensive history of market-shaping industries, by Alasdair Nairn

“Nairn details 10 major technological booms since the Industrial Revolution. He shows that while technologies change, investor behavior rarely does. A timely read brimming with memorable detail and enduring insight.”

— Alex Bayman, Analyst

Adam Sessel offers practical tools and case studies of companies like Amazon and Alphabet to show how tech firms’ heavy reinvestment in R&D masks their true worth. Sessel challenges traditional valuation methods and introduces a “Value 3.0” framework. His insights are a resource for investors in today’s technology-driven markets.

An exploration of how financial decisions are shaped, by Morgan Housel

“Housel shows that success with money is not just about what you know, but how you behave. It is a compelling look at how patience, discipline, and long-term thinking often matter more than skill when it comes to building wealth and making better financial decisions.”

— Vivek Gandhi, CFA, Portfolio Manager

A practical guide for improving decision-making, by Dan Gardner and Philip E. Tetlock

“This is a must read for fundamental investors looking to improve their prediction-making skills and gain conviction in taking non-consensus bets.”

— Shep Perkins, CFA, Chief Investment Officer

This collection of Marathon Asset Management’s research is a compelling introduction to the capital cycle approach to investing. The book demonstrates why understanding supply-side dynamics is as crucial as analyzing demand.

A guide for differentiating between skill and luck, by Michael Mauboussin

“This is a fantastic, empirically based approach to untangling skill versus luck in various domains. It helps readers assess where an activity, like investing, sits on the luck-skill continuum and helps improve process and outcomes. It reminds us to judge ourselves on process in the short term and outcomes in the longer term. A wonderful and practical toolkit for investors or anyone looking to navigate ‘success’ in their domain.”

— Stephanie Dobson, Portfolio Manager

Robert Hagstrom encourages readers to see investing not as a narrow technical skill, but as a discipline that rewards intellectual range and curiosity. His view is that investing requires a multidisciplinary approach, drawing on fields beyond finance, such as physics, biology, psychology, and literature, to build a “latticework of mental models” for better decision-making.

A roadmap for fund managers and anyone interested in building resilient portfolios, by David Swensen

“Yale’s endowment exemplified excellence over a long period due to consistent and repeatable processes that centered around the concept of governance is alpha. This included structures that allowed for better outcomes via incentives, longer time horizons, and appropriate measuring and monitoring. These disciplines apply to both manager selection and stock selection.”

— Rob Forker, Portfolio Manager

Practical advice for long-term investors, by Christian Mayer

“Easy-to-read case studies of exceptional investment returns throughout history from quality businesses with long runways for growth. It reminds investors, through tangible examples, of the merit in hunting for durable growth stocks, being mindful of valuation while recognizing that big winners aren't always obviously ‘cheap’, and being patient as compounding works its magic.”

— Jarrod Burton, CFA, Analyst

William Green profiles strategies, philosophies, and life lessons of legendary investors. The book goes beyond financial success, showing how wisdom, humility, and resilience contribute to happiness and fulfillment.

Bruce Greenwald’s guide to understanding competitive advantage and the structural advantages that keep competitors at bay. The book is essential reading for investors seeking to identify companies with durable economic moats and avoid value traps in highly competitive industries.

Patrick Dorsey offers a concise guide to identifying companies with durable competitive advantages. The former director of equity research at Morningstar explains the four sources of economic moats, and teaches investors how to spot companies that can fend off competitors and sustain profitability.

Jeremy C. Miller' s insightful analysis of Warren Buffett’s partnership letters from 1956–1970 distills the principles that guided Buffett before Berkshire Hathaway. The book reveals foundational strategies he developed in his formative years that remain remarkably relevant for today’s investors.

Tren Griffin distills investing philosophy and wisdom from Charlie Munger’s speeches, writings, and interviews. The book focuses on cultivating interdisciplinary mental models that ordinary investors can apply to investing and life.

Geoffrey Moore introduces the concept of “gorillas”—dominant companies that capture disproportionate market share when new technologies become standards. A framework for identifying potential gorillas early, the book is essential reading for investors navigating disruptive tech landscapes during periods of rapid innovation. 

An accessible introduction to value investing, by Joel Greenblatt

“Greenblatt offers a strikingly simple approach to investing. Through his ‘magic formula,’ he demonstrates that strong results are often driven not by complexity, but by consistently applying a clear process—an idea that resonates in a period of ongoing technological disruption.”

— Tessa Mannix, Equity Associate

An exploration of how ideas, trends, and behaviors spread like epidemics, by Malcolm Gladwell

“The book’s message is encapsulated in Gladwell’s words: ‘Look at the world around you. It may seem like an immovable, implacable place. It is not. With the slightest push—in just the right place—it can be tipped.’”

— Karan Sodhi, CFA, Portfolio Manager