The 5 best books on the right investment & finances: Thinking on the stock market! {Reading tip}

Who be Money If you want to invest well, you should think for a moment. Because otherwise there is a risk of being tricked, for example by forecasts that go wrong after all. Or through group dynamics – because everyone does it, James Montier has to advise: Think for yourself!

When it comes to money: act yourself

The financial and banking crisis has shown once again how negligent it is to make decisions about one's own assets, no matter how modest, in others hands to lay. There is no such thing as responsible financial investment Alternatives. And that requires you to become smart yourself.

One of the most distinguished experts, James Montier, now uses new insights into behavioral economics to show what investors need to watch out for. In his book The Key to Your InvestmentSuccess”, which is as important as it is entertaining.

Private investor's best friend is called Brain

A bat and a ball together cost 1,10 euros. The bat costs one euro more than the ball. So how much does the ball cost? No, 10 cents is wrong! The ball only costs 5 cents. Did you know? Probably not, and neither do I, by the way.

It is one example of many that James Montier's book “The Key to Your Investment Success” illustrates what behavioral economics, or more recently “behavioral finance”, deals with. The way we trick ourselves.

Plain text from the guru

James Montier has worked as an investment manager for 20 years and has made a name for himself as a book author. His mostly obese books are considered standard works. With “The key to your investment success” he has now presented a small volume for interested private investors.

You will learn why the most important enemy of your investment success is you - and what you can do about it.

Discounts for your success (advertising)!

Do we still live in the Stone Age?

Our brains are the result of a long evolutionary development, which, however, and this is the problem, proceeds at a geological snail's pace. It is therefore very well adapted to the conditions that we found as prehistoric people 150.000 years ago in the African savannah, but poorly to the requirements of an industrial environment Welt, which has only existed for 300 years.

And certainly not that of a modern financial system that we have only had for a few decades. The System However, the brain stem still controls many of our behaviors, especially when we are under Stress devices.

We then react without thinking “quickly”. For survival in the wild, this is as necessary as it is right. Because you'd better run away too much when everyone does it than be eaten by the next lion.

Forecasts go into the pants

And what are the keys to your investment success? James Montier Says Forget the Past, Don't Believe in Forecasts and Avoid Experts! We have a deep-seated reluctance to change opinions once formed, which leads to the Future to allow directed decisions to be influenced by earlier ones.

You may be familiar with the phenomenon that you only then return to positions merchandisewhen the cost value is reached again - out of sheer grief about the so-called "sunk costs".

“Those who have knowledge do not prophesy. Those who prophesy have no knowledge. ”

The accuracy of predictions of the many experts is hardly greater than that of a random generator. Nevertheless, we are sucking on all kinds of futurism. Do not let that impress you, warns Montier.

It doesn't matter whether it's about the impoverishment of western industrial societies due to demographic developments, bright prospects or catastrophic scenarios for the DAX at the end of the year. Better stick to the Chinese philosopher Lao Tse: “Who Background has, does not prophesy. Whoever prophesies has no knowledge."

Help, cognitive distortion

Montier swirls our everyday assumptions properly. How can it be that more than half of all drivers consider themselves above-average good drivers? (And in a well-groomed round of investment managers one can hardly expect a different result!)

There is an innate cognitive bias at work here, the “overconfidence-bias” (stronger in men than in Women pronounced and strongest among experts of all stripes).

Group dynamics are idiotic

Just as erroneous the assumption, many information led to right decisions. The other way around is a shoe. More information definitely does not help to make better decisions, but only to the dangerous certainty of being right. Or the belief that collective decisions are the better.

In fact tend People tend to behave more idiotically in groups than when they are on their own, and even more so when these groups are structured hierarchically. And even if we know it's wrong, we're happy to side with it Opinions to the majority. Because going against the herd doesn't just solve Anxiety but also creates pain – measurable with modern brain scans.

Whoever does not become rich with this book will at least be well entertained

Montier is a committed value investor, that is, a supporter of an investment strategy that tries to analyze “undervalued” Companys to achieve above-average returns.

Warren Buffet, one of the best-known representatives of this school, has thus become rich. I am neither the one nor the other, but I still recommend the book. For if you do not want to become a value investor, it is instructive and very entertaining because of the many behavioral experiments that Montier presents.

Saving tips for young professionals: Paddling instead of messing up

Long gone are the days when trainees, young professionals and students had to starve and lived on pasta and ketchup. Today they invest their money in the stock market and have the best insurance. Anyone who is still looking aimlessly for savings tips and wants to know how Boy people can increase their money, turns to the small change heroes.

Marian Kopocz is a trainee at Focus Money and knows what he is talking about when it comes to the tight student budget. "Only after mine Study economics, I thought about investing a little money in stocks," he says, "for about three months I got information from my bank, from newspapers, from TV and Internet. "

Know what the budget is

Finally he ventured the jump and put on 25 Euro. His start-up capital has become a bit more after a few ups and downs. In his work as an editor, he also learned a lot more about dealing with money and the financial world. Since 2016 he spreads his knowledge and saving tips with his colleagues on the blog "change heroes".

Now his first advisor appeared, in which he constricts the perfect info package for students and young professionals in a compact form. Which insurance do I need with beginning 20? What do I have to consider when looking for accommodation and rent? How do I save additional costs? And do students actually make a tax return?

The financial advisor for new entrants

In clear chapters, Kopocz gives all the necessary information that responsible students and trainees should have for sure to deal with money. Because that is what Kopocz is all about: “My personal Motivation is that I can manage my money myself", says the journalist, "I want to know what I am giving my money for Taxes pay why the rent is so damn high.”

It can be described as very traditional when young people are already familiar with the pension think and in the right one prevention invest should. On the other hand, it is also quite smart if there is already enough money to be able to treat yourself to a holiday when you start your career.

So that your money makes a career

The title "Börsenwelten - Finanzexperten up close" shows how the doers act on the international financial markets, what stories stand behind the people - and what experiences. By the way, it offers numerous helpful ones ideas for your personal investment strategy – fresh from the experts, so to speak!

When it comes to money, Germans still prefer to trust others. The savings bank, the bankers or the neighbors. Making yourself smart and investing the more or less sourly earned money on your own has gone completely out of fashion. Although the failure of the banks and the bankers should actually raise the alarm bells, even though the political uncertainties call for being proactive, the opposite happens - I don't want to have anything to do with investing. The Katzenjammer is preprogrammed.

Knowledge that really pays off

The book by the two consultants Petra Fechter and Petra Lux show that there is another, more productive view of the financial markets. They interviewed some of the best-known and most important financial experts in the German-speaking world about their career, their principles and experiences in the financial markets.

The result is an entertaining walk through the financial world. He shows that dealing with the stock markets can not only be lucrative, but also Fun might. And he shows that even the most diverse investment approaches, no matter how different they are in terms of content, have one thing in common: passion and passion Energy, which raise all the protagonists for the stock market.

A lucrative passion

There are exactly 23 financial experts, Petra Fechter and Petra Lux Rede and answer stood. Starting with “Mister Dax” Dirk Müller via the bestselling author and Professor Max Otte up to critical ghosts like Susanne Schmidt.

All experts are presented on two sides in a pointed way and then asked intelligently and revealingly:

Pragmatic access to the topic

“When did you first start to be active in the financial markets? What was your first investment? What is your typical working day like? Who is your biggest investment idol? What are the biggest mistakes investors generally make? ”

It's the mix of Ask on personal access to the financial markets and on substantive questions about investing, which open up a pragmatic approach to the topic. A range is brought to light that also shows private investors the large scope in which they can move.

Discover the fascination of the financial markets

As different as the interviewed experts, so varied are their experiences and tips. Most of them discovered the fascination of the financial markets by chance.

And most of them failed their first investments. But the majority of the interviewees ways found that he could keep track of the ups and downs for himself and his even in the hustle and bustle of the stock market customers to use.

No book with seven seals

For as complex as the stock exchange worlds are. A book with seven seals they are certainly not. Financial markets are the result of economic and political processes.

You cannot predict both. But you can understand it. Or as Dirk Müller says: "You don't have to know what the future holds, you just have to be prepared for every form of the future." And that ultimately means the intelligent diversification of the portfolio.

23 of the most prominent financial experts in Germany in one go

Anyone who has said goodbye to the stock markets again due to bad experiences or has not yet dared to tackle the topic at all will find good access and helpful suggestions for the right start in "Börsenwelten - Finanzexperten up close". And for private investors who are already reasonably professional about the Career of their money, the interviews and the many different perspectives offer a good corrective for your own investment decisions.

Great insights and helpful suggestions for your personal investment strategy. And a bargain too. Because nowhere else does the squad of the most sought-after financial experts in Germany present their knowledge and expertise Strategies so concentrated - and at the same time highly entertaining.

Economic theories for everyday life

Can economic theory also be applied to the Everyday life transfer? Yes, says Harvard lecturer and economics expert Clayton M. Christensen. In his new book, Ways instead of Irrwegs, he explains why - and at the same time presents what is probably his most personal book.

The author is one of the most influential economic thinkers in the world. And already with his book “The Innovator's Dilemma” he landed a bestseller. Now he has an extremely interesting life guide for Executives written. How it works? He applies economic theories to everyday life. Amazing how well this works and how enlightening it is!

No coaching book and no guidebook

“Paths instead of wrong ways” is not an economic advisor in the narrower sense, not a social criticism, not a Coaching-Book and certainly not an autobiography. Although it would be one of the strong publications in all areas.

Clayton discovered almost by accident that his (former) students, despite being exemplary Vocational Training and excellent grades sometimes got off the rails, suffered professional and private crash landings.

Economic advancement and happiness in life follow the same rules of the game

In the course of his research, he is investigating the causes that make people happy in their private and professional life without neglecting moral standards.

He finds what he is teaching at the university and preaches as a consultant: “Every year I am amazed anew how the same theories that we apply to companies succeed in bringing light into our personal lives”.

Hygiene and motivation

more economical Ascent and personal happiness in life function according to similar ones Regulate, the author points out.

“Hygiene factors” like Status, remuneration and occupational safety must be combined with “motivators” such as challenge, recognition and personal development interact so that the life balance is positive.

Personal and professional success is no accident

In his book, Christensen provides ample evidence that personal and financial success is no coincidence, but follows firm principles: “The most important thing is to get out of the house and try new things until you learn where and how your talents, interests and priorities pay off."

An interesting book that is fun to read and contains lots of clever thoughts. Stunning how many parallels there is!

Lord of his own finances

If you want to know what is being done with your money, you should invest in shares invest – because then you can at least have a say in what happens with your money and where it is invested. The necessary basic knowledge can be found in “Stocks for Dummies”.

What are shares? how do they work Where and how can you buy some? But also how you position yourself in such a way that you risks keep it low and how to analyze price trends is explained in this book in a way that is easy to understand. You will finally be in control of your finances!

Stock trading for beginners

It's about understanding the stock trading and confidently entering the trading floor - even for newcomers. For example:

• If I buy shares, will I only buy them from the DAX, or better still, funds?
• What are risk classes?
• At what price development should I buy and then sell?

Ask the experts

Beginners in particular not only have countless questions about stock market trading, but also a healthy distrust of the bank advisor, who covers up gaps in knowledge with specialist terminology.

You'd better ask Christine Bortenlänger and Ulrich Kirstein right away. Bortenlänger is a proven stock exchange expert, she was on the board of the Bayerische Börse AG for a long time. Kirstein is an experienced business journalist.

Structure of the book

Together with the book “Aktien für Dummies” they have presented the perfect basic course for newcomers to stocks: Without any prior knowledge, you can get a taste of the stock market with this book.

In three detailed chapters (“Shares – a simple principle”, “Investment strategies with shares” and “Information for the knowledge advantage”) the authors whet the appetite for trading in securities.

Practically gather and understand information

Above all, however, they create practical, with many examples, Checklists and sample calculations are the basis for you to move confidently on the trading floor (and the introduction of the bank advisor to the customer meeting with a friendly "I already know...") clear shorten). Good book!

Conclusion: “Equities are easy to understand and you can use them anywhere in the world Industries invest” Bortenlänger and Kirstein write at the beginning of their guide: Anyone who reads the book will agree with the authors: “It’s not all that difficult if it’s explained correctly.” Succeded!

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