Build a systematic stock investment pathway - The 5 must-read books for beginners

Why Stock Books Are Important for Beginner Investors

Often, novice investors enter the stock market unprepared. The result is losing money due to decisions made without a solid foundation. Reading appropriate stock books serves as a protective shield, allowing us to learn from others’ mistakes and avoid falling into the same traps. While it doesn’t guarantee no errors will occur, the accumulated knowledge helps us make better decisions.

Five Stock Investors to Study in 2025

No. 1: Cultivating Stocks for Sustainable Results - by Kavi Chukijkasem

Suitability Level: ⭐⭐⭐⭐⭐

Why Read: This book is the best starting point for those just entering the investment world. Kavi’s teaching style is storytelling based on real experiences, explaining concepts in language that most people can easily understand. Readers can grasp and apply the lessons in real life.

Main Content: The book teaches value investing (Value Investor) from the basics to analyzing a company’s competitive ability, calculating return on equity, and valuing stocks using P/E and P/BV ratios.

Suitable For: Beginners who want to build a solid knowledge foundation without any prior financial background.

Highlights: The content focuses on Thai stocks from the start, with clear examples, giving a sense of security that stock selection isn’t as difficult as it seems.

Limitations: The material is quite basic and may not be as in-depth as what experienced investors might seek.

No. 2: The Intelligent Investor - by Benjamin Graham

Suitability Level: ⭐⭐⭐⭐

Why Read: Considered the bible of value investing, this book was written in 1949, yet its principles remain valid and timeless. Many great investors, including Warren Buffett, acknowledge this as the best investment book they’ve ever read.

Main Content: Graham divides investors into two types: defensive (low-risk) and aggressive (high-return). It then teaches different strategies for each, emphasizing rational decision-making over emotional reactions.

Suitable For: Those with some stock knowledge who want to understand deeper principles.

Highlights: Its analysis principles have stood the test of time. Graham’s approach forms the basis of mainstream investing, helping readers understand why many stick to this method.

Limitations: The language is somewhat heavy and formal; some sentences require multiple readings to fully understand. Examples are mostly foreign stocks, which might be slightly intimidating for Thai readers.

No. 3: Breakthrough - Stock Strategies in Crisis by Dr. Nivesh Meewachiraworakorn

Suitability Level: ⭐⭐⭐⭐⭐

Why Read: If there’s a Thai stock book that revolutionized Thai investors’ understanding of investing, it’s this one. Dr. Nivesh presents value investing in the Thai context, so readers don’t have to imagine how foreign stocks work—they’re all about Thai stocks from start to finish.

Main Content: The book teaches investors to view investing as owning a business long-term, not short-term trading. Every crisis hides opportunities for those prepared to buy at lower prices.

Suitable For: New stock investors wanting to understand Thai stock investing specifically.

Highlights: All examples are Thai stocks, so readers can research these companies in reality. The writing is easy and engaging, like listening to an expert share personal experiences.

Limitations: The content is more overview than detailed analysis. Those seeking specific analytical methods may find the information insufficient.

No. 4: One Up on Wall Street (by Peter Lynch and John Rothchild

Suitability Level: ⭐⭐⭐⭐

Why Read: Peter Lynch managed the Magellan Fund for 13 years, growing it from $18 million to $14 billion. This book reveals how he finds high-potential stocks, especially those unknown to most people.

Main Content: Lynch categorizes stocks into six types: slow growers, stalwarts, fast growers, cyclicals, turnaround stocks, and asset plays. It teaches how to analyze these types and find “Tenbaggers”—stocks with over 300% profit potential.

Suitable For: Investors with some experience or those wanting to learn fundamental analysis techniques.

Highlights: Written in an engaging, accessible style, avoiding overly complex technical jargon. Covers various investment approaches.

Limitations: The Thai translation sometimes makes it unclear what the original means. All examples are foreign stocks, so Thai investors need to learn about international stock investing as well.

) No. 5: Buffettology - The Legendary Investor Warren Buffett by Mary Buffett and David Clark

Suitability Level: ⭐⭐⭐⭐⭐

Why Read: Warren Buffett is the world’s most successful investor. He kept his investment methods secret for a long time. This book, written by his former daughter-in-law who was close to Buffett, reveals his secret techniques that he only teaches to family members.

Main Content: Buffettology divides into two parts: qualitative assessment ###Is the business good?( and financial calculations )What is the buy price?(. Buffett also uses DCF )Discounted Cash Flow( to determine the true value of stocks.

Suitable For: Investors with some experience who want to understand advanced analysis techniques.

Highlights: Not overly complex; uses understandable formulas. Includes examples from companies Buffett has invested in, showing that Buffett-style investing really works.

Limitations: Focuses mainly on long-term investing, typically over 10 years or more. Applying these methods requires extensive analysis and many factors.

How to Choose Stock Books That Suit You

) If you’re a complete beginner, where should you start?

For those who have never experienced the stock market, it’s recommended to start with books written by Thai authors. The advantage is that the language is easy to understand, examples are Thai stocks you can research in reality, and the thinking framework suits the Thai stock market context.

After grasping the basics, gradually move on to foreign authors’ books, as at that stage, you’ll have enough foundation to understand content aimed at international markets.

( Is it possible to invest without reading books?

One option is investing through mutual funds, where the fund manager manages the investments for you. This suits people who lack time or don’t want to study stock books.

However, in reality, regardless of the investment method, reading finance and investment books remains essential because basic knowledge is crucial for making decisions.

) To beat the stock market long-term, what should you focus on?

1. Market Timing ###Market Timing###: If you can buy low and sell high, you have a chance to profit both short-term and long-term, during bull and bear markets.

2. Asset Selection ###Asset Selection(: The assets chosen should have long-term growth potential. Otherwise, even holding for a long time, returns may be negative when considering inflation.

3. Asset Allocation )Asset Allocation(: Diversifying investments across different asset classes according to your plan—stocks, bonds, real estate, cash—reduces volatility and helps the portfolio grow steadily.

All five recommended books can help readers master these three areas, as each offers a different perspective on investing.

The Path to Balanced Learning

Studying stock books should be about discovering your own style, not seeking the “most correct” investment method. In reality, each person’s investment style varies based on experience, ability, and objectives.

Start with basic books, then try trading with small amounts to gain experience. Gradually move to more advanced and complex strategies. Ultimately, successful investors are those who can synthesize knowledge from various sources and develop their own investment approach.