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Howard Marks's Top Book Recommendations

Want to know what books Howard Marks recommends on their reading list? We've researched interviews, social media posts, podcasts, and articles to build a comprehensive list of Howard Marks's favorite book recommendations of all time.

1
An exclusive blackjack club came up with a system to take the worldUs most sophisticated casinos for all they were worth. In two years, this ring of card savants earned more than three million dollars. Filled with tense action and incredibly close calls, this is a real-life adventure that could have stepped straight out of a Hollywood film. less
Recommended by Howard Marks, and 1 others.

Howard Marks[Howard Marks has this book on his shelf.] (Source)

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2

A Short History of Financial Euphoria

The world-renowned economist offers "dourly irreverent analyses of financial debacle from the tulip craze of the seventeenth century to the recent plague of junk bonds."—The Atlantic. less
Recommended by Howard Marks, and 1 others.

Howard MarksHas been very inspirational for me. (Source)

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3
With the stock market breaking records almost daily, leaving longtime market analysts shaking their heads and revising their forecasts, a study of the concept of risk seems quite timely. Peter Bernstein has written a comprehensive history of man's efforts to understand risk and probability, beginning with early gamblers in ancient Greece, continuing through the 17th-century French mathematicians Pascal and Fermat and up to modern chaos theory. Along the way he demonstrates that understanding risk underlies everything from game theory to bridge-building to winemaking. less

Jason ZweigIn the book, he explores risk at every conceivable level – what it is mathematically and what it is psychologically, how it has played out historically, how people have thought to measure it and also to control it. (Source)

John Lanchesterit’s an absolutely fascinating, for-the-layman account of how humanity mastered risk and came to understand probability. (Source)

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4
The Warren Buffett Way offers investors their first in-depth look at the innovative investment and business strategies behind the spectacular success of living legend Warren E. Buffett. Tracing Warren Buffett's career from the beginning, Robert G. Hagstrom, Jr., tells us exactly how, starting with an initial investment of only $100, Buffett built a business empire worth $19.4 billion. Offers a close-up look at Buffett's highly successful investment theories and strategies; identifies the types of businesses Buffett now finds most attractive, and which ones he avoids; and based on the author's... more
Recommended by Howard Marks, Grant Cardone, and 2 others.

Howard MarksI was asked to write the foreword for the latest edition. (Source)

Grant CardoneThis read contains a detailed analysis of Buffett’s principal investments through his early partnerships—and detailed descriptions of the circumstances under which some of those investments were actually made. This alone makes it great learning material for anyone interested in trying to emulate him. (Source)

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5
Fooled by Randomness is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. The other books in the series are The Black Swan, Antifragile, and The Bed of Procrustes.

Now in a striking new hardcover edition, Fooled by Randomness is the word-of-mouth sensation that will change the way you think about business and the world. Nassim Nicholas Taleb–veteran trader, renowned risk expert, polymathic scholar,...
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James AltucherAnd throw in “The Black Swan” and “Fooled by Randomness”. “Fragile” means if you hit something might break. “Resilient” means if you hit something, it will stay the same. On my podcast Nassim discusses “Antifragility” – building a system, even on that works for you on a personal level, where you if you harm your self in some way it becomes stronger. That podcast changed my life He discusses... (Source)

Howard MarksReally about how much randomness there is in our world. (Source)

Anant JainThe five-book series, "Incerto", by Nassim Nicholas Taleb has had a profound impact on how I think about the world. There’s some overlap across the books — but you'll likely find the repetition helpful in retaining the content better. (Source)

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6
Factfulness: The stress-reducing habit of only carrying opinions for which you have strong supporting facts.

When asked simple questions about global trends—what percentage of the world’s population live in poverty; why the world’s population is increasing; how many girls finish school—we systematically get the answers wrong. So wrong that a chimpanzee choosing answers at random will consistently outguess teachers, journalists, Nobel laureates, and investment bankers.

In Factfulness, Professor of International Health and global TED phenomenon...
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Barack ObamaAs 2018 draws to a close, I’m continuing a favorite tradition of mine and sharing my year-end lists. It gives me a moment to pause and reflect on the year through the books I found most thought-provoking, inspiring, or just plain loved. It also gives me a chance to highlight talented authors – some who are household names and others who you may not have heard of before. Here’s my best of 2018... (Source)

Bill GatesThis was a breakthrough to me. The framework Hans enunciates is one that took me decades of working in global development to create for myself, and I could have never expressed it in such a clear way. I’m going to try to use this model moving forward. (Source)

Nigel WarburtonIt’s an interesting book, it’s very challenging. It may be over-optimistic. But it does have this startling effect on the readers of challenging widely held assumptions. It’s a plea to look at the empirical data, and not just assume that you know how things are now. (Source)

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7
If you want to build a better future, you must believe in secrets.

The great secret of our time is that there are still uncharted frontiers to explore and new inventions to create. In Zero to One, legendary entrepreneur and investor Peter Thiel shows how we can find singular ways to create those new things.

Thiel begins with the contrarian premise that we live in an age of technological stagnation, even if we’re too distracted by shiny mobile devices to notice. Information technology has improved rapidly, but there is no reason why progress should be limited to...
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Elon MuskPeter Thiel has built multiple breakthrough companies, and Zero to One shows how.” - Elon Mus (Source)

Mark ZuckerbergThis book delivers completely new and refreshing ideas on how to create value in the world. (Source)

Eric WeinsteinIf you really understand something that the rest of the world is confused about, and it’s an important truth, [this book] says here are all the ways you might want to make that work. (Source)

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8
Elon Musk, the entrepreneur and innovator behind SpaceX, Tesla, and SolarCity, sold one of his internet companies, PayPal, for $1.5 billion. Ashlee Vance captures the full spectacle and arc of the genius's life and work, from his tumultuous upbringing in South Africa and flight to the United States to his dramatic technical innovations and entrepreneurial pursuits. Vance uses Musk's story to explore one of the pressing questions of our age: can the nation of inventors and creators who led the modern world for a century still compete in an age of fierce global competition? He argues that Musk... more

Richard BransonElon Musk is a man after my own heart: a risk taker undaunted by setbacks and ever driven to ensure a bright future for humanity. Ashlee Vance's stellar biography captures Musk's remarkable life story and irrepressible spirit. (Source)

Casey NeistatI'm fascinated by Elon Musk, I own a Tesla, I read Ashlee Vance's biography on Elon Musk. I think he's a very interesting charachter. (Source)

Roxana BitoleanuA business book I would definitely choose the biography of Elon Musk by Ashlee Vance, because of Elon's strong, even extreme ambition to radically change the world, which I find very inspiring. (Source)

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9
Most startups fail. But many of those failures are preventable. The Lean Startup is a new approach being adopted across the globe, changing the way companies are built and new products are launched.

Eric Ries defines a startup as an organization dedicated to creating something new under conditions of extreme uncertainty. This is just as true for one person in a garage or a group of seasoned professionals in a Fortune 500 boardroom. What they have in common is a mission to penetrate that fog of uncertainty to discover a successful path to a sustainable business.
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Sheryl SandbergProvides a great inside look at how the tech industry approaches building products and businesses. (Source)

Dustin MoskovitzAt Asana, we've been lucky to benefit from [the author]'s advice firsthand; this book will enable him to help many more entrepreneurs answer the tough questions about their business. (Source)

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10

Principles

Life and Work

Ray Dalio, one of the world’s most successful investors and entrepreneurs, shares the unconventional principles that he’s developed, refined, and used over the past forty years to create unique results in both life and business—and which any person or organization can adopt to help achieve their goals.

In 1975, Ray Dalio founded an investment firm, Bridgewater Associates, out of his two-bedroom apartment in New York City. Forty years later, Bridgewater has made more money for its clients than any other hedge fund in history and grown into the fifth most important private...
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Mark CubanThe book I wish I had as a young entrepreneur. (Source)

Tony RobbinsI found it to be truly extraordinary. Every page is full of so many principles of distinction and insights—and I love how Ray incorporates his history and his life in such an elegant way. (Source)

Bill GatesRay Dalio has provided me with invaluable guidance and insights that are now available to you in Principles. (Source)

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Don't have time to read Howard Marks's favorite books? Read Shortform summaries.

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11
In Super Bowl XLIX, Seahawks coach Pete Carroll made one of the most controversial calls in football history: With 26 seconds remaining, and trailing by four at the Patriots' one-yard line, he called for a pass instead of a hand off to his star running back. The pass was intercepted and the Seahawks lost. Critics called it the dumbest play in history. But was the call really that bad? Or did Carroll actually make a great move that was ruined by bad luck?

Even the best decision doesn't yield the best outcome every time. There's always an element of luck that you can't control, and...
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Charles DuhiggThrough wonderful storytelling and sly wit, Annie Duke has crafted the ultimate guide to thinking about risk. We can all learn how to make better decisions by learning from someone who made choices for a living, with millions on the line. (Source)

Marc AndreessenCompact guide to probabilistic domains like poker, or venture capital. Best articulation of "resulting", drawing bad conclusions from confusing process and outcome. Recommend for people operating in the real world. (Source)

Seth GodinBrilliant. Buy ten copies and give one to everyone you work with. It's that good. (Source)

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12
The bestselling classic on disruptive innovation, renowned author Clayton M. Christensen.

His work is cited by the world’s best-known thought leaders, from Steve Jobs to Malcolm Gladwell. In this classic bestseller—now updated with a fresh new package—innovation expert Clayton Christensen shows how even the most outstanding companies can do everything right—yet still lose market leadership. Read this international bestseller to avoid a similar fate.

Clay Christensen—who authored the award-winning Harvard Business Review article “How Will You Measure Your...
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Jeff BezosBrad Stone's new book, The Everything Store, describes how Bezos developed this strategy after reading another book called The Innovator's Dilemma by Harvard professor Clayton Christensen. (Source)

Steve JobsIt's important that we make this transformation, because of what Clayton Christensen calls "the innovator's dilemma," where people who invent something are usually the last ones to see past it, and we certainly don't want to be left behind. (Source)

Max Levchin[Max Levchin recommended this book as an answer to "What business books would you advise young entrepreneurs read?"] (Source)

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Don't have time to read Howard Marks's favorite books? Read Shortform summaries.

Shortform summaries help you learn 10x faster by:

  • Being comprehensive: you learn the most important points in the book
  • Cutting out the fluff: you focus your time on what's important to know
  • Interactive exercises: apply the book's ideas to your own life with our educators' guidance.