Stock Investment Learning Path: 5 Guides to Read in 2025

New investors in stocks often face the same question: where should I start? The answer requires systematic study, and reading carefully selected stock market books is the most important first step.

Why Reading Books is the Foundation for Investors

Those who prepare before entering the stock market tend to succeed more often because studying from books builds a basic shield for us. Learn from the experiences and mistakes of other investors documented in these books.

Five Must-Read Stock Market Books for Beginners

1. “Growing Stocks for Sustainable Results” - Solid Fundamentals

Author: Khun Kavi Chukijkasem (Deputy Managing Director of Kasikorn Securities)

Difficulty Level: ⭐ (Easiest)

This book is designed to help beginners understand value investing (Value Investor) from basic concepts to simple valuation methods using P/E, P/BV, and ROE.

Suitable for: Beginners who want to build a solid foundation

What you’ll learn: Thinking like a business owner, principles of selecting quality stocks, basic financial statement analysis

Key Point: Buy when prices are truly low, not just regularly. Over 30-40 years, the Thai stock market has declined by 50% multiple times, creating opportunities for patient investors.

2. “Breaking Through: Strategies for Stock Playing in Crisis” - Learning from Obstacles

Author: Dr. Nivesh Meewachirawarakorn (Pioneer of VI Concept in Thailand)

Difficulty Level: ⭐⭐

Special Feature: This book lays the groundwork for stock trading in both normal and crisis conditions. Dr. Nivesh explains that every crisis always comes with hidden opportunities.

Suitable for: Those who have read “Growing Stocks” and want more knowledge

Difference: All examples use Thai stocks, making it easier to understand our local market context. The strategy is to hold stocks for 10 years or more; if the business remains good, there’s no need to sell.

Limitation: Content may not delve deeply into technical analysis.

3. “The Intelligent Investor” - Classic Theory

Author: Benjamin Graham (Warren Buffett’s Teacher)

Difficulty Level: ⭐⭐⭐

Main Content: This book divides investors into two types - risk-takers (Responsible) with limited knowledge and time, and aggressive (Aggressive) investors with more knowledge and dedication.

Role: Graham’s approach achieved an average return of 20% per year from 1936-1956, while the general market only returned 12.2%.

Suitable for: Investors with some background knowledge who want to understand the theory

Challenge: The language can be somewhat difficult, and some concepts are quite old (written over 72 years ago)

4. “Beating the Street” - Finding Hidden Opportunities

Authors: Peter Lynch & John Rothchild

Difficulty Level: ⭐⭐

Unique Approach: Lynch is famous for managing the Magellan Fund, growing it from $18 million to $14 billion in 13 years. He focuses on finding stocks with multi-fold growth potential (Tenbagger), often unknown to most.

Stock Classification: 6 types—slow growers, stalwarts, fast growers, cyclical stocks, turnaround stocks, and asset-rich stocks.

Suitable for: Experienced investors or those interested in fundamental analysis

Advantages: Covers multiple perspectives, engaging to read

Disadvantages: All examples are foreign stocks; the Thai translation sometimes lacks clarity in conveying the content.

5. “The Buffett Way” - Secrets Revealed by the Great Investor

Authors: Mary Buffett & David Clark (Authors close to Warren’s daughter-in-law)

Difficulty Level: ⭐⭐⭐⭐

Content: Divided into two parts—evaluating quality stocks and deep calculations including DCF (Discounted Cash Flow)

Special Feature: Explains Buffett’s money management strategies never revealed publicly. Besides normal investing, Buffett also indulges in some speculative activities.

Suitable for: Investors with some experience

Note: Focus on long-term investing (10 years or more). Each analysis requires considering multiple factors.

How to Choose the Right Stock Market Book for You

Step 1: Start with books by Thai authors; the language is clearer, and examples relate to Thai stocks and real life.

Step 2: Read Khun Kavi’s “Growing Stocks” first to build a foundation.

Step 3: Once understood, read “Breaking Through” to learn managing in volatile situations.

Step 4: Study foreign books when ready.

From Books to Practical Action: Strategic Steps

Phase 1 - Build Confidence: Invest in foreign stock index ETFs (ETF), which carry lower risk than picking individual stocks.

Phase 2 - Practice: Use a virtual account with $50,000 free to experiment before investing real money.

Phase 3 - Stock Selection: After reading and practicing, select stocks aligned with your investment style.

Keys to Long-term Success

Market Timing: Buy low, sell high—effective in both bull and bear markets.

Smart Asset Selection (Asset Selection): If assets don’t grow, you risk losing to inflation.

Diversify Prudently (Asset Allocation): Mix bonds, stocks, real estate, and cash according to your plan to reduce risk and foster sustainable growth.

Closing: Stock Market Books Are Not the End

These five books are not just information but templates for discovering your own investment style. Every investor has a different approach, and the key is to combine the knowledge from these books with your own experience to build a strong, long-lasting portfolio that can generate wealth for your life in 2025 and beyond.