This holiday season, consider giving a gift that could last a lifetime: the gift of financial wisdom. While the latest gadgets may bring temporary joy, the knowledge of how to build and preserve wealth can provide generations of financial independence. As we reflect on the passing of investment legend Charlie Munger last year, just shy of his 100th birthday, we’re reminded that true wealth isn’t just about money—it’s about the wisdom to use it well.
In the tradition of the 12 Days of Christmas, we’ll countdown with one book each day, starting December 13th and culminating on Christmas Day with Munger’s masterpiece. So sing along with us: “On the first day of Christmas, my investment account gave to me…”
December 13th (Day 1) – “A value investor’s guide to prosperity” – The Intelligent Investor by Benjamin Graham
The foundation of value investing, this timeless work remains as relevant today as when it was first published. Pay particular attention to Chapters 8 and 20, where Graham discusses the margin of safety concept and the simple but profound concept that buying a share of stock is actually owning part of a whole business. These chapters alone have guided generations of successful investors, including Warren Buffett himself.
December 14th (Day 2) – “Two masterful CEOs” – The Outsiders by William Thorndike
A fascinating study of eight unconventional CEOs who created exceptional shareholder value through capital allocation, proving that different approaches to leadership can yield extraordinary results.
December 15th (Day 3) – “Three wealth secrets” – Money Master the Game by Tony Robbins
While Robbins is better known for motivation, this comprehensive guide distills insights from interviews with 50 of the world’s greatest financial minds, offering practical strategies for investors at all levels.
December 16th (Day 4) – “Four market cycles” – One Up on Wall Street by Peter Lynch
Lynch’s masterpiece empowers individual investors by showing how they can use their everyday experiences and knowledge to spot great investment opportunities. His simple yet profound advice about investing in what you know and understanding your edge has helped countless investors outperform the markets.
December 17th (Day 5) – “Five golden rules” – Stocks for the Long Run by Jeremy Siegel
Often called “the buy and hold bible,” Siegel’s work provides compelling data supporting long-term equity investment, making a strong case for staying the course through market volatility.
December 18th (Day 6) – “Six activist letters” – Dear Chairman by Jeff Gramm
A unique perspective on shareholder activism through historical letters from investors to corporate boards, offering valuable insights into corporate governance and shareholder rights.
December 19th (Day 7) – “Seven wealth lessons” – How to Make a Few Billion Dollars
This practical guide by Brad Jacobs breaks down the principles behind building substantial wealth, focusing on scalable business models and investment strategies that have created billionaires.
December 20th (Day 8) – “Eight investing principles” – The Dhando Investor by Mohnish Pabrai
Pabrai’s work introduces the ancient Dhando framework of risk assessment and reward optimization, showing how to achieve outsized returns while minimizing risk.
December 21st (Day 9) – “Nine behavioral insights” – Psychology of Money by Morgan Housel
A brilliant examination of how our relationship with money affects our investment decisions, Housel demonstrates that doing well with money isn’t necessarily about what you know, but how you behave.
December 22nd (Day 10) – “Ten super stocks” – Superstocks by Kenneth Fisher
Fisher’s groundbreaking work on identifying extraordinary growth opportunities introduces the price-to-sales ratio and other innovative metrics that have become standard tools in investment analysis.
December 23rd (Day 11) – “Eleven investor interviews” – Richer, Wiser, Happier by William Green
Through intimate interviews with some of the world’s greatest investors, Green extracts timeless principles that go beyond mere money-making to encompass wisdom about life itself.
December 25th (Day 12) – “Twelve mental models” – Poor Charlie’s Almanack
On Christmas Day, we conclude with the crown jewel of investment literature. This collection of Munger’s speeches and writings is a masterclass in worldly wisdom. As Munger famously said, “Take a simple idea and take it seriously.” His “mental models” approach to decision-making demonstrates why being “consistently not stupid” is better than trying to be brilliantly right. Perhaps his most enduring lesson was about the power of patience: “The big money is not in the buying and selling, but in the waiting.” His emphasis on multidisciplinary learning and the psychology of human misjudgment makes this not just an investment book, but a guide to clear thinking in all aspects of life.
And so our investment carol concludes, not with partridges and pear trees, but with timeless wisdom that could grow your wealth tree for generations to come. This holiday season, as you consider gifts for your loved ones, remember that while markets may fluctuate and trends may come and go, the gift of financial knowledge is truly priceless. These twelve books represent centuries of combined investment experience and wisdom, offering a pathway to better investment decisions and, ultimately, a more secure financial future.
Read the full article here