Books about investment trusts are pretty thin on the ground, reflecting the low profile nature of the industry. However, I’ve collected a few that I have come across on this page (I haven’t read them all), together with some other finance and investment titles I’ve enjoyed recently. If you purchase them through the Amazon links below then I may earn a referral fee.
Investment Trust Handbook 2019
The second edition of Jonathan Davis’s annual round-up of investment trusts is now available. It has chapters on investment trust basics plus a more advanced analysis section, plus contributions from fund managers and other sector experts. The ebook version is available for free at Harriman House, although you need to sign up to their email list to get access to it.
The 2018 version, which is well worth reading, is also available and I reviewed it here. It’s also available as a free download from Harriman House.
Financial Times Guide To Investment Trusts
The FT’s guide is probably the best-known title on investment trusts. It’s written by John Baron, who runs his own subscription service offering investment trust portfolios and writes an occasional column for Investors Chronicle. The most recent version was published in 2013, so is a little dated now, but a new version is set to be published in Summer 2019 and can be pre-ordered by the keen.
Put Not Your Trust In Money
This book covers the birth of the investment trust industry in the 1860s and their subsequent development. It’s over 20 years old now and only second-hand copies seem to be available. A taster from John Newlands, the book’s author, is available in the 2018 Investment Trust Handbook.
Investing For Generations
Alliance Trust seems to have made headlines for all the wrong reasons in recent years, with the long-running saga over its online investment platform and management changes. This was published in 2013, so I suspect it doesn’t cover any of that, but Alliance certainly has a rich history.
The Split Capital Investment Trust Crisis
In the early 2000s, these niche investment trusts gave their shareholders a whole world of pain. They largely died out as a result. It’s a reminder of the twin dangers of too much debt and too much complexity when it comes to investing. Not the industry’s finest hour!
The History Of Foreign & Colonial
The oldest investment trust recently ditched its full name and rebranded itself F&C. Maybe its directors should have read this publication before ditching 150 years of history!
Back From The Brink
Perhaps the scariest (financial) book I’ve ever read. It reveals just how close the world came to meltdown in 2008 and 2009, and that even those in authority often have a very limited understanding of how everything works.
Anything By Michael Lewis
From Liar’s Poker to Moneyball to the Undoing Project, Lewis rarely puts a foot wrong. He’s such an engaging writer that two of his investment books have been turned into major Hollywood movies. The Big Short is probably my favourite of all his titles, with Liar’s Poker a close second.
Guy Thomas tells the story of how 12 UK private investors became millionaires. It’s very instructive to see how they all took different routes — some are very long-term thinkers, while others are short-term traders.