Books on the mental models behind great investing

Stock-picking is a decision-making problem before it is a numbers problem. This shelf is about the thinking that separates managers who compound for decades from those who blow up in a single cycle — the latticework of mental models, the discipline of second-level thinking, and the patience to do nothing while others panic.

Poor Charlie's Almanack is the source text: Munger's cross-disciplinary models for sanity-checking any bet. Howard Marks's The Most Important Thing and Mastering the Market Cycle add the risk-and-cycles frame, and Pabrai and Klarman show how modern concentrated value investors actually behave when the odds are in their favour.

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