A Random Walk Down Wall Street

There's a lot of information in A Random Walk Down Wall Street, but all that information really boils down to "no investment strategy can reliably beat the S&P 500 index over a long period of time." Malkiel provides numerous examples of this, over a time period ending in 1998. (It's too bad that either there isn't an updated edition through the most recent financial crisis, or the edition I have is older.)

Of course, that's not all that's in this book -- there's a history of some famous financial bubbles (Dutch tulips, British East India Company, the US Stock Market in 1929), and a general primer on the various investment vehicles and financial instruments available. The author also includes contact information for various investment houses, which would be much more useful if this book wasn't fifteen years old.

This seems to be a useful primer on the stock market and investing. I don't really know enough about the subject to recommend it unreservedly, but it seems to be worth paging through for a general understanding of the issues.