A Wealth of Common Sense

Ben Carlson's A Wealth of Common Sense makes the case that simplicity trumps complexity in every aspect of investing. Carlson, a CFA and institutional portfolio manager who writes the popular blog of the same name, argues that the biggest risk in investing is not market crashes — it is the investor's own behavior. Overcomplicating things, chasing performance, and abandoning strategies during drawdowns destroy more wealth than any bear market.

The book covers market history, the psychology of investing, portfolio construction, and the importance of having a plan you can stick with through any market environment. Carlson's writing is clear, data-driven, and refreshingly honest about what works and what does not. His central message — that the best investment strategy is the one you can actually follow — is a necessary corrective to the complexity fetish that pervades the financial industry.