'Right books matter as much as...': Motilal Oswal chairman reveals 7 definitive books

When Raamdeo Agrawal picks up a book, it ceases to be a casual pastime. The veteran investor and chairman of Motilal Oswal carries his current read everywhere — to his office desk, home to his bedside table, and along on every journey. If a book completely hooks him, he does something rare for a corporate leader: he takes a two-day leave from work just to sit and absorb its pages until it is finished. 

Speaking on Groww’s podcast "Market ki Baat," Agrawal revealed a truth that contradicts the modern rush for instant market data: his core understanding of investing did not come from flickering tickers, but from books. Yet, his approach to reading is starkly different from the typical modern habit of consuming volume over value.

He does not believe in skim-reading dozens of titles to check off a list. Instead, he advises investors to pick just two exceptional books and study them with obsessive depth. 

"Understand the essence of those books and make them a part of your knowledge system," Agrawal noted. He added that readers do not even need to agree with every perspective an author presents. The true value lies in how the text challenges, shapes, and expands an investor's independent thinking framework. 

For those looking to build a bulletproof market mind, Agrawal recommended a highly curated list of seven essential reads written by global investing legends. 

The seven-book investing canon 

1. One Up On Wall Street – Peter Lynch (1989): Agrawal points to this classic by legendary fund manager Peter Lynch to show that everyday individuals possess a massive advantage over institutional analysts. Lynch argues that great investment opportunities do not just hide in complex financial terminals; they are visible in our daily routines. By observing trends at local supermarkets, corporate offices, or neighborhood businesses, retail investors can spot booming companies early enough to secure "tenbagger" returns — stocks that multiply ten times in value. 

2. Warren Buffett’s Annual Shareholders Letters: For investors who want an unvarnished masterclass in business history and corporate strategy, Agrawal strongly recommends reading Warren Buffett’s annual letters published in Berkshire Hathaway’s reports. Buffett uses these letters to lay bare his investment philosophy, capital allocation mistakes, and long-term economic outlooks, offering a multi-decade education that goes far beyond basic stock picking. 

3. The Snowball: Warren Buffett and the Business of Life – Alice Schroeder: For those who find long corporate annual reports daunting, Agrawal recommends Buffett’s comprehensive biography. The Snowball chronicles the legendary investor's trajectory from his early days in 1956 — when he raised $105,000 from four relatives and three close friends to start the Buffett Partnership — to his aggressive accumulation of Berkshire Hathaway shares at just $7 to $8 per share in 1962, a company that eventually became his primary investment engine by 1969. 

4. Common Stocks and Uncommon Profits – Philip A. Fisher: This is a cornerstone text in Agrawal’s personal library. Labeling it an absolute "must-read" for anyone serious about the equity markets, the Motilal Oswal chairman revealed he has read Fisher’s masterpiece four to five times. He treats it as a permanent guide that should live on every investor's desk to navigate qualitative company analysis. 

5. Expectations Investing – Michael Mauboussin and Alfred Rappaport: This book flips traditional stock analysis on its head. Authors Mauboussin and Rappaport argue that instead of trying to forecast a company's future financial performance from scratch, investors should look at the current stock price first. By reverse-engineering the stock price, investors can determine exactly what the market currently expects from the company's future performance, and then judge whether those expectations are bound to be disrupted. 

6. The Theory of Investment Value – John Burr Williams (1938): While the broader market constantly obsesses over vague notions of "value," very few actually understand how an asset's price is intrinsically determined. Agrawal highlights this 1938 classic because it systematically explains the mathematical foundation of intrinsic value through discounted cash flows, making it an indispensable read for fundamental analysts. 

7. Mastering the Market Cycle – Howard Marks: Markets move in waves, driven by human emotion and economic forces. Oaktree Capital's Howard Marks details how to identify where the market currently stands in its pendulum swing between optimism and pessimism. Reflecting on this final recommendation, Agrawal summarized his philosophy: "Every book contains one or two lessons that can completely alter your mindset. Do not just read them — adopt them into your life and your investments. Only then will you consistently become a better investor."