Celine Nadolny’s (Book of Finance) Top 5 investment books
📚 arvy's Book Club · Guest Post
arvy's Teaser: Our first guest post in the arvy Book Club — and an immediate hit. Celine Nadolny has read over 800 books, written 450+ reviews, and is Germany's most influential non-fiction reviewer. Her mission: "I want to inspire as many women and men as possible to read more and take control of their finances." Today she shares her five best investment books by German-speaking authors — from Gerd Kommer's standard reference to Swiss asset manager Pirmin Hotz, who pulls no punches. Essential reading for anyone investing in the DACH region.
About the Author
Celine Nadolny is the owner of Book of Finance, avid book lover (800+ books read, 450+ reviews), award-winning finance blogger, economics student, and Germany's most influential non-fiction reviewer.
Her mission: "I want to inspire as many women and men as possible to read more, take control of their finances and lead a more fulfilling life."
The following book reviews are written by Celine Nadolny. arvy's perspective for Swiss investors follows at the end.
1. Einfach erfolgreich anlegen
by Jessica Schwarzer
A financial book that perfectly reflects my personal philosophy of investing. This book started my admiration for Jessica Schwarzer, who for me is one of the most knowledgeable women in finance. Her approach is pragmatic and scientifically sound — no 'do it yourself' knowledge, but well-researched and verifiable ideas.
Schwarzer explains the issues in a way that is easy to understand for beginners, which makes her books more enjoyable to read than Gerd Kommer's, which is more in-depth. This book is aimed primarily at beginners and advanced students, but it offers more than just standard knowledge. It shows how to achieve smart returns with the same level of risk in a short amount of time and at low cost — without a degree in economics or knowledge of mathematics. All it takes is the courage to take responsibility.
If you are looking for a 'financial guru' to hand over your own responsibility, you are in the wrong place with Schwarzer. She is a fan of the passive investor strategy, but sets herself apart by showing how to further optimise the risk/return ratio. Her goal: to take out emotions and build up assets in a relaxed manner.
2. Dieses Buch ist bares Geld wert
by Markus Elsässer
A life guide that feels like a conversation with a wise mentor. In concise sections, the author shares life wisdom and lessons ranging from dealing with family and friends to career planning, negotiation techniques and finances.
The book is more of a workbook than entertainment and encourages action. Elsässer emphasises that success is not learned, but earned. Nevertheless, you can make your own path smoother if you know 'about the biggest dangers and set screws in advance'. He shows that you don't have to make all the mistakes yourself, but can learn from the experiences of others.
With lots of little tricks and tips from his 'treasure chest' and 'scrapbook', he conveys a relaxed but helpful mood. It deals with the best starting conditions for a career, the right decisions and the role of family, friends and colleagues. In difficult situations, this book should act as friendly advice or a helpful change of perspective.
3. Über die Gier, die Angst und den Herdentrieb der Anleger
by Pirmin Hotz
This is one of the best financial books I've read recently. The author doesn't mince his words about the misguided paths that large parts of the financial sector are taking. He doesn't spare supposed experts or pseudo-scientific strategies that take on almost religious characteristics. He provides double and triple evidence for all his statements.
The bottom line is that we learn which investment strategies are really to be recommended. In this way, we can distance ourselves from all the uncertainty that is constantly being readily spread on the markets.
Pirmin Hotz is one of the most renowned Swiss asset managers and, above all, a devotee of economics. He sees his idols in science. Over the years, he has tried to scientifically refute the fallacies of the financial sector and understand its foundations.
"I write in plain language, even if this will not please some of the people I mention by name in this book. However, I am never interested in attacking specific people, but always in the matter at hand. I try to get to the bottom of things and create facts free of faith and hope."
In just under 350 pages, he ruthlessly reveals the weaknesses and lack of transparency of an industry whose honesty can definitely be questioned. He does this in a similarly entertaining, understandable and scientifically sound way as Gerd Kommer. In this way, he addresses a broad readership. After all, this topic concerns us all, and most of us are at the top of the list of potential victims of this perfidious system.
4. Souverän investieren mit Indexfonds und ETFs
by Gerd Kommer
For me, this is still the best financial book by a German-speaking author. It conveys well-founded and ego-free knowledge without having to present himself as an expert — he is one of the greatest in Germany.
Kommer combines scientific approaches with his own experience and empiricism. His book is primarily aimed at advanced private investors, but he has also published comprehensible works for beginners. This book is rightly a classic and a standard work on investing.
All statements can be easily verified by renowned sources and Kommer dispels many myths in the financial sector. He helps private investors to build a structured and successful portfolio and exposes the deliberate complexity of the industry. His scientifically based approaches reveal how the financial industry profits from complexity, greed and the fear of the next crash.
This work is causing a stir in the industry, as Kommer not only derives the investment approach, but also critically examines an entire industry.
5. Über Geld nachdenken
by Nikolaus Braun
It offers a refreshing approach in the world of financial guides. Instead of dry tips, it's about how money affects our lives and how we can make smart, serene decisions that improve our quality of life.
The book begins with the question: Why is money important to us? Braun shows that it's not about being rich, but about being financially independent and relaxed about money. His wealth strategy is transparent, simple and can be implemented over the long term, free from the empty promises of the financial industry.
Another highlight is Braun's focus on emergency and succession planning as well as the importance of powers of attorney and wills. He links financial decisions to quality of life and emphasises that money should be a means to a better life and personal satisfaction, not an end in itself.
His accessible writing style and practical examples from his consulting practice make the book more than just a financial guide — it is a life guide that encourages people to proactively shape their own financial future.
"Human relationships, not money, are the key to a fulfilled life. Good and simple money decisions are the way to get there."
Many thanks to Celine Nadolny for the guest post! Find more of Celine's work at Book of Finance.
arvy's Take: What This List Means for Swiss Investors
Celine's selection is outstanding — and especially relevant for Swiss investors, because three of the five authors address topics that directly apply to the Swiss market.
Pirmin Hotz is the most important pick on this list — and the most underrated. He's not only one of the most renowned Swiss asset managers, but also an uncompromising critic of the financial industry. His book is the Swiss answer to Gerd Kommer's industry critique — only sharper, more personal, and with the perspective of a practitioner who has operated in the Swiss market for decades. Anyone who wants to understand why most bank products in Switzerland cost more than they deliver should read Hotz.
Gerd Kommer remains the standard reference for passive investing in the German-speaking world. His thesis — that most active funds can't beat their index and that fees are the biggest enemy of returns — is scientifically sound and correct. Where arvy goes further: Kommer recommends pure index investing. arvy combines a passive core with active quality selection (Core-Satellite) to capture the best of both worlds.
Nikolaus Braun complements the financial technical with the human — striking the same nerve as Morgan Housel's Psychology of Money and Art of Spending Money. Money isn't an end in itself. It's a tool for a better life.
Further Reading in arvy's Book Club
→ The 10 Best Books About Investing — our own comprehensive list
→ Psychology of Money — the behavioural book that deepens Braun's philosophy
→ The Simple Path to Wealth — the Anglo-Saxon answer to Kommer
→ Poor Charlie's Almanack — the intellectual foundation of quality investing
→ Rich Dad Poor Dad — the mindset entry point for beginners
3 Sentences to Remember
1. The best German-language finance books aren't copies of American bestsellers — they bring their own perspectives, their own edge, and their own relevance for the Swiss and German market.
2. Pirmin Hotz is the Swiss finance author every investor should know — uncompromising, scientifically grounded, and with the perspective of a practitioner who knows the industry from the inside.
3. Reading is the cheapest MBA in the world. These five books together cost less than CHF 150 — and contain more practical financial knowledge than any bank seminar.
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Guest post by Celine Nadolny, Book of Finance. arvy's perspective by Thierry Borgeat, Co-Founder of arvy, reviewed by Patrick Rissi, CFA, and Florian Jauch, CFA.
Disclaimer: This article is for general informational purposes only and does not constitute personal investment advice. Amazon links are affiliate links. arvy is a FINMA-supervised asset manager.
