In honour of St. Patrick’s Day, the Investment Team wanted to share some of their recent favourite books and podcasts. There are wrecks (both in the markets and at sea), communication tips and, of course, discussions on finance. We hope you enjoy!
Engines that move markets by Alasdair Nairn
The book talks about historical innovations played out in the stock market. Things never change – something new comes along, lots of capital gets raised, many new entrants come in…and most go bankrupt. It’s tough to figure out the winners, but it’s easier to pick the loser who will get disrupted. When the automobile was invented, no one knew which car company would survive, but you knew horse & buggy whips were in trouble. 25 years ago, it was internet. Now it's artificial intelligence.
Recommended by Jeff
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Smart Brevity: The Power of Saying More with Less by Jim VandeHei, Mike Allen, and Roy Schwartz
Written by the co-founders of Axios, the book provides some frameworks to help you communicate more effectively.
Recommended by George
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Acquired (podcast) – Charlie Munger
In one of his only podcast appearances before his passing, Charlie Munger speaks to the Acquired team over dinner and shares his wisdom and unforgettable wit.
Recommended by Steven
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The Fund: Ray Dalio, Bridgewater Associates and the Unraveling of a wall street legend by Rob Copeland
An insider’s look into Bridgewater. If even half of this is true…wow, what a terrible culture. It’s basically a manual on how not to run an investment firm.
Recommended by Greg
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The Market Huddle (podcast) by Patrick Ceresna & Kevin Muir
I’ve recommended this before, but it really is my favorite biweekly podcast. Kevin Muir and friends, riffing on all things markets while having a few beers along the way.
Recommended by Greg
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The Wager: A Tale of Shipwreck, Mutiny and Murder by David Grann
The story of a British ship that washed up on a Brazilian island in the 1700s. This is easily the best book I’ve read in years – I couldn’t put it down. It’s a reminder of both the cruelty of the past and how appreciative we should be for modern comforts.
Recommended by Harry
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Maverick: A Biography of Thomas Sowell by Jason L. Riley
A good background on a well-rounded intellectual, economist Thomas Sowell.
Recommended by Harry
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Den of Thieves by James B. Stewart
The story of a financial genius, the creation of the high yield bond market and a scandal of epic proportions. What more could you ask for?!
Recommended by Frank
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The War Below: Lithium, Copper, and the Global Battle to Power Our Lives by Ernest Scheyder
Behind a lot of the technologies needed to move to a greener future are the minerals and materials required to make them. This book faces the realities of the energy transition.
Recommended by Frank
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Steve Jobs by Walter Isaacson
The book has many lessons on building a lasting organization. It provides a transparent look at Steve Jobs, one of the most impactful and controversial business figures in our era, both as a businessperson and a human being.
Recommended by Jin
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The Price of Time: The Real Story of Interest by Edward Chancellor
Suppressed interest rates are not a new idea. Reduce the interest, defer the debt, insolvencies and bankruptcies will decline, consumption will rise and all will be happy. Well, borrowers will be happy – at least anyone who can borrow cheaply. Unfortunately for the free money utopia, nothing is ever really free.
The initial benefits of artificially low interest rates are what we see. It’s the long-term unintended consequences that remain unseen. Low interest rates reduce borrowing costs. They also discourage saving, encourage debt, distort home prices, stock prices and asset values, promote speculation, keep failing businesses alive, misprice risk and destroy productivity. At least they have in the past. Every time. Read for yourself.
Recommended by Derek
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