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14 August 2022
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Please use the comment section to share your most enjoyable book of 2016.
It will soon be the time of year when people turn their mind to casual reading, so tell us your best book. It could be an oldie or a newie, and let's get a reading list going.
The great unwinding by George Packer
Chaos Monkey _ Obscene fourtune and random failure in Silicon Valley. Story of a failed PHD student who went from Goldman sachs to a small startup that sold to Twitter then onto facebook where he built agorithims for them. Very well written and interesting insight into silicon valley mindset and inside story of Facebook circa listing in 2013. Shoe Dog by Phil Knight. Autobiography of founder of Nike. he oultines the early tears of Nike and how it almost went broke after failed japanese trade deals and product flops. Very interesting.
Retirement gives time for more reading! For those who wonder why some countries sustain wealth and others wallow in despair I thoroughly recommend Why Nations Fail by Economoglu and Robinson.For those who are interested in the historical shaping of global foreign policy,World Order by Henry Kissinger ,and for a terrific novel on how the Brits deceived Hitler about which part of the French coast the Allied Invasion would be centred on,I recommend The Best of Our Spies by Alex Gerlis
The most Important thing: Uncommon sense for the thoughtful investor - Howard Marks The book is more about psychology and ways of thinking about value portfolio management.
Scott Pape's new book The Barefoot Investor It covers everything from the cradle to the grave in one excellent book. In that sense it is correct when it portays itself as the "The only money book you'll ever need".
When Breath Becomes Air Nothing to do with investment – everything to do with life. https://www.amazon.co.uk/When-Breath-Becomes-Paul-Kalanithi/dp/1847923674/ref=sr_1_1?s=books&ie=UTF8&qid=1481187595&sr=1-1&keywords=when+breath+becomes+air T
"The Straight Dope. The Inside Story of Sport's Biggest Drug Scandal" by Chip Le Grand. "City Limits: Why Australia’s cities are broken and how we can fix them" by Jane-Frances Kelly and Paul Donegan "25 Years of Whitt & Wisdom" by Noel Whittaker "The organized mind : thinking straight in the age of information overload" by Daniel J. Levitin. "The sovereign individual : mastering the transition to the information age" by James Dale Davidson and Lord William Rees-Mogg.
Plato and a Platypus Walk Into a Bar is loosely about jokes and their relationships to different strands of philosophy. It's side-splittingly funny from start to finish, and I won't say any more because that would spoil it!
Narconomics; How to run a drug cartel, by Tom Wainwright. This book is an expose par excellence, written in an engaging style. It looks at the South American drug cartels through an economists eyes - similar to Freakonomics - the beauty here is the dispassionate observation of drug cartels as corporate businesses with their gruesome actions as being the inevitable outcomes of drug 'CEOs' trying to make ends meet. Its so good that next year McKinsey will probably turn it into a powerpoint. watch Narcos on Netflix, then read this book ... it will make you question everything you believe about how to tackle the illicit drug industry. highly recommended for the beach
On a light hearted note try GIRT a history of Australia that will have you laughing at every page and learning as well
Why Minsky Matters, by L Randall Wray. Minsky was a maverick economist who the mainstream rejected as a crackpot ... yet his theories of how an economy and markets work was vindicated by the global financial crisis. His core idea is that 'stability is inherently destabilising' Sounds odd, but it means that the longer we have stable predictable markets the more greed will embolden people to lever up ... the eventual result is the additional leverage makes the market/economy unstable... resulting in a spectacular meltdown ie you need to embrace capitalisms cycles for capitalism to work. Minsky's own work was very hard slog ... but this book from one of his students is a well written read that brings clarity to this Bear Grylls of the economist world to life.
Indeed Jeremy. 'Thinking fast and slow' is the Book of the Decade.
Yes, I Am Pilgrim a great read!
'I Am Pilgrim' by Terry Hayes Brilliant
The Barefoot Investor by Scott Pape, a great read for the young ones to start on the journey to financial literacy and for the older generation who did not bother.
Too many fans of Thaler? A great summary of his work in Misbehaving, The Making of Behavioural Economics.
Alastair Campbell's 'Winners and How They Succeed' is an easy read, describing how dozens of people have made a massive impact on society.
Snap. Did the same. There is a film also. Very refreshing. Looking forward to reading Michael Lewis' new book: The Undoing Project - about the partnership between Amos Tversky and Daniel Kahneman who wrote many brilliant papers on why we are such poor intuitive statisticians and related behavioural economics topics.
I've been getting into the audiobook format this year. I quite enjoyed 'reading' The Good Girl, by Mary Kubica while out walking! A suspense/thriller told from the different perspectives of each character.
I enjoyed dusting off 'Nudge' by Thaler and Sunstein. Great insights into how people behave and make decisions, often counterintutive.
Amid thousands of comments, tips include developing interests to keep occupied, planning in advance to have enough money, staying connected with friends and communities ... should you defer retirement or just do it?
Retirement is a good experience if you plan for it and manage your time, but freedom from money worries is key. Many retirees enjoy managing their money but SMSFs are not for everyone. Each retirement is different.
Investing is often portrayed as unapproachably complex. Can it be distilled into nine tips? An economist with 35 years of experience through numerous market cycles and events has given it a shot.
A new standard argues the majority of Australians will never achieve the ASFA 'comfortable' level of retirement savings and it amounts to 'fearmongering' by vested interests. If comfortable is aspirational, so be it.
Billionaire fund manager standoff: Ray Dalio thinks investing is common sense and markets are simple, while Howard Marks says complex and convoluted 'second-level' thinking is needed for superior returns.
If you feel fear when the market loses its head, you become part of the herd. Develop habits to embrace the fear. Identify the cause, decide if you need to take action and own the result without looking back.
Now we're captivated by inflation and higher rates but only a year ago, investors were certain of the supremacy of US companies, the benign nature of inflation and the remoteness of tighter monetary policy.
Companies have been slow to update guidance and we have yet to see the impact of inflation expectations in earnings and outlooks. Companies need to insulate costs from inflation while enjoying an uptick in revenue.
Weaker share prices may have already discounted some bad news, but cost inflation is creating wide divergences inside and across sectors. Early results show some companies are strong enough to resist sector falls.
In 2002, the share price of the company that became Sydney Airport (SYD) hit 80 cents from the $2 IPO price. After 20 years of astute investment driving revenue increases, it sold to private hands for $8.75 in 2022.
There are significant differences in the sector weightings of an ethical fund versus an index, and while this has caused some short-term headwinds recently, the tailwinds are expected to blow over the long term.
Many new investors make common mistakes while learning about markets. Losses are inevitable. Newbies should read more and develop a long-term focus while avoiding big mistakes and not aiming to be brilliant.
Lenders use Residential Mortgage-Backed Securities to finance mortgages and RMBS are available to retail investors through fund structures. They come with many layers of protection beyond movements in house prices.