About this time of year, I like to make a list of newlyreleased books to read during the cold wintermonths.

|

There are so many new and interesting authors releasing newworks each year that a checklist makes it more likely I will read some of them.

|

The problem is my P/R ratio: purchased-to-read-book ratio. Outof the many interesting books we all buy each year, we only end upreading some of them. Not counting travel or cookbooks, myAmazon.com order history tells me I have bought 51 books in 2017,but I have read just 21 of them. My P/R ratio is 2.43.

|

I plan to fix that. My usual run of new books for winter willappear next month; today, I went to my own bookshelf, and picked 10missed opportunities.

|

These are either unread, unfinished or worthy of are-read. These are not merely the classics — you don't need meto tell you to read “A Random Walk Down Wall Street”; instead, thesemay be a bit off the beaten path.

|

Let's jump right in:

|

• “Poor Charlie'sAlmanac“: Peter Kaufman. Now in its third edition, this548-page illustrated book is an encyclopedic collection of the witand wisdom of Charles Munger, Warren Buffett's 93-year-old partner.Munger advocates three practices: read deeply, understanddiversification and invert ideas as a way to test them. His wordsare as down to earth as any spoken by one of the world's mostsuccessful investors.

|

• “The Money Game“: GeorgeGoodman, who wrote under the nom de plume Adam Smith. Goodmanskewered Wall Street as it existed in the 1960s and '70s. TheHarvard-educated Rhodes Scholar predated the snark of the modernera by almost a half-century. He posed the question “Why areeconomists always wrong?” long before the rest of us pondered the issue. This insightful,witty book was described by one reviewer as “your grandfather's'Liar's Poker.'”

|

• “Black Monday: The Catastrophe of October 19,1987“: Tim Metz. With a new book out on the 1987 crash, Ithought it timely to remind readers of the seminal book on thetopic. Metz's version is meticulously reported, a cast ofcharacters colorfully written, filled with an insightfulunderstanding of what went wrong. I found it while I was in themidst of researching other work – andit was a pleasure to read.

|

• “Once in Golconda: A True Drama of Wall Street1920-1938“: John Brooks. How can you not be intrigued by a bookthat promises to “bring to vivid life all the ruthlessness, greed,derring-do, and reckless euphoria of the '20s bull market, thedesperation of the days leading up to the crash of '29, and thebitterness of the years that followed”? Sign me up.

|

• “The Go-Go Years: The Drama and Crashing Finale ofWall Street's Bullish 60s“: Also by John Brooks: Once marketsrecovered from the 1920s crash, the Great Depression and World WarII, they began a 20-year climb up to the 1929 peak and then farbeyond it. Who better to tell the tale with wit and insight thanBrooks?

|

|

• “How We Know What Isn't So:The Fallibility of Human Reason in Everyday Life“: ThomasGilovich. I credit Gillovich's 1991 book with starting me down therabbit hole of behavioral economics. As a New York Timesreview reveals, Gilovich identified the fallacy of the hothand, explained how we are easily fooled by randomness and madenumerous behavioral observations in book form before just aboutanyone else. To see how this manifests itself in the investingworld, checking out his 1999 book “Why Smart People Make Big Money Mistakes–and How toCorrect Them; “Lessons from the New Science of BehavioralEconomics“(co-authored with Gary Belsky).

|

• “Against the Gods: The Remarkable Story ofRisk“: Peter L. Bernstein. This favorite of mine is a study ofthe human effort to understand and judge risk. But I never read his“The Power of Gold: The History of anObsession,” which is on my short list for this winter.

|

• “A Splendid Exchange: How Trade Shaped theWorld“: William J. Bernstein. Another of my favorites. Heprobably is best known for his investing books, “The Intelligent Asset Allocator,” “Four Pillars of Investing” and “ The Investor's Manifesto.”

|

• “A Piece of the Action: How the Middle Class Joinedthe Money Class“: Joseph Nocera. Back when he was acolumnist for GQ, my Bloomberg View colleague wrote about how thefinancial habits of middle-class Americans where changing. Theboomer generation didn't feel the same about thrift and riskaversion as their depression-era parents did. As wages stagnated inthe face of rising inflation, they took on debt — much more debtthan their parents ever would.

|

• “When Genius Failed: The Rise and Fall of Long-TermCapital Management“: Roger Lowenstein. The book that almost inpassing explains why the financial crisis of 2008-09 was all butinevitable. This is one of my favorites, and a quick re-read.

|

What are you reading right now and what's on your to-readlist? Let us know in the comments.

|

— For more columns visit https://www.bloomberg.com/view.

|

Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.