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What David Is Reading

The Great Demographic Reversal:

AGEING SOCIETIES, WANING INEQUALITY, AND AN INFLATION REVIVAL
Charles Goodhardt, Manoj Pradham

Demography and globalization have been disinflationary forces for thirty years, This fascinating work by two Morgan Stanley alums provides a contrary view to my own deflationary thesis and investigates how changing labor supply conditions stand to alter the economic landscape in the generation ahead.

What Goes Up:

THE UNCENSORED HISTORY OF MODERN WALL STREET
Eric J. Weiner

I thought I had every book on Wall Street history ever written, and lo and behold my wife found me this little gem in a boutique East Hampton bookstore, and I could not put it down. Chapter by chapter looks at a plethora of major Wall Street characters over the last 75 years – it is a vivid reinforcement of why Wall Street is, for me, the most exciting place on earth.

On the House:

A WASHINGTON MEMOIR
John Boehner

So much fun you won’t be able to put it down. For reasons I will never understand many on the right have turned on Boehner. I know why folks on the left don’t like him. But this is a well-written memoir from a guy who represented the concept of being productive, being grateful, and being sane. If there are three ideas that define the current era’s Congress, they are not productivity, gratitude, and sanity.

Always A Good Idea

THE CASE FOR DIVIDEND GROWTH

INVESTING IN A POST-CRISIS WORLD
David L. Bahnsen

It wouldn’t make sense for me to have a recommended investing book list and not include the book that serves as the core investing philosophy of The Bahnsen Group!

THE INTELLIGENT INVESTOR

Benjamin Graham

The grandfather of value investing, Warren Buffett’s mentor, and the best explainer in history of buying a risk asset at a discount to the sum of its future cash flows!  Reading is believing …

FOOLED BY RANDOMNESS

Nassim Taleb

Not just in the investing world but in all of life, human nature causes us to mentally construct reasons and patterns for success, and allows us to be fooled by randomness, often to our own demise.  Chance, therefore, favors preparation.  And the quality of a choice can not be judged by the result – not if you care about the next time.

STOCKS FOR THE LONG RUN

Jeremy Siegel

More historical data than you may have signed up for, but this is a perfectly comprehensible book about the long-term reality of equity returns vs. other asset classes, and why that may be (i.e. the nature of the equity risk premium).  By long term, I mean, over 200 years of research is laid bare to make the case for a long-term equity bias.

ECONOMICS IN ONE LESSON

Henry Hazlitt

I can’t tell you how useful this book was to me at a very, very young age, in forming basic economic principles and understandings that would shape the foundation of what I believe about economic law and reality.

THE ESSAYS OF WARREN BUFFETT

LESSONS FOR CORPORATE AMERICA
Warren Buffett

This collection of essays from the oracle of Omaha, written over many decades, has become a vital addition to the libraries of not just investment advisors but corporate managers and business entrepreneurs.  Tremendous insights proven true over the test of time.

EXTRAORDINARY POPULAR DELUSIONS AND THE MADNESS OF CROWDS

Charles Mackay

If you are not a contrarian investor before you read this book, you will be after you read this book.  A historical instructive through the realities of human psychology and group think, and the disastrous investment results that can come about from those realities.

HUMAN ACTION

Ludwig Von Mises

It may be more philosophical than it is investment-application, but so much of my understanding of capital markets comes from my understanding of basic economics.  And this book many years ago taught me to understand human action as the core to understanding economics.  The calculations that serve at the core of human reasoning ultimately drive prosperity (and the preservation of civilization itself).  A few sentences can’t do justice to the richness of wisdom and profundity in this book.

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