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What David Is Reading

AMERICAN ICON

Alan Mulally and the Fight to Save Ford Motor Company
Bryce G. Hoffman

When Bill Ford decided that Bill Ford was not the right man to lead the company his great-grandfather started a century earlier, he turned to the man who had pulled Boeing out of the ashes post-9/11, Alan Mulally. This decision would lead to Ford being the only of the big three automakers to avoid bankruptcy during the economic collapse. The automakers are back in the fire during this COVID economic moment, but from 2006-2014 what Alan Mulally did at Ford is a story of corporate leadership and wisdom that trumps almost any corporate executive biography I have ever read.

COUNTDOWN 1945

The Extraordinary Story of the Atomic Bomb and the 116 Days that Changed the World
Chris Wallace

The passing of Franklin Roosevelt before World War 2 had come to an end did something that many people do not know – it left Harry Truman in the position of having to end the war, despite having been totally left out of the discussions as to how that may happen. What resulted in the months thereafter would, indeed, end the war, and also change the world.

TRIUMPH OF THE CITY

How our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier
Edward Glaeser

Harvard economist and scholar, Ed Glaeser, penned this masterful work in 2011 on the greatness of urban life, and the economic, ecological, and cultural opportunities “cities” represent. The COVID era seemed like an appropriate time to re-visit this delightful treatise.
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 INTELIGENT 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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