I ended up in financial journalism by happenstance (it was pretty much the only corner of the media world that was still hiring when I graduated in the early 2000s). But I fell in love with it. To understand the world, you have to understand money. Whether you like it or not, it is the hidden wiring that binds us all together. I’ve found that reading history books on finance and economics has helped me better understand what is going on today, so I hope the books on this list will help you do the same.
Index funds may seem dowdy next to titanic hedge funds and imperious private equity houses, yet they represent one of the most disruptive inventions in the history of investing, subtly altering the fabric of the financial system.
In Trillions, I explore the vivid secret history of an invention Wall Street wishes was never created, through the personal histories of the people behind its birth, growth, and evolution into a world-conquering phenomenon – as well as the growing backlash against a force some fear is now devouring capitalism.
Peter Bernstein’s Against the Gods – a history of how humans used mathematics to tame risk – is arguably his best work, but Capital Ideas is the deep-cut that deserves much broader appreciation.
It vividly explores the intellectual underpinnings of modern finance formed by the work of the titans of financial economics: Louis Bachelier, Harry Markowitz, William Sharpe, Fischer Black, Myron Scholes, Robert Merton, Franco Modigliani, and Merton Miller.
Capital Ideas traces the origins of modern Wall Street, from the pioneering work of early scholars and the development of new theories in risk, valuation, and investment returns, to the actual implementation of these theories in the real world of investment management. Bernstein brings to life a variety of brilliant academics who have contributed to modern investment theory over the years: Louis Bachelier, Harry Markowitz, William Sharpe, Fischer Black, Myron Scholes, Robert Merton, Franco Modigliani, and Merton Miller. Filled with in-depth insights and timeless advice, Capital Ideas reveals how the unique contributions of these talented individuals profoundly changed the practice…
A history of hedge funds might seem like a weird recommendation by someone who has written a paean to passive investing.
But my favourite books use a subject to tell a much broader story, and Mallaby’s definitive book on the hedge industry manages to show how even the most illustrious investing careers can fizzle out as market regimes ebb and flow.
The first book of its kind: a fascinating and entertaining examination of hedge funds today
Shortlisted for the Financial Times/Goldman Sachs Business Book of the Year Award
'An enormously satisfying book: a gripping chronicle of the cutting edge of the financial markets and a fascinating perspective on what was going on in these shadowy institutions as the crash hit' Observer
Wealthy, powerful, and potentially dangerous, hedge-find managers have emerged as the stars of twenty-first century capitalism. Based on unprecedented access to the industry, More Money Than God provides the first authoritative history of hedge funds. This is the inside story…
Sometimes the obvious pick is still the right pick, and anyone interested in the history of financial shenanigans – outright frauds or merely weapons-grade idiocy – has to read Kindleberger.
There’s a reason why it remains a stone-cold classic that bears reading (and re-reading) almost half a century after it was first published.
In the Eighth Edition of this classic text on the financial history of bubbles and crashes, Robert McCauley joins with Robert Aliber in building on Charles Kindleberger's renowned work. McCauley draws on his central banking experience to introduce new chapters on cryptocurrency and the United States as the 21st Century global lender of last resort. He also updates the book's coverage of the recent property bubble in China, as well as providing new perspectives on the US housing bubble of 2003-2006, and the Japanese bubble of the late 1980s. And he gives new attention to the social psychology that leads…
I think the best books use their central character or topic as a prism through which to look at a much broader phenomenon.
Barbarians at the Gate is not merely the gripping tale of a record-smashing, era-defining private equity deal, but a history of Corporate America, as told through the rise of the RJR Nabisco conglomerate and its subsequent dismemberment.
“One of the finest, most compelling accounts of what happened to corporate America and Wall Street in the 1980’s.” —New York Times Book Review
A #1 New York Times bestseller and arguably the best business narrative ever written, Barbarians at the Gate is the classic account of the fall of RJR Nabisco. An enduring masterpiece of investigative journalism by Bryan Burrough and John Helyar, it includes a new afterword by the authors that brings this remarkable story of greed and double-dealings up to date twenty years after the famed deal. The Los Angeles Times calls Barbarians at the Gate, “Superlative.”…
This is, for want of a better word, financial porn.
It won’t explain the underlying issues or even proximate triggers for the global financial crisis of 2008, but no one has ever written a financial book as titillating as Too Big to Fail. Sorkin really brings you into the rooms of power and conveys the sweaty panic that gripped the financial system as it careened over the edge.
They were masters of the financial universe, flying in private jets and raking in billions. They thought they were too big to fail. Yet they would bring the world to its knees.
Andrew Ross Sorkin, the news-breaking New York Times journalist, delivers the first true in-the-room account of the most powerful men and women at the eye of the financial storm - from reviled Lehman Brothers CEO Dick 'the gorilla' Fuld, to banking whiz Jamie Dimon, from bullish Treasury Secretary Hank Paulson to AIG's Joseph Cassano, dubbed 'The Man Who Crashed the…
Noam Chomsky has been praised by the likes of Bono and Hugo Chávez and attacked by the likes of Tom Wolfe and Alan Dershowitz. Groundbreaking linguist and outspoken political dissenter—voted “most important public intellectual in the world today” in a 2005 magazine poll—Chomsky inspires fanatical devotion and fierce vituperation.
In The Chomsky Effect, Chomsky biographer Robert Barsky examines Chomsky's positions on a number of highly charged issues—including Vietnam, Israel, East Timor, and his work in linguistics—that illustrate not only “the Chomsky effect” but also “the Chomsky approach.”
Chomsky, writes Barsky, is an inspiration and a catalyst. Not just an analyst or advocate, he encourages people to become engaged—to be “dangerous” and challenge power and privilege. The actions and reactions of Chomsky supporters and detractors and the attending contentiousness can be thought of as “the Chomsky effect.”
The Chomsky Effect: A Radical Works Beyond the Ivory Tower
"People are dangerous. If they're able to involve themselves in issues that matter, they may change the distribution of power, to the detriment of those who are rich and privileged."--Noam Chomsky
Noam Chomsky has been praised by the likes of Bono and Hugo Chávez and attacked by the likes of Tom Wolfe and Alan Dershowitz. Groundbreaking linguist and outspoken political dissenter--voted "most important public intellectual in the world today" in a 2005 magazine poll--Chomsky inspires fanatical devotion and fierce vituperation. In The Chomsky Effect, Chomsky biographer Robert Barsky examines Chomsky's positions on a number of highly charged issues--Chomsky's signature issues,…
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