20 books like One-Way Pockets

Extraordinary Popular Delusions is a catalogue of financial bubbles.

I often say it’s the best book ever written about bitcoin, and it was published in 1841. Extraordinary Popular Delusions is why you’ve heard about the Dutch Tulip-Mania of the seventeenth century. He also goes into John Law’s Mississippi Scheme.

The 1848 edition adds a note on the then-current Railway Mania, every bit as bubbly as crypto or the dot-com era.

This is one of my favorite books because rather than observing the follies of others, this author details his own. Reading it is like watching a tragedy when you already know the well-meaning protagonist is going to die.

The author chose to remain anonymous for obvious reasons: He thought he was a rare fool. But getting wiped out happens all the time, to many people. If you want to experience vicariously a dangerous thrill ride that you may or may not already have taken, this is your ticket. The book is out of print and hard to find.

It was during the earliest days of the first Trump campaign, and I was reading this one-hundred-plus-year-old book with one of the first debates playing in the background. It felt like he had used this book as his operating manual (although I'm almost positive he never read it). When I got home, I started telling my friends, "I think this guy could win." They thought I was crazy. The rest was history.

This book is the definition of timeless. Le Bon was remarkably perceptive about what makes groups of people react in certain ways and how leaders can get them to do their bidding. 

When I was at Yale, Professor Irving Janis became aware of my interest in mass psychology and asked if I would be interested in seeing a manuscript he was working on. I jumped at the chance and soon was reading Victims of Groupthink.

The book relates histories of bureaucratic decision-making that went wrong. Janis postulated that in a group setting, people defer the hard work of reasoning to others, whom they assume must be working on the problem. As a result, no one works on the problem, and whatever decision emerges derives from the dynamics of group psychology. This book is out of print and hard to find.

And here we are, in the Roaring Twenties, the decade that showed a nation how much trouble an unruly Wall Street can cause the country! The late John Brooks of The New Yorker had a gift for romping through important financial history in the most entertaining way possible. I discovered this gem of his when I was new to covering Wall Street; I’ve turned to it countless times since, both for the facts and for the fun! 

Creativity and out-of-the-box thinking made John D. the first billionaire, and those leaders and entrepreneurs looking to sharpen their skills with a fascinating story should make this book a must-read.

It made me a better entrepreneur, a smarter businessperson, and a stronger leader among men and women.  

This is another book by a short-term trader. And it reads like a novel. It’s truly a fascinating book about making money in the stock market. Darvas is honest and talks about how lucky he has been on many occasions. What I love most is that this book is from 1960! It’s not a get-rich-quick scheme or whatever.

Darvas, who passed away in 1977, was actually a professional dancer who loved trading stocks. He didn’t try to sell his ideas. He simply wrote an honest account of how he made his money. Much of his knowledge on investing is self-learned, which is how most ordinary folks learn about the stock market. That’s why I highly recommend his book.

For creatives, this book is the move. Many writers who find themselves in reading lulls, also find themselves in writing lulls. Over the last two decades, writing professor Susan Shapiro has taught more than 25,000 students of all ages and backgrounds at NYU, Columbia, Temple, The New School, and Harvard University. And now the content from her wildly popular course “Instant Gratification Takes Too Long” is in this book for everyone who wants to get published fast, and with all the best secrets of the trade.

Byline Bible is full of advice for writers on how to break into publishing, but also includes tons of essays and pieces published by Susan Shapiro’s students, which make for great reading in and of themselves. 

I love it because it describes exactly how Wall Street used to work in the bad old days of the early 1900s, before the Great Crash and the Great Depression, before sweeping reforms turned it into what is today. I learned so much from this story about the characters who dominated the Street and set it up for failure.

I see all sorts of parallels with the growth of cryptocurrencies and the scams that surround that industry. I love the way Sinclair describes the Wild West, the ferociously greedy mentality of the players back then, and how he details the machinations of Ponzi schemers and fraudsters before there were any laws barring such scoundrels from doing whatever they pleased with gullible investors’ money.

In financial markets, knowing what the large trader is doing is vital. In his book, Tom Williams, who was a syndicated trader, taught us the main signs that allow us to identify the participation of the large traders on the chart, which allows us to make judicious analyses about where the price is most likely to go.