Good Business/Economics Books

[RubberSoul]

Hi Guys,

I am interested in better acquainting myself in the fields of business, economics, real estate finance and development. I am not looking for something too specific, for example: a guide to investing in stocks, how to start a business, or the other motivational leadership bullshit (Rich Dad Poor Dad , Trump etc). Any good recommendations?

Thank you

 

[otc]

Take a look at either Barbarians at the Gate or Den of Thieves...

Den of Thieves is mostly about the rise of Milkin's junk-bond empire with a lot of focus on the insider trading and M&A activity of the 80's. It's not bad but it is pretty long and a lot of the deals that get talked about get really boring...might be a good book to skip a lot of the middle from.

Barbarians at the Gate is about the KKR/RJR Nabisco LBO and follows the CEO on his rise on the corporate ladder (and the merging of RJR and Nabisco...lots of stuff). This one is actually quite a good read since it doesn't have the repetitive deal after deal monotony of the other book and follows some really interesting storylines (I fondly remember the team of suit-clad wall-street lawyers RUNNING through the streets of manhattan to meet a deadline...and there was so much corporate-excess...private jets and all).

I guess since I gave you those...I can list the other titles from the business history class I took:
The Money Culture-entertaining..but its just a jumble of short stories so you won't learn too much
Dot.con: The Greatest Story Ever Sold-summary story of the dotcom boom...not a bad read but not great
The New New Thing- I really liked this...Michael Lewis's tale of how Jim Clark started the dotcom boom in order to raise enough cash to pay for his world-largest-sailboat.
When Genius Failed: The Rise and Fall of Long-Term Capital Management- Sounds boring but it was actually a pretty reasonable tale of how the hedge fund almost destroyed the big banks...
Maestro: Greenspan's Fed and the American Boom- Was pretty dry...didn't read much of it.

 

[upstarter]

Has anyone read Black Swan or Fooled by Randomness?

 

[Bruce9241]

I've always liked books about Bob Lutz. Hard hitting business man who drinks, smokes, nails broads and never sleeps.

Books about the whole Daimler Chrysler ordeal are always great to read.

 

[Aaron]

Originally Posted by upstarter

Has anyone read Black Swan or Fooled by Randomness?
Yes, and they're fantastic. You have to take Nassim Taleb with a grain of salt but I believe his ideas about how randomness plays a much bigger role in our lives than we think are spot on.

Here's a good interview with him on Charlie Rose.

Economic/Business History

- Dr. Stranglove's Game: A History of Economic Genius by Paul Strathern - one of the most entertaining books I've ever read on the history of economics and commerce.

How to Think
- From Darwin to Munger by Peter Bevelin - a collection of stories, aphorisms and strategies compiled from Warren Buffet and Charlie Munger (Buffett's business partner/advisor). Talks about everything from physics to human behaviour.
- Stumbling on Happiness by Daniel Gilbert - a cool, fairly light book on how people are really bad at predicting what will make them happy. Good examples to use in your career choice and in marketing.
- The Contrarian's Guide to Leadership by Steven Sample - one of the better books I've ever read on leadership. Has some great advice on leading people and seeing situations as whole vs. only what you want to see.
- What they Don't Teach you in Harvard Business School by Mark McCormack. I think this book is out of print now but one of the better books on how to conduct yourself in business.

Biographies

- Snowball by Alice Schroeder - a very long, very detailed account of Warren Buffet. I feel it gives a complete picture of the man.
- The Smartest Guys in the Room by Bethany McLean - story about the rise and fall of Enron and the company's key executives. Very well done; little dry at times.

Selling

- How to Become a Rainmaker by Jeffrey J Fox - the author does a series of these books (one on marketing, one on finding a job, etc). They're small and very short. However, they contain some pretty good wisdom.

Business Culture
- Liar's Poker by Michael Lewis - account of Lewis' time at Salomon Bros. investment bank in the 80's. Kind of funny, mostly scary.

That's all I can think of for now...

 

[bmulford]

Originally Posted by upstarter

Has anyone read Black Swan or Fooled by Randomness?

Yes, I've read both and think they're both 'pop' books in my opinion. Too silicon valley-esque.

The one and only book you really need to read to get a good understanding of money theory is Henry Hazlitt's Economics in one lesson.

I've not read as much as Matt or others, but I've covered the major texts - enough to feel I can safely form my own opinions about what is going on around us. Henry wrote for the economist and has a writing style that makes the information accessible vs say, Mises.

Here's a link -

http://www.amazon.com/Economics-One-.../dp/0517548232

 

[dopamine]

Originally Posted by bmulford

Yes, I've read both and think they're both 'pop' books in my opinion. Too silicon valley-esque.

The one and only book you really need to read to get a good understanding of money theory is Henry Hazlitt's Economics in one lesson.

I've not read as much as Matt or others, but I've covered the major texts - enough to feel I can safely form my own opinions about what is going on around us. Henry wrote for the economist and has a writing style that makes the information accessible vs say, Mises.

Here's a link -

http://www.amazon.com/Economics-One-.../dp/0517548232

Black Swan was highly recommended to me by an alumni of a program I'm in, he was a partner at Goldman Sachs and now is the head of his own PE firm, so I think I'll give it a look. I hope it doesn't end up being boring/useless.

As for books to get started, really, just get a textbook and start reading. That'll give you the basics, if not in a very fun fashion.

 

[otc]

I totally forgot...

Naked Economics by Charlie Wheelan
http://www.amazon.com/Naked-Economic...69/ref=ed_oe_p (even better go for that "like new" copy selling for 75cents).

It is a great way to cover the cores of both micro and macroeconomics without buying an econ textbook. It reads easily and is pretty entertaining and will give you almost all the background you need (except the math) to understand a lot of economics coverage

 

[Davidko19]

1. The richest man in babylon

2. Intelligent investor

3. millionaire next door.

 

[bmulford]

Originally Posted by dopamine

Black Swan was highly recommended to me by an alumni of a program I'm in, he was a partner at Goldman Sachs and now is the head of his own PE firm, so I think I'll give it a look. I hope it doesn't end up being boring/useless.

As for books to get started, really, just get a textbook and start reading. That'll give you the basics, if not in a very fun fashion.

Black swan is worth reading, its just not an introduction or definitive text on economics by any stretch. It basically points out that randomness plays a part in success and that bell curves or other mean-derivative models won't catch the 1% outliers. hence one has to adjust their strategy to be ready for a black swan to show up.

So - here's a quick summary:

* Be prepared for all relevant eventualities (outliers will happen and top players will fall)
* Barbell strategy:
o Be extremely conservative (very, very safe) with 85-90% of your assets, in your approach
o Be extremely, wildly aggressive with 10-15% of your assets
* tricks:
o Make a distinction between positive contingencies and negative ones
o Don't look for the precise and the local. Don't be narrow minded, be open to possibilities.
o Seize any opportunity, or anything that looks like opportunity.
o Beware of precise plans by governments.
o Don't waste time trying to fight forecasters

In other words, common sense prevails over market-makers trying to over categorize all behavior in socio-economic models.

 

[itsstillmatt]

Originally Posted by bmulford

The one and only book you really need to read to get a good understanding of money theory is Henry Hazlitt's Economics in one lesson.
Best. Book. Ever. I really need to read it again.

 

[RedScarf7]

"Staying in the Game" Not necessarily a business/economics book, but I learnt more from this book then I have from a variety of others. Doc Seaman is a true inspiration. http://www.amazon.ca/Staying-Game-Re...3125183&sr=8-1

 

[kaxixi]

I don't think the OP is looking for textbooks, but my favorite intro to microeconomics is Mankiw's. He's fantastic.

Originally Posted by otc

Naked Economics by Charlie Wheelan
http://www.amazon.com/Naked-Economic...69/ref=ed_oe_p (even better go for that "like new" copy selling for 75cents).

We use this as supplementary text for our intro economics class in the executive MBA sequence. It's good, or so my students tell me (I've never read it).

Originally Posted by iammatt

Best. Book. Ever.

Jeez. Maybe I should read it...

 

[lizmasc]

While all may be sound recommendations I'd suggest you start with this one as you may find it enough to start out:

How to Get Rich (by Felix Dennis)

This is a book written by the owner of Maxim. He's rich and he done it. I highly recommend you to read it It's about business and general not too specific on anything

 

[upstarter]

Originally Posted by bmulford

Black swan is worth reading, its just not an introduction or definitive text on economics by any stretch. It basically points out that randomness plays a part in success and that bell curves or other mean-derivative models won't catch the 1% outliers. hence one has to adjust their strategy to be ready for a black swan to show up.

So - here's a quick summary:

* Be prepared for all relevant eventualities (outliers will happen and top players will fall)
* Barbell strategy:
o Be extremely conservative (very, very safe) with 85-90% of your assets, in your approach
o Be extremely, wildly aggressive with 10-15% of your assets
* tricks:
o Make a distinction between positive contingencies and negative ones
o Don't look for the precise and the local. Don't be narrow minded, be open to possibilities.
o Seize any opportunity, or anything that looks like opportunity.
o Beware of precise plans by governments.
o Don't waste time trying to fight forecasters

In other words, common sense prevails over market-makers trying to over categorize all behavior in socio-economic models.

Thanks