The First Tycoon: The Epic Life of Cornelius Vanderbilt


T.J. Stiles - 2009
    Humbly born on Staten Island during George Washington’s presidency, he rose from boatman to builder of the nation’s largest fleet of steamships to lord of a railroad empire. Lincoln consulted him on steamship strategy during the Civil War; Jay Gould was first his uneasy ally and then sworn enemy; and Victoria Woodhull, the first woman to run for president of the United States, was his spiritual counselor. We see Vanderbilt help to launch the transportation revolution, propel the Gold Rush, reshape Manhattan, and invent the modern corporation—in fact, as T. J. Stiles elegantly argues, Vanderbilt did more than perhaps any other individual to create the economic world we live in today.In The First Tycoon, Stiles offers the first complete, authoritative biography of this titan, and the first comprehensive account of the Commodore’s personal life. It is a sweeping, fast-moving epic, and a complex portrait of the great man. Vanderbilt, Stiles shows, embraced the philosophy of the Jacksonian Democrats and withstood attacks by his conservative enemies for being too competitive. He was a visionary who pioneered business models. He was an unschooled fistfighter who came to command the respect of New York’s social elite. And he was a father who struggled with a gambling-addicted son, a husband who was loving yet abusive, and, finally, an old man who was obsessed with contacting the dead.The First Tycoon is the exhilarating story of a man and a nation maturing together: the powerful account of a man whose life was as epic and complex as American history itself.

The Undercover Economist


Tim Harford - 2005
    The Undercover Economist is for anyone who's wondered why the gap between rich and poor nations is so great, or why they can't seem to find a decent second-hand car, or how to outwit Starbucks. This book offers the hidden story behind these and other questions, as economist Tim Harford ranges from Africa, Asia, Europe, and of course the United States to reveal how supermarkets, airlines, and coffee chains--to name just a few--are vacuuming money from our wallets. Harford punctures the myths surrounding some of today's biggest controversies, including the high cost of health-care; he reveals why certain environmental laws can put a smile on a landlord's face; and he explains why some industries can have high profits for innocent reasons, while in other industries something sinister is going on. Covering an array of economic concepts including scarce resources, market power, efficiency, price gouging, market failure, inside information, and game theory, Harford sheds light on how these forces shape our day-to-day lives, often without our knowing it. Showing us the world through the eyes of an economist, Tim Harford reveals that everyday events are intricate games of negotiations, contests of strength, and battles of wits. Written with a light touch and sly wit, The Undercover Economist turns "the dismal science" into a true delight.

The Signs Were There: The clues for investors that a company is heading for a fall


Tim Steer - 2018
    But often, a company's published accounts offer clues to impending disaster, providing you know where to look. Through the forensic examination of more than 20 recent stock market disasters, Tim Steer reveals how companies hide or disguise worrying facts about the robustness of their business. In his lively style, he looks at the themes that underlie the ways companies hide the truth and he stresses that in an assessment of a company's accounts, investors should always bear in mind that the only fact is cash; everything else - profit, assets, etc - is a matter of opinion. Full of invaluable lessons for investors, the book concludes with some trenchant observations on what is wrong in the worlds of investment, audit and financial regulation, and what changes should be introduced.

The Monopolists: Obsession, Fury, and the Scandal Behind the World's Favorite Board Game


Mary Pilon - 2015
    That story, however, is not exactly true. Ralph Anspach, a professor fighting to sell his Anti-Monopoly board game decades later, unearthed the real story, which traces back to Abraham Lincoln, the Quakers, and a forgotten feminist named Lizzie Magie who invented her nearly identical Landlord's Game more than thirty years before Parker Brothers sold their version of Monopoly. Her game--underpinned by morals that were the exact opposite of what Monopoly represents today--was embraced by a constellation of left-wingers from the Progressive Era through the Great Depression, including members of Franklin Roosevelt's famed Brain Trust.A fascinating social history of corporate greed that illuminates the cutthroat nature of American business over the last century, The Monopolists reads like the best detective fiction, told through Monopoly's real-life winners and losers.

The Psychology of Money


Morgan Housel - 2020
    It’s about how you behave. And behavior is hard to teach, even to really smart people. How to manage money, invest it, and make business decisions are typically considered to involve a lot of mathematical calculations, where data and formulae tell us exactly what to do. But in the real world, people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your unique view of the world, ego, pride, marketing, and odd incentives are scrambled together. In the psychology of money, the author shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important matters.

Kids These Days: Human Capital and the Making of Millennials


Malcolm Harris - 2017
    An Australian millionaire says Millennials could all afford homes if we'd just give up avocado toast. Thanks, millionaire. This Millennial is here to prove them all wrong.Millennials have been stereotyped as lazy, entitled, narcissistic, and immature. We've gotten so used to sloppy generational analysis filled with dumb clichés about young people that we've lost sight of what really unites Millennials. Namely:-We are the most educated and hard-working generation in American history.-We poured historic and insane amounts of time and money into preparing ourselves for the 21st century labor market.- We have been taught to consider working for free (homework, internships) a privilege for our own benefit.- We are poorer, more medicated, and more precariously employed than our parents, grandparents, even our great grandparents, with less of a social safety net to boot. Kids These Days, is about why. In brilliant, crackling prose, early Wall Street occupier Malcolm Harris gets mercilessly real about our maligned birth cohort. Examining trends like runaway student debt, the rise of the intern, mass incarceration, social media, and more, Harris gives us a portrait of what it means to be young in America today that will wake you up and piss you off. Millennials were the first generation raised explicitly as investments, Harris argues, and in Kids These Days he dares us to confront and take charge of the consequences now that we are grown up.

Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street Are Destroying Investor Confidence and Your Portfolio


Sal L. Arnuk - 2012
    A small consortium of players is making billions by skimming and scalping unaware investors -- and, in so doing, they've transformed our markets from the world's envy into a barren wasteland of terror. Since these events began, Themis Trading's Joe Saluzzi and Sal Arnuk have offered an unwavering voice of reasoned dissent. Their small brokerage has stood up against the hijackers in every venue: their daily writings are now followed by investors, regulators, the media, and "Main Street" investors worldwide. Saluzzi and Arnuk don't take prisoners! Now, in "Broken Markets," they explain how all this happened, who did it, what it means, and what's coming next. You'll understand the true implications of events ranging from the crash of 1987 to the "Flash Crash" -- and discover what it all means to you and your future. Warning: you will get angry (if you aren't already). But you'll know exactly "why" you're angry, "who" you're angry at, and "what" needs to be done!

Missed Fortune 101: A Starter Kit to Becoming a Millionaire


Douglas R. Andrew - 2005
    A starter kit to becoming a millionaire - isn't it time you became wealthy? This explosive and controversial openly challenges the most basic and fundamental tenets of personal investing.

Confidence Men: Wall Street, Washington, and the Education of a President


Ron Suskind - 2011
    Suskind moves from the frenzied trading floors of lower Manhattan to the power corridors inside the Beltway and introduces a larger than life cast of politicians and advisors, titans of high finance, reformers, lobbyists, and others who faced a crisis unlike anything they had ever imagined. Based on hundreds of hours of interviews and exhaustive research, filled with piercing insight and startling disclosures, Confidence Men goes beyond the headlines and previous accounts, bringing into focus the unprecedented struggle between the nation's two capitals; New York and Washington, one of private gain, the other of public purpose;that continues to divide and roil America.

The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse


Mohamed El-Erian - 2016
    Mohamed A. El-Erian, one of the world’s most influential economic thinkers and the author of When Markets Collide, has written a roadmap to what lies ahead and the decisions we must make now to stave off the next global economic and financial crisis.Our current economic path is coming to an end. The signposts are all around us: sluggish growth, rising inequality, stubbornly high pockets of unemployment, and jittery financial markets, to name a few. Soon we will reach a fork in the road: One path leads to renewed growth, prosperity, and financial stability, the other to recession and market disorder.In The Only Game in Town, El-Erian casts his gaze toward the future of the global economy and markets, outlining the choices we face both individually and collectively in an era of economic uncertainty and financial insecurity. Beginning with their response to the 2008 global crisis, El-Erian explains how and why our central banks became the critical policy actors—and, most important, why they cannot continue is this role alone. They saved the financial system from collapse in 2008 and a multiyear economic depression, but lack the tools to enable a return to high inclusive growth and durable financial stability. The time has come for a policy handoff, from a prolonged period of monetary policy experimentation to a strategy that better targets what ails economies and distorts the financial sector—before we stumble into another crisis. The future, critically, is not predestined. It is up to us to decide where we will go from here as households, investors, companies, and governments. Using a mix of insights from economics, finance, and behavioral science, this book gives us the tools we need to properly understand this turning point, prepare for it, and come out of it stronger. A comprehensive, controversial look at the realities of our global economy and markets, The Only Game in Town is required reading for investors, policymakers, and anyone interested in the future.Praise for The Only Game in Town“The one economic book you must read now . . . If you want to understand this bifurcated world and where it’s headed, there is no better interpreter than Mohamed El-Erian. . . . An excellent primer [and] a guide on what to expect as the world struggles to cope with slower, less equal growth.”—Time“How come the global economy is now run largely by unelected central banks? In this highly intelligent analysis, the author, a respected investor and CEO, explains how elected governments are failing in their basic job to take care of the economy and why this might lead to a massive unmanageable crisis.”—Fareed Zakaria, CNN (book of the week)“El-Erian expertly offers a balanced view, commending the central banks for their necessarily aggressive policy views while noting, for example, the failure of the Fed to recognize the pre-crisis housing bubble. . . . A grand tour of the challenges we face, along with ideal solutions and more likely outcomes.”—Steven Rattner, The New York Times Book Review“What better moment could there be for a book subtitled ‘Central Banks, Instability, and Avoiding the Next Collapse’? And who better to write it than Mohamed El-Erian . . . ?”—Financial Times“A warning on the Federal Reserve’s limits . . . For those who consider Washington politicians incapable of acting effectively, [El-Erian’s] diagnosis is chilling.”—The New York Times

Capital Allocators: How the world’s elite money managers lead and invest


Ted Seides - 2021
    They marshal trillions of dollars on behalf of their institutions and influence how capital flows throughout the world.But these elite investors live outside of the public eye. Across the entire investment industry, few participants understand how these holders of the keys to the kingdom allocate their time and their capital.What's more, there is no formal training for how to do their work.So how do these influential leaders practice their craft? What skills do they require? What frameworks do they employ? How do they make investment decisions on everything from hiring managers to portfolio construction?For the first time, CAPITAL ALLOCATORS lifts the lid on this opaque corner of the investment landscape.Drawing on interviews from the first 150 episodes of the Capital Allocators podcast, Ted Seides presents the best of the knowledge, practical insights, and advice of the world's top professional investors.These insights include:- The best practices for interviewing, decision-making, negotiations, leadership, and management.- Investment frameworks across governance, strategy, process, technological innovation, and uncertainty.- The wisest and most impactful quotes from guests on the Capital Allocators podcast.Learn from the likes of the CIOs at the endowments of Princeton and Notre Dame, family offices of Michael Bloomberg and George Soros, pension funds from the State of Florida, CalSTRS, and Canadian CDPQ, sovereign wealth funds of New Zealand and Australia, and many more.CAPITAL ALLOCATORS is the essential new reference manual for current and aspiring CIOs, the money managers that work with them, and everyone allocating a pool of capital.

Having and Being Had


Eula Biss - 2020
    The result is a radical interrogation of work, leisure, and capitalism. Described by The New York Times as a writer who "advances from all sides, like a chess player," Biss brings her approach to the lived experience of capitalism. Ranging from IKEA to Beyoncé to Pokemon, across bars and laundromats and universities, she asks, of both herself and her class, "In what have we invested?"

The Gatekeepers: How the White House Chiefs of Staff Define Every Presidency


Chris Whipple - 2017
    The chiefs of staff, often referred to as "the gatekeepers," wield tremendous power in Washington and beyond; they decide who is allowed to see the president, negotiate with Congress to push POTUS's agenda, and--most crucially--enjoy unparalleled access to the leader of the free world. Each chief can make or break an administration, and each president reveals himself by the chief he picks.Through extensive, intimate interviews with all seventeen living chiefs and two former presidents, award-winning journalist and producer Chris Whipple pulls back the curtain on this unique fraternity. In doing so, he revises our understanding of presidential history, showing us how James Baker's expert managing of the White House, the press, and Capitol Hill paved the way for the Reagan Revolution--and, conversely, how Watergate, the Iraq War, and even the bungled Obamacare rollout might have been prevented by a more effective chief.Filled with shrewd analysis and never-before-reported details, The Gatekeepers offers an essential portrait of the toughest job in Washington.

The Woman Behind the New Deal: The Life of Frances Perkins, FDR'S Secretary of Labor and His Moral Conscience


Kirstin Downey - 2009
    Based on eight years of research, extensive archival materials, new documents, and exclusive access to Perkins’s family members and friends, this biography is the first complete portrait of a devoted public servant with a passionate personal life, a mother who changed the landscape of American business and society.Frances Perkins was named Secretary of Labor by Franklin Roosevelt in 1933. As the first female cabinet secretary, she spearheaded the fight to improve the lives of America’s working people while juggling her own complex family responsibilities. Perkins’s ideas became the cornerstones of the most important social welfare and legislation in the nation’s history, including unemployment compensation, child labor laws, and the forty-hour work week. Arriving in Washington at the height of the Great Depression, Perkins pushed for massive public works projects that created millions of jobs for unemployed workers. She breathed life back into the nation’s labor movement, boosting living standards across the country. As head of the Immigration Service, she fought to bring European refugees to safety in the United States. Her greatest triumph was creating Social Security. Written with a wit that echoes Frances Perkins’s own, award-winning journalist Kirstin Downey gives us a riveting exploration of how and why Perkins slipped into historical oblivion, and restores Perkins to her proper place in history.

American Icon: Alan Mulally and the Fight to Save Ford Motor Company


Bryce G. Hoffman - 2012
    With the auto industry careening toward ruin, Congress offered all three Detroit automakers a bailout. General Motors and Chrysler grabbed the taxpayer lifeline, but Ford decided to save itself. Under the leadership of charismatic CEO Alan Mulally, Ford had already put together a bold plan to unify its divided global operations, transform its lackluster product lineup, and overcome a dys­functional culture of infighting, backstabbing, and excuses. It was an extraordinary risk, but it was the only way the Ford family—America’s last great industrial dynasty—could hold on to their company. Mulally and his team pulled off one of the great­est comebacks in business history. As the rest of Detroit collapsed, Ford went from the brink of bankruptcy to being the most profitable automaker in the world. American Icon is the compelling, behind-the-scenes account of that epic turnaround. On the verge of collapse, Ford went outside the auto industry and recruited Mulally—the man who had already saved Boeing from the deathblow of 9/11—to lead a sweeping restructuring of a company that had been unable to overcome decades of mismanage­ment and denial. Mulally applied the principles he developed at Boeing to streamline Ford’s inefficient operations, force its fractious executives to work together as a team, and spark a product renaissance in Dearborn. He also convinced the United Auto Workers to join his fight for the soul of American manufacturing. Bryce Hoffman reveals the untold story of the covert meetings with UAW leaders that led to a game-changing contract, Bill Ford’s battle to hold the Ford family together when many were ready to cash in their stock and write off the company, and the secret alliance with Toyota and Honda that helped prop up the Amer­ican automotive supply base. In one of the great management narratives of our time, Hoffman puts the reader inside the boardroom as Mulally uses his celebrated Business Plan Review meet­ings to drive change and force Ford to deal with the painful realities of the American auto industry.  Hoffman was granted unprecedented access to Ford’s top executives and top-secret company documents. He spent countless hours with Alan Mulally, Bill Ford, the Ford family, former executives, labor leaders, and company directors. In the bestselling tradition of Too Big to Fail and The Big Short, American Icon is narrative nonfiction at its vivid and colorful best.