All the Devils are Here: The Hidden History of the Financial Crisis


Bethany McLean - 2010
    Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.Among the devils you'll meet in vivid detail:• Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending.• Roland Arnall, a respected philanthropist and diplomat, who made his fortune building Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices.• Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies were buried.• Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud old firm into the ground by promoting cronies and pushing out his smartest lieutenants.• Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line.• Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission.• Brian Clarkson of Moody's, who aggressively pushed to increase his rating agency's market share and stock price, at the cost of its integrity.• Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted enormous pain on the country.Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the meltdown and its consequences.

Soros on Soros: Staying Ahead of the Curve


George Soros - 1994
    In an interview-style narrative with Byron Wien, Managing Director at Morgan Stanley, and with German journalist Krisztina Koenen, Soros vividly describes the genesis of his brilliant financial career and shares his views on investing and global finance, politics and the emerging world order, and the responsibility of power. Speaking with remarkable candor, he traces his progress from Holocaust survivor to philosophy student, unsuccessful tobacco salesman to the world's most powerful and profitable trader and introduces us to the people and events that helped shape his character and his often controversial views. Finally, turning his attention to international politics, Soros offers keen insights into the current state of affairs in Russia and the former communist bloc countries and analyzes the reasons behind and likely consequences of the West's failure to properly integrate them into the free world. He also explores the crisis of the ERM and analyzes the pros and cons of investing in a number of emerging markets.

Talking to Girls about Duran Duran: One Young Man's Quest for True Love and a Cooler Haircut


Rob Sheffield - 2010
    "No rock critic-living or dead, American or otherwise-has ever written about pop music with the evocative, hyperpoetic perfectitude of Rob Sheffield." So said Chuck Klosterman about Love is a Mix Tape, Sheffield's paean to a lost love via its soundtrack. Now, in Talking to Girls About Duran Duran, Sheffield shares the soundtrack to his eighties adolescence. When he turned 13 in 1980, Rob Sheffield had a lot to learn about women, love, music and himself, and in Talking to Girls About Duran Duran we get a glimpse into his transformation from pasty, geeky "hermit boy" into a young man with his first girlfriend, his first apartment, and a sense of the world. These were the years of MTV and John Hughes movies; the era of big dreams and bigger shoulder pads; and, like any all-American boy, this one was searching for true love and maybe a cooler haircut. It's all here: Inept flirtations. Dumb crushes. Deplorable fashion choices. Members Only jackets. Girls, every last one of whom seems to be madly in love with the bassist of Duran Duran. Sheffield's coming-of-age story is one that we all know, with a playlist that any child of the eighties or anyone who just loves music will sing along with. These songs-and Sheffield's writing-will remind readers of that first kiss, that first car, and the moments that shaped their lives.

Devil Take the Hindmost: A History of Financial Speculation


Edward Chancellor - 1996
    A lively, original, and challenging history of stock market speculation from the 17th century to present day.Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? How has the psychology of investing changed--and not changed--over the last five hundred years? In Devil Take the Hindmost, Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world: from the tulip scandal of 1630s Holland, to "stockjobbing" in London's Exchange Alley, to the infamous South Sea Bubble of 1720, which prompted Sir Isaac Newton to comment, "I can calculate the motion of heavenly bodies, but not the madness of people."Here are brokers underwriting risks that included highway robbery and the "assurance of female chastity"; credit notes and lottery tickets circulating as money; wise and unwise investors from Alexander Pope and Benjamin Disraeli to Ivan Boesky and Hillary Rodham Clinton.From the Gilded Age to the Roaring Twenties, from the nineteenth century railway mania to the crash of 1929, from junk bonds and the Japanese bubble economy to the day-traders of the Information Era, Devil Take the Hindmost tells a fascinating story of human dreams and folly through the ages.

Invested: How Warren Buffett and Charlie Munger Taught Me to Master My Mind, My Emotions, and My Money (with a Little Help from My Dad)


Danielle Town - 2018
    The daughter of a successful investor and bestselling financial author of Rule #1, Phil Town, she spent most of her adult life avoiding investing—until she realized that her time-consuming career as lawyer was making her feel anything but in control of her life or her money. Determined to regain her freedom, vote for her values with her money, and deal with her fear of the unpredictable stock market, she turned to her father, Phil, to help her take charge of her life and her future through Warren Buffett-style value investing. Over the course of a year, Danielle went from avoiding everything to do with the financial industrial complex to knowing exactly how and when to invest in wonderful companies.In Invested, Danielle shows you how to do the same: how to take command of your own life and finances by choosing companies with missions that match your values, using the same gold standard strategies that have catapulted Warren Buffett and Charlie Munger to the top of the Forbes 400. Avoiding complex math and obsolete financial models, she turns her father’s investing knowledge into twelve easy-to understand lessons.In each chapter, Danielle examines the investment strategies she mastered as her increasing know-how deepens the trust between her and her father. Throughout, she streamlines the process of making wise financial decisions and shows you just how easy—and profitable—investing can be.Capturing a warm, charming, and down-to-earth give and take between a headstrong daughter and her mostly patient dad, Invested makes the complex world of investing simple, straightforward, and approachable, and will help you formulate your own investment plan—and foster the confidence to put it into action.

An Astronaut's Guide to Life on Earth


Chris Hadfield - 2013
    During this time he has broken into a Space Station with a Swiss army knife, disposed of a live snake while piloting a plane, and been temporarily blinded while clinging to the exterior of an orbiting spacecraft. The secret to Col. Hadfield's success-and survival-is an unconventional philosophy he learned at NASA: prepare for the worst-and enjoy every moment of it. In An Astronaut's Guide to Life on Earth, Col. Hadfield takes readers deep into his years of training and space exploration to show how to make the impossible possible. Through eye-opening, entertaining stories filled with the adrenaline of launch, the mesmerizing wonder of spacewalks, and the measured, calm responses mandated by crises, he explains how conventional wisdom can get in the way of achievement-and happiness. His own extraordinary education in space has taught him some counterintuitive lessons: don't visualize success, do care what others think, and always sweat the small stuff. You might never be able to build a robot, pilot a spacecraft, make a music video or perform basic surgery in zero gravity like Col. Hadfield. But his vivid and refreshing insights will teach you how to think like an astronaut, and will change, completely, the way you view life on Earth-especially your own.

The Sex Lives of Cannibals: Adrift in the Equatorial Pacific


J. Maarten Troost - 2003
    He was restless and lacked direction, and the idea of dropping everything and moving to the ends of the Earth was irresistibly romantic. He should have known better. The Sex Lives of Cannibals tells the hilarious story of what happens when Troost discovers that Tarawa is not the island paradise he dreamed of. Falling into one amusing misadventure after another, Troost struggles through relentless, stifling heat, a variety of deadly bacteria, polluted seas, toxic fish, and worst of all, no television or coffee. And that's just the first day. Sunburned, emaciated, and stinging with sea lice, Troost spends the next two years battling incompetent government officials, alarmingly large critters, erratic electricity, and a paucity of food options. He contends with a cast of bizarre local characters, including "Half-Dead Fred" and the self-proclaimed Poet Laureate of Tarawa (a British drunkard who's never written a poem in his life), and eventually settles into the ebb and flow of island life, just before his return to the culture shock of civilization. With the rollicking wit of Bill Bryson, the brilliant travel exposition of Paul Theroux, and a hipster edge that is entirely Troost's own, The Sex Lives of Cannibals is the ultimate vicarious adventure. Readers may never long to set foot on Tarawa, but they'll want to travel with Troost time and time again.

The Places in Between


Rory Stewart - 2004
    By day he passed through mountains covered in nine feet of snow, hamlets burned and emptied by the Taliban, and communities thriving amid the remains of medieval civilizations. By night he slept on villagers' floors, shared their meals, and listened to their stories of the recent and ancient past. Along the way Stewart met heroes and rogues, tribal elders and teenage soldiers, Taliban commanders and foreign-aid workers. He was also adopted by an unexpected companion-a retired fighting mastiff he named Babur in honor of Afghanistan's first Mughal emperor, in whose footsteps the pair was following. Through these encounters--by turns touching, confounding, surprising, and funny--Stewart makes tangible the forces of tradition, ideology, and allegiance that shape life in the map's countless places in between.

Whatever You Do, Don't Run: True Tales of a Botswana Safari Guide


Peter Allison - 2007
    Peter Allison gives us the guide’s-eye view of living in the bush, confronting the world’s fiercest terrain of wild animals and, most challenging of all, managing herds of gaping tourists. Passionate for the animals of the Kalahari, Allison works as a top safari guide in the wildlife-rich Okavango Delta. As he serves the whims of his wealthy clients, he often has to stop the impulse to run as far away from them as he can, as these tourists are sometimes more dangerous than a pride of lions. No one could make up these outrageous-but-true tales: the young woman who rejected the recommended safari-friendly khaki to wear a more “fashionable” hot pink ensemble; the lost tourist who happened to be drunk, half-naked, and a member of the British royal family; establishing a real friendship with the continent’s most vicious animal; the Japanese tourist who requested a repeat performance of Allison’s being charged by a lion so he could videotape it; and spending a crazy night in the wild after blowing a tire on a tour bus, revealing that Allison has as much good-natured scorn for himself. The author’s humor is exceeded only by his love and respect for the animals, and his goal is to limit any negative exposure to humans by planning trips that are minimally invasive—unfortunately it doesn’t always work out that way! Peter Allison is originally from Sydney, Australia. His safaris have been featured in National Geographic, Conde Nast Traveler, and on television programs such as Jack Hanna's Animal Adventures. He travels frequently to speaking appearances, and splits most of his time between Botswana, Sydney, and San Francisco.

Monkey Business: Swinging Through the Wall Street Jungle


John Rolfe - 2000
    For behind the walls of Wall Street's firms lies a stratum of stunted, overworked, abused, and in the end, very well-compensated, but very frustrated men and women. Monkey Business takes readers behind the scenes at Donaldson, Lufkin, and Jenrette (DLJ), one of Wall Street's hottest firms of the 90s, from the interview process to the courting of clients to bonus time. It's a glimpse of a side of the business the financial periodicals don't talk about -- 20-hour work days, trips across the country where associates do nothing except carry the pitch book, strip clubs at night, inflated salaries, and high-powered, unforgettable personalities.Monkey Business provides readers with a first-class education in the real life of an investment banker. But best of all, it is an extremely funny read about two young men who, on their way towards achieving the American dream, quickly realized they were selling their souls to get there."

The Most Important Thing: Uncommon Sense for the Thoughtful Investor


Howard Marks - 2011
    After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor.Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways.Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "contrarian," Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing.

Travels in Siberia


Ian Frazier - 2010
    In Travels in Siberia, Frazier reveals Siberia's role in history--its science, economics, and politics--with great passion and enthusiasm, ensuring that we'll never think about it in the same way again.With great empathy and epic sweep, Frazier tells the stories of Siberia's most famous exiles, from the well-known--Dostoyevsky, Lenin (twice), Stalin (numerous times)--to the lesser known (like Natalie Lopukhin, banished by the empress for copying her dresses) to those who experienced unimaginable suffering in Siberian camps under the Soviet regime, forever immortalized by Aleksandr Solzhenitsyn in The Gulag Archipelago.Travels in Siberia is also a unique chronicle of Russia since the end of the Soviet Union, a personal account of adventures among Russian friends and acquaintances, and, above all, a unique, captivating, totally Frazierian take on what he calls the "amazingness" of Russia--a country that, for all its tragic history, somehow still manages to be funny. Travels in Siberia will undoubtedly take its place as one of the twenty-first century's indispensable contributions to the travel-writing genre.

The Wolf of Wall Street


Jordan Belfort - 2007
    By night he spent it as fast as he could, on drugs, sex, and international globe-trotting. From the binge that sank a 170-foot motor yacht and ran up a $700,000 hotel tab, to the wife and kids waiting at home, and the fast-talking, hard-partying young stockbrokers who called him king and did his bidding, here, in his own inimitable words, is the story of the ill-fated genius they called . . .THE WOLF OF WALL STREETIn the 1990s Jordan Belfort, former kingpin of the notorious investment firm Stratton Oakmont, became one of the most infamous names in American finance: a brilliant, conniving stock-chopper who led his merry mob on a wild ride out of the canyons of Wall Street and into a massive office on Long Island. Now, in this astounding and hilarious tell-all autobiography, Belfort narrates a story of greed, power, and excess that no one could invent.Reputedly the prototype for the film Boiler Room, Stratton Oakmont turned microcap investing into a wickedly lucrative game as Belfort’s hyped-up, coked-out brokers browbeat clients into stock buys that were guaranteed to earn obscene profits—for the house. But an insatiable appetite for debauchery, questionable tactics, and a fateful partnership with a breakout shoe designer named Steve Madden would land Belfort on both sides of the law and into a harrowing darkness all his own.From the stormy relationship Belfort shared with his model-wife as they ran a madcap household that included two young children, a full-time staff of twenty-two, a pair of bodyguards, and hidden cameras everywhere—even as the SEC and FBI zeroed in on them—to the unbridled hedonism of his office life, here is the extraordinary story of an ordinary guy who went from hustling Italian ices at sixteen to making hundreds of millions. Until it all came crashing down . . .

To Shake the Sleeping Self: A Journey from Oregon to Patagonia, and a Quest for a Life with No Regret


Jedidiah Jenkins - 2018
    He chronicled the trip on Instagram, where his photos and reflections drew hundreds of thousands of followers, all gathered around the question: What makes a life worth living?In this unflinchingly honest memoir, Jed narrates his adventure--the people and places he encountered on his way to the bottom of the world--as well as the internal journey that started it all. As he traverses cities, mountains, and inner boundaries, Jenkins grapples with the question of what it means to be an adult, his struggle to reconcile his sexual identity with his conservative Christian upbringing, and his belief in travel as a way to wake us up to life back home.A soul-stirring read for the wanderer in each of us, To Shake the Sleeping Self is an unforgettable reflection on adventure, identity, and a life lived without regret.Praise for To Shake the Sleeping Self"[Jenkins is] a guy deeply connected to his personal truth and just so refreshingly present."--Rich Roll, author of Finding Ultra"This is much more than a book about a bike ride. This is a deep soul deepening us. Jedidiah Jenkins is a mystic disguised as a millennial."--Tom Shadyac, author of Life's Operating Manual"Thought-provoking and inspirational . . . This uplifting memoir and travelogue will remind readers of the power of movement for the body and the soul." --Publishers Weekly

River Town: Two Years on the Yangtze


Peter Hessler - 2001
    Surrounded by the terraced hills of the Yangtze River valley, Fuling has long been a place of continuity, far from the bustling political centers of Beijing and Shanghai. But now Fuling is heading down a new path, and gradually, along with scores of other towns in this vast and ever-evolving country, it is becoming a place of change and vitality, tension and reform, disruption and growth. As the people of Fuling hold on to the China they know, they are also opening up and struggling to adapt to a world in which their fate is uncertain.Fuling's position at the crossroads came into remarkably sharp focus when Peter Hessler arrived as a Peace Corps volunteer in 1996, marking the first time in more than half a century that the city had an American resident. He found himself teaching English and American literature at the local college, discovering how Shakespeare and other classics look when seen through the eyes of students who have been raised in the Sichuan countryside and educated in Communist Party doctrine. His students, though, are the ones who taught him about the ways of Fuling — and about the complex process of understanding that takes place when one is immersed in a radically different society.As he learns the language and comes to know the people, Hessler begins to see that it is indeed a unique moment for Fuling. In its past is Communist China's troubled history — the struggles of land reform, the decades of misguided economic policies, and the unthinkable damage of the Cultural Revolution — and in the future is the Three Gorges Dam, which upon completion will partly flood thecity and force the resettlement of more than a million people. Making his way in the city and traveling by boat and train throughout Sichuan province and beyond, Hessler offers vivid descriptions of the people he meets, from priests to prostitutes and peasants to professors, and gives voice to their views. This is both an intimate personal story of his life in Fuling and a colorful, beautifully written account of the surrounding landscape and its history. Imaginative, poignant, funny, and utterly compelling, River Town is an unforgettable portrait of a city that, much like China itself, is seeking to understand both what it was and what it someday will be.