The Wisdom of Finance: Discovering Humanity in the World of Risk and Return


Mihir Desai - 2017
    . . the noblest and the most infamous in the world, the finest and most vulgar on earth.” The characterization of finance as deceitful, infamous, and vulgar still rings true today – particularly in the wake of the 2008 financial crisis. But, what happened to the fairest, noblest, and finest profession that de la Vega saw?  De la Vega hit on an essential truth that has been forgotten: finance can be just as principled, life-affirming, and worthy as it can be fraught with questionable practices.  Today, finance is shrouded in mystery for outsiders, while many insiders are uneasy with the disrepute of their profession.  How can finance become more accessible and also recover its nobility? Harvard Business School professor Mihir Desai, in his “last lecture” to the graduating Harvard MBA class of 2015, took up the cause of restoring humanity to finance. With incisive wit and irony, his lecture drew upon a rich knowledge of literature, film, history, and philosophy to explain the inner workings of finance in a manner that has never been seen before. This book captures Desai’s lucid exploration of the ideas of finance as seen through the unusual prism of the humanities. Through this novel, creative approach, Desai shows that outsiders can access the underlying ideas easily and insiders can reacquaint themselves with the core humanity of their profession. The mix of finance and the humanities creates unusual pairings: Jane Austen and Anthony Trollope are guides to risk management; Jeff Koons becomes an advocate of leverage; and Mel Brooks’s The Producers teaches us about fiduciary responsibility. In Desai’s vision, the principles of finance also provide answers to critical questions in our lives. Among many surprising parallels, bankruptcy teaches us how to react to failure, the lessons of mergers apply to marriages, and the Capital Asset Pricing Model demonstrates the true value of relationships. THE WISDOM OF FINANCE is a wholly unique book, offering a refreshing new perspective on one of the world’s most complex and misunderstood professions.

The Rational Optimist: How Prosperity Evolves


Matt Ridley - 2010
    Food availability, income, and life span are up; disease, child mortality, and violence are down — all across the globe. Though the world is far from perfect, necessities and luxuries alike are getting cheaper; population growth is slowing; Africa is following Asia out of poverty; the Internet, the mobile phone, and container shipping are enriching people’s lives as never before. The pessimists who dominate public discourse insist that we will soon reach a turning point and things will start to get worse. But they have been saying this for two hundred years.Yet Matt Ridley does more than describe how things are getting better. He explains why. Prosperity comes from everybody working for everybody else. The habit of exchange and specialization—which started more than 100,000 years ago—has created a collective brain that sets human living standards on a rising trend. The mutual dependence, trust, and sharing that result are causes for hope, not despair.This bold book covers the entire sweep of human history, from the Stone Age to the Internet, from the stagnation of the Ming empire to the invention of the steam engine, from the population explosion to the likely consequences of climate change. It ends with a confident assertion that thanks to the ceaseless capacity of the human race for innovative change, and despite inevitable disasters along the way, the twenty-first century will see both human prosperity and natural biodiversity enhanced. Acute, refreshing, and revelatory, The Rational Optimist will change your way of thinking about the world for the better.

The Courage to Act: A Memoir of a Crisis and Its Aftermath


Ben S. Bernanke - 2015
    Bernanke was appointed chair of the Federal Reserve, the unexpected apex of a personal journey from small-town South Carolina to prestigious academic appointments and finally public service in Washington’s halls of power.There would be no time to celebrate.The bursting of a housing bubble in 2007 exposed the hidden vulnerabilities of the global financial system, bringing it to the brink of meltdown. From the implosion of the investment bank Bear Stearns to the unprecedented bailout of insurance giant AIG, efforts to arrest the financial contagion consumed Bernanke and his team at the Fed. Around the clock, they fought the crisis with every tool at their disposal to keep the United States and world economies afloat.Working with two U.S. presidents, and under fire from a fractious Congress and a public incensed by behavior on Wall Street, the Fed—alongside colleagues in the Treasury Department—successfully stabilized a teetering financial system. With creativity and decisiveness, they prevented an economic collapse of unimaginable scale and went on to craft the unorthodox programs that would help revive the U.S. economy and become the model for other countries.Rich with detail of the decision-making process in Washington and indelible portraits of the major players, The Courage to Act recounts and explains the worst financial crisis and economic slump in America since the Great Depression, providing an insider’s account of the policy response.

Energy and Civilization: A History


Vaclav Smil - 2017
    The conversion of energy on Earth ranges from terra-forming forces of plate tectonics to cumulative erosive effects of raindrops. Life on Earth depends on the photosynthetic conversion of solar energy into plant biomass. Humans have come to rely on many more energy flows—ranging from fossil fuels to photovoltaic generation of electricity—for their civilized existence. In this monumental history, Vaclav Smil provides a comprehensive account of how energy has shaped society, from pre-agricultural foraging societies through today's fossil fuel–driven civilization.Humans are the only species that can systematically harness energies outside their bodies, using the power of their intellect and an enormous variety of artifacts—from the simplest tools to internal combustion engines and nuclear reactors. The epochal transition to fossil fuels affected everything: agriculture, industry, transportation, weapons, communication, economics, urbanization, quality of life, politics, and the environment. Smil describes humanity's energy eras in panoramic and interdisciplinary fashion, offering readers a magisterial overview. This book is an extensively updated and expanded version of Smil's Energy in World History (1994). Smil has incorporated an enormous amount of new material, reflecting the dramatic developments in energy studies over the last two decades and his own research over that time.

Midnight in Chernobyl: The Untold Story of the World's Greatest Nuclear Disaster


Adam Higginbotham - 2019
    The disaster not only changed the world’s perception of nuclear power and the science that spawned it, but also our understanding of the planet’s delicate ecology. With the images of the abandoned homes and playgrounds beyond the barbed wire of the 30-kilometer Exclusion Zone, the rusting graveyards of contaminated trucks and helicopters, the farmland lashed with black rain, the event fixed for all time the notion of radiation as an invisible killer.Chernobyl was also a key event in the destruction of the Soviet Union, and, with it, the United States’ victory in the Cold War. For Moscow, it was a political and financial catastrophe as much as an environmental and scientific one. With a total cost of 18 billion rubles—at the time equivalent to $18 billion—Chernobyl bankrupted an already teetering economy and revealed to its population a state built upon a pillar of lies. The full story of the events that started that night in the control room of Reactor No.4 of the V.I. Lenin Nuclear Power Plant has never been told—until now. Through two decades of reporting, new archival information, and firsthand interviews with witnesses, journalist Adam Higginbotham tells the full dramatic story, including Alexander Akimov and Anatoli Dyatlov, who represented the best and worst of Soviet life; denizens of a vanished world of secret policemen, internal passports, food lines, and heroic self-sacrifice for the Motherland. Midnight in Chernobyl, award-worthy nonfiction that reads like sci-fi, shows not only the final epic struggle of a dying empire but also the story of individual heroism and desperate, ingenious technical improvisation joining forces against a new kind of enemy.

And a Bottle of Rum: A History of the New World in Ten Cocktails


Wayne Curtis - 2006
    With a chapter for each of ten cocktails--from the grog sailors drank on the high seas in the 1700s to the mojitos of modern club hoppers--Wayne Curtis reveals that the homely spirit once distilled from the industrial waste of the exploding sugar trade has managed to infiltrate every stratum of New World society. Curtis takes us from the taverns of the American colonies, where rum delivered both a cheap wallop and cash for the Revolution, to the plundering pirate ships off the coast of Central America, to the watering holes of pre-Castro Cuba, and to the kitsch-laden tiki bars of 1950s America. Here are sugar barons and their armies conquering the Caribbean, Paul Revere stopping for a nip during his famous ride, Prohibitionists marching against "demon rum," Hemingway fattening his liver with Havana daiquiris, and today's bartenders reviving old favorites like Planter's Punch. In an age of microbrewed beer and single-malt whiskeys, rum--once the swill of the common man--has found its way into the tasting rooms of the most discriminating drinkers. Awash with local color and wry humor, "And a Bottle of Rum" is an affectionate toast to this most American of liquors, a chameleon spirit that has been constantly reinvented over the centuries by tavern keepers, bootleggers, lounge lizards, and marketing gurus. Complete with cocktail recipes for would-be epicurean time-travelers, this is history at its most intoxicating.

Dirty Work: Essential Jobs and the Hidden Toll of Inequality in America


Eyal Press - 2021
    Undocumented immigrants who man the "kill floors" of industrial slaughterhouses. Guards who patrol the wards of America's most violent and abusive prisons. In Dirty Work, Eyal Press offers a paradigm-shifting view of the moral landscape of contemporary America through the stories of people who perform society's most ethically troubling jobs. As Press shows, we are increasingly shielded and distanced from an array of morally questionable activities that other, less privileged people perform in our name.The COVID-19 pandemic has drawn unprecedented attention to the issue of "essential workers," and to the health and safety risks to which workers in prisons and slaughterhouses are exposed. But Dirty Work examines another, less familiar set of occupational hazards: psychological and emotional hardships such as stigma, shame, PTSD, and moral injury. These burdens fall disproportionately on low-income workers, undocumented immigrants, women, and people of color.Illuminating the moving, at times harrowing stories of the people doing society's dirty work, and incisively examining the structures of power and complicity that shape their lives, Press reveals fundamental truths about the moral dimensions of work, and the hidden costs of inequality in America.

The Buy Side: A Wall Street Trader's Tale of Spectacular Excess


Turney Duff - 2013
    After trying – and failing – to land a job as a journalist, he secured a trainee position at Morgan Stanley and got his first feel for the pecking order that exists in the trading pits.  Those on the “buy side,” the traders who make large bets on whether a stock will rise or fall, are the “alphas” and those on the “sell side,” the brokers who handle their business, are eager to please. How eager to please was brought home stunningly to Turney in 1999 when he arrived at the Galleon Group, a colossal hedge-fund management firm run by secretive founder Raj Rajaratnam.  Finally in a position to trade on his own, Turney was encouraged to socialize with the sell side and siphon from his new broker friends as much information as possible.  Soon he was not just vacuuming up valuable tips but also being lured into a variety of hedonistic pursuits.  Naïve enough to believe he could keep up the lifestyle without paying a price, he managed to keep an eye on his buy-and-sell charts and, meanwhile, pondered the strange goings on at Galleon, where tens of millions were being made each week in sometimes mysterious ways.  At his next positions, at Argus Partners and J.L. Berkowitz, Turney climbed to even higher heights – and, as it turned out, plummeted to even lower depths – as, by day, he solidified his reputation one of the Street’s most powerful healthcare traders, and by night, he blazed a path through the city’s nightclubs, showing off his social genius and voraciously inhaling any drug that would fill the void he felt inside. A mesmerizingly immersive journey through Wall Street’s first millennial decade, and a poignant self portrait by a young man who surely would have destroyed himself were it not for his decision to walk away from a seven-figure annual income, The Buy Side is one of the best coming-of-age-on-the-Street books ever written.

Energy: A Human History


Richard Rhodes - 2018
    Ultimately, the history of these challenges tells the story of humanity itself. Through an unforgettable cast of characters, Pulitzer Prize-winning author Richard Rhodes explains how wood gave way to coal and coal made room for oil, as we now turn to natural gas, nuclear power, and renewable energy. Rhodes looks back on five centuries of progress, through such influential figures as Queen Elizabeth I, King James I, Benjamin Franklin, Herman Melville, John D. Rockefeller, and Henry Ford. In Energy, Rhodes highlights the successes and failures that led to each breakthrough in energy production; from animal and waterpower to the steam engine, from internal-combustion to the electric motor. He addresses how we learned from such challenges, mastered their transitions, and capitalized on their opportunities. Rhodes also looks at the current energy landscape, with a focus on how wind energy is competing for dominance with cast supplies of coal and natural gas. He also addresses the specter of global warming, and a population hurtling towards ten billion by 2100. Human beings have confronted the problem of how to draw life from raw material since the beginning of time. Each invention, each discovery, each adaptation brought further challenges, and through such transformations, we arrived at where we are today. In Rhodes’s singular style, Energy details how this knowledge of our history can inform our way tomorrow.

Tuxedo Park: A Wall Street Tycoon and the Secret Palace of Science That Changed the Course of World War II


Jennet Conant - 2002
    Together they changed the course of history.Legendary financier, philanthropist, and society figure Alfred Lee Loomis gathered the most visionary scientific minds of the twentieth century—Albert Einstein, Werner Heisenberg, Niels Bohr, Enrico Fermi, and others—at his state-of-the-art laboratory in Tuxedo Park, New York, in the late 1930s. He established a top-secret defense laboratory at MIT and personally bankrolled pioneering research into new, high-powered radar detection systems that helped defeat the German Air Force and U-boats. With Ernest Lawrence, the Nobel Prize–winning physicist, he pushed Franklin Delano Roosevelt to fund research in nuclear fission, which led to the development of the atomic bomb. Jennet Conant, the granddaughter of James Bryant Conant, one of the leading scientific advisers of World War II, enjoyed unprecedented access to Loomis’ papers, as well as to people intimately involved in his life and work. She pierces through Loomis’ obsessive secrecy and illuminates his role in assuring the Allied victory.

MONEY Master the Game: 7 Simple Steps to Financial Freedom


Anthony Robbins - 2014
    More than 4 million people have attended his live events. Oprah Winfrey calls him super-human. Now for the first time - in his first book in two decades - he's turned to the topic that vexes us all: How to secure financial freedom for ourselves and our families. Based on extensive research and one-on-one interviews with more than 50 of the most legendary financial experts in the world - from Carl Icahn and Warren Buffett, to Ray Dalio and Steve Forbes - Tony Robbins has created a simple 7-step blueprint that anyone can use for financial freedom.Robbins has a brilliant way of using metaphor and story to illustrate even the most complex financial concepts - making them simple and actionable. With expert advice on our most important financial decisions, Robbins is an advocate for the reader, dispelling the myths that often rob people of their financial dreams.Tony Robbins walks readers of every income level through the steps to become financially free by creating a lifetime income plan. This book delivers invaluable information and essential practices for getting your financial house in order. MONEY: Master the Game is the book millions of people have been waiting for.

Blood and Oil: Mohammed bin Salman's Ruthless Quest for Global Power


Bradley Hope - 2020
    Political and business leaders such as former UK prime minister Tony Blair and WME chairman Ari Emanuel flew out to meet with the crown prince and came away convinced that his desire to reform the kingdom was sincere. He spoke passionately about bringing women into the workforce and toning down Saudi Arabia's restrictive Islamic law. He lifted the ban on women driving and explored investments in Silicon Valley.But MBS began to betray an erratic interior beneath the polish laid on by scores of consultants and public relations experts like McKinsey & Company. The allegations of his extreme brutality and excess began to slip out, including that he ordered the assassination of journalist Jamal Khashoggi. While stamping out dissent by holding 300 people, including prominent members of the Saudi royal family, in the Ritz-Carlton hotel and elsewhere for months, he continued to exhibit his extreme wealth, including buying a $70 million chateau in Europe and one of the world's most expensive yachts. It seemed that he did not understand nor care about how the outside world would react to his displays of autocratic muscle—what mattered was the flex.Blood and Oil is a gripping work of investigative journalism about one of the world's most decisive and dangerous new leaders. Hope and Scheck show how MBS' precipitous rise coincided with the fraying of the simple bargain that had been at the head of US-Saudi relations for more than 80 years: oil, for military protection. Caught in his net are well-known US bankers, Hollywood figures, and politicians, all eager to help the charming and crafty crown prince.The Middle East is already a volatile region. Add to the mix an ambitious prince with extraordinary powers, hunger for lucre, a tight relationship with the White House through President Trump's son in law Jared Kushner, and an apparent willingness to break anything—and anyone—that gets in the way of his vision, and the stakes of his rise are bracing. If his bid fails, Saudi Arabia has the potential to become an unstable failed state and a magnet for Islamic extremists. And if his bid to transform his country succeeds, even in part, it will have reverberations around the world.Longlisted for the Financial Times & McKinsey Business Book of the Year Award

Media Control: The Spectacular Achievements of Propaganda


Noam Chomsky - 1995
    According to Chomsky, "propaganda is to democracy as the bludgeon is to a totalitarian state," and the mass media is the primary vehicle for delivering propaganda in the United States. From an examination of how Woodrow Wilson’s Creel Commission "succeeded, within six months, in turning a pacifist population into a hysterical, war-mongering population," to Bush Sr.'s war on Iraq, Chomsky examines how the mass media and public relations industries have been used as propaganda to generate public support for going to war. Chomsky further touches on how the modern public relations industry has been influenced by Walter Lippmann’s theory of "spectator democracy," in which the public is seen as a "bewildered herd" that needs to be directed, not empowered; and how the public relations industry in the United States focuses on "controlling the public mind," and not on informing it. Media Control is an invaluable primer on the secret workings of disinformation in democratic societies.From the Audiobook Download edition.

Super Mario: How Nintendo Conquered America


Jeff Ryan - 2011
     Nintendo has continually set the standard for video-game innovation in America, starting in 1981 with a plucky hero who jumped over barrels to save a girl from an ape. The saga of Mario, the portly plumber who became the most successful franchise in the history of gaming, has plot twists worthy of a video game. Jeff Ryan shares the story of how this quintessentially Japanese company found success in the American market. Lawsuits, Hollywood, die- hard fans, and face-offs with Sony and Microsoft are all part of the drama. Find out about: * Mario's eccentric yet brilliant creator, Shigeru Miyamoto, who was tapped for the job because was considered expendable. * Minoru Arakawa, the son-in-law of Nintendo's imperious president, who bumbled his way to success. * The unexpected approach that allowed Nintendo to reinvent itself as the gaming system for the non-gamer, especially now with the Wii. Even those who can't tell a Koopa from a Goomba will find this a fascinating story of striving, comeuppance, and redemption.

At Home: A Short History of Private Life


Bill Bryson - 2010
    They are where history ends up.”Bill Bryson and his family live in a Victorian parsonage in a part of England where nothing of any great significance has happened since the Romans decamped. Yet one day, he began to consider how very little he knew about the ordinary things of life as he found it in that comfortable home. To remedy this, he formed the idea of journeying about his house from room to room to “write a history of the world without leaving home.” The bathroom provides the occasion for a history of hygiene; the bedroom, sex, death, and sleep; the kitchen, nutrition and the spice trade; and so on, as Bryson shows how each has figured in the evolution of private life. Whatever happens in the world, he demonstrates, ends up in our house, in the paint and the pipes and the pillows and every item of furniture.(front flap)