We are often asked by clients, friends and business associates what is a good financial book to read. As you can imagine there is really no answer to this question as it really depends on your level of base knowledge and what you actually what to read about. Finance is a very broad topic but here are 5 books that we have read and enjoyed,
- Pigs at the Trough – Adam Schwab
This book provides an interesting overview on the financial engineering boom years, and how billions of dollars of shareholder value were destroyed whilst the investment bankers and executives walked away with millions. Some great lessons here.
- This Time is Different – 8 Centuries of Financial Folly – Carmen Reinhart & Kenneth Rogoff
This book covers 66 countries, across 5 continents and 8 centuries and looks at the varieties of financial crisis’s including government defaults, banking panics, and inflationary spikes. When looking at each of these crisis the conclusion is the same underlying behaviours cause each and every crisis. It has happened before and it will happen again.
- Good to Great – Jim Collins
In this book Jim Collins and his research team identified a set of elite companies that made the leap to great results and sustained those results for at least fifteen years. How great? After the leap, the good-to-great companies generated cumulative stock returns that beat the general stock market by an average of seven times in fifteen years, better than twice the results delivered by a composite index of the world’s greatest companies, including Coca-Cola, Intel, General Electric, and Merck.
- Endgame – The end of the debt super cycle and how it changes everything – John Mauldin
This book discusses the implications of the decades-long growth of debt and how this affects the developed countries around the world, including the United States. For these countries they argue, there are only two options, and neither is good—restructure the debt or reduce it through austerity measures. Endgame details the Debt Supercycle and the sovereign debt crisis, and shows that, while there are no good choices, the worst choice would be to ignore the deleveraging resulting from the credit crisis.
- How the mighty fall and why some companies never give in – Jim Collins
In this book Jim analyses the landscape of fallen great companies, how this occurred and at what stage can the decline be reversed. In the book Jim talks about the stages of decline and how companies can substantially reduce their chances of falling into an irreversible downward spiral.
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