2016 Wall Street Reading List

A collection of the Wall Street Reading List's best business books published in 2016.

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Seeking Wisdom

Thomas G. Macpherson
"Seeking Wisdom: Thoughts on Value Investing" by Thomas Macpherson is a valuable and insightful guide to the world of value investing. Written by a respected writer and expert in the field, the book offers a unique combination of deep thinking and practicality, using real-life examples from the author's professionally managed and market-beating Nintai portfolio. The book emphasizes the importance of thinking about investing as a process, with many different inputs and components, in order to improve results. It also stresses the need to constantly improve decision-making processes and design a system that can remove emotions during times of market disruption. The book also covers concepts such as black swan events, the difference between risk and uncertainty, the importance of the magnitude of correctiveness, and strategies for preventing losses due to emotional biases. Overall, this book is highly recommended for anyone interested in learning more about value investing and the inner workings of the markets.

Shoe Dog

Phil Knight
Shoe Dog is a memoir written by Phil Knight, the co-founder and former CEO of Nike. The book was published in 2016 and it provides an in-depth look into the history of Nike, one of the most successful and recognizable brands in the world. The memoir covers the early days of the company when it was just a small start-up and traces its journey to becoming a multinational corporation. Phil Knight shares his personal story of starting and growing the company, including the struggles and challenges he faced along the way. He provides an intimate look into the early days of Nike, the company's culture, and the people who helped shape it. He also talks about the company's early competitors, and how it managed to come out on top. Throughout the book, Phil Knight paints a vivid picture of the company's growth and the challenges it faced. He talks about the company's early struggles to find funding and the early production challenges. He also talks about the company's early failures and successes, and how they helped shape the company's future. The book also provides an understanding of the company’s early days and the impact it had on the industry and American culture. Knight's memoir is an honest and candid account of the company's history, and it provides an insight into the mind of a successful entrepreneur. The book is an interesting and inspiring read for anyone interested in business, entrepreneurship, and the history of Nike.

The Man Who Knew

Sebastian Mallaby
The Man Who Knew: The Life and Times of Alan Greenspan is a non-fiction book written by Sebastian Mallaby, a historian and economist. The book is a biography of former Federal Reserve Chairman Alan Greenspan, and it provides an in-depth look at his life, career, and legacy. The book covers Greenspan's rise to power as one of the most influential economists of the 20th century, beginning with his early years as an economic consultant and his close relationship with Ayn Rand. It examines his tenure as chairman of the Federal Reserve, a position he held for 18 years, during which he navigated some of the most significant economic events of the last century, including the 1987 stock market crash, the savings and loan crisis of the late 1980s and early 1990s, and the dot-com bubble of the late 1990s. Mallaby offers an unbiased and critical examination of Greenspan's tenure at the Fed, highlighting his successes as well as his mistakes. He examines Greenspan's signature "Greenspan Doctrine" of monetary policy and how it changed the course of the US economy, providing an insightful analysis of his policies and their impact. The book also delves into Greenspan's personal life, including his relationships and his role as an advisor to several presidents, including Ronald Reagan and George H. W. Bush. Mallaby also provides an analysis of Greenspan's impact on the global economy and how his policies helped shape the world economic landscape. The Man Who Knew provides an in-depth and detailed look at the life of one of the most influential figures in recent economic history. It offers a critical examination of Greenspan's tenure as Federal Reserve Chairman, providing a nuanced and nuanced account of his career and legacy. The book was published in 2016, is written in a clear and accessible style, making it a valuable read for anyone interested in economics, finance, and the inner workings of the Federal Reserve.

The Undoing Project

Michael Lewis
The Undoing Project is a nonfiction book written by Michael Lewis that was published in 2016. The book tells the story of the partnership and friendship between two Israeli psychologists, Amos Tversky and Daniel Kahneman, and how their work together led to the development of the field of behavioral economics. Tversky and Kahneman met in the 1960s and began a collaboration that lasted for over a decade. They conducted a series of experiments that revealed a number of systematic errors in human judgment and decision-making, which they dubbed "cognitive biases." These biases, such as the availability heuristic and the sunk cost fallacy, are still widely studied today and have had a significant impact on fields like economics, finance, and medicine. The book also explores the personal relationship between Tversky and Kahneman, and how it evolved over the course of their work together. Lewis delves into the dynamics of their partnership and how it ultimately led to a falling out, despite their many successes. In addition to providing an in-depth look at Tversky and Kahneman's work, The Undoing Project also examines the broader implications of their research and how it has influenced our understanding of human behavior. The book is a fascinating and engaging look at the science of decision-making and the lives of two brilliant minds who helped shape it. The book is popular for the general readership and been well received by both critics and general audiences. it has become a classic in the field of behavioral economics and decision making, hailed as an engrossing and accessible account of the groundbreaking work of Tversky and Kahneman.

Hillbilly Elegy

J. D. Vance
"Hillbilly Elegy: A Memoir of a Family and Culture in Crisis" is a memoir by J.D. Vance. The book is a personal account of the author's upbringing in a working-class, white family in the Rust Belt of Ohio, and the struggles they faced with poverty, addiction, and a lack of upward mobility. The book also explores the culture of the white working class in the United States and the ways in which it has changed over time. The book provides a detailed and candid account of the author's own experiences growing up in a poor, working-class family and the challenges he faced. The author writes about the cycle of poverty, addiction, and family dysfunction that he witnessed in his own family, and how it affected his own life and future. He also delves into the broader cultural and economic forces that have shaped the lives of the white working class in the United States and how they have contributed to the decline of this community. The book also explores the cultural and economic forces that have shaped the lives of the white working class in the United States, and how they have contributed to the decline of this community. The author provides a personal and thought-provoking perspective on the challenges facing the white working class in America, and how they can be overcome. The book is written in a clear and engaging style, and it is a compelling and informative read. It provides an insightful look into the lives of the white working-class families, and the challenges they face in today's society. The author's personal story and the broader analysis of the cultural and economic forces that have shaped the lives of the white working class make this book a valuable read for anyone interested in understanding the complex social, economic and cultural issues facing America today.

What Works

Iris Bohnet
What Works: Gender Equality by Design is a book by Iris Bohnet, a behavioral economist and the director of the Women and Public Policy Program at Harvard Kennedy School. The book offers a practical and evidence-based approach to solving the problem of gender inequality in the workplace. Bohnet argues that the traditional approach of focusing on changing individuals' attitudes and behaviors is not enough and that instead, we need to change the systems and environments in which people work in order to achieve gender equality. The book is divided into three sections. The first section provides an overview of the problem of gender inequality and the evidence for its persistence in various sectors of the economy. The second section offers solutions for addressing this problem, drawing on the latest research in behavioral economics and social psychology. Bohnet suggests a range of practical interventions, from improving the design of job advertisements to increasing transparency in pay and promotion decisions. She also offers advice on how to create a culture of inclusion and belonging, and how to design more effective mentoring and sponsorship programs. The third section of the book offers guidance on how to implement these solutions in practice. Bohnet provides examples from various organizations that have successfully implemented some of these interventions, and she highlights the importance of measuring and monitoring progress. She also provides advice on how to build a coalition of supporters, how to overcome resistance and how to sustain progress over time. Throughout the book, Bohnet combines rigorous research with a practical and actionable approach, making it an ideal guide for anyone looking to understand and address the problem of gender inequality in their workplace. It appeals to people who want to learn about the most effective ways to solve this problem, especially the managers and leaders who want to make changes in their organization. The book is not just theoretical, but it is full of real-world examples and case studies that are easy to understand and implement.

The Bed of Procrustes

Nassim Nicholas Taleb
The Bed of Procrustes is a collection of aphorisms and meditations by Nassim Nicholas Taleb, the author of the popular philosophy book "The Black Swan." The book is divided into two parts: "Moral" and "Practical." In the "Moral" part, Taleb explores a variety of philosophical and psychological ideas, including the concept of antifragility, the role of luck in success, and the dangers of over-optimization. He argues that the pursuit of perfection is often misguided, and that true wisdom comes from understanding and embracing the inherent uncertainties and randomness of life. The "Practical" part of the book consists of practical advice on how to live a fulfilling and meaningful life. Taleb advises readers to cultivate a "stoic" mindset, in which they focus on what they can control and let go of what they cannot control. He also advocates for the importance of physical and mental fitness, and encourages readers to embrace their imperfections and embrace the beauty of the unpredictable world around them.

Blitzed

Norman Ohler
"Blitzed" is a non-fiction book written by Norman Ohler and published in 2015. The book delves into the little-known history of drug use in Nazi Germany during World War II, with a focus on the use of methamphetamine, a powerful and highly addictive stimulant. Ohler argues that the use of drugs, particularly methamphetamine, was far more widespread and influential in the Third Reich than previously thought, and that it played a crucial role in the war effort and the behavior of the Nazi leadership. The book examines the various ways in which drugs were used in Nazi Germany, including by the Nazi leadership, soldiers, and even concentration camp prisoners. It delves into the personal experiences of historical figures such as Adolf Hitler, Heinrich Himmler and Goebbels, showing how methamphetamine use affected their decisions and their ability to conduct the war. It also explores the role that the drug industry played in the war effort, and how it was a key element of the Nazi economy. Ohler also explores how the Nazi regime used drug propaganda to further their goals, such as promoting the idea that drugs were a means of achieving a "superhuman" state, and how they manipulated and exploited the population. He also provides details on the ways the drugs were distributed, the scale of production and use in the German society, and how it was normalized and seen as a way of showing loyalty to the party. The book is based on extensive research, and it's written in a clear and engaging style, making it an easy read for anyone interested in the topic. It provides a new and controversial perspective on the history of Nazi Germany and the role of drugs in the war effort. The author also provides an in-depth insight into the broader implications of drug use in a society, and how it can be used for manipulative and exploitative purposes. Overall, "Blitzed" is a unique and insightful book that offers a fresh perspective on the history of Nazi Germany and the role of drugs in the war effort. It is a thought-provoking and well-researched book that is sure to spark discussion and interest among readers interested in World War II, history, and the impact of drugs on society.