2022 Wall Street Reading List

A collection of the Wall Street Reading List's best business books published in 2022.

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How to Invest

David M. Rubenstein
David M. Rubenstein, co-founder of Carlyle, one of the world's largest investment firms, shares the time-tested principles and hard-earned wisdom of some of the greatest investors in the world. Rubenstein, who has spent over three decades in the world of private equity, has interviewed these successful investors to discover the tools and strategies they use to make informed investment decisions. Through unprecedented access to global leaders in finance, Rubenstein has compiled a comprehensive guide to investing that covers a wide range of topics, including venture capital, real estate, private equity, hedge funds, crypto, endowments, SPACs, ESG, and more. In "How to Invest," you'll learn how Stan Druckenmiller made a profit of $1 billion by shorting the British pound, how Sam Zell became a real estate legend, and how Mike Novogratz made $250 million in one year off crypto. You'll also discover how Larry Fink built BlackRock into a firm that manages over $10 trillion, how Mary Callahan Erdoes rose to the top of J.P. Morgan's wealth management division, and how Seth Klarman perfected value investing to consistently deliver net returns of nearly 20%. Whether you're new to investing or a seasoned professional, "How to Invest" will provide you with valuable insights and practical advice from some of the most successful investors in the world. With its clear and concise writing style, this book is accessible to readers of all levels and will transform the way you approach investing forever.

The Bogle Effect

Eric Balchunas
The Bogle Effect, written by Eric Balchunas, is a biography and analysis of the impact of Vanguard founder, John Bogle on the financial industry. The book explores Bogle's influence on the rise of index funds and how his ideas have shaped the investment world, including areas such as active management, ETFs, the advisory world, quantitative investing, ESG, behavioral finance, and trading platforms. The book also delves into Bogle's unique leadership style and his philosophy on investing. The Bogle Effect is based on hours of exclusive interviews with Bogle and dozens of other individuals who knew him, worked with him, and were influenced by him. The book aims to give readers a deeper understanding of Bogle and his impact on the financial industry, and how his ideas continue to shape the way we invest today.

Servants of the Damned

David Enrich
Servants of the Damned by David Enrich is a gripping and revealing book that exposes the role of law firms like Jones Day in enabling and protecting powerful bad actors in society. The book focuses on the history of Jones Day, one of the world's largest law firms, and how it has become a global juggernaut with deep ties to corporate interests and conservative politics. The author highlights the firm's role in representing Donald Trump and his campaigns, as well as its work for Big Tobacco, the Catholic Church, Purdue Pharma, Fox News, and Russian oligarchs. Through extensive research and interviews, Enrich makes the argument that law firms like Jones Day play a crucial yet largely hidden role in housing the darkest secrets of powerful individuals and organizations and earning billions in revenue for themselves.

Up Close and All In

John Mack
Up Close and All In is a memoir by John Mack, a former Wall Street executive and Chairman and CEO of Morgan Stanley. The book details Mack's journey from a small town in North Carolina to the highest ranks of the financial industry, and the lessons he learned along the way. Mack shares his experience of building a strong and productive team at Morgan Stanley, how he navigated through the financial crises, and how he developed a culture of trust and collaboration that helped the company anticipate future trends. He also shares advice on how to create a culture of team players, how to keep perspective during crises, and how to make difficult decisions when under pressure. The book is considered as an indispensable guide for anyone looking to succeed in the world of business and finance.

A Monetary and Fiscal History of the United States, 1961–2021

Alan S. Blinder
A comprehensive historical account of the monetary and fiscal policies of the United States, written by one of the world's most renowned economists, Alan Blinder. The book covers a period of 60 years, spanning 12 presidents and 8 Federal Reserve chairs. It delves into the significant developments and long-term changes in monetary and fiscal policy, and how they have interacted during recessions and long booms. It covers the stagflation of the 1970s, the victory over inflation under Carter and Volcker, the emergence of Reaganomics, and the financial bubbles of the 2000s. The book also covers the most recent events such as the financial crisis, the Great Recession, and monetary policy during COVID-19. It is written in a lively and concise narrative style and is intended to be a valuable resource for understanding the economy's past and potential future.

The Lords of Easy Money

Christopher Leonard
The Lords of Easy Money by Christopher Leonard is a book that delves into the role of the Federal Reserve in shaping the current economic landscape. The author argues that the Federal Reserve's unconventional monetary policy, specifically quantitative easing, has led to increased income inequality, financial crashes, and long-term risks. He claims that the Fed's experiment with quantitative easing resulted in few real jobs, with its leaders knowing the risks involved but proceeding anyway. The book is an inside story of how the economy got to where it is today and the potential risks that lie ahead.

Just Keep Buying

Nick Maggiulli
This book is about personal finance and investing and is written by Nick Maggiulli, a popular finance blogger. The book aims to provide data-driven answers to the biggest questions in personal finance and investing, such as why you need to save less than you think, why saving up cash to buy market dips isn't a good idea, and how to survive and thrive during a market crash. The book's main message is to advocate for a long-term, data-driven approach to building wealth, which the author calls "Just Keep Buying."

California Burning

Katherine Blunt
California Burning is a book that looks at the story of Pacific Gas and Electric (PG&E), a legacy company that established California as a desirable home and economic powerhouse. The book details how the company's legacy fell apart due to criminal neglect of its infrastructure, which led to deadly wildfires in the state. Written by Wall Street Journal reporter and Pulitzer finalist Katherine Blunt, the book explores the evolution of PG&E's shareholder base and the forces that shaped the company's plight, including deregulation, market-gaming, an unyielding push for renewable energy, and a swift increase in wildfire risk throughout the West. The book also examines the accountability of regulators and lawmakers and serves as a cautionary tale for utilities across the nation, especially as climate change makes aging infrastructure more vulnerable.

Trillion Dollar Triage

Nick Timiraos
Trillion Dollar Triage is a book that provides an in-depth look at the US economic policy response during the COVID-19 pandemic, specifically focusing on the role of the Federal Reserve and its Chairman, Jay Powell. Written by Nick Timiraos, the Wall Street Journal's chief economics correspondent, the book draws on extensive interviews and delves into the meetings, phone calls and video conferences that took place behind the scenes. It also examines the Fed's challenge of how to nurture a recovery without causing inflation or creating a money bomb. The book aims to provide a comprehensive understanding of the economic response to the pandemic and the Fed's actions during this time.

The Price of Time

Edward Chancellor
The Price of Time by Edward Chancellor delves into the history and function of interest rates in the economy and financial markets. The book argues that interest rates play a crucial role in determining how capital is allocated and priced, and that their decline over the past two decades has had negative effects on the economy, including the creation of asset price bubbles, a reduction in productivity growth, and an increase in inequality. Chancellor also explores the concept of interest as the "price of time" and how it encourages saving, enables the pricing of assets, and allows for the pricing of risk. The book provides an in-depth look at the economic and financial implications of interest rates.

Quit

Annie Duke
In Quit, author Annie Duke argues that our inability to quit is holding us back in both our personal and professional lives. Drawing on examples from elite athletes, business leaders, and entertainers, she teaches readers how to determine when it's time to quit and provides strategies for making better decisions, such as thinking in expected value and establishing "quitting contracts." She also discusses the psychological and societal forces that work against good quitting behavior, such as escalation commitment and status quo bias, and offers best practices for increasing flexibility in goal-setting and anticipating future options. The goal of the book is to help readers master the skill of quitting in order to make the best next move in their lives.

Dead in the Water

Matthew Campbell and Kit Chellel
Dead in the Water is a true crime story that delves into the inner workings of the international shipping industry, and the complex web of fraud and conspiracy that surrounds it. Written by award-winning Bloomberg reporters Matthew Campbell and Kit Chellel, the book tells the story of the 2011 hijacking of the oil tanker Brillante Virtuoso, and the murder of David Mockett, a maritime surveyor working for Lloyd’s of London who had been sent to inspect the damaged vessel. Through in-depth reporting and first-hand accounts, the authors piece together the truth behind this brazen financial fraud and seek to bring justice to those involved. The book is a riveting and eye-opening look at the dark side of the global economy and the criminal activity that threatens it.

Chip War

Chris Miller
The book "Chip War" written by Chris Miller is a non-fiction book that examines the significance of microchips in the modern world and the ongoing competition between the United States and China for dominance in chip design and manufacturing. The author argues that chips are now a scarce resource on which the modern world depends and that military, economic, and geopolitical power are built on a foundation of computer chips. He explains how the U.S. became dominant in chip design and manufacturing and how China's chip-building ambitions and military modernization are putting that dominance at risk. The book delves into the critical role of chips in modern life, the history of semiconductor industry and how it has changed the world and the potential consequences of a chip shortage. It also provides insight into the current state of politics, economics, and technology in relation to the chip industry.

Money Men

Dan McCrum
Money Men is a non-fiction book that tells the story of Wirecard, a company that was once considered as a hot new tech company challenging Silicon Valley but was later revealed to be a multi-billion dollar fraud. The book is written by journalist Dan McCrum who investigated the company and uncovered a world of short sellers, whistleblowers, and other shady characters. The book also details McCrum's own personal experience of being followed by shadowy figures and being named as a suspect in a criminal inquiry. It is a gripping and eye-opening account of the inner workings of a major financial fraud, and the efforts to uncover the truth.