I am working on a column "5 Non-Finance Books All Finance People Should Read."
My list of 5 consists of 3 hardcore must-haves, then a deathmatch for spots 4 + 5 among a dozen
What Non-Finance books do you think EVERYONE in finance should read?
Obviously, things like "Thinking Fast and Slow," "Fooled by Randomness" or "Thinking in Bets" are already so well adopted by Wall Street we count them as financial books.
When I started on a trading desk the book I saw most often was Sun Tzu's "The Art of War;" there was even a version titled "Art of War for Traders and Investors"
I do have a @RyanHoliday book on my list, but no one seems to have mentioned it...
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On Friday, I had an “extra special” MiB guest – I interviewed Brain Deese, Director of the White House National Economic Council under President Joe Biden.
The EO reveals a major policy change: A complete of decades of lax antitrust enforcement, much greater scrutiny of M&A + tougher enforcement against anti-competitive industry consolidation.
It is important to recognize the risks we create when working from a Narrative that:
1. We agree with (Confirmation Bias) 2. We disagree with (Cognitive dissonance) 3. We are unaware we lack the skillset to assess the accuracy of (Dunning Kruger)
Lots of happenings in Residential Real Estate. But be careful not to get caught up focusing on the wrong things -- no, it's not about inflation or NIMBY or PE rentals.
The big issues are technology, ultra-low rates, capital, and changing demographics.
A quick thread
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Let's go thru some of the things that matter far less, beginning with prices.
What matters most are not the price paid, but the monthly carrying costs. This is why low rates have a big impact, and tend to send prices higher.
Try to avoid chart/statistics crimes, like focusing on Year-over-year data from the pandemic lows. Ignorance? Bias? Fraud? I don't, but avoid this kind of garbage.