What are your reading goals in 2023? Here are the books we read and liked in the last 12 months, and the ones we shared thorough our Marcellus Book of the Month recos. What did you read and like in 2022 and recommend we should read too?
🧵 👇
#MarcellusBOTM
#Reading #books
Jan: "Zero to One" by Peter Thiel

Read it today if you haven't already. The book gives a fresh perspective on building a successful business. We ourselves have sought inspiration from the book in starting and building Marcellus.

Feb: “The Platform Delusion: Who Wins and Who Loses in the Age of Tech Titans” by Jonathan Knee.

The book questions the moats of FAANG stocks, arguing that they are far weaker than commonly accepted. And we all know what's happened in the last few months!
Mar: “The Power Law: Venture Capital and the Art of Disruption”, by Sebastian Mallaby.

This is the best book we’ve read on the genesis of venture investing & why it is valuable for society.

Apr: "Creativity, Inc. – Overcoming The Unseen Forces That Stand In The Way Of True Inspiration", by Ed Catmull.

Get a detailed peek + invaluable insights into the creativity ‘process’ at Pixar, the iconic studio. Yes, process in creativity!
May: "Rethinking Competitive Advantage: New Rules for the Digital Age" by Ram Charan & Geri Willigan.

How should traditional cos adapt to the new ways & sources of building competitive advantages?

Jun: "Pandemonium: The Great Indian Banking Tragedy" by Tamal Bandyopadhyay.

The book discusses the recent evolution of Indian banking, esp misses in governance & regulatory frameworks & what issues eventually led to a ‘tragedy’

Jul: “That Will Never Work: The Birth of Netflix and the Amazing Life of an Idea” by Marc Randolph.

The founder and first CEO of Netflix traces the company’s early journey from its founding until its listing.

Aug: "The Bomber Mafia: A Dream, a Temptation, and the Longest Night of the Second World War" by Malcolm Gladwell

A fascinating account of a century long debate in the US & UK military establishments regarding how air power should be used to win wars

Sep: “Never Split the Difference: Negotiating as if your Life Depended on it” by Chris Voss.

A former FBI hostage negotiator explains how to get better at negotiating. Some great practical lessons here

Oct: “Dead in the Water – A True Story of Hijacking, Murder, and a Global Maritime Conspiracy" by Matthew Campbell & Kit Chellel

Marine insurance fraud, complex legalities & murder! This book that chronicles a true story but reads like a thriller novel!

Nov: “Chip War: The Fight for the World's Most Critical Technology” by Chris Miller

The book (on multiple 2022 Book of the Year lists) traces the microchip from its early development to its evolution as the source of serious geopolitical conflict today

Dec: "The Great Rupture – Three Empires, Four Turning Points, and the Future of Humanity", by Viktor Shvets

Is freedom necessary for a country to thrive? History says that it is necessary. However, going forward, this might not be the case

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Jun 7, 2022
Tamal Bandyopadhyay’s ‘Pandemonium: The Great Indian Banking Tragedy’ is our Marcellus Book of the Month. The book discusses the recent evolution of Indian banking, esp misses in governance & regulatory frameworks & what issues eventually led to a ‘tragedy’

(1/11)
#MarcellusBOTM
The book beautifully captures complex issues in Indian banking, like the Asset Quality Review (AQR), inherent problems with PSBs, serious fraud cases, etc. The book weaves through insights from the viewpoint of the regulator, bankers, economists & industry veterans

(2/11)
Part I takes us through the hard AQR (a global first) pill the sector had to swallow, followed by the IL&FS saga and the core problem of borrowing short & lending long (which unsurprisingly isn't an India specific problem), resulting in the eventual demise of DHFL

(3/11)
Read 11 tweets
May 9, 2022
Continuing our book recos on how companies can build competitive advantages for the digital age, this time around our Marcellus Book of the Month is ‘Rethinking Competitive Advantage: New Rules for the Digital Age’ by Ram Charan & Geri Willigan.

#MarcellusBOTM

(1/)
Competitive advantages have been traditionally built around controlled distribution channels, hard assets at scale, on established brands or patents. These are being challenged by new age companies. What are the new rules of the game that traditional companies must adopt?

(2/)
Rule #1: Personalize the consumer experience. Today’s leaders are so laser focused on the consumer that they can create a 100x market that doesn’t exist! They combine pieces of existing industries which the end consumer can’t connect by herself. Eg. Steve Jobs & the iPhone
(3/)
Read 13 tweets
Feb 6, 2022
If you are investing (or are planning to) in consumer tech companies you must read Jonathan Knee’s “The Platform Delusion”, our Marcellus Book of the Month. The book questions the moats of FAANG stocks, arguing that they are far weaker than commonly accepted

#MarcellusBOTM
(1/8)
You might disagree with some of the arguments made in the book, but its core proposition has been convincingly made with detailed research. It debunks some of the basic drivers of competitive advantage for consumer tech businesses that many have come to assume for granted.

(2/8)
Many of these cos make little or no money coz *barriers to entry* are low. Vertically specialised independent retailers have taken away from Amazon the most profitable parts of online retail + they are more profitable! Same with Netflix. Read this 👉bit.ly/331rEaz

(3/8)
Read 9 tweets
Jan 5, 2022
India’s booming start-up ecosystem birthed over 40 unicorns in 2021! Its thus a good time to revisit Peter Thiel’s ‘Zero to One’, which is our Marcellus Book of the Month. We ourselves have sought inspiration from the book in starting and building Marcellus.
#MarcellusBOTM

(1/7)
The book gives a fresh perspective on building a successful business. For this, companies must invest in the difficult task of creating new things (0 to 1) rather than trying to achieve just incremental progress or improvement on things already being done (1 to n).

(2/7)
Going from Zero to 1 allows you to monopolize your markets and that is the only wat to build lasting success in a business. Thiel’s mantras of ‘start small’, ‘do not disrupt’ and ‘be the last mover’ are super counter-intuitive insights on building and scaling a business.

(3/7)
Read 7 tweets
Jan 4, 2022
Marcellus's #3Longs3Shorts this week: An interview with Ravi Ashwin, the age of 'techno-politics' and why Peter Thiel is such an influential thinker are amongst our 6 curated picks to read this week.

If you like what you read, subscribe on marcellus.in
LR1: R Ashwin: ‘I’ve always been good at assessing batsmen, but now I think I’ve taken it to another level | Sidharth Monga interviews R Ashvin | Cricinfo

This is Ashwin’s best interview, in our view.

bit.ly/3G36Ux6
LR2: Chesterton’s Fence: A Lesson in Second Order Thinking | Farnam Street | Farnam Street blog

Second-order thinking is powerful and can get you extra-ordinary results. What is it and how can you cultivate it?

bit.ly/3eSqfoN
Read 7 tweets
Dec 31, 2021
Here are the books we read, and in many cases reread in 2021. These were featured in Marcellus Book of the Month, a series we started in March this year.

Which ones did you read too and liked the most? Please let us know!

#MarcellusBOTM

Thread 👇
March '21: ‘Capital Returns’, a collection of reports written by analysts at Marathon Asset Management

A must-read for all - the book explores the The Capital Cycle approach to investing and much more

April '21: ‘Investing for Growth’ by Terry Smith

Terry Smith is the CEO of the $46bn AUM firm, Fundsmith. The book is a compilation of newsletters, essays & articles written by Smith over a decade.

Read 12 tweets

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