The Smead Book List - Winter 2025

The book narrates the most brutal corporate restructuring in Wall Street history, focusing on the 2015 bankruptcy of Caesars Entertainment. It pits private equity legends from Apollo Global Management and TPG Capital against relentless hedge fund investors from firms like Elliott Management, Oaktree Capital, and Appaloosa Management. The authors, Max Frumes and Sujeet Indap, illuminate the complex financial engineering, legal battles, and the fight-to-the-death mentality of these modern financiers, which continues to impact workers, politicians, and broader society. The book provides a fascinating inside look at distressed debt markets and the strategies employed by these financial players.

This memoir tells the story of Willis Johnson, a Vietnam veteran who started with a humble auto dismantling yard and went on to found Copart, the world's largest online auto auction. The book chronicles his journey from humble beginnings to entrepreneurial success, highlighting his innovative spirit and perseverance. Co-authored by Marla J. Pugh, it offers an engaging narrative of Johnson's rise in the auto salvage industry.

Pattern Breakers, written by Mike Maples Jr. and Peter Ziebelman, challenges traditional startup wisdom by revealing the hidden forces that drive extraordinary success. The book is based on extensive research and real-world examples from transformative startups like Twitter, Twitch, and Lyft. It emphasizes the importance of a different mindset and actions to harness developments that others might miss or initially see as crazy. The authors provide practical advice on how to transcend ordinary thinking, capitalize on market opportunities, and build a community of true believers to revolutionize industries.

Against the Gods: The Remarkable Story of Risk chronicles the intellectual journey that has led humanity from relying on oracles and soothsayers to using sophisticated tools of risk management. The book delves into the history of probability, starting from ancient civilizations and their limitations in understanding chance, to the modern era where risk is quantified and managed. Bernstein discusses how the development of probability theory and risk management has been a key factor in distinguishing modern times from the past.

Friends Until the End traces the complex friendship and political alliance between Edmund Burke and Charles Fox during the eighteenth century. The book explores their shared support for the American colonies, opposition to the British slave trade, defense of religious liberty, and efforts to protect Britain's public credit. Their relationship is examined through major historical events such as the American Revolution, the impeachment of the East India Company's governor-general, and the French Revolution, which ultimately ended their political partnership and friendship. James Grant illuminates the politics and economics of their era with wit and insight, drawing lessons relevant to contemporary political divisions.

This novel by Frederick Turner vividly captures the Jazz Age, weaving a story around Leon 'Bix' Beiderbecke, a jazz legend known for his brilliant yet troubled life. The narrative is framed by the memories of Henry Wise, who reflects on the era's excesses and the tragic figures that defined it. The book features cameos by notable figures like Louis Armstrong and Clara Bow, offering a rich tapestry of the period's music, culture, and societal upheaval.

When Genius Failed is a detailed account of the spectacular collapse of Long-Term Capital Management (LTCM), a hedge fund that was founded by Nobel Prize-winning economists and managed by some of the most brilliant minds in finance. The book explores the fund's rapid ascent, its complex trading strategies, and the catastrophic events that led to its downfall. Lowenstein provides a gripping narrative that delves into the psychological and financial factors that contributed to LTCM's failure, offering insights into the risks and consequences of high-stakes financial speculation.