How Not To Invest

In *Breakneck*, Dan Wang explores China's transformation into an *engineering state*, relentlessly pursuing megaprojects, contrasting it with America's *lawyerly society*. The book delves into China's economic ascent and the social engineering costs, such as zero-COVID and the one-child policy, offering insights into global geopolitics.

In 'Where Are the Customers' Yachts? ', Fred Schwed Jr. delivers a witty and incisive critique of the financial industry, exposing the myths and misconceptions that pervade Wall Street. The book humorously explores how financial professionals often prioritize their own wealth over clients' financial well-being, and it offers insights into human psychology and investment behaviors. First published in 1940, the book remains relevant today, cautioning investors to approach financial advice with skepticism.

The book tells the story of the Oakland Athletics' 2002 season, where General Manager Billy Beane and his assistant Paul DePodesta used advanced statistical analysis, known as sabermetrics, to assemble a competitive team despite a limited budget. The approach, pioneered by Bill James, focused on metrics such as on-base percentage and slugging percentage rather than traditional measures like batting average and runs batted in. This data-driven strategy allowed the Athletics to compete with teams having much larger payrolls, like the New York Yankees, and achieve significant success, including a 20-game winning streak and a playoff appearance.

In this book, Daniel Kahneman takes readers on a tour of the mind, explaining how the two systems of thought shape our judgments and decisions. System 1 is fast, automatic, and emotional, while System 2 is slower, effortful, and logical. Kahneman discusses the impact of cognitive biases, the difficulties of predicting future happiness, and the effects of overconfidence on corporate strategies. He offers practical insights into how to guard against mental glitches and how to benefit from slow thinking in both personal and business life. The book also explores the distinction between the 'experiencing self' and the 'remembering self' and their roles in our perception of happiness.

This book provides an inside look at the remarkable bull market that began in 1982 and ended in the early 2000s. Mahar, through interviews and access to key analysts, market observers, and fund managers, presents a historical perspective on the 17-year cycle of growth. The book explores the psychological and economic forces that drove the market, including the roles of figures like Abby Joseph Cohen, Mary Meeker, Henry Blodget, and Alan Greenspan. It also delves into the transformation of the stock market landscape by individual investors, particularly through 401(k) plans and online trading platforms. The book serves as both an illuminating history and a cautionary tale about investing, emphasizing the importance of managing risk and understanding market cycles.

Market Wizards is a must-read for traders and financiers, offering a deep dive into the strategies and mental attitudes of the world's most successful traders. The book includes interviews with traders such as Bruce Kovner, Richard Dennis, Paul Tudor Jones, and others, revealing their approaches to trading and the factors that contribute to their success. It covers a wide range of markets, including treasuries, futures, commodities, and more, and highlights the importance of solid methodology and proper mental attitude in trading.

The Big Short tells the story of the 2007-08 financial crisis through the lens of several key players who predicted and profited from the collapse of the housing market. The book focuses on characters such as Steve Eisman, Mike Burry, Greg Lippmann, and the founders of Cornwall Capital, who saw the impending disaster and made significant gains by shorting the market. Lewis explains the complex financial instruments and the systemic failures that led to the crisis, making the narrative both accessible and engaging.

This book is a classic in the realm of stock market literature, detailing the life and trading experiences of Jesse Livermore, a legendary trader, under the pseudonym 'Larry Livingston'. It explores Livermore's journey from his early days in 'bucket shops' to becoming a prominent figure on Wall Street. The book highlights the importance of understanding market psychology, the dangers of overtrading, and the need for discipline and independent analysis in trading. Despite being written nearly a century ago, its lessons on market dynamics and human nature remain relevant today.