We at the Motley Fool have dedicated ourselves to getting back to the basics this month, culminating on Sept. 25 with Worldwide Invest Better Day. To this end, my Foolish colleagues and I have launched a veritable blitzkrieg espousing the fundamentals of investing. Our goal, quite simply, is to help the world invest. Better.
Perhaps nothing is more important in this regard than a knowledge of financial history. Not only does it provide context and courage to make the right investment decisions, but it also just makes you a wiser and more interesting human being. Borrowing a 中小涂料企业有多苦 你知道吗, Charlie Munger is famous for saying: "In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time -- none, zero. You'd be amazed at how much Warren [Buffett] reads -- at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out."
In a vote by Sina Weibo，China's Twitter-like website, 58.5 percent of people "liked" the ink painting version of the monkey, only 14.4 percent like the front view of the 3D version, while 12.5 percent want to "change its clothes", supposedly meaning they don't like the colors.
The Turkish president said Angela Merkel, the German chancellor, was “no different from the Netherlands” and urged émigré Turks not to vote for “the government and the racists” in upcoming European elections. Ms Merkel faces a tough re-election bid in September.
It was billed as the year in which female film-makers and women's issues would be in the spotlight. The festival opened with a film by a female director for the first time in 28 years, Isabella Rossellini chaired the Un Certain Regard jury and Salma Hayek convened a high-profile panel to discuss the role of women in cinema. There was plenty to talk about – but had anything really changed? The numbers seemed to speak for themselves: of the 19 films in competition, only two were directed by women. And then came 'Heelgate' – of which, more later… Faced with suggestions that the festival is sexist, artistic director Thierry Frémaux was having none of it. Cannes was being held to an unfairly high standard, he claimed, one not applied to other festivals like Venice or Berlin. His suggestion? Instead, people should “attack the Oscars”.
1. The Robber Barons by Matthew Josephson
Ralph Waldo Emerson opined that "there is properly no history; only biography." If this is true -- and I believe there's something to be said for it -- then Matthew Josephson's The Robber Barons is the quintessential history of the Gilded Age, spanning roughly the second half of the nineteenth century.
Writing in the early 1930s, though in timeless prose, Josephson traces the lives of America's first and greatest industrialists: John D. Rockefeller, Andrew Carnegie, Cornelius Vanderbilt, Jay Gould, and J.P. Morgan, founder of the eponymous JPMorgan Chase (NYSE: JPM). The book is a page-turner and an essential addition to any investor's and/or historian's library.
2. 惨烈价格战 LED照明龙头先卧倒 by Louis D. Brandeis
Tasked by then-President elect Woodrow Wilson in 1913 to explain the harm associated with the massive money trusts operated by the Morgan and Rockefeller families, future Supreme Court Justice Louis Brandeis went on to pen this short but elegant essay on the virtue of competition and vice of monopoly.
According to Brandeis:
The goose that lays golden eggs has been considered a most valuable possession. But even more profitable is the privilege of taking the golden eggs laid by somebody else's goose. The investment bankers and their associates now enjoy that privilege. They control the people through the people's own money.
3. Lords of Finance by Liaquat Ahamed
It isn't often that a first-time author wins the Pulitzer Prize for history. But such is the case with Liaquat Ahamed, a former investment banker and current advisor to hedge funds.
As fall arrived and school began, D'Aloisio felt immense pressure to deliver for his backers. He needed to whip his algorithm into better shape, so he contracted a team of Israeli coders who specialize in natural language processing. Searching on Google, he found and hired a retired professor living in Thailand who'd written seminal books on the topic. 'He became our main scientist,' says D'Aloisio. 'He now works at Yahoo! in the Sunnyvale office.'
Dawn Hudson, Academy CEO:
Fone Fun Shop director Mark Strachan says that this machine was developed to help iPhone owners get to their photos or contacts in a locked iPhone with a forgotten passcode. Discovered in Hong Kong, Strachan says that they were at first skeptical that the device would work. But over time, the tool has proven itself over and over again.
Among the year’s biggest surprises was the plunge in gasoline pries. Economists differed on the economic impact—money in the pockets of consumers offset by declines in exploration and drilling activity—but everyone agreed that it was bearish for small cars and hybrids. The combination of cheap gas and a steep sticker price made the Cadillac ELR the runaway winner of the most disliked car of the year award. Only 155 of the Volt-based $80,000 cars found buyers in November.
4. The Great Crash 1929 by John Kenneth Galbraith
Among American economists, John Kenneth Galbraith is considered a giant among men. In this short and highly readable history of the stock market crash that preceded the Great Depression, Galbraith retraces both the causes and immediate consequences of the debacle.
Boston Consulting Group could also be poised to make a change given its managing partner, Richard Lesser, is due to come to the end of his second term in October. His future is unclear, however, as the firm declined to comment on its election process or how many terms its leader can serve.
[N]ow, as throughout history, financial capacity and political perspicacity are inversely correlated. Long-run salvation by men of business has never been highly regarded if it means disturbance of orderly life and convenience in the present. So inaction will be advocated in the present even though it means deep trouble in the future. Here, at least equally with communism, lies the threat to capitalism. It is what causes men who know that things are going quite wrong to say that things are fundamentally sound.
5. The Go-Go Years by John Brooks
The Go-Go Years is the only book of the bunch I haven't read. I nevertheless included it for two reasons. First, because it covers an important decade, the so-called go-go years of the 1960s, which, like the roaring '20s, exemplifies the euphoria that invariably precedes a crash and is purportedly only obvious in hindsight. For instance, when the inevitable crash occurred, Brooks tells how the then-newly-rich Ross Perot lost $450 million in a single day, an amount reputed to be more than J. P. Morgan was worth at the time of his death in 1913.
A heartfelt coming-of-age story that perfectly captures the bittersweet transition from adolescence to dawning adulthood...
The Go-Go Years is not to be read in the usual manner of Wall Street classics. You do not read this book to see our present situations reenacted in the past, with only the names changed. You read it because it is a wonderful description of the way things were in a different time and place.
6. Secrets of the Temple by William Greider
If you have any interest in learning about how the Federal Reserve works and/or what motivates its leaders, then you should read this book. While Greider's account of the Fed's history extends to the bank's inception, it places particular emphasis on the late 1970s and early 1980s, when domestic inflation rivaled that of many Central and South American economies.
At the end of a politically charged ceremony in which Donald Trump was the subject of frequent jokes by host Jimmy Kimmel, Warren Beatty and Faye Dunaway announced that La La Land had won. But as the producers and cast of Damien Chazelle’s modern musical were on stage giving emotional thank you speeches, they were told that Moonlight was the real winner.
Ten years ago, Steele was a successful investment advisor speaking at ITU World, a United Nations conference on technology for government. That same week, California experienced its first-ever gubernatorial election recall. Steele couldn't believe these kinds of hiccups were happening during such important races (the infamous Florida presidential election recall was only three years prior), so she decided to solve the problem herself. To date,169 countries, including Bosnia-Herzegovina, used Everyone Counts' electronic voting platform, as did the Academy Awards committee.
7. Liar's Poker by Michael Lewis
The 1980s represents to me the high-water mark for popular business writing. As a result, I struggled to choose only one book that best exemplified the decade. I settled on Michael Lewis' Liar's Poker not only because it's a great book, but also because it predated many others and blazed the trail for the now-familiar genre.
It's the summer of 1983, and precocious 17-year-old Elio Perlman is spending the days with his family at their 17th-century villa in Lombardy, Italy. He soon meets Oliver, a handsome doctoral student who's working as an intern for Elio's father. Amid the sun-drenched splendor of their surroundings, Elio and Oliver discover the heady beauty of awakening desire over the course of a summer that will alter their lives forever.
"They are fairies. Can’t they do something else except falling in love?" another Douban user Amy said.
"This year's prize concerns a central economic problem: how to match different agents as well as possible," the academy said.
If you then want to read more about this decade, two additional books that come to mind most immediately are Barbarians at the Gate by Bryan Burrough and John Helyar, which traces the now-infamous takeover battle for RJR Nabisco, and Den of Thieves by James Stewart, a thriller about the massive insider-trading scandal that brought down not only Michael Milken but also the fabled investment bank Drexel Burnham.
8. When Genius Failed by Roger Lowenstein
When Genius Failed is less a history of Wall Street than it is of Greenwich, Conn. In it, Lowenstein tells of the rise and devastating fall in 1998 of Long-Term Capital Management, an enormous Greenwich-based hedge fund founded by a former Salomon Brothers trader and staffed by some of the brightest financial minds from Wall Street and academia.
Although LTCM's reign will ultimately go down as a nonevent in the wider scheme of financial history, this highly entertaining book fills a pivotal void by introducing readers to the methods and madness of hedge funds. For a more thorough history of these now-commonplace investment vehicles, check out More Money Than God by Sebastian Mallaby, which traces the history of hedge funds from their modern founding through to the present day.
9. The Smartest Guys in the Room by Bethany McLean and Peter Elkind
Bethany McLean is simply one of the finest business writers today. The Smartest Guys in the Room, McLean's first book, co-written with Peter Elkind, tells of the lies and obfuscations that built Enron and concomitantly brought it down.
On its face, Enron's story is that of a handful of bad apples such as Ken Lay, Andy Fastow, and Jeffrey Skilling. But on a deeper level, it explains the widespread culture of corporate deceit and self-enrichment that prevailed at the turn of the century and most certainly continues today. A laundry list of scandals followed in its wake, including WorldCom, Tyco, Qwest, Global Crossing, and Adelphia, to name only a few. Indeed, even seemingly upstanding companies like Halliburton (NYSE: HAL), Merck (NYSE: MRK), and Xerox (NYSE: XRX) weren't immune from the taint.
Meme-sharing Facebook groups have become a new college tradition, Mic reported last week, with students across the country trading inside jokes and fighting battles with rival universities via screenshot and caption.
10. All the Devils Are Here by Bethany McLean and Joe Nocera
Last but not least, I'd be remiss to exclude a book on the most recent financial crisis. While there's already a large selection to choose from, many of which I've read and enjoyed, the one that shines through is All the Devils Are Here.
"Producer prices remain in deflation because of falling commodity prices," said Moody's Analytics before the report.
In addition, the urban population has increased and now represents 55.88 percent of the total population, an increase of 6.2 percent over the census of 2010.
They are calculated using a methodology that focuses on a school's research performance and reputation, not its specific undergraduate or graduate programs. This is a separate methodology than those used for other US News rankings such as Best Colleges and Best Graduate Schools.
Where Goods Made From Trafficked Wildlife Go
People have been predicting consolidation in this very fragmented sector for years and there have indeed been big mergers recently. But there is little doubt that price pressures on City law firms are intensifying.
Foolish bottom line
Whether you read any or all of these books, you'll be better off for doing so. All of them are excellent and deserve a place in every investor's library. In addition, because there are many others that I didn't include, I encourage you to add any that you recommend below. Finally, and as I noted at the outset, I strongly encourage you to join us on our microsite for Worldwide Invest Better Day, where you'll find a collection of articles aimed at helping investors do just that.