Come May, global financial turmoil had gripped the whole world; once revered financial institutions Bears Stearns and Merril Lynch had already gone under, given their full-blown exposure to subprime mortgages. As the scourge of subprime continued to run amok, year 2008 saw a number of books elaborating upon the prevailing crisis, free-market capitalism, need for strong corporate governance, etc. George Soros's 'The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it means' is a short, incisive and thorough dissection of subprime crisis. Soros's insistence on replacing the paradigm of market equilibrium with the one what he calls 'reflexivity' forms the lynchpin of the whole discussion in the book.
I have always admired authors whose books are based on vast, rigorous research. For instance, Tom Peters's 'In Search of Excellence' or Jim Collins's 'Good to Great' and 'Built to Last'. 'Billion Dollar Lessons: What you can learn from the most Inexcusable Business Failures of the last 25 years' is a book in the same league but not without a clear distinction. Unlike its predecessors, this is a book about the glaring failures from the corporate world and the valuable lessons we can learn from them. Authors Paul Carroll and Chunka Mui reveal seven avoidable organizational strategies, execution of which, according to the authors, could lead to failures more times than not. I highly recommend this book, for this is a book that covers the most neglected area in business - Failures and lessons to be learnt from them.
After one idea book to another. Malcom Gladwell's 'Outliers: The Story of Success' is a thought-provoking and inspiring book on the factors that go into constituting success. Book has several interesting arguments such as what does Bill Gates have in common with the Beatles and how does your IQ relate to salary? Best thing about 'Outliers' is that each chapter can be read in isolation. Read this book for its easy-to-read style and provocative arguments.
Next on my list is a book from one of my favorite authors. Jack Trout - co-author of books like 'Positioning', 'Differentiate of die' and author of 'Big Brands, Big Trouble' - is back with a book dedicated to the need to cut through the prevailing chaos and brand clutter in the market. What I have always liked about Trout is his simple and practical ideas. His books never reek of puffery and high-falutin theories. Just like his previous book, his new book 'In Search of the Obvious: The Antidote for Today's Marketing Mess' emanates from his long-standing theories on positioning, simplicity and common sense. This book is a must read for those who haven't read 'Positioning' and other Jack Trout titles and it's recommended to those, too, who have been swallowed up in marketing choas of today.
Next book on my list is a revised sixth edition of its 1934 original. Yes, you read that right, 1934. 'Security Analysis: Sixth Edition' originally published in 1934 and written by value-investing doyens Benjamin Graham and David L. Dodd, is as relevant today as it was 75 years ago. This new edition has foreward from Warren Buffet and commentaries from today's leading value-investors such as Seth A.Klarman, James Grant, and many others. At the expense of making a sweeping statement, l'd stick my chest out and proclaim if there were two books you were to read on Investing in your life, they would have to be 'Security Analysis' and 'The Intelligent Investor'.
Finally, like an icing on the cake, I will end this list with Alice Schroeder's 'The Snowball: Warren Buffet and the Business of Life'. Schroeder, a former managing director of Morgan Stanley, has portrayed a candid account of the world's most astute and successful investor. This is a 360 degree account of Buffet's life that lays bare not just Buffet's investing life but also his struggles on the domestic front. Book also comprehensively covers all the prominent characters in Buffet's life such as his father Howard Buffet, his wife Susie Buffet, his children, his guru Benjamin Graham, his business partner Katherine Graham, his friend and close confidant Charles Munger, and so forth. Schroeder deserves quantums of credit the way she has researched and reported every twist in Buffet's life. I would say this book is for everyone from MBA aspirants to corporate greenhorns to top honchos. It's loaded with oodles of inspiration and at the same time, subtle lessons on work-life balance.
<<Previous
