The books that shape our philosophies

(Originally posted in 2020)

In our pursuit of excellence we spend much of our time reading. From academic journals to research reports and novels, we cannot get enough information. Throughout that process we have come across a number of books that have shaped our thoughts and impacted our philosophies. Below, is a list of a few of our favorites for you to enjoy. Each book was selected because of the important lesson it contains. From understanding risk to getting your house in order, there are many parallels between life and finance.  

The Life Changing Magic of Tidying Up – Marie Kondo

There are no style points awarded for earning returns in a complex way. You do not get more because it was complicated. Returns are returns. When it comes to investing, exercise, and nutrition, simplicity is almost always your best option. Take the time to get your financial house in order and keep it tidy!

Thinking in Bets – Annie Duke

Choosing to invest means that you are presented with an uncertain future. There is opportunity for success and opportunity for failure. You can make a decision where all the odds are in your favour and still not come out on top. It is important for investors to understand the probabilities and the process. Beware of only looking at the result.

An Economist Walks Into a Brothel – Allison Schrager

This may seem like an odd title for a book, but understanding which risks to take and which ones to pass on, is a fundamental principle of investing. If you do not understand the risk that you are taking, you do not know how bad the end results can be. Take smart risks that you fully understand.

The House of Rothschild – Niall Ferguson

Finance and the markets seem like a mystery to many people. Where did they come from? Who invented them? These are good questions. If you want to understanding the history of finance and the markets, there is no better guide than this one. History is the foundation for tomorrow.

The Man Who Solved the Market – Gregory Zuckerman

Yes, there does exist a small group of people who can exploit informational advantages and outperform the market. The question is: are you one of them? If you answered “yes,” we recommend that you take the time to read this book. It follows the story of one of the smartest mathematicians in the world as he sets out to solve the market. Make sure you know what you are up against.

The Odyssey – Homer

If something seems too good to be true it probably is. Odysseus ran into this problem when he encountered the Sirens. When selecting a financial advisor do not let yourself be taken by fancy sales pitches and promises of high returns. Do your homework and make data driven decisions!

We hope that you take the time to read some of these books and let us know your thoughts. What lessons did you take from these readings? Watch for us to add more books to this list as we uncover new lessons in our pursuit of excellence.