On Lessons From Losing Money, Building a Family Dynasty, and Getting Through to Absolutely Anyone

Books that changed my life

Hello all!

Here is your weekly dose of books that changed my life.

1. Investing
The Great Depression: A Diary

Summary
I’ve learned over the years that while history may not exactly repeat itself, it certainly rhymes. When it comes to finance and economics, this could not be more true. There are a few critically important books you can read to help navigate the ups and downs of financial markets. The Great Depression: A Diary is one of them. This book is the diary of Benjamin Roth, and contains his entries from 1931 to 1941 with “look backs” from the 1960s. If you want to learn how to make sound decisions now, and for the the future, study the past. This book is filled with outstanding financial, economic, and geo-political insights.

• Principle: The wise investor will disregard the day to day fluctuations of the stock market or real estate market and base his buying and selling on these long periods of rise and fall. He must have liquid capital in time of depression to buy the bargins and then must sell before the next crash.

• Insight: In 1929 when the crash came all sorts of people were into the market on margins over their heads–doctors, lawyers, merchants, waitresses.  All sense of caution was lost, stocks were bought blindly and good bonds earning 4-5% were sneered at. Even though the air was full of warnings, very few people took them and when the crash came, casualties were terrific.

• The successful investor:

  • Patience to wait for the right moment

  • Courage to buy or sell when that time arrives

  • Liquid capital

Authors: Benjamin Roth
Themes: Investing, Memoir, Personal finance
My personal notes from the book 

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2. Biography
Sons of Wichita: How the Koch Brothers Became America’s Most Powerful and Private Dynasty

Summary
Put your politics aside…This book is a fascinating tale of how the Koch family became one of America's most private and influential families. The book has everything you want in a good story: fortunes, high-end art, revenge, clandestine operations, decades of legal battles between brothers, political influence, and a host of lessons that apply to anyone in business.

• Principle: It's the whale who surfaces to spout off that gets harpooned.

• Insight: The most glorious feeling is the feeling of accomplishment.

• Quote: Flattery is much like perfume. It is ok to inhale it, bit don't ever swallow it.

Author: Daniel Shulman
Themes: Biography, Entrepreneurship, Business
My personal notes from the book 

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3. Personal development
Just Listen: The Secret to Getting Through to Absolutely Anyone

Summary
Very interesting insights on how to deal with people in the workplace and in your personal life. You’ll find surprising principles in this book that make it a valuable read.

• Principle: Forget about being interesting, be interested.

• Insight: Buy-in occurs when people move from resisting to listening to considering what you're saying. Ironically, the key to gaining buy-in and then moving people through the rest of the cycle is not what you tell them, but what you get them to tell you–and what happens in their minds in the process.

• Quote: Everyone has an invisible sign hanging from their necks saying "Make me feel important" -Mary Kay Ash

Author: Mark Goulston
Themes: Personal development, Communication skills, Management, Running a business, Culture
My personal notes from the book 

That’s a wrap. Thanks for reading! 

Please send feedback about Three Book Thursday. Which aspects are you most enjoying most?

Best,
Adam

P.S. Do you have a favorite book that changed your life? Please share it with me by replying to this email.

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