On the Fascinating Bernard Baruch, the Miracle Morning, and Straight Talk From a Business Rebel
Books that changed my life
Hello all!
Here is your weekly dose of books that changed my life.
1. Memoir
Baruch: My Own Story
Summary
One of the most influential books I’ve read (twice). It is timeless. The life of Bernard Baruch is fascinating. He authored a two-volume memoir. This is volume 1 and its focus is investing before, during and after the Great Depression. But his words describe what could’ve been 1999-2001 or 2007-2009 or 2020-2022. Financial and investment fads come and go, but Baruch’s principles have held up for a century.
Insight: Some people boast about selling at the top and buying at the bottom of the market. I don’t believe this can be done. I have bought when things seem low enough and sold when they seemed high enough. In that way I have managed to avoid being swept away along to those wild extremes of market fluctuations which prove disastrous.
Insight: The psychology of crowds has been demonstrated again and again.
Baruch’s 10 rules:
Don’t speculate unless you can make it a full-time job.
Beware of barbers, beauticians, waiters or anyone bringing gifts of inside information.
Before you buy a security, find out everything you can about the company, its management, and competitors, earnings and possibilities for growth.
Don’t try to buy at the bottom and sell at the top. This can’t be done.
Learn how to take your losses quickly and cleanly. Don’t expect to be right all of the time. If you have made a mistake, cut your losses as quickly as possible.
Don’t buy too many different securities.
Make a periodic reappraisal of all investments.
Study tax position.
Always keep a good part of capital in cash. Never invest all your funds.
Don’t try to be a jack of all investments. Stick to the field you know best.
Author: Bernard Baruch
Themes: Memoir, Investing, Personal finance, Entrepreneurship, History
My personal notes from the book
2. Personal development
The Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your Life (Before 8AM)
Summary
A surprisingly good book. And a much broader focus than the title suggests. It is motivating, uplifting, and practical. Many great insights. It is perfect for anyone who is on the path of growth or is looking for a path to growth.
Insight: The moment you accept responsibility for everything in your life is the moment you tap into your power to change anything in your life.
Insight: Love the life you have while you create the life of your dreams. Don't think you have to wait for the latter to start doing the former.
Insight: Give up the need to be perfect for the opportunity to be authentic. Be who you are. Love who you are. Others will, too.
Principle: Where you are is a result of who you were, but where you go depends entirely on who you choose to be.
Quote: Things do not change. We change. -Henry David Thoreau
Author: Hal Elrod
Themes: Personal development, Productivity, Living a full life
My personal notes from the book
3. Entrepreneurship
Am I Being Too Subtle? Straight Talk From a Business Rebel
Summary
You didn’t hear much of Sam Zell when he was alive (he died in May 2023), but he was one of the most successful modern-day real estate investors. He was known as a brash, no-nonsense business person, but he also had an endearing side and loved to share advice and insights from his decades of experience. Am I being Too Subtle is straight talk from Sam Zell. Whether or not you want to learn more about business or real estate, this book provides wonderful insights into the inspiring journey of Sam Zell. And if you want a taste, this is an excellent podcast interview with Sam.
Principle: Reputation is your most important asset. Everything you do, everything you say, is a part of the permanent record. Your name reflects your character.
Insight: Risk is the ultimate differentiator. I have always had a deep and complex relationship with it. I am not a reckless person, but taking risks is really the only way to consistently achieve above-average returns—in life as well as in investments.
Insight: I grew up believing that anything is possible. And when you’re not aware there are any limitations, nothing stops you from trying.
Author: Sam Zell
Themes: Entrepreneurship, Running a business, Management, Negotiation, Real estate
My personal notes from the book
That’s a wrap. Thanks for reading!
Please continue to share with me the books that changed your life!
Best,
Adam
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