The March Reading List

 The March Reading List 

My rather overloaded desk

Last month, I published the February Reading List to try and keep a record of the most interesting books I read over the previous month. To my surprise, the publication of such a list prompted significant interest and initiated a number of conversations with people far and wide - including a range of people I hadn’t spoken to in years - who all had unique perspectives and suggestions for future readings. I will try to get round to reading all the suggestions soon… but my desk is already relatively overloaded with books over the past month! 

Lately, I’ve been on a bit of a history binge, and have been reading widely on a number of Presidents who I previously knew very little about. As in the February edition however, I am always looking to broaden my reading horizons and try altogether new authors and genres.

As always, please feel free to reach out over Facebook, Twitter, LinkedIn, or leave a comment if you’d like to discuss any of the books further. I’m also always looking for recommendations! So please ping me a message if there’s something which you’ve particularly enjoyed. 

Something historical: Franklin D Roosevelt: A Political Life - Robert Dallek: 

FDR is one of those Presidents who stands revered alongside the likes of (his cousin) Theodore Roosevelt, Lincoln, and Washington. Serving as President for a whopping 12 years (elected 4 times), this is hardly surprising. Roosevelt inherited the Great Depression from his predecessor and was thrust into a disaster which is almost unimaginable today. Nonetheless, the rafts of legislation passed, rescuing of the banks, and winning of the Second World War make him stand out as a political mastermind. 

Dallek captures the Presidency magnificently in this book, but manages to do so in an unbiased way, and frequently points to flaws in the Presidency - notably with the fact the economy did not truly recover from the Depression until the War catalysed one of the greatest mobilisations of economic might in all of history. Likewise, the book manages to capture much of FDR’s personal life and misgivings, and delves deep into the character behind the man. For instance, prior to reading, I was totally unaware of the divide which seemed to exist between Eleanor and himself and how she was more of a political accomplice than beloved partner. It is hardly surprising therefore that Eleanor is remembered as one of the greatest First Ladies in American History. (If anyone can recommend the best book on her… please do ping me a message!)

Personally, the best part of the book for me was the second half focus on the movement toward war. Roosevelt appreciated early-on the need for America to militarise in preparation for a war. Likewise, he attempted to persuade Congress on several occasions that it would be necessary for America to join the war effort with military might, and not just supplying the allies. Dallek captures incredibly well the devotion which Roosevelt had to seeing through the war and ensuring a total victory. 

Something financial: The Smart Money Method: How to pick stocks like a hedge fund pro - Stephen Clapham

This was a particularly interesting investment read as it provided actual guidelines for the investment process rather than just vague statements like “buy what you know” or “buy low, sell high”. Rather, Clapham details his method for identifying good stock picks in some detail, with a raft of examples (and in the latest edition, a guide to COVID-19 investing). While his method may be slightly too thorough in places for the lay Robinhood investor (how many people want to read all 500 pages of an annual report right…?) it still outlines lots of key questions to consider when pondering an investment choice. 

The book is split into two real halves, with the first considering some of the more qualitative aspects of investing such as the management of the company and whether interests between investors and managers are aligned, before moving into more consideration of financials. I am particularly enthusiastic towards the idea of starting at the back of the financial reports rather than the glossy pages at the front. 

I recommend this book to all my finance / economics peers.

Something political (but also financial again… sorry!): Dark Towers: Deutsche Bank, Donald Trump & an Epic Trail of Destruction - David Enrich

If I’m honest, this might have been my least favourite of the reading list this month. That’s because I felt like some of the links were not particularly clear or perhaps just as likely I didn’t understand some of the more complex overlaps between the divisions. It seems to me like Enrich has tried to tie Trump and Deutsche incredibly close together, but half of the book is devoted to different business areas which presumably had far less involvement with Trump. I struggled to see the links between the derivatives business - which Enrich spends substantial words on - and the links to the private banking business which presumably is where Trump had the most ties. Nonetheless, I still recommend reading it for the purposes of seeing the previous level of failures within the bank and, at the very least, the deeply concerning way in which Deutsche Bank approached its relationship to Trump (especially given his numerous defaults). 

"The bank was so hungry for profits, for short-term profits, and so hungry to make a name for itself in the United States that it was really eager to just disregard any red flags that presented themselves with clients, Trump would default on a bond offering. He would default on a loan. He would sue the bank. And yet, time after time, Deutsche Bank executives kept going back to him for more business."

Through various chapters of this book, I was deeply shocked by what seemed like catastrophic mismanagement errors in the pursuit of short-term profits at the expense of long-term profitability (and of course to the detriment of shareholders - see chart to the right). 

Some fiction: The Godfather - Mario Puzo

Everybody’s seen the Godfather - ranked number two in the IMDb top 100 - but I’ve always wanted to read the book. In March, I finally got around to it (and I must confess… on this occasion I used my Kindle rather than a paperback  since I was able to pick it up on a special promotion for dirt cheap!). There’s no question that the book is a masterpiece, and I pro
bably enjoyed it equally to the movie version. The style of writing from Puzo is so captivating and, to use a cliche I promise to avoid hereafter, makes the book a real page-turner. 

Something which covers a number of topics: Fantasyland - Kurt Andersen: 

This was probably my favourite book on the reading list this month and highlighted how the United States (and to a lesser degree, the Western World) had become obsessed with fantasy and delusion. The book looks at a history of America over 500 years and points to all of the periods in the past where America has seemingly gone mad, from the Salem Witch Trials in the past to the increasingly crazy beliefs which seem to plague both religion and politics within the United States. This actually linked in quite well with my previous reading list title: Religion and the Rise of Capitalism - and again there was some emphasis on how the move from predestination to self-determination helped people believe that they could be whatever they wanted to be - regardless of whether or not that was true or feasible. 

This is a read which will leave you astounded at the vast number of fantasies which exist in the modern world, and help you appreciate more where the fantasy-industrial complex (as Andersen describes it) is trying to dictate your life to make you believe, even if only for a day, that you can be a Disney Princess, billionaire, a happily-ever-after couple for a day. Or, as the world becomes increasingly digitised, you can even delude yourself into believing it… forever. 

I highly recommend this to everyone. The audiobook version is also excellent to really capture the madness of some of the "stories". I often found myself walking down the street and laughing with incredulity - much to the confused looks of the innocent passerbys. Shamelessly, I'll ask that if you do sign up to Audible, please go through my link. 

The bonus book:

As I said at the start, I’m on a bit of a Presidential history binge at the moment, and I also read The Rise of Theodore Roosevelt in March by Edmund Morris. While this book only covers his rise and not his years as the President of the United States, it is still a fascinating insight into one of my favourite Presidents who was so critical in the history of America. 

Books for the next month: 

1. Theodore Rex - Edmund Morris
2. A Life on Our Planet - David Attenborough 
3. Battle Cry of Freedom - James M McPherson
4. Reagan: The Life - H.W. Brands 
5. The Great Crash - J.K. Galbraith 

As always, please feel free to get in touch about any of the books mentioned above or if you have suggestions for what should go into the May reading list!