Category Archives: book list

2017 NLO Book List

Below are the books that we’ve read cover-to-cover in 2017.  The accompanying links will take you to Amazon.com if you’re interested in buying the books.  Don’t forget to check out our 2016 book list.

The top three must read books from the latest list are:

Title Author
1920 Eric Burns
A Disposition to Be Rich Geoffrey C. Ward
A History of the United States in Five Crashes Scott Nations
A Man for All Markets Edward O. Thorp
A Very Expensive Poison Luke Harding
A Voyage Long and Strange Tony Horwitz
Alfred Hitchcock Peter Ackroyd
Assholes Aaron James
Basic Economics, Fourth Edition Thomas Sowell
Black Box Thinking Matthew Syed
Black Edge Sheelah Kolhatkar
Brazillionaires Alex Cuadros
Breaking Rockefeller Peter B. Doran
David and Goliath Malcolm Gladwell
Dear Chairman Jeff Gramm
Deep Thinking Garry Kasparov
From Bacteria to Bach and Back Daniel C. Dennett
Genghis Khan and the Quest for God Jack Weatherford
If I Understood You, Would I Have This Look on My Face? Alan Alda
Miles to Go Chris Murphy
Orphan Train Rider Andrea Warren
Payoff Dan Ariely
Render Unto Rome Jason Berry
Thaddeus Stevens Hans L. Trefousse
The Crash Detectives Christine Negroni
The Emperor of All Maladies Siddhartha Mukherjee
The Evolution of Beauty Richard O. Prum
The Fever of 1721 Stephen Coss
The Foundling Paul Joseph Fronczak
The Gene Siddhartha Mukherjee
The General vs. the President H.W. Brands
The Genius of Birds Jennifer Ackerman
The Great Quake Henry Fountain
The Happiness Equation Neil Pasricha
The Heart of the Buddha's Teaching Thich Nhat Hanh
The House of the Dead Daniel Beer
The Intelligent Investor Rev Ed. Benjamin Graham
The Island at the Center of the World Russell Shorto
The Last Good Heist Randall Richard
The Medici Paul Strathern
The Mind and the Brain Jeffrey M. Schwartz
The Price of Everything Eduardo Porter
The Revenge of Analog David Sax
The Richest Man in Babylon George S. Clason
The Secret History of the Mongol Queens Jack Weatherford
The Spy Who Couldn't Spell Yudhijit Bhattacharjee
The Stuff of Thought Steven Pinker
The Undoing Project Michael Lewis
The World Without Us Alan Weisman
This Time is Different Carmen M. Reinhart
Time Travel James Gleick
Tom Paine's Iron Bridge Edward G. Gray
Why Time Flies Alan Burdick
Winning the Loser's Game Charles D. Ellis

2016 NLO Book List

Below are the books that we’ve read cover-to-cover in 2016.  The accompanying links will take you to Amazon.com if you’re interested in buying the books.  The must reads from this list are Coined by Kabir Sehgal, Isabella by Kristen Downey and The Half Has Never Been Told by Edward E. Baptist. Enjoy.

Title Author
Absolute Monarchs John Julius Norwich
America's Bank Roger Lowenstein
Antifragile Nassim Nicholas Taleb
Battling the Gods Tim Whitmarsh
Beating the Street Peter Lynch
Boomerang Micheal Lewis
Carthage Must Be Destroyed Richard Miles
Code Warriors Stephen Budiansky
Coined Kabir Sehgal
Cycle of Lies Juliet Macur
Irrationally Yours Dr. Dan Ariely
Isaac Newton James Gleick
Isabella Kristen Downey
Magna Carta Dan Jones
Master Thieves Stephen Kurkjian
Native Son Richard Wright
Our Endangered Values Jimmy Carter
Personal History Katharine Graham
Plutarch's Lives, Volume 2 Plutarch
Politics Aristotle
Sex on the Moon Ben Mezrich
Strange Gods Susan Jacoby
The 48 Laws of Power Robert Greene
The Auctioneer Simon de Pury
The Decline and Fall of the Roman Empire Vol. 1 Edward Gibbon
The Evolution of God Robert Wright
The Full Catastrophe James Angelos
The Great Beanie Baby Bubble Zac Bissonnette
The Great Cholesterol Myth Jonny Bowden
The Great Escape Paul Brickhill
The Half Has Never Been Told Edward E. Baptist
The Heart of the Buddha's Teaching Thich Nhat Hanh
The Improbability Principle David J. Hand
The Lufthansa Heist Henry Hill
The Plantagenets Dan Jones
The Tao of Warren Buffett Mary Buffett
The Tao Te Ching Lao Tsu
The Twelve Caesars Suetonius
The Warren Buffett Way Robert Hagstrom
When to Rob a Bank Steven D. Levitt
Wisdom of Crowds James Surowiecki
Year of No Sugar Eve O. Schaub

Giving Away $32K, Was Never So Difficult

In what we hoped would be an annual tradition for our site, we gave away books that we thought were  valuable to the understanding of the stock market and investing.  Little did we know that one book would become an instant “classic” with a price that now seems staggering.

On July 16, 2010 (found here), we announced that we were going to give away a single copy of Dow Theory Unplugged: Charles Dow’s Original Editorials & Their Relevance Today. Because we had 5 copies of the book, we later decided to give away two copies instead.  However, after contacting the first two winners and getting no response, we settled with giving away only one copy of the book as announced on August 29, 2010 (found here). 

Fast forward to the present and we find that the books we were having such a hard time giving away has skyrocketed in price since August 2010 (found here).  It appears that the lowest priced copy of the book is priced at $889.99 while the highest price rings in at $16,026.74.  Our suspicion is that these prices, the minimum and maximum, will nudge much higher in spite of what already seems like an outrageous amount.  Who is going to pay these prices, we can’t imagine.

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Suffice to say, after the 2nd annual giveaway, we decided to give up on purging our book collection.  However, we strongly encourage reviewing and reading the books found on the book list that we’ve compiled based on the references and recommendations of the great Dow Theorist Richard Russell over the last 55 years (found here).

There is no such thing as a Sophisticated Investor

We listen to Bob Brinker every weekend and his manner of steam rolling the listeners gets annoying at times.  However, Diana Henriques is one of the few guest authors who (1) gets challenged directly by Bob Brinker and (2) solidly holds her ground with a lucid explanation on how Bernie Madoff and mutual funds have more in common than most people are willing to admit.
The following is a transcript, in part, of a recent interview that Bob Brinker had with Diana Henriques about her book Wizard of Lies: Bernie Madoff and the Death of Trust.  Diana is clear on one thing that all investors should understand, even a well known and well established mutual fund company should be questioned on it's integrity.  The clarity in Diana Henriques' responses while getting grilled by Bob Brinker requires that we recommend reading this book.
Diana Henriques:

 

…there on your statement, it looked like you owned a widely diversified portfolio of blue chips, everything from J&J to Wal-Mart, and so you had this sense, ‘well I am kinda diversified,’ there was this illusion of  a diverse portfolio and you move into cash safely and into treasury bonds and back into these blue chips, so not to defend people who were willing to trust every penny they had to Bernie Madoff, they may have been deluded by the notion that they did have a balanced and very highly diverse portfolio almost like a mutual fund, of course it was nothing like a mutual fund, in fact, and the notion that you would give all your money to Bernie Madoff, in hindsight, of course looked dreadful, but how many of your listeners actually invest all of their money with Vanguard or different mutual funds but they will invest it all with a fund family because of the convenience that comes with it."
Bob Brinker:

 

(interrupting Diana) "That’s a good point, that’s a good point, but I’m willing to propose to you that a listener that invests with the Vanguard, a listener that invests with a Fidelity, a listener that invests with a T. Rowe Price, can simply not be compared to somebody giving their money to Bernie Madoff.  He is not Vanguard, he is not Fidelity, he is not T. Rowe Price."
  
Diana Henriques:

 

"Yeah, but neither is he Joe’s Plumbing and Ponzi Scheme operation down on the corner.  He was a very respectable."
Bob Brinker:

 

(interrupting Diana) "No but actually he was that Diana, he had a po-dunk auditing system set up in a storefront in NY, I mean, he was Joe’s Plumbing and Heating."
Diana Henriques:

 

"I’ve got to disagree with you there because I knew Bernie Madoff back when he was in the wild before he was in captivity, and I knew his firm very well.  As a reporter at Barron’s it was one of the first places you’d call if were trying to find out what news, what impact, breaking news would had had on specific stocks or segments of stocks.  For example, the night the first gulf war broke out, it hit us in NY at a very tough time right against our deadline for the next day’s business section.  We took the whole section apart and put it back together again.   Well, what would the out break of war going to mean to the oil stocks?  How do you find out? The NYSE had been closed for hours.  You called Bernie Madoff, because he pioneered after hours trading.  There was a period in time when Madoff’s trading firm handled up to 10% of the daily volume of the NYSE stocks;  in what is called the third market.  We didn’t know him as retail investors, I knew him as a business reporter, but he had no retail customers, so far as we knew.  He was a wholesale trading house but he was very well known on the street as a whole sale trading house one of the biggest, one the fastest, one of the most technologically advanced and a firm that had always set the standard for the speed of processing orders, so I have to disagree with you, people who knew wall street and who did a little 'due diligence' on Bernie Madoff would have learned that he was a very well respected wholesale trader."

 

Bob Brinker:

 

"All of which led them to the false conclusion that he was someone that you could do business with."

 

Diana Brinker:

 

"Yes…and he was someone that they could trust."

 

Bob Brinker:

 

(interrupts Diana while she is talking) (incredulously says...) "TRUST!…are you serious Diana?…you could trust!…what do you mean you could trust?"

 

Diana Henriques:

 

"He was someone certainly that they thought they could trust clearly they would not have given their money to him otherwise.  On the surface, you know Bill, a shifty eyed guy with a cheap suit and scoffed shoes may commit a lot of crimes but a ponzi scheme is never going to be one of them.  Ponzi schemers are by definition done by people who seem trustworthy, if they’re not they can’t even start.  The can’t pull it off.  So, people who think they would instantly recognize a crook like Bernie Madoff, are deluding themselves.  That’s one of the dangerous lies we tell ourselves.  They’re going to look like responsible respectable people."

 

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