Life in the Financial Markets: How They Really Work and Why They Matter to You
Daniel Lacalle
Wiley, $60.00

An accessible and thorough review of the international financial markets, this book offers the financial services professional—and anyone interested in knowing more about the profession—an entertaining and comprehensive analysis of the financial markets and the financial services industry. Written by Daniel Lacalle, a noted portfolio manager with Ecofin and well-known media personality, the book goes beyond a simple summary and offers solid advice on the future of the global financial markets.

Liar’s Poker: Rising Through the Wreckage on Wall Street, 25th Anniversary Edition
Michael Lewis
W.W. Norton, $28.95

Before there were Flash Boys and The Big Short, there was Liar’s Poker. A knowing and unnervingly talented debut, this insider’s account of 1980s Wall Street excess transformed Michael Lewis from a disillusioned bond salesman to the bestselling literary icon he is today.

How to Speak Money: What the Money People Say and What It Really Means
John Lanchester
W.W. Norton, $30.99

To those who don’t speak it, the language of money can seem impenetrable and its ideas too complex to grasp. In How to Speak Money, John Lanchester, author of The New York Times’ bestselling book on the financial crisis, I.O.U., bridges the gap between the money people and the rest of us. With characteristic wit and candour, Lanchester reveals how the world of finance really works: from the terms and conditions of your personal checking account to the evasions of bankers appearing in front of the U.S. Congress.

Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger, third edition
Edited by Peter D. Kaufman, PCA
Publishing and Intermountain Books, Inc., $70.95

For the first time ever, the wit and wisdom of Charlie Munger is available in a single volume that includes all his talks, lectures, and public commentary. It has been written and compiled with both Charlie Munger’s and Warren Buffett’s encouragement and cooperation. So pull up your favourite reading chair and enjoy the unique humour, wit, and insight that Charlie Munger brings to the world of business, investing, and life itself.

Berkshire Beyond Buffett: The Enduring Value of Values
Lawrence A. Cunningham
Columbia University Press, $32.00

In a comprehensive portrait of the distinct corporate culture that unites and sustains Berkshire Hathaway’s 50 direct subsidiaries, Lawrence A. Cunningham unearths the traits that assure the conglomerate’s perpetual prosperity. Riveting stories recount each subsidiary’s origins, triumphs, and journey to Berkshire and reveal the strategies managers use to generate economic value from intangible values such as thrift, integrity, entrepreneurship, autonomy, and a sense of permanence.

Business Adventures: Twelve Classic Tales from the World of Wall Street
John Brooks
Open Road Media, $16.99

From Wall Street to Main Street, John Brooks, long-time contributor to The New Yorker, brings to life in vivid fashion 12 classic and timeless tales of corporate and financial life in America. What do the $350 million Ford Motor Company disaster known as the Edsel, the fast and incredible rise of Xerox, and the unbelievable scandals at General Electric and Texas Gulf Sulphur have in common? Each is an example of how an iconic company was defined by a particular moment of fame or notoriety. These notable and fascinating accounts are as relevant today to understanding the intricacies of corporate life as they were when the events happened.

Seven Bad Ideas: How Mainstream Economists Have Damaged America and the World
Jeff Madrick
Knopf Publishing Group, $32.00

A bold indictment of some of our most accepted mainstream economic theories—why they’re wrong, and how they’ve been harming America and the world. Budget deficits are bad. A strong dollar is good. Controlling inflation is paramount. Pay reflects greater worker skills. A deregulated free market is fair and effective. Theories such as these have become mantras among American economists, both liberal and conservative, over recent decades. Validated originally by patron saints such as Milton Friedman, they’ve assumed the status of self-evident truths across much of the mainstream. Jeff Madrick, former columnist for The New York Times and Harper’s Magazine, argues compellingly that a reconsideration is long overdue.

House of Debt: How They (And You) Caused the Great Recession, and How We Can Prevent it From Happening Again
Atif Mian and Amir Sufi
University of Chicago Press, $31.95

Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run-up in household debt followed by a significantly large drop in household spending.

Debt – Updated and Expanded: The First 5,000 Years
David Graeber
Melville House, $22.00

Anthropologist David Graeber presents a stunning reversal of conventional wisdom. He shows that 5,000 years ago, during the beginning of the agrarian empires, humans used elaborate credit systems. It is in this era, Graeber shows, that we also first encounter a society divided into debtors and creditors.

RECOMMENDED BY YOU

Every issue, we ask CFA Society Toronto members what books they enjoyed enough to recommend to others. Here are a few we received:

Findependence Day: How to Achieve Financial Independence While You’re Still Young Enough to Enjoy It
Jonathan Chevreau

Why the West Rules—for Now: The Patterns of History, and What They Reveal About the Future
Ian Morris

Why Moats Matter: The Morningstar Approach to Stock Investing
Heather Brilliant and Elizabeth Collins