What Went Wrong with Capitalism

Ruchir Sharma

Simon & Schuster 

June 2024, $39.99

What went wrong with capitalism? Ruchir Sharma’s account is not like any you will have heard before. He says progressives are right, in part, when they mock modern capitalism as “socialism for the rich.” For a century, governments have expanded in just about every measurable dimension, from spending to regulation and the scale of financial rescues when the economy wobbles. The result is expensive state guarantees for everyone—bailouts for the rich, entitlements for the middle class, welfare for the poor.

Taking you back to the 19th century, Sharma shows how completely the reflexes of government have changed: from hands-off to hands-on, from doing too little to help anyone in hard times to, today, trying to prevent anyone suffering any economic pain, ever. Trading sins of omission and indifference for excesses of spending and meddling, governments from the United States to Europe to Japan have pumped so much money into their economies that financial markets can no longer invest all that capital efficiently.

The Trolls of Wall Street: How the Outcasts and Insurgents Are Hacking the Markets

Nathaniel Popper

HarperCollins

June 2024, $43.99

This is the dramatic story of an improbable gang of self-proclaimed “degenerates” who made WallStreetBets into a cultural movement that moved from the fringes of the internet to the centre of Wall Street, upending the global financial markets and changing how an entire generation thinks about money, investing, and themselves.  

Jaime Rogozinski and Jordan Zazzara were not what anyone would mistake for traditional financial power players. But they turned WallStreetBets, a subreddit focused on risky financial trading, into one of the most disruptive forces to bubble up from the fringes of the internet. This crude and unassuming message board harnessed the power of memes and trolling to create a new kind of online community. The group intertwined with the distrust and turmoil of our times and spoke to a generation of young men who were struggling to find their place in the world. 

Millionaire Mission: A 9-Step System to Level Up Your Finances and Build Wealth

Brian Preston

BenBella Books

May 2024, $37.99

Brian Preston, host of The Money Guy Show podcast and cofounder of Abound Wealth Management, lays out a nine-step system for building wealth with the money you already have. Millionaire Mission helps you to account for your financial blind spots, overcome the fear of making wrong decisions, and take the guesswork out of what to do with your next dollar.

Remember “PEMDAS” from elementary school? The acronym that helps break down complex math problems into simple steps? When it comes to managing your money, following a similar process—the Financial Order of Operations—will demystify your dollars and show you the way to build transformative wealth with the tools you already have available.

The Stoic Path to Wealth: Ancient Wisdom for Enduring Prosperity

Darius Foroux

Penguin Publishing Group

July 2024, $39.00

From Darius Foroux, investor and popular newsletter writer with over 100k subscribers, comes an approach to building wealth that applies ancient wisdom to the chaos of modern-day markets.

The Stoics understood that if you can control your reactions and manage your emotions, you can achieve success. The same principles apply to our financial lives today. The greatest investors approach the markets with discipline, emotional distance, and self-mastery—lessons that the Stoics have been teaching us for thousands of years.

Combining ancient wisdom with practical investment strategies drawn from analysis of the greatest investors of all time, The Stoic Path to Wealth will teach you how to:

●      Cultivate an investing edge by managing your emotions and developing your unique skills and talents

●      Develop the discipline to ignore short-term market fluctuations and avoid living in the future

●      Foster a mindset that allows you to enjoy what you have and avoid greed

●      Create a sustainable approach to trading

Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis

Scott Patterson

Scribner

July 2024, $26.99

Written by a veteran Wall Street Journal reporter, this is a fascinating and “closely observed chronicle of the storm-chasing edgelords of finance and the critics with whom they clash” (The New York Times)—the billion-dollar traders and crisis predictors who strive to turn extreme events into financial windfalls.

There’s no doubt that our world has gotten more extreme. Pandemics, climate change, superpower rivalries, cyberattacks, political radicalization—virtually everywhere we look there is mayhem bearing down on us, putting trillions of assets at risk.

And at least two factions have formed around how to respond. In Chaos Kings, Scott Patterson depicts how one faction, led by Nassim Nicholas Taleb, bestselling author of The Black Swan, believes humans can never see the big disaster coming. In their view, extreme events—so-called Black Swans—while inevitable, will always catch us by surprise. In 2007, Taleb’s longtime collaborator, Mark Spitznagel, launched the Universa hedge fund, which would go on to make billions protecting investors against unforeseen chaos in the market.

A second faction, which relies on complex formulas, believes looming chaos can be detected. Chief among these risk prognosticators is Didier Sornette, a colourful French mathematician who enjoys riding his motorcycle at speeds in excess of 170 miles per hour. When Sornette looks out from what he calls his Financial Crisis Observatory in Zurich, Switzerland, what he sees are Dragon Kings—punishing events that are unlikely to occur but have probabilities that can be predicted… and defended against.
Which faction is right? All of our financial futures may depend on the answer.

The Intelligent Investor, 3^rd Ed.: The Definitive Book on Value Investing

Benjamin Graham and Jason Zweig

HarperCollins

October 2024, $50.50

This is a classic work on investing, filled with sound and safe principles that are as reliable as ever, now revised with an introduction and appendix by financial legend Warren Buffett—one of the author’s most famous students—and newly updated commentaries on each chapter from distinguished Wall Street Journal writer Jason Zweig.

“By far the best book about investing ever written.”—Warren Buffett

Since its original publication in 1949, Benjamin Graham’s revered classic, The Intelligent Investor, has taught and inspired millions of people worldwide and remains the most respected guide to investing. Graham’s timeless philosophy of “value investing” helps protect investors from common mistakes and teaches them to develop sensible strategies that will serve them throughout their lifetimes. 

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