Episode · Invest Like the Best · 2017-08-15
Patrick O'Shaughnessy, Jason Zweig & Morgan Housel: books mentioned on Invest Like the Best #50
Jason Zweig and Morgan Housel - Business vs. Investing - [Invest Like the Best, EP.50]
My guests this week are both veterans of the podcast, Jason Zweig and Morgan Housel. They are two of the best in the world at making the complicated simple, and in that spirit, I’ll keep this introduction short.
Jason Zweig recommended Life and Fate by Vasily Grossman, and discussed The Devil's Financial Dictionary by Jason Zweig, Thinking, Fast and Slow by Daniel Kahneman, and Shoe Dog by Phil Knight. Patrick O'Shaughnessy recommended Modern Monopolies by Alex Moazed.
Books mentioned, in the order they came up
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The Devil's Financial Dictionary
Discussed“And in my dictionary, in the Devil's Financial Dictionary, when I define risk, I say, in the end, risk is the gap between what investors think they know and what they end up learning about their investments, about the financial markets, and about themselves.”
Where to get it
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Modern Monopolies
Recommended“It makes me think about the role of stress in a couple of different ways. So you mentioned this idea of a great way to find a good business, the Pritzker Brothers. It was also in this book, Modern Monopolies, which I'm a big preacher of the value of this book.”
Where to get it
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Thinking, Fast and Slow
Thinking, Fast and Slow by Daniel Kahneman is a seminal exploration of human psychology, cognitive biases, and the dual systems that drive how we think and make decisions.
Discussed“When I was working with Danny Kahneman on thinking fast and slow, there was one chapter where I sort of felt at the end of the day, literally the day, the calendar day, that we had done really good work. And one of us went to sleep.”
Where to get it
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Shoe Dog
Shoe Dog by Phil Knight is a celebrated entrepreneurial memoir that chronicles the harrowing early days and extraordinary rise of athletic apparel giant Nike.
Discussed“Phil Knight, who founded Nike, he writes in his biography that came out last year, he writes about the difference between giving up and quitting. And he says, you should give up all the time, but you should never quit.”
Where to get it
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Life and Fate
Life and Fate by Vasily Grossman is a sweeping masterpiece depicting the brutality and human ramifications of the Eastern Front, the Holocaust, and totalitarianism during World War II.
Recommended“And I don't want to make this too book centric, but this was a very important experience for me. The best book I've read over the past year, I think you both have heard me talk about it before, is an amazing novel called Life and Fate by Vasily Grossman”
Where to get it
Other mentions in this episode (1) — ad reads, self-promotion and passing references, never counted
“And it's enormous. It's sort of structurally patterned after War and Peace by Toy.”