Keeping at It

Understand and take advantage of the fluctuations of markets and come out ahead by learning when and where to invest your money. Economies, companies and markets operate in accordance with patterns which are influenced by naturally occurring events combined with human psychology and behaviour. The wisest investors learn to appreciate these rhythms and identify the best opportunities to take actions which will transform their finances for the better. 

University of Berkshire Hathaway is a remarkable retelling of the lessons, wisdom, and investment strategies handed down personally from Warren Buffett and Charlie Munger to shareholders during 30 years of their closed-door annual meetings. From this front row seat, you'll see one of the greatest wealth-building records in history unfold, year by year. If you're looking for dusty old investment theory, there are hundreds of other books waiting to cure you of insomnia. However, if you're looking for an investing book that's as personal as it is revelatory, look no further.

Based on unparalleled access to those involved, and told with compelling pace and drama, The Bank That Lived a Little is the story of one of the most familiar names on the British high street since Big Bang in 1986. Philip Augar describes in detail three decades of boardroom intrigue driven by ruthless ambition, grandiose dreams and a desire for wealth. It is a tale of a struggle for long-term supremacy between rival strategies and their adherents.  

Over the past four decades, China's remarkable transformation has garnered admiration but also sparked concern. George Magnus draws on his intimate knowledge of this dynamic nation to uncover the origins of its ascent and show why the economic traps it faces at home and the political challenges it faces abroad pose a serious threat to its continued rise. 

In 2014, Francis Fukuyama wrote that American institutions were in decay, as the state was progressively captured by powerful interest groups. Two years later, his predictions were borne out by the rise to power of a series of political outsiders whose economic nationalism and authoritarian tendencies threatened to destabilize the entire international order. These populist nationalists seek direct charismatic connection to “the people”, who are usually defined in narrow identity terms that offer an irresistible call to an in-group and exclude large parts of the population as a whole.

What explains the spreading backlash against the global elite? In this revelatory investigation, Anand Giridharadas takes us into the inner sanctums of a new gilded age, showing how the elite follow a 'win-win' logic, fighting for equality and justice any way they can - except ways that threaten their position at the top. But why should our gravest problems be solved by consultancies, technology companies and corporate-sponsored charities instead of public institutions and elected officials? Why should we rely on scraps from the winners? 

The morning after Trump was elected president, the people who ran the US Department of Energy - an agency that deals with some of the most powerful risks facing humanity - waited to welcome the incoming administration's transition team. Nobody appeared. Across the US government, the same thing happened: nothing. People don't notice when stuff goes right. That is the stuff government does. It manages everything that underpins our lives from funding free school meals, to policing rogue nuclear activity, to predicting extreme weather events.

The full inside story of the breathtaking rise and shocking collapse of a multibillion-dollar start-up, by the prize-winning journalist who first broke the story and pursued it to the end. In 2014, Theranos founder and CEO Elizabeth Holmes was widely seen as the female Steve Jobs: a brilliant Stanford dropout whose start-up ‘unicorn’ promised to revolutionize the medical industry with a machine that would make blood tests significantly faster and easier. 

The world's 'Big Four' accountancy firms - PwC, Deloitte, Ernst & Young, and KPMG - have become a gilded elite. Up in the high six figures, an average partner salary rivals that of a Premier League footballer. But how has the seemingly humdrum profession of accountancy got to this level? And what is the price we pay for their excesses? Leading investigative journalist Richard Brooks charts the profession's rise to global influence and offers a gripping exposé of the accountancy industry. 

Deep new rifts are tearing apart the fabric of Britain and other Western societies: thriving cities versus the provinces, the highly skilled elite versus the less educated, wealthy versus developing countries. As these divides deepen, we have lost the sense of ethical obligation to others that was crucial to the rise of post-war social democracy. So far these rifts have been answered only by the revivalist ideologies of populism and socialism, leading to the seismic upheavals of Trump, Brexit and the return of the far right in Germany. We have heard many critiques of capitalism but no one has laid out a realistic way to fix it, until now.   

Investing can be a roller-coaster of highs and lows, and the investors detailed here reveal just how low it can go; stories from Warren Buffet, Bill Ackman, Chris Sacca, Jack Bogle, Mark Twain, John Maynard Keynes, and many more illustrate the simple but overlooked concept that investing is really hard, whether you're managing a few thousand dollars or a few billion. Failures and losses are part of the game. Much more than just anecdotal diversion, these stories set the basis for the book's critical focus: learning from mistakes.

Democracy has died hundreds of times, all over the world. We think we know what that looks like: chaos descends and the military arrives to restore order, until the people can be trusted to look after their own affairs again. However, there is a danger that this picture is out of date. Until very recently, most citizens of Western democracies would have imagined that the end was a long way off, and very few would have thought it might be happening before their eyes as Trump, Brexit and paranoid populism have become a reality. 

Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career.

The bailouts during the recent financial crisis enraged the public. They felt unfair - and counterproductive: people who take risks must be allowed to fail. If we reward firms that make irresponsible investments, aren't we encouraging them to continue to act irresponsibly? Bailouts have happened throughout economic history and are unavoidable in any modern, market-based economy. And they're actually good. Contrary to popular belief, the financial system cannot operate properly unless the government stands ready to bail out banks and other firms.

The past 20 years saw unprecedented growth and stability followed by the worst financial crisis the industrialised world has ever witnessed. In the space of little more than a year, what had been seen as the age of wisdom was viewed as the age of foolishness. Almost overnight, belief turned into incredulity. Most accounts of the recent crisis focus on the symptoms and not the underlying causes of what went wrong.