Readings
Are you interested in economics and financial markets? Then you might enjoy the following books:
Atlas Shrugged (by Ayn Rand). Ayn Rand’s masterpiece, a homage to freedom, reason and individualism, in the form of a wonderful novel outlining her philosophy - objectivism. Who is John Galt? You’ll find the answer in that book.
The Fountainhead (by Ayn Rand). More easily accessible to non-economists, probably an easier start than Atlas Shrugged.
We the Living (by Ayn Rand). Ayn Rand’s first novel; probably very close to an autobiography. Much shorter and easier to read than her two following novels, it still neatly conveys her philosophy. Apart from that, a most impressive and vivid description of life in St. Petersburg during and after the Russian Revolution.
Reminiscences of a Stock Operator (by Edwin Lefèvre). My favorite book on speculating. A biography of Jesse Livermore, one of the biggest speculators ever. The lessons contained in the book are as relevant today as they were in 1923 when the book was first published.
Economics in One Lesson (by Henry Hazlitt). The title does not promise too much. If you are not an economist, but want to learn about economics in one book, choose this book. Even for long-time economic students, the simplicity of arguments used by Henry Hazlitt is a source of inspiration.
Manias, Panics, and Crashes: A History of Financial Crises (by Charles P. Kindleberger). A classic on - you guessed it - manias, panics, and crashes. If you think that people have become reasonable and have learned from past mistakes, you don’t need to read that book. Otherwise I would recommend it to you.
When Genius Failed: The Rise and Fall of Long-Term Capital Mangement (by Roger Lowenstein). A most instructive tale of hubris.
The Black Swan (by Nassim N. Taleb). An book on the difference between risk and uncertainty, i.e. essential knowledge for understanding financial markets and the course of history in general.
Extraordinary Popular Delusions & the Madness of Crowds (by Charles Mackay). Read about the Mississippi Madness, the South Sea Bubble, the Tulipomania, alchemy, crusades and the witch mania. Written in 1841!
Fiat Monay Inflation in France (by Andrew Dickson White). Written in 1912 and free to download here, this brilliant little book tells the tale of the French assignat hyperinflation after the French Revolution in 1789. A result of the ensuing economic collapse was the rise of Napoleon Bonaparte.
The Age of Turbulence (by Alan Greenspan). A must read for any serious investor nowadays.
A Short History of Financial Euphoria (by John Kenneth Galbraith). As it says, a short history of financial euphoria, and a sanity-check in bubble times.
If you are either interested in Russia or like to read a good english language newspaper from outside the US or the UK, try the Saint Petersburg Times or the Moscow Times.