Books Worth Reading
The Barn: The Secret History of a Murder in Mississippi by Wright Thompson
“The Barn" by Wright Thompson explores the brutal murder of Emmett Till in Mississippi, delving into the complex history and culture of the Delta region that fostered such racial violence. I recommend the audiobook here. Wright Thompson’s southern drawl adds a haunting aura to this heavy work. It reminds you the past ain’t the past.
The First American: The Life and Times of Benjamin Franklin by H.W. Brands
"The First American" by H.W. Brands offers a comprehensive biography of Benjamin Franklin, portraying him as a multifaceted Renaissance man whose ingenuity and wisdom played a crucial role in shaping the United States.
The Power Broker: Robert Moses and the Fall of New York by Robert A. Caro
"The Power Broker" by Robert A. Caro chronicles the life of Robert Moses and his profound impact on New York City's urban development, revealing the complexities of power and its effects on a metropolis. Everyone who has read it says this is the greatest biography of all time. They are underselling it.
"The Myth of the Rational Market" by Justin Fox examines the rise and fall of the efficient market theory, challenging long-held beliefs about stock market behavior and exploring the emergence of behavioral economics.
This is one of the few books Warren Buffett has recommended on record. The Outsiders examines eight CEOs who achieved significantly higher stock returns than their peers and the market by effectively allocating financial and human capital. I enjoyed this book because, in my experience, capital allocation is rarely discussed at the C-suite level. Most CEOs come from sales or operations rather than financial or CFO backgrounds, creating a disconnect between owners and operators on capital decisions. As the book illustrates, these decisions have a major impact on returns. The last chapter is “Radical Rationality.” A great term.
Valley So Low: One Lawyer's Fight for Justice in the Wake of America's Great Coal Catastrophe
“In the mid-1950s, TVA, already the nation's largest power system by output, became the country's largest coal consumer, and the skies over the valley darkened as proof. In Chattanooga, soot blackened men's white shirt collars. In Nashville, boys rode bikes with handkerchiefs tied over their faces to prevent choking on coal smog. On the Cumberland Plateau, pine trees twenty miles from the nearest TVA power plant lost their color. In northeast Alabama, TVA's Widows Creek Fossil Plant sprayed two counties with sulfurous smog in concentrations "that most private industry would not dare," The Nashville Tennessean reported in 1967. Three years later, the federal government ranked three Tennessee cities-Nashville, Chattanooga, and Knoxville—as having some of the country's worst air quality. But, of all the towns forced to endure TVAs pollution, few had it worse than the little hamlet of Kingston.”
Most of the people reading this post are from where I’m from. You should pick-up a copy of this book as soon as possible.
The men and women who cleaned up this place - our hometown - have yet to be wholly compensated, either financially by TVA and Jacobs, or by reputation and respect by a community still not fully aware of the sacrifice paid on their behalf.
The story revolves around SAC Capital Advisors and its founder Steven A. Cohen, who used his hedge fund to become one of the richest people in the United States. Insider trading is rampant in the hedge-fund world, and this book provides an in-depth look of how Cohen and other top-dogs on Wall Street insulate themselves from federal regulators. It is mind-boggling that people regularly invite Cohen to speak at various conferences and ask his opinions of the market. He has no edge that is not illegally obtained. His opinions shouldn’t matter! Cohen also owns the Mets. We own (a slightly smaller portion) of the Braves. Natural enemies.
Built on Chocolate: The Story of the Hershey Chocolate Company by James D. McMahon Jr.
Milton S. Hershey wasn’t just a businessman—he cared about his workers and community. Unlike many industrialists of his time, he supported labor, paid fair wages, and even kept factory construction going during the Great Depression so employees wouldn’t lose their jobs. He set up the Hershey Trust, which still funds the Milton Hershey School, a free boarding school for kids in need. He also built Hershey, Pennsylvania, as more than just a company town, making sure it had affordable housing, parks, and cultural spaces so workers and their families could have a good life.
Both Hershey and Cadbury were founded on the Quaker business idea of, “doing well by doing good.” We’d all be better off if we saw that as our North Star.