When the markets crashed in 2008, advisors took on a role that emphasized education.
To better handle that expanded role with their clients, advisors needed a better understanding of markets.
Today we’re looking at the best business books that study markets, corporations and global economies.
I welcome your thoughts on my selections and if you feel like I left any deserving books off the list, please leave a comment below or send me an email at [email protected]
10. Bull! : A History of the Boom, 1982-1999: What drove the Breakneck Market–and What Every Investor Needs to Know About Financial Cycles (HarperBusiness (October, 2003)
By Maggie Mahar
Background: A multitude of books have been written about market booms and busts, but Mahar’s is, quite simply, the best. She goes deep inside the levers and machinations that turn markets and uncovers the blind faith that far too many have that markets will be able to bail them out of whatever financial shortfall they’ve found themselves in.
Takeaway: When you feel that gravitational pull of the markets trying to suck you (and your hard-earned dollars) in their vortex, resist; resist; resist.
Quote: ”Some historians emphasize the psychological factors that drive cycles; others focus on economic causes. The most sophisticated recognize that the two cannot be separated.”
Up next: The Art of War
9. The Art of War (Tribeca Books; December, 2010)
By Sun Tzu
Background: The oldest military treatise known to man, is also a mainstay in many business schools, at least it was in the two I attended. Written thousands of years ago, The Art of War remains alarmingly relevant today.
Takeaway: “Sun Tzu said the most important factor to consider is the cost of competition. Rather than building large armies and engaging in direct, long battles, one should keep their investments small and their contests quick. Furthermore, the best way to defeat a competitor is not to attack him, but rather to focus on an area that he must defend.”
Quote: “Those skilled at making the enemy move do so by creating a situation to which he must conform; they entice him with something he is certain to take, and with lures of ostensible profit they await him in strength.”
Up next: Winning
8.Winning: The Ultimate Business How-To Book (HarperCollins e-books; 1st edition; October, 2009)