Aspiriant Smart Summer Reading List

Aspiriant’s Smart Summer Reading List

Whether by the pool, on the airplane, on the backyard deck, or in an air-conditioned room, many people look forward to diving deep into a good book or two during the summer. That’s probably why so many companies, institutions and teachers come up with summer reading lists.

We’re no exception. Our advisors like to be in the know of the latest ideas and people in wealth management, investing and behavioral finance. And as usual, they enjoy sharing their knowledge with clients.

From a cautionary tale about an alleged swindler to guidance from wealthy women, here are (in no particular order) 10 top summer financial reads and podcasts recommended by Aspiriant wealth managers:

1. “Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World” by Tom Wright and Bradley Hope
It’s about the 1MBDB scandal: How Jho Low, with the aid of Goldman Sachs and others, allegedly swindled $5 billion from a Malaysian state investment fund over 10 years. — Peter Schwarz, Director in Wealth Management, Cincinnati

2. “Principles: Life and Work,” by Ray Dalio
Ray Dalio is one of the best thinkers about the global economy alive today. He runs Bridgewater Associates, one of the largest investment managers with more than $160 billion under management. — Lorraine Fox, Director in Wealth Management, San Francisco

3. “Devil Take the Hindmost: A History of Financial Speculation,” by Edward Chancellor
As the title suggests, this is a well-written and engaging history of stock market speculation from the 17th century until the 1990s. A fun read. — Tom Tracy, Chief Client Officer, San Francisco

4. “The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor” by Howard Marks
It’s a collection of 20 important thoughts to consider when building a portfolio. — Phil Kastenholz, Director in Investment Strategy & Research, Milwaukee

5. “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy,” by Thomas J. Stanley and William Danko
The authors conducted extensive research to profile the average millionaire in America, and the results are surprising to many. For example, 80% to 85% of millionaires are self-made and live relatively frugal lifestyles. In addition, the book focuses on the parental behaviors that often prevent the children of millionaires from sustaining their parents’ level of wealth and accumulating their own wealth. — Teresa Greenip, Senior Associate in Wealth Management, San Francisco

6. “The Upside of Stress,” by Kelly McGonigal
This book was a game-changer for me. I was fascinated by how a mindset reset can actually lower stress! — Sandi Bragar, Managing Director in Planning Strategy & Research, San Francisco

7. “The Encore Career Handbook: How to Make a Living and a Difference in the Second Half of Life,” by Marci Alboher
Some people equate retirement to the end of a career — not true anymore. This book is a guide to starting a second career. — Lydia Walz, Associate in Wealth Management, San Francisco

8. “The Undoing Project: A Friendship That Changed Our Minds,” by Michael Lewis
Michael Lewis details the partnership, working relationship and discoveries of Amos Tversky and Daniel Kahneman, the pioneers of behavioral finance. Awesome book. — Tom Tracy, Chief Client Officer, San Francisco

9. “The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money,” by Ron Lieber
Ron Lieber explains how to raise children, in households with a range of incomes, with an appreciation for the value of money and its power to do good things for families and the community. He provides colorful, real-life examples to illustrate managing money responsibly, philanthropy, and the importance of hard work. — Lisa Colletti, Managing Director in Planning Strategy & Research, New York

10. “Secrets of Wealthy Women,” podcast by the Wall Street Journal
I’ve especially enjoyed Dr. Laura Forese: Changing the Future of Women’s Healthcare; Laura Wasser: Success & Triumph After Divorce; Maria Bartiromo: Life Lessons from a Financial TV Icon; Soledad O’Brien: The Business of Speaking Your Mind; and Kelley Brooke: Owning Your Financial Game. — Mary Ellen Krueger, Director in Wealth Management, Milwaukee

Editor’s note: No. 4 was replaced by a book that better aligns with our investment philosophy.

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