NOTE: this was a past issue of my weekly newsletter, Timeless Gems. Join my free mailing list so you don’t miss out on future issues.
Today’s gem is my top 3 book picks for 2023. It’s always tough to narrow it down to just 3. But these books stood out well above the others I read last year. In no particular order…
Pick #1 – Capital Returns by Edward Chancellor
This book is a collection of letters from Marathon Asset Management from 2002 to 2015. The book’s premise is that capital flows dictate much of what happens in an industry, and the economy at large. As a result, capital flows have an outsized impact on investor returns.
Why I Liked It?
This is a popular read among value investors, so I’m surprised it took me this long to finally read it. Now that I have read it, I can honestly say this is a mandatory reading. This book will teach you why amateur investors focus on demand while veteran investors focus on supply. It’s a good mix of both theoretical and practical, as the author provides plenty of case studies. I shared my key takeaways from the book here.
Pick #2 – Get Smarter by Seymour Schulich
This book is a collection of lessons & thoughts from Seymour Schulich. Most people outside of Canada have probably never heard of Schulich, but he’s an impressive entrepreneur & capital allocator. If you invested $1k in his company, Franco Nevada, when it went public in 1983 it would be worth $1.25m when it was acquired in 2004.
Why I Liked It?
This book was an entertaining and easy read, I finished it in one sitting. It’s refreshing to read about a commodities entrepreneur, nice change from all of the tech entrepreneurs we regularly hear about. Schulich offers a no-BS perspective on building businesses and generating wealth. I shared my key takeaways from the book here.
Pick #3 – Storming The Magic Kingdom by John Taylor
This book is about the hostile takeover attempts on Disney in the 80s. It features an interesting cast of characters including the Disney family, Stanley Gold (manager of Roy Disney’s investment firm), Saul Steinberg, The Bass Brothers of Texas, and legendary deal maker – Richard Rainwater.
Why I Liked It?
Every single book I’ve ever on Wall Street in the 80s has blown my mind, including this one. Where else can you turn a $1m investment into $210m in just 18 months? You can judge this book by its cover because they’re both epic!
I hope you enjoy reading these books as much as I did. My previous annual picks can be found here: 2022, 2021, 2020, 2019.
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