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Minyanville's 2006 Book Recommendations: Part II


Some of the best Wall Street minds offer their picks...


Read any good books lately? Just in case you haven't, we're here to help.

Nothing stands the test of time--or can make it go by faster--than a great book. And since sharing the best ideas is our thing here in the 'Ville, we've asked our professors to share their favorites from the past year with the Minyanville Community.

Take a look to see what the pros are reading to stay sharp and send us your favorites for our Reader's Choice column.

Click here to read Minyanville's 2006 Book Recommendations: Part I

Adam Michael:

When to Sell: Inside Strategies for Stock-Market Profits
by Justin Mamis

A Thousand Barrels a Second: The Coming Oil Break Point and the Challenges Facing an Energy Dependent World
by Peter Tertzakian

Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy
by Matt Simmons

Laurie McGuirk:

The Power of Gold
by Peter Bernstein

  • "Admirably written… a wonderfully interesting view - not alone of gold but of the greater economic history" - John Kenneth Galbraith.

    If you haven't read this book then you don't really know gold at all - opinion only.

Virtually Normal
by Andrew Sullivan

  • "This is not a book about how a person deals with his or her sexuality. It is not an autobiography; and it is not a history of a political movement. It is a book about how we as a society deal with the homosexual minority that is always with us: an attempt to think through the arguments on all sides, to take the experience of all of us – heterosexual and homosexual – and try to make some social and political sense of it..."- from the Prologue.

The Track
by Mike Hayes

  • "In a world where stereotypes reign, there's a colorful race of people called Australians who, stereotypists would have us believe, are sun bronzed, beach mad… and would bet on two flies crawling up a cliché. Central to our alleged passion for gambling is The Track – the endless pursuit of horse after horse, loser after winner, punter after fortune, and every crooked way in between. The story of good breeding and bad behavior over a century of racing in Australia."

    Humorous, witty and written by one of Australia's best yarn spinners and folklorists.

Empire of Debt: The Rise of an Epic Financial Crisis
by Bill Bonner and Addison Wiggins

  • Self explanatory to most Minyans – just buy it, and one for your parents and maybe send one to the Fed!

Trout Bum
by John Gierach

  • "If you enjoy incisive comment, wry humor, and some inventive insight into trout and trout anglers, then Trout Bum is just the book for you... This is highly intelligent stuff indeed but it is masterly tempered by Gierachs polished and congenial style." – Rocky Mountain Streamside.

MAD HARRY: Australia's most decorated soldier.
by George Franki and Clyde Slayter

  • From the cover - "Harry Murray VC, CMG, DSO and Bar, DCM and Croix de Guerre, an Australian, was the most highly decorated of all the millions of infantrymen who served in the armies of Great Britain and its empire in World War I. He remains the most highly decorated Australian soldier ever. Enlisting in the Australian Imperial Force in 1914 as a private soldier, at the end of the war, in 1918, he commanded a machine gun battalion as a lieutenant colonel and had been awarded six decorations including the coveted Victoria Cross, the highest recognition for bravery available. Known admiringly throughout the AIF as "Mad Harry" because of his fearlessness in patrols in No-Man's-Land and his ferocity in hand-to-hand fighting, Murray was far from "mad'."

    A great book on courage, risk management, innovation and improvisation, leadership, planning and implementation, personnel management and humility.

Sex Is Not A Four Letter Word But Relationship Often Times Is.
by Gary M. Douglas and Dr. Dain C. Heer

  • From the introduction – "Some of the things we talk about will contradict all of your ideas about the way things should be. We may challenge what you've been told in every class about sex and relationships you've ever taken, everything you've read about on the subject. And everything you've been told by all the so-called experts."

And Weldon's new book when it comes out.

What do you make of that list Dr Hanson???

Jess Thompson:

More than You Know
by Michael J. Mauboussin

  • I would recommend this title as one of the more insightful books ever written for developing a more optimal mindset for trading & investing.

Geoff Garbacz (on behalf of Phil Erlanger):

The Long Tail: Why The Future of Business Is Selling Less Of More
by Chris Anderson.
  • The 80/20 rule whereby 80% of your business comes from 20% of your accounts is out the door. Instead throw as much as you can of what you do out there in an efficient manner and see what takes off. Probably one of the most significant business strategy books written in the past twenty years.

Data Smog; Surviving The Information Glut
by David Shenk.

  • First there was data, then information and last knowledge. With the internet, data becomes free, information gets cut by 75% and knowledge drops by 50%. Even though this book was written in 1998, it is a must read.

The Big Store: Inside the Crisis and Revolution at Sears
by Donald R. Katz.

  • Written in 1987 this book could have been written in 2006. In the late 70s and early 80s, Sears was led by Edward Telling. Now it is led by Eddie Lampert. The problems in the 80s, discussed by Katz, still exist today. Lampert will revisit the fate of Telling in 2007 as the market finally begins to recognize Lampert for what he really is...and it is not a financial guru. Eddie Lampert, you are no Warren Buffet!

Greg Weldon:

I heard that there is a decent book coming out in January, from John Wiley and Sons ...

Gold Trading Boot Camp: Master the Basics and Become a Successful Commodities Investor

Woody Dorsey:

I recommend:

Gold Trading Boot Camp: Master the Basics and Become a Successful Commodities Trader
by Greg Weldon

However, if it is not available, I recommend:

On Intelligence
by Jeff Hawkins.
  • I cannot recommend Behavioral Trading - it contains way too much insight into how the market is a metaphor machine.

    This book shows that the brain is not a computing machine, it is an analogy machine.

Jon Doctor J Najarian:

Here are my holiday book recommendations:

A Mathematician Plays the Stock Market
by John Allen Paulos
  • You will laugh out loud reading this one. Example: "How many efficient market theorists it takes to change a light bulb. Answer: None. If the light bulb needed changing the market would have already done it." Very well done.

Fooled by Randomness
by Nassim Nicholas Taleb

  • Eccentric look at what randomness really is, and how often traders mistake dumb luck for skill.

Traders' Tales: A Chronicle of Wall Street Myths, Legends, and Outright Lies
by Ron Insana

  • Pure fun, not a how to book.

by Robert Charles Wilson

  • The stars vanish and we simulate sunlight artificially. The world will end in 40 years and this book explores how three people deal with that grim reality. Fascinating.

The World Is Flat
by Thomas L. Friedman

  • Best book on globalization hands down. You really can't be in the information business and not read this book.
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