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The 2018 Oxford Club Summer Reading List
From the Baltimore Clubhouse – One summer vacation during undergrad, I attempted to read all the books in Oprah’s Book Club.
Severely underestimating the demands of a 40-hour workweek, I barely made a dent. But I can say that I put forth a valiant effort in my off time.
The challenge helped keep my mind active. It alleviated boredom and provided me with great talking points going into the new school year.
It ties into why Bond Strategist Steve McDonald often writes about the importance of staying fit in retirement.
Remember, staying fit isn’t about exercising just your body… it’s about exercising your mind too.
To keep your financial focus sharp, I asked the Club’s strategists to share their must-read titles for 2018.
Without further ado, here’s the Club’s official summer reading list…
The American Spirit by David McCullough
The American Spirit is a collection of speeches McCullough has given throughout the years about who we are as Americans and what we stand for, something you can know only by learning more about our past. McCullough views history as a source of strength and inspiration – and guidance for the future. The book is filled with interesting observations and anecdotes.
One of my favorites is his story about John Fritz, an engineer at the Cambria Iron Works in Pennsylvania more than a century ago who was in charge of building an unorthodox new machine for steel production. When it was finally assembled, Fritz said, “All right boys, let’s start it up and see why it doesn’t work.” That’s the history of American progress.
Astrophysics for People in a Hurry by Neil deGrasse Tyson
If you lived your whole life without learning anything about the natural history of the universe, it would be like you and everyone you know were just characters plunked into a storybook. Tyson relates our current scientific understanding of everything from the Big Bang to black holes to the evolution of stars and planets, without ever resorting to jargon or using equations. And he’s funnier than Carl Sagan is.
The Richest Man in Babylon by George S. Clason
This quick and easy read can be finished in an afternoon or two. It is one of the greatest personal finance books of all time. Written 91 years ago, The Richest Man teaches important lessons about money through the use of stories that take place in ancient Babylon.
This inspiring book makes choosing the smart path very easy. You’ll want to share this book with your kids and grandkids.
Ethnic America: A History by Thomas Sowell
Thomas Sowell’s classic study published in 1981 offers fascinating historical insight into the contributions and culture of nine different ethnic groups that make up the American cultural mosaic – the Irish, Germans, Jews, Italians, Chinese, Japanese, African-Americans, Puerto Ricans and Mexicans.
This is one of the most important books about the United States you’ll ever come across.
Since reading it, I’ve never looked at America and Americans quite the same way.
Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future by Ashlee Vance
Vance describes Musk as a “modern alloy of Thomas Edison, Henry Ford, Howard Hughes and Steve Jobs.” It’s hard to argue with that description.
Vance, a veteran technology journalist, had unprecedented access to Musk, his family and his friends. He spent more than 50 hours interviewing Musk. It’s comprehensive and details everything from Musk’s difficult upbringing in South Africa to his climb up the ladder of global business.
It’s a must-read if you want a heads-up on the coming disruptions in energy, transportation, space travel… and what makes a genius.
The Fourth Industrial Revolution by Klaus Schwab
This book has been the center of my investment thesis for the last two years. It’s the most important technological phase and is affecting everything from politics to the markets.
The Bond Book by Annette Thau
The Bond Book is an understandable explanation of all types of bonds and the bond market, and it’s written with the beginner in mind. It could be the best introduction to bonds I have found.
Bury My Heart at Wounded Knee by Dee Brown
I can’t recommend any books about investing because I’ve never read one that I found especially insightful or helpful. The discipline of investing is about understanding your risks and properly assessing which risks are worth taking and which ones aren’t.
But the ability to assess risk relies greatly on the ability to look at the facts without prejudice and thoughtfully consider counterarguments. You can’t simply accept the popular narrative about a particular stock or investment trend. You must play devil’s advocate and challenge the narrative so that you can arrive at a balanced, honest assessment.
I began learning that lesson about 40 years ago when I read Bury My Heart at Wounded Knee by Dee Brown for the first time. I encountered a narrative about America’s westward expansion that contradicted much of what I had learned and believed.
Bury My Heart showed me in a visceral way that there really are two sides to every story. That lesson can be worth a fortune when applied to the financial markets.
Good books like these can help keep your mind active and healthy. Reading these titles on our summer reading list will undoubtedly make you a better investor – and conversationalist – not to mention a more carefree retiree.
Stay fit, my friends.
Good investing,
Rachel