As we prepare to embark on a new year, many of us seek inspiration and guidance from those who have successfully made it. In business, individuals like Warren Buffett, Bill Gates, Oprah Winfrey, and Larry Summers have left an indelible mark on shaping the global economy. While they’re all mostly from diverse industries, they have one thing in common. All of them are voracious readers. So, we combed through their reading lists and came up with 9 exceptional books that you should read at the beginning of this New Year.
Without further ado, here is your reading list to begin your New Year with a bang.
Warren Buffett’s Recommendations
Warren Buffett, renowned for his value investing philosophy, suggests two books that offer valuable insights into the world of business and finance.
“The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success” by William N. Thorndike
This book examines the strategies of eight CEOs who defied conventional wisdom and achieved remarkable success. Buffett believes these CEOs’ unconventional approaches can provide valuable lessons for traders and business leaders. And unlike the traditional CEOs we usually celebrate – who are charismatic and Wall Street savvy – the people in the spotlight are atypical. They don’t fit into the ‘ideal CEO’ box, but they lead firms where the returns, on average, outperformed the S&P 500 by over 20 times.
“Where Are the Customers’ Yachts? Or a Good Hard Look at Wall Street” by Fred Schwed
This classic text, first published in 1940, offers a satirical and insightful look at the excesses and inefficiencies of Wall Street. Buffett recommends this book for its timeless wisdom and ability to expose the pitfalls of chasing quick profits. Schwed was a professional trader until he left the stock market after losing a bundle in the 1929 market crash.
Bill Gates’ Picks
Bill Gates, a pioneer in technology and philanthropy, recommends two books that offer thought-provoking perspectives on innovation and the future of humanity.
“Invention and Innovation” by Vaclav Smil
This book, however it may come off as, challenges the notion that we are living in an era of unprecedented innovation. Smil argues that while significant progress has been made in certain areas, overall rates of innovation have slowed in recent decades. Gates appreciates Smil’s rigorous analysis and his willingness to challenge conventional wisdom. In his own words, “If you want to know how human ingenuity brought us to this moment in time, I highly recommend Invention and Innovation.”
“The Song of the Cell” by Siddhartha Mukherjee
This book delves into the fascinating world of cells, which are the building blocks of all life. Gates believes that understanding the science of cells is essential for comprehending the human body and, as a result, its potential for healing. Mukherjee’s engaging writing style makes complex scientific concepts accessible to a wide audience.
Larry Summers’ Selections
Larry Summers, a renowned economist and former U.S. Treasury Secretary, recommends two books that explore the complexities of economics and globalization.
“The Economic Consequences of the Peace” by John Maynard Keynes
This seminal work, published in 1919, examines the economic challenges faced by Europe in the aftermath of World War I. Keynes’s insights into the causes of economic instability and the role of government intervention remain relevant even today.
“Globalization and Its Discontents” by Joseph E. Stiglitz
This book analyzes the impact of globalization on economic inequality and social cohesion. So much so that Stiglitz argues that globalization has not been as beneficial to all nations and that more needs to be done to address the disparities it has created.
Oprah Winfrey’s Choices
Oprah Winfrey, a media mogul and literary icon, recommends two books that offer poignant reflections on human experience and the power of resilience.
“Bewilderment” by Richard Powers
This novel explores the profound bond between a father and his son as they navigate the challenges of life, loss, and love. Winfrey praises Powers’s ability to capture the complexities of human emotion and the beauty of the natural world.
“Hidden Valley Road” by Robert Kolker
This nonfiction book tells the true story of a family grappling with mental illness in the mid-20th century. Winfrey shares, “It reveals the shame, denial, shock, confusion, and misunderstanding of mental illness at a time when no one was really sure what schizophrenia was or how to treat it.” She commends Kolker’s meticulous research and his ability to shed light on a difficult topic with sensitivity and compassion.
Before You Go, Here’s Our Pick
“Zero to One: Notes on Startups, or How to Build the Future” by Peter Thiel
Whether you’re an aspiring entrepreneur, a seasoned business leader, or simply curious about the future, “Zero to One” offers valuable lessons and inspiration. Its clear writing, actionable insights, and unique perspective make it a must-read for anyone seeking to build a better business. Here’s what Musk says about the book, “Peter Thiel has built multiple breakthrough companies, and (this book) shows how.”
These book recommendations offer a diverse range of perspectives and insights, spanning the worlds of finance, economics, technology, and literature. Whether you seek guidance on trading strategies or thought-provoking ideas on business innovation, these books provide a rich source of inspiration as you embark on the new year.
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