
The deepest capital markets in the world and the reserve currency, which means US credit cycles set the price of risk everywhere; returns here come from scale, corporate governance and repeated bouts of leverage.
The late-1920s boom in margin loans and investment trusts, and the 1929 crash.
Recommended by: Mohnish Pabrai
The US money stock from 1867 to 1960, and how changes in it drove prices and income.
How salaried managers replaced markets in coordinating US business, 1840 to 1920.
Recommended by: Paul Graham
The few investors who saw subprime mortgage bonds would fail, and bet against them.
Recommended by: Mohnish Pabrai and 5 others
Why the inventions of 1870 to 1970 raised living standards as nothing since has.
“This is a heavyweight (literally) masterpiece... It's a data-rich textbook as well as a phenomenal read.” — Christopher Bloomstran
Source: Semper Augustus 2020 Letter to Clients, 'To Read or Not to Read', p. 57
Recommended by: Bill Gates, Christopher Bloomstran and 2 others
How American life changed between 1900 and 1950.
Recommended by: Morgan Housel, Paul Graham
Wall Street from 1920 to 1938: the boom, the crash, the Depression and reform.
Recommended by: Mohnish Pabrai, Brendan Moynihan
Harry Truman's life and presidency, from the atomic bomb to the Korean War.
Recommended by: Morgan Housel
County data showing household debt, not the banks, caused the Great Recession.
American economic growth from colonial times to now, driven by creative destruction.
Narrative of the American West's mining and railroad fortunes
Recommended by: Charlie Munger
John Kenneth Galbraithwrote 1 book here
Michael Lewiswrote 1 book here
Milton Friedmanwrote 1 book here
Frederick Lewis Allenwrote 1 book here
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Mohnish Pabrairecommends 3 books here
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Charlie Mungerrecommends 1 book here
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