The most recommended books about capitalists

Loving was a business reporter for Fortune magazine, and among his beats was American railroads. Here he tells the compelling story of not just the failed merger between Pennsylvania and the New York Central, but of how in the late 1970s and 80s a group of dedicated railroad executives managed to salvage the rail freight industry. I know it doesn’t sound like a page-turning book, but it is, as Loving has the gift of writing deft profiles, and he describes the steps that lead to the creation of Conrail (itself not a success story) but then the deregulation of the railway freight industry that allowed companies such as the Burlington Northern (later BNSF) and the Union Pacific to thrive, yet again. Too bad they didn’t manage to save parlor cats.

In 1866, Lazarus Morganthau emigrated from Germany, intent on rebuilding the fortune he had lost. He died destitute but, like the Biblical Lazarus, his descendants rose again.

Family members made a fortune in New York real estate before turning to public service, with Henry Sr. becoming an Ambassador, Henry Jr. a confidant of FDR and Secretary of the Treasury, and Robert the longest-serving District Attorney in Manhattan’s history. We get a detailed look at New York's interlocking spheres of society, finance, and politics, and at how the Morgenthaus, as Jews, found acceptance despite the antisemitism of the time.  

There’s a reason James Patterson is a popular, best-selling author. His books are well-written, entertaining, and – when he turns his pen to nonfiction – informative.

Jeffrey Epstein rose from humble origins into the New York City and Palm Beach elite. A college dropout with an instinct for numbers – and for people – Epstein amassed his wealth through a combination of access and skill. But even after he had it all, Epstein wanted more. That unceasing desire – and especially a taste for underage girls – resulted in sexual abuse charges, to which he pleaded guilty and received a shockingly lenient sentence.

Included in Filthy Rich are police interviews with girls who alleged sexual abuse by Epstein, details of the investigation against him, and a new introduction with up-to-the-minute developments on the case, including Epstein's death by suicide. 

Filthy Rich is a riveting tale of wealth, power, and the… show more.

This book was not only educational to students of the markets but was also entertaining with a compelling narrative storyline that showed how Jim Simons transitioned from a math academician to become the most successful hedge fund manager in history.

Although not stated explicitly, Simons and the team at Renaissance Technologies developed models that adhered to the Casino Paradigm by combining a positive expectancy model with solid risk management protocols. 

The Millionaire Mind is a non-fiction book that provides a detailed analysis of the traits and characteristics of millionaires in the United States.

From the outside looking in or from what we are taught you understand that wealth was passed down and most rich people came from money or are extremely smart. Based on reading this book, I understand that it is a false narrative and in fact almost 95% of millionaires are self-made and were B & C students in college.

This book is what helped me actually change my beliefs on becoming a millionaire and made it a reality. Understanding that most millionaires were just like me but looked different and had similar backgrounds, I just followed the steps that they did and achieved the same goal.

This book will actually help you become a millionaire or at least help you understand it’s possible for anyone who applies… show more.

I have always wondered whether John Law, the creator of the ill-fated Mississippi System that brought the financial system of France to its knees in 1720, a genius who understood money better than anyone before him, or a deluded fantasist who had learnt just enough to create a monetary weapon of mass destruction?

In his careful and well-researched account, Antoin Murphy leans towards the first interpretation, but he offers enough information to allow the reader to form their own conclusions.

When I used to be a thief, I hung out with people who justified why stealing was okay. Until I almost got caught and sent to jail, I was brutally reminded that there is no easy way out of doing bad things.

However, I couldn't be a thief amongst people striving toward bigger goals while helping others.

I was around people who reflected on how I felt about myself, and the results were always proportional to my efforts and interests.

Simply put, this book is about being around people who know better than I, and have good intentions. Learn and continue giving more than I take, and always stay grateful. 

Pain, self-inflicted or not, is a great motivator. The difference is people helping or deserting me as a result of what kind of pain I am in. 

The book’s massive length is equivalent to about four modern novels, but it remains a fascinating read—even if I found few of the characters to be truly likable.

Like the Victorians themselves, Trollope’s writing style feels to me both old-fashioned and modern at the same time. To read this work today is to discover many similarities between their “now” (circa 1875) and ours.

Some things never change, including the chase for money and status, the societal traditions and prejudices that can be hard to overcome, and the ways lust and greed can upend just about any of our better human impulses.

I picked this novel for this list because it makes an interesting contrast to North and South, and not just because they deal with different levels of society (working class vs. “genteel”).

In Gaskell’s book, most of the characters are searching for moral high ground as they try to… show more.

While Graham is the pioneer of value investing, there’s no question that his student, employee, and, ultimately, close friend Warren Buffett is its most successful practitioner. Although the essence of their respective approaches is similar, there are some important differences to understand. As the best book about Buffett’s investing style that I’ve encountered thus far, Hagstrom’s The Warren Buffett Way highlights some of Buffett’s most astonishing investment coups and the logic behind them. Upon reading both of those books, the reader will have gained a nuanced understanding of how Buffett took the Graham approach to business valuation/security selection and improved upon it. 

The book features the ideas of some of the most successful investors of all time, including Warren Buffett, Benjamin Graham, and John Bogle. What was it that made these investors so successful, and why are there so few of them?  Money Masters was one of the first in a series of books about the success of some of Wall Street’s greatest investors and it is still relevant today. These books are especially useful in preserving the thinking of great investors after they pass on. The book adds fuel to the fire of the “Efficient Market Theory” which holds that the market is highly efficient and the only way you can beat it is through luck! Try telling that to some of these great investors!