Tag Archives: Books

In My Hands Today…

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The Missing Billionaires: A Guide to Better Financial Decisions – Victor Haghani, James White

Over the past century, if the wealthiest families had spent a reasonable fraction of their wealth, paid taxes, invested in the stock market, and passed their wealth down to the next generation, there would be tens of thousands of billionaire heirs to generations-old fortunes today.

The puzzle of The Missing Billionaires is why you cannot find one such billionaire on any current rich list. There are a number of explanations, but this book is focused on one mistake which is of profound importance to all poor risk decisions, both in investing and spending. Many of these families didn’t choose bad investments– they sized them incorrectly– and allowed their spending decisions to amplify this mistake.

The Missing Billionaires book offers a simple yet powerful framework for making important lifetime financial decisions in a systematic and rational way. It’s for readers with a baseline level of financial literacy, but doesn’t require a PhD. It fills the gap between personal finance books and the academic literature, bringing the valuable insights of academic finance to non-specialists.

Part One builds the theory of optimal investment sizing from first principles, starting with betting on biased coins. Part Two covers lifetime financial decision-making, with emphasis on the integration of investment, saving and spending decisions. Part Three covers practical implementation details, including how to calibrate your personal level of risk-aversion, and how to estimate the expected return and risk on a broad spectrum of investments.

The book is packed with case studies and anecdotes, including one about Victor’s investment with LTCM as a partner, and a bonus chapter on Liar’s Poker. The authors draw extensively on their own experiences as principals of Elm Wealth, a multi-billion-dollar wealth management practice, and prior to that on their years as arbitrage traders– Victor at Salomon Brothers and LTCM, and James at Nationsbank/CRT and Citadel.

Whether you are young and building wealth, an entrepreneur invested heavily in your own business, or at a stage where your primary focus is investing and spending, The Missing A Guide to Better Financial Decisions is your must-have resource for thoughtful financial decision-making.

In My Hands Today…

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Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall – Zeke Faux

In 2021 cryptocurrency went mainstream. Giant investment funds were buying it; celebrities like Tom Brady endorsed it; and TV ads hailed it as the future of money. Hardly anyone knew how it worked—but why bother with the particulars when everyone was making a fortune from Dogecoin, Shiba Inu, or some other bizarrely named “digital asset”?

As he observed this frenzy, investigative reporter Zeke Faux had a nagging feeling: Was it all just a confidence game of epic proportions? What started as curiosity—with a dash of FOMO—would morph into a two-year, globe-spanning quest to understand the wizards behind the world’s new financial machinery. Faux’s investigation would lead him to a schlubby, frizzy-haired twenty-nine-year-old named Sam Bankman-Fried (SBF for short) and a host of other crypto scammers, utopians, and overnight billionaires.

Faux follows the trail to a luxury resort in the Bahamas, where SBF boldly declares that he will use his crypto fortune to save the world. Faux talks his way onto the yacht of a former child actor turned crypto impresario and gains access to “ApeFest,” an elite party headlined by Snoop Dogg, by purchasing a $20,000 image of a cartoon monkey. In El Salvador, Faux learns what happens when a country wagers its treasury on Bitcoin, and in the Philippines, he stumbles upon a Pokémon knockoff mobile game touted by boosters as a cure for poverty. In an astonishing development, a spam text leads Faux to Cambodia, where he uncovers a crypto-powered human-trafficking ring.

When the bubble suddenly bursts in 2022, Faux brings readers inside SBF’s penthouse as the fallen crypto king faces his imminent arrest. Fueled by the absurd details and authoritative reporting that earned Zeke Faux the accolade “our great poet of crime” from Money Stuff columnist Matt Levine, Number Go Up is the essential chronicle, by turns harrowing and uproarious, of a $3 trillion financial delusion.

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The Memory Palace – Mira Bartok

“People have abandoned their loved ones for much less than you’ve been through,” Mira Bartók is told at her mother’s memorial service.

It is a poignant observation about the relationship between Mira, her sister, and their mentally ill mother. Before she was struck with schizophrenia at the age of nineteen, beautiful piano protégé Norma Herr had been the most vibrant personality in the room. She loved her daughters and did her best to raise them well, but as her mental state deteriorated, Norma spoke less about Chopin and more about Nazis and her fear that her daughters would be kidnapped, murdered, or raped.

When the girls left for college, the harassment escalated–Norma called them obsessively, appeared at their apartments or jobs, threatened to kill herself if they did not return home. After a traumatic encounter, Mira and her sister were left with no choice but to change their names and sever all contact with Norma in order to stay safe. But while Mira pursued her career as an artist–exploring the ancient romance of Florence, the eerie mysticism of northern Norway, and the raw desert of Israel–the haunting memories of her mother were never far away.

Then one day, Mira’s life changed forever after a debilitating car accident. As she struggled to recover from a traumatic brain injury, she was confronted with a need to recontextualize her life–she had to relearn how to paint, read, and interact with the outside world. In her search for a way back to her lost self, Mira reached out to the homeless shelter where she believed her mother was living and discovered that Norma was dying.

Mira and her sister traveled to Cleveland, where they shared an extraordinary reconciliation with their mother that none of them had thought possible. At the hospital, Mira discovered a set of keys that opened a storage unit Norma had been keeping for seventeen years. Filled with family photos, childhood toys, and ephemera from Norma’s life, the storage unit brought back a flood of previous memories that Mira had thought were lost to her forever.

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Hello, Molly!: A Memoir – Molly Shannon, Sean Wilsey

At age four, Molly Shannon’s world was shattered when she lost her mother, baby sister, and cousin in a car accident with her father at the wheel. Held together by her tender and complicated relationship with her grieving father, Molly was raised in a permissive household where her gift for improvising and role-playing blossomed alongside the fearlessness that would lead her to become a celebrated actress.

From there, Molly ventured into the wider world of New York and Los Angeles show business, where she created her own opportunities and developed her daring and empathetic comedy. Filled with behind-the-scenes stories involving everyone from Whitney Houston to Adam Sandler to Monica Lewinsky, many told for the first time here, Hello, Molly! spans Molly’s time on Saturday Night Live—where she starred alongside Will Ferrell, Adam Sandler, Cheri Oteri, Tracy Morgan, and Jimmy Fallon, among many others. At the same time, it explores with humor and candor her struggle to come to terms with the legacy of her father, a man who both fostered her gifts and drive and was left with the impossible task of raising his kids alone after the loss of her mother.

Witty, winning, and told with tremendous energy and heart, Hello, Molly!, written with Sean Wilsey, sheds new and revelatory light on the life and work of one of our most talented and free-spirited performers.
Genres
Memoir
Audiobook
Nonfiction
Humor
Biography
Biography Memoir
Comedy

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Slow Noodles: A Cambodian Memoir of Love, Loss, and Family Recipes – Chantha Nguon

A haunting and beautiful memoir from a Cambodian refugee who lost her country and her family during Pol Pot’s genocide in the 1970s but who finds hope by reclaiming the recipes she tasted in her mother’s kitchen.

Take a well-fed nine-year-old with a big family and a fancy education. Fold in 2 revolutions, 2 civil wars, and one wholesale extermination. Subtract a reliable source of food, life savings, and family members, until all are gone. Shave down childhood dreams for approximately two decades, until only subsistence remains.

In Slow Noodles, Chantha Nguon recounts her life as a Cambodia refugee who lost everything and everyone—her house, her country, her parents, her siblings, her friends—everything but the memories of her mother’s kitchen, the tastes and aromas of the foods her mother made before the dictator Pol Pot tore her country apart in the 1970s, killing millions of her compatriots. Nguon’s irrepressible spirit and determination come through in this emotional and poignant but also lyrical and magical memoir that includes over 20 recipes for Khmer dishes like chicken lime soup, banh sung noodles, pâté de foie, curries, spring rolls, and stir-fries. For Nguon, recreating these dishes becomes an act of resistance, of reclaiming her place in the world, of upholding the values the Khmer Rouge sought to destroy, and of honoring the memory of her beloved mother.

From her idyllic early years in Battambang to hiding as a young girl in Phnom Penh as the country purges ethnic Vietnamese like Nguon and her family, from her escape to Saigon to the deaths of mother and sister there, from the poverty and devastation she experiences in a war-ravaged Vietnam to her decision to flee the country. We follow Chantha on a harrowing river crossing into Thailand—part of the exodus that gave rise to the name “boat people”—and her decades in a refugee camp there, until finally, denied passage to the West, she returns to a forever changed Cambodia. Nguon survives by cooking in a brothel, serving drinks in a nightclub, making and selling street food, becoming a suture-nurse treating refugees abused by Thai authorities, and weaving silk. Through it all, Nguon relies on her mother’s “slow noodles” approach to healing and to cooking, one that prioritizes time and care over expediency. Haunting and evocative, Slow Noodles is a testament to the power of culinary heritage to spark the rebirth of a young woman’s hopes for a beautiful life.