On Wall Street knowledge is power, so anyone who wants to move money had better turn pages first. Reading is fundamental.
But, as in all things, some reads are better than others. Some, in fact, are essential, so we decided to ask our favourite people on the Street what books they consider required reading.
Today, SkyBridge Capital’s Anthony Scaramucci (author of The Little Book of Hedge Funds) was kind enough to respond. His pick is This Time is Different: Eight Centuries Of Financial Folly by Rogoff and Reinhart.
Here’s part of the description from Amazon:
Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts–as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur.
An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps.
History book, got it? You’ll love it. More than that, you need it.
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