To investors,

Happy New Year. I hope 2025 is your best year yet. As many of you know, I try to read as much as I can.

Sometimes I sit down and read a single book all the way through to the end. Other times I am reading two or three books at the same time. My goal each year is to read one book per week.

I was only able to read 44 books in 2023. Hopefully I will be able to find more time this year. Here is what I wrote to you all last year — I still think it remains true:

Reading is not only how I learn, but it gives me fresh ideas about various topics. You would be surprised how often I am reading about history or a non-investing topic, yet I come across an insight that immediately relates back to something in the investment world.

In my private conversations with friends, I have been shocked at how few people read books regularly. By sharing the best books that I read this year below, I hope that more people pick up a book and start reading. Find the time. Invest in yourself and learn. It has been one of the most rewarding things I have consistently done throughout my career.

Here are my top 10 books from 2024 in no particular order:

#1 — Winning by Tim Grover

Tim Grover trained Michael Jordan, Kobe Bryant, and a plethora of other notable athletes. This book dives into the mentality needed to win at all levels, including a number of counterintuitive points related to motivation and work ethic. I found it easy to read and full of insights from the world’s greatest athletes. (Link)

#2 — Witness to a Prosecution by Richard Sandler

The fall of Michael Milken has been well documented in the financial press, but this book was written by his lawyer and highlights a number of concerning points related to the case. Sandler takes you behind the scenes of what happened, where mistakes were made, and why the prosecutors now admit they were ill-prepared to handle a case of this magnitude. This read will make you question a lot about the justice system. (Link)

#3 — The King of Oil by Daniel Ammann

Marc Rich became one of the wealthiest men in the world after inventing the oil spot market. His rise in fortune did not come without controversy though — he was accused of trading with America’s enemies, eventually became a fugitive on the run, and had to secure a Presidential pardon through his ex-wife. This book has something for everyone if you are interested in business, finance, and history. (Link)

#4 — Troubled by Rob Henderson

Rob Henderson’s memoir tells his story in a way that will make you think more critically about the society we live in. Whether Rob is explaining the paradox of growing up poor and attending elite colleges, or his explanation of “luxury beliefs,” this book is hard to put down — both educational and entertaining. (Link)

#5 — Private Equity by Carrie Sun

Carrie Sun writes a fictionalized story about her experience as the Executive Assistant to one of the top hedge fund managers in the world. It has been widely reported that Sun was the EA to Tiger Global’s Chase Coleman, so you can imagine how much insight you can glean from this one. Great storytelling makes the book a quick read. (Link)

#6 — The Lessons of History by Will & Ariel Durant

This should be required reading for everyone. In approximately 100 pages, the Durant’s pack an insane amount of knowledge into the book. The book is written as a journey through history, while sharing the various lessons and takeaways along the way. You will definitely learn something reading this one. (Link)

#7 — The Score Takes Care of Itself by Bill Walsh

Bill Walsh is considered one of the greatest football coaches in history. This book reveals his leadership philosophy, including why he trained the front desk receptionists first, how the players interacted with him, and what the true driving force for his success was. Instant classic that I read every few years. (Link)

#8 — City of Death by Ephraim Mattos

This book is unlike any other book you have probably read. Ephraim is a former Navy SEAL who became a humanitarian when he got out of the military. His story is incredible, the heroic actions of his group are inspiring, and you will be glad that people like Ephraim exist after reading his book. (Link)

#9 — The Gatekeepers by Chris Whipple

This book breaks down the history of the second most important role in the White house — the President’s Chief of Staff. The anecdotes alone are fascinating, but understanding how our government works will help you better understand why certain things happen. This one has a mixture of history, politics, and business. (Link)

#10 — The Lords of Easy Money by Christopher Leonard

This book may have been my favorite of 2024 — it digs into the Federal Reserve, how quantitative easing was ushered in, and why the central bank likely broke financial markets. I learned a lot about the intricacies of the economy from this one, but more importantly my conviction in bitcoin was deepened. Study the problem to understand the solution. (Link)

Honorable Mentions For Best Books Of The Year

1. How To Make A Few Billion Dollars by Brad Jacobs (link)

2. The War Below by Ernest Scheyder (link)

3. Macho Man by Jon Finkel (link)

4. The True Believer by Eric Hoffer (link)

5. Bad Therapy by Abigail Shrier (link)

6. A Nation of Counterfeiters by Stephen Mihm (link)

7. Maverick by Ricardo Semler (link)

8. JFK And The Unspeakable by James W. Douglass (link)

9. Endure by Cameron Hanes (link)

10. The Mission, The Men, and Me by Pete Blaber (link)

11. In My Time of Dying by Sebastian Junger (link)

12. Do The Work by Steven Pressfield (link)

13. The Art of Learning by Josh Waitzkin (link)

14. Eleven Rings by Phil Jackson (link)

15. Patriot by Alexi Navalny (link)

16. The Merchant Bankers by Joseph Wechsberg (link)

17. Buffett’s Early Investments by Brett Gardner (link)

18. You Can Be A Stock Market Genius by Joel Greenblatt (link)

19. The Financiers by Michael Jensen (link)

20. Unit X by Raj Shah and Christopher Kirchhoff (link)