Three Books I'm Reading

The Great Depression, Big Mistakes, and The Algebra of Happiness. I really enjoy reading and want to start sharing some of my favourites.

The Great Depression: A Diary By Benjamin Roth

Benjamin Roth was a lawyer who lived through the Great Depression. Everyday he would write an entry reflecting on the day's events. This is his diary. With each page you experience this generational event through his eyes.

We typically learn about the Depression from a macro lens. Roth's writing allows you to zoom in and get on the ground level. You'll experience the Depression from beginning to the end through the daily realities of a small town in Ohio.

A great read, with lessons on financial history, gratitude and resilience. Lessons especially relevant for times of uncertainty like today.

Big Mistakes by Michael Batnick

Michael Batnick is the Director of Research at Ritholtz Wealth Management. In Big Mistakes he goes through the blooper reel of history's most famous and successful investors. From Benjamin Graham to Warren Buffet.

Each chapter shines the light on one of these titans and their costly missteps. Entertaining and humbling. Big Mistakes is a reminder of how difficult active investing is. Even the smartest, most accomplished and resource-heavy amongst us can still fail and fail big.

The Algebra of Happiness by Scott Galloway

Scott Galloway is a Professor for the NYU Stern School of Business. A podcaster and writer, Professor Galloway produces a lot of content focusing on tech and business. Him tackling the subject of happiness was a deviation from the norm.

The Algebra of Happiness is filled practical advice told through life stories. Raw and unfiltered, Galloway's honestly made this an incredibly engaging read.

Filled with important lessons on wealth and living well. This is a book you can come back to, time and time again.

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Today's Special: Humble Pie

You champion a project, fight for an idea, and then...reality sets in. That churning in your stomach isn't butterflies, it's the realization you've missed the mark. Pride will puff up your chest, and kick in the "defend at all costs" instinct. But arguing with the umpire never changed a call. Admitting you're wrong isn't a sign of weakness. It can strengthen your professional standing. In a world obsessed with the illusion of infallibility, the courage to adjust course is a breath of fresh air. It shows you're confident enough to be wrong, and adaptable enough to learn from it. Do your research, think critically, and stand behind your decisions. But when the data whispers (or screams) otherwise, don't be afraid to swallow that slice of humble pie. Be the first to acknowledge. Don't wait for someone to point out your mistake. Be open, take responsibility, and most importantly, focus on what you're going to do to address it. Don't dwell ...

Negative Feedback, Positive Lessons

In the battle against plastic bags, a five-cent tax was shown to be much more successful at deterring usage than a five-cent credit for bringing your own bags. Carrots satisfy but sticks sting, and they sting hard. So we default to the less painful choice of avoiding loss. Loss aversion impacts the way we process information. A 2019 study invited participants to learn through a series of multiple choice questions. Each question only had two options to choose from. Whether guessing correctly or not, they would still learn the right answer. Despite the identical learning opportunity, participants were much more successful at recalling the answers they guessed correctly than those they got wrong. "You're right!" feels good. We savour the moment, analyzing every detail. "You're wrong!" stings. We want to quickly forget, dismiss, and move on. When we succumb to loss aversion, we miss opportunities to learn. Failure is part of the process. We'll experie...

Starting Really Really Small

On your desk is one of the most intimidating sights known to man. A blank page. The prospect of filling it up with anything resembling decent seems insurmountable. Staring at the long road ahead fills you with anxiety and dread. The first step is the most difficult. So we procrastinate. We " research ", we " prep ", we " plan ". We do everything except tackling the problem. We avoid the pain for as long as we can. To make a blank page less intimidating. Tear it in half. There, half as scary, twice as easy. Still too much? Do it again. And again. Keep doing it until the task is so small that it's too easy not to do. Getting starting is the hardest part. So make the hardest part as easy as possible. This doesn't guarantee amazing results, but it gets you in the game. You can't win if you don't play.

Herman Ye

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