6 books to add to your Summer Reading List
Here’s what we’ve been reading at Morningstar.
If you’re anything like us here at Morningstar, summer is a time to escape the market tumult, reflect and perhaps learn a new approach or perspective.
We’ve compiled a selected list of books and one podcast that resonated with some of our staff over the year.
This year’s list is diverse, spanning traditional finance and economics, but many with strong storytelling. Each is applicable to investing, and changing perspectives.
Here’s what we’ve been reading (and one that we’ve been listening to!):
The Technological Republic, Alex C. Karp, Nicholas W. Zamiska
Roy Van Keulen, Equity Analyst, Technology
Alex Karp is a philosopher with a PhD in neoclassical social theory, as well as the founder and CEO of Palantir, the world’s pre-eminent data analytics company. The book is a political treatise and call to arms for business leaders and builders in the West to engage themselves to build meaningful businesses that further the West, rather than marketing algorithms that are lucrative but serve no human value. I believe Alex Karp is to the 2020s what Elon Musk was for the 2010s and Steve Jobs for the 2000s, namely the person at the helm of the company that is defining the decade.
How Countries Go Broke: The Big Cycle by Ray Dalio
Chris Galloway, Managing Director, APAC
I recently read How Countries Go Broke by Ray Dalio and found it incredibly insightful. The book outlines how nations fall into financial crisis through predictable debt cycles, drawing on centuries of economic history. Dalio’s “Big Cycle” framework offers a powerful explanation on how countries accumulate unsustainable debt, respond to crises, and either recover or decline. What makes this book especially insightful is its blend of historical analysis and practical foresight. His work is particularly relevant today as many developed economies face rising debt and geopolitical uncertainty. It’s a must-read for anyone interested in economics, policy, or long-term strategic thinking. He’s also written several other books and has some useful videos on his website that explain some complex issues in relatively understandable terms.
Personal History, Katherine Graham
Mathew Hodge, Director of Equity Research
A housewife who took over the Washington Post when it was thrust upon her by the unexpected death of her husband. Though quietly spoken, she was resilient and made her own way despite significant adversity. When Warren Buffett wrote to her to say he had bought a 5% share in the company, rather than adopting a hostile approach as advised, she simply met with Buffett, listened and formed one of the great partnerships. She was humble and recognised his brilliance. Buffett mentored her in the ways of finance and investment. And in return, she schooled Buffett in politics and social high society. And the result was one of the strongest track records for shareholders. From an initial investment of about USD 10 million in 1973, Berkshire’s stake grew to be worth USD 1.2 billion when sold in 2014.
The Wisdom of Finance, Mihir Desai
Shani Jayamanne, Director, Investment Specialist
When I think about a book that is fit for a Summer Reading List, I’m not thinking of a textbook. The Wisdom of Finance was one of those rare books that puts an interesting lens on the world of investing and finance. It’s a world that is normally treated as analytical, quantitative and purposefully intimidating. Desai connects it back to what it really is – a way of understanding human behaviour.
The book uses stories, films, philosophy and literature to explain key financial concepts. He explains risk and insurance through the lens of Jane Austen. He speaks of leverage, mergers and diversification through art and history.
This is not the ‘dumbing down’ of finance. I read many books in this space for work, and it is easy to find ones that are focusing on making their strategies unnecessarily complex and sophisticated. I see this book as a reflection of the democratisation of investing and the improvement of accessibility to information. Desai argues that the core ideas of finance already exist in our everyday lives, but they are wrapped in jargon.
It explains fundamental financial concepts through ideas, instead of numbers. It leans on strong storytelling to clarify thinking and strengthen confidence in the understanding of these concepts.
The Strategy Stacker, Luke Smith
Simonelle Mody, Associate Investment Specialist
I’ve recently started listening to The Strategy Stacker, which is a podcast hosted by Luke Smith. Smith is an experienced financial planner with decades in the industry. The episodes mostly feature discussions that have a broad focus on topics like superannuation, tax and general investments.
I’ve found his coverage of super particularly interesting. The concept may seem straightforward but it’s often the centre of complex, policy-driven debate. I appreciate his ability to break down the technicalities in an engaging way without losing depth. It saves me from combing through endless webpages on the ATO website and makes the often-dry concepts more accessible.
The Warren Buffett Way, Robert Hagstrom
Mark LaMonica, Director of Personal Finance
This book was handed to me on my first day at a summer internship when I was 19. It was required reading for new brokers at what was then Smith Barney. I remember the book fondly and thought it was worth another read given Buffett’s retirement.
Hagstrom groups a set of Buffett principles that he uncovered studying Berkshire’s annual reports into four tenets – business, management, financial and markets.
The book remains a great read but perhaps the best lesson is from the original forward written by Ken Fisher. Son of legendary investor Phil Fisher, Ken encouraged readers to “ingest these insights into your own persona and don’t twist your persona to fit these insights”.
No matter what book you read this summer remember that investing is about you – your personality, your goals and your values. Sometimes the best thing you can do as an investor is spending some time reflecting on who you are and what you want to achieve.
Have you enjoyed our content in 2025? We’d appreciate your support.
One more book that we hope you’ll add to your Summer Reading List – Invest Your Way.
Invest Your Way is a book that focuses on the investor, instead of the investments. It is a guide to successful investing, with actionable insights and practical applications. Mark and I are passionate about making investing accessible to all, and have hoped that we have helped you on your journey so far.
Whether you’re looking to master the fundamentals of investing or take your portfolio to the next level, Invest Your Way shows you how to take control of your financial future.
- Craft your unique financial philosophy: Build a personalised strategy that aligns with your goals, values and life circumstances, because there are no one-size-fits-all solutions.
- Gain a new perspective on key investing principles: Many investors fall into the trap of mindlessly following conventional wisdom without considering how key concepts such as diversification, asset allocation, risk and security selection apply to their own goals and circumstances.
- Prevent costly mistakes: Avoid common pitfalls, minimise errors and maximise your returns.
- Compare different investment strategies: Mark and Shani share their own personal investing plans, tools and experiences, highlighting how and why they choose to invest in shares, ETFs, property and more.
Develop a mindset for success: Build the confidence needed to follow your customised plan over the long-term. If anyone would like to support this project you can buy the book at the below links. It is also available in Kindle and Audiobook versions. Thanks in advance!
