From finance-themed memoirs and novels of hubris and corruption, to a continuation vehicle thesis and a books for techies and artificial intelligence enthusiasts, these are the books to dive into this summer, according to some of the industry’s biggest LPs.
The Experimentation Machine: Finding Product-Market Fit in the Age of AI by Jeffrey J Bussgang
“It’s about how AI is transforming the way start-ups find product-market fits and scale. With AI about to become a major disruptor in many industries, I think it’s essential to understand how and where new companies are likely to emerge and compete.” – Lorenzo Levi, managing director and operating partner, private equity, Europe, La Caisse
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Siddhartha by Hermann Hesse
“It’s a simple yet memorable story. I loved it as a teenager for its adventure and as an adult for its layered inner journey.” – Ya Tung, CIO, The Jefferies Family Office
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A Man for All Markets: Beating the odds, from Las Vegas to Wall Street by Edward O Thorp
“Thorp’s memoir is that rare finance book you start on a flight and finish before the wheels touch down. One minute you’re learning how he cracked blackjack with probability theory; the next you’re inside the launch of the first market-neutral hedge fund. Along the way, he hands readers a pocket guide to position-sizing, the Kelly criterion and wealth management. It’s equal parts page-turner and risk-management masterclass – perfect hammock reading for anyone allocating capital in turbulent markets.” – Ainhoa Manterola Solans, head of London, Sofina Group
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The Technological Republic: Hard Power, Soft Belief and the Future of the West by Alexander C Karp and Nicholas W Zamiska
“When in the US, I try to pick up the new books released on the technology and venture landscapes, taking an open-minded approach. In the past year, I enjoyed Gambling Man by Lionel Barber about SoftBank’s CEO Masayoshi Son, which read like a novel. Recently in New York, I was told about The Technological Republic by Alexander Karp and Nicholas Zamiska, which I have yet to read and will bring on my holiday.” – Stefan Fällgren, investment director, Skandia
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Portraits of Tokyo by Johann Fleuri
“Because I will be going to Japan in August (with my wife and our three girls) and because a good way to feel like a local (or try to) is to listen to their stories.”
To Roll or Not to Roll: A Study of Limited Partners’ Investment Decision in Continuation Vehicles by Anna Hult and Sara Persson
“Two Swedish masters students wrote a thesis on [whether investors should] roll or not for CVs. It looks very interesting and well done. Congrats to both of them.”
The Value of Art by Michael Findlay
“A GP has recently recommended reading this. Across different seas, art could be seen with so many various eyes/lens. [It’s also] because I am still a novice in this field.” – Alexandre Armbruster, head of private equity and infrastructure funds, Caisse des Depots et Consignations
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Caledonian Road by Andrew O’Hagan
“Although much of my professional life has gravitated around London, I have never actually lived there. I am fascinated by the stories that come out of this city and its ability to endure as a thriving hub of finance, commerce and culture. Most recently, I was absorbed by Caledonian Road. It is an epic story told in the context of the current tapestry of London and more or less perfect as a summer holiday escape.”
Autocracy Inc: The Dictators Who Want to Run The World by Anne Applebaum
“Next on my list to read is Autocracy Inc, an exploration of the evolving power structures that appear to be on the rise across many parts of the world. I was fortunate to hear the author speak at a manager AGM some years ago and found her to be as clear and insightful in-person as she always is in her writing, leaving her audience feeling smarter and better informed about how the world works.” – Rune Jepsen, partner and head of Europe, QIC
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Going Infinite: The Rise and Fall of a New Tycoon by Michael Lewis
“This is a book about Sam Bankman-Fried and the fall of FTX. Lewis is the guy who wrote The Big Short, Moneyball and Liar’s Poker (among many others).” – Terence Chow, COO, Raffles Family Office
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Capital in the Twenty-First Century by Thomas Piketty
“Reading this now – it’s a compilation and assimilation of historical economic data is fascinating. [It’s] more relevant in some ways than when it was published in 2013 – you can disagree with the approach to and practicalities of its suggested policy solutions, but it is difficult to argue with the societal challenges it highlights and we see playing out.” – Frank Bulman, Europe PE Head, Aware Super
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Unreasonable Hospitality: The Remarkable Power of Giving People More Than They Expect by Will Guidara
“This is the story of how Eleven Madison Park became the best restaurant in the world by obsessing over the unscalable things that matter. While the book centres on hospitality, it resonated with me as a capital allocator: like running a world-class restaurant, generating alpha is artisanal, curated and ultimately unscalable. It’s a compelling reminder that excellence comes from intentionality and challenges us to ask how far we’re willing to go to be the best in the world.” – Yangge Seaman, director of investments, Children’s Medical Center Foundation
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The End of the World is Just the Beginning by Peter Zeihan
“I love how Peter’s perspective is formed by his Geopolitical thinking and how he is capable of expressing it in plain and witty writing. His books have given me a much better understanding of what is currently going on in the US in particular, and I am curious to see if his predictions are as eerily accurate as they were in ‘The Accidental Superpower’.” – Susanne Forsingdal, head of Americas Private Equity, Allianz Capital Partners
Carmela Mendoza, Hannah Zhang, Adam Le, Madeleine Farman, Katrina Lau, Helen de Beer and Chris Witkowsky contributed to this report