William H. Taft “probably deserves more credit than he’s gotten,” says the great-great grandson of our 27th president and 10th chief justice. “He was an extraordinary public servant — and he had a great mustache!” Public service, not facial hair, ranks high with John G. Taft, whose book “Stewardship: Lessons Learned from the Lost Culture of Wall Street” claims the financial-services industry lost touch with its mission. “We stopped focusing on helping clients and started focusing on making money,” concedes Taft, the CEO of RBC Wealth Management, who calls himself “a genetic Republican — it’s in my DNA.” The good news, he says, is that America’s on the rebound, thanks to new regulations. Here are four books Taft finds fiscally sound.
The Snowball
by Alice Schroeder
I’ve never met Warren Buffett, though I’d love to. For this bio he gave Alice Schroeder, a relatively unheralded journalist, extraordinary access to his life, and then he disavowed the book! That’s a shame. This is an incredibly compelling book with some of the wisest advice on investing, on character and on life’s lessons.
On the Brink
by Henry M. Paulson
The ultimate insider’s account of the US government’s bailout of the financial system, from its chief architect, salesman and implementer. Paulson, President Bush’s Treasury secretary, made a lot of mistakes, but he and Federal Reserve Chairman Ben Bernanke deserve the Medal of Honor for saving the US and other G7 countries from a second Depression.
Wealth, War & Wisdom
by Barton Biggs
A historical account of which asset classes and wealth preservation strategies worked best during WWII, a period of social and economic disruption many times greater than what we experienced in 2008 and 2009. It also includes a world-class collection of Winston Churchill stories and sayings.
The Black Swan
by Nicholas Taleb
If arrogance were a virtue, Taleb, an independent investment professional, would be a living saint. His central premise ranks up there with that of Alcoholics Anonymous: Grant me the wisdom to know that reality is random, and that I can’t foresee or avoid the events that will affect me the most. All we can do is position ourselves for the unpredictible.