1. barbarians at the gate by brian burlough and john helyar
This book is on every list of recommended books for investment bankers. now over 30 years old, it speaks volumes about its quality that it is still considered essential reading.
if you’re not familiar with the story, borough and helyar were two investigative journalists who delved into the rjr nabisco leveraged buyout. The book provides valuable information on tense negotiations, valuations, egos that interfere with decision-making, and, above all, the dangers of excessive leverage.
You are reading: Best books about investment banking
2. The Association: The Making of Goldman Sachs by Charles D. elis
It’s hard to believe now, but Goldman Sachs was once the outsider on Wall Street. Author Carlos D. ellis follows his journey from here to becoming the undisputed world leader in investment banking.
never gets caught in the weeds and is packed with dozens of insightful stories that emphasize the importance of serving the customer, keeping egos in check, and creative solutions (like paying England’s back to borrow her gold, so that gs could trade with it).
3. buffett: the creation of an american capitalist by roger lowenstein
No collection of books for investment bankers would be complete without a nod to the sage of Omaha, Warren Buffett.
Although Lowenstein’s account predates Buffett’s autobiography by more than a decade, it is arguably an even better account of Buffett’s story.
lowenstein, for example, focuses much less on buffett’s relationship with bno and the bill and melinda gates foundation, and instead gets to the heart of how close the coca-cola company came to going under in the decade from 1980.
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4. principles by ray dalio
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Dalio isn’t an investment banker and he’s not much of a book either, so you’d be forgiven for asking what he’s doing on this list. it is here because of dalio’s ability to learn from every mistake to generate value.
Dalio took a “win or learn” approach to his work, which meant that even if he made damaging mistakes, at least he would walk away knowing he would never make them again. His note-taking process, described here in detail, is an example for everyone, investment banker or not.
5. essays by warren buffett: lessons for corporate America
this is essentially a collection of buffett’s writings from the berkshire hathaway annual reports.
some of the pieces of wisdom from warren buffett’s essays have been reprinted so many times that they have entered the popular lexicon (eg, “only when the tide goes out do you know who was swimming naked” as an example).
This is enjoyable writing that can be immersed in the reader’s spare time, each time providing a bit of wisdom or two.
6. silvio berlusconi: television, power and heritage by paul ginsberg
Before disgraced former Italian Prime Minister Silvio Berlusconi became a figure of joy, it’s no exaggeration to say the man was a business genius.
this wart and the whole story of his life looks at berlusconi from all sides. what emerges is someone who was able to see the obvious trends long before anyone else.
Berlusconi’s deals in construction, media and sport show what’s possible when skillful negotiation meets thinking from a different perspective.
7. hidden champions of the 21st century by hermann simon
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This is no ordinary book on investment bankers’ must-read lists. However, we have included it because Simon, a German management consultant, analyzed the “hidden champions” of the global industry:
Those companies that dominate certain industries typically make billions of dollars in the process, without attracting the fanfare of the bigger names. no one will have heard of all the companies on your list, and the book changes the way you think about winning companies.
8. jonathan knee’s accidental investment banker
the accidental investment banker is almost a book against the investment banker (knee, by the way, is still an investment banker), so it may not be popular with everyone.
That said, anyone who has worked in investment banking is likely to find some of the stories highly entertaining and some will even remember some of the antics that surrounded the tmt side of the industry at the turn of the century. , being that period the main focus of this book.
9. his life’s journey: lessons learned from 15 years as chief executive officer of the walt disney company by rober iger
One of the books on this list that isn’t about investment banking, but instead looks at the Disney boss’s thought process during his biggest deals in the past two decades.
one chapter, “Wonderful, Massive Risks That Make Sense” captures the gist of it. Iger goes into detail about how he viewed the CEOs of the companies he acquired and how he approached them about the acquisition. a fascinating insight from a master of the m&a trade.
10. the dark side of valuation by aswath damodaran
Aswath Damodran is considered by many to be the father of modern valuation. In this book, the dour business school finance professor talks through the lens of the most challenging valuations (“the dark side”) we tend to encounter: young, struggling, and complex companies.
Anyone familiar with damodaran will know that he is not only a financial genius, he is also a great communicator and this book is typical of his presentation of complex topics to the reader in an easy to digest manner.
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