There’s a lot going on right now.
There’s the fate of New York City after Democratic Socialist Zohran Mamdani won the Democratic mayoral primaries. I just wrote on this yesterday, but there might be much more to delve into as the race progresses.
There’s also the “Big Beautiful Bill” being bandied about in the Senate, which will be tomorrow’s topic. And I’m also closely following the ongoing negotiations (or non-negotiations) over tariffs on the international stage.
But it’s officially July, the biggest vacation month of the year. And, believe it or not, that matters, too.
According to insights technology company AYTM, 56% of Americans are taking a vacation this year – 42% of which are going this month. That means a number of you will probably have some extra reading time on your hands.
Judging by what I’m seeing at the airport bookstores these days, a lot of people will be reading James Patterson’s and Bill Clinton’s new book, The First Gentleman. And I’m sure it’s interesting enough. However, I have a few suggestions of my own.
I can’t say they’re filled with “unrelenting tension, political intrigue, and insight into the presidency you can only get from a former commander-in-chief,” as Barnes & Noble says the Patterson novel provides. Then again, I can’t imagine First Gentleman contains insights you can take to the bank for decades to come.
But these titles do:
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Real Estate Finance and Investments: Risks and Opportunities
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Why Moats Matter: The Morningstar Approach to Stock Investing
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The Snowball: Warren Buffett and the Business of Life
They’re filled with investing wisdom that has turned thousands of dollars into millions – and millions into billions.
So, while you’re spending money on your much-deserved vacation (and even if your spouse is spending more still)… you can read some insights on how to grow your money all year long.
Besides, how much murder and mayhem can one vacationer handle anyway?
Here are my summer reading list recommendations and what you can expect from each.
Real Estate Finance and Investments: Risks and Opportunities
Real Estate Finance and Investments: Risks and Opportunities was written in 2004 by Dr. Peter Linneman. So, it’s hardly a new read.
But Linnemann has quite the impressive resume, including studying under multiple Nobel Prize winners such as Milton Friedman. He has taught at The University of Chicago, as well as The University of Pennsylvania’s prestigious Wharton School of Business. And he helped found Linneman Associates, a leading real estate advisory firm.
That’s the short list of his accomplishments, for the record. I could probably write an entire article about his academic and business activities, which have earned him worldwide recognition.
But right now, I want to focus on his book alone. Because Real Estate Finance and Investments does a great job of breaking down both textbook theories about real estate assets… and actual real-world evaluations of how they play out.
While personal experience probably remains the best teacher possible, Linneman still offers a practical approach to real estate development and finance that can’t be matched.
One issue I should warn you about, however, is the price. It’s available on Amazon for around $281.
Even so, it’s well worth it as far as I’m concerned. If you’re anything like me, you’ll come away from that read feeling like you just got your MBA in real estate finance.
Why Moats Matter
In Why Moats Matter: The Morningstar Approach to Stock Investing, co-authors Heather Brilliant and Elizabeth Collins write about one of my favorite topics ever: finding companies with competitive advantages.
As my regular readers know, I built my entire business around the concept of wide moats. (Hence the name of my business, Wide Moat Research). I don’t just want to own – or recommend you own – just any assets…
I want you to own those that can outlast the competition in ways that keep your money growing safely. And this book gives great insights into doing exactly that.
Brilliant and Collins explain in detail what makes up a moat, showing you what to look for as well. They show you how to analyze financial statements, speak with managers, and conduct boots-on-the-ground research. Plus, they cover dividends (my love language), including how:
By itself, no dividend – regardless of size – can turn a bad business into a good long-term investment. But a dividend can turn a moat-protected, financially healthy business into a sound provider of income and total returns.
I remember reading Why Moats Matter around 10 years ago, and it was quite the game-changer. I’ll even say it played a significant role in my decision to call our research firm Wide Moat Research.
The Snowball
Did you know that Warren Buffett never published his own memoirs?
It’s surprising considering how many less-known, less-influential people have written all about themselves. But it’s true, nonetheless.
It wasn’t until 2009 that he gave financial journalist Alice Schroeder “unprecedented access to his work, opinions, struggles, triumphs, follies, and wisdom.” The result was The Snowball: Warren Buffett and the Business of Life.
Time magazine wrote, “Even people who don’t care a whit about business will be intrigued… [This is] a side of the Oracle of Omaha that has rarely been seen.”
To me, it’s a must-read for any investor because it epitomizes Warren Buffett’s philosophy on the power of compounding. Similar to a snowball that rolls downhill, he utilizes financial foundations to “snowball” his wealth.
Believe it or not, I haven’t actually read it yet myself. That’s my plan for this weekend. I’m especially looking forward to one particular section about how Buffett simplified his life.
Apparently, he would regularly attend the Sun Valley Conference in Idaho, where A-list CEOs and billionaires meet privately. It has been closed to the press since 1983, offering a lot of room to behave badly. Yet Buffett would never get caught up in the wining and dining.
He considered Sun Valley the perfect vacation destination. So he would use time there to reunite with his family and decompress, treating it the same way you would your own beach trip or mountain stay.
In which case, I’m sure he brought some good books along with him.
As always, thank you for the opportunity to be of service.
Happy SWAN (sleep well at night) investing (and reading)!
Regards,
Brad Thomas
Editor, Wide Moat Daily
P.S. Speaking of books, I’ll be using the long weekend to reflect on my life, my business… and whether I can add a new book of my own to that mix. I already wrote REITs for Dummies two years ago, but I’m confident there’s more I can add to that collection.
I’ll make sure to provide you with more details about this book-in-the-making as they come.
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