Wealth Management Blog

Two Must-Read Summer Books

By JJ Burns

August 8, 2017

Summer may be a time for light beach reads, but if you’re ready for something a bit more insightful and inspirational, here are a couple books that fit the bill. Both are highly readable and engaging, but they also deliver important takeaways that will stay with you long after you turn the last page.

Consider this a follow up to last month’s blog post about how to have a financially savvy summer!

Back by Popular Demand

Business Adventures: Twelve Classic Tales from the World of Wall Street

How can you resist a read that both Bill Gates and Warren Buffet agree is the best business book ever?

Originally published in 1969, Business Adventures by New Yorker contributor John Brooks went out of print in the 1970s. But after Warren Buffet loaned it to Bill Gates—who publicly called it his favorite business book—it was reprinted in 2014 with an updated title: Business Adventures: Twelve Classic Tales from the World of Wall Street. It’s been wildly popular ever since.

What makes this book so special? Brooks provides detailed stories of 12 defining events in business history and makes them crackle with life and wit. He also reveals plenty of insider information on what went right—or terribly wrong—in each situation.

As entertaining as he is perceptive, Brooks delivers important insights we can all learn from. In fact, his tales are so enjoyable you may even find yourself turning them into educational conversations with your kids.

Although he’s writing about incidents from the 1950s and ‘60s, Brooks’ observations remain as relevant today as they were back then. As Bill Gates put it in a blog post about the book, “the rules for running a strong business and creating value haven’t changed.”

It was particularly fascinating to read about “The Fate of the Edsel,” a fresh take on Ford’s spectacular failure to listen to and communicate with their customers. It’s a cautionary tale for business leaders today, and at JJ Burns, the story’s lessons have been helping us communicate better with our own clients.

There’s also much to be learned from Brooks’ exploration of the seemingly invincible Xerox Corporation’s downfall, which was primarily due to a massive failure of vision and innovation. This story will resonate with our entrepreneur and executive clients. Continued innovation is essential to continued success.

You’d think such high-profile failures would never happen again. And yet, only recently, Kodak followed a very similar downward trajectory, going from undisputed industry leader to bankruptcy court—mainly because of misguided innovation and strategic management failures.

They say whoever is ignorant of the past is doomed to repeat it. In addition to being a delightful piece of writing, this book helps inoculate you against that ignorance.

Enjoy it like a vintage wine.

From Searing Pain to Soaring Purpose

Option B: Facing Adversity, Building Resilience, and Finding Joy

Before reading any further, stop. Write down the three things you are most grateful for in your life.

If you’re like most of us, your answers will be drawn from the following: health, family, relationships, and the fortunate circumstances life has afforded you. We often take these things for granted as we go about living our everyday lives. 

But for Facebook’s COO Sheryl Sandberg, the ability to take such things for granted came to a crashing halt with her husband’s sudden and untimely death during a family vacation. 

Her answer to this devastating loss was to write about it with help from her friend, psychologist and top-rated Wharton professor Adam Grant. The resulting book, Option B: Facing Adversity, Building Resilience, and Finding Joy, continues to climb bestseller lists around the country.

And for good reason. Both hopeful and heartbreaking, Sandberg’s book is a generous treasure trove of wisdom and inspiration. Her personal grief and isolation in the aftermath of losing her beloved husband is interwoven with many other stories of people triumphing over adversity. It’s a moving testament to the human spirit, as well as a practical guide to building resilience and recovering from life’s inevitable difficulties. 

Sandberg rose above her own experience to bring about workplace change. She recently helped enact a new policy at Facebook that gives employees 20 days of paid bereavement leave—which is two times more than the previous amount.

Using a devastating setback as a springboard to societal change may be out of reach for most of us, but this book will certainly inspire you to a deeper appreciation of all that you have. And it is a book you may find yourself returning to the next time life sweeps away your Option A and leaves you to make the most of Option B.

Navigating Difficult Times

As financial advisors, we’re frequently called upon when clients are going through major life crises, many of which are as devastating as losing a loved one or a business. It’s our privilege to serve in these situations. Our concern goes way beyond simply answering the question, “do I have enough money or resources to get through this?”

While we can’t ease the emotional pain of loss, we can ensure that no additional suffering occurs because of insufficient planning. Making sure you’re prepared for the unexpected is one of the most important things we do.

It’s also one reason we’re very proud of our vocation. We have the opportunity every day to make a difference, to help ease life’s burdens, to provide a safety net when life’s inevitable tragedies occur—and just as importantly, to help families like yours live life to the fullest in the good times.

We consider you, our clients, to be part of the JJ Burns family. We’re here to help with whatever you need.