El Arte de Invertir 72. Los libros que cambiaron nuestra forma de invertir.
Oct 21, 2026
Una travesía por los libros que transformaron la forma de pensar sobre inversiones, riesgo y decisiones. Se exploran las ideas de Howard Marks, Charlie Munger, Nassim Taleb, Peter Thiel y Warren Buffett, junto con lecciones de historia, psicología, filosofía, tecnología, Bitcoin y liderazgo. También se comparten lecturas imprescindibles sobre modelos mentales, ambición, resiliencia y propósito.
49:06
El Riesgo Como Precio Del Futuro
- El riesgo dejó de atribuirse al destino cuando las matemáticas permitieron asignar probabilidades y precios al futuro.
- Esa evolución conecta valor esperado, regresión a la media y diversificación con la teoría moderna de portafolios.
Busca Convexidad Y Opcionalidad
- Busca inversiones convexas con potencial de subida muy grande y pérdida limitada mediante posiciones pequeñas y asimétricas.
- La estrategia de barbell combina activos muy seguros con una exposición reducida a resultados extraordinarios.
Sapiens Le Ayudó A Entender Bitcoin
- Andrés Olea relacionó Sapiens con Bitcoin al entender que el valor puede depender de la confianza colectiva.
- Religiones, monedas y oro muestran cómo las creencias compartidas sostienen sistemas de valor sin un valor intrínseco evidente.
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Introducción
00:00 • 43sec
Modelos mentales para invertir mejor
00:43 • 6min
Howard Marks y el pensamiento de segundo orden
06:43 • 4min
Charlie Munger y la sabiduría multidisciplinaria
10:53 • 3min
Novelas con lecciones de negocios y riesgo
14:02 • 6min
Copiar ideas de los mejores inversionistas
19:36 • 2min
Antifragilidad, convexidad y opcionalidad
22:05 • 4min
Sapiens y la confianza detrás del dinero
26:29 • 38sec
Asignación de capital en The Outsiders
27:07 • 2min
Revoluciones tecnológicas y burbujas productivas
28:43 • 4min
Estoicismo, conducta y control personal
32:46 • 2min
Peter Thiel y la creación de monopolios
35:10 • 3min
Historia financiera y locura colectiva
37:41 • 3min
Bitcoin y la evolución del dinero
40:58 • 2min
Leer estados financieros para invertir
43:23 • 54sec
Alejandro Magno, estrategia y ambición
44:18 • 3min
Los libros imprescindibles de cada anfitrión
47:22 • 1min
Outro
48:45 • 15sec
#128
• Mentioned in 201 episodes
Poor Charlie's Almanack
The Essential Wit and Wisdom of Charles T. Munger
Charles T. Munger
Peter D. Kaufman
Originally published in 2005, Poor Charlie's Almanack is a collection of eleven talks delivered by Charles T. Munger between 1986 and 2007.
Edited by Peter D. Kaufman, this book draws on Munger's extensive knowledge across various fields to provide a framework for rational and rigorous approaches to life, learning, and decision-making.
It is renowned for its sharp wit and rhetorical flair, making it an essential read for investors, entrepreneurs, and anyone seeking to enhance their wisdom and critical thinking skills.
#3
• Mentioned in 1,303 episodes
Meditations
Marcus Aurelius
Meditations is a series of private writings composed by Marcus Aurelius, one of Rome's greatest emperors, as he struggled to understand himself and make sense of the universe.
Written between 170 and 180 CE while on military campaigns, this work combines Stoic philosophy with personal observations on leadership, duty, mortality, and human nature.
Through twelve books of intimate thoughts never intended for publication, Marcus Aurelius explores themes of self-improvement, resilience in the face of adversity, and living virtuously while accepting what cannot be changed.
#4883
• Mentioned in 14 episodes
The Outsiders
Eight Unconventional CEOs and Their Radically Rational Blueprint for Success
Will Thorndike
The Outsiders profiles eight CEOs—among them Warren Buffett, Henry Singleton, and Tom Murphy—who produced outstanding long-term shareholder returns while avoiding conventional management fashions.
William N. Thorndike argues that the most important job of a CEO is capital allocation, not charisma or public visibility, and shows how these leaders used cash flow, share repurchases, and disciplined investment to build lasting value.
#23
• Mentioned in 456 episodes
Zero to One
Notes on Startups, or How to Build the Future
Peter Thiel
In 'Zero to One,' Peter Thiel argues that true innovation comes from creating something entirely new, going from 'zero to one,' rather than incrementally improving existing ideas.
He emphasizes the importance of vertical progress through technology and the benefits of monopoly in driving innovation.
Thiel also discusses the need for long-term planning, the importance of finding the right co-founders, and the power law in startup success.
The book challenges conventional wisdom and encourages readers to think critically and aim big to build the future.
#127
• Mentioned in 209 episodes
The Black Swan
The Impact of the Highly Improbable
Nassim Nicholas Taleb
David Chandler
Nassim Taleb
The Black Swan is a landmark book by Nassim Nicholas Taleb that investigates the phenomenon of highly improbable events with massive impacts.
These events, termed Black Swans, are unpredictable, have a significant impact, and are rationalized after the fact to appear less random.
Taleb argues that humans are hardwired to focus on specifics rather than generalities, leading to a failure to consider what we don’t know.
The book delves into cognitive biases, the limitations of mathematical models, and the importance of robustness and antifragility in navigating a world filled with uncertainty.
The second edition includes a new essay, 'On Robustness and Fragility,' offering tools to navigate and exploit a Black Swan world.
#1705
• Mentioned in 34 episodes
Extraordinary Popular Delusions and the Madness of Crowds
Charles Mackay
David J. Schneider
This book, first published in 1841, is an early study of crowd psychology by Charles Mackay.
It chronicles numerous instances of mass hysteria and popular delusions, including economic bubbles like the South Sea Bubble and Tulipomania, the Crusades, witch-hunts, and other peculiar follies.
Mackay presents these examples to illustrate how easily the masses can be led astray by various delusions and how human folly remains a constant across different times and places.
The book is divided into sections such as 'National Delusions,' 'Peculiar Follies,' and 'Philosophical Delusions,' and is known for its engaging and witty narrative style.
#152
• Mentioned in 183 episodes
Antifragile
Things That Gain from Disorder
Nassim Nicholas Taleb
Albino Santos Mosquera
Genís Sánchez Barberán
In 'Antifragile', Nassim Nicholas Taleb delves into the concept of antifragility, arguing that some systems not only withstand stress and disorder but actually benefit from them.
The book builds on ideas from his previous works, such as 'Fooled by Randomness' and 'The Black Swan', and is part of his five-volume philosophical treatise on uncertainty, 'Incerto'.
Taleb provides examples from various fields, including science, economics, and history, to illustrate how antifragility can be achieved and how it contrasts with fragility and robustness.
He also discusses strategies like the barbell strategy and optionality, and critiques modern society's attempts to eliminate volatility, which he believes are harmful.
The book is praised for its revolutionary ideas and multidisciplinary approach, though it has also received criticism for its style and some of the author's views on mental health and other topics.
#1854
• Mentioned in 32 episodes
Against the Gods
The Remarkable Story of Risk
Peter L. Bernstein
Against the Gods: The Remarkable Story of Risk chronicles the intellectual journey that has led humanity from relying on oracles and soothsayers to using sophisticated tools of risk management.
The book delves into the history of probability, starting from ancient civilizations and their limitations in understanding chance, to the modern era where risk is quantified and managed.
Bernstein discusses how the development of probability theory and risk management has been a key factor in distinguishing modern times from the past.
#14
• Mentioned in 564 episodes
Sapiens
A Brief History of Humankind
Yuval Noah Harari
This book surveys the history of humankind from the Stone Age to the 21st century, focusing on Homo sapiens.
It divides human history into four major parts: the Cognitive Revolution, the Agricultural Revolution, the Unification of Humankind, and the Scientific Revolution.
Harari argues that Homo sapiens dominate the world due to their unique ability to cooperate in large numbers through beliefs in imagined realities such as gods, nations, money, and human rights.
The book also examines the impact of human activities on the global ecosystem and speculates on the future of humanity, including the potential for genetic engineering and non-organic life.
#1545
• Mentioned in 37 episodes
Technological Revolutions and Financial Capital
Carlota Perez
Carlota Perez's "Technological Revolutions and Financial Capital" examines the interplay between technological innovation and economic development.
The book argues that technological revolutions unfold in distinct phases, each characterized by specific economic and social dynamics.
Perez identifies key technological revolutions throughout history, analyzing their impact on investment, employment, and global power structures.
Her work emphasizes the role of financial capital in driving technological change and shaping economic cycles.
The book offers a comprehensive framework for understanding long-term economic trends and the challenges of managing technological transitions.
#97602
Warren Buffett and the Interpretation of Financial Statements
The Search for the Company with a Durable Competitive Advantage
David Clark
Mary Buffett
This book provides an insider's view of Warren Buffett's approach to financial statements, offering insights into his methods for evaluating companies and identifying long-term investment opportunities.
It covers topics such as interpreting income statements, managing debt, and recognizing companies with sustainable competitive advantages.
#81
• Mentioned in 275 episodes
The bitcoin standard
Saifedean Ammous
The Bitcoin Standard analyzes the historical context to the rise of Bitcoin, the economic properties that have allowed it to grow quickly, and its likely economic, political, and social implications.
The book takes the reader on an engaging journey through the history of technologies performing the functions of money, from primitive systems to modern government debt.
It explains the operation of Bitcoin as a decentralized, distributed piece of software that converts electricity and processing power into indisputably accurate records, allowing users to perform traditional monetary functions without relying on authorities or physical infrastructure.
The book also explores common questions surrounding Bitcoin and its potential as a store of value and a network for final settlement of large payments, challenging government monopolies and offering a vision of money extricated from politics and borders.
#466
• Mentioned in 90 episodes
Skin in the game
Nassim Nicholas Taleb
In 'Skin in the Game', Nassim Nicholas Taleb argues that having personal stakes in the outcomes of decisions is crucial for fairness, commercial efficiency, and risk management.
The book highlights how individuals and systems that are insulated from the consequences of their decisions often make poor choices.
Taleb draws on historical and contemporary examples to illustrate the importance of symmetry in risk and reward, and how this principle affects various domains, including politics, economics, and personal life.
The book emphasizes that true learning and improvement come from experiencing the consequences of one's actions, a concept encapsulated in the Greek idea of 'pathemata mathemata' or 'guide your learning through pain'.
#741
• Mentioned in 64 episodes
How to Think Like a Roman Emperor
The Stoic Philosophy of Marcus Aurelius
Donald Robertson
In this book, Donald J. Robertson combines the life of Marcus Aurelius with insights from modern psychology and the enduring wisdom of Stoic philosophy.
The book follows Marcus Aurelius' journey from a young noble to his reign as emperor of Rome, highlighting how he used philosophical doctrines and therapeutic practices to build emotional resilience and endure adversity.
Robertson guides readers on how to apply these same methods to their own lives, making Stoicism accessible and relevant in a modern context.
#1945
• Mentioned in 31 episodes
The ascent of money
A Financial History of the World
Niall Ferguson
In 'The Ascent of Money', Niall Ferguson explores the human story behind the evolution of finance, from the origins of money in ancient Mesopotamia to the latest financial upheavals.
Ferguson argues that finance is the foundation of human progress and reveals financial history as the essential backstory behind all history.
The book covers key financial institutions and concepts, such as the invention of banking, the development of bonds and stock markets, and the role of insurance and real estate.
It also delves into the impact of financial systems on historical events and the recurring theme that every financial bubble eventually bursts.
#51234
Cain and Abel
Jeffrey Archer
Jeffrey Archer's novel follows two brothers born on opposite sides of the world and into dramatically different circumstances.
Their lives become intertwined through rivalry, ambition, romance, business, and the consequences of family secrets.
The story spans much of the twentieth century and moves across several countries and social classes.
Archer contrasts privilege, hardship, determination, and revenge as the brothers compete for influence and success.
The book became one of Archer's best-known international bestsellers and is frequently cited as a defining example of his dramatic storytelling style.
#30090
• Mentioned in 2 episodes
The Little Book of Behavioral Investing
How not to be your own worst enemy
James Montier
The Little Book of Behavioral Investing explores how human psychology affects investment decisions, often leading to suboptimal outcomes.
It identifies common behavioral biases such as overconfidence and loss aversion, providing strategies to recognize and mitigate these biases to improve investment performance.
The book emphasizes the importance of a disciplined investment process and critical thinking to achieve superior returns.
#39943
• Mentioned in 2 episodes
The most important thing
Howard Marks
#304
• Mentioned in 122 episodes
Richer, Wiser, Happier
How the World's Greatest Investors Win in Markets and Life
William Green
In Richer, Wiser, Happier, William Green draws on interviews conducted over twenty-five years with many of the world’s greatest investors.
The book highlights that the most successful investors are mavericks and iconoclasts who question conventional wisdom and think rationally, rigorously, and objectively.
They maximize their odds of long-term success in markets and life by drawing insights from diverse fields such as neuroscience, economic history, psychology, philosophy, and more.
Green explains how these investors can teach us not only how to become rich but also how to improve our thinking, decision-making, risk assessment, and resilience, and how to turn uncertainty to our advantage.
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¿Qué libros pueden cambiar nuestra manera de pensar sobre el dinero, los negocios y la vida?
En este episodio de El Arte de Invertir, Cometa y Javi comparten algunos de los libros que más han influido en su manera de entender las inversiones, evaluar riesgos y tomar decisiones.
Desde las enseñanzas de Charlie Munger, Howard Marks y Warren Buffett hasta las ideas de Nassim Taleb, Peter Thiel y Marco Aurelio, exploramos cómo la psicología, la historia, la filosofía y la tecnología pueden ayudarnos a desarrollar una perspectiva más amplia sobre el mundo financiero.
Hablamos de conceptos como el pensamiento de segundo orden, los ciclos económicos, la antifragilidad, la diversificación, los sesgos de comportamiento y las grandes revoluciones tecnológicas.
También compartimos lecturas que van más allá de las finanzas y que nos han dejado aprendizajes sobre disciplina, ambición, resiliencia y propósito.
En este episodio descubrirás:
Qué libros marcaron la filosofía de inversión de Cometa y Javi.
Las enseñanzas de Howard Marks y Charlie Munger.
Cómo entender mejor el riesgo y la incertidumbre.
Por qué la historia y la psicología son fundamentales para comprender los mercados.
Qué podemos aprender de las grandes revoluciones tecnológicas.
Cómo los mejores inversionistas construyen sus modelos mentales.
Qué libros elegirían Cometa y Javi si tuvieran que quedarse con uno solo.
¿Cuál es el libro que más ha cambiado tu manera de pensar? Cuéntanos en los comentarios.
Las opiniones expresadas en este podcast son exclusivamente a título personal y no representan la posición de ninguna empresa o institución relacionada. Este contenido tiene fines informativos y no constituye una recomendación de inversión o asesoría financiera.