In this book, Niall Ferguson argues that networks have always been a crucial part of human society, from ancient cults to modern social media platforms like Facebook. He uses social network analysis to demonstrate how these networks often hold more real power than the hierarchical institutions they challenge. The book explores historical examples, including the Reformation and the rise of revolutionary ideas, to illustrate the ongoing struggle between 'the Square' (networks) and 'the Tower' (hierarchies). Ferguson also applies network theory concepts to understand both the past and the present, offering insights into how networks can transform our understanding of history and current affairs.
In 'Margin of Safety', Seth Klarman discusses his views on value investing, drawing from the concepts of Benjamin Graham and David Dodd. The book critiques speculative investing and institutional investing practices, advocating for a disciplined and risk-averse approach. Klarman emphasizes the importance of understanding the intrinsic value of investments, avoiding false precision in valuations, and maintaining a margin of safety to mitigate potential losses. The book is divided into sections that cover the philosophy of value investing, the critique of institutional investing, and practical strategies for determining value and managing portfolios.
In 'The Forgotten Man,' Amity Shlaes offers a striking reinterpretation of the Great Depression by shifting the focus from the New Deal to the moving stories of individual Americans who endured the era. The book explores the brave leadership and perseverance of common people, such as the Schechters, a family of butchers in Brooklyn, and Bill W., the founder of Alcoholics Anonymous. Shlaes also examines the failures of Presidents Hoover and Roosevelt in understanding the prosperity of the 1920s and the long-lasting impact of their policies. The book argues that the real question about the Depression is why it lasted so long, rather than whether Roosevelt ended it with World War II.
***This webcast originally aired live on Hedgeye.com on Dec. 11th, 2018***
In this edition of Real Conversations, Goldmoney Founder and CEO Roy Sebag sits down with Hedgeye CEO Keith McCullough for a deep-dive discussion on currencies, gold, the global economy and markets in a world warped by central bank manipulation. Keith and Roy dissect the current state of financial markets and the future of money (with a special focus on gold and the outsized impact of central banks).
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