4. The AIG Story
Hank Greenberg and Lawrence Cunningham
I’m interviewing former American International Group, Inc. (NYSE:AIG) chairman and CEO Hank Greenberg in a few weeks. In preparation, I read his new book, a memoir of sorts, co-written with Lawrence Cunningham.
For as much rightful anger and disrespect the letters “AIG” elicit, this book actually changed my view of the insurance giant. It’s almost impossible to think about AIG today without mind-looping its failure. To many, the entire history of AIG starts and stops in September 2008, when it was bailed out. But in the decades before the housing bubble, it really was a remarkable company, growing from nothing into one of the world’s largest and most efficient insurers, and becoming one of the first financial services firms to have a global footprint. Greenberg, who left the company before it doubled-down on housing, is still hopeful. “It may yet endure as one of the greatest American companies ever,” he boldly (albeit biasedly) states.
The 2008 collapse isn’t glossed over. Greenberg and Cunningham detail who they blame for the company’s downfall. “Eliot Spitzer, an elected public prosecutor in New York, sparked the process that would drive AIG to near destruction,” they write. Don’t pretend you don’t want to hear the rest of that story.
5. Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years
Bill Bonner
Bill Bonner is rich. He’s also a good writer. The two combine for a book that is as entertaining as it is informative.
Thousands of books offer advice on how to become rich (most preposterously). Bonner begins from the point of view of a family that is already rich. He provides advice — from experience — on how to stay rich.
You yourself don’t have to be rich to learn from the book. It’s full of pithy wisdom applicable to mere mortals. For example:
1). “If there is one thing that marks families with money over the long term it is this: delayed gratification.”
2). “As John D. Rockefeller put it, the way to success is 1) get to work early, 2) stay late, 3) strike oil.”
3). “You can have money by accident. You can have a family by accident. But you can’t have family money by accident.”
4). “We don’t want to beat the market. We just don’t want to get beaten by it.”
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The article 5 Great Books You Should Read originally appeared on Fool.com and is written by Morgan Housel.
Morgan Housel has no position in any stocks mentioned. The Motley Fool recommends American International Group (NYSE:AIG). The Motley Fool owns shares of American International Group and has the following options: Long Jan 2014 $25 Calls on American International Group.
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