John Kenneth Galbraith

Marks's two must-reads: Galbraith on financial euphoria, Taleb on randomness

Marks recommends John Kenneth Galbraith's A Short History of Financial Euphoria, about the mental weakness behind booms and busts, and Nassim Nicholas Taleb's Fooled by Randomness, which shapes how he thinks about risk, portfolio construction, and track records.

“So one is A Short History of Financial Euphoria by John Kenneth Galbraith. This was very influential in my thinking, and it teaches you about the mental weakness that gives rise to booms and busts. And of course, taking an objective view of cycles is a big part of what I do. So that was very influential, and I was lucky to get to meet Galbraith. And then The other book would be Fooled by Randomness by Nassim Nicholas Taleb.”