As 2024 draws to a close, I can’t help but reflect on the unexpected paths I ventured down while reading this year’s books. It was a year of deep dives into corporate turnarounds, luxury brand dynamics, American history, and the evolution of iconic companies like IBM. I often found myself tracing the intertwined paths of history, business innovation, and leadership, discovering unexpected connections that shaped my understanding of both the past and present, while providing a wealth of mental models and ideas to enhance my investment process.
One of the most fascinating journeys was through the world of corporate turnarounds. The Rise and Decline of the Great A&P led me to explore how the world’s largest retailer collapsed after losing sight of its core values, sparking a deeper reflection on the precarious nature of business success. This book introduced me to the fine line between dominance and downfall, prompting me to dive deeper into the business strategies of other companies that faced similar challenges. Who Says Elephants Can’t Dance? took me into IBM’s massive turnaround under Louis Gerstner, and American Icon offered an inside look at Alan Mulally’s leadership in revitalizing Ford during one of its most desperate times. Similarly, The Heart of Business highlighted how Hubert Joly led Best Buy through a transformation by focusing on employee engagement and customer experience. Lastly, Radical Simplicity shed light on DHL’s remarkable rebound, showing how simplifying operations and eliminating unnecessary complexity was key to turning the company into a global leader. These books reinforced the idea that business is all about people and culture, and how leaders can navigate change, adapt, and redefine success.
These books also led me to explore different leadership styles, particularly the role of visionary leaders like Thomas Watson of IBM, whose emphasis on strong company beliefs helped steer the company through turbulent times. Along the way, I found myself exploring Watson's heroes—like the visionary George F. Johnson—who pushed the boundaries of industrial democracy and pioneered ways to build stronger, more sustainable businesses.
As I explored business success stories, I couldn't resist diving into the world of luxury brands. The Luxury Strategy opened my eyes to what truly defines companies like LVMH and allows them to maintain their cultural relevance and profitability across generations. This year also led me to some captivating books on luxury, craftsmanship, and entrepreneurship. The Cartiers illuminated the incredible story of the Cartier brothers, whose vision and artistry transformed their family’s jewelry business into an international luxury empire. Their journey illustrated how blending tradition with innovation can create a brand that transcends time. Brunello Cucinelli: The Dream of Solomeo provided a fascinating look at how Cucinelli's unique approach to humanistic capitalism reshaped the fashion industry —a philosophy I saw vividly during my inspiring visit to Solomeo in Italy this year. His philosophy of integrating social responsibility with luxury provides yet another example of the power of values-driven business in building lasting enterprises. Meanwhile, Dior by Dior gave me an intimate portrait of Christian Dior, whose revolution in haute couture not only reshaped the fashion world but also demonstrated the profound influence that craftsmanship, vision, and design can have on shaping entire industries. These books painted a rich tapestry of how luxury and leadership intersect, showing that long-term success often lies at the intersection of creativity, authenticity, empowerment and careful stewardship.
American history played an unexpected yet crucial role in my 2024 reading. I picked up Benjamin Franklin: An American Life because of Charlie Munger’s admiration for Franklin’s ideals, particularly his vision for America and focus on uplifting the middle class—principles that resonate deeply with many of the businesses we've studied. Franklin’s philosophy of self-improvement, frugality, and innovation became a model for entrepreneurial success, showing how strong values guide both personal and business achievement. I also finally read Abraham Lincoln: A Life after learning that Barclay Simpson of Simpson Manufacturing had adopted many of Lincoln’s principles—such as perseverance, innovation, and integrity—into his own business. Simpson’s commitment to these values has helped shape a resilient, values-driven company, demonstrating how Lincoln’s incredible leadership can be applied to business as much as to politics.
And then, of course, there was Elon Musk. Reading Elon Musk by Walter Isaacson offered a deep dive into relentless innovation, unconventional thinking, and remarkable success. Musk’s achievements running Tesla, SpaceX, Twitter (now X), and his other ventures, demonstrates a rare combination of visionary leadership, resilience and unwavering determination. Although Musk is a polarizing figure, there is much to learn from his journey. His approach to innovation and disruption mirrors that of historical figures like Thomas Edison, Henry Ford, and Steve Jobs—bold, transformative, and often defying traditional norms.
IBM kept popping up in my readings—A Business and its Beliefs by Thomas J. Watson Jr. provided invaluable insight into the company’s values and its rise as a global titan. This led me to Father, Son & Company, a deeply personal account of Watson Jr., where he detailed how IBM made its pivotal shift from punch cards to computers under his leadership. This daring transition not only ensured the company’s survival but cemented its place as a leader in the emerging tech landscape.
I also explored the timeless lessons of leadership in Know What Matters by Ron Shaich and Setting the Table by Danny Meyer. Both Shaich and Meyer, titans of the food industry, emphasize the importance of exceeding customer expectations by first respecting, uplifting, and empowering employees. Their success highlights a fundamental truth: strong businesses are built on a culture that values employees, listens to the front lines, and ensures all stakeholders thrive. These principles, rooted in human connection and respect, offer valuable insights for leaders across industries. Even when it comes to the steel industry over a century ago, these lessons resonate with the incredible approach adopted by Elbert Gary at U.S. Steel, then the largest company in America.
Finally, one of the most unexpected areas of exploration involved the world of banking, sparked by books like A.P. Giannini: Banker for America and A Blueprint for Better Banking. Giannini’s pioneering work democratized banking for the everyday American at the Bank of America, while Svenska Handelsbanken’s commitment to decentralization presented a different approach to financial management—one that mirrored many of the decentralized industrial businesses we’ve studied. If only the management at Silicon Valley Bank had read A Blueprint for Better Banking, they might have spared their investors hundreds of billions.
2024 was another year of uncovering how the threads of history, leadership, and business strategy are intricately woven together. I discovered that the lessons from visionary leaders, whether in luxury, turnarounds, or even banking, transcend time. And as I delve into the final pages of my 2024 reading list, I’m left with one resounding realization: while history doesn’t repeat, it certainly rhymes. The more we learn from the past, the more prepared we are for the future.
2024 Reading List.
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