Bookshelf Investing: A Drew Yates Re-post

Here is a repost of a Drew Yates article I found EXTREMELY useful. Unfortunately most of his old posts seem to be forever lost. It is an unfortunate fact that the great blog post I have read are hidden jems that must be dug for. I need to make a habit of copying them on occasion because, all to often, they disappear when their author looses interest and moves on. This is one of the useful top-10 lists I have read and I hope (that by saving it here) it will be useful for a long time to come.

On Books, Top 10 Rules For Investing In Bookshelves

Your bookshelf is like your knowledge portfolio. By investing in yourself, you can become a more interesting, intelligent, creative, and happier person while education improving your judgement and learning new skills. Here are my top ten points for managing your education by investing in your bookself.

1. Buy books for who you’d like to be, not who you are.

Why only buy books about what you already know? Don’t feel guilty about books you own that you haven’t read yet, don’t quite understand, or don’t quite fit your persona. Surround yourself with what you want to know. Achieve by osmosis.

2. You can’t know what you don’t know. Diversify!

Never underestimate the value of learning what you don’t know. Buy books in topics that have œno interest in. Maybe you are wrong. Inject some randomness in your life.

Excercise: Minute Compass

Try this: stand in the center of the bookstore with your back to the door and check your watch. Turn and face the direction your minute hand points. Buy and read one book in that direction.

3. Understand your investment profile

A book you bought but didn’t read is $20 lost. A book you read but didn’t like or learn from is $20 and maybe a few hours lost. A book you read and learned from is priceless. So: a calculated risk of $20, or never learning anything new? You can’t even begin to understand what you’re missing when you don’t know what you don’t know.

It’s much easier to start reading a book you have than a book you don’t have.

Unless you have urgent expenses, invest generously. This is true for all investments.

4. Give your favorite books away.

Ideas are like currency. They only have value when shared.

Real power today lies at society’s œinformation hubs. What better to demonstrate your informational worth than to give books? You can alway rebuy books if you need them. Don’t bother asking people to return your books. That’s tacky. Let them keep it as a token of your thoughtfulness, advice, and generosity. Maybe they will pass that book along to their friends with a shining review, too! That’s the ulitmate compliment.

Not: Used books are NOT GIFTS. Gifting something you are œdone with as is fantastically tacky and cheap. Besides, traditional gifts are more tokens of sacrifice and obligation than tokens of good-will and thoughtfulness. How else could you explain all those $10 gift certificates from your extended family and coworkers?

5. Buy books cheap, but don’t be cheap.

Investing in books are one of those rare opportunities where it pays to be a spontanious shopper. If you suddenly have the motivation to learn, don’t squander it to save five dollars! Naturally, don’t spend more than you have to. But like the morons who drive around town for the cheapest gas, it doesn’t pay to waste time to save a couple dollars. Well, actually it pays a couple dollars. Unless you’re 11, you probably could spend your time better.

Also, most good technical books can usually only be found new. Good technical books are kept as references, and people resell back books they don’t think they’ll use again. Also, most technical books have a shelf-life of only a few years. The only technical books at a value book store will probably be outdated and mediocre.

Cheap, readily available books, like classical literature, are usually at the library or internet for free, anyways.

6. Be Wary of Textbooks. Many Textbooks Suck.

Be suspecious of any book that marketed to undergraduates. If the publisher doesn’t take pride in their work and churns frivolous editions, why should you take pride in owning a copy? In my experience, most required engineering books are terrible. If you’re a computer science student, forget buying the textbook, just use the Internet.

Note: this varies per university. If you are savvy enough to judge books, you can often judge the quality of a university department by the quality of the required reading. Andrew in the comments also noted that many very specialized texts can only be found at universities.

7. Ask Bookstore Employees for Advice

Most bookstore employees like books. Unfortunately, they are usually stuck playing the Warehouse Index game for impatient customers. Make your bookstore employees happy. Ask for their advice. They will know which books are well-liked and which are trash, and they might know which publishers print the best quality books. Ask employees which books they like. And then buy what they like. You might even make some interesting friends this way.

Side note: never harass retail employees. Be nice. Really, whatever your problem is, it’s almost guarunteed not be the fault of anyone around you can talk to. Worse, have you ever known an employee to make exceptions for a jerk? Rarely. If you have a problem with a store, complain with your wallet (or your blog ;) ), never to employees.

8. Throw away bad books.

You probably own some books that were disappointing or technical books that are outdated. Throw them away. There’s nothing to be learned by hording trash knowledge. In fact, make trashing books symbolic of your intellectual health. You can’t fill a full cup.

9. Non-fiction is usually a better investment

Non-fiction has an obligation (you hope) to be true. Most fiction, like movies, only mean to be entertaining, not to make you think. If you want to read fiction, avoid books you would expect to find at your grocery store. Also, most science fiction and fantasy books are rarely good œinvestments. Watch Star Wars, read Lord of the Rings, and be done with it.

10. If somebody recommends a book, STOP, note the title, and buy it immediately

Your investment will stagnate if you don’t do this. Make this a habit. Don’t try and rationalize this away. Shut up and do it. Somebody you respect has chosen to share very valuable knowledge with you and you have an obligation to due diligance. Even if you don’t like their recommendation, you have learned something important about the person who recommended it. To not do this, I think, is crude and insulting.

In fact, you should take notes whenever anyone is describing something they care about, whether it’s people they think you should know, books that they enjoy, or places they enjoy visiting. Not only is this flattering, but it’s honest and smart. What better way to prove your legitimate interest in somebody’s opinion than writing them down¦ and then backing your word with your wallet? Not even $20 in beer could be as well spent.

Note: don’t be obnoxious about taking notes. Just write down the author and title. People don’t want to feel like professors in casual conversation.

You don’t have to be a freak

Economics provides some of the most powerful tools for data analysis available to society. Yet historically these tools have been used almost exclusively in the realm of finance and business decision support. Freakonomics by Steven D. Levitt and Stephen J. Dubner talks about the work of Steven Levitt, one of the most respected economists alive. Levitt uses economic models and data analysis tools to find answers to some of societies most interesting questions.

I enjoyed this book enough to read through it in one sitting, in one night. And I strongly recommend that anyone with interest in socio-political issues read it. Freakonomics will make you take a second look at what you though was common sense. However, the book does have its notable shortcomings.

First, this book is little more than an extended version of the newspaper article by Stephen Dubner on Levitt’s work. If you are familiar with the article there is little reason to buy the book. Second, the book covers almost nothing about economic method. As such it leaves itself open to more criticism that it generally deserves. Third, Freakonomics is definitely dumbed down to make it readable (and probably profitable) to a wider audience. However, the lack of technicality makes the book an enjoyable weekend read and may even encourage the reader into a greater interest in economics and its usefulness.

Leadership: A Review

I got the pleasure of seeing Rudolph Giuliani speak at a graduation ceremony at the University of Oklahoma where he discussed his new book, “Leadership”. He was an amazing speaker and as such I decided to pick up his book when I got the chance. Leadership by Rudolph W. Giuliani and Ken Kurson gives an overview of Mayor Giuliani’s leadership focus and a narrative of his actions/reactions to the September 11th events. I found both aspects of the book fascinating and informative without being overly scholastic.

“Leadership” does NOT provide any staggering new insight into leadership techniques and as such will probably not be useful to students of management. What the book does do is to provide fascinating examples of select leadership traits in action. These “inside” stories were the most enjoyable part of the book. Providing a counterpoint, to the New York media, on Giuliani’s term as mayor.

The book was begun well before 9/11 and as such the material covering those events feels, at times, disconnected from the main theme of the book. But because the 9/11 events play such a huge role in bringing Giuliani’s leadership skills to our attention, the information is understandable and interesting for its own sake.

Overall I really enjoyed reading “Leadership.” Its a quick read with a great deal of information, and was well worth my time.

A Concise Review

I started reading “A Concise History of the Catholic Church” because my friend Matt, who went through RCIA with my wife, decided that he knew very little about the history of his new faith and wanted to do some informal study on the Catholic Church.  Now, my knowledge of early Catholic history consists of what I have read in the New Testament and a general assumption on my part that there was probably a Pope John Paul the first and that, just maybe, there was a prequel to Vatican II (although I was not entirely sure.)   “A Concise History of the Catholic Church” was the book we picked up to enlighten our historical Catholic viewpoint.

The book was pretty good.  It gave a high level overview of the major historical trends and treaties of the Church over the last 2000 years or so.  It tries to go into more depth on topics that the author feels are a good barometer of Church trends at the time.  These “low level” views were helpful to get a better picture of the place of the Church at a given historical period.  In addition the book was good about covering a good balance between the, admittedly rocky, political history of the Church and its spiritual progress.

I thought that most of the book was fairly balanced (as balanced as you can expect a book about the Catholic Church to be.)  The only disappointment I found was an obvious bias on the part of the author toward the modern progressive Catholic Movement (i.e. liberation theology, historical literalism, etc.) and a fairly vocal disappointment in the lack of support from the current Pontiff for these ideas.  I am a huge supporter of the Church’s current position on world social issues; something the author is evidently not.

Overall I would rate the book as a good read, especially if you want to learn about the pre-twentieth century Catholic Church. The shear number of references and quotes make it an excellent “start point” for further Catholic study.  The history of the Catholic Church is not a study in perfection; but any institution whose historical linage can be traced back almost 2000 years is bound to be interesting.

Of Eldar and Silmarils

I first read The Silmarillion when I was 12.  For someone who has been a Tolkien fan for almost his entire life,  The Silmarillion is not simply a good book.  It is required reading.  Admittedly more difficult to follow than The Lord of the Rings; yet it, in many ways, more completely fulfills the depth of culture and history that Tolkien has always tried to bestow.  The Silmarillion coves the long history of the Elves and the first age of Middle-Earth.  It is the Bible of Middle-Earth.  It’s as glorious as it is heartbreaking.  It is easily one of the most “unique” books I have ever read, combining fantasy with history; biography with myth.

If you are a fan of Tolkien’s world, and not simply a fan of the movies, then I strongly recommend reading this book.  It will leave you in awe of the “completeness” of the world that Tolkien created.  Its one of my most prized books.

Dresses and Antique Furniture

I have finally finished Cryptonomicon .  This book was wonderful.  If you are a tech minded programmer, network administrator, mathematician, a cryptanalyst, or a plain old computer nut; you will find yourself laughing out loud during parts of this book.  I loved Neal Stephenson’s writing style which often goes off on wild tangents, and long metaphors, that are as entertaining (and sometimes even more-so) the the plot itself.

The book is basically short on plot and long on story. I found his “techy” descriptions as accurate as any I have every read in a fiction book.  While covering the life of the three main characters you will also run into such storied jems as how to eat Cap’n Crunch, why men wear beards, cards as a crypto-system, discovering what really turns married couples on, and many many more. Great story, great writing… great book.

Core Christianity

C.S. Lewis has always been a talented writer.  His “Chronicles of Narnia” was one of the first book series I read.  His non-fiction literature stands as some of the best Christian material written in the last century. All of that said “Mere Christianity” is probably one of his best books.

The purpose of the book is to introduce non-Christians into the most basic and fundamentals of Christian thought; what C.S. Lewis calls “Mere Christianity”, but the information given is as useful to Christians as non-Christians. It thoroughly and succinctly makes the case for natural law, the existence of God, Christian morality, and the “core” set of beliefs that make Christianity. Almost like a Christian version of “Book of Five Rings.” A book with significantly more wisdom than you would expect in its modest 228 pages.

It was the best of times

Although I have read some of Charles Dickens other works; I had never read “A Tale of Two Cities.” My wife had bought the book some time ago and so it sat on our shelf waiting to be read. A classic sitting on my shelf that I had not read was too much of a farce for me to ignore. And so I began reading it in the mornings, on my way to work.

Maybe it was because I was so much younger when I read Dickens other work, but for some reason “Tale” touched me in a way that his other books did not. I do not believe that another author, since the time Shakespeare, has demonstrated such a mastery of the English language and a skill for story telling. “A Tale of Two Cities” read like bitter-sweat honey to my tongue. Sweat, because his words welled up emotions in me that I have not felt for a story in a very long time. Bitter, because my heart aches that I will never have the skill to write such words. How sad it is that very few books have the capacity to be like that. The following are some of my favorite quotes from the book.

The two stand in the fast-thinning throng of victims, but they speak as if they were alone. Eye to eye, voice to voice, hand to hand, heart to heart, these two children of the Universal Mother, else so wide apart and differing, have come together on the dark highway, to repair home together, and to rest in her bosom.

Crush humanity out of shape once more, under similar hammers, and it will twist itself into the same tortured forms. Sow the same seed of rapacious license and oppression over again, and it will surely yield the same fruit according to its kind.

The great grindstone, Earth, had turned when Mr. Lorry looked out again, and the sum was red on the court-yard. But, the lesser grindstone stood alone there in the calm morning air, with a red upon it that the sun had never given, and would never take away.

A dram, all a dream, that ends in nothing, and leaves the sleeper where he lay down, but I wish you to know that you inspired it.

His surname was Cruncher, and on the youthful occasion of his renouncing by proxy the works of darkness, in the easterly parish church of Hounsditch, he had received the added appellation of Jerry.

A Breif Review of a Book

A Short History of the Future is book designed to give form to the utopia ideal of every liberal college professor I have ever had.  I bought the book on the dollar table at my college almost four years ago on a recommendation of one of my friends.  You would think I would know better. Some of the more interesting (ok, maybe not) concepts covered in the book are “Democratic Communism” (yes, the author was attempting to be serious) and “Absolute Relativism.”

The book covers in earnest a 210 year period starting in 1990 or so.  The version I read was actually the second edition.  The first addition was written, went to press, and was so ridiculously wrong in its predictions that they had to come out with a new addition (who’d a guessed the USSR would loose the cold war.)  Basic plot goes like this.  Take Marxist revolutionary theory, give it a 200 year time line, remove everything professors always ignore about communism (darn it, why is it that censorship, oppression, and removal of individual liberties always gets in the way of a good communist government.) That’s is the entire book.  It lacked originality, vision, and was overall just a bad book.

I am writing this review as nothing more than a warning.  It is not the worst collegiate literature I have ever read, but it can definitely claim its place with some of them.

The Pursuit of Ignorance

Excerpts from “The Pursuit of Loneliness.”

…they (people) are seldom able to resist putting crucial power into the hands of administrators.

This is a violation of democracy’s first rule: never delegate authority upward. It’s a rule violated by liberals more than anyone else, since liberals are most uncomfortable with the demands of communal existence. Cooperation is so irksome to individualistic natures that they spend half of their political lives giving power to centralized governments and the other half fearing for their personal liberties, without ever considering the contradiction.

–Philip Slater

My recommendation is, don’t bother reading this book. I have just relayed the only redeemable paragraph of the entire work.