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Morningstar’s Best Books to Give and Get for 2023

Books that Morningstar Researchers are buying for themselves and others this year.

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"Financial education pencils"

The end of each year marks the time when Morningstar researchers circulate their list of recommended books, as colleagues work to use up the last of their annual education stipend. With the wild gyrations of 2023, it’s not surprising that this year’s recommended reading list has a few entries that try to give the meaning and context behind market movements, not to mention the investing opportunities presented to intrepid investors.

Other book recommendations touch on meaning in other forms, whether it’s the sense of purpose created in a job well done, an idea well communicated, or a life well lived. All are fair aspirations for the lifelong learning that Morningstar’s educational stipend seeks to encourage, and whether you’re a reader, gift giver, or gift receiver, we hope that these books inspire you in the same way.

Security Analysis, Principles and Techniques, Seventh Edition

By Benjamin Graham and David L. Dodd

Recommended by: Daniel Culloton, Director; and Ben Sater, Analyst

This door-stopper by the grandfathers of value investing is a tome many claim to own, but few have actually read, cover to cover. Editor Seth Klarman, CEO of The Baupost Group and a value-investing legend himself, has assembled a fine collection of essays to update and add context to Graham and Dodd’s original text. They are more than worth the book’s price and the displacement it will cause on your bookshelf, desk, or hard drive. Investing luminaries and excellent writers such as James Grant, Roger Lowenstein, Howard Marks, Dominique Mielle, and Steve Romick share, often with grace, charm, and considerable wit, how they have put the precepts they learned from this classic to work in their own redoubtable careers and how those principles have evolved.

It’s been called the bible of value investing—a comparison I resist out of reverence for the original Scriptures. I think it’s fair, however, to call it a catechism for long-term investors: a compendium of invaluable wisdom you can return to again and again and never fail to be edified. Plus, Klarman is donating the proceeds of this edition to organizations working to broaden the pool of people interested in finance and asset management beyond gentlemen of a certain age and pallor, including Girls Who Invest, the UNCF Lighted Pathways Program, and Sponsors for Educational Opportunity.

Number Go Up

By Zeke Faux

Recommended by: Dan Kemp, Chief Research and Investment Officer; Todd Trubey, Senior Analyst; and Eric Schultz, Analyst

Many readers, quite understandably, have been disappointed that Michael Lewis’ Going Infinite was too forgiving of now-convicted-felon Sam Bankman-Fried. Zeke Faux’s Number Go Up is the book they were hoping to read. It’s a very thorough, fierce investigation of the shady world of cryptocurrencies that erupted in FTX’s failure, diving deep into the evolution and current state of cryptocurrencies and the key characters involved in that ecosystem. It’s a must-read for investors considering crypto, as well as one of the rare financial nonfiction books that’s by turns hilarious and scandalous—a gripping page-turner.

The Price of Time

by Edward Chancellor

Recommended by: Dan Kemp, Chief Research and Investment Officer; Todd Trubey, Senior Analyst; and Eric Schultz, Analyst

Few people would expect that same level of engagement or entertainment from a 400-page book about the history of interest rates. Even so, Edward Chancellor’s The Price of Time is that book, with a majestic narrative of the history of interest rates that is both a rewarding and fascinating read. He traces the history of credit and interest rates from ancient Mesopotamia through the global financial crisis of 2007-09. Not everyone will agree with Chancellor’s view on the dangers of low interest rates, but this does not dull the scholarship or usefulness of the book.

Drive: The Surprising Truth About What Motivates Us

by Daniel H. Pink

Recommended by David Carey, Analyst

Daniel Pink does a phenomenal job laying out the argument and evidence for how money isn’t necessarily the most effective means of motivation. He argues that factors such as autonomy, mastery, and purpose—as opposed to money and status—lead to happier, more productive workers. This book changed the way I think about job satisfaction.

The Four Pillars of Investing

By William Bernstein

Recommended by Jeff Ptak, Chief Ratings Officer

Christine Benz and I interviewed William Bernstein on The Long View podcast that we co-host, so I read the updated edition with fresh eyes to prep for our conversation. For a book that’s built on timeworn topics like financial theory, market history, investor psychology, and business incentives, it holds up very well, showing none of its age. What’s more, the updates usefully connect recent events and trends to the broader sweep of market history. We know that markets are going to “market” at times, with investors losing their bearings if not their common sense. But that’s why we’re fortunate to have redoubtable books like this whose lessons keep us grounded and focused on what matters.

The Sound of Life: How Digital Technology Is Bringing Us Closer to the Worlds of Animals and Plants

By Dr. Karen Bakker

Recommended by Jackie Cook, Director, Stewardship

The Sound of Life explores the “communications” within and between species that take place in the acoustic ranges above and below human perception, opening up a world of meaning. This range of listening is made possible by technological advances in smaller and more-sensitive listening devices and in computing power that applies artificial intelligence to decoding new “languages.” Corals, bats, whales, bees, plants, and other species seem to have far more-complex ways of communicating than has been appreciated by most mainstream science until now. The book offers a positive vision of how humans can harness technology in the race to save ecosystems. In her TED talk, delivered on the center stage at this year’s TED conference, the author playfully poses the question: “Could an Orca Give a TED Talk?” The book also cautions about the potential dark side of what we humans could be capable of by being able to communicate with other species through technology.

Sadly, less than a year after this book’s publication, Dr. Bakker died in August 2023. But not before she put the finishing touches on her forthcoming sequel: Gaia’s Web: How Digital Environmentalism Can Combat Climate Change, Restore Biodiversity, Cultivate Empathy, and Regenerate the Earth.

Writing for Busy Readers

By Todd Rogers and Jessica Lasky-Fink

Recommended by Mike Eiler, Standards Editor

I am wordy. I know this because people have told me so. People in my household, who have implored me to please, please get to the point. And people at work, like the editor who kindly chopped back my tome on the value of headline brevity.

An Example of Brevity

An example of brevity.

It’s a problem because I spend a lot of time telling others that they’re wordy. At any rate, we can all use a reminder now and then to tighten up our writing. So, here’s a book that’s worth a read: Writing for Busy Readers by behavioral scientists Todd Rogers and Jessica Lasky-Fink. I have a lot more to say about it, but I’ll keep it short and just leave it at the recommendation.

How Big Things Get Done

By Bent Flyvbjerg and Dan Gardner

Recommended by Janet Yang Rohr, Director

Since the 2021 signing of the bipartisan Infrastructure Investment and Jobs Act, almost $400 billion has flowed to over 40,000 projects across the United States. If they’re like any of the projects covered in How Big Things Get Done, they’re at high risk of missing expectations. According to the authors’ database of over 16,000 transportation, IT infrastructure, mega-events, and other large projects, 91.5% go over budget, over schedule, or both. There are ways to stay on the right side of those statistics. Unsurprisingly, thorough planning, a tight focus, and strong team members help. More interesting is the case the authors make for the psychological and power factors that drive successful project outcomes.

And “Big Things” is a relative term. For most, a bathroom or kitchen remodel will be one of the largest projects they pursue. This book has plenty of tips to help ensure that those projects also get done on time and on budget.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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About the Authors

Janet Yang Rohr

Director, Multi-Asset Alternatives, Manager Research
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Janet Yang Rohr, CFA, is director of multi-asset and alternative strategies for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. She is responsible for Morningstar Analyst Rating assignments for multi-asset and alternative strategies globally and oversees a team of analysts who cover these strategies. She also covers a variety of asset-allocation strategies, including target-date funds and 529 college-savings plans from John Hancock, State Street Global Advisors, BlackRock, and other asset managers.

Yang Rohr was a strategist, senior analyst, and director of Morningstar's multi-asset strategies manager research team before being appointed to her current role in 2016. Before joining Morningstar in 2010, Yang was vice president and investment product manager for multimanager funds and solutions as well as target-date funds for Northern Trust Global Investments in Chicago. She also served as a manager research analyst for Aon Investment Consulting, where she specialized in manager due diligence and the development of the practice's quantitative research process.

Yang Rohr holds a bachelor's degree in English and economics from Northwestern University and a master's degree in business administration, with concentrations in finance and entrepreneurship, from the University of Chicago Booth School of Business. She also holds the Chartered Financial Analyst® designation. In 2014, Institutional Investor magazine named Yang among its Rising Stars of Mutual Funds.

Dan Culloton

Director
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Dan Culloton is director, editorial, manager research for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He has been the lead analyst on a number of asset managers, including BlackRock, Vanguard, Franklin Templeton, Dodge & Cox, FPA, and Davis Selected Advisors. He edited the first Morningstar ETFs 150 reference guide and served as editor of the Vanguard Fund Family Report for six years.

Before joining Morningstar in 1999, Culloton was a business writer for the Daily Herald and was a recipient of the Chicago Headline Club's Peter Lisagor Award in 1998.

Culloton holds a bachelor's degree in English and journalism from Marquette University and a master's degree in public-affairs reporting from the University of Illinois at Springfield.

Ben Sater

Manager Research Analyst
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Ben Sater is a manager research analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers multi-asset and alternative strategies.

Before joining Morningstar in 2023, Sater spent eight years at JPMorgan Chase & Co where he held various positions within their securities services business.

Sater holds a bachelor’s degree in Business Administration and Psychology from Austin College.

Dan Kemp

Chief Research and Investment Officer
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Dan Kemp is Morningstar’s Chief Research and Investment Officer.

Dan leads the Research and Investment team that comprises

Morningstar’s fundamental research, manager selection, and

investment management activities. The latter will encompass

multi-asset, equity, and quantitative strategies, including our direct

indexing capability.

Kemp joined Morningstar in 2014 as co-Head of Investment

Consulting and Portfolio Management in the EMEA region. He most

recently served as Global Chief Investment Officer for the Wealth

Group.

Dan holds a bachelor’s degree in theology from King’s College London. He also holds the Investment Management Certificate, the Securities Institute Diploma and the Advanced Financial Planning Certificate.

Todd Trubey

Senior Analyst, Manager Research
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Todd Trubey is a senior manager research analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers multi-asset and alternative fund strategies.

Before rejoining Morningstar in 2021, Trubey served as vice president of marketing and analytics for Advisory Research and as vice president of portfolio strategies for Ariel Investments. In his previous stint with Morningstar, he worked in training and education and was a senior fund analyst.

Trubey holds a bachelor's degree in English from Sewanee: The University of the South and master's and doctorate degrees in English from Northwestern University.

Eric Schultz

Manager Research Analyst
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Eric Schultz is a manager research analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers equity strategies.

Before Joining Morningstar in 2019, Schultz was an associate at UBS in its wealth management division, conducting mutual fund research to help individuals, foundations, and corporations manage their investment goals.

Schultz holds a bachelor's degree in philosophy from Northwestern University. He also attended the Pembroke-King's Programme at the University of Cambridge and is a Level I candidate in the Chartered Financial Analyst® program.

David Carey

Analyst
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David Carey is a manager research analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers equity strategies.

Prior to assuming his current role, Carey served as a customer support representative for Morningstar Direct and was also a data journalist, writing articles for Morningstar Research Portal and Morningstar.com.

Carey holds a bachelor's degree in finance and business analytics from Benedictine University.

Jeffrey Ptak

Chief Ratings Officer, Research
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Jeffrey Ptak, CFA, is chief ratings officer for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc.

Before assuming his current role, Ptak was head of global manager research. Previously, he was president and chief investment officer of Morningstar Investment Services, Inc., an investment unit that provides managed portfolio services through fee-based, independent financial advisors, for six years. Ptak joined Morningstar in 2002 as a senior mutual fund analyst and has also served as director of exchange-traded fund analysis, editor of Morningstar ETFInvestor, and an equity analyst. He briefly left Morningstar to become an investment products analyst for William Blair & Company, and earlier in his career, he was a manager for Arthur Andersen.

Ptak also co-hosts The Long View podcast with Morningstar's director of personal finance and retirement planning, Christine Benz. A full episode list is available here: https://www.morningstar.com/podcasts/the-long-view. You can find him on social media at syouth1 (X/fka 'Twitter') and he's also active on LinkedIn.

Ptak holds a bachelor’s degree in accounting from the University of Wisconsin and the Chartered Financial Analyst® designation.

Jackie Cook

Director, Stewardship, Product Strategy & Development
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Jackie Cook is Director, Stewardship, Product Strategy & Development in Sustainalytics’ Stewardship services team. Up to October 2021, she was director of stewardship research for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. In her present role, she leads the ESG Voting Policy Overlay offering, which offers clients a specialist ESG voting lens.

Cook joined Morningstar in October 2018 with Morningstar’s acquisition of Fund Votes Research Ltd., a company that she founded in 2007. Fund Votes had been a provider of mutual fund and exchange-traded fund proxy-voting data on corporate resolutions and shareholder proposals across ESG topics. Previously, Cook had been a senior research associate at The Corporate Library (which merged with GMI in 2010 and was acquired by MSCI in 2014) and a junior research fellow at the Centre for Business Research at the University of Cambridge. Over the past 22 years, she has also worked as a consultant on governance research projects for UNCTAD and several nongovernment organizations and has published academic articles on mutual corporate form, investor advocacy, and energy governance.

Cook holds a bachelor’s degree with honors in clinical psychology from Nelson Mandela Metropolitan University, South Africa, and a master’s degree in research psychology from Rhodes University, South Africa. She also holds a bachelor’s degree with honors in economics and management from Saïd Business School of the University of Oxford, where she studied as a Rhodes Scholar.

Mike Eiler

Standards Editor
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Mike Eiler is the standards editor for Morningstar's editorial and research teams. He creates and maintains language guidelines and guards Morningstar’s standards for editorial quality.

Before joining Morningstar in 2013, Eiler was deputy news editor and copy chief at newspapers in Colorado and Phoenix. He also taught English, journalism, and business writing at colleges and universities in Missouri, Arkansas, and Arizona.

Eiler holds bachelor's and master's degrees in English from Missouri State University, with a focus on creative writing and linguistics.

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