Quant log | 7 min read

2025 Summer Reading List

Explore Graham’s 2025 Summer Reading List, an eclectic collection selected by our Quantitative Strategies team. Covering economics and finance, science and mathematics, biographies and memoirs, fiction, history, and culture, each title is chosen to broaden perspectives and spark fresh ideas.


Graham Capital Management

C’s take: “A practical handbook for adding alternatives to your portfolio and improving diversification.”

R’s take: “This book offers a refreshing view on how we perceive highly improbable events. It is a book at the intersection of philosophy and empirical wisdom that studies everything we know about what we don’t know. Needless to say, it is also of specific relevance to finance professionals as we are constantly at risk of not being good historians.”

C’s take: “I like to come back from time to time to Benjamin Graham’s Intelligent Investor. I think it remains relevant despite being published over 70 years ago. The core principles of value investing (focusing on intrinsic value, maintaining a margin of safety, and embracing market volatility as opportunity rather than threat) have withstood market shifts and technological transformations. Today’s investors face myriad challenges with algo trading, passive investing, and information overload that Graham couldn’t possibly have anticipated, yet his emphasis on a clear distinction between speculating and investing, emotional discipline and long-term thinking provides a counterbalance to modern trading’s latest fads and memes.”

V’s take: “A relatively easy read on market trends and cycles, and factors behind them – similarly, good refresher read when markets are struggling.”

The Quant Strategies team's 2024 Summer Reading List—an inspiring mix of finance, science, biography, society, and literature.

C’s take: “This book offers quite a refreshing take on the intersection of Bayesian thinking and everyday life. The exploration of ‘super-forecasting’ techniques and cognitive biases provides good insights for improving one’s prediction record. The book’s greatest strength lies in showing how embracing uncertainty (and being disciplined about quantifying this uncertainty as we add information) somewhat paradoxically leads to better predictions. It is a great read not only thinking about finance but in general rational decision-making under complexity, which we all face professionally and personally.”

L’s take: “While ‘Thinking, Fast and Slow’ is widely known, Kahneman’s other book, ‘Noise,’ is lesser known but well worth a read.

C’s take: “A data-driven guide to understanding and managing risk in high-stakes decisions.”

L’s take: “Adding a classic to the list… I would recommend Hamming’s book. It is worth re-reading a lot and it’s a must read for any researcher.”

A’s take: “This book chronicles the work of a team of engineers at Data General in the late 1970s as they race to develop a cutting-edge minicomputer under pressure and beat competitors. It sheds light on what it was like to be a computer engineer in the 70s during this exponential technological growth. It’s interesting to realize how far we’ve gone with computers, and one can draw some parallels with the current technological advances in AI.”

N’s take: “A comprehensive exploration of the science of sleep. Walker, a neuroscientist and sleep researcher, delves into why sleep is essential for our health, well-being, and survival. He explains the different stages of sleep, the impact of sleep on memory, learning, emotional regulation, and physical health, and how sleep deprivation affects our cognitive abilities and overall longevity, even starting in children. The book also addresses the detrimental effects of modern society’s sleep deprivation, offering insights into how much sleep we actually need and the best practices for improving sleep quality. Walker emphasizes that sleep is not a luxury, but a biological necessity, and underscores the critical role it plays in maintaining our brains, bodies, and immune system.”

Graham Capital Management

I’s take: A memoir about how a boy raised in Torrance grew to love, understand, and re-interpret movies? An argument about how film reflects the values and socio-political context in which it is made? A breakdown of how films are constructed from a technical perspective? An exploration of the import of genre, structure, subtext, and significant artists? Yes. And done by one of the greatest film directors to have ever lived.

N’s take: “A biographical novel about Michelangelo in his passionate pursuit of artistic perfection amid personal struggles, political turmoil, and the demands of powerful patrons like the Medici family and Pope Julius II. Michelangelo’s life was marked by both the agonies of internal conflicts, physical hardships, and sacrifice in exchange for the ecstasies of profound beauty and the legacy of his masterpieces, including the Sistine Chapel ceiling and the statue of David. You will never look at a piece of marble the same again.”

N’s take: “A unique take on a dystopian – and not too distant – future. The books combine some really ‘out there’ sci-fi elements (how did the author come up with this?!) with sharp observation and discussion of the human condition. The trilogy has been made into a show, and while I think some of the cast is great, to all sci-fi fans I still have to say: READ THE BOOKS!”

C’s take: “A novel about wealth and authorship that reveals how value is shaped by narrative.”

I’s take: “An interesting satire following a man in a fictional town in Northern California in 1984 (an obvious nod to Orwell), as he attempts to exploit bureaucratic absurdity to survive. The book explores themes such as generational values, dissent and resistance as a commodity, aging out of one’s idealism, and the value we place on family. The book is the text Paul Thomas Anderson has adapted in his latest film, set to release at the end of the summer.”

Graham Capital Management

A’s take: “This book is a brilliant narrative of Rome’s metamorphosis from Republic into Empire. Centered around Caesar’s deliberate crossing of an otherwise unremarkable landmark – yet one of significant political value – that ultimately symbolized the tipping point of the demise of the Roman Republic. This work is a very compelling exploration of power, ambition, and the fragility of political systems, demonstrating how easily even the most seemingly robust institutions and nations can more easily succumb to internal pressures rather than external forces. The careful depiction of Roman society reveals that however foreign and removed Roman ways may appear from ours, there are very primal traits deeply engrained in human nature that still, to this day, drive fates with the same authority.”

Graham Capital Management

V’s take: “Part memoir, part essay. Provides a compelling and interesting argument on how training needs differ from those for men and how borrowing systems developed for men affect professional female runners.”

I’s take: “A brief behind the scenes story of how one of the most influential modal jazz albums was constructed. The book outlines elements of Davis’ work – part as a visionary and part as a megaphone for ideas contemporary musicians such as Coltrane and Evans were exploring. The melodies, structures, and musical themes are explored track by track in great detail, adding more context to understand modern freeform jazz.”

P’s take: “An evidence-based discussion of the mental health impact of smartphones and social media on children. Jonathan gives practical ideas to reverse some of the troubling trends. Recommended for parents, educators and policy makers.”

A’s take: “The book focuses on user-centered design and intuitive functionality, making everyday objects more accessible. It explores common design flaws, cognitive psychology principles, and practical strategies to create intuitive, functional, and user-friendly products.”


DISCLOSURE

This presentation includes statements that may constitute forward-looking statements. These statements may be identified by words such as “expects,” “looks forward to,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “project” or words of similar meaning. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Graham Capital Management’s (“GCM”) management, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond GCM’s control, affect the operations, performance, business strategy and results of the accounts that it manages and could cause the actual results, performance or achievements of such accounts to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or anticipated on the basis of historical trends.

This document is not a private offering memorandum and does not constitute an offer to sell, nor is it a solicitation of an offer to buy, any security. The views expressed herein are exclusively those of the authors and do not necessarily represent the views of Graham Capital Management. The information contained herein is not intended to provide accounting, legal, or tax advice and should not be relied on for investment decision making.

Tables, charts and commentary contained in this document have been prepared on a best efforts basis by Graham using sources it believes to be reliable although it does not guarantee the accuracy of the information on account of possible errors or omissions in the constituent data or calculations. No part of this document may be divulged to any other person, distributed, resold and/or reproduced without the prior written permission of GCM.

Subscribe to our Resource Center

By clicking the Button you confirming that you’re agree with our following Terms and Conditions

Subscribe to our Resource Center

Welcome to Graham Capital Management

By entering this website you are agreeing to its Terms of Use.

The risk of loss in trading commodities can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage that is often obtainable in commodity trading can work against you as well as for you. The use of leverage can lead to large losses as well as gains.

In some cases, managed commodity accounts are subject to substantial charges for management and advisory fees. It may be necessary for those accounts that are subject to these charges to make substantial trading profits to avoid depletion or exhaustion of their assets. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the commodity trading advisor (“CTA”). The regulations of the commodity futures trading commission (“CFTC”) require that prospective clients of a CTA receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. This brief statement cannot disclose all of the risks and other significant aspects of the commodity markets. Therefore, eligible investors should carefully study the disclosure document to determine whether such trading is appropriate for you in light of your financial condition. Eligible investors are encouraged to access the disclosure document by contacting Graham, which will be provided  at no additional cost. The CFTC has not passed upon the merits of participating in this trading program nor on the adequacy or accuracy of the disclosure document. Other disclosure statements are required to be provided to you before a commodity account may be opened for you.  By accepting the terms of this statement and entering the site you are confirming your understanding of this statement.

Any “benefit plan investor” (e.g. An IRA or other ERISA investor) investor is hereby deemed to represent to Graham Capital Management (“Graham”) that an independent fiduciary (as defined in the ERISA fiduciary rule) is exercising its independent judgment with regard to such investor’s investment in any Graham managed fund and is aware of and acknowledges and agrees that Graham and its affiliates are relying on the exception set forth in clause (c)(1) of the ERISA fiduciary rule (i.e., the “transactions with independent fiduciaries with financial expertise” exception) with respect to any communications made to the investor or the investor’s fiduciary that are considered recommendations concerning any transaction and such benefit plan investor.

Although the site may include investment-related information, nothing on the site is a recommendation that you purchase, sell or hold any security or other investment, or that you pursue any investment style or strategy.

We do not give any advice or make any representations through the site as to whether any investment is suitable to you or will be profitable.

Nothing on the site is intended to be, and you should not consider anything on the site to be, investment, accounting, tax or legal advice. If you would like investment, accounting, tax or legal advice, you should consult with your own financial advisors, accountants or attorneys regarding your individual circumstances and needs.

The past performance of any investment, investment strategy or investment style is not indicative of future performance.

If you have been provided with a password to access the site you are solely responsible for maintaining the confidentiality and security of your password. You may not disclose your password to any third party. You accept full responsibility for any use of your password. You must notify Graham immediately of any actual or suspected loss, theft or unauthorized use of your password.

We are not obligated to inquire as to the authority or propriety of any use of or action taken under your password. We will not be responsible for any loss to you that arises from such use or action or from your failure to comply with these provisions.

The site, including all content, is provided as is and as available.

We disclaim all representations and warranties, express or implied, of any kind with respect to the site and the content including warranties of merchantability, fitness for a particular purpose and non-infringement of intellectual property and proprietary rights.

Without limiting our general disclaimer, we do not warrant the availability, accuracy, completeness, timeliness, functionality, reliability, sequencing or speed of delivery of the site or the content.