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.

The Allocator’s Edge: A Modern Guide to Alternative Investments and The Future of Diversification by Phil Huber
C’s take: “A practical handbook for adding alternatives to your portfolio and improving diversification.”
The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb
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.”
The Intelligent Investor: The Definitive Book on Value Investing by Benjamin Graham
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.”
The Long Good Buy by Peter C. Oppenheimer
V’s take: “A relatively easy read on market trends and cycles, and factors behind them – similarly, good refresher read when markets are struggling.”

Everything is Predictable: How Bayesian Statistics Explain The World by Tom Chivers
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.”
Noise: A Flaw in Human Judgement by Daniel Kahneman
L’s take: “While ‘Thinking, Fast and Slow’ is widely known, Kahneman’s other book, ‘Noise,’ is lesser known but well worth a read.“
On the Edge: The Art of Risking Everything by Nate Silver
C’s take: “A data-driven guide to understanding and managing risk in high-stakes decisions.”
The Art of Doing Science and Engineering: Learning to Learn by Richard W. Hamming
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.”
The Soul of a New Machine by Tracy Kidder
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.”
Why We Sleep: Unlocking the Power of Sleep and Dreams by Matthew Walker
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.”

Cinema Speculation by Quentin Tarantino
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.“
The Agony and the Ecstasy by Irving Stone
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.”

Silo/Shift/Dust by Hugh Howey
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!”
Trust by Hernan Diaz
C’s take: “A novel about wealth and authorship that reveals how value is shaped by narrative.”
Vineland by Thomas Pynchon
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.”

Rubicon: The Triumph and Tragedy of the Roman Republic by Tom Holland
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.”

Good for a Girl: A Woman Running in a Man’s World by Lauren Fleshman
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.”
Kind of Blue: The Making of the Miles Davis Masterpiece by Ashley Kahn
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.”
The Anxious Generation by Jonathan Haidt
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.”
The Design of Everyday Things by Don Norman
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.