Economic Indicators
Books
Four views, four reads
Capital Group investment professionals share the books that have grabbed their attention recently.
Few things can broaden horizons and offer new viewpoints as compellingly as a well-written book. Given that critical thinking and diversity of opinion are essential to the Capital Group investment approach, it’s no surprise that many of our investment professionals are big readers. We recently asked several of them to share what they’re reading.
John Emerson:
Conflict: The Evolution of Warfare from 1945 to Ukraine
Concurrent wars in the Middle East and Europe are sobering reminders of the challenges facing the world today. This work by retired U.S. Army General David Petraeus and military historian Lord Andrew Roberts delves into the causes, warning signs and unintended consequences of conflicts from the end of the World War II through today. The book was published just as the war between Israel and Hamas broke out.
Emerson is vice chairman of Capital Group International and a former U.S. Ambassador to Germany. He read the book ahead of a fireside chat he moderated with Petraeus, former director of the CIA, at the World Affairs Council.
“This book offers one of the most cogent descriptions of the civil war in China, the Korean War and the Vietnam War. It also includes a compelling timeline on the lead-up to Vladimir Putin’s invasion of Ukraine almost two years ago. While direct confrontation between the superpowers has been avoided, the book offers a readable analysis on the evolution of conflict and the rise in smaller, regional proxy wars,” Emerson says.
Tomoko Fortune:
Essentialism: The Disciplined Pursuit of Less
Tomoko Fortune, an equity portfolio manager, often finds herself stretched thin between motherhood, career and community. Her book selection aims to help readers cut through the clutter.
The Disciplined Pursuit of Less is about going after “the right thing, in the right way, at the right time,” according to author Greg McKeown, who draws on his work with company executives in this guide to how people can regain control of their own choices.
“The book inspired me to focus on the most important things. In work, this means keeping the number of positions in my portfolios tighter. Outside of work, my focus is mostly on my family and kids, so I make sure to align my calendar accordingly,” Fortune says.
Reagan Anderson:
No Trade is Free: Changing Course, Taking on China, and Helping America’s Workers
With a rematch of the 2020 presidential election on the horizon, Reagan Anderson’s book recommendation zeros in on a topic that is sure to come up this election cycle — China. Specifically, U.S.-China relations, which have shifted in recent years over concerns that free trade has undermined America’s economic prowess.
Author Robert Lighthizer, the U.S. trade representative under President Donald Trump, offers his analysis of how we got here and argues for a worker-focused approach to trade policy.
“This book helped me better understand our trade policies and the long-term implications with our trading partners,” says Anderson, a senior vice president on Capital Group’s government relations team.
Rob Lovelace:
Good to Great: Why Some Companies Make the Leap ... and Others Don't
“I recently went back to this classic because it’s such a powerful book,” says Rob Lovelace, a veteran equity portfolio manager. Few management consultants have influenced business leaders as much as the author, Jim Collins. There’s a reason for that: rigorous research. Most of his findings are based on years of data that he and his team amassed on what makes a company run.
In Good to Great, the author offers some surprising insights about what it takes to become a great company. For example, successful transformations rarely happen via a major rollout or change such as an acquisition. They are instead the result of steady successes, many of which might seem individually inconsequential.
“It helps guide my nonprofit work and is a good reminder about the importance of governance,” Lovelace says.
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