In 2004, one of the greatest war machines of all time, the US military, was struggling to beat back Al Queda in Iraq (AQI). Whilst the allied forces had huge advantage in numbers, equipment and training, the commander of the Joint Special Operations Task Force, General Stanley McChrystal, realised that conventional military tactics and command structures were failing. Team of Teams: New Rules for Engagement in a Complex World gives McChrystal’s account of how he and his colleagues discarded a century of conventional wisdom to create a faster, flatter and more flexible organisation that ultimately proved successful in defeating AQI.
Team of Teams isn’t only a military book. If you are a seasoned executive struggling to come to terms with new ways of working, or an entrepreneur scaling a business, whilst at the same time grappling with how to keep a startup culture alive, then you should give it a read.
In a landmark study undertaken between 1984 and 2004, Wharton Professor Philip Tetlock showed that the average expert was only slightly better at predicting the future than a layperson using random guesswork. His latest project, which began in 2011, has since shown that there are some people with real, demonstrable foresight. These are often ordinary people who have an extraordinary ability to predict the future with a degree of accuracy significantly greater than the average. In his book Superforecasting: The Art & Science of Prediction, co-authored with Dan Gardner, Tetlock identifies how you can improve your accuracy of future predictions and become a superforecaster.
Howard Marks is the Chairman and cofounder of Oaktree Capital Management and author of The Most Important Thing: Uncommon Sense for the Thoughtful Investor. According to the book’s sleeve, he is renowned for his insightful assessments of market opportunity and risk. He is sought out by the world’s leading investors, and his client memos brim with astute commentary and time tested fundamental philosophy. On a more personal note he’s one of my investing heroes. A value investor at heart, his broad thinking and eloquent expression is pertinent to anyone with investment and business interests both professional and personal. In keeping with the theme of this blog, I’ve chosen three of my favourite things with a nod towards to the entrepreneurial thinker: the importance of second level thinking, the role of luck in success & having a sense for where we stand.
Paul Kalanithi, M.D., was a neurosurgeon and writer. He graduated from Stanford University in 2000 with a B.A. and M.A. in English Literature and a B.A. in Human Biology. He earned an M.Phil in History and Philosophy of Science and Medicine from the University of Cambridge before attending medical school. In 2007, Paul graduated cum laude from the Yale School of Medicine. He returned to Stanford for residency training in Neurological Surgery and a postdoctoral fellowship in neuroscience. In 2013 he was diagnosed with stage IV lung cancer, though continued to work, completing his neurosurgery residency in 2014. He also authored the book When Breath Becomes Air, which detailed his journey through treatment and eventually his death in March 2015. He is survived by his wife Lucy and their daughter Cady.
Although I’d heard of this book before, I first stumbled across it in a charity shop about one month after I’d finished 5 months of chemotherapy for colorectal cancer. I cried my way through much of the book, but I had to read about Paul’s journey and his exploration of life and death. Continue reading
Robert Coram, author of Boyd: The Fighter Pilot Who Changed the Art of War, describes John Boyd as “first, last and always a fighter pilot – a loud talking, cigar-smoking, bigger-than-life fighter pilot”. But also as more than that: “he was that rarest of creatures – a thinking fighter pilot.”
Doing justice to the scale of Boyd’s achievements here is hard; only by reading the whole of this beautiful book will you understand Boyd’s endearing eccentricity and gain a masterclass in the importance of maneuverability as it relates to military (and business) strategy. With wonderfully researched detail, Robert Coram demonstrates what one man, surrounded by a few devoted and loyal Acolytes, can do to change the world. Continue reading
If asked to name one book that has most changed my life, my answer is always Thinking Fast and Slow by Daniel Kahneman. It is the book that I reached for in the darkest depths of treatment for cancer, as I searched for rational answers to very complicated questions. It’s the book that kickstarted an incredible learning journey. Thinking Fast and Slow is a book about biases of intuition. The human brain works very well most of the time and our judgments are sound. However, it is prone to engage in a number of fallacies and systematic errors that lead to flawed opinions and adverse decision making, otherwise known as cognitive biases. We assume certain things automatically without having thought them through carefully. Kahneman calls these assumptions heuristics and he goes on to outline almost fifty of them in the book.
Phil ‘Shoe Dog’ Knight is the founder, former CEO and now Executive Chairman of Nike. In Shoe Dog: A Memoir by the Creator of Nike he tells his story of taking the business from humble origins, through an IPO in 1980 and onto its current $30 billion market capitalisation. To put that in perspective, if you had invested $1,000 at IPO without reinvesting dividends, your investment would be worth $729,575 today, that’s a Compound Annual Growth Rate of just over 20.7% (according to Investopedia and based on December 2015 share price).
Knight tells the story of how, what is still widely regarded to be one of the most innovative companies in the world, started and grew out of the back of a van in the early 1970s. A Stanford graduate, avid reader of the Classics and books about military strategy, and a natural introvert, he captures a wonderful story about what he calls his Crazy Idea and the determination and grit it takes to become successful beyond what he’d ever imagined. He also includes some wonderful accounts of the hustle and sometimes downright dirty tactics that it can take to overcome the odds: “you are remembered for the rules you break” is his mantra throughout the book. I’ve captured the best of the rest of his entrepreneurial wisdom in the quotes from the book below.
Yuval Harari’s book Sapiens: A Brief History of Humankind charts our origins from hunter gatherers 2.5 million years ago on to the rise of Homo Sapiens 200,000 years ago. He takes the reader through the Cognitive Revolution 70,000 years ago, the Agrarian Revolution 10,000 years ago, into the Scientific Revolution in the 1500s, the Industrial Revolution in the late 1700s and on to the present. Harari covers a lot of ground that includes a deep dive into capitalism: “an economic-led system based on private ownership of the means of production and their operation for profit”. He explores how something that began as a theory about how the early economy of the modern age functioned, has grown into much more than an economic doctrine. His standpoint serves as a thought-provoking baseline for anyone that works to build and grow businesses. Continue reading