The books this private equity chief thinks are worth more than your lectures

If you’re struggling with your degree, fear not: everything you’re learning can be replaced with the contents of a book. Or two books, rather.

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So says Simon Marc, at least. Marc is the global head of private equity and strategic partnerships at PSP Investments, one of the world’s largest pension funds, as well as a consistent and major hirer of financial services talent for years.

What were the two books? Exactly what you’d expect from someone with a finance degree that has only ever worked in financial services roles for their entire career. The first was “Poor Charlie’s Almanack”, a compendium of speeches from the recently-passed vice-chairman of Berkshire Hathaway, Charlie Munger. The second was “The Psychology of Money”, by former financial journalist Morgan Housel.

“I think these books are worth a lot more than some of your lectures,” Marc told students at the LSE Alternative Investments Conference today. He credited Housel’s book with two of his favourite quotes: “save like a pessimist, investment like an optimist,” and “the best investors are good at doing nothing.” 

Marc called Poor Charlie’s Almanack “a book you could read again and again,” and praised in particular the principle of inverting. “When you’re trying to get to an outcome, think about what you’re trying to avoid. I think this is good advice.” That applies to relationships as much as your career, Marc told students .

Sharing the stage with Marc was Marialina Klokidi, a manager in PSP’s infrastructure team in London. Asked the same question, she chose “any book” by Michael Lewis, with her own bias towards The Big Short. “It’s a well-known one,” she offered.

Not specifically recommended or even mentioned by PSP Investments' representatives was "The Trading Game," written by the self-proclaimed "best f***ing trader in the f***ing world", Gary Stevenson.

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