The Open Society and Its Enemies, by philosopher Karl Popper. At Carraighill, we promote an open discussion of views by all team members. We do not hide from our imperfections and we always seek to improve ourselves. Popper notes that “…shortcomings are to be actively sought out, not concealed or passed over… critical comment from others, far from being resented, is an invaluable aid to be insisted on and welcomed.”
EuroTragedy: A Drama in Nine Acts: by economist Ashoka Mody. This thorough history and analysis of the euro currency is essential reading for all Carraighill staff. We continue to believe that the euro can only go in one of two directions; radical integration or break up. This book explores the shortcomings of the euro, namely the divergence between its members.
Digital Minimalism by Cal Newport. Breaking away from distractions is crucial in today’s modern world. Carraighill made the deliberate decision to base its offices in the seaside town of Dun Laoghaire (Dunleary), on the outskirts of Dublin, instead of the bustling city centre. This picturesque setting provides our staff with the right environment to reflect on the investment ideas we produce for clients. We leave our phones at the door when a meeting takes place in our offices. This allows us to focus on our ideas.
Atlas Shrugged by Ayn Rand. This is the favourite book of Seamus Murphy, founder and Managing Director of Carraighill. He encourages everyone at Carraighill to read the book, as it tells the cautionary story of what happens when government interferes too much in the markets. Carraighill has a dedicated political analyst who is always monitoring for political risks which challenge our investment theses.
Principles by Ray Dalio. In an earlier post <URL link>, we shared “How The Economic Machine Works”, a video by Ray Dalio which explains the interaction of credit in the economy. Principles is Dalio’s explanation of his investing principles, which have led to Bridgewater becoming the largest hedge fund in the world.