“The Uncomfortable Truth About Money” by Paul Podolsky

Books that seek to help you understand the world of finance probably aren’t viewed as the most engaging of literary categories. Consumers, after all, hold that book in their hands for a specific reason: to understand policy rates better or inflation-linked bonds not for a ripsnorting reading adventure.Paul Podolsky, a former equity partner at Bridgewater Associates and the founder and CIO of Kate Capital, an investment management firm, however, has tried to make his advice on the subject accessible. The Uncomfortable Truth About Money carries a subtitle: How to live with uncertainty and think for yourself.Uncertainty may be the order of the day, after all. “As I write this, it is less than 100 years since a hyper-developed country, Germany, lined up behind a maniac. He created hell on earth, obliterating lives and wealth. Millions of people enthusiastically followed him, both in Germany and elsewhere. In the years since, People haven’t changed. If it can happen in Germany, it can happen anywhere and it has—Chile (1970s), Rwanda (1990s), Italy (1930s) and Russia (1930s and 2020s),” wrote Podolsky in his first chapter.On that cheery note, we’re off and running. “If you don’t want to get wiped out, study how things work,” Podolsky suggests. But the author isn’t coming at his subject from on high. A former newspaper reporter, he’s also served as a bartender, carpenter, teacher, and even a mountain guide in addition to serving as a banker and investor.“I got my money education in real time, out of necessity, piece by piece,” stated Podolsky who lived in Moscow in his twenties working as a journalist. The Soviet Union (as it was known then) taught him a lesson about pricing. “The Soviet Union sought to pay a doctor roughly the same as a coal miner,” he said. Supply and demand—you knew that you’d be hearing the importance of that sooner or later.Podolsky doesn’t try to steer readers in a specific direction other than to get a better understanding of terms and options that are out there. “If you decide to learn how to invest, recognize that there are sharply different approaches about how to do so, almost like different religions,” he stated.Podolsky concludes his 200-page book with two slogans: Health is wealth; Be wary of sages--there aren’t any (including me).