At its core, investing is about people, and the best way to understand people is to listen to their stories. At Burgundy, we find stories everywhere—in conversations with clients, in meetings with management teams, and in our own deep research. Our Investment Team is constantly compiling narratives, collecting insights from phone calls, balance sheets, and factory floors, and transforming these disparate scraps into cohesive theses. That curiosity and desire to broaden our perspective might explain why Burgundy is home to so many avid readers.
In this third installment of our summer reading list, our Investment Team’s recommendations explore global trade and technology, songwriting, and even a fictional post-apocalyptic world.
Truth: A History and a Guide for the Perplexed
By Felipe Fernández-Armesto
Recommended by Richard Rooney, Vice Chair and Co-Founder
Originally published in 1997, this book tackles a subject that never loses its relevance: the concept of truth. Historian Felipe Fernández-Armesto explores humanity’s search for truth, examining how people throughout history and across cultures have defined it, defended it, and distinguished it from falsehood.
While this book may be trickier to track down than some of our other selections, we think it warrants the extra effort. Of his recommendation, Richard Rooney notes, “It’s worth reading for two sentences: ‘Those who tell you there is no such thing as truth are asking you not to believe them. So don’t.’” In today’s landscape of short-term noise and competing market narratives, Truth sparks a conversation worth having. For our Investment Team, this topic reinforces why humility, reliable evidence, and a healthy dose of skepticism are essential to the investment process.
John & Paul: A Love Story in Songs
By Ian Leslie
Recommended by David Vanderwood, Portfolio Manager
The Lennon-McCartney writing credit is one of the most famous in music history. In this biography, Ian Leslie uses the songs John Lennon and Paul McCartney wrote to explore the pair’s turbulent relationship before, during, and after the Beatles. With thoughtful reflections on the elusive nature of creativity and the complexities of personal relationships, you don’t need to be a Beatles fan to love this book—though it certainly doesn’t hurt.
At Burgundy, Leslie’s insights into collaboration are particularly relevant. Our Investment Team is constantly exchanging ideas, sharing perspectives, and challenging assumptions. We also appreciate that successful collaborations are built on strong individual contributions, rooted in wide-eyed curiosity and fresh perspectives. Lennon and McCartney’s willingness to push each other reminds us that, when nurtured, individual talent can grow into something far greater.
No Trade is Free: Changing Course, Taking on China, and Helping America’s Workers
By Robert Lighthizer
Recommended by David Hao, Investment Analyst
Described as “part memoir, part history, and part policy analysis,” No Trade is Free provides a behind-the-scenes account of the former U.S. Trade Representative’s negotiations during the first Trump Administration. Robert Lighthizer details the strategic thinking that shaped U.S. trade policy, offering an insider’s perspective from one of the most influential voices in today’s global trade landscape.
With today’s tariff headlines, understanding trade dynamics is crucial for investors. At Burgundy, where we often see global shifts directly affecting investment opportunities, this book is a useful read, underscoring the importance of policy, negotiation, and geopolitical awareness in shaping long-term outcomes for businesses and markets.
The Road
By Cormac McCarthy
Recommended by Lucas Bertrand-Sittler, Investment Analyst
The first work of fiction ever to grace our list, this post-apocalyptic novel follows a father and son’s southbound journey in the wake of an unnamed disaster. Bleak? Yes and no. Between the broken, ash-covered roadways lies a profound exploration of love and humanity. McCarthy’s Pulitzer Prize-winning prose subverts traditional punctuation, with writing that is stark, unflinching, and original. His mastery is evident from the opening lines, where, through a father’s love, he captures a world seemingly beyond hope while simultaneously bearing witness to it: “When he woke in the woods in the dark and the cold of the night he’d reach out to touch the child sleeping beside him. Nights dark beyond darkness and the days more gray each one than what had gone before. Like the onset of some cold glaucoma dimming away the world. His hand rose and fell softly with each precious breath.”
While not a traditional Burgundy pick, The Road speaks to themes that resonate with both investing and life, including navigating uncertainty, building resilience, and staying determined. In the novel, we find our main characters clinging to a moral compass—referred to as “carrying the fire”—even when the world around them is bleak. At Burgundy, we adhere to our own core principles, always guided by acting in the best interests of our clients. When volatility strikes and the outlook is unclear, staying true to our values helps us persevere and continue taking deliberate steps forward.
Chip War: The Fight for the World’s Most Critical Technology
By Chris Miller
Recommended by Michael Elkins, Director of Research, Deputy Portfolio Manager
Chip War traces the rise of the semiconductor industry and its central role in shaping modern technology, economies, and global power. From Cold War origins to today’s U.S.-China tensions, economic historian Chris Miller reveals how control over chip production influences geopolitical and economic dynamics.
At Burgundy, we aim to understand the underlying forces that shape industries over time. The semiconductor industry—where we invest in companies such as TSMC and United Integrated Services—is a sector defined by capital intensity, barriers to entry, and global interdependence. Miller’s insights matter to us, both as investors with direct holdings in the space and as global investors. With businesses across geographies depending on the semiconductor supply chain, Chip War helps inform our perspective.
Embers of War: The Fall of an Empire and the Making of America’s Vietnam
By Fredrik Logevall
Recommended by Doug Winslow, Portfolio Manager
Embers of War provides a sweeping account of the decades-long path to the Vietnam War. Drawing on extensive archival research, Fredrik Logevall traces the political missteps and mounting commitments that led to one of the most consequential conflicts of the 20th century.
Beyond being a compelling work of history, Embers of War offers timeless lessons on decision-making. At Burgundy, we strive to understand what drives a company’s leadership and how their choices shape long-term outcomes. By reflecting on risk, uncertainty, and the consequences of incremental decisions, Embers of War reinforces the importance of qualities like clarity and foresight, which we believe are essential to long-term investment success.
Nexus: A Brief History of Information Networks from the Stone Age to AI
By Yuval Noah Harari
Recommended by Anne Mette de Place Filippini, Chief Investment Officer
Nexus is an expansive exploration of the role information has played in shaping societies. From ancient civilizations to the digital age, including the disruptive force of artificial intelligence, Yuval Noah Harari examines how access to information has influenced power, culture, and progress.
At Burgundy, we pay close attention to the ways digital transformation and AI are reshaping businesses. At a time of such accelerated change, the themes explored in Nexus feel particularly relevant, and its historical context adds valuable depth to this ongoing conversation. When discussing her selection, Anne Mette shared that she listened to the audiobook during long drives. While engaging, she cautions that you do have to “settle in.” Clocking in at a 17-hour run time, it’s certainly a commitment.
Closing this chapter
At Burgundy, we believe reading helps us better relate to one another and make sense of our world. Though reading is a solitary experience, books are meant to be shared. We hope this summer you have a chance to indulge in one of our favourite pastimes at Burgundy.
Thank you for spending time perusing our pages, and happy reading.
This post is presented for illustrative and discussion purposes only. It is not intended to provide investment advice and does not consider unique objectives, constraints or financial needs. Under no circumstances does this post suggest that you should time the market in any way or make investment decisions based on the content. Select securities may be used as examples to illustrate Burgundy’s investment philosophy. Burgundy funds or portfolios may or may not hold such securities for the whole demonstrated period. Investors are advised that their investments are not guaranteed, their values change frequently and past performance may not be repeated. This post is not intended as an offer to invest in any investment strategy presented by Burgundy. The information contained in this post is the opinion of Burgundy Asset Management and/or its employees as of the date of the post and is subject to change without notice. Please refer to the Legal section of this website for additional information.
