In an anxious geopolitical moment, reading can offer different perspectives.Yutthana Gaetgeaw/iStockPhoto / Getty Images
For Tom McCullough, reading is about gaining perspective.
“Sometimes, reading the right book shows you that this thing that’s happening, that we’re so worried about, has happened 50 times in the past 100 years,” says the co-founder of Northwood Family Office in Toronto, who’s also an adjunct professor of finance at the University of Toronto’s Rotman School of Management.
Amid the economic anxiety caused by U.S. President Donald Trump’s tariff policy and other geopolitical factors, reading multiple perspectives, he says, can help quell anxieties around personal finance.
That’s part of the reason Northwood Family Office began a quarterly reading list some years ago. Mr. McCullough estimates the number of subscribers has reached the thousands, including clients, family and friends.
“We recommend not only those long, economic reads, but also those interesting books with good ideas that might make someone scratch their head and say, ‘I never thought about it like that,’” he says.
As we enter the dog days of summer, Globe Advisor asked top economists and advisors to recommend books that advisors should be reading this summer to understand the world and what their clients are experiencing. Here’s what they told us:
Tom McCullough, co-founder and chairman, Northwood Family Office, Toronto
Same as Ever: A Guide to What Never Changes, by Morgan Housel (2023)
Morgan Housel’s first book, The Psychology of Money, sold more than eight million copies on its way to becoming one of the most popular finance books of the 21st century. His follow-up doesn’t quite reach the same heights, but it’s still excellent and eminently useful. The focus this time around is on using the lessons of history to determine the core principles and human behaviours that never change, as opposed to trying to guess what might happen in the future.
Never, by Ken Follett (2021)
This novel is a geopolitical thriller that follows interwoven storylines – from the Sahara Desert to Washington, D.C. to China – revealing how small events and political miscalculations can escalate into a global catastrophe. Through espionage, diplomacy and power struggles, the novel illustrates how close the world can come to nuclear war. The author builds a chillingly realistic chain reaction that feels eerily plausible in today’s tense international climate.
Frances Donald, chief economist, Royal Bank of Canada, Toronto
How Canada Works, by Peter Mansbridge and Mark Bulgutch (2023)
This book grounds me in the reality that the economy is not a number, but the amalgamation of every person who lives and works within its land. This megaforce we call ‘the economy’ doesn’t belong to the media or governments or economists – it belongs to its people. Behind every jobs report, GDP number, and inflation print, there are millions of hard-working Canadians, each with their own story worth sharing.
The Next Age of Uncertainty, by Stephen Poloz (2022)
While required reading for economists, this isn’t a book written for those who study the economy but rather for those who are touched by it – which is, effectively, everyone. How prophetic that this book was written before the biggest spike in ‘uncertainty’ we’ve seen in decades. We needed this roadmap before 2025, and we will need it even more every year that passes.
No Trade is Free, by Robert Lighthizer (2023)
Many economists (including myself) will take issue with several arguments in this book. But it provides insight into how protectionist trade policy-makers think. I recommend it not because I think it’s all necessarily accurate, but because if you can’t step inside the mind of the other side of the argument, I don’t think you can win. And, while free trade will likely remain the centrepiece of most economists’ framework, it’s still worth questioning periodically whether what we were all taught in textbooks still holds true, as the world evolves.
Jack Mintz, president’s fellow, School of Public Policy, University of Calgary
American Nations, by Colin Woodward (2011)
Despite tariffs upending Canada-U.S. trade relations, we cannot forget the deep historical ties between Canada and United States in North America. Colin Woodward provides a fascinating history of the spread of 11 rival regional cultures throughout the continent. The conflicts among the 11 nation cultures that settled North America still influence politics today. The book is a reminder that Canada and the U.S. have shared a common ancestry that still applies today. It is not easy to rip apart.
Dangerous Nation, by Robert Kagan (2006)
Although I read this book more than a decade ago, Mr. Trump’s “America First” strategy pushed me to take it up again. Robert Kagan challenges the orthodoxy that the U.S. was an isolationist power before the 20th century. Instead, he shows that the U.S. has been increasing its global power and influence steadily since the American Revolution. It began with the expansion of the U.S. in North America, followed by influence beyond its borders, including the Americas, Europe and Asia. Today, we struggle as to whether America is retreating toward isolation or exerting its influence as the largest economy in the world.
Maili Wong, senior investment advisor and senior portfolio manager, The Wong Group, Wellington-Altus Private Wealth Inc., Vancouver
Better Decisions Faster, by Paul Epstein (2023)
I enjoyed reading Better Decisions Faster because it delivers exactly what so many of us need right now: a clear, actionable way to make confident decisions in uncertain times. Paul Epstein, a former National Football League and National Basketball Association executive, draws on lessons from elite performers – chief executive officers, Olympians, Navy SEALs – to introduce a simple but powerful framework that aligns logic and authenticity to take decisive action. In a world full of noise, complexity and high-stakes choices, this book offers practical tools such as “decision drills” that help cut through the fog.
Francis Gingras Roy, senior investment advisor, Manulife Wealth Inc., Dorval, Que.
Essentialism: The Disciplined Pursuit of Less, by Greg McKeown (2014)
Basically, the motto is ‘do less, but better – focus on what truly matters.’ It’s a philosophical and practical guide for eliminating the non-essential, so you can concentrate your time and energy on the things that make the highest contribution.
Buy Back Your Time, by Dan Martell (2023)
The main message appears to be: delegate to elevate – use money to reclaim your time and scale faster. The book teaches entrepreneurs how to outsource lower-value tasks, build efficient systems and reinvest saved time into high-impact activities – both in business and life.