10 business and investing related books & podcasts for the holidays – 2025 Edition

At NAOS Asset Management we find books, audiobooks & podcasts to be great learning tools across a wide array of topics, issues, and opinions.

With information everywhere, we thought we'd put together a short list of some of the most interesting business, investing related books & podcasts from throughout 2025. If you’re looking to keep learning whilst you relax with a book over the holiday period or listen to an interview or two with some extraordinary people, there should be something below for you to enjoy!

Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young.” Henry Ford

1. ‍‍Book Review | Gambling Man: The Wild Ride of Japan’s Masayoshi Son by Lionel Barber

Financial Times journalist Lionel Barber’s new book is a deep dive into the life and business career of one of the most enigmatic and influential figures in the technology industry. His previous book on the downfall of Wirecard, the German payments fraud, is also worth reading. In recent memory, many might know of Masayoshi Son as the billionaire Japanese investor behind the $100bn SoftBank Vision Fund, who invested heavily in WeWork, only to see the company file for bankruptcy soon thereafter. Whilst that is all true, there are many other chapters to the career of Masayoshi Son, many of which, in their own right, would make Son brilliant, some of which were foolish.

Masayoshi Son seems to have had a steadfast view on the role of the internet and technology from back in the 1990s. A lot of what he envisioned in this trend has become reality, and that has paid off handsomely. His ability to leverage his knowledge and experience in Japan to the major US software companies has been an underpinning strategy. Equally, his ability to be as leveraged as possible through extraordinary amounts (and types) of debt is quite extraordinary. Some of the people he formed relationships with throughout his career, and who owe a level of their success to him, include:

• Bill Gates (Microsoft)
• Larry Ellison (Oracle)
• Steve Jobs (Apple)
• Jack Ma (Ali Baba)
• Kevin Costner
• Jerry Yang & David Filo (Yahoo)
• Shelden Adelson (Las Vegas Sands)

I know the saying ‘you can’t judge a book by its cover’ is a well-known truism; however, in this particular instance, the title of this book is very accurate. No doubt, the journey to date has been a wild ride. On more than one occasion, Masayoshi Son has been one of the wealthiest people on the planet and has also lost ~99% of his wealth. His career would demonstrate that he is always happy to keep rolling the dice. A man of Korean heritage growing up in post-WW2 Japan, he has always been an outsider who came from nothing. As he puts it, the worst that can happen is that he ends up back where he started. I think it is fair to say he isn’t going back to the ‘starting line’ again – investing ~$20m into Alibaba in return for a ~30% stake is widely recognised as one of the most successful investments of all time.

‍Link to Book

2. Podcast Review | Skin In The Game w/ Clay Fink & Kyle Grieve by The Intrinsic Value Podcast

The Intrinsic Value Podcast is the sister podcast to the popular investing podcast We Study Billionaires (don’t let the name fool you, it doesn't do the show justice). This episode of the Intrinsic Value podcast sits down with the hosts of the We Study Billionaires podcast, who, throughout the years of having their own podcast show, have interviewed and studied some of the smartest and most respected investors, as well as looking at some fantastic businesses.

The way Fink & Grieve talk through investing concepts on their show resonates with me, so it's great to see these two doing a role reversal by answering the questions asked of them. A few of the most notable topics discussed include:

• How crucial the qualitative aspects of a company’s fundamental analysis are. The numerical side of things is an outcome of the qualitative factors.
• Recalling a podcast they did with the author of a book on historical asset bubbles. His modus operandi is continuing to invest during a downturn as he vast majority of us fool ourselves with overconfidence about seeing the next crash coming (refer to the study by Professor Schiller from Yale on the 1987 crash).
• Hearing from Fink & Grieve about their own due diligence processes when it comes to investing their capital and what they are trying to achieve. They discuss their checklists, something we’ve mentioned in a previous book review on Atul Gawande’s book The Checklist Manifesto.
• The concept of ‘Destination Analysis’ is explored, a term coined by the famed investor Nicholas Sleep. As it sounds, Destination Analysis is about thinking about the long-term road ahead and identifying the key indicators that truly matter to the end game for a particular company. This concept not only aids in long-term thinking but also in avoiding the pitfalls of the short-term volatility that can occur along the way.

If you haven’t started listening to either The Intrinsic Value podcast, or the We Study Billionaires podcast, then it is time to start.

‍Link to Podcast

3. ‍Book Review | Becoming Trader Joe by Joe Coulombe

Becoming Trader Joe offers a fascinating behind-the-scenes look at the evolution of one of America’s most beloved grocery stores. The founder, Joe Coulombe outlines the journey from humble beginnings in 1958, to creating a revolutionary retail brand that would change the grocery landscape forever. Written in a straightforward, engaging style, it provides readers with an inside view of the challenges, decisions, and insights that helped shape Trader Joe’s into the iconic store it is today.

Coulombe details how he saw opportunities where others didn’t, such as the decision to introduce a unique, curated selection of products that offered both high quality and value. The decision to focus on a quirky, approachable brand identity that resonated with customers is a testament to Coulombe’s unconventional approach to business.

Trader Joe's has become more than just a grocery chain; it’s a brand that has cultivated a loyal community of shoppers across America. The book is filled with practical wisdom for aspiring entrepreneurs, as well as those curious about the history of an influential American brand.

Three key quotes:

1. “Productivity in part is the product of tenure. That’s why I believe that turnover is the most expensive form of labour expense.”

1. “Throughout my career, my policy has been full disclosure to employees about the truce state of our affairs, almost to the point of imprudence. I took a cue from General Patton, who thought that the greatest danger was not that the enemy would learn his plans, but that his own troops would not.“
2. “People like secrets because secrets bring power. This is one reason I have never had a secretary.”

Link to Book

4. Podcast Review | Reasonable vs. Rational by The Morgan Housel Podcast

This is a brief episode of a popular business podcast that defines two key terms when it comes to investing. A few generations ago, a doctor noticed that patients with an incurable condition were often cured if they contracted another serious illness that caused a high fever. An extreme fever caused their bodies to fight against both conditions. Without the fever, their bodies didn’t fight against the incurable condition. So, what did this doctor start doing? He would inject patients with doses of viruses which caused extreme fevers as a way of resolving the bigger issue. Does the idea of purposely getting sicker to get better seem like a rational endeavour? No, clearly not…but given the circumstances and the evidence, it does seem like a reasonable course of action.

So, what on earth does this have to do with investing? Morgan Housel, drawing on a lesson from psychologist Daniel Kahneman, explains that acting rationally during financial market turmoil is extremely challenging. A popular business podcast briefly defines two key terms: humans, at least historically, are not wired for rationality, but we can strive to be reasonable in our thinking. Reasoning can help us maximise, not necessarily for returns, but for getting a good night's sleep and for avoiding future problems before they happen. If rational investing is largely unattainable, reasonable investing can serve as a solid alternative.

‍Link to Podcast

5. ‍Book Review | The NVIDIA Way by Tae Kim

The story behind the world’s most valuable company. As with any incredible success story, our memories are shaped by the here and now, not the way back when, but the story of NVIDIA is not one of an overnight success; rather, it is one of 30 years of very hard work and survival in an industry which has seen many falls by the wayside. Along the journey there has been numerous near-death experiences which this book dives into.

No doubt being the company at the epicentre of the current AI boom is what’s driven NVIDIA to where it is today. The decision by its founder and CEO, Jensen Huang, to essentially ‘go all in’ on AI, after the 2012 ImageNet image recognition breakthrough (more on that in the book), was a huge call to make, but obviously the correct one in hindsight.

Taking a step back, what are some of the keys to the success of NVIDIA, a gaming graphics company turned AI juggernaut?

The role of its fanatical founder, Jensen Huang. This cannot be understated, as without him, NVIDIA probably wouldn't be around today. He has ~60 direct reports, runs a very flat management structure, is a very hard taskmaster and has an insatiable appetite for learning;

Having some brilliant co-founders who were best of breed when it came to the technical side of semiconductors. They set the company on its path of early success, which drove further innovation, and led to further success.

A company culture which was operationalised for high performance – tight feedback loops between research, product, and go-to-market kept product cycles short and learning rates high – the “light speed” mantra;

A genuine paranoia of only ever being 30 days from going out of business, stressing the perils of bad decisions (admittedly, I am sure this paranoia was higher in the early days than in recent times!)

A lot of the book focuses on the background and leadership style of Jensen Huang. From humble beginnings as a teenage janitor, there is no doubt he has come a long way (understatement of the century perhaps), but he appears to always be far more focused on the future than celebrating the past. A great quote which personifies his leadership style…

“I'd rather torture you into greatness because I believe in you”.

‍Link to Book

6. Podcast Review | Sir Chris Hohn: Strategic Investing, Long-Term Value & Purpose — In Good Company Podcast

If there’s a final edge left in markets, Chris Hohn believes it’s this:

“The last free lunch is long-term investing.”

This episode of In Good Company is a sharp and thoughtful conversation between Nicolai Tangen (CEO of Norges Bank Investment Management) and Sir Chris Hohn, founder of The Children’s Investment Fund (TCI). TCI manages approximately US$60 billion with a refreshingly direct strategy: concentrated, high-conviction investing in companies with strong moats, solid governance, and long runways. Hohn doesn’t rely on complexity or fancy models. His edge is patience and discipline—two qualities that are increasingly rare in markets driven by short-termism.

Key takeaways:

• Concentration over diversification: Hohn typically runs a focused portfolio. He believes that if you know what you own, you don’t need to own 100 names. A handful of high-quality businesses—held through cycles—is enough.
• Governance matters: He’s known for his activist stance when boards aren’t acting in shareholder interests. But it’s not activism for the sake of it—it’s about unlocking long-term value.
• Capital with a purpose: Through TCI’s structure, a portion of the management fees goes directly to his philanthropic foundation, which deploys over US$500 million annually to climate and child health causes. Performance funds' purpose. That alignment is rare—and intentional.
• Discipline over forecasting: He doesn’t try to time markets or chase trends. Instead, he plays a narrow, deep game—only investing when the thesis is simple, durable, and backed by structural advantages.

If you value simplicity, durability, and purpose in investing, this is a conversation that reinforces some key themes, learnt from someone who practices what they preach.

‍‍‍Link to Podcast

7. ‍Book Review | Atomic Habits by James Clear

Atomic Habits is a small-changes-compound book. Author James Clear argues you don’t need massive overhauls to what you do; instead, you need systems that make the right action the easy action. This book is less a self-help pep talk, and more of an operating system for behaviour. It is worth stating that if you are looking for a book big on motivation, then this isn’t for you. Instead, it’s a playbook on tools and structures.

Some of the key concepts explored throughout the book include

• For a habit to become effective, you need to make it obvious, attractive, easy, and satisfying.
• An environment is more critical than an intention, hence setting up the proper environment is crucial. Environment beats intention; therefore, reduce the friction that can get in the way of forming a habit.
• ‘Stacking’ habits on habits and reducing friction are a powerful combination.

A lot of this book goes into concepts which would resonate with long-term investors, namely delayed gratification and compounding. Goals take time to achieve, and the journey to reach them is enjoying a future gratifying state. Add to this that tiny gains compound, just as tiny losses do. The forming of habits follows the same laws of compounding as does investing.

What's the bottom line?

“You do not rise to the level of your goals. You fall to the level of your systems.”

‍‍Link to Book

8. Podcast Review | Shareholder Letters—All of Them! — Founders Podcast Episode #388

There’s value in repetition. And few sources reward that like Jeff Bezos’s shareholder letters. The host David Senra describes these letters as a “crash course in running a high growth internet business from someone who mastered it before any of the playbooks were written.”

Below are some of the key themes which are consistent rhetoric throughout his letters:

• Long-term thinking: Bezos opens his first letter with “It’s all about the long term” and never stops hammering the point. Years later, that phrase still anchors every shareholder update. In fact, attached as an appendix to his annual letters is a copy of his first letter to shareholders in 1997. It is always the ‘Day 1’ mentality.
• Relentless customer obsession: The message is unwavering: invest heavily in customer acquisition and loyalty. Early adopters become lifetime advocates. Fun fact – type into a web browser (VIEW LINK).
• Operational excellence as a competitive edge: Efficiency isn’t just cost-cutting, it’s reinvestment. Lower prices fuel growth, scale, and cash flow. That creates a virtuous loop. This concept of ‘scale economies shared’ is extraordinarily powerful and something which the famed investor Nicholas Sleep was known for identifying in the companies he invested in (including Amazon).
• Innovation paired with judgment: Bezos isn’t reckless. He swings for home runs, but only after mastering judgment. Experimentation, yes. Blind risk-taking, no.

In the pantheon of valuable investor letters, the Bezos letters are up there with the best of them. Do yourself a favour and read the 1997 letter here.

‍‍Link to Podcast

9. ‍Book Review | The Company I Keep by Leonard A. Lauder

The Company I Keep is Leonard A. Lauder’s insightful memoir, tracing his journey from childhood to leading The Estée Lauder Companies into a global beauty powerhouse. From the very start, Leonard provides readers with an in-depth look at how his mother, Josephine Esther, started the business from her kitchen and how she turned it into an iconic brand.

Joining the family business in 1958 after his Navy service, Lauder propelled the company with bold moves: launching the revolutionary Youth Dew fragrance, entering international markets, and navigating fierce competition with creativity and grit. Beyond business, he shares his passions - building a world-class art collection and championing education, healthcare, and cultural philanthropy.

The book is more than a memoir filled with a detailed history of the cosmetics juggernaut, but a masterclass in leadership, innovation, and strategy. For anyone fascinated with cosmetics or global brands or just an extremely insightful memoir, The Company I Keep, by Leonard Lauder, is truly worth a read.

Four key quotes from the book:

1. “I remember lying in my bunk at night thinking, “I will get through this.” It’s a matter of finding your intrinsic worth, what makes you work. I eventually realised, “okay, I am not the smartest guy around. But I only need to prove myself to myself. I don’t need to prove myself to others.”

1. “Ownership doesn’t come from the shares of stock that you have. It comes from the responsibility you feel for your company and your colleagues.”
2. “Committees are the death of creativity and productivity. Everyone loves the phrase “Ask the task force.” But a task force is just another term for the “Anvil Chorus.” It will flatten a good idea as thoroughly as a blacksmith’s hammer will flatten a piece of hot metal.”
3. “Be careful to recognise the difference between a trend and a fad. The trend is important and will take you somewhere. A fad doesn’t last long. It’s easy to get on the bandwagon, but in today’s rapidly changing environment, don’t give up your hard-earned brand equity to follow a flash in the pan.”

Link to Book

10. ‍Book Review | On The Hunt For Great Companies by Simon Kold

This book, which you could describe as an educational guide, does a good job of combining written theory with real-life examples and illustrations to demonstrate concepts that all point towards identifying quality companies. There is plenty of valuable content. The concepts explored, some in quite a detailed manner, will either prove useful in reinforcing ideas you may already know, or will provide a clear and concise understanding of new concepts which will help your investing journey.

The author systemically steps through a range of topics, including:

• The risks and benefits of diversity of income streams;
• How to minimise risk when looking at cyclical companies;
• Determining marginal/incremental cost profiles and what that can mean for a company’s quality;
• Business models that are proven vs those business models which aren’t;
• What makes a company’s competitive advantage durable;
• Capital allocation & what to look for in shareholder communications; and
• Analysing industry dynamics.

A key topic raised in this book is that there is no ‘perfect scorecard’. It might be impossible to find a company that ticks ALL the boxes. You will search in vain if that is what you are after. That being said, a quality company is likely to show quality in enough areas that truly matter and what truly matters will be different from company to company. The inverse of this is a reinforcement that there will always be an element of risk and unknowns when investing. The best you can do is position yourselves in companies you perceive to be of a level of quality which is high enough to withstand the unknowns whilst also being able to grow over the long term. Investing is more art than science!

Link to Book