The CoStone Reader Recommends Vol. 16



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Homo Deus: A Brief History of Tomorrow

By Yuval Noah Harari

    Yuval Noah Harari, author of the critically acclaimed New York Times best seller and international phenomenon Sapiens, returns with an equally original, compelling, and provocative book, turning his focus toward humanity's future and our quest to upgrade humans into gods. Although technology upgrades bring about unemployment, over the past decades, humankind has managed to do the impossible and rein in famine, plague, and war. The world thus embraces unprecedented prosperity. Upgrade human bodies, improving intelligence, overcoming death and creating artificial life have replaced famine, plague and war and are now at the top of the human agenda.



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Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism

By George A. Akerlof and Robert J. Shiller

    In Animal Spirits, acclaimed economists George Akerlof and Robert Shiller challenge the wrong economic wisdom, and put forward a bold new vision that will transform economics and restore prosperity. As they expect, people tend to have the blind faith in ever-rising housing prices and are fully convinced that the real estate industry is the best destination of investment. They are given the false impression that the higher the housing price is, the easier to gain from their investment. Shiller also details the challenges in China’s real estate market. The exorbitant property prices have fostered enormous speculative trades. Animal Spirits offers a road map for reversing the financial misfortunes besetting us, and enable readers to channel the powerful forces of human psychology that are afoot in the world economy.

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Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets

By Nassim Nicholas Taleb

    Fooled by Randomness is a stand-alone book in Nassim Nicholas Taleb’s landmark Incerto series which includes The Black Swan, Antifragile, Skin in the Game, and The Bed of Procrustes. Fooled by Randomness is based on an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. It will change the way people perceive business and the world. In this book, Taleb expresses that most people underestimate the influence of happenstance on our lives. Fooled by Randomness provides captivating insight into one of the least understood factors in life. It warns that one should never look at the future through a rear-view mirror.


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To Everyone's Western Art History

By Jiang Xun

    If you are in Paris Louvre, you are surely recommended the three treasures, namely the Mona Lisa, the Goddess of the Victory and Venus de Milo. But if you are not willing to travel far, we recommend you this masterpiece of western art history. To Everyone's Western Art History is a number one go-to-guide of western arts. It makes the complicated notions of arts accessible to general readers. Jiang Xun looks beyond the paintings themselves and unveils the humanity and lives beneath those works.

Rewritten by: Luo Xinying, Edited by: Du Zhixin, Wei Yiy

The year 2019 marks the fortieth anniversary of China’s Reform &Opening-Up, once again, we meet at the turning point of history. What’s the next step for the game, is there any clear guidance? The answer is affirmative.

Our country is enjoying a good momentum of development, which does not come from the Washington Consensus nor the Beijing Consensus. China’s experience has proved that both the visible hand and the invisible hand are crucial: the visible hand, stands for the government-led reform, and would yield benefits for reform and opening up; the invisible hand, stands for the Marginal Power represented by the private sector, and would improve economic efficiency and tax collection, create jobs and employment opportunities.

Provided that we want to protect and expand the benefits form reform, three simple but mandatory agreements are to be made and followed: No.1 Private ownership must be recognized, protected and treated equally with public ownership constitutionally, both ownerships are scared and inviolable;No.2 Make further clarification of the principal position of market economy, “deepen economic system reform by centering on the decisive role of the market in allocating resources”, as President Xi addressed in the third Plenary Session of the 18th CPC Central Committee;No.3 Implement the guiding principles of “comprehensively promoting law-based governance” of the fourth plenum. The rule of law is essential for economic growth, irreplaceable to protect private ownership, and necessary to encourage innovation and entrepreneurship.

Above are three rules for us to avoid falling into the Middle-income Trap. Assuming that we are breaking systematic barriers to private enterprises’ participation in market economy, and boosting innovation and entrepreneurship of our society, then we are heading towards a promoting direction. We are marching in the path of light, regardless of the ups and downs of Sino-US relationship, the drop in GDP growth rate, or the monetary policy.

These principals also apply on knowing how better to run a business: don’t be hedged by rules and regulations at the beginning, pay more attention to your survival, and you’ll learn more when you start your second business.

For many years, Huawei has been the only Chinese company on the list of the Top 50 R&D Spenders. Regardless of the economy and its income, what Huawei has been doing is investing in its future, dedicated to R&D, continuously and resolutely. This provisional work underscores Huawei’s accomplishments, makingHuawei anindustry leader.

So, there are standard answers on how to run a company,which could be summarized as concentration and professional dedication, continuous investment on innovation and trying harder in R&D. Entrepreneurship is also important, every single company needs entrepreneurs to push aside all obstacles and difficulties, to implement strategies and ideas. We, as investors, are destined to look for such outstanding entrepreneurs and their companies, invest in them and partner with them.

At this key point of history, a country, a company, or asingle individual, will all need to find the right path. Four decades after the Reform and Opening-up, it’s time to learn from our experience and stop “wadding across


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