Showing posts with label finance. Show all posts
Showing posts with label finance. Show all posts

The Harriman House Book of Investing Rules: Collected Wisdom from the World's Top 150 Investors Review

The Harriman House Book of Investing Rules: Collected Wisdom from the World's Top 150 Investors
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"The Global-Investor Book of Investing Rules" is like going to a cocktail party with 150 prominent investment authors and analysts and pumping them for information. We get to hear from Bob Prechter, Marc Faber (a/k/a "Dr. Doom"), Paul Wilmott, and many others. The multiplicity of approaches is excellent: some of the subjects are stock investors, others concentrate on commodities; some use technical analysis, others are fundamentalists. Dr. Faber's one point of advice is one of the best that I have ever read in a financial book: he suggests that consumption of wealth is always an option--buy a good book, go out to dinner with family and friends. It is a shame that such a wonderful book is already out of print, but luckily you can buy a used copy very cheap. It's a bargain!

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For the first time, the tactics, strategies and insights relied on by 150 of the world's most respected financial experts are revealed in a concise, digestible form. Learn how you really make money in the markets from: fund managers of billion-pound equity funds; traders in the options and futures markets; industry-rated analysts; economists from top business schools; and, writers on leading financial newspapers. Each provides focused and practical rules on how to succeed in the market. Often counter-intuitive, their rules tell you exactly what to do and what not to do. No padding; just a rock-hard list of do's and don'ts. The contributors to this book are the elite of investing. They consistently beat the market because they know which shares to buy, at what price, and when. And, just as importantly, they know when to sell. Never before has so much quality advice been packed into a single book. If you want to increase your wealth through investing, this is an unmissable opportunity to acquire knowledge and skills from the best in the world.

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The Affluent Entrepreneur: 20 Proven Principles for Achieving Prosperity Review

The Affluent Entrepreneur: 20 Proven Principles for Achieving Prosperity
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The Affluent Entrepeneur was a pleasant surprise. I normally don't enjoy non-fiction books because they don't hold my interest, either through poor writing, or poor subject matter. The Affluent Entrepeneur was well-written and interesting. Giving concrete, real-world examples of each principle and how to put those princilple into affect in your own life. Patrick Snow has written an easy to follow road map for all who wish to become more affluent, not just monetarily, but in all aspects of their life. Great job.
Tara

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Take charge of your financial future and improve your overall well being
In today's unpredictable economy, the best way to ensure financial security is to build your own business. You can neither count on nor control your employer's success, but you can depend on your own creativity and solid work ethic to achieve prosperity.
The Affluent Entrepreneur empowers you to identify your innermost marketable passion, and then turn that passion into your profession by becoming a successful business, regardless of your background, experience, or level of education.
Provides you with 20 proven principles to achieve success faster than you ever imagined
Propels existing entrepreneurs toward reaching the next level with their business
Offers proven advice from an author who has been featured in major newspapers such as USA TODAY, The New York Times, the Denver Post, and the Chicago Sun-Times, as well as on hundreds of radio stations

If you're tired of depending on others for your success and well being, The Affluent Entrepreneur gives you the edge you need to launch and grow your own business and create your own long-term financial freedom and security.

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Monkey Business: Swinging Through the Wall Street Jungle Review

Monkey Business: Swinging Through the Wall Street Jungle
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Before going into my review, let me start with a caution. This book is the grossest, most vulgar business book I have ever read . . . by a very wide margin. This book would have been banned in Boston 50 years ago. If that sort of thing offends you, this book is a minus ten stars. Many women will feel this book is anti-female. On the other hand, if you happen to like your humor male, bold and brassy, this book will be one of the funniest you will ever read.
As someone who often works with investment bankers, the descriptions about how business is sold and delivered should be tempered a bit. This book describes pretty much every investment banker as shoddy, shallow, and manipulative. That has not been my typical experience. There are terrifically smart, talented, ethical and humane investment bankers. For example, one of my favorites never used a pitch book during his first meeting with a client. Pitch book preparation is one of the banes of the young investment banker's existence. But like all professions, investment bankers vary a lot. There are certainly some less capable ones, and I have seen their work too. I would describe it much like the authors do.
In terms of the working conditions, they are mostly a reflection of weak management in the industry. Investment banks reward doing deals, not being good managers of the deals. A fellow I know became CEO of a major investment bank, and made much less money after that than when he was just a deal-maker. He found little interest on the part of his colleagues in improving management, so it was pretty frustrating. It just doesn't pay to work on making life better for the investment bankers in training, compared to producing more business.
The book's main point is that many young people enter investment banking without knowing what it is like, and are overly impressed with the financial prospects. If your values really favor having time for yourself, your family, and developing your other interests, this is probably the wrong career for you. There are plenty of other ways to make lots of money. The richest people I know are entrepreneurs, not investment bankers.
The book's other main point is that you should take a look at close yourself before you compromise too many of your values. The authors should have never joined an investment bank. Having done so, they should have left much sooner.
CEOs and CFOs should read this book also, to know what to check out carefully in the work that investment bankers do. Most companies now develop their own ideas, and just hire the investment bankers for implementation. In that role, fewer problems will occur of the sort described here. Perhaps the most dangerous role is having an investment banker help you select and pursue an acquisition. Many expensive mistakes follow under those circumstances. Caveat emptor!
You will probably find the monkey drawings in the book add to the humor. The text frequently refers to monkey-see, monkey-do type examples, and the whole story is seen more usefully as a bunch of monkeys playing in a gilded cage. That takes some of the sting out of the gratuitous grossness.
If you liked the put-downs of investment bankers in Liar's Poker, this book will be irresistible to you.
After you have had a good laugh, take a look at your current job and see how well it fits your values and life goals. Chances are that it doesn't. Be prepared to figure that out, and move onward and upward out of whatever gilded (or not-so-gilded) cage you are in today into the freedom of self-actualization.


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The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History Review

The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History
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This is an incredible book about John Paulson, and in general, the trade against the housing market. This is a great read for anyone who is interested in how an investment thesis is constructed and executed.
There were two pleasant surprises of the book:
1. Cast of Characters - How different investors, besides John Paulson, also saw the similar trade opportunity and went for it. As the crisis unfolded John Paulson, George Soros and a host of other investors were revealed to have been shorting the housing market. The surprise was learning about the host of other, "unknown" investors from a medical school dropout to a cocky Deutsche Bank trader to wealthy real-estate mogul to a recently graduated MBA, each of whom recognized the crisis before most others and were able to trade against the rest of the investment community.
2. The transformation of John Paulson - He was initially described someone who was smart, but not as someone who always "had to be the best" or a natural leader; in other words he was not the classic alpha male.John Paulson was portrayed as a random i-banker with awkward communication skills, a weak handshake and an affinity for the NYC club scene. Many actually saw his career as stalled and unexceptional. The book is very good at showing how he transformed himself from a run of the mill finance professional to someone whose ambition grew and grew....and once he saw the opportunity he calmly executed his trade and transformed his life.
(A small side note...this is also the one of the best books describing the technical terms of the housing crisis (e.g. CDS, MBS).)
Finally, even though the ending is essentially known (the collapse of the housing market), the description and narrative of the sequence of events is riveting.
A great read for anyone interested in finance, the markets, and the real estate crash.

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In 2006, hedge fund manager John Paulson realized something few others suspected--that the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall. Paulson's background was in mergers and acquisitions, however, and he knew little about real estate or how to wager against housing. He had spent a career as an also-ran on Wall Street. But Paulson was convinced this was his chance to make his mark. He just wasn't sure how to do it. Colleagues at investment banks scoffed at him and investors dismissed him. Even pros skeptical about housing shied away from the complicated derivative investments that Paulson was just learning about. But Paulson and a handful of renegade investors such as Jeffrey Greene and Michael Burry began to bet heavily against risky mortgages and precarious financial companies. Timing is everything, though. Initially, Paulson and the others lost tens of millions of dollars as real estate and stocks continued to soar. Rather than back down, however, Paulson redoubled his bets, putting his hedge fund and his reputation on the line. In the summer of 2007, the markets began to implode, bringing Paulson early profits, but also sparking efforts to rescue real estate and derail him. By year's end, though, John Paulson had pulled off the greatest trade in financial history, earning more than $15 billion for his firm--a figure that dwarfed George Soros's billion-dollar currency trade in 1992. Paulson made billions more in 2008 by transforming his gutsy move. Some of the underdog investors who attempted the daring trade also reaped fortunes. But others who got the timing wrong met devastating failure, discovering that being early and right wasn't nearly enough. Written by the prizewinning reporter who broke the story in The Wall Street Journal, The Greatest Trade Ever is a superbly written, fast-paced, behind-the-scenes narrative of how a contrarian foresaw an escalating financial crisis--that outwitted Chuck Prince, Stanley O'Neal, Richard Fuld, and Wall Street's titans--to make financial history.From the Hardcover edition.

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Lawn Boy Review

Lawn Boy
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LAWN BOY provides some quick entertainment. It's a very manageable read at less than 90 pages. Readers are treated to quite a few laughs and a little business education.
The main character is a 12-year-old boy. His grandmother gives him a riding lawn mower for his birthday. She says it was his late grandfather's mower. Miracle of all miracles, the thing actually works, and he sets about mowing their pitiful excuse for a yard.
When he finishes the yard, a neighbor wonders if he can get his own lawn mowed. Soon he's mowing for the whole neighborhood. In a few short days, he has over three hundred dollars stuffed in his pockets.
Arnold, a stay-at-home stockbroker, would like his lawn mowed; but he admits to being short on cash. He offers a deal -- mow his lawn and he'll invest the cost of the mowing in the stock market and hopefully increase the investment. Boy, does he!
Before he knows it, he has a growing business and more money than he can even imagine. He has a stock portfolio that would be the envy of any businessperson. And just think, his only dream at the start of the summer was to have enough to afford a new inner tube for his bike tire.
The problem now is how do you break it to your parents that in five short weeks you have tons of money? Will they believe you?
Gary Paulsen has done it yet again. His die-hard fans will like the story, and reluctant readers will find it a quick and satisfying read. It's also a terrific read-aloud that will have them laughing and teach them a little about capitalism in the bargain.
Reviewed by: Sally Kruger, aka "Readingjunky"


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Get Motivated: Overcome Any Obstacle, Achieve Any Goal, and Accelerate Your Success with Motivational DNA Review

Get Motivated: Overcome Any Obstacle, Achieve Any Goal, and Accelerate Your Success with Motivational DNA
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WHAT I LIKED
1) Honesty upfront. The author plainly states that there is no 1 size fits all and you're free to disagree with her framwork.
2) A variety of helpful best practices for getting you motivated, despite what your personality may be.
3) The author does try to shove in as much information as possible.
WHAT'S LACKING
1) The study needs to be included as an appendix to the book. I would gladly add a star to my review for this. On page 5, the author tells us that the ". . . system that I am about to unveil is based on an eight-year study that my team and I have conducted with more than 10,000 people. It is a research-based, systematic approach to achievement--and it works." If you're going to claim that an approach is backed up by scientific data, then you have to provide more details about the data and the science that you used.
2) The middle core chapters fail to actually help you "get motivated". There's inspirational stories, lots of quotes, bulleted and numbered listes, but little in the way of actionable steps that help one become motivated. Let me use chapter 9 to illustrate:
i) 1 page story on Mother Theresa
ii) 1 page describing the temperment of internals
iii) 2 1/2 pages on the personal story of Joshua Hanson
iv) 1 page on Pat Riley
v) 1 1/2 pages of quotes by internals
vi) 1/2 page description of the communication style of internals and a bulleted list of how to communicate with internals
vii) 1 page description on how internals look at the world
viii) a bulleted list of 6 strengths of internals, including "virtuous character"
ix) 1/2 page of the weaknesses of internals
x) 1 page of what internals want at work
xi) 7 bullets on how to work with internals, including "demonstrate interest in their family, concerns, and passions".
xii) short descriptive sections (1/3 page or less each) on "internals at play", "internals in relationships", "resolving conflict with internals", and "value to organization"
xiii) 1/3 page on what de-motivates internals
xiv) 10 point list on what motivates internals
xv) 1 page on what rewards to give internals to motivate them
xvi) 1/4 page of "Advice for Internals"
See the problem here? Out of 16 pages in the chapter, only 1.6% of chapter 9 contained information about what internals were supposed to do to become motivated. Wasn't that the point of the book?
The author does include, in chapter 15, 4 pages on how she, as a someone of "variety" motivated herself to get serious about workouts through variety. Then in the Appendix A, there are several (typically 4) questions for each category that are supposed to be used by people to ask themselves in order to get better motivated. Even so, that's not enough. This book should have included instructive lessons on how to get motivated in each of the core DNA chapters backed up by multiple case studies, instead of the descriptions, quotes and bullet points.
I want this to be a 5 star book and here's 3 things the author could make to achieve that:
1) Make it easier for an individual to identify which DNA categories that they fall into. Be much more detailed, such as a list of 50 questions, instead of just describing general characteristics of a group.
2) Re-do the core chapters. First, begin with the purpose that the chapters MUST teach an individual how to improve their own motivation. If I'm buying a book on motivation, it must mean that I want someone else's advice on better ways to become motivated. Telling me characteristics about myself or how a boss might motivate me with recognition, private praise, etc. isn't of much help. Second, the items from Appendix A should be worked into the chapters. If this book is to be truly useful, it must be organized in a way that it can act as a reference. The styles in 7 Habits and How to Meet Friends are good examples of how to organize the content so that it is straightforward and can be used as a reference.
3) Add an appendix with detailed explanation of the research.

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The Tao of Warren Buffett: Warren Buffett's Words of Wisdom: Quotations and Interpretations to Help Guide You to Billionaire Wealth and Enlightened Business Management Review

The Tao of Warren Buffett: Warren Buffett's Words of Wisdom: Quotations and Interpretations to Help Guide You to Billionaire Wealth and Enlightened Business Management
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This book is in a class by itself, almost without equal. There are several reasons. Most of the time you have to read a whole book to find that one gem that made the book worthwhile. Sometimes it's one page you are looking for, once in a while, it's a paragraph. I have read many books for that one sentence that provides inspiration. When you say to yourself, "Why didn't someone write this book before," then you know you have a winner.

But this book, WOW - every page was a work of art. I have been studying Warren Buffett since 1968, about four decades of observing the master, and I have met him on several occasions when he sojourned down to Wall Street. When you read this book, this is what you will find.The Tao of Warren Buffet is a short book with 125 different major thoughts in it. Each thought is a direct Buffett quote. In the back of the book is a bibliography, which will give you the attribution for each thought. For most of the 125 thoughts listed, the bibliography will also furnish an Internet web address to find the original source for the quote, whether it's an annual report, magazine article, or public speech, you will find the source. In addition to the 125 thoughts, you will find about a page of narrative furnished by the authors, Marry Buffett (Warren's former daughter in law) and David Clark who is himself a Buffett watcher. They will be giving you clarification, and illustrations of the Buffett quote in action. I'll found both the original quotes, and the author's narrative to be ABSOLUTELY FASICINATING. If you are involved in the stock market it is more than fascinating, it is COMPELLING. Here's the deal, there's no nonsense here. There's no filler. Mary Buffett's book is short in length, small in your hand, easy to carry, and loaded down with WISDOM. Here are a few of the pearls of wisdom you will find in this book, and then you decide if you should read it. I have indicated the number of the rule from the book. Rule # 4"You Can't Make a GOOD DEAL with a BAD PERSON."
This is spot on brilliant. You can't put enough energy into watching a thief, because a thief is busy being a thief 24 hours a day, and you might only have an hour to watch him. In addition, you can't install enough internal controls to safeguard against a dishonorable person. Just don't deal with those kinds of people.Rule # 9"Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway."
Having spent 35 years involved with Wall Street, and currently being a Managing Partner of a national prominent investment-banking firm, I can't tell you how true this is. I have seen people barely competent, advising self-made billionaires on what to do with their money. The same is true for the firms themselves. Many of the billionaire clients are worth more than the firms arranging the financing. "Empty suits" is the expression we like to use. Rule # 49"It's only when the tide goes out, that you learn who's been swimming naked."
Enron is a perfect example of this witticism. The CPA's came in from Arthur Andersen, saw all this wealth. They saw helicopters landing on the top of the Enron building. They saw guys with $40 million paychecks, and they accepted whatever was handed to them as bona fide, as long as the $50 million check for the audit fee cleared the bank. Rule # 57"Never ask a barber if you need a haircut."
Is this brilliant or what? He's talking about Wall Street, brokers, investment advisors, financial planners, surgeons, and everybody with a private agenda. Brokers make their money by doing transactions, investment bankers by forcing the deal to happen, good, bad, or indifferent. Rule # 68You only have to do a very few things right in your life, so long as you don't do too many things wrong."
Buffett's net worth is in excess of $50 billion. My understanding is that 90% of that net worth has come from only 10 investment decisions, and you think you want to DAY TRADE. Rule 74"I buy expensive suits. They just look cheap on me."
Buffett did not buy an expensive suit until he was 60 years old. He figured out that $25,000 at 20% compounded growth for 20 years, was almost a million dollars. Who needs suits?Rule# 112"What we learn from history is that people don't learn from history."
Whether it's Viet Nam, Iraq, or investments, this is from the brain of a genius. If each of us could only understand the emotional truth of this statement and take it to heart, we would be so much better off, and so would our portfolios. CONCLUSIONIf you are an investor, I implore you to read "The Tao of Warren Buffett". It's short, easy to read, and will change your investing life. You will not have to go through the work of reading all of Buffett's public statements to find the gems. The sum total of his investment wisdom is in this book.There is something to be said for going through the work yourself. I would rather see you read this book, if you will absorb the contents. I would pay my children to read it, and do give it to your investment advisors. If they say, "What's this," then it's time for NEW ADVISORS. Good luck to youRichard Stoyeck


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A collection of pithy and inspiring sayings from America's favorite businessman that reveal his secrets of success Like the sayings of the ancient Chinese philospher Lao-tzu, Warren Buffett's worldly wisdom is deceptively simple and enormously powerful in application. In The Tao of Warren Buffett, Mary Buffett -- author of three books on Warren Buffett's investment methods -- joins noted Buffettologist and international lecturer David Clark to bring you Warren Buffett's smartest, funniest, and most memorable sayings with an eye toward revealing the life philosophy and the investment strategies that have made Warren Buffett, and the shareholders of Berkshire Hathaway, so enormously wealthy. Warren Buffett's investment achievements are unparalleled. He owes his success to hard work, integrity, and that most elusive commodity of all, common sense. The quotations in this book exemplify Warren's practical strategies and provide useful illustrations for every investor -- large or small -- and models everyone can follow. The quotes are culled from a variety of sources, including personal conversations, corporate reports, profiles, and interviews. The authors provide short explanations for each quote and use examples from Buffett's own business transactions whenever possible to illustrate his words at work. As Warren says: "You should invest in a business that even a fool can run, because someday a fool will." "With enough inside information and a million dollars, you can go broke in a year." "No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant." "Our method is very simple. We just try to buy businesses with good-to-superb underlying economics run by honest and able people and buy them at sensible prices. That's all I'm trying to do." The Tao of Warren Buffett inspires, amuses, sharpens the mind, and offers priceless investment savvy that anyone can take to the bank. This irresistibly browsable and entertaining book is destined to become a classic.

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The Winning Investment Habits of Warren Buffett & George Soros Review

The Winning Investment Habits of Warren Buffett and George Soros
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I am surprised that this book doesn't get the attention that it so rightly deserved. This is indeed a hidden gem! I have read dozens of investment books over the years and this book definitely belongs to my all-time top 5 must read. The writing is simply amazing with investment advices that are clear, succint and easily applicable to our own investment situations.
The book caters to a broad audience with investment advices that will prove beneficial to even the most seasoned investors. Beginners will love the book's approach detailing a step-by-step mental checklist to go through when making investment decisons. I am truly impressed by the author's careful research of coming out with 23 winning habits employed by the world's most successful investors including Warren Buffett and George Soros. I always thought that Warren is a true long-term investor and business owner whereas George is a amazing speculator taking advantages of current market conditions. Their investment philosophies must be worlds apart. Boy, was I wrong. As the author points out, they both have the same 23 winning investment habits as they go thru the same mental checklist when making investment decisions! This book is indeed a revelation.
I won't spoil the party by telling you what the 23 winning habits are. But I promise that each page is a head-turner and you will learn so much and improve your investment record up a notch for every habit that you acquired and practiced. It is one of those rare investment books that I have read cover-to-cover for a great many times and still find the urge to refer back to it. I am sure you will too!


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Warren Buffett, Carl Icahn, and George Soros all started with nothing---and made billion-dollar fortunes solely by investing. But their investment strategies are so widely divergent, what could they possibly have in common?As Mark Tier demonstrates in this insightful book, the secrets that made Buffet, Icahn, and Soros the world's three richest investors are the same mental habits and strategies they all practice religiously. However, these are mental habits and strategies that fly in the face of Wall Street's conventional mindset. For example:-Buffett, Icahn, and Soros do not diversify. When they buy, they buy as much as they can.-They're not focused on the profits they expect to make. Going in, they're not investing for the money at all.-They don't believe that big profits involve big risks. In fact, they're far more focused on not losing money than making it.-Wall Street research reports? They never read them. They're not interested in what other people think. Indeed, Buffett says he only reads analyst reports when he needs a laugh.In The Winning Investment Habits of Warren Buffett & George Soros you can discover how the mental habits that guided your last investment decision stack up against those of Buffett, Icahn, and Soros. Then learn exactly how you can apply the wealth-building secrets of the world's richest investors to transform your own investment results.

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Invest Like a Dealmaker: Secrets from a Former Banking Insider (Agora Series) Review

Invest Like a Dealmaker: Secrets from a Former Banking Insider (Agora Series)
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When I started this book, I was looking forward to seeing a somewhat contrarian approach to investing; something a little different from the Cramers, Fishers, Buffetts, etc. out there. And Mayer promises as much.
For the first part of the book, Mayer lives up to his promise, clearly contrasting a dealmakers' approach to investing and analyzing a potential purchase and contrasting it to that of the average investor. He makes a few excellent points, such as how a stock price only tells a fraction of the story, looking at whether a company has tangible vs. intangible assets, etc.
After the first few chapters, the author starts to meander. The rest of the book is a hodgepodge of advice gleaned from various greats, such as Joel Greenblatt and Marty Whitman. In one case, Mayer greatly disappoints when he starts discussing one of Greenblatt's theories, leaves a lot of open questions, and tells us to read Greenblatt's book for the rest. Was Mayer paid to plug Greenblatt's book?
As one who has graduated from the CNBC soundbyte approach to investing and was looking for something more substantive, I found the book to be a good starting point in throwing out some ideas and adding a bunch of books to my reading list. But otherwise, I don't see who the audience is: the book is too advanced for the novice investor, and the advanced investor who's read the classics won't find much new here, especially after the first couple of chapters.
Overall, the book has some redeeming value, but I didn't find it to live up to its promise.

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Invest Like a Dealmaker outlines an approach to investing that is far removed from what most investors have been conditioned to believe, but which has produced consistent profits for its practitioners decade after decade. While the concepts covered are not well known by the average investor, they are well appreciated by Wall Street insiders and dealmakers—particularly those who think about stocks as whole companies, as things with real assets, and cash flows that exist in the real world.

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From Boom to Bust and Beyond Review

From Boom to Bust and Beyond
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This book is really really good. I would heartily recommend it as it gives a good review of what led to the crisis without getting mired in minutae. It is an excellent big picture overview of both the economic crisis that befell our country, the boom period that preceded it, and sound logical conclusions about the coming economic winter. It is an excellent motivator for looking into the financial future in terms of preparation and general direction. It seems to be written in a way that is above and outside all the noise that comes from the typical analysts out there. It is a bit short on more specific information on what to do to preapare and act for the coming financial winter, but in a way that is good...a dose of humility from the author.

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The United States is coming off a period of growth and prosperity unlike anything the world has ever seen before. Like a Hawaiian surfer riding a gigantic fifty-foot wave, the entire U.S. and world economy was carried by consumer spending from the Baby Boomers. It was a truly wonderful and phenomenal period of growth. Unfortunately the wave has now hit the beach and we have entered an unprecedented demographic winter, something as yet unknown to the modern world.

History has shown us that every economic crisis results in a political change that the country must wake up to. Although things will continue to be tough, author Jerry Tuma believes that there are things we can do—as individuals and as a nation—to mitigate the damage and even succeed and prosper through what is coming next. Armed with, demographics, statistics and thirty years of economic and financial planning expertise, he covers the factors that got us where we are, and gives educated predictions on where we are headed next, providing insight into topics such as…

Our moral, demographic and economic history (how we gotwhere we are today) Themyth of overpopulation Why prosperity comes to societies with highbirthrates and what that means for public policy issues from adoptionto immigration Howdemographics shows us what is coming next and how you can thrive throughthe new economic realities
Like the old football saying, "Luck is when preparation meets opportunity," and with the right knowledge, there will be unprecedented potential for opportunity for both economic and financial gain.


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Master Traders: Strategies for Superior Returns from Todays Top Traders (Wiley Trading) Review

Master Traders: Strategies for Superior Returns from Todays Top Traders (Wiley Trading)
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If you compare this book directly with Market Wizards I & II, you will definitely be very disappointed. However, if the presence of one or two very bright ideas in one single book can already satisfy you well, you may still give it a try. IMHO, the chapter by David Miller (Keys to Biotech Investing) is outstanding, whilst the rest are just so so or even substandard. Sorry to say that there are many better alternatives in the market of the "various authors" genre, like the aforesaid ones and "Inside the House of Money" by Steven Drobny. In short, not recommended.

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CAIA Level I: An Introduction to Core Topics in Alternative Investments (Wiley Finance) Review

CAIA Level I: An Introduction to Core Topics in Alternative Investments (Wiley Finance)
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While it may seem intimidating at a glance, Anson's book is surprisingly readable for what seems like an academic text. It gives a thorough review of the material needed to pass CAIA Level I, and provides thoughtful examples without getting too detailed. I would recommend this not just to those who are sitting for CAIA Level I, but also those with a general interest in alternative investments. If you are considering taking the test, I would strongly encourage it.

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The official study text for the Level I Chartered Alternative Investment Analyst (CAIA) exam
The Chartered Alternative Investment Analyst (CAIA) designation is the financial industry's first and only globally recognized program that prepares professionals to deal with the ever-growing field of alternative investments. The CAIA Level I: An Introduction to Core Topics in Alternative Investments contains all material on alternative investments that a potential Level I candidate would need to know as they prepare for the exam.
The information found here will help you build a solid foundation in both traditional and alternative investment markets-for example, the range of statistics that are used to define investment performance as well as the many types of hedge fund strategies. It will also inform CAIA candidates on how to identify and describe aspects of financial markets, develop reasoning skills, and in some cases, make computations necessary to solve business problems.
Contains "need to know" material for Level I candidates and for alternative investment specialists
Addresses all of the unique attributes associated with the alternative investments space
Organized with a study guide outline and learning objectives with key terms, available for free at www.caia.org/program/studyguides
Focuses on alternative investments and quantitative techniques used by investment professionals

This book is a must-have resource for anyone contemplating taking the CAIA Level I exam.

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How The World Really Works Review

How The World Really Works
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I am going to put my reputation on the line, and the 850+ non-fiction books I have read that make me the #1 Amazon reviewer for non-fiction (and to my great surprise, today #49 over all fiction, movies, music, and software as well as non-fiction) for the simple reason that too many people discuss books such as this by labeling it "conspiracy theory."
It's not a conspiracy theory if it is true. I will try to be brief as well as illuminative.
First off, the author has culled a handful of books that support his case against a global financial elite, and these tend, with the exception of the Quigley book, to be left of left of center. I am however happy to add a number of books that support his essential theses that a handful of banking families control the central banks which are NOT government banks, and through loans, control governments, impoverish the middle class, and harvest profit without conscience from the "working poor."
Try these on for size:
1) Confessions of an Economic Hit Man by John Perkins. 85% rock solid, 15% flakey, but in my view, a perfectly reasonable slam on the World Trade Organization and the International Monetary Fund as instruments for impoverishing lesser developed countries, not empowering them.
2) The End of Poverty: Economic Possibilities for Our Time by Jeffrey Sachs, another slam on the WTO/IMF, which he relegates to third rate out-dated economist ranks, not at all focused or able to achieve what he calls "developmental economics."
3) The Global Class War: How America's Bipartisan Elite Lost Our Future - and What It Will Take to Win It Back by Jeff Faux, a fine discussion of how our elites bribe the elites in other countries, and the both screw the public by looting the commonwealths of gold, oil, etcetera, without returns to the people whose families have lived on top of these resources for centuries.
4) Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It, by Paul Peterson of the Council of Foreign Relations (which the author hates, in my view it has two types of members--one manipulative like Henry Kissinger, another honest, like Paul Peterson), in which both the Republican and the Democratic parties are lambasted for being the ignorant slaves of the ultra-rich elites, and hopeless out of touch with reality and unable to represent We the People.
5) War Is a Racket: The Anti-War Classic by America's Most Decorated General, Two Other Anti=Interventionist Tracts, and Photographs from the Horror of It by General Smedley Butler, the highest decorated Marine of his time, who complained about being an enforcer for banks and businesses that lent money to the Third World then sent the Marines to get it back for them.
There are many other books that support this author's book reviews in great detail and from many varied perspectives. I refer you to my various lists, including the list on "Screwing the 90% that do the work."
The author has some pretensions and some slop, his arguments are not always consistent, but then neither are mine. On balance I regard this book as a first rate personal effort that should be read by every middle class person wondering, as Lou Dobbs on CNN has wondered, why we are exporting middle class jobs and importing poverty in the form of illegal aliens.
The author wraps up his varied reviews with a focus on the relationship between organized crime and the super-elite as well as their political elite (e.g. the Bush family, the best of the servant class), and on the relationship between drugs, covert operations, and Wall Street. Here again the author draws on a very tiny sub-set of books while not listing many others that support his thesis so I will mention a few here.
Having been through both Viet-Nam as a youth and the Central American Wars as an adult, I am quite certain that there are at least four different slices of the Central Intelligence Agency (CIA) where I served for ten years as a clandestine case officer:
A small slice does what the White House wants, including black bag jobs.
A small but more important slice does what Wall Street wants, and helps Wall Street with access to financially relevant information that the public which pays for the CIA does not get. Buzzy Krongard, until recently Executive Director of the CIA, comes to mind as the most recent leader of this section.
A larger slice, that does covert action off the books with funding from Saudi Arabia and others, sometimes called the Safari Club, sometimes having off-shoots like Ted Shackley's Southern Air Transport, and so on. This slice can provide the intersection between criminal activities, white collar crime profits, illegal White House activities, and plain profiteering.
Finally, 90% of the CIA, folks like me that did not realize they were simply going through the motions and giving the local counterintelligence service a full-time rabbit to follow while the commercial clandestine boys and girls looted the bank in bright daylight.
I have two intelligence lists that can be helpful here, but I have not focused on creating crime lists. I'll just say that between the books on the The Working Poor: Invisible in America and on being Nickel and Dimed: On (Not) Getting By in Americaand books on immoral predatory capitalism and unilateral militarism of the Dick Cheney variety (I have compiled a list of 25 specific impeachable actions by Dick Cheney based on three books:
The One Percent Doctrine: Deep Inside America's Pursuit of Its Enemies Since 9/11
Vice: Dick Cheney and the Hijacking of the American Presidency
Crossing the Rubicon: The Decline of the American Empire at the End of the Age of Oil
There is a very clear-cut and direct relationship between dictators, transnational organized crime and terrorism, and Wall Street as well as the Republican and Democratic National Committees (see Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It)
That reminds me: there is an entire literature on petroleum, peak oil, petrodollars, and so on. Americans have been betrayed by their government since at least 1975, and more likely, back to the 1950's when naiveté about international affairs was replaced by active complicity.
Good news. 1) Internet leveled playing field. 2) Not enough guns to kill us all. 3) A few of the really rich have realized they need to help us create infinite wealth for ourselves, or lose all they have to locusts. Read, be vocal, be active, we're going to get a grip on our commonwealth soon.
Tip of the Hat to Jere for the following added links:
When Corporations Rule the World
The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. a. Hayek)
Money Masters of Our Time


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The Panic of 1907: Lessons Learned from the Market's Perfect Storm Review

The Panic of 1907: Lessons Learned from the Market's Perfect Storm
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Edwin Lefevre's anecdotal account of the cash crunch of October 1907 in his timelessly street smart REMINISCENCES OF A STOCK OPERATOR (1923) has always begged for further commentary. His colorful recollection of how J.P. Morgan "saved" the New York Stock Exchange - "A day I shall never forget, October 24, 1907" - is in this current history placed in the larger context of a more general U.S. monetary crisis. Contributing events included the sudden, unexpected demand for capital following the San Francisco earthquake (1906), a Bank of England decision to slow the flow of gold to the U.S., a recklessly leveraged stock scheme hatched on Wall Street, and the absence of a central banking authority. Plunging asset values, impaired loan collateral values, a general loss of confidence, bank runs, financial ruin, and personal tragedy were the consequences of a "panic" that gripped the markets in that year. Even as one private individual, J.P. Morgan, provided the leadership and liquidity to the banking system, the City of New York, and the New York Stock Exchange, the events of 1907 dramatically underscored the need for a central bank to watch over the monetary needs of the country. The U.S. Federal Reserve as a lender of last resort was created in 1913.
The authors summarize the lessons of 1907 in a final chapter. I'm not sure that new ground is broken here, and the "perfect storm" cliche' is overdone these days, but it can be forgiven in this highly readable account. The point is that multiple contributing causes are in evidence in a financial crisis. Among those causes that stand out are an economy growing strongly where potential risks are marginalized (e.g. the recent mortgage meltdown), financial structures so interlinked or complex that no adequate overview can anticipate the impact of a failure (e.g. the size and opacity of the hedge fund industry), an exogenous shock (e.g. terrorist attacks of 2001), and a financial accident (e.g. a major bank or hedge fund collapse) that crystallizes the risks for the public. Market transparency, coordinated leadership, and adequate regulation are seen as critical elements in slowing the spread of contagion.
The authors don't go out of their way to look for these contemporary parallels, but the links are unavoidable. The strength of this book is that it is a page-turning, 'great read' with the added benefit of providing some useful, cautionary measures to help spot the next financial crisis.


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Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor Review

Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor
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If you are interested in reading about Buffett and his investment approach, this book is useless. This is a very short collection of quotes, most of which you will run into anyway.
If interested in Buffett as an investor, one good book is The Essays of Warren Buffett. If you want to save money even on this one, without missing out on the content, just download the letters to shareholders Buffett has written over the years and posted on Berkshire Hathaway's website, for free of course.

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Mastering the Trade: Proven Techniques for Profiting from Intraday and Swing Trading Setups (McGraw-Hill Trader's Edge Series) Review

Mastering the Trade: Proven Techniques for Profiting from Intraday and Swing Trading Setups (McGraw-Hill Trader's Edge Series)
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I like John Carter - I like him a lot. But there were some disappointments for me in this book. Namely, several chapters are of little or no use without proprietary indicators and downloads. Repeatedly throughout the book, Carter casually refers the reader to his website but nowhere does he mention that they are very, very expensive. The indicators are typically $400 to $500 each - you can buy a package of them for $1500 to $2000 - and the downloads require you to sign up for an expensive subscription to one of his website trading products. I still like Carter but, in my opinion, his credibility suffered a bit from these omissions.

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Expert tactics to become make the most of every swing trade

In Mastering the Trade, veteran trader and educator John Carter shares his hard-won five-point technique for successful swing trading. In addition, Carter helps you move to the next level of confidence by explaining how markets really work and detailing behind-the-scenes market mechanics.


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Memos from the Chairman Review

Memos from the Chairman
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Ah - a book that recalls the days when people wanted to work for corporations! As a former employee of Bear Stearns who received some of the memos in this book, I can say that those memos created an atmosphere of comraderie and humor during the recession of the early '90s. Back then, Bear Stearns was considered a great place to work. Of course, Mr. Greenberg is not running the company anymore. At that time, BSC was one of the largest banking institutions in the world, and every level of employee was very proud of his or her role in the success of the company. I recommend this book for managers who need to remember who is really doing the work!!

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