The Alchemy of Finance (George Soros)
Fred Lee [email protected]
Soros has a magical way of making a difficult concept even
more difficult. I was aware of Soros' criticism before I decided to pick up the book, and the book reviewers were right. Not only is A of F a bit dry, but Soros is actually not very good at explaining his ideas in a clear manner. One of the very, very few things he's not good at.... BACK TO TOP
Amit Mittal [email protected]
The book explains in great detail the investing attitudes of
the legendary George Soros. He also manages to kindle the readers'
interest. At places though, he is too archaic and / or too academic.
eg, while explaining reflexivity as a concept. Soros unravels the
mysteries of currencies and stocks through mathematical as well as non
mathematical constructs. On the whole , the book is a must read, if
only to ensure unique insights into the mind of one of the greatest
investing legends of human history.
As an autobiography though one must admit it falls short of
readability, but it ensures responsible and ambitious investing on part
of the reader long after it has been read and archived. BACK TO TOP
Anonymous
An excellent book in terms of easy reading. But in books such as this, there is always a limitation to how useful a walk through history can be. Summation: A good read, not much towards propagating ideas for the future. BACK TO TOP
Amit Mittal [email protected]
A very tightly written book. One almost believes he is reading
a great fiction novelist. The detailed character sketches of the
characters and the painstaking attention to detail in the portrayal of
the period and the business make one exciting weekend for the reader. BACK TO TOP
Anonymous
I am a management consultant who works with companies that are
interested in improving stock price, and I know many of the people
portrayed in BARBARIANS AT THE GATE. I would like to put this book into
perspective for you. Twenty years ago our firm did a survey of CEOs and
found that 99 percent felt that trying to improve stock price was
unethical and immoral, and involved doing manipulative things. After
the takeover wars of the 1980s, most CEOs believed that improving stock
price was an important task and could be done in an ethical way. There
is nothing more disruptive to a company than to go through a hostile
takeover, whether the bid succeeds or not. Raw greed and lust for power
hold sway at such times, and many people will pay the price for having
attracted the sharks into their swimming pool. Prior to the RJR Nabisco
purchase by KKR, many companies felt safe because of their size. They
were suffering from "stalled" thinking, because it was widely believed
that a deal of this sort could not be financed with debt at the time the
takeover occurred. That was wrong: For a price, the money is always
there. For those who have not been in these bruising ego battles, what
you will not realize is that these contests are a lot like those you
will remember from grade school on the playground when the teachers
were not around. Bullying, threats, and naked power carry the day in a
lot of situations. But because this is about ego, a lot of mistakes are
made. RJR Nabisco still has mountains of debt even after lots of
refinancings because of the LBO. KKR's track record looks a lot
different now than it did before buying RJR Nabisco. A lot of the fever
behind the LBO's is gone, for now. Bring back a bear market for a few
years, and this whole phenomena will recur. Some smart lawyer will find
a way around the defenses that so many rely on for now. The only
ultimate defense against the circling sharks is to have a high-priced
stock. That is the only timeless lesson for companies. If you are wondering how accurate this book
is, it is more right than wrong. The authors did, however, miss some of
the most intriguing ironies of the situation. Perhaps someday, someone
with inside knowledge will write the sequel or unveil the whole,
delicious irony. That should be a great story that will outsell GONE
WITH THE WIND. BACK TO TOP
Anonymous
This is not a stand-alone text: it must be read in conjunction with One Up on Wall Street. Lynch emphasizes the long-term-investment outlook, and exemplifies the danger of replacing one dogma with another. He throughout insists that people should not panic in market drops; he points to the success of Magellan (and the market) in rebounding after the crash of '87. But between the two books, he also shows clearly how he determined that stocks were overpriced in '72 and '92, just before they indeed fell. The same signs abounded in '87, but Lynch doesn't accept responsibility for $4 billion in fund losses: these things happen, we are told, and the market did bounce back; just keep your cool. This is the problem with the long-term, anti-market-timing dogma that has arisen in the last decade: it allows people to excuse their own errors in judgment. Given what happened in '87, Lynch is probably doing a net service by telling people not to panic during market downturns; but, given how widespread "buying on the dip," despite questionable fundamentals, has become, he may have actually talked people into speculating. If, as conventional wisdom holds, stocks are the best long-term investment, then people won't worry too much about currently inflated prices. We'll know in a few years whether Lynch has done more harm than good. BACK TO TOP
Anonymous
Being Digital was written by an author and professor of MIT, Mr. Nicholas Nigroponte. The general theme of this particular book is the technology in the year of its publication (1995), and the authors thoughts and opinions of where technology was headed at that time. Much of what the author felt he would not live to see, however, has already emerged, and in most cases far surpassed, today in 1999. The introduction begins with an explanation of some of Professor Nigroponte�s basic views of the computer-persuaded world. One of his main ideas is that living digitally (via the internet or television) can be more cost efficient than living animatedly. His illustration of this was the use of textbooks in schools and colleges. When one purchases a textbook for $90, much of the cost ensued is in the printing, shipping, warehousing, and resale of the particular book. If this text was available by way of the internet, these costs would no longer exist. The key point to his textbook example is that a digital book would never go out of print. It could be change at any point and at no additional cost. It could be argued that the cost of owning a computer is considerably more than the $90 theoretical textbook. This argument is easily countered, however, illustrating the fact that not all books will ever again be used following semester�s end. Computers can also better process the understanding of the material using sight and sound interaction. When Being Digital was written, Professor Negroponte felt that the processing speed of a modem transmitting and receiving data at 9,600 BPS was exceptionally fast. Today we have become accustomed to nothing less that a 56,600 BPS telephone modem. Another point Negroponte made was that some day we will have a choice of how we would like to connect to the internet, for example, a phone line versus coaxial cable or fiber optic cable. Now, four years later, we see the new mass-market use of fiber optic technology in bi-directional cable modems. One final point of interest is Negroponte�s views on about television�s emerging technological advances. He feels that we will soon posses the capability to rent a movie from within our homes without ever leaving. He feels that society will be able to decide what they would like to see, phone in a request, and have it instantly sent to their households without the inconvenience of returning the movie. This technology is commonplace today, referred casually as pay-per-view. Many of Professor Negroponte�s already post dated points give us a clear idea of just how quickly technology is changing and progressing. Being Digital was very interesting to read considering it was written in 1995, merely four years prior to what we know commonly today. Comparing what Nicholas Negroponte felt would be the �next best creation� with what we now feel is old news every three or four months really puts the speed of the progression introspective. BACK TO TOP
Anonymous
Some people say, this book is too easy for MBA students. For
the calculation part, I too, agree but not for the investment framework
that by now.
This book will supply the reader with a range of value investment
approaches like How important compounding is, How Buffett determines
the intrinsic value of a company, How Buffett finds out if the managers
are okay (and how important this actually is), What sort of calculation
Buffett makes, How to get started in investing (like forming a
partnership), etc., etc.
Most importantly, was How Buffett avoided producing a negative return
for his partners when the stock market's heading down, when interest
rates and inflation are high... a technique he calls *Workouts*.
Another powerful tool which both seasoned value investors and beginners
can use is THE FINAL CHAPTER... read it every time b4 you make a
decision, and you won't go far wrong.
To really understand Buffett, you can't read this book by itself. And I wouldn't suggest it as a first read on Buffett. Roger Lowenstein's book should be first. But both are essential. What about Warren Buffett? According to my calculation, every $1 invested with him is today worth more than $8,000. BACK TO TOP
Business @ the Speed of Thought
Bennett C Marks [email protected]
Bill Gates, as always, captures our interest in this book
about the communications industry and it's profound effect upon
business in America and around the world. Where we started and where
we're headed.
The book is excellent, I highly recommend reading it for many reasons.
Primarily to learn more about Bill Gates and why he does what he does.
Secondarily to see what a sham the Justice Department has made by
forcing Microsoft to split.
The real secret behind his stature as an American icon has to do with
two things. The first is Mr.Gates' ability to market his products and
reach people unlike others who have developed similar
products.(Ref:OS-2 by IBM and UNIX)
The second attribute to his success is a term I refer to as "Utility".
Think about it, MS-DOS created a means to drive the needs we had as
computer users. It was the product behind all other products, hence the
"utility" was high.
As the industry unfolded throughout the Eighties, the Graphical User
Interface (GUI) provided the next stage of development for Gates'
empire at Microsoft Corp. MS Windows became the standard. Too bad Apple
Corp lost Steve Jobs because although they had a superior
product(ref:RISC Based Chip Architecture), they had lousy marketing.
Anyway, getting back to the book, Gates' talks about the single biggest
communications evolution since the invention of the printing press. Our
world wide web, driven by companies like UUNET, Sprint, and what was
MCI, have created a flow of information, the likes of which will never
be surpassed.
There are two amazing points working for us here, one is the
communication and information now available to help us in our own lives
via the internet, and second, product development cycles have shortened
to almost virtual development.
What this means is that what used to take a company two, five, ten
years to bring to market now takes a few months. Look at the computer
chip industry. Intel used to produce a new generation of Pentium every
six months. We'd all get bummed out because the shiny new box that we
bought last spring was no longer the latest and greatest, and now there
was something faster and better. Well that would happen about every six
months. Now it happens every 1-3 months. It's approaching a virtual
product cycle. And how?
With the advent of computers and in part, Mr.Gate's products. We have
the machines figure it out the math for us. Pretty interesting I would
say. I think maybe this guy deserves a little more credit than most
people are willing to acknoledge him for. I recommend reading the book.
Oh, and see the movie, the Pirates of Silicon Valley.
BACK TO TOP
Common Stocks and Uncommon Profits
Anonymous
I've not heard of the name "Philip Fisher" in my entire school years (4 yrs Undergrad. b-school & 2 yrs MBA) even I've been majoring in Finance. The "fundamental" approach in investing, as opposed to looking at a "beta", has been so ignored by the academica as it's "not objective enough" or that it has no math involved. Indeed, the book is 95% art & 5% science, and there're no certain ways to pick up the technique. However, the book makes so much sense to me that I had to read it twice. The principles are sound and stand through the test of time. Most investing books disappear after a few years, and this one is
still as good. Some of the techniques are hard to put into practice such as "getting to know the management" and "investigate the competitors", but this book lets you know that selecting an outstanding long term investment involves more homeworks than most people are willing to do nowaday. The tradeoff btw. "easy money" and risk always
exists even in today's stockmarket most people don't know what kind of risk they're undertaking. BACK TO TOP
Den of
Thieves James Stewart
Anonymous
Well writen and covers the breadth of what goes on in the investment banking world. I like the introductions on how the major investment houses started, and the roles of the Investment bankers, traders, lawyers, arbitragers etc. The central figure is Michael milken, who the book suggests is greedy and foul. The book is obviously on the side of US law enforcement, who some argue were biased and sought to destroy Milken for other motives. On the whole, I think it is a great book and it really helps one understand the whole finance game, and what happens (or used to happen) in wall street. Being from an Engineering and computing background, but with interest in M&A myself, I feel this book was really cool. I however reserve my judgements on Michael Milken till I read another book that is pro Milken. Taking away the crime aspects, I think Michael Milken is a genius. BACK TO TOP
It is the best of books, it is the worst of books. But for
those of you interested in becoming self-supporting, even wealthy,
beloved and famous artists, ignore Michael Wolf�s book, The
Entertainment Economy, at your own risk. The only thing really shocking
about this book is that it sets down in cold, facile language the rules
of getting your product into the raging currents of the media deluge.
At first glance it is a discouraging read for those who still harbor
thoughts about the sanctity of artistic expression. Look a little
deeper, though, and realize that what this mega-media consultant has
given you is the keys to the kingdom. Instead of thinking of yourself
as another lonely writer, filmmaker, or singer at the mercy of a
hostile media universe, change your self-concept to that of an AEO, or
Artist-Executive Officer, of your own entertainment corporation.
Because the bottom line to people like Wolf and the media clients he
serves is money, market share and mo� !!money.
From this vantage point, which has you thinking tactically about the
business of finding an audience, as well as strategically about the
nature of your expression, Wolf�s book can serve as a manual in how to
breach the citadel of entertainment corporations who control your
ability to achieve your objective. As Sun-Tzu said, �It is only one who
is thoroughly acquainted with the evils of war that can thoroughly
understand the profitable way of carrying it on, � and in this vein I
offer ten maxims gleaned from Wolf�s book which describe the
objectives, operations and thought processes of the enemy: Maxim I:
There are rules to the game, learn them. Does it make any sense to
spend your whole life developing your artistic expression to lose the
opportunity at the final gate because you are ignorant of certain
entertainment business fundamentals? The concept of the AEO, or
Artist-Executive Officer, is a hybrid � in today�s media environment
you have to develop your craft and understand the rules of business if you want your work to reach an audience.
There is an upside to subjecting yourself to learning the rigors of
dollars and sense business considerations � it quickly rubs off any
juvenile shine your work may have to it. Maxim II: You are competing
against everything else. Everything. From an entertainment executives
point of view, every product in the media multi-verse is simultaneously
competing with everything else out there � not for honor or
recognition, but for market share and consumer dollars. There is no
such thing as an isolated medium, so your product has got to stand up
to universal expectations of production and entertainment value no
matter what medium you are working in. Maxim III: Your product must
fulfill the audience need to be entertained. Having so many
entertainment choices available to us at any given moment and so little
time in which to enjoy them, Wolf says, has the effect of, �. . .
upping the ante for each entertainment decision. Not only is a bad movie perceived as a waste of time, it also
represents a major opportunity cost in terms of other fun one might
have had. The value of each leisure moment is increasing, and with it
the consumer�s demand that time spent be high-quality time.� Maxim IV:
Be aware of trends in society and entertainment. Your goal as an artist
is to be, � . . . so in touch with the times [you] can express the
longings and desires of mass humanity . . . what we are talking about
are people who can feel the vibrations in the air and catch the wave of
mass culture,� says Wolf. Maxim V: Your product must be finely tuned
with an eye toward Maxims III and IV. The first hurdle you have to pass
is the �Who Cares?� test. Then it must simply entertain a mass audience
in such a manner that it becomes a cultural tsunami that will have you
exclaiming, �I�m King of the World!� Maxim VI: The market is growing,
more content is needed. For Wolf, we�re living in a New WorldEntertainment Orde!
!r, with the opening of developing and formerly closed markets, the
explosion of new programming channels from satellite TV to MP-3 and
the, �Entertainmentizing of the Economy.� With this phrase, Wolf
describes the addition of entertainment content to every aspect of our
lives, which leads us to . . . Maxim VII: Artists have the upperhand
over the suits because they are hungry for content to sluice through
their channels. Wolf describes a, �. . . fundamental shift in the
balance of power in every aspect of entertainment. In two words: talent
rules.� Maxim VIII: The suits control distribution, deals and marketing
more than they do content. Don�t let them intimidate you � if they
didn�t need you, they wouldn�t talk to you in the first place. The fact
is, suits and talent are locked in more of a symbiotic embrace than the
death tango of the mongoose and the cobra. Maxim IX: Entertainment is
an alchemy which hasn�t been bottled. Do not panic. In case of panic,
paste this phrase to a wall and beat your head against it. The demand for content is here to
stay. Develop your craft, respect the audience, understand the society
in which you live and you will sell what you have to offer. Someday.
Maxim X: Every entertainment concept, product and empire started with
an idea that didn�t exist before. Not only should you not panic, you
should be feeling pretty good about yourself. Last year�s phenomenon
percolated in the back of a busboy�s mind for perhaps as long as twenty
years before it broke all land-speed records on its way to a gazillion
unit sales. In the end, you have an equal chance as anyone who shows up
with the right product at the right time � especially if you know the
rules of engagement beforehand. BACK TO TOP
Handbook of Fixed Income Securities (Fabozzi)
George Goncalves [email protected]
I think that besides being the bible of Fixed Income, this
book is both a valuable asset for a professional and newcomer. It could though use some refreshing, maybe a chapter on how things might change in the bond market as e-commerce becomes to play a bigger role.
What do you think , Frank F? Need some help with it? BACK TO TOP
Anonymous
Information Rules by Shapiro/Varian is great way for someone
to understand how the marketplace of the internet is based. It
provides great knowledge on was type of internet economies are
available and the different stucture to each success. Highlights, the
first mover advantage and why it is such a key in the internet
marketplace and any business in general. Make a great point about
Apple and Wintel systems. Provides great examples to back up
fundamental concepts. Goes into great detail on horizontal and
vertical differentation between firms. It is a great book for anyone
need a strong foundation and wanted to understand the internet
marketplace. Comments on brick/mortor companies and compaires them to
click/ship companies now found on the internet. Overall, i would
recommend this books to students wanting to learn more. BACK TO TOP
Anonymous
This is less a book review and more a reply to Wallace Smith's
review. While I have merely skimmed through the book (and hence am not
entitled to review it), I do not share Mr. Smith's view on economists
in general.
We must remember that models are meant to be simplified representations
of reality (in science or otherwise). It is this simplification that
makes it interesting and useful. Without these simplifications, it is
not possible to draw the results and conclusions that we are able to.
Yes, people make rules but economists identify the rules that people
make by studying them. As an individual, I do not make rules about
market efficiency and the like. But it is the dynamics of the system
(of which I'm just a part) that make these rules. And although I have a
role to play, I am not aware of the dynamics - which is what the
economists inform me about.
Mr Smith says Computer code is inefficient & about to be replaced. By
what? He says "putting the likes of MS out of business" - No sir, still
in business and still registering strong profits. Law suits are
temporary, business acumen is permanent. Further he says that "search
engines today are less intelligent than a ground mole". Well, we can't
use a ground mole to search for info on the infobahn. So, with that in
mind, we are better off using search engines. In fact, I don't even
need to counter this, just check out statistics on search engine usage
and you'll see what I mean. Moreover, search engines are in a relative
state of infancy. Give them some time and you'll see the intelligent
s.e that you long for.
Finally, Mr. Smith talks about the debacle of the net (thanks to porn and the like). The 'inevitable fall of the internet' was prophesied by several people but all have had to eat their words. The testament lies in the fact that despite being a critic, Mr Smith finally uses the net to air his opinion. And that's the true test. I am sure that the net can adapt itself to survive (again just like the dynamics in the market - I don't need to do anything as an indivvidual, it's the way all of us play our roles interactively that ultimately allows the 'market' (in this case, internet) to adapt & survive. BACK TO TOP
Liar's Poker (Michael Lewis)
Steve Lee steve_k_lee@hotmail
Tales of an Era:
Michael Lewis is a master of dramatization. Piqued by his engaging
speech appearance at an i-bank conference, I purchased Liar's Poker and
The New New Thing. My expectations had less to do with technical or
historical lesson in the mortgage bond market specifically and the bond
market in general and more to do with extreme interest in all things
insider (a.k.a. good gossip).
The 80s is always referrred to as the "great 80s," the "roaring 80s" or
"crazy 80s" in my experience as an attorney and an investment banker.
Lewis' depiction of Salomon Brothers during this period exemplifies a
rapid rising industry and the character of its important players.
Other prominent players such as Milken of Drexel, Wasserstein and
Perella of First Boston and even Boesky make a guest appearance.
As Lewis describes, the market was crazy. Traders were making enormous
profits on ignorance of their customers and novelty of their wares.
It's incredible to think how a situation like the mortgage bond market
can even occur if it isn't for the fact that we see it time and time
again -- derivatives, biotech and, drum roll please, the Internet.
Young people riding the right waves make insane amounts of money time
and time again.
Lewis' narrative is down right funny. He observes the oddest things, like the eating habits of his co-workers, the office pranks and the infamous game of Liar's Poker (quite possibly one of the best first chapter in a book). While he delves into the a la carte technical explanation of the mortgage and junk markets, anyone with some background would find it at best cursory. The book's strength is in the anectdotes -- like the phone habits of his next-cubicle-mate Dash Riprock. Lewis' is hardly an objective journalist, but you shouldn't expect journalism from someone who's lived in from the inside. For great entertainment and some historical overview of the Street, I highly recommend the book. BACK TO TOP
Riccardo Rinaldi [email protected]
Liar' s poker has become a "classic", and it's still very popular among financial professionals. The book is a deep insight in the activity of Salomon Brothers in the mid 1980s, just after the big rush for proprietary trading and bond arbitrage had begun. The book is written in a very witty and hilarious style, and the technical points are made easy so that the readers unfamiliar with bonds have no trouble. Things are probably quite different now, fifteen years or so have passed since Michael Lewis worked at Salomon Brothers, and the LTCM fiasco might turn out as the spectacular ending of the tale of greed and big money that Lewis, but in my opinino this book is a must read for anybody interested in the activity of traders and salespeople of the big investment banks. Perhaps the most fascinating pages are the few describing John Meriwether, the man behind Long Term Capital Management, which was a top trader in thefixed income desk of Salomon, and who was a champion of the wild gambling "Liar' s poker" game. I hope that Lewis someday will write a similar book describing the LTCM affair; I think it' s worth being told, and nobody could do the job better than him. BACK TO TOP
Anonymous
As a current employee of Salomon, the company upon which this book was based, I can vouch that there were characters like those described in the book working here. Although that is not the case now, the tale that Michael Lewis weaved (whether based on reality or not) kept me flipping the page until I reached the end of the book. This book really should be required reading for anyone entering this industry, whether or not youre working for Salomon or its current incarnation Salomon Smith Barney. It basically has a moral to it that can't be repeated in this limited amount of space. In short though, you have to learn to play politics to survive in a place such as the company as it existed in the 80s. Its somewhat different now, as its grown and been swallowed up by Citigroup. But theres still some remnants of the personalities depicted there that exist today. Overall, an excellent book somewhat based in fact, and a page-turner. BACK TO TOP
Anonymous
The clearest, most insightful work on how the great investors of the last 50 years built their enviable track records. Seeing what people actually do is often more helpful than running computer simulations on what would have outperformed the past market. Since the future will probably be different, such exercises often have little benefit, and may hold the potential for harm. After all, people are tempted to do the wrong things, just as you may be sometimes. This book gives you an insight into what the great investors paid attention to, what questions they asked themselves, and others, and how they behaved. You will find that successful investing has been a lot different than it sounds on CNBC. Generally, those who are eager to talk about what they do have little of value to share. The exception may be managers of large mutual funds who want to attract your funds to theirs (for a piece of the action, in the form of a management fee). BACK TO TOP
The New New Thing (Michael Lewis)
Anonymous
This is an entertaining, readable book that manages to convey a surprisingly clear-eyed picture of today's Silicon Valley. I don't feel that the author overrated his subject, as Clark's achievements would be notable in any context: he started out as a solid technical expert, and subsequently combined a good "nose" for the New New Thing with a Pied-Piper-like ability to attract talented people and build a phenomenal work team. I also think he deserves considerable credit for his habit of sharing the wealth with the engineers who designed a product; in the past, the only people who got rich from an invention were the executives who marketed it and the investors who backed it! On the other hand, the author unsparingly chronicles Clark's less admirable behavior -- his temper tantrums, whims, failed relationships, and years-long grudges -- so I felt that overall the picture was a balanced one. Much of wealth creation today consists, not of coming up with a better mousetrap, but of convincing investors to buy into your "vision," and the stories of how Clark did this were very instructive. I also found the book rather scary in its depiction of how our educational system fails to "connect" with the brightest students: Clark was bored in school, became a prankster, and eventually was expelled; if he hadn't chanced to meet a teacher who recognized his great talents in math, it's likely that his ingenuity and his desire for wealth would have led him into a life of crime. I felt that the author's attempts to explain Clark's behavior in terms of his unhappy family history and trying to "prove something" to the folks back in Plainview were rather weak: he's a typical "gifted" person in that he has an all-consuming interest in technology and will subordinate everything else to his pursuit of that. (If he were motivated only by a desire for wealth, he wouldn't be so willing to risk his own!) Our schools are still designed to turn out well-behaved "organization men," following the 1950's model that Lewis succinctly describes, and their failure to recognize real talent and teach its possessors how to use it well are, I feel, a major national failing. All in all, this is a book that makes you think, as well as being amusing, and I feel everyone with an interest in high technology should read it. BACK TO TOP
One Up on Wall Street (Peter Lynch)
Fred Lee [email protected]
Best book in Lynch's series. Although Lynch only wanted to
write one book, he was contracted to write three (Beating the Street and Learn to Earn). One Up on Wall St.
offers the newbie investor a good way to learn about the fundamental concepts of investing... BACK TO TOP
Anonymous
This book is a must-read for new investors seeking help in
stock picking skills. Peter Lynch is a big believer of long-term
profits on excellent fundamental stocks. Lynch laid out the steps for
his fundamental analysis and Lynch used this strategy before building
his positions in great investments he made for the Fidelity Magellan
mutual fund. Lynch�s experience and success in managing this mutual
fund giant is beautifully summarized for investors. Investors not
knowing Wall Street jargons can understand Lynch's book easily as Lynch
uses simple words to describe his thoughts.
This is the first investment related book that I have read, and it is
still my all-time favorite that I often referred back to. This is an
excellent book to build a strong fundamental analysis mind-set for all
your investments. BACK TO TOP
Anonymous
Excellent work by the man who made the Magellan Fund a household name! In this book, Peter Lynch, teaches individuals what to look for to find the next 10 - bagger ( A stock that returns ten times your investment). I read through this book once, but continue to consult it, and it is a great reference for investing ideas. He shows you what to look for and how to find companies before Wall Street does. That's how you can make a great investment. If you can find a company before it gets noticed, and then let the portfolio managers start coming in and driving the price up, that's what makes a ten-bagger! A great read and some great insights from a great investor! Read it, use it, and profit from it!! BACK TO TOP
Anonymous
This is the sixth book I have read on investment in one year. Along with "A random walk down wall street" by Burton Malkiel it has bee the best and most informative. For a while I do not think I will read any investment books before I make sure I can follow Mr. lynch's SIMPLE AND PROFITABLE advice. His classification of stocks are great and his timing for buying and selling each of these classfication are also great (fast growers, slow growers, turnarounds, asset plays, cyclicals). His chapter "stocks I would avoid" is full of sincere warnings of foolish mistakes we make over and over. Add to this the introductory chapters where he explains why we should invest in what we already know makes this book a must read. It is amazing how many opportunities we all miss on stocks that are right in front of us, yet we ignore them and waste our time finding the hottest stocks when mostly these stocks are overly priced. Let me tell you about a small example of what I am talking about. I use Yahoo finance alot in my research almost on daily basis, but I never thought of knowing the company that provides it with all this wonderful information. And while once scrolling down the Yahoo page I read that Tibco Software provides it with the quote technology. (I remembered Lynch when he says that we spend most of our time trying to find the great stock when the great stock has been striving to find us). I rushed to check the stock out. Too bad it has already increased more than tenfold in a month time. GOOD LUCK TO ALL OF YOU WITH YOUR NEXT TEN BAGGERS. BACK TO TOP
Anonymous
In this book, Peter Lynch, teaches individuals what to look for to find the next 10 - bagger. Great work by the man who made the Magellan Fund so popular. I read the book only once, but continue to use it, and it is a great reference for investing ideas. If you can find a company before it gets noticed, and then let the portfolio managers start coming in and driving the price up, that's what makes a ten-bagger. He shows you what to look for and how to find companies before Wall Street does. That's how you can make a great investment. A good read and some great insights from a great investor. BACK TO TOP
Anonymous
Complacency is one of the biggest enemies of any organization, but especially for successful ones like Intel. ONLY THE PARANOID SURVIVE provides two powerful observations that will help anyone who reads this book: (1) That changes are lurking out there that need immediate attention inside your organization and (2) That you must be constantly vigilant for large discontinuous changes (such as those driven by microprocessors, Intel's main product). Having the perspective of someone who has been both the beneficiary and the target of discontinuous change, Dr. Grove's lessons become all the more real. At first, I thought this book was a little overdone; but upon reflection, I feel that complacency is probably best overcome by paranoia in the absence of the management process to locate, anticipate, create and adapt to externally-driven discontinuous changes. We cite this book in our own book about how to be more successful, because we believe it is an important work. Please read this book, and take its lessons seriously. But have fun while you are being paranoid! BACK TO TOP
Anonymous
Gives a good feel for the excesses in the financial world before the fall in the late 1980s. While obviously well researched, the writing style is dry and the book is not as interesting as some written about that time. I found I had to pick the book up and put it down many times in order to get through it. In fact, I found it something of a chore to finish. If you are looking for just another book to read about the "Beverly Hills Mafia," and you have read everything else, this book fits the bill. But if you are looking for something interesting and captivating, don't bother. BACK TO TOP
Sam Walton: Made in America (Sam Walton)
Anonymous
Sam Walton was one of the most intriquing and commanding
businessmen in the 20th century. This book is an incredible insight
into the man, the myth, and the legend. Ingenuities and madness
seemingly abound, but it all makes up the complex and amazing wonder,
the driving force behind America, that we call Sam Walton. I found
this book to be very intriquing and interesting purely on a look into
American history of commerce. The information presented compelled me
to take faith again in my beliefs that Sam Walton is one of the
greatest businessmen of the 20th century. BACK TO TOP
Anonymous
Sam Walton is truly one of America's leading businessmen. This book does a fine job of historically describing the building of an empire in all its glory. A true inspiration for any small business with not so small dreams and ambitions. An anthology of the many trials and obstacles in a modern american marketplace. the author does a spectacular job of making Sam Walton a modern american hero, and yet a person of integrity and compassion towrads the American public, a defender on inflation and a supporter of falling prices. watch out K-Mart... Sam Walton is coming to town, who needs santa clause? Readers of this book should take the time to appreciate the vision of an everyday american businessman. BACK TO TOP
Trump : The Art of the Comeback (Donald Trump)
Todd Pierce [email protected]
Well, not much comeback here. Trump seems as hopelessly tied
to the 1980s as, well, as white jeans or Dolphin shorts. The problem
is simple: there was no comeback.
Not to mention a hopeless bid for the Reform Party presidency
candidate. (Sorry, that's not covered in
book.) What is covered, though, reads like rehashed, hopeful ideas
from someone who's already made
his money, lost some of his money, and is now clubby with a lot of
other rich people who probably
don't need to read this book at all. The title should be -- Trump: I
Think There's One Book Left In Me. BACK TO TOP
Anonymous
The Art of the Comeback is an exercise in gloating. His
near bankruptcy in the early 1990s was obviously traumatic and he wants
everyone to know how great he is again. From reading this book, it�s
easy to tell that Trump himself clearly has no appreciation for
anything but money, power and status. He is perpetually concerned about
his reputation and yet crude. The language used in the book should
earn it a parental advisory label. He is full of himself: One of his
chapters is called Master of the Universe, but every word of every
paragraph on every page makes this painfully obvious, describing how he
is a great golfer, a great father, a great dealmaker, a great
developer, a great investor, a great judge of people, a great friend ... at least, according to himself. He has named everything he has ever
owned -- from apartment buildings to hotels to casinos to airplanes to
golf courses to books -- after himself. The book is filled with
photographs of himself with famous people and also outlines how he bought several more New York
buildings, got the better of many other developers in the process,
purchased the Miss Universe pageant and got the better of other buyers.
It outlines how he is redeveloping the waterfront in New York and got
the better of environmentalists and politicians. There is even an
entire chapter on the prenuptial agreement and outlines how he got the
better of Ivana, his first wife, and will soon get the better of Marla,
his second. Trump also presumes to tell his readers about the stock
market and although he goes on for several thousand words, he clearly
knows nothing about it. Although Trump takes the trouble in this book
filled with vulgarity to tell readers that he is good or even the best
at almost everything, it is clear from this book he is in fact good at
very little. BACK TO TOP
For starters, you can read this book and understand investing
even if you're not a businessperson. Beginners should read the
biography written by Roger Lowenstein first although this book is much
more interesting.
The book talks about the billionaire investor Warren Buffett, how he
got started, his achievements, the type of guy he is, how he calculates
what a company's worth. Much like a biography... but the best part in
my opinion, are the details on Buffett's past purchases. Hagstrom (the
author) actually gives charts to show these which to me is invaluable.
You'll know what I mean if you've ever tried to put money in stocks as
a value investor.
To the experts (and I don't mean the people with advanced degrees or
MBAs but the experienced VALUE investor), this book is a must have. I
use it to study the specific purchases he made and by looking at the
graphs, I think it's not hard to tell what Buffett was thinking, given
what he already knows about the companies. And plus, you'll get some
idea on calculating intrinsic value which I honestly think came from
Hagstrom, not Buffett. But it's a start.
As it relates to price, I'd say this book is undervalued, it's a
screaming buy pitch (under US$6)... You'll learn a great deal about
stocks and about people (from managers to stockbrokers). BACK TO TOP