Fund-of-funds Books

Very Well Done. Right to the point and specific. It got me right up to speed and on board.

This is a great up-to-date book about campaign finances in Illinois. Illinois is considered the "wild west" of campaign finance since we have fewer rules than almost any other state; basically anyone can give any amount of money to anyone else. This book covers the details, backed up by lots of research. Learn about the big players, like our four legislative leaders and the big interests who contribute the most. There are analyses of a few recent high-profile scandals like the licenses-for-bribes scandal. Also included are the author's realistic recommendations for campaign finance reform. I strongly recommend this book for anyone interested in learning more about Illinois campaign financing, or anyone interested in how politics works in Illinois. I found it easy to read and somewhat entertaining, and there are plenty of political contribution details in there if you want. The only thing I could think to add to it would be a more detailed guide to looking up this information yourself on the state's websites.

In The Money Flood, Michael Clowes, Editorial Director of Pensions & Investments, presents an instructive and entertaining overview of the pension fund industry and its effects on financial markets. The book begins with the National Labor Relations Board's 1948 holding that contract negotiations between employers and employees had to consider pensions-a watershed decision, Clowes argues, because it encouraged the growth of pensions funds and thus fostered their largely beneficial effects on markets and the economy. In the 50 years since, pension assets grew from $14.3 billion to almost $9 trillion, and the business itself matured from a small-club dominated by a few large corporations, bank trust departments, and insurance companies invested mostly in bonds to a diversified industry encompassing money managers, consultants, and mutual funds with investments in equity, real estate, commodities, start-up ventures, and overseas markets.

Clowes' chronological approach to this story is held together by several major themes. Primary, of course, is the fact that the growth in pension funds raised a vast flow of capital and unleashed it into America's markets. However, the effects of this new capital might not, Clowes suggests, have been as salutary, had not this flow of money encouraged the development of the investment technology and the investment professionals to manage it.

The "professionalization" of pension fund management had at least two beneficial effects. First, it allowed for the spread of pension money beyond bonds into more growth-building investments, including equity and venture capital. Second, it allowed for the spread of capital beyond the corporations that actually sponsored the pension funds. Clowes makes the interesting point that this has not been the case in Japan or Germany, say, where pools of pension money (smaller to begin with) have been generally confined to the sponsoring company and its affiliates, hence have not generated the wealth, for pension beneficiaries or the overall economy, that America's system has.

The book highlights the major turning points and participants in the development of the industry. These include the work of Harry Markowitz, Bill Sharpe, Fischer Black and others in financial technology; the efforts of Meyer Melnikoff at Prudential and Anders Voorhees at U.S. Steel to expand pension investing to stock; George Russell, Jr. and the development of the pension consulting business; Harrison Smith and the early moves to international pension investing at Morgan Guaranty; David Bronner's experiments with social investing at the Alabama Retirement System; and John Bogle and the growth of mutual funds.

A leading role throughout is played by the U.S. government. Sometimes it comes out as hero, as with the Employee Retirement Income Security Act of 1974, which Clowes sees as enhancing the good effects of pension investing by replacing the old "prudent man" standard with a "prudent expert" standard more suitable for pension professionals. In recent years, however, the government has played the villain, by passing legislation that has stifled defined benefit plans. Clowes makes a convincing argument that their replacements-401(k)s and other defined contribution plans-will not be able to offer similar benefits in the way of retirement security and incentives to overall economic growth.

The Money Flood is a well-deserved pat on the back for those pension plan sponsors, consultants, investment advisors, and academics that have, over the past 50 years, created a financial revolution that benefited all Americans. It is "must" reading for all who seek to understand the development and workings of the pension fund industry.

Bruce I. Jacobs, Principal, Jacobs Levy Equity Management.

As a UK-based observer of the asset management scene (my book "The City: Inside The Great Expectation Machine is due out in November: details on Amazon.co.uk) I found this comprehensive analysis of the development and current state of the US pension fund industry both extremely clear and interesting to read. It explained many things to me that are barely understood on this side of the Atlantic and, I suspect, insufficiently well understood even in the USA by professionals who are not pensions specialists let alone the American investing public. For example, the precise origins and intentions of the 401(k) plan, the way in which ERISA and its refinements changed the investment management industry, and the profound influence of defined benefit pension funds on venture capital activity and foreign equity investment. Anyone who is interested in what makes stock markets tick should be interested in what this book has to say about pension funds, the people who manage them and the impact that they have.

If you are interested in campaign finance, then this is a must read. It is very informative and the authors obviously know a lot about the subject.

Money Matters is a very important and thought- provoking analysis of campaign finance reform. No matter what your specific opinions about this issue are, I certainly recommend that you read this book.

The Moral Foundation of Democracy, originally published in 1954, is a very insightful analysis of democracy. The title comes from the book's final chapter and Professor Hallowell logically develops his position throughout the book with topics such as (i) is democracy rule by the many or a fiction used by the few?; (ii) the difference between a legislature based on compromise versus a persuasive and deliberative process; and (iii) identifying the civil liberties and social institutions needed for democracy to work. While full of many thought-provoking ideas, Professor Hallowell's main premise is that people are rational beings with the ability to distinguish good from evil in a rational universe that we must conform to. Once this idea is overlooked or discounted, human rights are replaced by whatever concessions an unrestricted state may offer it subjects. As the good professor warns, democracy is easily susceptible to disintegration and the choice between orderly justice and anarchy largely depends upon the thoughts, actions and decisions of individuals. This is a scholarly work that everyone should carefully study. I thank the Liberty Fund for making this book available again.

"The Moral Foundation Of Democracy" by the late academician John H. Hallowell (1913-1991) who taught with distinction for some 40 years on the faculty at Duke University is an extended treatise in which he defines the concept of freedom and describes the basic and essential framework of democracy. Professor Hallowell goes on to persuasively argue that governments must be designed in ways that acknowledge and deal with the vagaries of human nature and morality. presented a definitive criticism of positivist thought and moral relativism, Professor Hallowell emphasizes the uniqueness and sanctity of the individual human being and the paramount importance of the transcendent truths guiding individuals in their actions which influence how ordinary people participate in a democratic society. Thoughtful and thought-provoking, "The Moral Foundations Of Democracy" is very highly recommended and rewarding reading for students of political science and philosophy.

This is the one book I wish I had read BEFORE Black Monday. It would have saved me a lot of money. Most "how to" investment books are too simple, or needlessly complicated. This is the best, no nonsense, book that really helps me understand my investments.

Both the experienced and novice mutual fund investor will find this book helpful. The interviews with some of the top mutual fund managers is very enlightening. Clear and simple instructions on how to build a mutual fund portfolio which meets your investment goals.

I really enjoyed this book for several reasons.It was good to be able to support a good cause and have the opportunity to do so.I am not normally a short story person but this was different. It allowed me to read "First Chapters" from many authors,It did inspire me,I did want to read more.There is a wide variety of authors and subjects.You can pick and choose what suits you.I wanted to read more of "untitled Novel" but there did not seem to be a novel but I did follow up on some of the others. It was fun and I learnt a lot. I hope this idea continues as it is great for everyone. It helps readers,writers,
and those that suffer alike. I will recommend it to my friends and I hope others enjoy it as I have. Susan Preston

If you're the kind of person who likes the whole "sampler" concept -- be it music, food, wine or even speed dating -- this delicious collection is a just what you're looking for. Each "chapter" provides an excerpt from an upcoming novel or collection by some of our very best writers. They range from cutting-edge literature (Margaret Atwood) to mystery (Harlan Coben) to family drama (Scott Turow), plus many other genres. There's even a short story by Stephen King and a poem. Most of these books won't be available for purchase until later this year.

Virtually all of the material was donated at no charge by the authors, literary agents and publishers involved. Even most of the printing cost was donated. All net proceeds go to Save the Children's relief efforts in the tsunami-striken areas.

Warning: You may be so intrigued by some of these "samples" that you may feel frustrated the full book isn't yet available. Are you listening, Dutton Publishing? I need my next Harlen Coben fix!

I am new to fund investing and found this book to be very helpful. It shows you how to build a portfolio and gives specific picks, complete with information about the fund and performance graphs. It's very easy to read. Also has model portfolios and Internet sites for fund investors. I highly recommend it.

If you're a fund junkie like me, you'll love this book. It's packed with information on selecting mutual funds and is very fun and easy to read. Kazanjian is an excellent and very accessible writer. He's done all of the research for you, so the book makes picking great funds a breeze.

This is a very well done book that makes a useful teaching tool for anyone wanting to understand economics at work in the real world. I recommend it highly.

Dr. Coats does a great job of describing the process of creating from "scratch" a viable economic system. His ability to tell a tale coupled with his inside knowledge makes this a great source of insights for any one of us who are tried to figure out how an economic system is put together.

Chany explains upfront that the most financial aid goes not to the "neediest" but to those who best understand the financial aid process. This happens for many reasons including the many financial aid loopholes. Structuring your finances to maximize aid awarded to your children entering and in college is legal and ethical says Chany. He argues that just as making decisions to legally minimize taxes is ethical, so too is maximizing aid so long as you tell the truth in aid applications.

Colleges and their financial aid officers don't explain the often mysterious process and formulas by which financial aid awards are determined. Chany has filled this void in his comprehensive book.

Chany is one of a handful of nationally recognized experts on how the college financial aid process works and what you can do to maximize your child's aid. His book, which has been in print since the early 1990s, is updated annually. Chany also discusses the college selection process, how state aid works, and he walks the reader through how to complete all the major aid forms.

For a more detailed summary of this book, please see my website (www.erictyson.com)

- Eric Tyson
Best-selling author of Personal Finance for Dummies

I did not use this product,but sent it to my son who has a college bound daughter. He thought it quite useful.

If someone told you that there was an exhibition of plop art at your local museum, would you rush over to see it? Probably not. But, you should because plop art is some of the most exciting, innovative art to be found.

The name "plop art," which is sometimes used in a pejorative manner, refers to public art that is not considered to have any relation to its surroundings. In other words, it's "plopped" there. What a wonderful surprise that can be! Have you seen Jeff Koon's huge puppy made of flowering plants in Rockefeller Center? You can't help but smile.

For a quarter of a century buildings, plazas, parks, and streets in New York City have been the recipients of amazing art installations, all thanks to the Public Art Fund, an organization that enthusiastically supports contemporary art.

"Plop: Recent Projects of the Public Art Fund" presents projects by 45 internationally acclaimed artists whose works now decorate New York City. Among the artists included are Vito Acconci, Louise Bourgeois, Martin Creed, Dan Graham, Kim Sooja, Jeff Koons, Mariko Mori, Takashi Murakami, Paul Pfeiffer, Brian Tolle, and many more.

A discussion of the pros and cons involved in making contemporary art for the public is also found in this 256 page volume boasting 500 illustrations.

- Gail Cooke

"Plop" is an extensive, if not truly comprehensive, look at the New York City-based Public Art Fund's recent projects of public contemporary art in media ranging from light to performance. It includes memorable work by distinguished artists such as Louise Bourgeois, Jeff Koons (his famous flower puppy at Rockefeller Center), Mariko Mori (Her UFO spaceship "docked" indoors in the Madison Avenue building adjacent to 5th Avenue's Trump Tower.), Takashi Murakami (An assemblage of aliens depicted on balloon sculptures in Rockefeller Center with its roots in Japanese anime and probably William Gibson's cyberpunk fiction too.), and Nam June Paik (a dazzling laser light show and sculpture at Rockefeller Center). It also includes work by up-and-coming conceptual/performance artist and sculptor Anissa Mack, whose "Pies for a Passerby", a kitschy Americana performance piece, received some curious national and international attention two years ago (An astute blog columnist wrote a well-reasoned essay back then arguing that this work was not art; I believe it is still posted on the internet.). Notably absent is the sculpture installation by the late George Segal, the distinguished sculptor noted for his realistic papier mache sculptures of ordinary people doing ordinary things - and I might add, a fellow alumnus of Stuyvesant High School - exhibited late last year near Central Park's Grand Army Plaza (southeast corner of the park, across the street from the Hotel Pierre). While the Public Art Fund's aims are truly admirable, much of its work on display tends to be too whimsical (e. g. work by Koons, Mack and Mori, to name but a few). As such it lacks the gravitas I've seen in excellent work by such prominent Tucson, Arizona artists as painters Robert Colescott, James G. Davis, Alfred Quiroz and Jim Waid, photographers Harold Jones, Joe Labate and Frances Murray and last, but not least, performance artist, sculptor and poet Ned Schaper (aka Mat Bevel).