Fund-of-funds Books

I have used this text in two corporate finance courses that I have taken at university and it was very helpful in allowing me to understand the concepts that were being presented in class.

I am a ITESM Edo. de Mexico MBA student. This book is almost mandatory to understand the fundamentals of Corporate Finance. I guess that if they had it in the American Book Store, they would sell several of them. The lead time is too long. There is a translation to Spanish, but I rather have the English version. If you can wait that long buy the book, it is worth it.

I have two corp fin books by Ross and company. This book was purchased while studing for the Level I of the CFA exam. The other book was used in graduate school. Both books are sub par in quality and were not cheap either. Save your money. Don't use this text.

I have a master degree in finance and I believe this is the best work from Stepehen Ross. The book can be utilized for graduate students as well as undergraduate. If you are looking for a book which is extensively comprehensive and at the same time friendly you are looking for this book. It also contains diverse examples involving the use of financial calculators and software. It furnishes a preview on mergers and acquisitions and constantly tends to go beyond corporate to multinational

This text was a requirement for my Chartered Financial Analyst exam, and it has been one of the few texts that I have decided to keep on my bookshelf. It does a wonderful job of making basic financial subjects like time value of money and capital structure lucid and easy to understand. I only wish more finance professors would use it in their classrooms rather than the dry, pedantic texts they've been using! Just having an academic text that speaks plain English is a boon for students, and "Fundamentals of Corporate Finance" excels in that respect.

The book is good if it is what you're looking for; I just happen to hate the class so I take it out on the book.

This is a very deep book on fundraising and the content (short of the use of the internet) is very comprehensive. A very good reference and deep read.

I'm disappointed in this textbook because it does not provide much bang for the buck. I believe that the text could have been half as thick, half as expensive and provide no less information than it does.

I liked this book. It provided me with my introduction to the nonprofit world and fundraising for nonprofits back in 2004. It's not written by one person. And as a result, it is not tightly written. In fact, I think there are 27 different contributors to this book. Maybe I counted wrong? But this book is an excellent introduction to the ins and outs of fundraising in America as we know it today. It has 7 chapters:

1. Fundraising: Context and philosophy
2. Fundamentals of successful fundraising
3. Building blocks for successful fundraising
4. Sources of fundraising
5. Successful fundraising methods
6. Managing successful fundraising
7. Ethics, stewardship, and the future of the fundraising profession

I have read other books written by the following contributors to this book: Mal Warwick, Kim Klein, Kay Grace, and James Greenfield. And I've met and listened to Ted Hart who runs the nonprofit ePhilanthropy Foundation. I have gotten things from reading or listening to all these people. And my favorite fundraising book of all was written by Ms. Grace: Beyond Fundraising (ISBN: 0471707139). Kim Klein's "Fundraising for Social Change" (ISBN: 0787984558) comes in a close second.

What I liked the most about this book was the quality of writing and the breadth of coverage. It talks about annual giving programs, captial campaigns, endowment campaigns, and planned giving. It also covers ethics that fundraisers should adhere to. There is a lot to the art and science of raising funds for nonprofits. And this book seems to touch on much of it.

Don't expect to learn the specifics of how to do "an ask" in a major gift setting. Don't expect to be told how to manage a successful capital campaign, or to adeptly use the Internet as a fundraising tool. And I was happy there wasn't much if any coverage of grants and grant writing. Phew! But this book covers enough about everything that you can intelligently search out other books to supplement your read of this book. 4 stars!

Like many in the Jossey Bass series, Tempel's work is thorough and well-written, covering all important aspects of fundraising. A great introductory guide.

I think his analysis is compelling, but can you really establish a methodology in a time when the nasdaq in constantly fluctuating

I can say without hyperbole that this book is 1,000 times better than any book ever published. Electronic commerce jumps to life and dances on the pages in front of you.

This text offers great insight into the sectors comprising the world of E-Commerce. The chapters are well organized and contain great detail on trends and pitfalls to be aware of when selecting stocks. Though the book lists the stocks that comprise each sector, the book falls short with providing meaningful insight to what companies are well positioned currently or will be in the near future. This book is strong in evaluating the E-Commerce sectors but has limited value in identifying individual stock investment ideas.

Excellent! This book is a definite must read for anyone who is either currently investing in Internet and E-Commerce stocks or considering investing. How to Invest in E-Commerce Stocks, gives the reader not only the knowledge of the sectors that make up E-Commerce, but the market potential, trends and success factors. Mr. Burnham's analysis shows where the "Elephants" of the industry are, those companies such as Microsoft, IBM and Oracle, and whether they will have a negative or positive impact on these new emerging stocks. It is a jungle out there, so knowing where and how the niche stocks fit in and how they can avoid being trampled by the "Elephants" is of utmost importance.

This is an excellent review of the e-commerce industry but don't be misled: it is NOT a how-to book in the classic sense; there are no step-by-step instructions or specific strategies. In this sense, the title is misleading. In all other respects it is a very good book.

A good sampling of hymns from the American Episcopalian church. Some of the settings seem to be archaic just for the sake of including plainsong instead of singable tunes, but the texts tend to be good.

Serves the purpose for which it was bought: our own copy in the home.

This is a terrible Hymnal. The type is thin and difficult to read, and they start one hymn on the same page where another finishes rather than starting each hymn on it's own page. They've made the words *Gender-Neutral* (i.e. "Good Christian Friends Rejoice") and needlessly changed the wording on several hymns to make them more Politically Correct.

The group that compiled this sorry excuse for a Christian Hymnal had a wonderful opportunity to make the superb 1940 Episcopal Hymnal even better than it already was. Indeed, they did add a couple of good new hymns, but they also deleted far too many excellent hymns from the 1940 Hymnal.

All in all, it was a dismal collaborative effort by non-musical, politically-driven cretins. It is still in use by most Episcopal congregations today, perhaps partially explaining the disarray the Church finds itself in today.

Most visitors and regular attenders of Episcopal services will find themselves juggling two books through the service -- the Book of Common Prayer, the standard bearer for Anglican liturgy and identity, and this book, the authorised Hymnal, last revised in 1982. Many denominations revise hymnals in each generation -- this one has served the church well in the past two decades, and is likely to serve for at least another decade, perhaps two. The previous Hymnal, produced in 1940, was greatly revised in the present volume; the classic English hymnal Hymns Ancient and Modern also plays a significant part in this hymnal.

There are two primary sections to the hymnal -- service music (denoted by S--- numbers), and regular hymns. There are 288 pieces in the service music section (S1 - S288); these include Glorias, Te Deums, Fraction anthems, canticles, psalm tones, chant pieces, and more for all the major liturgies -- morning prayer, evening prayer, eucharistic services, and more. There are compositions by major composers past and present (Schubert, Willan, Sowerby, Rutter, etc.), as well as pieces of various chants (plainchant, Ambrosian, etc.)

The hymns, 720 of them, are arranged first for the Daily Office use (1-46), hymns appropriate to seasons in the Church Year (Advent, Christmas, Epiphany, Lent, Holy Week, Ascension, Pentecost, Saints days and other occasions -- hymn 47-293), hymns for particular liturgies (baptism, eucharist, confirmation, ordination, etc.) and then a long section of general hymns (362-634). These hymns are arranged by broad theological topic -- The Trinity, Praise to God, Jesus Christ, Church, Mission, etc. The hymn section concludes with rounds and canons and some general national songs.

The collection of hymns is remarkable. There are hymns based upon scripture and psalms directly. There are hymns that come from the earliest centuries of the church, the medieval time, the Reformation, and all through the Anglican period proper. There is a generous collection of old standards and modern compositions, between Catholic standard-bearers and Evangelical and Protestant hymns. While some songs give only the melody line, this is in fact a rare thing; most include full-music scores, many even with a descant.

The book is well indexed, with lists according to composer/arranger/source, author/translator, tune names, and first lines/titles. Also, the construction of the hymnal is fairly remarkable. There are nearly a thousand pages here, but the book is not a thick volume; the pages, on the other hand, are not the obnoxious onion-skin, but rather substantial pages that stand up to years of use by many hands, as a hymnal will be used.

This hymnal is a remarkable treasure of hymns old and new, updated for modern times. It is the case that no hymnal satisfies all, even within particular denominations, and people grow remarkably attached to the hymnals with which they grew up; even with this being the case, this hymnal has achieved wide acceptance and admiration within and outside of the Episcopal church, and remains one of the major hymnals available of any denomination.

Most visitors and regular attenders of Episcopal services will find themselves juggling two books through the service -- the Book of Common Prayer, the standard bearer for Anglican liturgy and identity, and this book, the authorised Hymnal, last revised in 1982. Many denominations revise hymnals in each generation -- this one has served the church well in the past two decades, and is likely to serve for at least another decade, perhaps two. The previous Hymnal, produced in 1940, was greatly revised in the present volume; the classic English hymnal Hymns Ancient and Modern also plays a significant part in this hymnal.

There are two primary sections to the hymnal -- service music (denoted by S--- numbers), and regular hymns. There are 288 pieces in the service music section (S1 - S288); these include Glorias, Te Deums, Fraction anthems, canticles, psalm tones, chant pieces, and more for all the major liturgies -- morning prayer, evening prayer, eucharistic services, and more. There are compositions by major composers past and present (Schubert, Willan, Sowerby, Rutter, etc.), as well as pieces of various chants (plainchant, Ambrosian, etc.)

The hymns, 720 of them, are arranged first for the Daily Office use (1-46), hymns appropriate to seasons in the Church Year (Advent, Christmas, Epiphany, Lent, Holy Week, Ascension, Pentecost, Saints days and other occasions -- hymn 47-293), hymns for particular liturgies (baptism, eucharist, confirmation, ordination, etc.) and then a long section of general hymns (362-634). These hymns are arranged by broad theological topic -- The Trinity, Praise to God, Jesus Christ, Church, Mission, etc. The hymn section concludes with rounds and canons and some general national songs.

The collection of hymns is remarkable. There are hymns based upon scripture and psalms directly. There are hymns that come from the earliest centuries of the church, the medieval time, the Reformation, and all through the Anglican period proper. There is a generous collection of old standards and modern compositions, between Catholic standard-bearers and Evangelical and Protestant hymns. While some songs give only the melody line, this is in fact a rare thing; most include full-music scores, many even with a descant.

The book is well indexed, with lists according to composer/arranger/source, author/translator, tune names, and first lines/titles. Also, the construction of the hymnal is fairly remarkable. There are nearly a thousand pages here, but the book is not a thick volume; the pages, on the other hand, are not the obnoxious onion-skin, but rather substantial pages that stand up to years of use by many hands, as a hymnal will be used.

This hymnal is a remarkable treasure of hymns old and new, updated for modern times. It is the case that no hymnal satisfies all, even within particular denominations, and people grow remarkably attached to the hymnals with which they grew up; even with this being the case, this hymnal has achieved wide acceptance and admiration within and outside of the Episcopal church, and remains one of the major hymnals available of any denomination.

I bought this book when daughter was a senior in high school. I should have bought it when she was in kindergarten. Many of the strategies named are that long-term. Others tell you have to "game" the system (like not putting a lot into 529 plans). With the financial meltdown today, and colleges having less money to give out for financial aid, I'm not sure that would have been such sound advice 15 years ago. WE actually found we could not use a lot of the advice in the book but, as always, YMMV.

The best feature of this book is that it goes through the FAFSA application line by line and explains how each answer can affect your aid eligibility. However, the book I purchased had a misprint - page 64 was printed twice. Page 64 appears before and after page 65 - page 66 is missing. Be sure to check before you buy and if you already bought the version with the misprint, exchange it at the place of purchase.

This book became the "Bible for financial aid", it was a great tool for guidance into the aid process. I was able to take the information and negotitate a better aid package for my son and daughter. Thanks to the Princeton review! P.S. my daughter received 9 letters of acceptance and over $14,000.00 in scholarships and grants.

After several months, I'm not quite halfway through the book, because just about anything else is more interesting and will supersede this on my reading list. That's probably not Princeton's fault. I could use a guide about one-third the length of this book.

Less conscientious readers would probably get a lot out of this by skipping many sections, but the college aid process is entirely new to me, so I'm skipping precious little.

The review also points out (quite correctly, I'm sure) that the parent's relationship with the financial aid officer is by nature--civil, respectful, cordial--but adversarial. The whole thought that I'll have to arrange the financial facts of my family to my best advantage is, for reasons that are difficult to explain, discouraging.

Parents spend thousands on SAT preparation, tens of thousands on a private school education, and then leave their assets to the tender mercies of the Board of Education. Don't allow your financial future to be savaged by the struggle to cover ever-increasing college costs. It is essential to know how your answers to the 103 questions that comprise the FAFSA (Free Application for Federal Student Aid) will be interpreted. I read Sallie Mae's book, which highly recommends Sallie Mae loans - calls them an "investment". They are not, they are a long-term debt. Kalman Chaney offers unbiased advice for maximizing your awards, minimizing your debt, and weighing your college choices with more tools (like cost-to-attend and likelihood of providing aid) in hand. It is an eye opening book, I ordered the annual update, too. It is a bit overwhelming, and even if you decide to hire a college funding advisor to help you with this process, you should still buy the book.

While this is a decent book with decent advice, his thoughts on Modern Portfolio Theory are dated and stubbornly backed up with tired quotes.

Specifically, he paints a straw-man argument against what he calls "Active Management," which is only an empty shell of what a knowledgeable financial planner would advise.

While the basics of Modern Portfolio are sound (asset allocations over individual holdings), I find his touting of Indexing and condemnation of Active Management to be out-of-touch-with-reality.

Lays out the basics of modern portfolio theory in very concise fashion. Makes the case for indexing crystal-clear. Provides a useful guide to asset allocation and relevant asset classes.

My only quibble is that if everyone followed the asset allocation suggested in the book, which is heavily skewed towards small-cap value stocks, imbalances would be created that would eliminate the gains to be had from them.

... and provides such solid, convincing, factual evidence and research to support Mr. Davis' "Buy index funds only" advice that I'm afraid eventually everyone will discover it and stop buying any individual stocks altogether. Would that screw things up? I dunno, maybe not.

In any case ... Mr. Davis lays out a portfolio of index mutual funds for the reader in Chapters 30 & 31 that should optimize anybody's individual investment situation.

I've got a pretty decent savings now - But, I will say that I've gone back and compared what I actually invested in (since my I started investing in 1996) to how I would've done had I had this book in 1996 - I'd have much more than twice as much money, mainly because it would have eliminated my large losses/ mistakes. This just about makes me cry!

I wish Mr. Davis would establish a website where readers could ask questions or advice that may not pertain to everyone, like the advice in this book does.

Great book. This book represents the "Cliff's Notes" of 20 other books on individual investing. It strongly makes the case for a portfolio of index funds, with minimum expense ratios, and gives practical lists of how to implement such a strategy. Don't establish your personal portfolio without reading this book.

I am recently retired, and an avid investor. This is the absolute best retirement planning and basic investing book I have found. It distills complex topics, such as modern portfolio theory, into easy to follow, easy to read chapters. I have bought a half dozen copies I have given to my kids and friends, and plan to buy more. This is a must read for people from college age through well into retirement age.

this should have been given away for free considering it just promotes the authors' company. Additionally, there are much better references out there--this just provides very little value for the price.

I'm a newbie to investing. I knew nothing.. but this book is easy to understand, down to earth guiding on what is what in investing. Makes a person feel good to be able to understand something better and not feel so dumb. Thank you!

I've recently read several books on investing, as I'm a new investor. The Sage Guide to Mutual Funds is the most user-friendly one I've encountered. The talk was clear, and I actually understood all of it! I've had a hard time getting people to help me in layman's terms. This book did that and more for me.

this is a great book! I really wanted to learn investing. I think that before investing any money, I should understand where my money is going and be able to make informed decisions. But every time I try to get into this, whether i try to read a book, talk in a chat room or post on a message board, it goes right over my head (I sometimes feel like everyone is speaking a language that's foreign to me! ). I don't consider myself dumb but much of the information I find just doesn't make sense. Worse, there is just so much information out there, where do you go? What's good, what's not so good? How do you know which is which? If you can relate to any of these feelings, then want you to know that this is a book for YOU too. The Sage Guide to Mutual Funds is the first investment book that I've found written in easy to read chapters that everyone will understand. They cover everything from getting started to picking a winning portfolio. They explain the information overload in a single book comprised of simple to read language that I feel is refreshing to the novice investor. I give this book an A++. I'm off to find their web site on AOL, if the book is any indication of what they are offering, then I need to go there!

The Sage book was the most educational, interesting, user-friendly, helpful, and technically informative mutual-fund book I've read and I've read a lot of them. I have incorporated the strategies and insights into my mutual-fund portfolio and the results have been good. The data was well-presented--not too technical, but technical enough. Thank you, Cohn brothers for a job well-done.

A great book for anyone wanting to better understand the reasons people give. I was taught that tax savings was the primary reason people give; how wrong I was.
Thanks to this book, I feel far more confident to talk to my clients and prospects about giving.
A great read.

This was the text for the Fundraising course I am taking in non-profit management. I found it clear, concise and easy to read and retain. Just reading it gave me more confidence in my success at "the ASK". One of the most helpful parts was the inclusion of research on how certain "philanthropic personalities" want to be thanked once they have given. I actually began immediately to apply it to my work.

I use the concepts in this book for training board members in getting comfortable with gift cultivation, solicitation, and stewardship. It helps them to understand that giving is, in the end, about the donor's motivations, not those of the solicitor. After presenting the concepts, I divide the board into small groups and have them discuss various scenarios developed for their organization, asking each group to identify the types of individuals who would respond to this need.

I have found the Seven Faces material to be an excellent study on the different type of donors and their motivation. A great learning tool.

I loved this book! The Seven Faces of Philanthropy offers a very helpful donor-centered approach to interacting with donors.

Although thoroughly researched, the authors' humility is also refreshing. Prince and File specifically say they are not offering a framework that supplements, not replaces, the strategies and techniques our offices are using. Later, they acknowledge the limits and constraints with this framework but affirm that the strength is in the process.

Throughout the book, actual comments from donors illustrate the points the authors are making. I could almost hear donors I know talking to us through those quotations! As I read The Seven Faces of Philanthropy, I found myself scribbling notes in the margins about how I could implement the framework in my daily work.

I was disappointed that this reprint merely had a new introduction. Part Two is laden with statistics and I found myself wondering how they have changed in the last ten years. Nevertheless, this book is well worth reading and implementing.

In addition to a preface, two introductions, and a research appendix, the chapters include:

Part One: Profiling the Seven Faces of Philanthropy
1. The Communitarian: Doing Good Makes Sense
2. The Devout: Doing Good is God's Will
3. The Investor: Doing Good is Good Business
4. The Socialite: Doing Good is Fun
5. The Altruist: Doing Good Feels Right
6. The Repayer: Doing Good in Return
7. The Dynast: Doing Good is a Family Tradition

Part Two: Cultivating Major Donors with the Seven Faces Framework
8. Making Connections Through Charity Networks
9. Building Relationships with the Seven Philanthropic Personalities
10. Identifying Appropriate Giving Strategies
11. Sustaining Relationships Through Donor Centered Strategies

Conclusion: Applying the Seven Faces Framework

Sure this book is a little out of date. And sure nobody knows what a progressive school is anymore. But this is a fine book. It gives a very insightful view of the problems and strengths of the American education and even though this book is over 50 yrs old, it still makes sense today. The author's style is magnificent, he is truly a craftsman who can interweave wit, humor and seriousness as smoothly as chocolate fudge oozes down a woman's naked body. I like it.

Mr Barzun has all my admiration. I agree with somebody's words below: "down-to-earth, full of common sense, and brilliantly lucid", and whatever more you want to add he's got it. But, what he talks about is utopia, antient history -the way our educational history develops. It just doesn't apply. One can really enjoy reading Mr. Barzun, no matter what he talks about, but in this case, being the contrast between the former state of education and the current one so hurting, I can't take it. It would have been wonderful if his recommendations (candid recommendations) were applicable today, even slightly. But we've gone (Europe&America) to a point of no return. It would be like taking aspirin against gangrene.

His advice is common-sense, though, as I said. But how do you implement common-sense in a non-common-sense society?

The hardest yet most refreshing part about reading this book is that I am 25. One can easily pick up the urgency in Barzun's words and doubtless he was critiquing the educational modifications of the time- originally published in the 40's. Since that time, every school has become the 'progressive' school that Barzun warns against- A furthering of Deweyan principles of 'It's not learning if it ain't fun' and 'true understanding is in the heart, not the head.' In an effort to make education fun and push students through at all costs, we've lost any sense of the teacher's true goal- to instruct.
I should not give the false impression that Barzun is a hard nosed, humorless curmudgeon who would turn back the clock to monotanous recitation and rote-memorization. The truth is that he is somewhere in the middle. Before the job can be done correctly, the teacher needs to gain the students willful attention and her trust. At that point though, the student NEEDS to be challenged- the student will be pushed to learn (yes, memorization may be involved), grades will be imposed and the student will- it's true-come out the better for it.
The best part is that while Barzun jabs at administrators and theorists (can't we all relate) he writes with obvious love for teachers and students, always keeping their interests in mind. While Barzun can come off as a sourpuss when poking fun at the circular Ph.D system and standardized testing, he is easily forgiven when discoursing on how and how not to teach mathematics, history, arts, literature, the sciences and writing. I only wish he would've been one of my instructors.
The only other thing I can say is that while for teachers, this book is a MUST HAVE, for students (of all ages and abilities) this book is a hidden treasure. Barzun, while giving advice to teachers and administrators, inadvertently (?) gives us tips on how to learn and more saliently, how to think. I'm confident that I will reread this many times throughout my lifetime. Bravo!!!

Jacques Barzun is in his nineties today and still one of the best thinkers of our time. Forty years ago both my wife and I ran across this book as we were taking wearisome ed courses in teachers college to acquire certification to teach in New York public schools. Our professors did not like Barzun then, and I am sure they don't like him today. He is down-to-earth, full of common sense, and brilliantly lucid. This was our handbook, along with Gilbert Highet's The Art of Teaching, which they didn't like either. Everything we heard in those classes was shown to be false after we began teaching, but Barzun's observations were unfailingly accurate. Any teacher who goes by this book cannot utterly fail, even in this ridiculous system which has persecuted American children for a half century.

Jacques Barzun's TEACHER IN AMERICA is a classic commentary on actual learning as opposed to "fun and games" in the classroom. He knows what is important in learning and what is cosmetic and false. Barzun not gives a careful diagnosis of what good teaching and actual learning means, but he is aware that modern "methods" do not work, and he knows why.

Barzun, as other reviewers note, wrote this book in the 1940s when the disasters in public schools were only incubating. He clearly saw what was going to occur as long and teaching and learning are tied to politics. Barzun is clear that the "academic bafflegab" that passes for expertise is pure nonsense even though it sounds good and popular. Jacques Barzun was not trying to be popular with the educational establishemnt. Yet Barzun's writing style is not harsh or too severe. Barzun writes well and engages his readers in a lucid assessment of what authenic teaching and learning are.

One thing that Barzun does is inform the reader that there is a cause-and-effect realtionship between teaching and learning. He does not waste his time nor that of his readers in presenting useless statistics based on phony polls and questionnaires. Rather than relying on useless statistics, Barzun relies on reason and honesty as if truth mattered. This is far removed from the current "experts" who think phony statistical assessments are somehow a substitute for solid learning and difficult but useful solutions.

The chapter titled "Getting the Classics off the Shelf" is probably the best chapter of the book. Barzun knew what some currently know which is the fact that The Classics have much to teach us. The Classics expose students to excellent writing, reading, and serious thinking. If students are well armed with the ability to read well, think critically, and write coherently, they are prepared to learn so much on their own without the babified pablum offered by teachers of useless "education courses."

Barzun's book has much more meaning currently than when he first wrote it. The so-called "experts" think they are going to use childish methods and useless classes to solve problems of mass illiteracy when in fact their programs and babified methods make a bad situation worse. These same "experts" are the same ones who offered the previous canned nonsense that did not work. Barzun hints at the fact that this is a perpetual problem of failures that no one wants to admit.

When current students are told that "wellness" classes and learing to fill some benefit form or other bureaucratic set of paperwork are more important than actually learning to read well and think, the current disaster needs no explanation. When very didicated teachers are told they are responsible for criminal behavior and teenage pregnancy which are well beyond their control, there is no wonder why young, intelligent teachers vacate the teaching profession. Barzun knew that students had to learn to take their place as adults. Yet, currently teachers are told they must conform to students' bad taste and be sensitive to students' needs. The fact is that students must learn to be sensitive and conform to an adult world. Teenage adolecents need to learn that they must adjust to the adult world and not the other way around. Studying The Classics is a good place to start learning this.

While Barzun is in advanced age, his book titled TEACHER IN AMERICA is still useful and relevant. The problems that Barzun alluded to in this book are now complete disasters. Yet, to paraphrase Barzun on page 15, one must not lose faith in the teaching profession.

John Train's slim book The Craft of Investing has a title that might mislead some readers into thinking that it is another one of his well-crafted overviews on investing. A good portion of the text, however, deals with topics that are probably most relevant to high networth individuals, family wealth management professionals and private bankers. Other investors will find chapters such as "Family Capital," "The [Trust] Executor's Job," and "How to Use a Safe-Deposit Box" less than relevant.

There are passages that are of interest to a wider audience. The first portion of the book is a brief, but useful survey of different investment styles. Other passages provide an interesting distillation of Train's tips on what makes a good investor, for instance, his advice about reverse engineering the trades of well-regarded institutional investors ("start by piggybacking on the thinking of the best professionals"); keeping a conservative approach to investing (which he says favors " sober, seasoned, careful older people"), and honing of investment skills to a professional level. "Most points are lost on errors, rather than by forcing shots. Since the investor never has to act, he should focus on not making avoidable mistakes." There is not enough meat on the bone here, though, to rank this book as one of Train's better ones. Instead, readers new to his work are better off starting with The Money Masters and The New Money Masters, two books that rank among the best in the investment field.

Overall this is a great investment book. It covers an extremely broad range of topics and for the most part the reader cannot go too far wrong following the author's advice. The sections on the nature of markets and his advice on commodities alone makes the book worthwhile. Bear in mind that the book was published in 1994 but most of the content is timeless. Another book with much of the same advice is The Only Investment Guide You'll Ever Need by Andrew Tobias. One additional thing- some of the charts and tables and examples date from the 1970's and are evidently from magazine articles that the author wrote. Just so you know what you are buying. The example are good ones and mostly remain relevant today. The only real limitation of the book is Train's simplistic approach to growth stock picking.

It is impossible to praise this book enough. I have been actively investing for greater than 10 years, and I have read more books than I care to count. You will feel much more confident in your investing and making choices. I finally have a good grip on why do stocks go up and down. But you get insight into other matters as well ,and get to feel the wisdom of a true master,in a well written easy style. Just what we need during this deflating bubble we are in now.

This book is an easy to read primer on investing and other financial matters such as estate planning and retirement planning. There are no specific formulas to follow. Rather, the book is loaded with common sense and practical advice. As far as investing, Train as one would expect discusses growth and value investment styles. But there are gems not found in other books such as his comments on emerging markets, real estate and art. Beginning and experienced investors will get alot out of this book. I'm reading it for my second time - always a sign of a good book.

"The Craft of Investing" is a short, basic, and fun-to-read book that teaches you a bit about conservative investment. It doesn't go into analytic detail but emphasizes the broader concepts. The first half of the book is the best and deals mainly with stock investment. You can neglect most of the later chapters if you want and still benefit greatly.

You will learn how not to sit on a bad investment, or as John Train says, not "become a boiled frog." It is claimed that if a frog is put in a cup of warm water, it will just sit there, even as the water is slowly heated. If the poor old frog had been tossed into a pan of boiling water he would have realized the situation was not good and immediately jump out. But, as the water is slowly heated, the frog decides he can tolerate the slight change in temperature. Never making his mind up to get out, the frog boils. Many investors do the same with bad investments. As the company gets progressively worse, they hold on hoping the situation will improve--only to lose more and more money.

Much of successful investment demands little more than learning what not to do and John Train will help show you what not to do.

Peter Hupalo, Author of "Becoming An Investor: Building Wealth By Investing In Stocks, Bonds, And Mutual Funds."