Investment-management

This excellent, accessible, and extremely well documented integration of the economics, administrative infrastructure and politics of the economy is a must read. Canterbery clearly deflates current politically correct talking point that Dubyah's skewed tax cut is in any meaningful way related to "capital formation". With only 5% of the transactions in the stock and bond market attributable to the "primary" capital raising markets (i.e. IPOs and new treasury debt) the churning of the remaining 95% of the secondary market is the "overhead" that's necessary to achieve "efficient" pricing for capital. That's like a shop owner who has to sustain $95 in operating overhead to keep his store open in order to make $5 in sales.

Witty, insightfully integrative and deadly accurate, this is a must read.

The past decade of financial euphoria has slowly built in the public's mind the myth of the "millionaire next door," and the belief that democratic redistribution, through capital markets accessible to all, existed. This book, owing to a thorough analysis of the US capital markets, definitely draws an accurate and realistic picture of who the real "winners" are. The answer is explosive and the statements fully backed up with data. If you want to have a better understanding of how the Fed, the government, and the markets have been creating this "dream come true," this book is definitely a must read.

This book explains why the health of the stock market is not equivalent to the health of the economy. The Wall Street bull has transferred enoumous amounts of wealth from the bottom 95% to the top 5% of the population. The result is an economy that is producing goods and services at a rate that is well below its capacity to produce, reducing the standard of living of all but those few who are winning the speculative Wall Street lottery. The book is written in an engaging style with plenty of data to back up the claims. A very important book for a very crucial time in the economic history of the US.

This book provides non-profit executives with a very practical approach to making their organizations more successful financially and more relevant to their audiences. I have advised many non-profits on a range of issues, and I am envious of Grace's admonition to "put away the tin cup." That's one of the truest, most important things that today's non-profit leaders could hear.

Many fundraising books show you the mechanics of fundraising. Ms. Sprinkel does that, but more importantly, she shows the reader how to approach fundraising with the proper mindset. Gone is the "tin cup" mentality. Instead, she advocates that we approach fundraising with an investment mindset.

Having set the stage with her philosophical approach to fundraising, Ms. Grace proceeds to walk the reader through the different stages of fundraising, including annual and capital campaigns.

I used the information in this book to assist the development team at my children's school with a capital campaign. We trained a number of people in the art of fundraising and went on to raise the money needed for a new building. While I won't give Ms. Grace all the credit, I can say with confidence that the advice she dispenses is clearly written and very effective.

Defining the difference between fund-raising and donor development was an eye-opener. In a non-profit world that is increasingly competitive for the donor dollar, Ms. Grace offers a powerfully different approach. Of particular interest was reference to values-based mission statements. Something from which every fund-raising organization can learn

This book is a collection of Merton's papers published between the 70's and 90's with slight modification to fit the format of a book. Although today's research papers still refer to Merton frequently, seldom are they direct extension of Merton's works. With today's more powerful math tools and more sophisticated financial models, we may find Merton's papers too simple, just like Newton's calculus. But every time I open this book, I am always full of amazement: before Merton, only very primary math tools were applied to finance, how beautifull he fitted practically every area of finance and financial economics into the framework of modern math, and today's more beautiful works all start from there. This book is definitely a better biography of this legendary men.

PS: if you are a quant, don't forget to thank him for creating your job.

This book is a collection of thier(most of the parts are Merton's) papers written during the past 25 years. The papers are little bit changed so as to be cross-referenced through the book. Also You can find some comments in the book for the recent literatures. As you know, Dr. Merton introduced continuous-time approaches into the finance. This book deals with basic mathematics for the continuous time finance, portfolio selection, option pricing, and theory of intertemporal equilibrium. The value of this book is greater than that of papers copied separately in the library. Also it is a great pleasure to see how his theory has been evolved through the book.

I think the Nobel Prize was not enough to thank Professor Merton for his thought. The absolute and necessary book to approach continuous time Finance.

Country Properties is "must" reading for anyone aspiring to relocating in the country, or who has newly arrived in a rural setting and seeking to make a life and a livelihood there. Country Properties is an authoritative, practical, "reader-friendly" instruction guide to buying a place in the country and taking up an agricultural pursuit. John and Jennifer Hoff provide invaluable details on buying, selling, marketing, and production; tips on enhancing your real estate and agricultural investment; helpful overviews for current owners and managers of country farms, ranches, and estates; insights in to the biology and genetics of agribusiness; provide useful resources; technical illustrations; and a great deal of personal stories, anecdotes and humor. The Hoff's informative text is enhanced with original illustrations by Galen Struve.

James A. Cox, Editor-in-Chief, The Midwest Book Review

This book gives excellent first hand insight on all aspects of being a ranch property owner. The book's authors did an very thorough job in clearly identifing the key elements of aquiring land, raising cattle, and growing pecans. It motivates one to "Cowboy UP" and buy some property.

We were ready to buy a piece of land but were not exactly sure how to proceed. Country Properties showed us step by step how to make the right selection, hire a manager, maintain and establish the pastures for our cattle and horses and enjoy the rural setting with peace of mind! Everyone should read this reference book before they venture into the world of rural living and also buy a copy for your manager. He will really appreciate, use and understand these helpful hints! You will end up buying more copies for friends and family. This book is truly one of a kind!

I feel that this book has been the most outstanding work ever done in the financial services sector. I recommend this highly especially for people involved in the financial services business. I have used this book immensely in my business too. My heartiest congratulations to all the four authors of this book. I look forward to another book from them in the future.

It is a superb book which has a total grip of the latest in the financial services sector globally.

A "MUST READ" for all financial services participants and strategists. I have read the book three times over and everytime I read this book I find a new angle which I could apply to my business.

A very useful book describing a variety of approaches to creating value, such as strategy, products, technology, logical and mathematical modeling frameworks for analyzing a firm's strategy, technology, and process choices.

A must read for managers of financial service firms, and consultants as well as researchers who work in the area of strategic planning, technology choice, process design and process re-engineering.

Alan Rugman does yeoman service in dispelling the myths of globalization as an omnipotent and omnipresent force in international business. Drawing on a myriad of recent cases, such as Disney and Saatchi and Saatchi, Rugman presents a thorough, compelling and provocative argument that regional markets and intra-firm transactions and relationships within those markets (particularly the triad of Asia, North America and Europe) and not a globalized, cast-the-net-widely juggernaut approach to multinational corporate strategy will continue to rule the day.

Alan Rugman is one of the top business school researchers in the world. In this insightful book he takes a different view of globalisation than most. It is very useful and thougt provoking.

Rugman's "End of Globalization..." is a superb analysis of the international trade of product and services and the nature of foreign investment. He effectively shows how, in reality, international trade and investment needs to be understood in terms of firm and not market activity, and in particular, in terms of the activities of 441 of the Fortune 500 companies. Rugman's work shows how most globalization activity is, in fact, based within a triad of Europe, Japan and the U.S., Foreign Direct Investment is largely intra-firm and industry, and that the key driver is regional and local based economic activity, not a global free-for-all.

Rugman provides examples of how globalization fails (Disney, Saatchi and Saatchi) as well as success stories (ACER) and an analysis of how 20 of the world's multi-national corporations actually operate - i.e., with a strong regional and local presence.

We covers the role of the WTO (demise imminent), protectionism (NAFTA and EU), health and evironmental restrictions, and positions the dot com dream of internet-driven wealth as being one of media hype. There is no single global culture he says, and the new mantra really should be "Think Regional. Act Local. Forget Global".

This book is a brilliant demolition act on the false promises of globalization and also a stinging riposte to the doom-mongering paranoia of the Starbuck's trashers of Seattle and the McLibel crybabies.

Well written, clear, forthright, and with relevant examples this book is a must for students of globalization and international economics everywhere

the end of the I met Mr. Spitz several years ago when he spoke at a Vanderbilt Alumni Reunion in Louisville. He explained his book, which I purchased, and I was able to use his philosophies in setting up investments for hundreds of injured people. I still quote parts of the book verbatim to this very day.

I recently purchased several copies of the book to give to people who work in our office. It is one of the best investment philosophy books ever written.

Don McNay...

I met the author twice when he spoke to a small group. I liked Bill's thought process and bought the book about eight years ago. I still have it, well marked and well used. Bill explained his purpose in writing the book as showing individual investors how to apply the same principles of investing and investment management that he applied as Treasurer of Vanderbilt. There he selected and provided oversight over a number of portfolio managers who managed portions of the Vanderbilt endowment. Bill shows how an individual can do the same thing by investing in a diversified group of mutual funds.

Bill carefully explains the elements of an investment portfolio (U.S. stocks, small cap stocks, bonds, real estate, etc.) and suggests several allocations between the elements. One unique aspect of his advice is that every portfolio should have a real estate component. His discussion convinced me and real estate investment trusts are now an important part of my retirement portfolio.

This is a well written quide for the individual investor who seeks a well thought out plan for investing.

Spitz, Treasurer of Vanderbilt University, spells out in simple terms, how to invest in 5 or 6 classes of mutual funds to match the level of risk for your stage of life. He shows how to analyse your level of risk and makes a few assumptions about future growth potential and creates a plan for financial security that the reader can follow and practise without the need for stock brokers or other expensive financial advisors. Easy to read and understand.

David Scott goes the extra mile in this one. he shows so many ways to save money, after the first chapter i was ready to go out on my own and use my new knowledge. i was very curious to see if what i had read could be put to use in the real world, low and behold it worked. the ease at which it worked was the most valuable and welcomed edition. not only did i save money i got that tingling feeling you get when you make a large purchase. in other words i got " high" on the buy.if you are looking for something that can save you money , give you a good feeling and become a healthy hobby give mr Scott a read.

Most in the United States have a tendency to spend more than they earn. Consquently they end up paying hugh amounts in interest on money borrowed. This book turns this way of life around so the average consumer can save money, get rid of debt and even achieve a higher standard of living while spending less and saving more. Highly recommended reading for those just graduating and starting life. For those who have slipped into over spending this book will show you the way to turn your life around and achieve financial success.

Another Money Smarts publication succinctly written by noted financial author, Dr. David Logan Scott, is entitled The Guide to Saving Money. Throughout the 200-pages, Dr. Scott has outlined numerous practical pointers toward controlling a larger portion of one's own financial pie. Particularly relevant, I thought, were the suggestions in dealing with the selection of a new vehicle and the options available in purchasing its extended warranty. Utilizing the author's sensible, prudent tips may result in expanding one's cash flow while simultaneously s-t-r-e-t-c-h-i-n-g the dollar bill. The Guide to Saving Money-an investment for today!

I had the wonderful opportunity to speak with him, before and after reading the book. I was impressed at the amount of time he took to research and develop his ideas into concrete strategies and examples that everyday investors can use.

As the author of the book Futures for Small Speculators and several other books on high-risk investments- I thought that I would find the information rather boring- and treading over the same old tired reasons to buy and hold stocks.

This was never the case. Mr. Heiserman proved to me that the same kind of concentrated effort that I use to trade fast moving markets, can and should be applied to stock picking for the long term.

Buy a copy of this wonderful book if you intend to retire with a decent nest egg.

Noble DraKoln
Liverpoolgroup.com

It's Earnings that Count should be on every investor's bookshelf. Whether you are a seasoned investor with an extensive background in accounting or just a beginner, this book is a must-read. Hewitt Heiserman effortlessly incorporates Benjamin Graham's defensive and enterprising perspectives into one easy-to-use system to determine a company's true earnings power. While these two methods are well known to the avid investor, Mr. Heiserman presents them in a fresh visual perspective, which through example, empowers the reader to not only learn how to discover the next Microsoft, but also how to avoid the next Enron or WorldCom.

This book describes a fundamental approach to stock selection. It combines the "margin of safety" approach using free cash flow of Graham with the Economic Value Added (EVA) approach of determining returns in excess of its weighted average cost of capital. The author charts these new Defensive EPS and Enterprising EPS so you can see if they meet a minimum test.

The book is easy to read and the techniques are easy to apply. The author also gives you some extra ratios to help screen out your long term purchase candidates.

It's not a deeply academic book but more of a presentation of practical advice and a proprietary fundamentalist stock selection system that will keep you out of trouble. The author also discusses how to evaluate management and how to evaluate competitive advantange. These chapters were also good.

There are many interesting examples in the book. The book makes it look simple but I'm sure there are many areas in financial statment analysis where you'll be scratching your head to create these new EPS figures. Still, overall the book is great.

John Dunbar
Sugar Land, TX

JK Lasser's Guide To Mutual Fund Investing is a "must have" for anyone like me who is trying to decide how to invest their 401k/403b. It explains"new" funds, convertible and REIT funds, and the difference between index funds and managed funds and when to use them. This book will help you avoid some of the mistakes that trip up the average investor. Before I read this, I didn't realize how badly the average investor does.  

This book helps take the mystery out of mutual fund investing. In my case, (investing for retirement), I'm trying to create a portfolio that is balanced, diversified, and smart. This book has given me the tools I need to make the right choices. The book is well written and the topics it covers are clearly presented. It was an enjoyable read (surprising!). I HIGHLY recommend this book.

Great investment guide and resource book--well written and very understandable. I wish I had a resource like this 25 years ago. Read this book to understand the reasoning behind indexing, why your portfolio should be balanced in the ways described, and to learn about the new fund effect as an effective way to maximize investment gains. Also learn about convertibles, REITs and other interesting and little understood investment topics.

....As a thirty five year professional in the investment industry, I found this book, Pick Winning Mutual Funds, written by the same authors who wrote Winning with Index Funds, a very valuable book for anyone, like a seasoned professional such as myself, to a first time investor.I wish a book like this had been available when I started in the investment business in 1964. These two authors broke new ground again.This is the first book that acually explaines how one can go about finding the right funds that fit their protfolio.It also shows how to stop paying high up front sale charges and excessive annual fees. The well researched book is full of information I've never come across before--like how to reduce risk and where to get good on-line information about funds. And, one of the most important things I learned was when to use index funds(and which ones) and when to use managed funds. It's a great book for someone who is trying to figure out which mutual fund in which to invest... ...........I strongly recommed it..!!!

Rich Ames