market-economics

Russian banking is 'inventing' a new Russian social process for individual and small group entrepreneurial pioneering and providing people with new pathways for economic growth. Every decisive step in the history of economic development ha been the result of deliberate decisions to open up space and enable people to pioneer. This deliberate incubation of the free enterprise of ordinary people has always worked to produce great results. This is not nostalgic, not romantic, not greed. It is the simple principle of applying "opportunity" to the great driving hunger of millions of people to transcend their inadequate past

A far better description of the actual situation in Russia than what is available in the U.S. or Russian Press, or other alternative sources. Opened my eyes to what I should be aware of.

I found this book provided a clear description of possibilities for collaboration and cooperation with Banks in America. Our methods and practices differ but Dr. van de Waal-Palms explains the common denominators.

When I started reading this book I was disappointed. The background chapters that attempt to teach Technical Analysis for example are covered somewhat better in other books (see John Murphy).

But the treasure of this awesome book is in the examples and stories in the later chapters. I wish I had read this book a couple of years ago. From a number of books that I have read, it talks quite a bit about short selling and risk. In my opinion .. it is a five star book ..

I have been an investment professional for over 20 years. I have read dozens of books--most long before the flood of "you to can be a super trader" trash of the 1990s. This is the best one. Mamis is an original and independent thinker. The book deals with psychology, tactics, technical indicators. His "How to Buy" is not nearly as good.

If you invest, wish you had a mentor on the trading floor, but don't know anyone who works on the exchange, you should read this book. Mamis discusses not only market indicators so you can better time buys and sells, but explains what happens on the trading floor and how the professionals -- the "they" many investors refer to grudgingly -- benefit from herd psychology. After reading this you will better understand why the "average investor" is more likely to lose than win, and why many people, in fact, subconsciously prefer to lose. Mamis has an easy style which reflects his many years of investing experience -- it is not a dry, academic discusson of the market.

Along with "Reminiscences of a Stock Operator" and a couple of others, this is one of the best and most informative books I've read about the market.

In Will and Vision, the authors refute the theory that first-movers have an overwhelming advantage, and replace it with the idea that seven factors, that can be summarized as will and vision (hence the title of the book) are instead the factors that permit companies to dominate markets.

First, the author performed an in depth empirical study that included 43 different industries at different times in order to show that the original entrants in many markets were not in fact the current leaders. Instead, the authors offer the following seven factors as the main ones in determining whether firms became leaders in their markets:

•Envisioning the Mass Market - Examples include P&G with Pampers disposable diapers for everyone instead of for travelers only and Kodak with photographs for the non-professional.
•Uniqueness of Vision - Examples include Tim Berners-Lee and the development of the WorldWideWeb and King Gillette's view of the razor market.
•Persisting Against All Odds - Examples include Bill Gates' persistence that landed him the operating system contract with IBM and Haloid's persistence over a decade that created Xerox.
•The Need for Relentless Innovation - Examples include Moore and Noyce leaving Fairchild Semiconductor to found Intel and the relentless pace of innovation there, and Gillette's close brush for lack of innovation in the 1960s and its ensuing fast pace since.
•Organizing for Innovation - Examples include HP's organization beating Xerox and IBM at the laser printer market, and Netscape beating Mosaic by taking talent and rewarding it.
•Raising and Committing Financial Resources - Examples include Fred Smith's almost bankruptcy to keep FedEx alive and Amazon sacrificing profits for a long period in order to achieve its envisioned mass market level of service.
•Leveraging Assets Despite Uncertainty - Examples include IBM losing the PC battle because it did not want to hurt its mainframe sales, and Charles Schwab's leadership in web trading after it chose to focus on it and sacrifice off line higher margins.

Overall, I found it a very good entertaining book, with anecdotes that help support the ideas the authors suggest. I strongly recommend it.

This book comes out with a hypothesis challenging conventional thinking which assumes that pioneers dominate markets. Collecting and analyzing historical data from over 66 industry segments the conclusions by the authors is baffling. This is not a case where statistics is used conveniently to support untested theories using available tools to prove a point. The approach to understanding market dominance and the role of pioneers and followers is path breaking. Contrary to common belief, data shows that in many cases the pioneers have as little as 9 % market share. The ingredients for success are therefore not being there first, but doing the right things.

Five factors that emerge as key to ensuring long term success and market dominance are Vision, Persistence, Financial Commitment, Innovation and Asset leverage- factors that are structurally related in a causal chain starting with a clear vision for a mass market. There are innumerable examples and detailed cases where the inability to see a mass market for innovative products has resulted in late comers grabbing the market from incumbents. Fear of cannibalization of existing products, bureaucracy, complacency, are some other causes that stifle growth.

After explaining the hypothesis, a good and crisp summary of the conclusions from the historical data, every chapter proceeds sequentially to substantiate the findings. This is a rare combination of business history, statistical analysis and strategy. It is this unique combination and the unconventional wisdom that is bound to make this book a classic in its own right. The range of products covered varies from diapers to couriers and computers. IBM, Microsoft, Fed Ex, Xerox, Gillette are some companies that are discussed in detail.

Comparing it with other books on similar research, my prescription for business would be:

Innovators Dilemma + Will and Vision + Built to Last + Good to Great = Road to Market dominance.

Highly recommended.

Gerard J. Tellis and Peter N. Golder methodically and empirically demonstrate that pioneers are rarely rewarded for their efforts at the end of the day. The confusion between pioneers and current market leaders lies in the exclusion of failures (survival bias), tendency for managers to refer to their own firm as the pioneer (social desirability or self-reports bias), and self-serving market definitions (self-serving bias). For example, the Gillette Company is the oldest surviving firm in the disposable razor market. However, the Gillette Company was not the firm that first commercialized the razor. Similarly, Intel was not the firm that first brought the microprocessor or CPU to the market, even it has been perceived as the pioneer in that industry.

Tellis and Golder brilliantly build on over a decade of in-depth research to show that vision, persistence, relentless innovation, financial commitment, and asset leverage are the real factors that drive the superior performance of enduring leaders like the Gillette Company and Intel.

1. In their examination of "Vision", Tellis and Golder take their distance from the traditional definition of that much abused business term. Often, vision is indeed synonymous with broad mission statements used to excite and inspire stakeholders of an organization. In Counter-intuitive Marketing, Kevin J. Clancy and Peter C. Krieg concurred that most companies do not have much of a vision (See especially pg. 74 - 86). Vision has two key components according to Tellis and Golder: 1. A focus on the often-decried mass market with its dynamic and evolving needs and 2. A unique perspective of serving that mass market. For example, in contrast to its top competitors, AOL has stressed from the beginning convenience, ease to use, community, and ubiquity. Similarly, McDonald's has stressed from the onset quality, service, cleanliness, and value to build a worldwide network of mainly franchisees for bringing fast food to the masses. In Product Strategy for High Technology Companies, Michael E. McGrath gives a good complement to Tellis and Golder's definition of vision by explaining it as an answer to three key questions: 1.Where does a firm want to go? 2. How will the firm get there? And most critical 3. Why will the firm be successful? (See especially pg. 12, 306, and 317).

2. In their analysis of "Persistence", Tellis and Golder debunk the myth that enduring market leaders usually achieve their success through luck or sudden breakthroughs. In fact, visionaries have the will to persist in their efforts through seemingly insurmountable obstacles, slow progress, and long time efforts. The origin, early struggles, and ultimate success of Federal Express showed how important the vision and persistence of Fred Smith, its founder, made the difference at the end of the day. Similarly, the ultimate success of xerography after 13 years of research was due to the unwavering faith of former Xerox (Haloid)'s CEO, Joseph Watson in the underlying technology.

3. In their approach to "Relentless Innovation", Tellis and Golder remind their audience about the importance of firms not resting on their laurels. Technology and consumer tastes constantly change. Tellis and Golder rightly identify complacency with past successes, bureaucracy, managerial occupation with current customers and competitors, and fear of cannibalizing existing products as the four enemies of the relentless pursuit of innovation. For example, the earlier history of the Gillette Company clearly indicated that its success led to complacency and arrogance detrimental to its market leadership several times. Quoting Andy Grove, one of the founders of Intel, "Only the paranoid survives." In Product Strategy for High Technology Companies, Michael E. McGrath gives a good complement to Tellis and Golder's examination of both time-based and cannibalization strategies (See especially pg. 219 - 234 and 257 - 271).

4. In their study of "Financial Commitment", Tellis and Golder demonstrate that visionaries show persistence in their ability and willingness to raise and commit financial resources whatever the obstacles in their way. For example, Federal Express was on the brink of bankruptcy for years before it finally took off. Similarly, King C. Gillette, one of the co-founders of the Gillette Company, struggled not only to launch the eponymous company but also to raise the capital necessary to commercialize his disposable razor for years.

5. In their dissection of "Asset Leverage", Tellis and Golder look at how generalized and specialized assets can be mobilized for dominating a product category. Tellis and Golder rightly identify the extent to which the new product category does or appears to threaten the old product category, a strict focus on costs, myopic view of markets, and bureaucracy as the four major hindrances to leveraging assets. Xerox squandered more than one opportunity to leverage its assets to adopt and commercialize the revolutionary discoveries of its Palo Alto Research Center for years. In contrast, Microsoft showed sacrificing several products in development as the way to catch up with the competition after it had initially misjudged the potential of the Internet revolution.

Tellis and Golder also remind their audience that the relative importance of the five factors mentioned above varies by firm and market characteristics: new firms, established firms competing in established markets, and established firms entering new, yet unrelated markets (See pg. 265 and 266).

To summarize, Will and Vision by Gerard J. Tellis and Peter N. Golder is like The Innovator's Dilemma by Clayton M. Christensen a major contribution to a better understanding of how markets really work.

If you can't get advice from this book - you are not trying! An easy to read guide to marketing - logicial, practical - a common sense guide which can be applied to any business, anywhere. THis book, along with Andrew's other guides to business are written to genuinely help you - not to dewilder you. You never feel as though you are being spoken down to - rather you feel as though these steps are so easy, logical and cost effective they have to work. Highly recommended and congratulations Andrew.

"101 Ways to Market Your Business" by Andrew Griffiths is a sensational tool for any small business owner. It's simple to read and the ideas are easy to implement and best of all, don't cost a great deal of money. As a marketing manager for a shopping centre, we find business owners often need inspiration - and something that will help get them back on track. We buy this book in bulk and hand it out to those who need it - and it's great to see them implement the ideas and to see their businesses ultimately improve.

I`ve been in business for 50 years. I make use of this book on a daily basis simply because I learn from every page. It just shows you are never to old to learn from Andrews books. It is very easy to read with practical tips which can be implemented on a daily bases. His sence of humour lightens the learning process. I have bought all Andrews books for my sons 20 birthday.They will be his tools for the rest of his life.

Easy explanations of most of the things a trader should know. There are some typos and errors, but overall the book is packed with useful information. The material does not require any previous economics or business knowledge, but will be useful for pros as well. I recommend it to everyone

I purchased this book along with the Stock market course workbook for my husband and he loves it. Being a novice on the workings of the stock market we both wanted to be prepared before investing any money into the market either with an online or a traditional broker. This book has such a wealth of inforamation in it that I suggest if you are interested in investing you need to check out this book along with its wookbook. It is money well spent.

I would highly recommend this book to anyone seriously looking for a good book on how the market and its many facets work. The book is correctly named, it reads like a textbook from a 101 college course and it even has a companion book (sold separatly) to "test" your knowlege of what you read in the textbook.
Bottom line - easy to understand, thorough, informative. Will provide good general understanding of the stockmarket.

In the spirit of "The One Minute Manager", this book provides practical hands-on guidance for dealing with real issues. Although rooted in such grand concepts as Integrity, Ethics, Honesty and Principle it is a practical book. In fact, it is because of this that it is a practical and useful book for day-to-day-manangement of work and life.

Dr. Greenslade offers helpful hints in basic management. In a world of high tech, and numerous books available on "how to manage" properly, we often overlook the "simple": -management is relationships- with your subordinates, your colleagues and your friends. Greenslade helps marry (manage) your personal and business life, to survive the chaos at work and focus on common ground and objectives; it is garnered from his own extensive management experiences in various biomedical industries. It also teaches you to care for yourself, and others. It reflects his own experiences in past "management chaos" in an honest and forthright manner. Utilizing those experiences, allowed him to "seize his own day" and pass on to others ways to "simplify, simplify, simplify" management. A valuable tool in the continuous quest to "manage" in a way that people and businesses can "grow together".

The clarity, brevity and sincerity of the author shines through with advice which can be life altering to the serious reader.

Murphy has written a very good reference book, useful for brushing up on the finer points of charting, indicators and so forth. He also does a good job of going over the various technical theories with a straight face, neither endorsing favorites nor casting ridicule on the ones that are more logically suspect (cough cough, gannelliottfibonacci, cough cough).

The only thing I really took issue with was the habit of trying to predict the size and extent of price moves rather than sticking with more general observations regarding momentum and overall movement. Looking for something to happen before there is evidence of its arrival is a dangerous game for technical players, and to devotees of the approach, a friendly warning: be careful not to become a fundamentechnicalyst. Meaning, always keep in mind that effective technical analysis highlights probability rather than makes predictions. Since I just made up the word for this review, I'll now throw in the definition: A "fundamentechnicalyst" is one who makes predictions, just like the run of the mill fundamental analyst does- except the fundamentechnicalyst is making predictions based on technicals: chart patterns and various indicators, rather than supply and demand, weather, politics etc. In giving advance notice of how the movie is going to end, the approaches have similarity in their folly. The answer is to not say, "aha! because of pattern ABC, result XYZ must now occur...." Instead, say, "aha! because of pattern ABC, there is a reasonable probability that XYZ could possibly occur, but I recognize this is an odds game which means 1) it is normal, reasonable and expected for me to be wrong a portion of the time (the odds say so), and B) I gotta have a risk point, just in case this is one of those occurrences where the odds don't play out in my favor.

The difference in the thought process is subtle but critical. A prediction locks you in, creates a psychological commitment, brings your ego into the game, and screws up your mindset in general. Whereas if you recognize trading is essentially nothing but an odds game, then flexibility and peace of mind remain intact.

One of the hidden gems of this book was an excellent outline of why the contrarian method works. I don't want to give away Murphy's goods here, so I will just say that he points out a few very interesting reasons why it is natural for the majority to be wrong at turning points, and it is not simply because the masses lack trading ability or intelligence (though that is a factor, of course; the lumbering beast called Crowd is known for strong back and weak mind.)

To sum up, buy this book if you are new to technicals, if you want to brush up on your knowledge, or if you just want a handy reference. But be wary of the prediction trap. Keep your understanding of probability and odds intact.

Murphy has taken a very technical analysis of a "dry" subject and turned it into a readable, useful guide that should by read (and referred to often) by everyone who dares trade in the futures markets. It's a great first book on the subject, and a great book for experts alike.

Murphy has collected, collated, condensed and presented just about every method of technically analysing the futures markets. His text, whether dissecting simple or abstruse concepts, is remarkably lucid. Comprehensive and comprehensible, this is a reference futures traders must own. All I would have asked for in addition would be more suggestions for implementing trading strategies, but that, in fact, might require another book. If Murphy were to write it, he might outsell all those fake futures promoters and their $195 "courses" combined.

I took economics this past summer with Mr. Schoolland. Very cool teacher and his book definitely supplemented the class. It really helped me to understand the economic theories because he presents them in a comprehensible fashion. Good book to have!

As a retired history teacher of 32 years at the secondary level, I beleive not only that this little book should be read by all children, it should be mandated that every home have a copy permanently on file. For those familiar with the Founding Fathers and their intent, you will be surprised at how far we have strayed. We intend to use this as part of the home study course for our two granddaughters ages 10 and 9.

Schoolland does a wonderful job of exposing the foibles and hypocrisy that permeate government programs and policies, making a highly effective case for the free market and the libertarian principle of self-ownership.

The book is written as an easy-to-read children's story, but since it also operates on a deeper level, it is a compelling read for adults as well. I would recommend this as a "must read" for everyone above the age of ten, and would not hesitate to recommend it to an adult of any age. In fact, when friends and family ask me to explain my political philosophy, I get them a copy of "Jonathan Gullible."

An interesting side note, is that although the book has been published in at least 22 languages world-wide, significant difficulty is encountered getting the book carried by the Hawaii State and Public School Library systems, here in the author's state of residence. Recently, several such institutions have been asked to carry the book, and upon their failure to acquire it on their own, copies were donated. The donated copies are currently undergoing a review for "balance" before placement can be approved. Ironically, this fits in rather well with the message Schoolland has presented in "Jonathan Gullible."

As the cover of this book says: Liquidity! Accessibility! Transparency!

The authors take a European perspective to challenge the traditional way that financial markets have operated in the United States and elsewhere. They point out, correctly I think, that the revolution is here. Fully automated markets now do the bulk of the worldwide futures trading. For example the Chicago Board of Trade was overtaken in futures volume by the fully automated German-Swiss EUREX in Frankfurt in 1998. London was charging from behind to take a big piece of the automated futures business as well. Automated trading experiments are going on in a number of other places, as well.

The vision the authors have is captured by a quote from Ludwig von Mises: "Economic history is the story of the gradual extension of the economic community beyond its original limits of the single household to embrace the nation and the world."

This vision is essentially of convergence into one global market, with one clearinghouse, and one regulator to do everything. The need to get costs down will require that convergence as the ultimate solution. How imminent this vision is has to be a guess (the authors convey the vision in the form of a dream), but the stories in the book show how often the complacent, traditional view has been wrong. The authors are good at pointing out the speed bumps that will delay progress, and outline good ideas for better and faster implementation.

But they are definitely tolling the bell in the near future for face-to-face selling. "In the future there will only be electronic traders." They also see a rise of small traders, small banks (doing direct placements of IPOs over the Internet with traders without underwriting syndicates), and greatly squeezed paychecks for traditional investment banking and trading activities.

I found the book to be consistent with my own vision. I was still left with the question of why the transition has not been a faster one. Financial markets should be converging at a much faster rate, if one looks only at the technology and the use of the Internet. Which aspects of human stalls are the worst delayers? Probably the tradition and bureaucratic stalls, because the existing markets and regulators are very slow to see new opportunity. Consider how recently fixed trading commissions disappeared. Those should have been gone in the Roaring Twenties.

If you want good detailed information on the state of the electronic market revolution, this book is essential reading. If you own a seat on an exchange, your pocketbook requires immediate attention.

There is an excellent section on how to prepare for the transition, and another one on the dangers to be cautious of.

Good look in building your wealth faster through more efficient markets!

In reading the book, there are many things that would scare traditionalists in our business. The rules are changing, and unless we adapt as traders and exchanges, we will be doomed. As I have discussions with other board members, and other floor traders, some intuitively understand the coming electronic age. Others pass it off as a purely European phenomena. "It won't happpen here.", is a phrase I hear every day. Brokers and traders see that the computerized competitors are having a tough time gaining a foothold in the American futures market. They rest thinking that their future is secure, and that maybe their margins will be squeezed a little. The revolution has only begun. While some of the positions the book posits seem outlandish, Columbus was seen as outlandish in 1492 too. This is a must read for any person associated with floor trading or an exchange. This also makes good reading for anyone involved in government regulation. Barriers are being broken down. Borders set by politics are not relevant to the sea change taking place in the financial marketplace. The U.S. is the titan of investment capital today, but a government that shackles the growth of the marketplace due to over regulation, is doomed to see all that capital leave for less regulated environs. I am on the Board of Directors at the Chicago Mercantile Exchange, so I speak from experience. The revolution has begun, and we are trying to embrace it.

Building on the monthly news and insight from Patrick Young's ADTrading.com newsletter, Patrick Young and Thomas Theys have put together a concise history of recent developments in capital markets, especially the futures markets, and the steady advance of electronic trading. As a longtime reader of the newsletter I have been exposed to most of these ideas on a monthly basis; as an industry executive I have watched the events unfold day by day. Nevertheless, this compilation provides fresh insight into Capital Markets trends.

I recommend this book to anyone interested in an overview of the recent history of the futures, equity and FX markets and a plausible view where the markets are heading.

I would also recommend Capital Markets Revolution to industry insiders who are well aware of the events and ideas discussed, as they can benefit from the framework and view of the future into which current events are placed.

As one who has a newfound interest for complexity science, I felt that this book gave me the keys to observing cities as examples of complex systems. I don't know whether Stockholm qualifies as a "great city" (concering its size), but I think what she writes applies well to what I have observed here. Being able to apply what Jacobs writes about to what I see every day has reinforced my understanding of complexity science.

I also read the book with the hope to find out whether urban planning could serve as an analogy for software development. I think that it can, but I haven't thought about this enough to express the ways in which it's relevant. Jacobs writes that neighborhoods which have particular properties (short blocks, diversity of primary uses, etc.) will "work" -- that there are properties which, when present, almost guarantee that neighborhoods will thrive. I have a feeling that such properties exist for software development teams and the systems they develop; the question is what they are.

This book is one of those that stay with you, and influence your thinking in other areas.

This book, written in the 1960's, couldn't be more relevant today, in our age of outsourcing and loss of jobs. In Jacob's thesis, cities must constantly evolve, developing new products, or they will stagnate and decline, as their old exports wither. She makes a good case that efficiency, as reflected in the large scale, focused enterprise, can often be the enemy of innovation. This kind of logic has been incorporated into mainstream thought, in that many large corporations try to foster growth by establishing small entrepreneurial units. Jacobs provides a historical basis for this paradigm, as well as the detailed economics which shows it is not simply a matter of encouraging people to be entrepreneurial. Even more interesting to me, was Jacob's well supported argument that the earliest cities preceded and fostered the development of agriculture, not the other way around. I have read Robin Wright's Non-zero, The Logic of Human Destiny and Jared Diamond's Guns, Germs and Steel, both great books, yet Jacob's thesis was still new to me. The Economy of Cities has a certain amount of unnecessary repetition, but not as much as Jacob's The Death and Life of Great American Cities, which I would also highly recommend despite that problem. Also, and this is not a major point, Jacobs recognizes that exports may contain inputs which have to be imported, but does not seem to see that import substitution may also rely on increasing the import of certain inputs - thereby overemphasizing the importance of import substitution relative to development of new exports (although if we could find a substitute for oil......). Despite having a mathematics and economics background, I did not find Jacob's D,N,A equation particularly enlightening, and advise the reader not to get hung up on it. Jacob's use of history as a series of case studies, and her ability to extract the proper lessons even when they defy conventional thinking, is far more important than any mathematical tools.

Economic theory has never been so engaging, so grounded, or so directly oriented towards social systems dynamics rather than broad extrapolations from decontextualized production and pricing statistics. Jane Jacobs develops a common sensical systemic description of the economic development cycles of urban communities, drawing on illustrative examples from the prehistoric to the contemporary to expose the dynamics of innovation and trade through colorful, down-to-earth stories. Her abstract models of import-substitution and invention dynamics emerge organically from the histories she analyses to explain the social processes of technological transformation.

She makes especially compelling points in her analyses of the different trajectories followed by neighboring Manchester and Birmingham during the industrial revolution. Manchester, quick to maximize the industrial efficiency afforded by large-scale production specialization, outpaced Birmingham in the short-term growth of its exports, but fell into economic stagnation the instant its sole production process was rendered obsolete by competitors abroad. Birmingham maintained low-level but longer-lasting economic growth by remaining inefficient as a local economic community, fostering diverse small-scale business ventures. Each of these small businesses had poorer prospects itself, and the net productivity of the city never approached Manchester's climax production level. But Birmingham's rag-tag assemblage of both diverse and in many cases redundant micro-industries proved far more resilient altogether as a hub of economic activity, allowing continued growth long after Manchester had decayed into poverty. The lesson Jacobs highlights with this tale of two cities is akin to modern environmentalists' rationale for treasuring biodiversity: a more varied and complex system of interdependent organisms or economic actors is less likely to be devastated by a change in conditions (such as the introduction of a new import which renders some major local industry uncompetetive).