Book Description
Investing is all about common sense. Owning a diversified portfolio of stocks and holding it for the long term is a winner’s game. Trying to beat the stock market is theoretically a zero-sum game (for every winner, there must be a loser), but after the substantial costs of investing are deducted, it becomes a loser’s game. Common sense tells us—and history confirms—that the simplest and most efficient investment strategy is to buy and hold all of the nation’s publicly held businesses at very low cost. The classic index fund that owns this market portfolio is the only investment that guarantees you with your fair share of stock market returns.
To learn how to make index investing work for you, there’s no better mentor than legendary mutual fund industry veteran John C. Bogle. Over the course of his long career, Bogle—founder of the Vanguard Group and creator of the world’s first index mutual fund—has relied primarily on index investing to help Vanguard’s clients build substantial wealth. Now, with The Little Book of Common Sense Investing, he wants to help you do the same.
Filled with in-depth insights and practical advice, The Little Book of Common Sense Investing will show you how to incorporate this proven investment strategy into your portfolio. It will also change the very way you think about investing. Successful investing is not easy. (It requires discipline and patience.) But it is simple. For it’s all about common sense.
With The Little Book of Common Sense Investing as your guide, you’ll discover how to make investing a winner’s game:
- Why business reality—dividend yields and earnings growth—is more important than market expectations
- How to overcome the powerful impact of investment costs, taxes, and inflation
- How the magic of compounding returns is overwhelmed by the tyranny of compounding costs
- What expert investors and brilliant academics—from Warren Buffett and Benjamin Graham to Paul Samuelson and Burton Malkiel—have to say about index investing
- And much more
You’ll also find warnings about investment fads and fashions, including the recent stampede into exchange traded funds and the rise of indexing gimmickry. The real formula for investment success is to own the entire market, while significantly minimizing the costs of financial intermediation. That’s what index investing is all about. And that’s what this book is all about.
JOHN C. BOGLE is founder of the Vanguard Group, Inc., and President of its Bogle Financial Markets Research Center. He created Vanguard in 1974 and served as chairman and chief executive officer until 1996 and senior chairman until 2000. In 1999, Fortune magazine named Mr. Bogle as one of the four "Investment Giants" of the twentieth century; in 2004, Time named him one of the world’s 100 most powerful and influential people, and Institutional Investor presented him with its Lifetime Achievement Award.
Customer Reviews:
Valuable Investment Advice.......2007-10-02
I have been "investing" for years without a sustainable strategy. The information provided in this book is educational, reassuring and eye-opening. Mr. Bogle showed that Investing need not be complicated and provided many examples and facts to support his assertions. If you need good, sound proven financial advice from an industry giant, this is invaluable and a must-read book. I bought 5 copies (one is audio CD) and gave them to my friends and sister.
An aptly titled book.......2007-08-14
As a professional portfolio manager since the 1960's [now retired] I most highly recommend this book. I have purchased copies for my adult children, as well as for some for-profit and non-profit boards on which I serve. I am telling all that this easy, one-day read has the potential to be a financial life-enhancing event, if they agree with the basic premise. And that there is no reason not to agree with the premise. I very much like that Bogle includes supporting data at the end of every section. A true five-star book.
Index investing is good but not perfect.......2007-08-08
I don't disagree with the doyen of Index investing.
There is no doubt that Index investing is the best way to maximize returns using a passive "buy and hold" strategy
and in many ways superior to most actively managed funds.
However, what the book fails to explain is the fact that Index investing is not immune to systematic risks. The index will crash if there is a bubble similar to what we witnessed in 2000. Index funds are based on efficient market hypothesis- if all known information is already factored into the price, there is no room for arbitrage.
But,if all investing were to become index based, EFT and electronic, who will actively seek information other than what is disclosed as per law by publicly traded companies? We should not forget that dot coms and Enron were also part of the index at some point. The duration of holding is also relevant, as investors close to retirement still need to follow the good old rule of thumb, your age is the %age of bond/money market holdings in your portfolio,which probably explains why even Vanguard is offering life cycle funds.
If not for John Bogle and Vanguard, we would not even had an alternative to complacent, fee-hungry fund managers.
The Best Advice Ever.......2007-08-06
The Facts Are In The Numbers
There is a repetitive theme in this book, not redundance. And it's supported by expert analysis, portfolio comparisons, and the numbers: "humble arithmetic." Over time Index Funds out-perform most managed mutual funds. The longer the amount of time, the more detrimental the damage - if - you own managed funds. "Where returns are concerned, time is your friend. But where costs are concerned, time is your enemy."
Bogle notes (like so many others) how fund advertisements mislead and outright lie by stating that "X fund has an annual average return of 12% per yer," but omits the costs: portfolio transaction costs, Load charges, 12-1bs, and taxes accrued on realized gains. (And inflation must always be factored.) The S&P 500 rose by an average of 12 percent for twenty years, but most managed mutual funds got far, far, lower returns than that.
The 4 E's: Enemies of Equity investors are Expenses and Emotions, according to Warren Buffet.
Financial Intermediation has created enormous fortunes for those n the fields of managing other people's money.
One example:
Merrill Lynch is the largest brokerage firm in the world. One of its biggest marketing and profitable successes also created one of the biggest losses for investors. At the height of the bubble in 2000, Lynch launched two new funds: the "Focus Twenty" and the "Internet Strategies" Fund. Like clockwork, at the height of the bubble frenzy the consumers were drawn in. The best time to sell a fund is the worst time for consumers to buy it. $2 billion dollars poured into Merrill Lynch. "Internet Strategies" sank almost immediately and lost 86 percent, while the "Focus Twenty" (which comprised the top 20 favorite stock picks of Merrill Lynch managers) lost 28% in 2000, 70% in 2001, and 39% in 2002 (p. 106). Ouch. A lot of funds declined in this three-year period, but not nearly as much. Funds chosen by managers earn 40 percent less than index funds, in general (source, NY TIMES).
But it's not just John Bogle that states this. Bogle hits home with his "Don't take it from me" passages throughout the book, quoting and sourcing what other financial minds say about managed vs. index funds, and organizational and individual investment psychology. There are tons of exhibits and tables with comparisons. Sources are provided throughout.
Relation to 401K and IRAs:
IMO, regular non-IRA (non tax deferred) index funds can be a vehicle that supersedes endangered Defined Pension Benefit Plans for those wanting to add more than the limits, or simply supplement the IRA and 401K limits to retirement accounts. Or, add more diversification and control over one's portfolio. Indexing can also be useful for those that don't have the two tax-deferred options available to them and is another choice because of low taxation and low expense costs.
Including indexing another but related topic, company pensions can inhibit and limit the worker. They often anchor employees into a company or industry. Many want to change, but stay and wait to cash out. The pension fund makes the rules. They tell you how long to stay to receive X amount.
This the best investment book I've ever read. It's also been the most honest.
Greatest Investing Book Ever!.......2007-07-28
What an incredible, straight forward book about investing! It should be required reading for every high school class in the country. Another great job Mr. Bogle!
Book Description
Why is it that our current twenty-first century a.d. is so similar to the twenty-first century
B.C.? At a time when religious fanaticism and a clash of civilizations raise the specter of a nuclear Armageddon, many ask: Is history destined to repeat itself? What does the future hold? Will biblical prophecies come true, and if so, when?
Ever since Zecharia Sitchin, in his first trailblazing book The 12th Planet, brought to life the Sumerian civilization and its record of the Annunaki—the extraterrestrials who had come to Earth from their planet Nibiru, fashioned mankind, and gave us civilization and religion—questions have abounded. Are the ancient gods still here, or did they leave? Will they return? What will happen then? Will there be another Deluge or Apocalypse when Nibiru meets Earth? What about “Planet X” and the Mayan 2012? What about Jesus?
In The End of Days, a masterwork that required thirty years of additional research, Sitchin dares to give the answers by presenting compelling new evidence that the Past is the Future—that mankind and its planet Earth are subject to a predetermined cyclical Celestial Time.
Tracing historical events from the messianic fervor and use of nuclear weapons in the twenty-first century
B.C., Sitchin resolves ancient enigmas like the Nazca Lines or the origin and significance of the Cross, the Fishes, and the Chalice, places in context the events of the Last Supper and hidden clues like those in Da Vinci's painting, explains the space-related reasons for the everlasting centrality of Jerusalem, and—following in the footsteps of Sir Isaac Newton—deciphers the Time Code in the books of Daniel and Revelation and of the Day of the Lord and the End of Days prophecies.
In this remarkable and relevant conclusion to his bestselling The Earth Chronicles series, Sitchin shatters perceptions and uses history to reveal what is to come at The End of Days.
Customer Reviews:
Awesome FICTIONAL work........2007-09-26
What a great story! From a purely fictional point of view that is. But please don't take Mr. Sitchin seriously. Yes, he's done a lot of work and he's very passionate and I believe HE believes all that's in his books. But if you want facts, follow the work of true scholars.
There are plenty of reviews on this book and even more opinions I'm sure.
What's more important than a review is a call to reason. People - please... Just because you want or need to believe something is true doesn't mean that it is. When dealing with history and languages, I would highly recommend reviewing the work of true and accomplished scholars. Do this and you will likely get complete (as much as is possible) and the most accurate picture of the past as one can.
His credentials in no way qualify him to make such claims. If nothing else, look at his credentials and ask yourself how is this man qualified to make such claims?
I drive a fancy sports car and can give you the exact specs on the engine and body, from top to bottom. I could WOW the best of them with all the tech talk about the engine, transmission, suspension, etc. I could even carry on a detailed conversation with the mechanic if I had to. But I can tell you with certainty that if I was given a shop full of tools all to myself I couldn't fix my fancy sports car if it broke.
If you take your car into the shop be worked on, do you want the guy who talks like he knows what he's doing working on your car or do you want the guy with all the certificates on the wall that's PROVEN he knows what he's doing working on your car?
This is the case with Mr. Sitchin and his books. He talks a good line but has no credentials to prove he's anything more than just a fanciful talker.
Mr. Sitchin graduated from the University of London, majoring in economic history and he was a journalist and editor in Israel. How does this make him an expert in ancient Hebrew and the old Testament? In Sumerian culture? IMHO, this is a classic case of someone learning enough about an ancient language "to be dangerous". He absolutely sounds like he knows what he's talking about and sadly that fools a whole lot of people.
Like many, I was very taken initially with his ideas. But too much didn't add up. After months of research I was quite disappointed to realize that the basis of at least some of his theories (the ones I researched anyway) were too full of holes to be true.
There is an upside though - this a GREAT fictional story!
Real seekers of truth will check multiple sources and validate claims from many different sources. Do this and in time you will find the truth.
If you are looking to be entertained, look no further.
A LITTLE BIT CONFUSING..........2007-09-13
The book somewhat confused me because of some claims. The author also states that the reader should read his other books to understand this book clearly. Nevertheless, I still admire Zecharia Sitchin for all his efforts.
A Keeper.......2007-09-06
Buying a book is one thng haveing it be worth the storage space another. This is worth the storage space.
Creative .......2007-08-27
Sitchin can spin a tale of fiction that is inspired to say the least. He is universally hated in the astronomical, archaeological, and historical communities for his attempt to pass pseudo science off as fact. If fact is not what you are after, then buy this book and invest in a tinfoil hat.
A little disappointing ****** SPOILER ALERT *******.......2007-08-21
I've read all of Sitchin's books and was always pleased at the conclusion of each one. They were like adventure quests of hidden knowledge with the worst case scenario being a nice scifi story (and what a story!). This one left me wanting. I believe he just wanted to put his two cents in about 2012 even though he doesn't think it will be a date that anything significant happens. I think he's got a better theory floating around in his head but didn't want to share it for whatever reason. The beginning of the book is a bit boring as he has to tell the back story. The middle is more interesting with more detail about the tales of the annunaki and their petty power struggles. The end was a bitter disappointment to me. His theory on the davinci last supper painting, in which he thinks the space between jesus and mary/john is where elijah should be and the missing cup being the grail that elijah took, is just lacking. To me the alternate grail theories make more sense and have better documentation. Obviously this book is a must read if you've read the rest of the series as how can one not read the supposed last one but it doesn't hold up to his prior standard. When does Sitchin think the annunaki will return? Sometime in the age of pisces .... and that only leaves up to anywhere from 100 years from now to about 800 years from now depending on if you are going by the math or by sight.
Book Description
The new paradigm for investing and building wealth in the twenty-first century. The Future for Investors reveals new strategies that take advantage of the dramatic changes and opportunities that will appear in world markets.
Jeremy Siegel, one of the world’s top investing experts, has taken a long, hard, and in-depth look at the market and the stocks that investors should acquire to build long-term wealth. His surprising finding is that the new technologies, expanding industries, and fast-growing countries that stockholders relentlessly seek in the market often lead to poor returns. In fact, growth itself can be an investment trap, luring investors into overpriced stocks and overly competitive industries.
The Future for Investors shatters conventional wisdom and provides a framework for picking stocks that will be long-term winners. While technological innovation spurs economic growth, it has not been kind to investors. Instead, companies that have marketed tried-and-true products for decades in slow-growth or even declining industries have superior returns to firms that develop “the bold and the new.” Industry sectors many regard as dinosaurs—railroads and oil companies, for example—have actually beat the market.
Professor Siegel presents these strategies within the context of the coming shift in global economic power and the demographic age wave that will sweep the United States, Europe, and Japan. Contrary to the popular belief that these economic and demographic trends doom investors to poor returns, Professor Siegel explains the True New Economy and how to take advantage of the coming surge in invention, discovery, and economic growth.
The faster the world changes, the more important it is for investors to heed the lessons of the past and find the tried-and-true companies that can help you beat the market and prosper in the years ahead.
Customer Reviews:
dividends resurface.......2007-01-27
The professor touts stocks and funds that feature dividends.Up until 1958 dividend income on stocks exceeded the interest income on long term bonds. For this reason it is difficult to assume that the good professors recommendation to go for dividend income is a prudent strategy when his data is biased by a condition that does not exist in today's market. I would prefer to use index funds that provide excellent diversification and insure that you are being compensated for the risks taken. To explore this strategy I can recommend a book titled How to Make Money in the Stock Market Buy 2500 different stocks Pay no commission. It takes off where this book ends.
Investing does not take a lot of work, in fact, the more you read of the wrong material of which there is an abundant supply, the more you will trade, and the less you will make in the market.
Active buying and selling of stocks by individuals will only run up brokerage commissions and waste your time and money. Turning your money over to a professionally managed mutual fund is even worse because of the fees you are required to pay well compensated `experts' to waste their time. This book shows you how to invest using index mutual funds and exchange-traded funds.
This book can be read and understood in 45 minutes to an hour.
The author follows the strategy promoted here. His portfolio contains over 8,200 different stocks and bonds all through index mutual funds and exchange traded funds. How to Make Money in the Stock Market-Buy 2,500 Different Stocks-Pay no Commission
Classic Siegel.......2007-01-17
For those who have read "Stocks for the Long Run", this is right up that same alley in terms of style and no-frills content, after all, it is written by a researcher. However, this is a great book with lots of wisdom to digest. Siegel discusses the "growth trap", a very counterintuitive point that everyone should be aware of....it alone makes the book worth reading. If you are a serious investor/advisor it is a must read. I would caution those who would take this book and start trying to manage a portfolio of all high dividend paying stocks...Siegel's conclusions are insightful, but the right application of them is still critical. See other reviews.
Fantastic.......2007-01-09
One of the most important books on investing that I have ever read. Based in fact, backed up with decades of research, this is a must read.
Good Book, Has Some Holes.......2006-09-19
The Future for Investors has some really great points - the main one being that the compounding power of reinvested dividends should be a significant consideration in stock selection. I agree with this approach, and Siegel makes some persuasive arguments that it provides higher returns and less volitility than other approaches.
However, I agree with some of the criticisms of the book as well:
1) Siegel does not address the tax impact on dividends. His research uses 1957 as a starting point. While our current dividend tax rate is 15% at the federal level, during most of the period from 1957 the rate was higher (sometimes the same as the income rate). During these times, the reinvested amount of the dividend would have only been about 60-70% of the total. Thus, returns would have been lower. (Some people have said that this would only make a marginal difference - maybe so, but it might have changed his argument in comparing Standard Oil to IBM as well as the small advantages he pointed out in some of his stock recomendations. A 1% per annum difference over a multi-decade period amounts to serious money).
2) Siegel cites Altria as the best performing stock during this period. I won't disagree with the conclusion, but I will point out that going for high dividends and reinvesting them works well only when the company survives. What if Beth Steel had been your choice rather than Altria? You would have received lots of dividends and reinvested them, but the ultimate outcome would have been a disaster. The point is that reinvesting dividends works especially well when the reinvestment happens during a difficult time for the stock AND (most importantly) the stock MUST recover from those difficult times. This is not generally the case, but it was with Altria.
3) Siegel's idea that the developed world will sell assets (stocks, bonds, etc) to the developing world to fund the huge retirement wave is full of problems. While the strategy will work to maintain the standard of living of the baby boomers, it will also permanently ruin the future for all subsequent generations of Americans. If you sell the assets (companies) that create your wealth in order to live a comfortable retirement (read consumption), you are giving away your ability to earn in the future. This is something Warren Buffett has been warning us about for a few years now. You cannot indefinitely fund consumption with income producing assets. When you decrease your income producing assets by selling for consumption, you increase your current standard of living at the expense of your future standard of living.
Criticisms aside, this is still a thought provoking book that is well written. Ironically, even though I think there are some questions about many parts of the book, I generally agree with the ultimate types of investments that Siegel recommends - just for different reasons.
Eye opener!.......2006-08-14
I have been an Investment Counselor for over 40 years. This book makes more common sense than any book I have read on the subject. My main regret is that is wasn't around earlier. It is the key to Wealth and Security.
Book Description
Back by popular demand -- and newly updated by the author -- the mega-bestselling spiritual guide in which Marianne Williamson shares her reflections on A Course in Miracles and her insights on the application of love in the search for inner peace.
Williamson reveals how we each can become a miracle worker by accepting God and by the expression of love in our daily lives. Whether psychic pain is in the area of relationships, career, or health, she shows us how love is a potent force, the key to inner peace, and how by practicing love we can make our own lives more fulfilling while creating a more peaceful and loving world for our children.
Customer Reviews:
I did NOT like this book.......2007-09-28
This book was recommended by a friend. He told me he recommends this book to his friends. I ordered the book and read it. The author has written of her own personal lifes experiences: At a young age she was into a wild life-style which is not uncommon for young adults. She stated that because of her life-style, she never felt very happy or fulfilled in many ways. Then...voila! She decided to find god....something 'greater than herself' to help her out. The entire book, in my opinion, is nothing but prosyletizing.... It's certainly not a book I would even suggest to any one I know---believers or not. She wrote of her own, very personal experiences....period. That's fine, I suppose, in and of itself. But... I wouldn't even want to give the book to a stranger.....I put it in with all my paper recycling.
All Time Favorite.......2007-08-31
This book is my all time favorite! I have read it multiple times and often open it and read whatever page I open to. It is always relevant to my life, relationships and spiritual growth. Marianne Williamson is blessed with an insight, personal understanding and awareness that bring the Course in Miracles to our everyday experience.
A must read for "Miracle- Workers".......2007-08-13
"A Return to Love" is a clear and fluent spiritual love story. Marianne Williamson takes the principles from "A Course in Miracles," and makes them accessible through explanations, anecdotes, personal experiences and simple metaphors that reveal the spiritual journey, one which is quite simply a conscious journey to turn from fear and return to love. I found this book life changing. It is inspiring and motivating. I loved it.
a return to love.......2007-08-09
good book. i love the way marianne expresses herself and her experiences which helped me, again, to realize that i'm not alone and that love is all there is.
Another self proclaimed spiritual teacher........2007-08-01
An anecdotal story. When I lived in Michigan Williamson was the spiritual leader of a church I attended. Williamson would speak with insight and wisdom on numerous subjects yet was unable to merge her talk with her action. While she often commented on environmental issues she continued to drive an appalling gas guzzler, while she spoke eloquently about the poor, she also happened to live in a mansion, while she provided social political commentary, she also supported Democrats who were bought and paid for by corporations and refused to give equal time to progressive Green candidates, while she noted the disparity between rich and poor, she nevertheless wore Armani gowns and $300.00 dollar shoes. Williamson talks the talk, the problem was a annoying matter of embodiment.
I often read commentaries by Williamson on other spiritual authors books. She uses words like "awakener" and "enlighten" often to characterize these people; the problem with her characterizations says more about the blind leading the blind than it says about anything else. The word the best fits is PollyAnnish to describe her world view as she disseminates her eco-la-la love conquers all routine to the choir of disciples. Williams level of praxis seeks to insure that her photo is on the cover of most of her books followed by a stage big enough to satisfy her monumental ego.
Personally, I would rather read a spiritual book by someone who walks their talk; Williamson is not anywhere near that category of praxis. And I doubt she ever will be.
Book Description
A comprehensive value investing framework for the individual investor
In a straightforward and accessible manner, The Dhandho Investor lays out the powerful framework of value investing. Written with the intelligent individual investor in mind, this comprehensive guide distills the Dhandho capital allocation framework of the business savvy Patels from India and presents how they can be applied successfully to the stock market. The Dhandho method expands on the groundbreaking principles of value investing expounded by Benjamin Graham, Warren Buffett, and Charlie Munger. Readers will be introduced to important value investing concepts such as "Heads, I win! Tails, I don't lose that much!," "Few Bets, Big Bets, Infrequent Bets," Abhimanyu's dilemma, and a detailed treatise on using the Kelly Formula to invest in undervalued stocks. Using a light, entertaining style, Pabrai lays out the Dhandho framework in an easy-to-use format. Any investor who adopts the framework is bound to improve on results and soundly beat the markets and most professionals.
Customer Reviews:
A 'must read' for any value investor!.......2007-09-28
Thank you Mr. Pabrai for sharing your investment philosophy! While I thought the initial portion of the book was not very helpful to someone already well-versed in value investing concepts, I thought the bulk of the book was exceptionally well-done with an inside look at how Mr. Pabrai analyzes his buy, sell, and hold decisions. The sell decision framework is particularly helpful. Also the many resources listed for finding undervalued stocks was great. This is definitely one of the best investment books out there and I highly recommend it.
Dhandho Investor.......2007-09-14
Used his book as a promotion for his own fund, focused entirely too much on real estate and unrealistic investments, mediocre writing quality.
Low Risk-High Rewards.......2007-08-07
As of late I have become more conservative in my investing and I attribute it to books like this and Warren Buffet. While I don't think low valuations=low risk, I do think there are other ways to think about risk and the less risky investments you take, the less you lose when you are wrong, and when you do win, your portfolio goes up.
As an example, you don't need to go investing in startup biotechs and take big risks to get big rewards. You can invest in stable profitable businesses and still get the big rewards while not taking the chance the drug does not get approved by the FDA. I realize the type of people who read this book most likely invest in biotech stocks, such as NBIX, or MNKD (Bill Miller is bullish on MNKD). However I was the type, and one press release can cut the value of your position by 80%.
I take precautions to prevent these types of extraordinary losses in single positions and I attribute it to books such as this; you do not need to take big risks to get big returns. Let the others who think high return=high risk continue to buy speculative stocks, we know there are other ways to get desired results.
Learn from one of the world best investors.......2007-08-04
Learn from one of the world's best investors.
Mohnish Pabrai is one of the worlds best investors. By running a focused value hedge fund, he has been able to earn astonishingly high returns for many years.
This well written and entertaining book presents his investment philosophy and characteristics in a simple and easy to follow manner.
A "must read" for any serious value investor.
Ask your money manager if he has read this book. If he has not - then fire him.
simple method to become rich in a short time.......2007-07-21
This book is short but its methods go a long way in building real wealth. I recommend it to all.
Amazon.com
The Return of the Prodigal Son: A Story of Homecoming is a spiritual adventure story. A chance encounter with a poster depicting a detail of Rembrandt's The Return of the Prodigal Son set in motion a chain of events that enabled Nouwen to redefine and claim his vocation late in his life. In this book, which interweaves elements of art history, memoir, Midrash, and self-help, Nouwen brings the parable to life with empathic analyses of each character. Nouwen's absorption in the story (and the painting) is so complete that the father's challenge to love the son, and the son's challenge to receive that love, become Nouwen's own. And Nouwen's writing is so clear and his tone is so appealingly frank and humble that readers--no matter how far from home--will find hope for themselves in the prodigal peace Nouwen ultimately achieves. --Michael Joseph Gross
Book Description
The beloved spiritual writer meditates on the parable of the prodigal son's return -- a powerful drama of fatherhood, filial duty, rivalry, and anger between brothers -- and its enduring lessons for Christianity.
Full-color photographs with gatefold.
Customer Reviews:
Return of the Prodigal Son: A story of Homecoming.......2007-10-01
I read 3 Nouwen books at the same time. This was excellent and gave me a very new understanding of this story in the bible. This and the other two books I read (Reaching Out and Can You Drink the Cup) were excellent spiritual reading.
A book you cannot forget.......2007-09-27
This is by far the best book for a troubled soul. It surrounds the reader with hope and warmth and kindness. When all is bleak, this is the book that will give the reader confidence in life.
Return of the Prodigal Son.......2007-09-05
This book was such an inspiration to me that I gave my copy away for someone else to read and now need more to give away!
Nouwen at his best.......2007-08-31
This is a masterpiece! Nouwen looks at the prodigal son through the perspectives of the prodigal, the older brother and the father. It allows us to identify with each of the characters at different points in our lives. Rembrandt's imagery of the father is very moving. It gives a beautiful perspective of the desire, mercifulness, and love that our Lord has for us sinners. I highly reccomend this book. It is one of the best books on spirituality I have read.
Excellent book.......2007-08-31
Herni Nouwen does a great job on decribing the parable of the prodigal son. A great book to read for someone who has had a friend or family member who has gone astray.
Book Description
There are many ways to make money in today’s market, but the one strategy that has truly proven itself over the years is value investing. Now, with The Little Book of Value Investing, Christopher Browne shows you how to use this wealth-building strategy to successfully buy bargain stocks around the world.
Customer Reviews:
Enlightning.......2007-08-27
I am an Investment Advisor and after 12 years of experience I have confirmed what has been in my mind for years. The Value approach does work. "Patience is a virtue" and a well paid one if you develope it.
Ramón A. Rivera-Ramos(Monchi)
Value investing oversimplified--poorly explained and unfocused.......2007-08-14
The Little Book of Value Investing is billed as an introduction to value investing--as a quick way to learn the tenets of this particular investment style and to lay a groundwork for either choosing a fund to manage your money or for further research. Instead it is a superficial look at value investing, quickly glossing over some very important aspects of choosing a company, failing to warn of the potential pitfalls that may arise, and presenting value investing as the only `safe' way to invest, which it is not. A value investing approach can fail in the market as well, and this book more or less refuses to acknowledge that.
This is one of those investing books I put in the "avoid" category for the simple reason that it provides just enough information to go out and get yourself hurt in the stock market. It skims the surface of many basic value investing tenets without going into enough detail to really help someone choose a company adequately. Worse yet it seems to set someone up perfectly for a "value trap"--a company that appears cheap when you examine it but which ends up performing very poorly for years after you buy it. An example: Browne explains price to earnings and argues that lower is better, advising that one of the primary criteria for value stocks is a low P/E relative to the market. He gives the example of some banks to show a low P/E stock. That's all well and good, but it's important to recognize that financials traditionally have lower P/Es than many other industries. If you really want to find value you need to evaluate a company's P/E relative to its historic price to earnings ratio, as well as compare it to the P/E of it's peers. Buying an integrated oil company at 15 times earnings will seem cheap if you've been looking at stocks with P/Es of 20, but if the company's peers are trading at 10 times earnings it does you little good.
Browne's example seems dangerous to me, as do many others he gives. When advising screening for a low P/E he never mentions a potential pitfall--that low P/E stocks can quickly turn into high P/E stocks if earnings estimates are slashed. A good example of this was homebuilding stocks in late 2006. Some of them were selling at 4 times earnings, but only until the earnings estimates were cut to the point that the P/E ratio suddenly became high and then in some cases ceased to exist as these companies began losing money. Browne's argument that stocks trading close to book value have a margin of safety is also flawed-what if the book value includes a bunch of real estate (again, homebuilders being a prime example) that was purchased high and is now declining in value?
It's not that Browne's advice is bad--it's just that it's limited and very incomplete. I feel it is important when teaching about investing to treat both the benefits AND the risks of a particular style of investing, and Browne fails to do that. Instead he acts as if following the simple methods he sets forth will give you a margin of safety (a la Ben Graham) that is foolproof. It is not.
My biggest problem with the book, however, stems from the fact that only about half of it has anything to do with investing at all. Browne rambles from time to time throughout the first half of the book, touching upon various principles here and there in a more or less disorganized manner. About 2/3 of the way through the book, however, he abandons any actual teaching, and spends most of the last 50 or so pages grinding his personal axes against clients, growth investing, bubbles, and a whole slew of other topics. That part of the book is useless in my opinion, especially since most of it is a rehash of things he ranted on earlier in the book.
When it's all said and done I cannot conceive why anyone would benefit from reading this book. If you're interested and are new to value investing this book, which can be read easily in one sitting, will not provide you the groundwork you need. If you're already a student, or at least a casual observer, of value investing you won't need someone to explain what a P/E ratio is to you and why lower is often better. Skip this one-if you want to learn about value investing there are many books out there that will provide you with the actual groundwork you need without glossing over and dismissing the limitations.
Helpful if limited in scope.......2007-07-29
After reading the first book in the "Little Book" series (The Little Book that Beats the Market), this book is a welcome change. It actually has information that one might find useful should he or she want to try value investing on their own. It lays out everything one should look for in a good company -- low debt, high returns on assets, competent management. It outlines how might one do their homework, and avoid some pitfalls.
It's a great beginner's guide to investing. And Browne explains things in a patient way that clearly shows he's been in the business for years and years. It's hard to think he's wrong.
What I found frustrating is that he tells us about how all of the REALLY good value stocks are overseas, but that information and accounting standards are spotty at best, so you're going to have learn German and Japanese and teach yourself international financial accounting standards to get the best deals and returns. Not exactly the domain of the small personal investor.
His tips are useful in screening stocks, and I plan on using them. And his point that finding the real gems in the stock market takes a lot of work rings true. I guess I wish, along with everyone else here, that it wasn't so hard to find the bargain names. So, Mr. Browne loses a star for dousing too much cold water reality on my stock-picking dreams.
Good Overview .... The Road to Wealth .......2007-07-06
Author Brown provides a very readable overview to the topic of value investing. Reading it may not make you the next Warren Buffet, but will give you insights into a more staid but consistently successful method of investing. This is the antithesis of day trading.
Unlike many financial tomes, this one need not come with English subtitles! Each chapter is like a stand-alone essay.
Invest your time wisely by reading, "The Little Book of Value Investing"!!
Emerging markets have some of the best values, but its missed........2007-06-17
Here are the basic ABC's of value investing as presented by some grand US master whove been time tested. (Bravo MR. Brown, but you should have stuck to some value investing in Thailand back when, as its worked wonders ever since we met).
Yet here are some of the books shortcomings:
The words Market Capitalization only come up once, as Mr. Brown fails to explain that the market cap. size of a stock more often then value, determines large funds like his to invest in or not. Value funds by definition of their size must ignore some of the best value stocks.!
Mr. Browne no doubt thinks you got to be either a value or a growth stock investor. Value and growth investing, seem mutually exclusive. And while this true in developed markets like the US, as he well explains, this is *not true* in emerging markets -like in Thailand, as just one example. But MR. Brown says he is down on emerging markets; yet to his own peril as many have produced superb returns over the years and no doubt will in the future.
He writes emerging markets are just too dangerous for his taste and outright advocates to stay away from all of them. Buhh...As in the same breath he fails to tell us the reader that developed country's stock markets like the US, have stocks which trade at double the valuation, along with half the earnings growth rate, as compared to most emerging markets. Further Dividend yields are often in the low single digit rate, or 1/3 of emerging markets! Surely cash dividends matter to a value investor. Where is the rational value investor here?
The US dollar has been loosing out as compared to many secondary currencies like Asia's currencies and broad corporate scandals have been coming out of developed markets more then anywhere else this century.
Mr. Browne is a class value investor for the developed world -but has been left behind with the much faster growing areas of the world, where he has little to say. Except stay away. As Mr. Swensen of the Yale Endowment Fund (by far the US's top rated money manager) "Some of the best investments are found in the darkest corners of the world". Tweedy Browne chooses to stay mostly in the polished alleys. Maybe they are just to big and too busy to consider the more rewarding darker alleys? So be it but its not the case of most of us wanting to be true global value investors.
Paul A. Renaud.
www.thaistocks.com
Book Description
"This new edition of Active Portfolio Management continues the standard of excellence established in the first edition, with new and clear insights to help investment professionals."
-William E. Jacques, Partner and Chief Investment Officer, Martingale Asset Management.
"Active Portfolio Management offers investors an opportunity to better understand the balance between manager skill and portfolio risk. Both fundamental and quantitative investment managers will benefit from studying this updated edition by Grinold and Kahn."
-Scott Stewart, Portfolio Manager, Fidelity Select Equity ® Discipline
Co-Manager, Fidelity Freedom ® Funds.
"This Second edition will not remain on the shelf, but will be continually referenced by both novice and expert. There is a substantial expansion in both depth and breadth on the original. It clearly and concisely explains all aspects of the foundations and the latest thinking in active portfolio management."
-Eric N. Remole, Managing Director, Head of Global Structured Equity, Credit Suisse Asset Management.
Mathematically rigorous and meticulously organized, Active Portfolio Management broke new ground when it first became available to investment managers in 1994. By outlining an innovative process to uncover raw signals of asset returns, develop them into refined forecasts, then use those forecasts to construct portfolios of exceptional return and minimal risk, i.e., portfolios that consistently beat the market, this hallmark book helped thousands of investment managers. Active Portfolio Management, Second Edition, now sets the bar even higher. Like its predecessor, this volume details how to apply economics, econometrics, and operations research to solving practical investment problems, and uncovering superior profit opportunities. It outlines an active management framework that begins with a benchmark portfolio, then defines exceptional returns as they relate to that benchmark. Beyond the comprehensive treatment of the active management process covered previously, this new edition expands to cover asset allocation, long/short investing, information horizons, and other topics relevant today. It revisits a number of discussions from the first edition, shedding new light on some of today's most pressing issues, including risk, dispersion, market impact, and performance analysis, while providing empirical evidence where appropriate. The result is an updated, comprehensive set of strategic concepts and rules of thumb for guiding the process of-and increasing the profits from-active investment management.
Customer Reviews:
One to add to your reading list.......2007-06-30
I know many have this book and have never read it. Others read this book but never really understand it. However, if you can read it and understand it, it can offer a powerful tool for how to allocate capital. It actually is the basis for most indexing and quantitative methodologies. When applied to fundemental approaches to investment it can be quite powerful.
Sadly, though not enough money managers embrace what this book is trying to say with regards to risk and return.
Practical approach and mathematically rigorous at the same time.......2006-02-01
Excellent book for whom is looking for a practical approach that at the same time is presented through a rigorous mathematical methodology. The book is absolutely superior over the academic textbooks that usually limit themselves to CAPM and efficient market theory. Grinold and Kahn go much forward and at the same time had managed to clearly and meticulously show the CAPM model, its limitations and the more sophisticated tools developed from it. Beside of showing the active way of managing a portfolio, the serious mathematical presentations through which the different theories such as CAPM are described are very convincing of how difficult it could be to beat the market.
Theoretical framework with no practical examples........2005-01-20
There is important information in this book but most of us need to see numerical examples to reinforce theoretical concepts. This book really comes up short in this area. It provides some discussion with the formulas/equations it presents but is very incomplete in terms of worked out examples. Yes, including worked out examples might might mean a book three times as long, but the book would then be many, many times more useful to practitioners.
As it currently stands the book can only benefit the super-genius-theoretical types who do not need to see examples to understand OR someone who ALREADY really understands the concepts.
The book rather frequently presents variables or constants without explicitly defining them for the reader (it assumes we know what they mean from the accompanying discussion).
The book gives exercises, but without answers what good are these?
The one thing the book does is make you realize there is a lot you do not know. You can find ideas in portfolio management that exist by reading this book but if you are at all like me you are going to have to look elsewhere for the answers. I have had better luck with Google searches for stuff like Style Analysis.
The book shows how smart the authors are: they know stuff that must of us do not. Unfortunately this is the feeling I get as I read sections of their book. They intend to keep it this way. Bottom line: the book fails to bridge the gap between theory and practice.
This is the seminal text for Quantitative Finance.......2004-11-11
If you work for one of the top alpha quant shops (Barclays, Goldman, etc.), this text is a the proverbial must read. These are the guys that essentially invented quantitative finance in its modern form, building upon the [only somewhat applicable] concepts of Sharpe and Rosenberg and demonstrating how they can be harnassed to drive alpha. Anybody who has given this text a poor review obviously doesn't work in quantitative finance (chances are they're merely stock-pickers). If you want to understand how to drive alpha and beat the market, this text goes a lot further than explaining the simple concepts of information ratio and tracking error; instead, this book touches on the beauty of multi-factor models and covariance risk management.
Very boring and dry.......2004-10-05
This book is a funny phenomenon in itself: it seems that every portfolio manager keeps a copy on her desk, but nobody I've talked to likes the book, or has even really read it. I read it and had to struggle hard to go from one page to the next. It's one of the WORST books I've ever read in any field. The book attempts to give the reader a comprehensive overview of the portfolio management discipline. Unfortunately, it's extremely dry, to the point of boring the reader to death. A lot of pages are also wasted on topics of dubious value, while important subjects like global management is treated lightly. I highly recommend against this book. It's a waste of money.
Average customer rating:
- Batman
- Other Books
- The greatest tale of batman
- Not For Me (...and possibly not for you)
- One of the great graphic novels of our generation
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Batman: The Dark Knight Returns
Frank Miller
Manufacturer: DC Comics
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ASIN: 1563893428 |
Amazon.com
If any comic has a claim to have truly reinvigorated the genre, then The Dark Knight Returns by Frank Miller--known also for his excellent Sin City series and his superb rendering of the blind superhero Daredevil--is probably the top contender. Batman represented all that was wrong in comics and Miller set himself a tough task taking on the camp crusader and turning this laughable, innocuous children's cartoon character into a hero for our times. The great Alan Moore (V for Vendetta, Swamp Thing, the arguably peerless Watchmen) argued that only someone of Miller's stature could have done this. Batman is a character known well beyond the confines of the comic world (as are his retinue) and so reinventing him, while keeping his limiting core essentials intact, was a huge task.
Miller went far beyond the call of duty. The Dark Knight is a success on every level. Firstly it does keep the core elements of the Batman myth intact, with Robin, Alfred the butler, Commissioner Gordon, and the old roster of villains, present yet brilliantly subverted. Secondly the artwork is fantastic--detailed, sometimes claustrophobic, psychotic. Lastly it's a great story: Gotham City is a hell on earth, street gangs roam but there are no heroes. Decay is ubiquitous. Where is a hero to save Gotham? It is 10 years since the last recorded sighting of the Batman. And things have got worse than ever. Bruce Wayne is close to being a broken man but something is keeping him sane: the need to see change and the belief that he can orchestrate some of that change. Batman is back. The Dark Knight has returned. Awesome. --Mark Thwaite
Book Description
If any comic has a claim to have truly reinvigorated the genre, then The Dark Knight Returns by Frank Miller--known also for his excellent Sin City series and his superb rendering of the blind superhero Daredevil--is probably the top contender. Batman represented all that was wrong in comics and Miller set himself a tough task taking on the camp crusader and turning this laughable, innocuous children's cartoon character into a hero for our times. The great Alan Moore (V for Vendetta, Swamp Thing, the arguably peerless Watchmen) argued that only someone of Miller's stature could have done this. Batman is a character known well beyond the confines of the comic world (as are his retinue) and so reinventing him, while keeping his limiting core essentials intact, was a huge task.Miller went far beyond the call of duty. The Dark Knight is a success on every level. Firstly it does keep the core elements of the Batman myth intact, with Robin, Alfred the butler, Commissioner Gordon, and the old roster of villains, present yet brilliantly subverted. Secondly the artwork is fantastic--detailed, sometimes claustrophobic, psychotic. Lastly it's a great story: Gotham City is a hell on earth, street gangs roam but there are no heroes. Decay is ubiquitous. Where is a hero to save Gotham? It is 10 years since the last recorded sighting of the Batman. And things have got worse than ever. Bruce Wayne is close to being a broken man but something is keeping him sane: the need to see change and the belief that he can orchestrate some of that change. Batman is back. The Dark Knight has returned. Awesome. --Mark Thwaite
Customer Reviews:
Batman.......2007-10-09
Can't say I understand the whole Batman story entirely yet, but it is very compelling and well written. Very helpful for my Comic Writing Class schoolwork.
Other Books.......2007-09-03
Well, it really doesn't get any better than this. I was hooked on hits from the first time I saw the cover image in a comic shop.
The news media scenes now, are pretty much right out of today, with screaming pundits on the television, American style.
The fascism and violence prompts Bruce Wayne out of retirement. Heartened by the assistance of a young girl, he plans his strategy.
He has one major obstacle.
Superman, who is now a covert special forces operative lapdog.
The greatest tale of batman.......2007-08-14
This book tells the return of Batman in an future where Gotham City is in peace but sudenly appears a new threat, mutants, and they are powerfull and they work like a gang of destruction, you will see the Joker, Superman, Catwoman, Two Face, etc all of them older, cracier and pitiless. Fank Miller give power to the history he is a genius, and the drawing is strange but with a lot of impact and action. If you like batman, you must have this book, and if you never read a batman comic, then when you read this one you will change your mind.
Not For Me (...and possibly not for you).......2007-08-06
I will start by saying that I have enjoyed DC Comics and their heroes for almost twenty-five years. In particular, I have always loved reading about Batman, Robin, NightWing, and anything that was related to the Gotham crime fighting circuit. I couldn't believe that after all these years, I had yet to read what was regarded as one of the best graphic novels of all time. While on vacation this summer, I decided it was time to finally read this classic.
First, the artwork doesn't appeal to me. I know others love it and will defend how wonderful it is. That's fine, it just doesn't suit my tastes and I can get over it provided the story is good. So, is the story good? It's okay. I can definitely see why other people like it, and I appreciate the different approach Miller took to the time and setting, I felt that it was too over the top though. I found myself wondering if this was suppose to be ten years after Bruce's retirement, or forty. I also didn't care for some of the assumptions that are made throughout the story in regards to several characters' pasts. The development and appearance of "Robin" in this novel was weak and pointless, other than to provide a cheap reason for an event (that I won't spoil) that takes place near the conclusion of the book.
Finally, I felt like the book drug on way too long. The brutality of Gotham City and the Bruce Wayne vs. Batman ego struggle was beat to death in my opinion. I could have cared less about the politics of Gotham, which also was repeated time and time again. I didn't feel as though there was a decent balance between those storylines and the ones involving Two Face and Joker.
To wrap this up, I will be honest and say that I did not enjoy this masterpiece the way almost everyone else has. The futuristic story and excessively "dark" setting feel like paths I've been down too many times in too many other books. I am glad though that most seem to have enjoyed the story, it just isn't for everyone.
One of the great graphic novels of our generation.......2007-08-01
A friend of mine let me borrow his copy of this and I read the whole thing straight through. Now a year or so later I am buying The Watchmen and this book comes up as recommended. I can't help but buy it. Frank Miller paints an incredible revision of the idea of Batman. His art and story flow so well together. This book has helped to re-define the current definition of a graphic novel. I can't recommend this enough.
Book Description
“Bernstein has become a guru to a peculiarly ’90s group: well-educated, Internet-powered people intent on investing well—and with minimal ‘help’ from professional Wall Street.”--Robert Barker, BusinessWeek
William Bernstein is one of today’s most unlikely financial heroes. A practicing neurologist, he used his self-taught investment knowledge and research to build a popular investor’s website. Now, in the plain-spoken The Intelligent Asset Allocator, he shows independent investors how to build a diversified portfolio—without the help of a financial advisor. A breath of fresh air for investors tired of overly technical investment tomes, this book will help investors:
• Learn the risk/reward characteristics of various investment types
• Understand and apply portfolio theory for an improved risk/reward ratio
• Sharpen their focus, and take control of their investment programs William Bernstein (North Bend, OR) runs a website—www.efficientfrontier.com—known for its quarterly journal of asset allocation and portfolio theory, Efficient Frontier.
Customer Reviews:
A classic book on investing.......2007-07-07
Anyone who is serious about investing in marketable securities should read this book and keep it handy as a reference guide.The author is a brillant student of the market and passive investing techniques.All of the supporting data in the book has been developed by the author and his assistant. I would recommend this book for the investor.
Another book for the beginner and the experienced invesror as well How to Make Money in the Stock Market-Buy 2,500 Different Stocks-Pay no Commission
Jewel for long term contrarian investing from a US perspective.......2007-04-19
This book is for investors with a time scale of decades. So think about saving for a comfortable retirement. It argues from a point of view of an US American investor (types of asset classes and their behavior in time, all in US dollars, US tax laws, US investing instruments) but the described principles are general and also well suited for residents of other countries.
Bernstein has the ability of a very clear and down to the earth way of thinking. Even more important his prose is as clear as his thoughts. He takes you by the hand and leads you through quite difficult terrain. But as long as you hold his hand everything is clear and makes a simple impression.
His advice is solid and can be employed easily in practical investing. He even has advice for somebody with only thirty minutes of time for investments a year (Put it into the four asset types: domestic small caps, domestic large caps, foreign stocks and bonds of up to five years of duration. Split your assets in equal proportion to those types. Try to aggressively save fees maybe with Vanguard funds. Adjust the portions of those four asset types once a year to their original proportions.) Clearly this is good advice. If you read this book you also learn a lot of why this is effective. But if you do not know more than this advice: Will you follow it through thick and thin? Just imagine one asset type gets out of favor and loses a lot of value for a few years in a row. Then you have to pour yearly a lot of fresh and good money in exactly that asset type (Bernstein is a moderate contrarian). It is hard to believe that anyone has that strength without a well developed own opinion on that matter. Yes it is exactly the opposite of a stop loss. It is buy more of the losing types and sell the winning ones. The hope is to buy low and sell high.
So enjoy the ease of reading and Bernstein's brilliant simplicity, but don't be fooled by it. You will have to work hard to gain your own standpoint. And you have to invest actual money for a few years to get to know yourself.
For further reading this book has an excellent bibliography and the author runs a great website. I highly do recommend this book.
Fianance........2007-04-01
This is a great book. Don't make it your 1st finance book, but a great follow up to a "Random walk down Wall Street"
Clearly explains the theory, its background, and use........2007-03-26
This is one of 3 books that I have on the subject .... and it complements those books each of which has its own particular bias.
The book is well worth buying, reading (with a few different color highlighters), and keeping it on the shelf for reference (.. in other words to keep one going back onto "track").
There is a bias towards using index funds; and this bias does use all the conventional wisdom -- wisdom that everyone else will be trying to employ. Therefore, there is a lack of ways to "jump-start" a portfolio -- ways that must be obtained from other books and newsletters.
Efficient Frontier - Now I understand.......2007-01-31
This book can "turn on the lightbulb" for all types about what the Efficient Frontier really means! This is the best investment book I have read that attempts to focus the individual on risk - the most important facet of investing.
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