Book Description

Financial Accounting 6e, is designed to prepare users to succeed as future business managers. The text demonstrates how financial statements are useful and interesting tools for diagnosing a companys problems or strengths, and for making loan, investment, acquisition, employment, and political decisions. The sixth edition interweaves analytical principles with real examples and real data from well-known companies. This text takes a business-activities approach to link accounting to what a business really doesoperating, investing and financing. The result provides students with the practical skills they need to understand complex business issues and make smart strategic decisions. ... Read more

Reviews (1)

Very good initial approach to Financial Accounting
This is the textbook we were given for our Financial Accounting class in our MBA. So far, it's proven to be an excellent complement to the lectures, and even as a stand alone book, it contains enough information to guide you through the initial steps of financial statement generation and analysis. It definitely is very pricey, but it is a very good book. ... ... Read more

Book Description

Praise for Enterprise Risk Management

"In the aftermath of Enron, WorldCom, and Sarbanes-Oxley, every publicly traded company should be concerned about risk management. This book takes a pragmatic approach to risk management that can benefit any CEO or senior executive. Lam lays out clear strategies to address what is often a highly complex issue."
–William L. Walton, Chairman and CEO, Allied Capital Corporation

"James Lam provides one of the most practical, insightful books on risk management that I have read in the last thirty years. It clearly reflects experience and deep understanding of the art as well as the science in risk management practices. A must-read for all who wish to advance risk management practices in their businesses."
–Sandra Jansky, Executive Vice President, Chief Credit Officer, SunTrust Banks, Inc.
Chairperson, Risk Management Association

"In this book, James Lam has provided an effective overview of business risk. Enterprise Risk Management will be useful to professional risk managers and business executives seeking to understand the latest tools and organizational approaches."
–Robert Simons, Charles M. Williams Professor of Business Administration,
Unit Head–Accounting & Control, Harvard Business School

"The most comprehensive and engaging handbook on enterprise risk management, written by the pioneer of the Chief Risk Officer function. Filled with practical examples and lessons learned, this book is destined to become one of the most widely read primers on today’s top business initiative. James Lam is the authority on enterprise risk management, and I highly recommend this book to all board directors, senior executives, and risk managers."
–Cassandra R. Schultz, Vice President and Chief Risk Officer, KeySpan Corporation

"James Lam’s book Enterprise Risk Management: From Incentives to Controls provides an insightful road map to best practices in risk management. Based on a solid and successful career in risk management, James’s advice is both timely and relevant and should be required reading for all risk management professionals."
–Michael J. Litwin, Chief Credit and Risk Officer, Merrill Lynch Capital ... Read more

Reviews (4)

The book for ALL CROs and CFOs
Thank you for writing this book. This book is must read for all CROs and CFOs. Looking forward to reading your coming Risk Management books.

Critical but Easy to Read and Comprehend
Anyone whose career interests intersect with the risk management discipline will find this book extremely valuable in understanding the risk management discipline and viewpoint. Anyone who is considering a career in risk management will find this book a critical help for success. James Lam writes in an easy to read style and the ease with which one can grasp and understand the material might fool one into under estimating the rigor and logic James has built into his work. I recommend this book without reservation.

Edward P. Paules, Managing Director Risk Management
Investors Bank & Trust
Boston, MA 02116

ERM Made Practical and Executable
James Lam, the founder of ERisk and the pioneer for the chief risk officer concept has penned the best and most comprehensive book yet on enterprise risk management and how this emerging business practice can add practical, measurable value to any business concerned about how risks affect performance and stakeholder value.

For the first time, a true ERM expert has articulated in user friendly terms, what ERM is and how it can be applied to many different business types in many industries. This book makes clear that there is no one way to design and ERM model and that customizing it to the needs of the business will be the one way to optimize the outcomes desired.

The book is well organized and starts with a section on setting the "context" for delving into risk management; outlining the framework of a comprehensive approach; showing real world applications in various industry contexts; and closing with some prognostications on the future of the practice.

I highly recommend this book to all business managers who want to take risk management and their careers to the next level.

Enterprise Risk Management: From Incentives to Controls
Excellent resource on Enterprise Risk Management.

The author draws upon his 20 years' rich real world experience to drive the subject to home. It offers valuable insight, which is rare to find elsewhere. This book is not only up to date and comprehensive, but also particularly practical.

As a risk analyst with more than 6 years experience, I highly recommend this book to those who are in this field and to those who have interests in this field. ... Read more

Book Description

MANAGEMENT CONTROL SYSTEMS 9/E builds on strengths from prior editions by offering a rich diversity of cases balanced with current material. In addition to course offerings of the same title as this text, the book is appropriate for advanced managerial accounting courses and/or MBA-level cost accounting courses with an emphasis on management control. The text is organized to develop insights and analytical skills related to how managers go about designing, and using planning and control systems to implement strategies. ... Read more

Reviews (3)

This is what you need!
Great book. Clear and helpful. If you want to learn about control systems and business management control, this is the book you need.

from Chile
Es un excelente texto de apoyo para la docencia. Tanto mis alumnos como yo lo hemos utilizado. Es importante el aporte de los autores con los casos de estudio que entregan en cada capitulo, que permite en tender y reforzar los conceptos vertidos en el mismo

Excellent!
A straight-forward no-nonsense approach backed by the right mix of cases. Expensive but worth every penny. ... Read more

Book Description

Profitable Candlestick Trading

Pinpointing Market Opportunities to Maximize Profit

Misunderstood by investors for years, Japanese Candlestick charting and analysis has been described as too complicated to learn and too labor-intensive. Now, Candlestick trading expert Stephen Bigalow dispels these notions and demystifies the process of this valuable and successful technical analysis tool in Profitable Candlestick Trading: Pinpointing Market Opportunities to Maximize Profit.

In accessible and easy-to-understand language, this book bridges the gap between past wisdom and contemporary practice to give any level of investor a complete understanding of this proven, profitable, and time-tested investing technique.

"A superb exposition of Japanese Candlesticks: the oldest method of technical analysis developed more than 400 years ago. The book offers a thorough review and evaluation of this increasingly popular method of market analysis. A great source of information both for an experienced trader and a novice in this field."
–Vincent Kaminski
Managing Director, Enron Corp. ... Read more

Reviews (17)

Best Practical Candlestick Book
This book is the third Candlestick book that I have read cover to cover. The previous two were Steve Nison's two Candlestick books. While Nison's books were excellent and extremely easy to understand, this book concentrates on strategy for making money and gives more trading insights. I have been making money even in this bear market using the trading signals described in the book.

The system is simple...use stochastics to confirm candle signals to ensure that you always buy oversold stocks and sell short oversold stocks. If you are a disciplined trader and wait for confirmation of the signals you can be profitable more than 75% of the time and your losses from your losing trades will be minimal if you keep tight stops - A must in these market conditions.

There is a huge amount of overlap in Nison's and this book but I would still recommend all three as there is always some different points in each.

Top Trading Book
I have read at least 150 trading books in the last 5 years, jumping from one idea to another, looking for a plan I can feel comfortable with for short-term trading. Stephen Bigalow's book is at the top of my list. Steve supplies excellent descriptions and examples of the major and minor candlestick signals as well as a psychological explanation of them. In addition, this book, unlike other candlestick books I have read, provides a complete trading method for short, intermediate, or long-term traders/investors including money management techniques. A method (unique in my experience)for dealing with the trader's emotions is also described. The book makes candlestick charting understandable for both novice and experienced individuals. I believe the book provides a very readable and useful guide to profiting from the market.

Buy it for a lower price
If your commited to learning and using candlesticks in your trading this book is not as detailed as nisons book Japanese Candlestick Charting but is sufficient. The illustrations are good and the book is right to the point without alot of useless talk. Its a bit pricey as is nison`s book so i give it a 4.

Copycat Material
Another candlestick book that gets almost all of its material from Steve Nison's candlestick books.

Mr. Bigalow has taken Mr.Nison's work and ideas (Mr. Nison was the first to reveal candlesticks to the West) without so much as acknowledging this. This book just adds another indicator to the candlesticks without much new insight.

Mr.Nison's books are considered THE bibles of candlesticks. My feeling is if you are going to by a book on candlesticks, why not go to the master?

Better than others
Nisson wrote 3 books. all the same with different titles with a lot of useless talk. Anyway you would find many better candlesatick web pages if you want to save money like StockCharts.com. While these books and that web displays the main ones. There is actually hundreds of them and hundreds of web sites about them.
I bought this book to see trading strategy confirming Elliot waves with candle sticks pattern.. You could also use Key reversal. Open-Close reversal, Hook reversal, closing price reversals,pivotpoint and islands reversals only found at incrediblecharts.com. Tony Carbel book is out of print. Another sort term reversal/continuation pattern is gaps. Nisson thinks he invented candle sticks. I don't suggest ebook download with activation problem in Acrobat 6 web site. If it doesn't work, you don't get your money back. ... Read more

Book Description

Like the most successful businesses, this text successfully integrates innovation with tradition by showing how the preparation of financial accounting information is useful. CORPORATE FINANCIAL ACCOUNTING uses the preparation of financial statements as the framework for understanding what accounting is all about. ... Read more

Book Description

With its exciting introduction of the Harley-Davidson focus company theme, this book continues to provide a solid, enduring foundation of the tools of modern theory while at the same time developing the logic behind their use. The “10 Principles of Finance” (formerly “Axioms”) provide the framework, or “the big picture” of finance, which ties the major concepts of the book together.A six-part organization covers the scope and environment of financial management, valuation of financial assets, investment in long-term assets, capital structure and dividend policy, working-capital management, and special topics in finance, and special topics in finance.For an enduring understanding of the basic tools and fundamental principles upon which finance is based. ... Read more

Book Description

There are two sides to everything, except the stock market. In the stock market there is only one side—the right side. In certain market conditions, selling short can put you on the right side, but it takes real knowledge and market know-how as well as a lot of courage to assume a short position.

The mechanics of short selling are relatively simple, yet virtually no one, including most professionals, knows how to sell short correctly. In How to Make Money Selling Stocks Short, William J. O'Neil offers you the information needed to pursue an effective short selling strategy, and shows you—with detailed, annotated charts—how to make the moves that will ultimately take you in the right direction.

From learning how to set price limits to timing your short sales, the simple and timeless advice found within these pages will keep you focused on the task at hand and let you trade with the utmost confidence. ... Read more

Book Description

Dubbed the "bible" by market analysts and traders since 1939, The CRB Commodity Yearbook provides indispensable information on over 100 domestic and international commodities. The Yearbook includes seasonal patterns and historical data, pricing and trading patterns on a monthly and annual basis, and more than 1,000 charts, tables, and graphs covering production/consumption, supply and demand patterns, and trading highlights. Gathered from government reports, private industry, and trade and industry associations, the data is compiled by the Commodity Research Bureau for this indispensible report.

Youll find:

• Worldwide supply/demand and production/consumption data for all the basic commodities and futures markets -- from A(luminum) to Z(inc), including all the major markets in interest rates, currencies, energy, and stock index futures.
• Over 900 tables, graphs, and price charts of historical data, many of which show price history dating back to 1900.
• A fact-filled CD-ROM featuring valuable commodity information in an easy-to-use electronic format.
• Concise introductory articles that describe the salient features of each commodity and help put the quantitative information in perspective.
• Articles by prominent professionals on key markets and important issues, including several by CRB Chief Economist, Richard W. Asplund: “Major Commodity Bull Market Continues in 2004," "U.S. Economy in 2004 Shows Strong Growth," "World Economy in 2004 Shows Improvement," and "China Continues to Drive Global Commodity Prices."

Amazon.com

What do you do after you've written the No. 1 bestseller The Millionaire Next Door? Survey 1,371 more millionaires and write The Millionaire Mind. Dr. Stanley's extremely timely tome is a mixture of entertaining elements. It resembles Regis Philbin's hit show (and CD-ROM game) Who Wants to Be a Millionaire, only you have to pose real-life questions, instead of quizzing about trivia. Are you a gambling, divorce-prone, conspicuously consuming "Income-Statement Affluent" Jacuzzi fool soon to be parted from his or her money, or a frugal, loyal, resole your shoes and buy your own groceries type like one of Stanley's "Balance-Sheet Affluent" millionaires? "Cheap dates," millionaires are 4.9 times likelier to play with their grandkids than shop at Brooks Brothers. "If you asked the average American what it takes to be a millionaire," he writes, "they'd probably cite a number of predictable factors: inheritance, luck, stock market investments.... Topping his list would be a high IQ, high SAT scores and gradepoint average, along with attendance at a top college." No way, says Stanley, backing it up with data he compiled with help from the University of Georgia and Harvard geodemographer Jon Robbin. Robbin may wish he'd majored in socializing at L.S.U., instead, because the numbers show the average millionaire had a lowly 2.92 GPA, SAT scores between 1100 and 1190, and teachers who told them they were mediocre students but personable people. "Discipline 101 and Tenacity 102" made them rich. Stanley got straight C's in English and writing, but he had money-minded drive. He urges you to pattern your life according to Yale professor Robert Sternberg's Successful Intelligence, because Stanley's statistics bear out Sternberg's theories on what makes minds succeed--and it ain't IQ.

Besides offering insights into millionaires' pinchpenny ways, pleasing quips ("big brain, no bucks"), and 46 statistical charts with catchy titles, Stanley's book booms with human-potential pep talk and bristles with anecdotes--for example, about a bus driver who made $3 million, a doctor (reporting that his training gave him zero people skills) who lost $1.5 million, and a loser scholar in the bottom 10 percent on six GRE tests who grew up to be Martin Luther King Jr. Read it and you'll feel like a million bucks. --Tim Appelo ... Read more

Reviews (148)

The Millionaire Mind - Must Read for College Students
Thomas J. Stanley's The Millionaire Mind (Andrews McMeel Publishing) is a must read for anyone interested in achieving financial independence and/or who is fascinated with how the wealthy achieve success. This book should be required reading for college students. It is filled with practical advice not just about how to protect one's future financially but also about setting priorities, and I don't mean just getting rich. The Millionaire Mind covers everything from choosing spouses to raising children to buying homes. It is loaded with common sense and practical advice.

Achieving great wealth was never my highest priority in life, but I am convinced that if I had read The Millionaire Mind when I was younger, I could have joined the millionaire club. More importantly, like most of the millionaires Stanley surveyed, I could have done so without sacrificing any values, principles, my character, or time with my family. The Millionaire Mind is as much a statement of a philosophy of life as it is a guide to great wealth. Its tone is very positive and reinforcing.

The Millionaire Mind dispels several popular myths about wealthy people--that they made their money the old fashioned way by inheriting a bundle, that they graduated from the finest colleges and universities, and that they blew the lid off of SATs and grade point averages. Most of the 733 millionaires Dr. Stanley studied did not fit any of these characteristics. When asked what factors were most important to their success, the top five rated items (out of 30) were #1 being honest with all people, #1(tie) being well disciplined, #3 getting along with people, #4 having a supportive spouse, and #5 working harder than most people. "Graduating near/at the top of my class" was ranked 30th. This list, better than anything else in the book, is a confirmation that character and commitment count and that measures of achievement need to be broadened.

How encouraging it is to read a book that says that the American dream still exists, that individuals can overcome inadequacies, disappointments, failures, and seemingly insurmountable odds to achieve success and happiness in life. And it can be done ethically, legally, and in one generation, during one's lifetime, as many of Stanley's millionaires have proven. Stanley and his millionaires are telling us to count our blessings, play to our strengths, believe in ourselves, not let our critics get us down, and take personal responsibility for our lives. His millionaires have been married to the same spouse for an average of 28 years. The majority live modestly for their means, spend considerable time their families, and don't flaunt their wealth. What a potent message this book delivers.

I will make sure each of my children gets a copy of The Millionaire Mind and recommend it highly to my classes at The University of Georgia.

Dr. Fred Stephenson Associate Professor of Distribution Terry College of Business The University of Georgia March 12, 2000

Finally, a Tribute to the "Leisure Class"
Ever since Thorstein Veblen wrote "The Theory of the Leisure Class," the critics of capitalism (including politicians and Hollywood producers)have delighted in bashing the rich for their "conspicuous consumption," prospensity to divorce and find trophy wives, engage in white-collar crime, and avoid paying their "fair share" in taxes.

Now along comes the exhaustive work of Professor Tom Stanley, concluding that the millionaire wealthy class is in reality the model citizen! 92% are married and have been with their first wife for an average 28 years; they live well below their means; 40% have paid off their mortgage; few inherited wealth; over 90% are college graduates; most are not in the top of their class, but average "B" or "C" students; they avoid the lottery and gambling, and enjoy spending most of their time with their family or playing a game of golf with friends; 37% are deeply religious people who attend church regularly; integrity in business is their # priority, and they pay most of the income taxes in this country!

It's great to finally read a book defending the wealthy and the truly successful in this country.

My only gripe: The book has no index!

A look into the millionaire mind
Who wants to b ecome a millionaire? No, this is not a plug to watch reruns of Regis Philipins tv show or a get rich scheme or a suggestion to buy a lottery ticket. Rather, it is an opportunity to look inside the minds of America's wealthy--real true blood millionaires.

You will find some things that you don't want to hear like the richest of the group are no physicians, lawyers or executives but business owners. You will also be surprised to find that the wealthiest of the group do not own new home The majority own homes that are over 10 years old.

This book may not tell you what you want to hear, but it will tell you what you need to hear, if you want to seriously become a millionaire and if you want to know how the millionaires became millionaires.

Great book. Even better than The Millionaire Next Door in my opinion.

Are you allowed to do this?
Hmm....I guess you can technically take the same material, rearrange it and then publish it with another title if you really want to but I kind of thought that was looked down upon in the literary world! This is a 10 star book only they wrote it already and it was titled The Millionaire Next Door. This is literally and I mean LITERALLY the same exact book only rewritten, rearranged, retitled and republished. It really doesn't matter which of the books you read. Either will do. Both are 10 stars on their own but I gave it 3 because all in all I thought it was rather rude to scam people out of their money by selling the same exact book under a different title all in the name of some dough! But then again maybe they were millionaire minded, saw an easy way to make some more bucks and went for it!

Business owners top the list. Surprised?
It came as no surprise to me that business owners came out on top of the list in this book profiling the millionaire mind. I have always contended that the only way to become a success is to be in business for yourself. Employees always end up short.

Some of the top qualities were hard work, discipline, social skills, integrity and discipline.

Millionaire Mind is an excellent book to be read along with The Millionaire Next Door. ... Read more

Amazon.com

Among the library of investment books promising no-fail strategies for riches, Benjamin Graham's classic, The Intelligent Investor, offers no guarantees or gimmicks but overflows with the wisdom at the core of all good portfolio management.

The hallmark of Graham's philosophy is not profit maximization but loss minimization. In this respect, The Intelligent Investor is a book for true investors, not speculators or day traders. He provides, "in a form suitable for the laymen, guidance in adoption and execution of an investment policy" (1). This policy is inherently for the longer term and requires a commitment of effort. Where the speculator follows market trends, the investor uses discipline, research, and his analytical ability to make unpopular but sound investments in bargains relative to current asset value. Graham coaches the investor to develop a rational plan for buying stocks and bonds, and he argues that this plan must be a bulwark against emotional behavior that will always be tempting during abrupt bull and bear markets.

Since it was first published in 1949, Graham's investment guide has sold over a million copies and has been praised by such luminaries as Warren E. Buffet as "the best book on investing every written." These accolades are well deserved. In its new form--with commentary on each chapter and extensive footnotes prepared by senior Money editor, Jason Zweig--the classic is now updated in light of changes in investment vehicles and market activities since 1972. What remains is a better book. Graham's sage advice, analytical guides, and cautionary tales are still valid for the contemporary investor, and Zweig's commentaries demonstrate the relevance of Graham's principles in light of 1990s and early twenty-first century market trends. --Patrick O'Kelley ... Read more

Reviews (22)

Tired
Although I am mostly a value investor, this has never been my favorite book. The old 1973 edition which this replaces was dated and the examples were hard to relate to today's market. Even the previous editions were not ones I particularly enjoyed. Quite frankly, the book was and is boring. Also many of the investment ideas in the book simply do not work in today's market. For example, I agree with Niederhoffer that buying companies for less that Net Current Assets is ridiculous in general. Most who claim to be successful at this are simply liars. This technique worked for a short time following and during the great depression. But that was basically it. The idea of approaching one's investments as a business is old hat now but for those not familiar with the concept this book may be worthwhile although whether it is worth buying the book for this tidbit is debatable. The Buffettology books do this just as well and are more up to date. Despite the laughter and venom directed against these books they are useful modern investment books which the budding value investor would do well to read. This update does use more modern examples but with the rise of the internet this type of information is just not as rarely available as it once was. I just wonder how many more "revisions" this book can stand before it becomes like Graham's Security Analysis. Keep in mind this is a new edition of a book by a man who has been dead for years ( and not the first one at that). The modern investor would probably be better off learning something about valuation and applying that to determine if companies are undervalued. The primitive methods in Graham are not particularly useful today and do not reflect the methods of today's successful value investor.

Too bad real estate was not also in Benjamin Graham's field
If you have only time to read one book on investing, this classic should probably be it. But if you recently have read some of the popular get-rich-quick books, "The Intelligent Investor" is a necessary and powerful antidote.

The author has an extremely realistic view of the investment world. He sees the real risk where speculators may imagine there are instant riches. For Benjamin Graham, safety of capital comes first. But at the same time, he makes it clear that safety is not guaranteed, even if you do have a properly selected and well balanced portfolio of stocks and bonds.

On page 25, Mr. Graham warns the reader that: "There is no certainty that a stock component will insure adequately against 'large-inflation' but it should carry more protection than the bond component." The author does recognize that: "The outright ownership of real estate has long been considered as a sound long-term investment, carrying with it a goodly amount of protection against inflation." With this statement, he seems to recognize that inclusion of real estate could make an investment portfolio stronger. But he does not analyze real estate extensively as an investment in his book because he says that it is not his field.

Too bad he did not broaden his scope and also become an expert in real estate. If income-producing real estate had been looked at as thoroughly as stocks and bonds in "The Intelligent Investor," I believe many readers, with most of their equity in real estate, would be calling Amazon.com about giving this book a sixth star.

Classic book, but annoying commentaries
I was deciding between getting this edition or the more expensive hardbound edition (which does not contain the Jason Zweig commentaries). I naturally thought, why not go for the cheaper one and get the commentary for free? After all, I could just ignore the commentary if it doesn't help.

Bad bad choice. It was like choosing between a Beethoven CD and the same CD but with free shrieking commentary by a Damon Wayans movie character during and in between each symphony.

Zweig's writing when inserted between Graham's is like the annoying paperclip in MS Office, except there is no way to turn it off. He's in the footnotes (virtually every page!), he's in between every chapter. Open the book at a random page, and most likely you'll open it to a Zweig page.

The content and style of his writing feels condescending and contrasts so much with Graham's. When reading Graham you have elegant timeless prose by a humble, wise man who makes you feel he is sincerely interested in your well-being. By contrast, Zweig feels like someone who wants to impress you with his word plays, and puns. He really should have attempted to recede into the background and limited his voice.

I would recommend everyone to just buy the hardcover edition.

Buy Graham only. If you cannot read Graham, Zweig will only help marginally, and you still need to verify his comments against other contemporary Graham commentators. Get another book. If you *can* read Graham, then you do not need the commentaries in this book. Any questions you may have can be answered in thousands of sites on the net.

one of, if not the best, equity investment book
this is buffets' bible for good reason.

the book's central concept, the margin of safety, is reinforced time and again w/ supporting ratios and working examples, both from the 60-70s and from zweig's excellent supplements (an extremely valuable supplement to the original text, if for no other reason than to show that graham's teachings are timeless). while occasionally ratios will appear dated and no longer relevant (i.e. book value's importance has declined w/ the transition of the US eq mkt to increasing intellectual capital in a company's mkt cap), its discipline, focus and litmus tests (i.e. bond yields vs E/P ratios) still remain valid.

for the individual investor, there simply is no better book.

A classic!
This is an excellent text for anyone who wants to learn about investing. Strongly recommended! ... Read more

Book Description

An essential guide to financial risk management and the best way to ace the GARP FRM(r) Exam
The Financial Risk Management Exam (FRM Exam) is given by the Global Association of Risk Professionals (GARP) annually in November for risk professionals who want to earn FRM certification. Written with the full support of GARP and providing questions and solutions from previous exams, this is the definitive guide for those preparing to take the FRM Exam as well as a valued working reference for risk professionals.
Phillipe Jorion, PhD, MBA (Irvine, CA), is a Professor of Finance at the Graduate School of Management at UC Irvine. The Global Association of Risk Professionals (GARP) oversees the FRM(r) Certification Program and is the leading association for risk professionals, with over 38,000 members worldwide. ... Read more

Reviews (1)

Not required for the FRM
Warning: This book is not an official publication of GARP. It is not required reading for the FRM exam. If you had the impression that it was these things, blame marketing.

In years past, GARP did officially endorse the book. This had two unfortunate consequences. First, the publisher and author could charge an exorbitant price -- $150 for a paperback. Second, they didn't focus a whole lot on quality. People had to buy it! The book reads like warmed over lecture notes. It is disjointed, vague, incomplete and sprinkled with errors. It is probably the one aspect of the FRM exam that people complained most about. Eventually GARP distanced itself from the venture. People were a bit surprised when this third edition came out. I guess students will mistakenly think they are required to buy it.

If you are studying for the FRM exam, the only thing you need to buy is the CD of readings. There are numerous books, articles and websites you can read for supplementary material. Many of these are outstanding. If you have been involved with risk management for a few years, you already know what they are. This book covers the same ground as the CD. If it were reasonably priced, if it were well written, it might also be a nice supplement. It isn't.
... Read more

Book Description

Fundamental topics and new methods in time series analysis
Analysis of Financial Time Series provides a comprehensive and systematic introduction to financial econometric models and their application to modeling and prediction of financial time series data. It utilizes real-world examples and real financial data throughout the book to apply the models and methods described.
The author begins with basic characteristics of financial time series data before covering three main topics: analysis and application of univariate financial time series; the return series of multiple assets; and Bayesian inference in finance methods. Timely topics and recent results include:
* Value at Risk (VaR)
* High-frequency financial data analysis
* Markov Chain Monte Carlo (MCMC) methods
* Derivative pricing using jump diffusion with closed-form formulas
* VaR calculation using extreme value theory based on a non-homogeneous two-dimensional Poisson process
* Multivariate volatility models with time-varying correlations
Ideal as a fundamental introduction to time series for MBA students or as a reference for researchers and practitioners in business and finance, Analysis of Financial Time Series offers an in-depth and up-to-date account of these vital methods. ... Read more

Reviews (3)

Analysis of Financial Time Series
This book is awesome. It starts with bedrock concepts needed for analysis of financial data and it takes the student up to the most recent and important techniques used in the industry today. However, if one expects to fully utilize this text, one should have at least one semester of applied econometrics or some equivalent course in statistics and continuous probability, although it will be practical to study the two topics concurrently.

A very practical book
This is not a reference book, and it's not about "big" theory either. It's pretty practical, and good for self study. You should have access to some econometric/statistical software (i.e. EViews, S-Plus, etc.) to fully understand this book.

Petition: please provide table of contents!
I want to see the table of contents of this book. How can the author and the publisher expect people to buy this book without providing the table of the contents?... ... Read more

Book Description

Concepts in Federal Taxation is designed for a more conceptual, less detailed approach to federal taxation of individuals and corporations in an introductory taxation course. This conceptual approach presents taxation as a small number of unifying concepts, stressing the overriding principles that apply to all specific tax rules and regulations. Concepts in Federal Taxation offers an excellent balance between tax concepts and the Internal Revenue Code and regulations, preparing users for a future in the business environment. ... Read more

Book Description

When Guerrilla Marketing was first published in 1983, Jay Levinson revolutionalized marketing strategies for the small-business owner with his take-no-prisoners approach to finding clients. Filled with hundreds of solid ideas that really work, Levinson's philosophy has given birth to a new way of learning about market share and how to gain it. In this completely revised and expanded third edition, Levinson offers a new arsenal of weaponry for small-business success in the next century. Filled with strategies for marketing on the Internet (explaining when and precisely how to use it), tips for putting other new technologies to work, programs for targeting prospects and cultivating repeat and referral business, and management lessons in the age of telecommuting and freelance employees, this book will be the entrepreneur's marketing bible in the twenty-first century. ... Read more

Reviews (22)

A Top Reference for Any Business Owner
This book is a great reference for any business owner seeking to really make the most out of their marketing budget. I used the data in this book and actually made miracles happen with it. The average industry expectations on marketing dollars is 5X the return invested. By applying the principles, strategies and bright ideas I learned in this book I managed to make a 12X return for every dollar invested, and that means a whole lot when you are a small business with not an unlimited budget! This book is very basic and useful, and the data Levinson provides is incredible. I learned so much about the actual nuts and bolts of the marketing industry with this text. It's brilliant, creative and imaginative. Expect to keep a pen and paper handy when you start to have all those bright ideas go off like church bells as you read. If you take this information and apply it to your business or activity, you can save yourself a great deal of experimentation and start out with the rocketing results first off.

A must for Small Business owners and marketers.
With thousands of books written on marketing and its implementation for all business sizes, this book has created a unique brand name for itself with a series of books all aimed at a particular type of marketing - Guerrilla Marketing. As its name implies, these books are aimed at achieving significant results through non-traditional marketing avenues that have now become fairly established and are probably not Guerrilla tactics anymore (in the strictest sense of the word).

This book though originally written in the 1980s has been updated in late 1990s and the update has been driven by the feedback received over 15 years. If you are a small business owner or someone responsible for the marketing division of a small business, you may not have that much money available to run your marketing campaigns professionally and using more traditional channels. Therein lies the appeal to this book that assumes that your only resources are time, energy, and imagination.

The book is split into 5 sections - the first section is an introduction to the whole Guerrilla Marketing process all the way from its definition to the thirteen most important marketing secrets and how to develop a Guerrilla Marketing plan.

The second section focuses on mini-media marketing which is nothing but the various marketing approaches you can use - canvassing, personal letters, telemarketing (don't be discouraged as the author explains how to do this right and not annoy people), brochures, etc.

The third section is about maxi-media marketing which means all the marketing techniques that cost money. But the author has a compelling argument that it is worthwhile if you can benefit from it financially. Newspapers, magazine advertising, radio, television, etc. are addressed one after the other with detailed explanations of what to do and what not to do.

The fourth section is nonmedia marketing - free seminars, trade shows, etc. and follows a similar approach of what to do and what to avoid. The author also recommends combining these three types of marketing in a fashion that works for your particular situation.

The final section is on actually launching your Guerrilla Marketing attack and how to win!

Even large organizations have listened to the author and have started experimenting and successfully implementing Guerrilla Marketing strategies.

A marvelous book that convinced me to get a few of the other books in the series with interesting titles like 'Guerrilla P.R. WIRED' that addresses online Guerrilla marketing along with the offline approach. I have several types of marketing books and this set comprises the biggest chunk. I have been experimenting and understanding the various techniques over several months now. Being a small business owner, I like this approach better than most of the others. Bottom line - if you are responsible for marketing your small business goods or services, I recommend at least looking through this book. Good luck!

This is the real thing.
I read this in 1984 and again in 2004
Levinson is the guy. The real thing. The man. Stay away from Michael Levine - he is a copy cat.

So So Book: For Beginners Only
If you've got formal training in marketing, avoid this book. It lays down some basic tenets of marketing you probably already understand. What I was looking for in it was some practical advice for small businesses and some innovative ideas. Most of what I found I had already discerned through common sense. There's nothing terribly creative or innovative in his ideas.

Here's the summary: learn the basic principles of marketing, use common sense, be persistent and frugal, and work hard.

If you haven't had any formal marketing training this might be a place to start, but even then, I'd recommend a basic marketing text first. Learn the "3 C's" and "4 P's" of marketing before you spend your money on Guerilla Marketing.

Most of What You Need Is Between Your Ears
I read this book when it was first published in 1984 and recently read the Third Edition, curious to know how relevant Levinson's ideas have remained during the almost 20 years years since then. He has revised and updated the book to accommodate the emergence of the Internet, e-business, and globalization initiatives. To his credit, his Guerrilla principles remain valid and, if anything, are even more relevant and more valuable now than ever before. It is important to keep in mind that, as he explains in Guerrilla Creativity, creative marketing is not something that you do. "Instead, it's something that your prospects get." Guerrilla principles guide and inform initiatives by which to produce desired results, whatever those may be. Perhaps to create or increase demand for what one offers. (I use the word "offers" rather than "sells" because the same principles can also be invaluable, for example, to those seeking charitable contributions to a non-profit organization.) Perhaps to inform a prospect or reassure a client; in terms of a competitor, perhaps to create confusion, discomfort, and even despair.

Although the book's subtitle suggests that the "secrets" provided will help to make big profits from a small business, Levinson's principles can (as I have indicated) help to achieve a variety of other desired results which may include but are not limited to profits; moreover, his principles can be as helpful to a multinational corporation as they can to a local family-owned business.

The material is carefully organized within five sections: The Guerrilla Approach to Marketing -- Updated, Mini-Media Marketing, Maxi-Media Marketing, Nonmedia Marketing, and finally, Launching Your Guerrilla Marketing Attack. Levinson also provides an especially useful concluding section, "Information Arsenal for Guerrillas" (pages 363-372) which directs the reader to hundreds of resources such as a bibliography as well as information about relevant newsletters, periodicals, audiotapes, and videotapes.

I especially appreciate the fact Levinson includes marginal notes throughout his narrative. They make it so much easier to review key points which may not have been highlighted or underlined. Also, his Index is much more extensive than what authors of business books usually provide. This is in all respects a user-friendly volume whose material, if understood and then applied both effectively and (yes) appropriately, can be of substantial value to any decision-maker who seeks to create or increase demand for whatever her or his organization offers.

What sets Levinson's various "Guerrilla" books apart from most others is his consistent point of view. It has no doubt been influenced by Sun Tzu and especially by several of Sun Tzu's strategies such as when far away, seem near...or vice versa; when small, seem large...or vice versa; when exhausted, seem vigorous...or vice versa, etc. It was Sun Tzu who explained the importance of thorough preparation by asserting that every battle is won or lost before it is fought. Although we usually think of such strategies as being used only by "Davids," the same strategies (albeit with modifications) can also be used very effectively by "Goliaths."

In the first chapter, Levinson identifies 12 differences between Guerrilla marketing and traditional marketing. They are essentially differences of judgment, values, and priorities rather than of resources. I agree with Jason Jennings who suggests that it's not the large that eat the small...it's the fast that eat the slow. Size and speed are not mutually exclusive. Many successful organizations have both. However, Levinson is quite correct when stressing the importance (and benefits) of having an underdog mentality. Differing somewhat with Andrew Grove, I presume to suggest that not all survivors are paranoid...but most are. The Guerrilla mentality takes no one and nothing for granted. Ever.

For me, one of Levinson's most interesting ideas involves the Guerrilla's relationship with competition. He goes one step further than the Biblical David who wisely avoided physical contact with Goliath: "Guerrilla marketing asks you to forget about competition temporarily and to scout opportunities to cooperate with other businesses and support each other in a mutual quest for profits." That is to say, rather than facing Goliath in combat, Levinson's David would to go into partnership with those vendors who provide a variety of products and services to the Philistines. Goliath would be hired to handle accounts receivable. Eventually David would buy out his partners, then retain them on an outsource basis to continue servicing the Philistine account while he seeks new business opportunities elsewhere within and beyond the Middle East. Perhaps sell franchises in military provisions while remaining owner/CEO of a parent company which provides various services to its franchisees through subsidiaries such as Rent-a-Camel, Caravan Leasing, Goliath Security Services, Galleys Unlimited, etc.

Presumably Levinson agrees with me that it would be a mistake, indeed highly un-Guerrilla-like, to adopt all or even most of the strategies and tactics he offers in this book. First, do a rigorous analysis of your organization's needs and interests, of course, but also or its strengths and especially its weaknesses. (You can be sure your toughest competitors already know where you are most vulnerable. Do you?) Next, set the priorities for action (NOT discussion) and develop a cohesive and comprehensive plan to achieve the most important objectives. Then cherry-pick whichever of Levinson's proffered strategies and tactics will be most helpful to those efforts. There are more of them in this book than you can possibly use at any one time, anyway. However, priorities can change...often because of a competitor's initiatives. (If you did not see them coming, that's your fault. A Guerrilla always sleeps with one eye open.) When circumstances change, different strategies and tactics may be needed. Re-read Levinson's book. You'll probably find whatever you need.

Final point: A Guerrilla never trusts only one book for advice on marketing. Nor should you. Check out Levinson's bibliography. There are no glaring omissions other than Sun Tzu's The Art of War (Griffith translation) and Reis and Trout's Positioning. Among the dozens he cites, my own preferences are Beckwith's Selling the Invisible, Cohen's The Marketing Plan, Levitt's The Marketing Imagination, McKenna's Real Time, Reichheld and Teal's The Loyalty Effect, and Schmitt and Simonson's Marketing Aesthetics as well as Schmitt's subsequent Experiential Marketing. ... Read more

Book Description

From the "guru to Wall Street’s gurus" comes a guide to one of the most profitable and enduring investment disciplines

"A must-read for all disciples of value investing. In 1934, Graham and Dodd created fundamental security analysis. Greenwald reinforces the worth of this approach, incorporates new advances, and takes their work into the 21st century." –Mario J. Gabelli, Chairman, Gabelli Asset Management, Inc.

Value investing is the one school that has proven itself consistently profitable over time. Practitioners of the value approach have produced excellent returns for investors in both good and bad markets.

Recognized nationwide for his expertise on the subject of value investing, Bruce Greenwald’s classes and seminars have been attended by some of the savviest investors on Wall Street. Value Investing presents the fundamental concepts of the discipline and illustrates its practical applications in a manner accessible to anyone with a serious interest in investing. It is sure to take its place as one of the most important investment resources of our time. ... Read more

Reviews (16)

Packed with Knowledge!
This is a very lucid, practical introduction to the principles of value investing. It is detached, relatively objective considering the authors' bias in favor of the subject, doesn't hype or hard-sell and, on the whole, would be a valuable addition to any investor's bookshelf. If you're a relative beginner, your shelf will also need to include a dictionary of financial terms - the authors assume you already know the vocabulary. And who is the Graham cited in the title? He is Benjamin Graham, who all but invented security analysis. With coauthor David Dodd, he produced the book Security Analysis in 1934. Later, Graham wrote The Intelligent Investor. Both books are investment classics and have been revised and re-issued. This one may endure, as well, based on its thorough exposition on how to value a company and its instructive profiles of value investing heavyweights. Our recommendation: strong buy, long term hold.

Value Investing in the 21st Century
I am a professional investor (CFA charter holder and portfolio manager) and would suggest this book for anyone interested in the value style of investing. I would not recommend the book for a novice investor since some terminology is not explained. (Perhaps read this book after reading and understanding Benjamin Graham's The Intelligent Investor.) However, the book is an excellent read for someone with an understanding of investing. The book is divided into two main parts: The authors' views of different ways to value a company and profiles of successful value investors.

I think the authors' Earnings Power Value (EPV) approach to valuing a company is cutting edge. (Basically EPV is a rehash of Enterprise Value.) Most investors tend to value stocks based on P/E ratios - only looking at equity in a company. However, the proper way to value a company is to look at its whole capital structure - Debt, Equity & Cash. EPV is a much better tool than the P/E ratio for calculating whether a company is undervalued.

The second part of the book that profiles a half dozen or so successful value investors is interesting. It illustrates there are many different ways to execute a value oriented approach. The profiles do not give any hard cut rules that each investor follows, but it does give you a general idea. (I have been successful at applying some of the ideas in managing my own account.) The only flaw of the profiles is the lack of any type of track record. It would have been helpful to list the year-by-year returns for each investor compared to an index. (i.e. S&P 500 Index)

Overall, it's a great book and it deserves a spot behind Ben Graham's Security Analysis and Intelligent Investor.

Packed With Knowledge!
This is a very lucid, practical introduction to the principles of value investing. It is detached, relatively objective considering the authors' bias in favor of the subject, doesn't hype or hard-sell and, on the whole, would be a valuable addition to any investor's bookshelf. If you're a relative beginner, your shelf will also need to include a dictionary of financial terms - the authors assume you already know the vocabulary. And who is the Graham cited in the title? He is Benjamin Graham, who all but invented security analysis. With coauthor David Dodd, he produced the book Security Analysis in 1934. Later, Graham wrote The Intelligent Investor. Both books are investment classics and have been revised and re-issued. This one may endure, as well, based on its thorough exposition on how to value a company and its instructive profiles of value investing heavyweights. Our recommendation: strong buy, long term hold.

Turkey and Where is the Beef?
There is simply not enough value in this book to justify using it. I'm sorry but words like Alta Vista and Cisco just should not appear anywhere in a value investing book. Period and discussion over. At least not up to the present. Maybe in the future but I doubt it. Also there is way too much verbage to describe much of nothing. The modern budding value investor would be better served by other book including Security Analysis by Graham. A lot of detail is missing here and much of the analysis leaves one wondering if the authors know what value investing really is.

Good book about value investing
The values are out there, it is just a matter of finding them and knowing what to look for. This book has many ideas about how to find the values.

I was somewhat disappointed in some of the math since I found some errors, for example on pg 139 of my edition, the formula for PV contains an error.

The Earnings Power Value seems to be useful for some situations, but not in all cases --- I think that point is covered in the book, yet so much time is devoted to EPV.

Even with some rough spots, this book will indeed help me in my investing walk. ... Read more

Book Description

During his fourteen years as Yale's chief investment officer, David F. Swensen has transformed the management of the university's portfolio. Largely by focusing on nonconventional strategies, including a heavy allocation to private equity, Swensen has achieved an annualized return of 16.2 percent, which has propelled Yale's endowment into the top tier of institutional funds. Now, this acknowledged leader of fund managers draws on his experience and deep knowledge of the financial markets to provide a compendium of powerful investment strategies.

Swensen presents an overview of the investment world populated by institutional fund managers, pension fund fiduciaries, investment managers, and trustees of universities, museums, hospitals, and foundations. He offers penetrating insights from his experience managing Yale's endowment, ranging from broad issues of goals and investment philosophy to the strategic and tactical aspects of portfolio management. Swensen's exceptionally readable book addresses critical concepts such as handling risk, selecting investment advisers, and negotiating the opportunities and pitfalls in individual asset classes. Fundamental investment ideas are illustrated by real-world concrete examples, and each chapter contains strategies that any manager can put into action.

At a time when it is becoming increasingly difficult to cope with the relentless challenges provided by today's financial markets, Swensen's book is an indispensable roadmap for creating a successful investment program for every institutional fund manager. Any student of markets will benefit from Pioneering Portfolio Management. ... Read more

Reviews (10)

Truly unique insight into institutional portfolio management
Swensen's book is a must-read for endowment managers and other institutional investors, particularly those who take a fund-of-funds approach (as does Yale, where Swensen is Chief Investment Officer). Swensen aptly lays out the investment policy that has enabled Yale to consistently outperform other U.S. endowments. As Yale's CIO, Swensen has set a target portfolio allocation that departs significantly from the still heavily U.S. equity and debt-focused strategy of most endowments. Swensen's approach includes a large allocation to asset classes that are not highly correlated to the U.S. public equity market. He outlines these "alternative" classes in his book, giving the reader an excellent view of how alternative investments can increase risk-adjusted portfolio returns.

Perhaps the biggest contribution of Swensen's book, however, is the debunking of myths that still lull fiducaries into making the wrong decisions, for example when it comes to picking investment managers. Swensen advises against chasing managers who have performed well simply because of their past performance. If attributes such as personal integrity and the right fee structure are lacking, solid past performance can become a liability, not an asset. Swensen describes the example of private equity firm KKR-- after tremendous early successes, the flood of investor capital into KKR enabled the firm's partners to set up a fee structure that ensured big payoffs for themselves even if their funds underperformed. This is just one of many valuable lessons the reader will draw from Swensen's book.

Thoughtful, cautious, and quite readable
This book provides some well thought out advice on how to invest. It deals mainly with strategies appropriate to handling multi-billion dollar portfolios, but many of the ideas would apply to ordinary investors as well. But because he is mostly very cautious about what strategies to use, the advice won't be terribly surprising to experienced investors, and won't satisfy many risk-tolerant investors.
The one area in which I disagree with the book is his overly confident rejection of technical analysis. While most simple versions of technical analysis have not shown impressive results, and it may well be that none work with investments of the size that Yale makes, the number of successful traders who make some use of technical analysis (for example, most of those interviewed in Jack Schwager's books) should not be dismissed lightly.

Many good insights
David Swensen reveals many insights available only from experience which are valuable for individuals and boards responsible for guiding large portfolios. I wished for more detail regarding the manager selection guidelines and asset allocation/reallocation criteria however we must respect that this information is proprietary.

A must-have for MBA students and investment professionals
First of all, Swensen and Takahashi's team puzzled me by its consistent performance to beat the benchmark for over 15 years, with last year¡¯s stunning annual return of 41%, leading the assets under management to easily surpass $10 Billion. The book is not only a great resource to look into the minds of the people who made this happen but also a wonderful application of finance, investment, asset allocation, strategy and management that you are learning in business school. Without mentioning the merits of the finance theory and investment techniques, the book is presenting a compelling case study of how investment office fits into the picture of institution building.

Second, the fascinating aspects of the book is the ¡°unconventional approach¡±, not just simply statistics and financial modeling, for long-time horizon investing. For example, in asset allocation and manager selection, it can come from topdown analysis with support of quantitative modeling and sophisticated simulation; it also can come from scientific findings and number crunching to uncover the value creation process, which usually leads to the later asset allocation strategy to fully take advantage of the discoveries.

Third, the stress and analysis of alternative investment assets and absolute returns are also worthy of mentioning. Contrary to what traditional financial theories or books focusing on efficient markets, Swensen¡¯s book casts a lot of insights on the less-covered alternative asset classes and less efficient markets. Interestingly, they never seem to be constrained by their own defined class by constantly exploring those asset classes. For example, Swensen is famous for backing venture capital and private equity. It is true that they took the plunge well before others did. Nevertheless, they explore much more than that --other inefficient markets and conventionally less-discovered places.

Finally, there are some more things that I would love to see in the book¡¯s next edition or a new book. One intriguing aspect of Yale Investment Office is its consistently great performance, which happens to coincide with the very volatile years from 1985-2001. Think about the Black Monday in 1997, the stagnation (coupled with high inflation) in late 1980s, bull market, bear market, Asian Financial Crises, Russian Default, Internet bubbles in 2000 and recent bubble-burst. How they weather through the storms as well as sunny days in a systematic way would be really worthy of reading. How do they deal with financial innovation, such as some exotic financial instruments and hedge funds?

In general, I would rate this book the highest score, with high hopes for another book from their team.

Original thought and a rare look into an important world
I give this the highest rating available for two reasons: First, it gives rare insight into the forces driving generally any institution and in particular investments by endowments and foundations. Second, Mr. Swenson provides surprisingly original and expectedly sophisticated thoughts on a number of new and crucial aspects of portfolio management from a wholistic and asset-class specific perspective. He also provides a fresh look at new or often brushed over topics including alternative investments, evaluation of quantitative strategies, and evaluation of managers within each asset class. Although the investments of the Yale Endowment are well known, I knew little about David Swenson prior to reading this book. I came away very impressed with his thoughts. He managed to provide insight and make interesting a lot of topics previously thought simple.

Generally speaking there are two sources of capital available, those from individuals and those from institutions. Every other investment institution(ie, investment banks, mutual funds, hedge funds, brokerages) are simply intermediaries that help transform investment capital into working capital. Understanding the needs of both individuals and institutions is crucial from a number of perspective. For an economist, both groups represent fundamental causal mechanisms in the flow of capital. For anyone in the investment business from stock brokers to investment bankers to hedge fund managers, both individuals and institutions represent a significant potential source of revenue. More information than we need to know is available about the individual. However, surprisingly little good information is available about institutional investors. If anything, the first half of this book provides a useful look into the views of an institutional investor.

Aside from providing a look at the industry, this book was undoubtedly insightful from a pure finance/investment perspective. Mr. Swenson manages to shed light on a lot of topics that were previously taken for granted. Examples include his illustration that on a risk adjusted basis, private equity funds(LBO and venture capital)on average don't perform that well. Only top-tier funds are beating the "market" (S&P500), and only they're worth investing in. Moreover, he's even shed light on the much whispered....never talked about fact that perhaps private equity managers are overcompensated.

His examination of alternative investments is only one aspect of the book. He also provides a fresh look at other important topics that often go unnoticed such as the limitations of mean-variance optimization in asset allocation, active vs. passive fund managers, the role of real estate within the overall portfolio, the significance of REITs, and many others. ... Read more

Book Description

This book will appeal to both graduate students and practitioners. Students will value the Excel spreadsheets allowing them to develop their knowledge of modelling in finance, using a step-by-step approach accompanied by explanations using elementary mathematical statistics and probability. Practitioners will value the VBA functions as a source of up-to-date and efficient programs that can be easily used from Excel.

Standard material covered includes:

• portfolio theory and efficient frontiers
• the Capital Asset Pricing Model, beta and variance-covariance matrices
• performance measurement
• the Black-Scholes option pricing formula
• binomial trees for options on equities and bonds
• Monte Carlo simulation
• bond yield-to-maturity, duration and convexity
• term structure models from Vasicek and Cox, Ingersoll and Ross