Book Description

A concise yet thorough, analytically sound 14-chapter introduction to financial management designed especially for the experienced executive.Where most texts prove to be either too simplistic or too advanced for most non-financial managers, this book employs the appropriate level of both practicality and rigor for the executive audience.Its practical approach make it ideal for a course taught from a case approach or as a complement to a more technical introductory text.Self-contained chapters make it an excellent and concise reference text and useful for readers who want to learn the concepts on their own outside of the traditional classroom. ... Read more

Reviews (6)

Finance for Executives: Managing for Value Creation
Designed especially for experienced executives, this volume offers a concise fourteen-chapter introduction to the world of financial management.
An introductory text written specifically for executives involved with financial matters and financial management, intended to fill the gap between introductory accounting and finance manuals for non-financial managers and advanced texts in corporate finance. Material emphasizes rigorous analysis but avoids complicated formulas that have no direct application to decision making. Mathematical derivations of formulas are given in appendices. Most chapters are self-contained. Coverage includes balance sheets and income statements, financial diagnosis and management, investment decisions, financing decisions, and business decisions. Includes a glossary and review problems. The authors are affiliated with the European Institute of Business Administration. This second edition includes new case studies.

Readable , practical and ..maybe the best...
In my humble opinion ,this maybe one of the best books of Finance... It is practical,direct to the point,the examples are clearly stated so that you can follow the concepts and central ideas and most important : you really can understand everything in an easy way....no sweat here..
You can apply almost everything in this book to your daily practice. No matter your years of experience , FFE will refresh you and reinforce your knowledge. I always have this book on my desk for reference.

Excellent for Corporate Finance practitioners
‚Finance for Executives' is invaluable for everybody who needs to analyse companies and wants to know whether investment, financing or business decisions create value. It is written very clearly and is therefore easy to understand. It offers plenty of practically relevant examples, mostly based on one company which is being analysed in its different aspects throughout the whole book. Moreover, every chapter finishes with review problems (including solutions) and useful references. Some chapters offer appendices with mathematical proofs or additional in-depth analysis. - You will not be satisfied with this book if you are looking for a scientific, theoretical text. However, your expectations will be exceeded if you are a practitioner who wants to make an impact in a consulting or investment banking environment. - What does make this book so special? After working through it, you will be able to easily put into practice what you read.

Great overview in simple terms and easy to follow
This book is great as an introduction to the major concepts of finance. If you are looking for an advanced refernce book, this is not the one. But if you want to refresh your memory, or want a quick overview of concepts and methods, I can't think of a better book.

A readable, relevant reference for every business person.
Every business owner, executive, accountant, banker and maybe even your lawyer should have this valuable book on their desktop! The authors demystify the art of finance and suggest pragmatic approaches and solutions for every day capital uses and needs. This attractive and attractively priced book is written in an innovative way, making it a useful quick desktop reference as well as an MBA level finance text. The glossary by itself is worth the price of the book. How astounding that the authors are both French, yet write with more clarity in English than any American finance writer I have read of late! Vive la readability! ... Read more

Book Description

A text that offers clear, concise, and practical real world treatment of key financial management topics with the assumption readers have little knowledge of financial concepts. Advanced math is eliminated from the theory sections and everyday math is geared towards making the material useful yet understandable, supported by numerous worked-out examples and graphical and intuitive presentations of math where appropriate. Written by a former CFO, the book offers practical, real-world discussion of key topics, including cross-functional coverage of the agendas and biases decision-makers across the firm may bring to a financial proposal. ... Read more

Book Description

Fully revised and updated
Here is the only comprehensive source that explains the various instruments in the market, their economic value, how to document trades, and more. This new edition includes enhanced treatment of U.S. and worldwide regulatory issues, and new product structures.
"If you want to know more about credit derivatives--and these days an increasing number of people do--then you should read this book."
--Merton H. Miller, winner, Nobel Prize in Economics, 1990
"Tavakoli brings extraordinary insight and clarity to this fascinating financial evolution . . ."--Carl V. Schuman, Manager, Credit Derivatives, West LB New York
Janet M. Tavakoli (Chicago, IL) is Vice President of the Chicago branch of Bank of America, where she directs the company's overall marketing of global derivatives and manages its CreditMetrics initiative. ... Read more

Reviews (28)

High Level View of Credit Derivatives
This book provides an up-to-date and comprehensive overview of credit derivatives. Tavakoli provides an excellent resource for credit risk managers who specialize in one area of credit risk management, professionals who are new to the field, or for experienced professionals who need the definitive reference of credit derivatives products.
This book is not about is the mathematical and statistical details in credit risk/portfolio modeling, but Tavakoli does a good job of highlighting various aspects of modeling (such as data availability, limitations of different approaches, etc.). For example, Tavakoli's explanation of first-to-default baskets provides a quantitative explanation of boundary conditions and a qualitative explanation of the products.

The clear, qualitative, conceptual explanations are supported by explanations that show a deep understanding of the underlying mathematics. Numerically minded readers will grasp this, but even those who are a bit numbers shy will find the quantitative examples easy to follow. Tavakoli's book enabled me to discuss the assessment and deployment of quantitative models on an even footing with professional risk managers and the rocket scientists developing these models.

I also recommend Phillip Schonbucher's book on credit derivatives for people who need to model credit derivatives. Unfortunately, the resource doesn't exist that can solve the tough problem of estimating correlation between defaults.

State of the Art
Tavakoli has beautifully written a cutting-edge book on how to think about credit derivatives in the context of the global markets. One doesn't need a Ph.D. in math to understand the concepts presented here, because they are competently explained. Tavakoli evidences a deep understanding of the topic in her ability to make complicated mathematical concepts clear, and explaining how to apply credit derivatives in practice.

I noticed the reader below couldn't be bothered to actually read this book, but seems to have views on what is and isn't appropriate in a finance book. I happen to be Jewish, and thought the review smacked of anti-Semitism. Tavakoli's remarkable explanation of the development of international banking was particularly appropriate in the explanation of sovereign risk and why it occurs (mismatch of cultures and ethics among other reasons). I believe most professionals will agree there is more to credit risk than equations especially in light of recent developments in the international markets.

Tavakoli's ability to integrate multiple business and finance disciplines is one of the reasons I find this book the best product book on the market for credit derivatives.

Derivatives Sales view:
POSITIVE POINTS: Best indepth book on Credit Derivatives. Very readable. Explains very nicely why this derivatives are so important for banks. Non technical.

NEGATIVE POINTS: Focus on banks with only a little chapter on Credit Derivatives as investment products. No explanation how those derivatives are priced (but hey, there are loads of technical books)

Credit Derivatives for the Capital Markets
Tavakoli gives a very clear description of terminology used in the international derivatives marketplace. Jargon doesn't often travel well across borders, so this is especially valuable. It is difficult enough dealing with ISDA language and foreign languages. The peculiarities of high finance add another complicating spin that Tavakoli does an excellent job of clearing up.

The coverage of leverage and total return swaps is especially valuable to asset managers and hedge funds. The use of off-balance sheet financing and upfront collateral is especially useful to those new to total return swap trading. Although Tavakoli gives examples of hubris and humor, this is a serious finance book, and although Schonbucher gives more details on the mathematics in his book "Credit Derivatives pricing, this book is not easy.

Tavakoli demonstrates a strong command of the topic and great skill in explaining a complex topic without glossing over theory. This is an excellent reference book. Credit default swaps and all of the terminology, both standard and non-standard are thoroughly explained.

The graphics are very clear, and there are lots of practical examples with straightforward explanations based on depth of experience and straightforward math. If you are new to finance, this book is not the place to start. If you have a background in bonds or other areas of the capital markets, you can tackle this book. Tavakoli assumes the reader has some experience and draws on this to make credit derivatives a part of the tool kit. You will be able to understand both the theory and real world applications of credit derivatives.

Credit Derivatives
Very clear explanation of credit derivatives and their diverse applications. Tavakoli explains how credit derivatives can actually be oversold on a given reference obligation creatig potential physical delivery problems in the event of default. She also explains the pros and cons of the various types of delivery, specifying various credit events, other triggers.

The explanation of the various terms of the documentation and the reasons for each is very extensive.

The section on total return swaps is particularly good. ... Read more

Book Description

The Definitive 4-in-1 Reference Guide to Alternative Assets

Many books cover individual alternative asset classes, but none offers a comprehensive examination of the four major classes as presented in the Handbook of Alternative Assets. This complete handbook merges data and strategies scattered in numerous volumes into one handy guide for the serious investor. The four major classes discussed are:

• Hedge funds
• Commodity and managed futures
• Private equity
• Credit derivatives

Organized by sections–one for each alternative asset class–the Handbook of Alternative Assets demonstrates the benefits and risks of each alternative asset and reveals how these asset classes can be incorporated into a diversified portfolio.

Through expert advice, the Handbook of Alternative Assets details each of four major alternative asset classes and breaks down their quantitative statistical value as well. With this comprehensive handbook on your desk, you’ll begin to use alternative asset classes to both hedge and expand any portfolio. ... Read more

Reviews (2)

The Handbook of Alternative Assets
The Definitive 4-in-1 Reference Guide to Alternative Assets Many books cover individual alternative asset classes, but none offers a comprehensive examination of the four major classes as presented in the Handbook of Alternative Assets. This complete handbook merges data and strategies scattered in numerous volumes into one handy guide for the serious investor. The four major classes discussed are: Hedge funds Commodity and managed futures Private equity Credit derivatives Organized by sections-one for each alternative asset class-the Handbook of Alternative Assets demonstrates the benefits and risks of each alternative asset and reveals how these asset classes can be incorporated into a diversified portfolio. Through expert advice, the Handbook of Alternative Assets details each of four major alternative asset classes and breaks down their quantitative statistical value as well. With this comprehensive handbook on your desk, you'll begin to use alternative asset classes to both hedge and expand any portfolio.
The Handbook of Alternative Assets discusses and describes four types of alternative assets: hedge funds, private equity, credit derivatives and commodity futures.

Truely a Handbook
.
I used this book for my preparations towards CAIA Level 1 exam. And I am impressed. Mr. Anson is an authority and this is truely a great book for Alternative Investment aspirants.

If you want to have a very solid grasp of any of the following alternative investment approaches then this is the book you should turn to -

Hedge funds
Commodity and managed futures
Private equity (5 catagories)
....Venture Capital
....LBOs
....Mezzannine Financing
....Distressed Debt

....CrossOver/Interval/PIPE and PEPE funds
Credit derivatives
Corporate Governance

Mr. Anson helps you build strong fundamentals. Actually he clearly explains what constitutes Alternative Assets(Aha !!!) as against fundamental and/or capital assets and what is meant by alternative investment strategies.

This is followed by a rigorous analysis of the topics listed above in that order.

I particularly enjoyed his coverage of Hedge Funds. He explains each of the 10 Hedge Fund strategies in a systematic fashion. From a variety of angles including Market(S&P500), Risk, Regulatory, Due Diligence/Operational/Administrative perspective.

The coverage of Commodity Derivatives is also superb. Although confined to 4 chapters this coverage is sufficient to gain an intermediate level insight into the Commodities.

The coverage for Private Equity is less comprehensive(but good) compared to it's actual scope in real world. I particularly expected a more rigorous coverage for LBOs.

Although I did not touch credit derivatives and CorpGov I could tell you for sure that these topics must have been covered well.
As I read 19 out of 22 chapters.

To put it in a nutshell - This is a very good book for Hedge fund aspirants and prospective Alternative investment professionals.

For more info about CAIA please visit www.caia.org. ... Read more

Book Description

Investment pros know: skyrocket stocks and high-flying money managers come and go, but you only achieve superior long-term results by sticking with a sound, prudent, well-conceived investment plan. In The Management of Investment Decisions, pioneering financial consultant Donal Trone, along with William R. Allbright and Philip R. Traylor, presents the proper ways to: Analyze your client's current position and potential; Develop an Investment Policy Statement that all involved will read and, more importantly, understand; Approach, understand and build the portfolios of high net worth families. ... Read more

Reviews (2)

What Fiduciaries, Trustees, and Professionals need to know
This book is excellent.If you are responsible for investing otherpeople's money as a professional, on the board of a foundation or endowmentor are someone who is a trustee on an account, this book is for you.Thisbook goes over important guidelines that should be followed to protect thefunds and yourself.

Sound Advice on Prudent Asset Allocation
The text was clear, concise, and provided valuable practical insight into the role of an investment advisor with respect to a well-developed investment policy statement and asset allocation methodology. The readingwill be of great value to any portfolio consultant looking to manage fundsprudently and with success. ... Read more

Book Description

The Twelfth Edition of this successful book provides a survey of the foundations of the finance discipline. The authors covers the three major financial areas:  Institutions & Markets, Investments, and Financial Management, helping you develop an integrated perspective of the different foundations of finance. ... Read more

Amazon.com

Ugly Americans documents the "Wild East" of the mid-1990s, where young, brilliant, and hypercompetitive traders became "hedge fund cowboys," manipulating loopholes in an outdated and inefficient Asian financial system to rake in millions. Using a concept called arbitrage, they made their fortunes mainly on minute shifts in stocks being sold on the Nikkei, the Japanese stock market, collapsing banks and nearly bankrupting the Japanese economy in the process. Other schemes were also concocted, most of which were technically legal, though certainly unethical. This true story revolves around "John Malcolm," who, in exchange for anonymity, agreed to give Ben Mezrich all the access and information he needed to write this book. As a recent Princeton graduate in the mid-1990s, Malcolm accepted an undefined job offer from an American expatriate in Japan to work in the investments field. Though he had no prior experience, he facilitated 25 million dollars worth of trades on his first day on the job, and it just got more exciting from there. He soon joined a small group of expatriates, all in their twenties and mostly Ivy League graduates, who lived like rock stars, thriving on the stress and excitement of their jobs to create their own steroid versions of the American Dream half a world away. Mezrich tells this riveting story well, incorporating elements of the culture into his narrative, including the infamous and pervasive Japanese "Water Trade," or sex business, romantic intrigue, and even run-ins with the Yakuza, the Japanese mafia. Though there is little real analysis of their financial dealings and how they ultimately changed the rules of finance in Asia, this entertaining page turner does offer a glimpse into a world little explored in print until now. --Shawn Carkonen ... Read more

Reviews (51)

LIved in Japan and this book is a good first step
I agree some of the details are faulty and things of this sort, but for a entertainment read this book is very good. I also think if you had no influence from Asia this book might be a eye opener and help you get interested in the region.

Disappointing
Having lived and worked across Asia within multiple industries (including finance), I eagerly awaited this read.Unfortunately, I found the same old clichés on Japan and Capital markets. It takes years to really understand the region so fault to the author, but for something less glammed up and exoticised, (yet also based on a true story), I might suggest Clissold's, "Mr. China." Better yet, spend some serious time in Asia. It will pay off for you in the next century.

Just Ugly
I was excited to read this book: 1) the same author as the compelling Bringing Down the House, and 2) a plot about hedge funds -- a topic of personal and professional interest to me.The excitement dwindled fast.
Ben Mezrich is a very average writer.He tries too hard at times to describe a different world, only to lose all crediblity in the eyes of those actually familiar with that world.He doesn't trust the imagination (or intelligence) of his reader, whom he constantly talks down -- perhaps a Harvard-learned trait.
Mezrich needs to get over his lovefest for Ivy league schools and their students.People who attend the Ivies are smart, but so too are the students of another 50 or so US institutions.It gets sickening after a while to read his constant, self-congratulatory fawning over the Ivies.(For the record, I have met far fewer people in the hedge fund world from the Ivies than I have from schools like UVA, Michigan, and Chicago.)
The plot of Ugly Americans seems very forced.If someone had told me this story over dinner, I certainly wouldn't have felt compelled to turn it into a book or a movie.The details don't hold together at all, and even if they did, they wouldn't be fascinating either to those versed or unversed with hedge fund strategies.
Overall, this book didn't disappoint me strictly because of Mezrich's superficial understanding or explanation of hedge fund strategies.It disappointed me because it is poorly written and weakly characterized.It disappointed me because it wasted my scarcest resource, free time.It disappointed me because I really did enjoy BDTH, but now my view of that compelling read is tarnished too.

A Good Read
I dont know how accurate some of the minor details of this book are as some have mentioned "full ride to ivy league schools etc.) but regardless I really like this authors writing style and usually read his books all the way through because they are very well done as far as capturing and keeping your attention.

Good read; could have used more technical details
Although Mezrich embellishes the characters enough to make an exciting semi-fiction story, I was very interested when the actual topics of hedge funds and arbitrage were breached. Yet, Mezrich seemed to make little effort to explain these in anything more than basic terms. Considering that the book is based on the exploits of high finance, I wish there was more in-depth analysis. Still, it is an intriguing book and a fast-paced read. ... Read more

Book Description

A step-by-step action plan to quick and lasting recovery after personal bankruptcy.Indexed. ... Read more

Reviews (156)

The Book Works! The FREE Seminar Works, Too!
I attended Stephen Snyder's seminar a year ago in NY. I purchased the book and have used the non-profit organization's services to delete eight items from my credit report. Last month I applied for and was approved a $13,000-limit credit card with 25-day grace period and 9.99% ongoing APR. My FICO scores are up and I can obtain a no-docs mortgage with 10% down whenever I'd like. The book has many important ideas for bankrupt people and I also suggest going to the free seminar. I attended my second one in NJ this month (one year after my first one). I was remotivated and seriously look to continue my financial future. I can't wait for "Business After Bankruptcy" and the new bankruptcy magazine this winter.

UPDATE (10/25/2002):
With the help of Stephen Snyder and his legal services I was able to remove my bankruptcy from Experian. A typical bankruptcy remains on an Experian credit report from 7 - 10 years. I've only had my bankruptcy for 5 years. Pretty impressive!

Amazing advice!
Wonderful! The advice he has given has truly helped me to begin my financial life all over again. The book includes the names of well-respected companies that are willing to work with bankrupt consumers. The helpful hints on how to talk to future lenders and what to bring with you has also made a big difference. I was amazed on how much more information you can get from lenders if you just ask the questions the way he recommends! The author has also gone through a bankruptcy, which gives him much more credibility. I now have a credit card and am about to buy my first house and a new car thanks to the wisdom I received in this book! I also feel secure that I will not end up back in a grim situation as long as I follow his advice.

The book is written in a way that you do not feel ashamed of your bankruptcy. It gives you hope and a solid path for the future instead of reminding you of your failures.

Thanks Mr. Snyder!

Caveat Emptor
There appears to be a dichotomy here between reviewers who have gone to the seminars vs those just relying on the book to fix their credit. What's the point of the seminar if you've already read the book? Or the purpose of buying the book if you've already attended the seminar? The claims coming out of the seminar participants seem wild. Besides, no one should approach bankruptcy without full knowledge of the new laws pending in Congress. As another reviewer pointed out, things have changed in the past 10 years. Having a valid bankruptcy removed prematurely from credit, as another reviewer claimed they did with Steve's help, is extremely illegal if the purpose is to obtain credit fraudulently. I wonder if Steve takes personal checks to repair credit at the seminar -- or whether he requires all cash from the recently bankrupt?

on the road to recovery
I read the review by ebay_princess. Obviously she didn't truly read this wonderful book. Mr. Snyder does not talk down to women. Instead, he encourages husbands to listen to their wives and their "sixth sense." Each chapter is a step to be learned in the recovery process, so no - there is not a graph showing the steps to take. There's way too much information to consider to print it in such a way. There's many ways to establish credit. This book is for people who want to learn the RIGHT way to do it. Mr. Snyder's examples of his previous thinking (that Ford sucks) is written in a humerous way that tells us all to "build a bridge and get over it" if we want to do this the RIGHT way. I would recommend this book to anyone wanting to reestablish their credit, whether bankrupt or not.

CRASH COURSE IN RELIGION?
I should have read the reviews a bit better BEFORE ordering this book! Not only is there NO "step-by-step" guide to repairing your credit, but this man is just plain offensive! He makes sexist pig comments such as how he is the "leader" of his house, but he takes his wife's opinion into consideration....well how nice of him!
I hope no Ford Motor Company employees purchase this book, he also comments on how when he found out a Ford was about the only vehicle he could purchase after bankruptcy they were "scared it would fall apart" being a measly American made vehicle and all. How embarrassing to have to call this man a fellow American!
If you want to read about how jesus saves, women are morons, and american made items are junk, buy this book. Otherwise, start saving your money now and and dont waste your time! I'm selling mine right now (I just got it today) and I feel like i'm ripping someone off by even re-selling this crap! ... Read more

Book Description

Structured Credit Products are one of today's fastest growing investment and risk management mechanisms, and a focus of innovation and creativity in the capital markets.  The building blocks of these products are credit derivatives, which are among the most widely used products in finance. This book offers a succinct and focused description of the main credit derivative instruments, as well as the more complex products such as synthetic collateralised debt obligations.

The book features:

• Detailed product descriptions and analysis
• Case studies on US, European and Asian transactions
• Latest developments in synthetic structures.

Written in an accessible style by an acclaimed author in the field of finance, this book is aimed at the entire banking, securitisation and fund management market. ... Read more

Reviews (1)

Concise and practical
In my view, Choudry's new book on credit derivatives and synthetic securization is simply the best book in the market (at the moment). The book is extremely readable, with fantastic examples using many illustrated examples of cash flows and samples of Bloomberg pages. The book targest clearly market practitionars, while it doesn't neglect aspects like pricings of those instruments (you don't need to be a quant to understand the technical part). The author begins with the basics of credit derivatives, it's use in the market, Basel I and II, market size etc. and leads to more and more detailed dicussions of how those new instruments are used (ink. termsheet examples). A huge amount of information comprised in a relatively small book of 400 pages.

Fantastic job Mr. Choudhry. Thank you! ... Read more

Book Description

Praise for The Logical Trader
Applying a Method to the Madness

"Fisher’s messianic willingness to share with the public the successful system he has developed is an opportunity to be exploited."
–from the Foreword by Paul Tudor Jones
Chairman and CEO, Tudor Investment Corp.

"Mark takes the same mental approach to trading that professional athletes and coaches use to succeed on the court. He has taken several college and pro athletes and provided them a game plan for life after basketball."
–John Calipari, Head Basketball Coach, Memphis University
Former NBA Head Coach, New Jersey Nets

"I have been actively involved in the markets (foreign exchange, equities, derivatives) since the early 1970s–as a trader on the CBOT floor in the bond and note ‘pits,’ as a foreign exchange dealer at a large multinational bank, as the head of a bank’s futures brokering operation, as a reasonably widely known analyst of the world capital markets writing a daily commentary on these markets, and as a trader on my own. I’ve read a myriad number of ‘how to’ books on trading, most of which have proven to be of little merit, if any. However, from the outset, reading and understanding Mark’s insights into his ACD system in The Logical Trader, I’ve learned methods of trading that I probably understood intuitively but now understand logically and with almost numerical rationality. The reading may be difficult for the beginning trader, but the lessons learned will be immediately beneficial; of that I am certain. I strongly endorse this book for the beginner and professional trader alike."
–Dennis Gartman, Editor/Publisher, The Gartman Letter, LC

In trading, as in life, you need a plan. In The Logical Trader: Applying a Method to the Madness, expert trader Mark Fisher reveals a plan and a method that he has used for over twenty years to successfully trade.

Mark Fisher has taught thousands of people–from traders on the floors of major exchanges to individual investors in front of computer screens–how to trade stocks, commodities, even currencies, using his highly successful and innovative ACD method. Now, in The Logical Trader, Fisher will teach you how to use the ACD method to trade more effectively and profitably than ever before. ... Read more

Reviews (15)

Where's the meat???
I truly believe that Mark Fisher is a great trader and his ACD trading system is one of the best. Who am I to stand opposite to Paul Tudor Jones who wrote in the Foreword that besides the four Bibles of the business (Reminiscences of a Stock Operator by Lefevre, Technical Analysis of Stock Trends by McGee and Edwards, The Elliot Wave Theorist by Prechter and Market Wizards by Schwager), he was going to add this book to his list of must reads for the beginning trader.

The critical drawback is, unless you subscribe with a fee to the author's research material or become his client (MBF is the largest clearing firm in the Nymex), you dont know what those time, trading period and vehicle specific inputs for the ACD system are, and everything written in the book becomes sales talk alike.

Nevertheless, with respect to Tudor Jones, I do agree with his compliment of Chapter 7 (The ACD version of Ripley's Believe it or Not) that it "presents incredible, real stories from the trading pit. Experienced traders will see themselves and their flaws in these stories, while novices can learn from these professional traders' mistakes". However, how can one single chapter compensate the cost of the whole 8 chapter book?

p.s.

1. Suprisingly, the domain mentioned in the book ...is registered but not in operation yet.

2. The "meat" of Chapter 7 include:
- Good News/Bad Action: When the news is good and the market just does not rise correspondly, sell.

- I have no clue: When a market goes up or down for no apparent reason, it tends to go a lot further int hat direction than people can imagine.

- Be the house: The more time you spend at the tabls, the more bets you are going to place, and the greater the probability that you will eventually walk out of the casino as a loser. The casino would rather not have someone make a single large wager and, win or lose, immediately walk away.

- Next!: An important rule of trading is that time is much more important than price. If the market doesnt move your way within a short time of putting on a trade, just get out.

An excellent book, but...
Overall, this is book provides some execellent insights into the thinking patterns of a successful daytrader.

My complaints:

A) On many occasions, Fisher refers the reader to "the Appendix" for further details and examples. Well, some of the information is there, and some of it is missing. At the price Wiley is charging for this book, they could have had an editor clear up those dangling references.

B) A more serious issue is that Fisher's ACD trading system depends on a number of market-specific time and price parameters, which the author says are calculated using his firm's "proprietary methods." So, if you want to use the trading techniques he describes in this book, you'll need to get some historical intraday data and do a little number crunching of your own to fill in the missing information.

Well worth it
In my opinion, the single most important idea presented in the
book is that the opening range is a signficant reference point
in volatile and liquid markets. This results in an excellent
risk/reward entry point.

I felt that some of the presentation in the book could be
improved. Especially the Macro ACD chapter. He does not
explain the premise behind the rating scheme (atleast I could
not find it). The book is also lacking in money management
techniques.

Some of his insights are original (value of money, teaching
being therapeutic etc)

In summary, I would highly recommend this book. Every trader
has a particular momemt in his trading career when the light
goes on in his mind. The concept introduced in this book
was that light for me.

Interesting and amuzing but no Toby Crabel
Toby Crabel's articles deal with the same issues , and on top of that he gives you the statistical breakdown.Much better than Fisher's stingy musings.

Hard gained experience from the trading trenches...
It is interesting reading the various reviews on this book. Most users love it, and a few don't. It is probably safe to say that those who didn't were looking for a single book about how to trade. If that is the case, I wish them luck. Please let me know when (or should I say if) you find it.

For the rest of us looking for greater insight and input from those who have gone before us, The Logical Trader is highly worthwhile. Only when you consider that Fisher runs a trading company in New York that employs 75+ traders who rely on his ACD system to make their daily bread, can its full value be appreciated.

I have had a ball with this book and am currently working on my third article for Investopedia in which I test a few of the ideas he discusses. I have found that with a little work and using some common sense that his techniques work quite well indeed. But like any good indicator or system, it is a pipe dream to think that it will work on any and every equity. It takes time to find those on which it works best. Fisher's ACD system is no exception. The payoff comes when the reader takes the time to search out volatile candidates and then finds them.

The book is straight forward and a relatively easy read. The proprietary A and C point values that he discusses can be more or less extrapolated by either eyeballing the security in question or by employing the Average True Range function in your favorite charting program. If you get stuck, he offers book customers a free trail to his website where the values are provided.

Those who are new to trading will find this book a good introduction into what is possible in trading even if the methods may take a while to grasp. Those who are experienced should find the ideas discussed refreshing and very useful if they are looking to employ some new trading ideas.

All in all the book is well worth the money. I have adopted the attitude that if I pick up one good new trading idea, the book is worth the price. This one has given me many so far with more to go. It is a book that should be in the library of every serious trader.(...) ... Read more

Book Description

Finally, a resourceful and unique primer on financial statements that uses a creative and different approach to explain every kind of financial report a small business owner or manager needs to succeed. Through an unique visual approach, this book leads users to a clear understanding of how business scores are kept and how to interpret the results.From balance sheets, cash flow statements and income statements, learn how to understand the basic elements that will pave the way to achieving financial success. ... Read more

Reviews (16)

Financial Statements for Dummies!
I've been buying from Amazon.com for at least 5 years but this is my first review. I am 3/4 of the way through Ittelson's book and I want to write this review while my enthusiasm is still burning white hot.

Ittelson has a gift that few experts have. He anticipates all my newbie/beginner stupid questions. Here I am on page 169 wondering why paying payroll taxes doesn't show up on the Income Statement. Sure enough, right after I've wondered to myself why there is no transaction on the Income Statement, I see his note explaining that these payroll tax expenses were put on the Income Statement when the goods were shipped, "not when the actual payment is made."

As soon as the little voice in my head asks, "But why did they do it *this* way?" Ittelson gives me the answer.

I give Ittelson a lot of credit for this. After you've studied something for years, as he clearly has, it's often almost impossible to see the subject with the eyes of a beginner. Believe me, I'm a teacher, I know how difficult it can be.

The first part of the book examines the three basic statements line-by-line: Income Statement, Cash Flow Statement, and Balance Sheet.

The largest part of the book sounds incredibly dry and dull. Each even-numbered page displays all three financial statements: Income Statement, Cash Flow Statement, and Balance Sheet. The odd-numbered page explains a business transation: paying payroll taxes, for example. The transaction's impact on the three financial statements is displayed on the even-numbered page.

Believe it or not, Ittelson makes it interesting to read about these business transactions. He creates a narrative about starting a business and running it. Along the way, he offers a few humorous pearls of business wisdom. This is dry, technical stuff but he makes it entertaining without ever sacrificing explanatory precision.

This is a great book for anyone who feels they need to sharpen their skills with financial statements. I've read short descriptions of financial statements before but it never sank in. What's great about Ittelson's book is that first he gives very clear definitions of key terms and then he takes you step-by-step through each business transaction and how it is reflected on the financial statements.

I wish I had read this book more than 10 years ago when I first started in the business world. I assume that you learn this stuff if you have an MBA. But I didn't. This gives one a solid grounding in the brass tacks of the business world.

This book has been of enormous value to me. It is an essential reference for anyone who needs to understand what business finances are about.

An excellent book for those who wish to start finance
After having read many financial textbooks, I think this book is amazing. The author did an excellent and remarkable work. To begin with, he took in very serious consideration his audience, which is people with poor knowledge in finance. Thus, his book is very easy-to-read and its content very explicit. Every single financial term is clarified with a layman's language. Moreover, for every single term, there is a very understandable example. Likewise, in every page there is a sheet explaining all the transactions. I strongly believe that this book is a masterpiece for non financial managers.

Perfect for budding entrepreneurs!
I would like to thank the author for writing such an insightful and intuitive book on accounting. I highly recommend it to budding entrepreneurs who want to quickly understand financial statements.

GREAT TO UNDERSTAND CONCEPTS OF BALANCE SHEET & INCOME STM
This was a great book which I could finsih in one day. I am a person with a non finance background and now I can explain to any person what a balance sheet and Income stmt mean.

To the author,
I have found one error in the book. While explaining the stockholder equity in page 41. It should be Q + R = S. Whereas in the book it is Q - R = S

Otherwise the book is faboulous for any reader.

The Best Book on Financial Statements, Period!
Wow, what a great book! I am a technical professional enrolled in a graduate business degree program, and until now the plethora of financial and accounting terminology and rules has been bewildering for me. That is no longer true after buying this book. I have primarily used it as a reference book, and without fail any explanation I have needed has been easy to find, clear and concise.

I am no longer in the financially confused majority, largely thanks to this book. The author's education is in biochemistry (as is my undergraduate education), and because he originally came from the hard sciences where clarity and accuracy are valued above all else he was better able to be clear and easy to understand in comparison to many business school authors who seem to thrive on jargon and platitudes.

This is a great book to have on the reference shelf. If you are involved with business finance or investment analysis it is simply the best book available on the subject and should be considered indispensable! ... Read more

Book Description

This book, from the former editors of FMA's Journal of Financial Management, is the first to integrate the major developments made in finance in the last twenty years, such as principal-agent considerations, asymmetric information considerations, and contingent claims analysis. The format parallels that of competitors, but the new material is woven into, and enriches, the traditional presentations. This is also the first corporate finance textbook to truly marry practice with theory, by having a full-time practitioner author. The volume provides an overview of corporate financial management and details accounting, cash flows, and taxes, the financial environment, principles, and fundamental concepts, valuation, risk & return, financial securities, options, valuing contingencies and financial contracting, as well as capital budgeting, strategic asset allocation, capital structure and dividend policy, managing the firm and long-term financing. For business professionals.

Reviews (2)

Do not waste your money and time
It is not worth the paper used to print it.

R.

Great introductory level corporate finance book!
I used this book as an undergraduate at UW-Madison and a graduate at UVa.I found the material helpfull and easy to understand.Great for the undergraduate course, however it is not up to par for graduate levelanalysis. ... Read more

Book Description

The management and regulatory environment of commercial banks has seen rapid change in recent years.This modern introduction to commercial bank management is the most current in the market and reflects changes during the last year that competing books do not.Excellent and complete coverage focuses on bank management problems now and in the 21st Century in a way that helps students apply financial concepts to a variety of credit, investment, and funding decisions. ... Read more

Reviews (6)

TEDIOUS, REPETITIVE, BUY NYQUILL INSTEAD!!
This is likely the worst textbook I have come accross in my finance career. The writing is extremely dry and the authors do not make an effort to summarize anything. They love narrating long concepts and mixing it with dull examples that make you completely lost. The concepts in each chapter are repeated twice for absolutely no reason. This sucker will make you fall asleep as fast as NyQuill - without the good relaxing feeling.

Got exactly what I wanted!
Great Service, prompt shipment, the book was in excellent condition!

This book motivated my carreer as a banker
Professor Koch's book is excellent. I highly recommend it to anyone who is interested in banking. The book is great to read if you don't know much about the industry or if you are an expert. I studied with Professor Koch at USC at the undergrad level and decided to go into banking thanks to his class and book. The book covers liquidity management, credit management, capital management, asset and liability management (focus on interest rate risk management), balance sheet analysis and other interestig topics. I've worked in several areas of commercial banks in Ecuador, namely credit, treasury, asset and liability management and finance. The book has always come in handy. I've also used it to teach at the University level down here.
It is especially interesting how every chapter is related in some way to the ALCO (Asset and Liability Management Commitee).
The cases are also very interesting. In Ecuador we recently had a liquidity crunch in the banking system. I was very much surprised to find an anylisis of a case very similar to what was happening down here in the book. The case was on the Contintental Illinois bank failure.
In other words, I think this book is a must for anyone interested in the industry.

Revised Opinion - AVOID
This is an update of a prior review I wrote of this book, I changed my mind. I hadn't read the entire book but had been impressed with what I had read. The book does cover many aspects of commercial banking including regulations, capital and liquidity management, things of most interst to me as an analyst. However, a significant problem is that many of the examples used appear to be incorrect. For instance, the text often does not match the accompanying exhibits or tables. Perhaps the book was not edited well during an update to a new edition, and either the text or the exhibit/table was updated but not both (ie, in numerous cases they disagree). Whatever the reason, the numerous typographical errors made the book difficult to read, especially in a "self-study" situation. I'm looking elsewhere for a better guide.

great book- seeking more like it in banking/other industries
I am an investment adviser seeking comprehensive texts on various industries. I am only on Chapter 3 but so far this book is a great read. I am learning a lot about banking regulation and how to analyze banks. If anyone has any suggestions for similar authoritative books covering such industries as insurance, real estate, or banking, please write to me at erichplace@yahoo.com ... Read more

Book Description

The remarkable story of the Renaissance's preeminent financiers.

Their name is a byword for immense wealth and power, but before their renown as art patrons and noblemen the Medicis built their fortune on banking—specifically, on lending money at interest. Banking in the fifteenth century, even at the height of the Renaissance, meant running afoul of the Catholic Church's prohibition against usury. It required more than merely financial skills to make a profit, and the legendary Medicis—most famously Cosimo and Lorenzo ("the Magnificent")—were masterly in wielding the political, diplomatic, military, and even metaphysical tools that were needed to maintain their family's position.

In this brisk and witty narrative, Tim Parks uncovers the intrigues, dodges, and moral qualities that gave the Medicis their edge. Vividly evoking the richness of the Florentine Renaissance and the Medicis' glittering circle, replete with artists, popes, and kings, Medici Money is a brilliant look into the origins of modern banking and its troubled relationship with art and religion. 14 illustrations. ... Read more

Reviews (1)

An Engaging Read
I've only read two of Tim Parks books: "Italian Neighbors" and "Italian Education". I loved both of them. I like his nonchalant style which takes the reader right to the point.
"Medici Money" was a good surprise. I had never read anything about the most famous family in Florence, so this book was a good introduction to the fortunes and misfortunes of the power and money hungry Medicis. Because I don't have a background in economics, some parts were a little more difficult to grasp for me, but otherwise it was a witty account of the Medici's bank rise and fall. I only wished it had more on the metaphysics aspect of Renaissance life and how it related to banking. I also think the book would benefit if it had more illustrations and a better genealogy table (some dates were different from the text). Overall it was a pleasant and informative read. I specially liked his suggestions in the bibliography. In sum, I enjoyed the book very much and if you're interested in learning a bit more about Renaissance and the Medici, it's a good start. ... Read more

Book Description

The definitive guide to mortgage-backed securities --now revised and updated

The classic -- and single best -- resource for understanding and trading mortgage-backed securities has been brought fully up to date with The Handbook of Mortgage-Backed Securities, Fifth Edition, giving you timely insights into everything from fundamentals to investment characteristics of mortgage-backed securities, as well as state-of-the-art strategies for capitalizing on opportunities.

The Handbook’s seven sections bring you up to speed on mortgages and pass-through securities; stripped mortgage-backed securities and collateralized mortgage obligations; credit-sensitive mortgage-backed securities; prepayment modeling; valuation techniques, relative value analysis, and portfolio strategies; commercial mortgage-backed securities; and non-U.S. mortgage-backed securities.

This edition is more than just a revised edition – it’s practically a new book: twenty-nine of the chapters are either new or have been substantially revised, reflecting the most recent developments in the mortgage-backed securities market, in terms of both product development and financial technology. These entirely new sections give you a seamless transition into the 24-hour, global financial markets of the 21st century. ... Read more

Reviews (3)

Excellent but Compiled Work
I have seven years of experience selling these products, and I use Fabozzi's book often. This is a good reference, and a good treatment of mortgage and asset backed securities. I only gave it four stars because the fact that this is a compiled work of research material interrupts the flow of ideas. On the other hand, there is some merit to getting different angles on the subject from different viewpoints.

One caveat. Mortgage derivatives used to mean calls and puts on mortgage backed securities. Today, however, entire portfolios of mortgage risk are laid off in the form of credit derivatives.

Tavakoli has the best treatment of that topic in the book: "Credit Derivatives".

A major reference
A vast collection of articles by practitioners on Wall Street, this book covers a broad number of topics on Mortgage Backed Securities. While not a scholarly approach, 'street research' typically aims to educate the fixed income portfolio manager.

Fabozzi handbooks are overrated
It's the industry standard. Everyone has one. It stands alone in its field. And if you're reading this you're probably going to buy regardless of what is written here.

But I've found this book (along with some of the other Fabozzi 'Handbooks') to be overrated. Basically, the format of 30 or so different authors each writing a chapter in the form of an article diminishes the usefulness of the book. There is no narrative, pedagogical or otherwise. The format leads to significant gaps in coverage. The quality of the chapters is uneven, as is the level of detail covered.

Don't misunderstand me -- the Handbook isn't bad, by any strecth of the imagination. It's just not as good as it could be. It has almost no fluff, and all the information in it is good. And the competition is a very slim field. For many things Fabozzi is not only your best choice, it's your only one. ... Read more

Book Description

Praise for INTERMARKET ANALYSIS

"John Murphy has done it again. He dissects the global relationships between equities, bonds, currencies, and commodities like no one else can, and lays out an irrefutable case for intermarket analysis in plain English. This book is a must-read for all serious traders."
–Louis B. Mendelsohn, creator of VantagePoint Intermarket Analysis software

"John Murphy’s Intermarket Analysis should be on the desk of every trader and investor if they want to be positioned in the right markets at the right time."
–Thom Hartle, President, Market Analytics, Inc. (www.thomhartle.com)

"This book is full of valuable information. As a daily practitioner of intermarket analysis, I thought I knew most aspects of this invaluable subject, but this book gave me several new ideas. I thoroughly recommend it for beginners and professionals."
–Martin Pring, President of Pring.com and editor of the Intermarket Review Newsletter

"Mr. Murphy’s Intermarket Analysis is truly the most efficient and unambiguous way to define economic and fundamental relationships as they unfold in the market. It cuts through all of the conflicting economic news/views expressed each day to provide a clear picture of the ‘here and now’ in the global marketplace."
–Dennis Hynes, Managing Director, R. W. Pressprich

"Master Murphy is back with the quintessential look at intermarket analysis. The complex relationships among financial instruments have never been more important, and this book brings it all into focus. This is an essential read for all investors."
–Andrew Bekoff, Technical Strategist, VDM NYSE Specialists

"John Murphy is a legend in technical analysis, and a master at explaining precisely how the major markets impact each other. This updated version provides even more lessons from the past, plus fresh insights on current market trends."
–Price Headley, BigTrends.com, author of Big Trends in Trading ... Read more

Reviews (4)

Great Rewrite of a Landmark Work
The original book Intermarket Technical Analysis was great for its time, however some of the relationships it described change in a deflationary environment which the author suggests we are in. However, the best reason for the rewrite was the writing in the earlier book was terrible in my opinion. It was a terribly boring book -- even if you are interested in the topic.

This book is different, and is a much better book. It also seems to me that the sector analysis coverage is a little more thorough (although I have not opened them up side by side to tell).

The only downside of this book is I don't think it gives you as many practical tools for tracking the business cycle and sector rotation as Pring's book, how to select stocks using technical analysis. It will give you the basics though, relying heavily on comparative relative strength.

If you want to see the big picture and understand how the markets are tied together, I can without hesitation recommend this book. There are several other books that complement this one as well.

A Good Read
This book will be helpful to those seeking an introduction to the interrelatedness of the currency, commodity, equity and fixed income markets. The book was well written and easy to read. However, I would not suggest the book to a person with no technical, economic or financial background.

Although I respect Mr. Murphy's work, he, like most technical analysts, can tell you with 100% accuracy exactly what happened.........yesterday. He really did do a good job on a very difficult topic, but the historical analogies referenced imply that the interrelatedness is rudimentary and predictable.
After a very detailed history of the four major market relationships, Murphy finally concludes that some of the historical tendencies are currently being challenged and that only time will tell if a new relationship has emerged or if history will again be proven right.

A Panoramic Market View
John Murphy's "Intermarket Analysis" is an updating of his excellent 1991 text "Intermarket Technical Analysis". Both books are the most clearly written and thought-provoking texts on this topic that I have encountered.

In the interest of disclosure, let me say that I do not know Mr. Murphy; nor has he or his publisher solicited this review. His editor at Wiley, Pamela Van Giessen, also edited a book I wrote on The Psychology of Trading. Knowing Ms. Van Giessen's integrity in a business that too often lacks that virtue, and having enjoyed Murphy's first book on the topic, I was eager to give "Intermarket Analysis" a thorough read.

Murphy begins with a review of the markets from the 1980s, recapitulating themes from the first book, including the close linkages among the currency, bond, commodities, and stock markets. His discussion of the role of oil and gold in economic slumps and booms is first rate, as he traces the interplay among these markets during the first Persian Gulf War and then during the "stealth bear market" of 1994. Throughout these presentations, Murphy captures qualitative relationships between markets that provide inspiration for traders interested in quantitative modeling. For example, the relationship between oil stocks and crude oil prices and the CRB/Bond Ratio are promising tools in capturing shifts in commodity prices that tend to impact the stock indices. I was particularly intrigued by his presentation of sector relationships during economic/market cycles, including the relative performance of cyclical and consumer stocks.

Where Murphy's book really shines, however, is in its explanation of intermarket relationships in a deflationary environment. He captures these relationships in his account of the recent bear market, drawing upon such diverse intermarket relationships as semiconductor stocks, Japanese markets, the Australian dollar, and the yield curve. This alone is a major advance over his previous text. At the end of the book, he traces the start of the recent bull market, illustrating the transition from a deflationary environment to an inflationary one--a pattern that also occurred after the great bear market of the 1930s.

Weaknesses in this book, from this reviewer's perspective, include an overemphasis on charts and visual data at the expense of quantitative treatments and a glib treatment of the Kondratieff Wave (long-term economic cycles). That having been said, this is an excellent market book. The presentation of sector rotation during economic cycles alone provided enough ideas to keep me busy with modeling efforts. Chart-based technical analysts and quants alike can find value in Murphy's work.

Brett Steenbarger
www.brettsteenbarger.com

Doing the Topic Justice
As John pointed out in an interview for Stocks & Commodities magazine with the author, it was his original goal to write the quintessential intermarket book but then found the topic so involved that each chapter could have become a book. There is just so much to discuss. Attempting to cover anything but a small snippet in a review is sheer folly. It is also impossible to do the book justice.

One technical analyst sent this author an email recently saying that she considered Murphy's first book on the subject, Intermarket Technical Analysis, to be one of the top three books on technical analysis. Those who liked his first book will absolutely love this one. This reviewer considers it to be one of his top three current technical analysis/market references.

Murphy is perhaps the only man alive today that could have written Intermarket Analysis with such conviction. As he mentions early in the book, anyone with the benefit of hindsight can choose what indicators would have worked best. There is no skill in that. What gives him the credibility to analyze what was happening at the time is that he was doing it daily for his subscribers to the MurphyMorris Market Message Newsletter online and much of the book is documented with excerpts and detailed charts written at the time the events were unfolding.

The book is well written and very readable with plenty of examples to demonstrate each key point. The business cycle and all important market cycles are discussed from the seasonal best time to be in the market (November through January) to the 54-year Kondratieff Long Wave Theory. It will be a book that one will read repeatedly as well as an essential reference to come back to time and again as new market events unfold.

There is also little doubt that this book will become a market best seller. But it will not become the sole domain of the technical analyst and trading community. Everyone who plays the markets will want to read it. It is not simply about trading or technical analysis, but about markets and how to operate within a global framework in the four asset classes and effectively gather crucial up-to-the-minute intelligence to make the best-informed decisions.

Murphy makes one fact crystal clear. There are a number of essential intermarket relationships of which to be aware, any one of which could save your financial bacon at the right time. The implied corollary is that ignorance of any one of them could prove fiscally catastrophic.

Markets have become so interdependent in the last decade, a correlation that continues to strengthen with time. If those who suffered financial ruin between 2000 and 2002 had read his first book, how many of them could have avoided huge losses and even profited from what occurred? We will never know for sure but is it a risk they anyone can afford to take, especially when considering that the cost of avoidance (cost of the book) is less than $50?

(Re-printed from Traders Mag with permission.)

Matt Blackman - Technical Writer/Reviewer Email: matt@tradesystemguru.com
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Contributor to Stocks & Commodities Magazine, Working Money, Traders.com Advantage, Active Trader, Traders Mag (Europe) and SFO Magazine ... Read more

Book Description

Designed for courses in corporate finance, this text is a detailed description of the valuation process, providing an integrated, comprehensive method for valuing assets, firms, and securities across a wide variety of industries.The presentation begins with a review of financial and accounting techniques, proceeds with a presentation of the valuation process, leading towards the development of pro-forma financial statements and the translation of these projections into values.A key strength of this text is teaching students how to use pro forma financial statements as a basis for valuation. ... Read more

Reviews (10)

Clear, Succinct, Excellent !
This is one of the best practical corporate finance books you can find. It serves especially well as a bridge between introductory finance and more advanced topics. The authors did an excellent job at hammering some most important concepts into readers' heads while avoiding too much theoretical complications that hinter understanding. The step-by-step valuation method is especially valuable. The use of the spreadsheet is enormously helpful for students of finance. Highly recommended! I hope Professor Benninga and Professor Sarig can keep producing this kind of hands-on, clear guide to finance. (and maybe a series of books at different difficulty levels)

A Good Summary of techniques used to valuate corporations.
This is a very good book for starters in Corporate Finance. People interested in understanding company valuations should definitely read this. Nevertheless, do take the contents with a certain grain of salt. Finance is a very subjective field, and numbers are ALWAYS subject to interpretation. Experts in the field might find themselves not agreeing with some of the methods employed. Finally, readers should have a good background in Accounting. It is also recommended that you have a computer running MS Excel and that you are familiar with the program.

Ground Up Valuation Techniques
If you are new to corporate finance valuation this book will take you to the next level. Provides step b