Book Description

The collateralized debt obligation market has seen explosive growth in the last few years. To help you keep up with the expanding CDO market and its various instruments, Laurie Goodman and Frank Fabozzi have collaborated to bring you Collateralized Debt Obligations: Structures and Analysis. Written in a clear and accessible style, this book is a valuable guide that provides you with critical insights into many areas of this important market sector.

This straightforward and well-rounded resource offers a wealth of practical information on the collateralized debt obligation market and its products.

Topics covered include:

• Cash flow versus market value structures
• Synthetic structures
• Structures backed by speculative and investment grade corporate bonds and loans, emerging market bonds, and structured finance products
• The appropriate default rate for high yield-backed structures
• Mezzanine and equity tranches
• PIK tranches
• Structural considerations and the CDO arbitrage

Filled with in-depth insight and expert advice, Collateralized Debt Obligation is required reading for those who seek to understand this market. ... Read more

Reviews (10)

Good Reference
This book covers a broad number of topics on CDOs. I would recommend it with the earlier one "Investing in Collateralized Debt Obligations". Combined they give you a good insight on the market.

Good introduction to the CDO market
This well written book provides an excellent introduction to the CDO market. It covers topics of interest to the potential investor in these securities, in an easy to use format.

Excellent Resource
Ms. Goodman's book is a much needed resource on CDOs. If you are just learning about the CDO market, Ms. Goodman clearly defines key terms and explains the structures from beginning to end. Those with extensive Wall Street experience will enjoy having one of the few well-written references available in the market. It is also a good marketing tool to give to potential investors. This is a good comprehensive reference guide.

Ridiculous and outrageous accusation by an idiot reviewer
The reviewer below suggests that Moorad Choudhry has posted a negative review of this book. To him/her I say this: Moorad Choudhry did not write it. I did. Mr Choudhry actually has a very high opinion of this book, and recommended to me I buy it when I attended a Bloomberg seminar he lectured at a few months ago. "Buy the new Goodman/Fabozzi book on CDOs, its excellent" he told me.
Well I did buy it, but I do not share his enthusiasm for it. It is totally US-centric and has no detail on European transactions.
However, the reviewer below, under internet anonymity, and with no proof whatsoever, decides that any negative reviewes must be written by Mr Choudhry. I am sure that were he to know his identity, Mr Choudhry would instruct his lawyers to sue this spineless, gutless idiot for libel and slander.
Get real, whoever you are. I bought the book and I do not like it. You throw around baseless accusations on Amazon, you have no proof, no clue and no idea. Just because you like the book is no reason for someone else to. And Mr Choudhry did not write that 1-star review, I did. So stop making up ridiculous accusations.

Great book on CDOs - personally recommended
I have no hesitation in recommonding this as a great book on CDOs. I have bought a copy myself and it is very impressive. Moorad Choudhry. ... Read more

Book Description

J.K. Lasser Pro™ Before You Plan, Consult J.K.Lasser

Innovative Planning That Benefits Professionals and Clients

What does it take to be a successful fee-only financial planner? According to John Sestina, acclaimed "father of fee-only financial planning," the only special qualifications are a genuine desire to help people, an ability to listen, and a commitment to lifelong learning.

Fee-Only Financial Planning introduces financial planners to the newest, fastest-growing niche in the financial planning field–fee for service rather than commission-based planning. Fee-only planning is attractive to the growing number of clients who want to avoid the long-term payments, lack of objectivity, limited choices, or conflict of interest that can occur with a commission-based payment structure.

In his comprehensive how-to guide and easy-to-use reference, John Sestina provides in-depth coverage of the financial planning field. He covers such topics as:

• The advantages and disadvantages of fee-only planning for both client and planner
• Making the transition from commission-based to fee-based planning
• Building a profitable practice with varied client bases
• Tailoring to your own work style the system Sestina developed over 35 years of successful private practice
• Developing and maintaining productive client relationships

For professionals wondering whether fee-only financial planning is in their future, or for anyone in financial services who wants to stay current, Fee-Only Financial Planning is an eye-opening introduction to one of the financial world’s freshest, richest entrepreneurial careers. ... Read more

Book Description

"There is no book on the market to compare with Dr Jäckel's. All the techniques, the tricks, the pitfalls of this important methodology are covered in detail and with great insight. This is no book on abstract theory, Dr Jäckel is a practitioner who has implemented every single one of these ideas. He has done all the hard work, so you don't have to." Paul Wilmott

"Few expert practitioners also have the academic expertise to match Peter Jäckel's in this area, let alone take the trouble to write a most accessible, comprehensive and yet self contained text. This book is a delight to read and contains a wealth of information that is essential for anyone involved with implementing Monte Carlo methods in finance." Professor Carol Alexander, ISMA Centre, University of Reading, UK

" This book is a very welcome addition to the growing literature on applied quantitative methods in finance. Dr Jäckel has done the field a service in combining both a thorough review of 'standard' material with techniques that were learned on the job as a quant at top financial institutions. Michael Curran, Quantin' Leap

Based on the author's own experience, Monte Carlo Methods in Finance adopts a practical flavour throughout, the emphasis being on financial modelling and derivatives pricing. Numerous real world examples help the reader foster an intuitive grasp of the mathematical and numerical techniques needed to solve particular financial problems. At the same time, the book tries to give a detailed explanation of the theoretical foundations of the various methods and algorithms presented.

Monte Carlo methods have been used in the financial community for many years for addressing complex financial calculations. Recent advances by both practitioners and academic researchers in the area of fast convergence methods, together with the improvements achieved by the manufacturers of computer hardware, make Monte Carlo simulations more and more frequently the method of choice. In this long needed book on modern Monte Carlo methods in finance, Peter Jäckel provides an introduction to many of the leading edge techniques available. ... Read more

Reviews (7)

for Quants only
if you're a quant, you might really love this book

if you're a person who wants to have a "basic" understanding how to use MC for consulting or product pricing with examples, you got the wrong book (not mentioning that your maths must be pretty good).

if you're looking for an Excel example on how to price some basic options, i highly recommend Jackson & Staunton or Wilmott.

Good book
This book is pretty good as it covers lots of different areas of Monte Carlo simulation and some of the newer stuffs, such as copulae, etc. The math presentation is brief but to the point as application of the mathematics to Monte Carlo methods is the emphasis. Intuitive ideas behind the formula is explained pretty well as it tells you where certain formula can be used for. It would be helpful to have taken an advanced course in Monte Carlo methods in Finance to appreciate the book. I would personally suggest Glasserman's course at Columbia U. Prof Glasserman is also writing a book on the subject that he uses for lecture notes now. It would turn out to be an even better book to read.

Competent Treatment of an Advanced Approach
This is an excellent resource for anyone already familiar with Monte Carlo modelling. Scientists making the transition to Wall Street will find this a needed supplement to Hull and other good resources. Product descriptions are also needed, especially for areas in which growth is exploding and therefore jobs are available. "Credit Derivatives" (Second Edition) by Janet Tavakoli is a great resource for getting up to speed on these products and for highlighting some of the data and modelling issues one will encounter. Although it is a product book and an applications book that helps the modeller understand how to approach the problem.

An advanced approach to math methods behind finance
Very interesting and well written book reviewing more advanced mathematical concepts which might be relevant for finance engineering - not limited to Monte Carlo methods. The author seems to have a firm background in theoretical physics. Definitely not for simpletons.

CD does not work
It is a book for mathematics lovers not financial oriented profesionals. I would not recomend this book for those looking to gain more practical knowledge on this subject. ... Read more

Book Description

Liquid markets generate hundreds or thousands of ticks (the minimum change in price a security can have, either up or down) every business day. Data vendors such as Reuters transmit more than 275,000 prices per day for foreign exchange spot rates alone. Thus, high-frequency data can be a fundamental object of study, as traders make decisions by observing high-frequency or tick-by-tick data. Yet most studies published in financial literature deal with low frequency, regularly spaced data. For a variety of reasons, high-frequency data are becoming a way for understanding market microstructure. This book discusses the best mathematical models and tools for dealing with such vast amounts of data.
This book provides a framework for the analysis, modeling, and inference of high frequency financial time series. With particular emphasis on foreign exchange markets, as well as currency, interest rate, and bond futures markets, this unified view of high frequency time series methods investigates the price formation process and concludes by reviewing techniques for constructing systematic trading models for financial assets. ... Read more

Reviews (3)

From the experts in the field
Michel Dacorogna and the team at the former Olsen & Associates are well-known experts in the field of foreign exchange rate data analysis, and their book provides us with a vast, useful source of information. Unfortunately for students and other beginners, the book is written like a compilation of papers and review articles, the opposite of pedagogical, and with an awful choice of 'computerese' notation (MA(t,n)=sum(EMA(t',k)... etc) that makes Boudhaud-Potters look easy in comparison. More to the point, even their noncomputerese notation is difficult to follow. I hope for a very different second edition written pedagogically for students of this growing and important field. On the positive side, data analyses are performed using logarithmic returns, not price increments. Workers in the field who consult this text will find it helpful.

For the new millenium...that's what we need.
The book covers a wide range of topics related to high-frequency data in Finance. There is a very detailed approach to tackle a huge amount of data and to deal with its based stylized facts. The book triggers the reader's desire to update his knowledge in the field of finance.

More Than An Introduction
This one of the few books on high frequency finance is a most welcome to the literature. The book is useful not only for people who are new to the subject but also for researchers in the field since it is a most uniform treatment of many topics. From adaptive data cleaning (chapter 4) to intraday and weekly seasonality (chapter 6) and real time trading models (chapter 11), it covers a broad range of topics specific to high frequency financial time series analysis. Chapters on volatility modeling (Chapter 8), forecasting (chapter 9) and correlation and multivariate risk (chapter 10) are enlightening especially for risk exposure analysis and risk management purposes. Finally, the the extensive bibliography is a precious source for those who would like to explore certain topics in detail. I highly recommend it for practitioners as well as researchers in the field. ... Read more

Book Description

As interest rate markets continue to innovate and expand it is becoming increasingly important to remain up-to-date with the latest practical and theoretical developments. This book covers the latest developments in full, with descriptions and implementation techniques for all the major classes of interest rate models — both those actively used in practice as well as theoretical models still ‘waiting in the wings. Interest rate models, implementation methods and estimation issues are discussed at length by the authors as are important new developments such as kernel estimation techniques, economic based models, implied pricing methods and models on manifolds. Providing balanced coverage of both the practical use of models and the theory that underlies them, Interest Rate Modelling adopts an implementation orientation throughout, making it an ideal resource for both practitioners and researchers. "Interest Rate Modelling is an encyclopedic treatment of interest rates and their related financial derivatives. It combines advanced theory with extensive and down-to-earth data analysis in a way which is truly unique. For practitioners, students and scholars in the field, this impressive work will be the standard reference for years to come." Professor Tomas Björk, Stockholm School of Economics "… an excellent book. I am particularly pleased by its breadth and range of topics… the reader is provided with an informative and readable exposition." Dr Farshid Jamshidian, NetAnalytic "I particularly like the strong emphasis on the practicalities and calibration of interest rate models. This book will be invaluable as a comprehensive reference to students, researchers, and practitioners." Professor Francis Longstaff, The Anderson School at UCLA "This is a carefully written, scholarly but fascinating presentation of the field of Interest Rate Modelling. It combines the best of two worlds: the rigour expected from finance in academia with the relevance expected from finance in practice. James and Webber are truly masters of their market since this book is surely a must-buy for both researchers and practitioners. If only all finance books were written with this care and attention to detail." Dr Neil Johnson, Clarendon Laboratory, Oxford "Today, interest rates are key economic instruments. This is a mammoth treatise and must surely rank as one of the most comprehensive available on the topic. Anyone interested in modelling or simulating the behaviour of interest rates, be they practitioner, economist, mathematician or new entrant to the subject, will find within a wealth of pertinent material." Professor Peter Richmond, Trinity College Dublin ... Read more

Reviews (7)

Best Book on Interest Rate Models in the Global Markets
This is the most comprehensive coverage of interest rate models available anywhere in the global markets. If you already have a model, read this book to examine options for additional improvements. If you are developing a model, buy this book for the best state-of-the-art guidance available.

Jessica James's writing is always clear and accessible, and her Ph.D. in physics lends unparalleled quantitative expertise to the state-of-the art analysis of models and their applications.

A real must !
As a math grad student who is interested in the term structure modelling, I found that this book is really useful! It just tells you everything about interest rate modelling,not just for the no-arbitrage modelling issue, they even have a chapter about the macroeconomic foundation for interest rate fluctuation! The math used in this book is very concise without too much measure theory twaddle,Everyone who works in this field should have a copy. It's a real must!

Best Book on Interest Rate Models in the Global Markets
This is the most comprehensive coverage of interest rate models available anywhere in the global markets. If you already have a model, read this book to examine options for additional improvements. If you are developing a model, buy this book for the best state-of-the-art guidance available.

Jessica James's writing is always clear and accessible, and her Ph.D. in physics lends unparalleled quantitative expertise to the state-of-the art analysis of models and their applications.

A must-have encyclopedia on term structure modeling
I have spent a number of years in building & implementing models for interest-rate-dependent claims, but should admit: I learned more from this book. I view it as an encyclopedia on the subject, in which the authors (never heard their names before - what a shame!) have done an excellent job on reviewing hundreds of publications. The theory of term structure modeling has been grown to a separate subject - thanks to Hull and White, Jamshidian, HJM, BGM, Hughston - among main contributors. You can find all methods in one place and in a very accesible form. For example, HJM is described better and simpler than in the author's original paper. Most models are reviewed with practical implementation in mind.

It is not a "first book" on "introduction" on the subject; it is rather a good desk reference for prepared professionals.

Extraordinary
There are plenty of books on fixed income mathematics. This one is extraordinary. It is simultaneously practical, theoretically sophisticated and a pleasure to read. The treatment of term-structure models, including HJM, is the most accessible I have seen anywhere. There is a lot of information on yield curve building. This includes both bootstrapping and more recent research in parameterised curves. There are plenty of topics that other books might label "beyond the scope of ...", but James and Webber jump right in, with meaty discussions of the Kalman filter, lattice methods of valuation and GARCH models. Despite all the theory, the authors are always in touch with practical details. They take into account stub dates, and are precise about day counts. These are obviously practitioners! ... Read more

Book Description

A definitive resource for professionals in licensing and technology management

In this comprehensive guide to licensing best practices, esteemed members of the Licensing Executives Society International offer in-depth discussion of a broad range of important topics in the field of licensing, including:

• Licensing issues in Europe, Asia, Australia, the Middle East, South Africa, and Latin America
• Technology valuation
• Technology management consulting
• Licensing agreements and strategic partnerships
• The expansion of the licensing profession
• Patent procedures and protection in Europe
• Trade secrets law and intellectual property assets
• Issues in copyright, software, and Web sites
• Trademarks, trade names, and trade dress
• Licensing in the biotechnology industry
• Pharmaceutical licensing
• University licensing trends
• Technology rights that are financial assets and instruments
• IC-based corporate carve-outs
• Licensing and litigation
• ADR

Book Description

The FASB current text is a topical integration of currently effective accounting and reporting standards. Material is drawn from FASB Statements of Financial Accounting Standards and FASB Interpretations, AICPA Accounting Research Bulletins and APB Opinions. Volume I (General Standards) contains those standards that are generally applicable to all enterprises. Volume II (Industry Standards) contains specialized standards that are applicable to not-for-profit organizations and enterprises operating in specific industries. Each year these manuals are updated to reflect changes in standards. Intended a supplement to a course in Intermediate Accounting, Advanced Accounting, or Accounting Theory. ... Read more

Book Description

If you think that hard work and good decision-making are the only keys to running a successful business, think again. Although these issues are critical in any business endeavor, in reality it is the paperwork that is key to creating and maintaining your business. That’s right, paperwork! From employee contracts to real estate leases, these and other legal documents are incredibly important, but can be difficult to decipher.

If you’re a business owner who is not a legal expert, Business Contracts Kit For Dummies will provide you with advice, forms, and contracts that will allow you to clearly spell out your business intentions to employees, vendors, and customers.  Even if you’ve been in business for a while or are a legal expert,  you can still benefit from this book by using the nearly 200 sample contracts and documents contained on the companion CD-ROM.

Using jargon-free language, this easy-to-use guide will introduce you to the basics of contracts and show you how to draft a variety of other legal documents. Business Contracts Kit For Dummies also covers the following topics and much more:

• Forms for businesses big and small
• Understanding the essentials of contracts
• Incorporating your business
• Drafting employment contracts
• Conquering leases, licenses, and loans
• Tackling Web agreements
• Avoiding common contract mistakes

Book Description

Predict, Avoid, Manage—and Even Profit From—Bankruptcy With this new Second Edition of the first definitive guide This new edition of the premier business failure, insolvency, default, and bankruptcy guide provides financial professionals of every stripe with a master reference to the latest banking, credit, investment, legal, financial, and management thought and practice. To help readers combat corporate distress in the ’90s and beyond, distinguished author Edward I. Altman includes coverage of…

• Unique statistical tools—author-developed techniques for assessing firms’ distress potential, measuring debt price movements, benchmarking debt investor and market performance, establishing the present value of loans, and so much more.
• Junk bonds—Altman revisits this market to provide an in-depth analysis of the role and risk-return trade-offs of this controversial source of finance
• Emerging trends—complete explorations of debtor-in-possession lending, prepackaged bankruptcy, and the epidemic of fraudulent conveyance suits resulting from ill-conceived restructurings
• An evaluation of the Chapter 11 process, now under public scrutiny and criticism
• Bankruptcy reorganization case histories—real-world data to help readers carry out debtor valuation analyses and restructurings, featuring Duplan Corporation and Wheeling Pittsburgh Steel Corporation

Amazon.com

Suze Orman's face and name are more prominent on the cover of her new money guide than its title, The Road to Wealth. And why not? Orman has parlayed her popular renown as both a New York Times bestselling author and video-age financial guru into an undeniable position of respect and trust when it comes to matters of dollars and sense. This time she presents an encyclopedic guide to the various components of one's overall financial life--from managing debt and owning a home to making investments and preparing to pass it all along--and she does so in the clear and confident style to which her fans have become accustomed. "Here is what you need to know," she writes at the outset. "Answers to the questions you have been asking, as well as the questions you should have been asking, delivered in the most complete, straightforward way I know." While the concise text moves logically from "creating a strong financial foundation to amassing assets and protecting them from common mistakes and periods of economic downturn," this is not meant to be read from cover to cover. Rather, it is a ready bookshelf reference for planning and sorting out common finance concerns, like how to calculate the mortgage payment you can best afford, determine what Medicare will pay toward nursing care, decide between retirement plan options, and similar matters of personal importance. --Howard Rothman ... Read more

Reviews (56)

Financial answers for the rest of us.
The book provides us with a wealth of practical financial answers in a very sound, straightforward, honest, and easy-to-understand language. The core emphasis of the book is to help you create a strong, debt-free foundation to amassing assets and protecting them in periods of economic downturn; from buying a home to providing for loved ones; from investing with confidence and navigating the markets in good times and bad to securing reliable income for our later years. If you are interested or have any of these financial needs you need this valuable book. This is a book designed to help you take action-wherever you are in your life and whatever your needs. If you think all the advice you need is from your local bank then you have obviously missed the boat.

FinanacialNeeds.com

Follow Suze to YOUR Road to Wealth!
I have to admit that I didn't like this book all that much when it first came out. So I didn't buy it when it was originially released.

Several weeks back while browsing my favorite book store, I cam across this book now in paperback, noticed it was updated and revised from the original version and found some good info that I had missed earlier.

Anxiously I took the book home and placed post it notes throughout the book to areas that applied to me. I was able to make substantial savings especially in the areas of insurance and credit card debt. I also started investing in my company's 401 (k) plan and am taking advantage of Pres. Bush's generous IRA provisions contributing the maximum to both retirement plans. Thank you Pres. Bush!

Overall, this is one of the best financial books that I have ever read. It is very complete and also very well organized.

I also recommend Suze's newest book The Laws of Money, also now available in paperback.

Thank you Suze Orman!

The Road to Wealth
The Road to Wealth by Suze Orman was extremely informational. Being 18 and very new to the world of finance I learned a lot from reading it. The way the book is set up in a question and answer format makes it easy to read on specific subjects. It would be a good idea to keep a copy in your house. That way you could read the different chapters as they apply to your life. I liked the section about paying for college best because I have to pay my own way through college, so it gave me some helpful tips. The Road to Wealth covers a wide variety of finance subjects all of which could be helpful at many different points in one's life. It covers everything from how to prepare yourself financially for when you retire to making out a will. I would recommend this book especially for people who haven't experienced much financially. It is a great way to learn about many different aspects of the financial world.

A Wealth of Infomation
My father recommended that I read this book, as he is a director of property tax and works in the business and finance world every day. I was scared at first at the size of the book, but it is actually very easy to understand and a great reference book.
It has a convenient question-and-answer type format that allows the reader to peruse over various topics, or to narrow in on one in particular.
I was greatly surprised at the immense amount of information that this book contains. Everything from the emotions of divorce and how it affects to finances to how to pay for college is covered throughout the pages.
I would highly recommend that this book be found in every household, as it is would be an excellent source to turn to with many small questions- about wills, investing, and any other sort of monetary question.
On a final note- Suze Orman also has her own tv show that is quite interesting and information as well. Just like the book, it is also not boring, but rather takes tough subjects and make them seem easy!

Another good book by the "Love Bug" Lady
Although I do not feel that this is Suze Orman's best book, it is certaintly better than most if not all of the other books out there.

I like the question and answer format of the book, makes it easy to look up information that is important to a individual.
The book is large and may be intimidating to some people, perhaps that is why there are some 1 star reviews. None the less, the material is fresh and interesting. Orman is also a great writer and makes you feel like she is talking to you one on one.

Check out Suze's newest book "The Laws of Money", just released in paperback and revised from the hardback version. It is a book suitable for the times and even better than The Road to Wealth. Some may want to buy both like my wife did.

Great books. Great stuff from Suze, the Queen of Personal Finance! ... Read more

Book Description

The Grangaard Strategy equips retirees-and those contemplating retirement-with 12 powerful principles for managing assets during every phase of retirement, including the crucial pre-retirement years.

Based on a groundbreaking new asset management theory presented by renowned financial educator Paul Grangaard, this book explains how to maintain inflation-proof income throughout retirement, without significantly depleting retirement assets. Readers will learn to:

€ Replace paychecks with retirement Income Ladders
€ Calculate how much they can afford to put into higher-return stock market investments
€ Avoid the worst advice in the financial markets
€ Understand compounding, investment returns, and holding periods
€ Take advantage of tax-deferral and protect retirement income against inflation
€ Prepare a flexible plan for dealing with the unexpected
€ Confidently choose the best financial advisor ... Read more

Reviews (11)

Income For Life
Let's face it. People who take time to read books about investing are looking for an edge! Something different that gives them a better chance at success. The Grandgaard Strategy provides that edge. While most investment books all key in on the same objective, accumulating money, this book teaches you how to spend it, and how to spend it without running out! If income during retirement is your objective, you have to read this book! In the 21 years I have worked with Florida retirees, I have never read a book which better answers the question, "How can I best structure my investment portfolio during retirement for income & growth?" If you're getting ready to retire, or if you're already there, you have to buy this book!

Nothing New Here!
What do you people see in this book?!

The book is filled with the standard rules about investing for retirement: invest for the long haul, use compound growth, sell assets when they are high--duh! And all of this is the "Grangaard Strategy?" (OK, so the only slightly valuable advice is: plan to live longer than average.) The book is lacking in any real substance and comes across as a pitch to get you to seek further help from a Grangaard financial planner.

Informercial in book form and not much else
Buy this book to see how someone can effectively mount a very good marketing program. But don't expect to find anything other than platitudes when it comes to financial planning. The material is quite elementary.

I'm guessing somewhat here but I'll bet that Mr. Grangaard's approach to building his business includes:
- Go onto TV and sell his book.
- Load the book review input with 5 stars.
- Get the book buyers to sign up for Grangaard trained financial planners.
- Sell the poor saps that to go these planners Grangaard sponsored products.

Don't waste you money or your time on this.

Forget it !
This book not only is worthless but actually it is risky ,to say the least;if you follow the recommendations of the author.
It reminds me of that famous book in the 80's "No Money Down",that made people (naive people) believe that not only could you buy real state with no money down and no credit ,but that actually you could walk away with money in your pocket!!!
Anyhow,I read at least 1 or 2 books a month on investment as well as on retirement;this book only enphasizes that you have to get a financial planner to "survive" ;obviously, the guy is a CPA himself,other than that,it is plain rubbish.There are tons of better and more informative books out there.

Invest for success with confidence...
This book lays the groundwork for a bridge to financial freedom upon retirement. The twelve principles outlined in this text have worked for me and should work for all. Too many financial planners do not speak to their customers... this book clearly and concisely outlines a road map that will allow me to live comfortably through retirement. I'm recommending this book to my financial planner. ... Read more

Book Description

"Essential reading for anyone in today’s turbulent markets." –Jeffrey E. Garten, Dean, Yale School of Management

Praise for MARTIN J. WHITMAN and VALUE INVESTING

"An excellent book on investments. But, more importantly, this volume is a primer explaining to Main Street, especially Main Street businesspeople, how Wall Street really operates." –Eugene M. Isenberg, Chairman of the Board, Nabors Industries, Inc.

"A must read for all thoughtful investors interested in a rational, disciplined, risk-averse template for successful long-term compounding." –O. Mason Hawkins, CFA, Chairman and CEO, Southeastern Asset Management, Inc. and The Longleaf Partners Funds

"This author knows whereof he speaks. His many years of extremely successful experience as a professional manager of investments, his academic training, and his period of teaching at a major university all make their mark on this illuminating volume. It reveals how a bright, analytically minded person with extensive practical experience studies and evaluates investments." –William J. Baumol, Professor and Director, C.V. Starr Center, NYU Professor Emeritus, Princeton University

"This book by an experienced and practicing master, Martin Whitman, is a treasure and a reference book on how to think and feel like an owner of a business without the headache of running it day to day." –Papkens Der Torossian, Chairman and CEO, Silicon Valley Group, Inc.

"Marty Whitman is renowned for his uncanny instincts and insights in picking bargains in stocks and bonds. His book is a real bargain. To benefit from decades of Marty’s experience is invaluable and to have such a commonsense and realistic approach is an extra dividend." –Milton Cooper, Chairman, Kimco Realty Corporation

Please visit our Web site at www.wileyfinance.com ... Read more

Reviews (13)

Good, if you can understand it
This is a fair book written by an outstanding investor. Marty Whitman has practiced value investing successfully for many years, and his writings draw on his vast experience. However, unlike Buffett, he isn't the most clear author in the world. His writing is a little obtuse, and devoid of examples that would illustrate his points. Nevertheless, if you can make your way through the writing, you will find a lot of extremely useful and interesting information. I would recommend this book, but to understand it the reader should have a good working knowledge of financial terminology and an understanding of other value investing techniques and perspectives. If you read (and understand) some other books on value investing, plus maybe a few of Mr. Whitman's Third Avenue Value Fund shareholder letters, I think you will find this book invaluable.

A unique perspective
As someone who has read the works of Ben Graham and the letters of Warren Buffett, I can honestly say this book offers some new ideas you are unlikely to find anywhere else. Unlike most investing books that only argue against the efficient market, this book also points out many of the flaws of Graham and Dodd and offers a different method of value investing. It is not intended to be an update of Security Analysis, despite what previous reviews on Amazon may say. The author has over 40 years of Wall Street experience and has also taught at Yale and Columbia. If you want to be exposed to new ideas buy the book. If you just want positive reinforcement of your belief in Ben Graham then this book might leave you shell shocked.

Odd book - who is it aimed at?
Couple of odd things about this book. First is Whitman's invention of acronyms to refer to simple concepts (such as minority investors) which makes the book more confusing to read than it needs to be. Bigger problem however is it is unclear to me who is supposed to read it. The first 200 pages are a rant against the efficient market hypothesis, investment banker fees and a couple of other topics interspersed with a basic overview of markets. Last 30 pages are an advanced discussion on distressed security investing (one of the author's many talents) and dividend policy.

I was bored for 200 pages & interested for 30. Others would be the other way round. Very odd.

Decent
This book has many good insights, but the writing isn't great, and it gets pretty technical at times. A better choice, especially for less sophisticated investors, is Kirk Kazanjian's "Value Investing with the Masters," which features Whitman among a panel of 20 value gurus.

Sage Advice for a Fraction of the Price
Mr. Whitman packs an entire course worth of information into just 265 pages. Marty Whitman is reknowned for his frank shareholder letters, in which he often explains very complex investments in an easily understandable terms. If you are a fan of his notorious shareholder letters (as I am), and are interested in taking your understanding of value investing to the next level, then this book is for you. Be forewarned that the book is more in-depth and academic than his letters. ... Read more

Book Description

Our new book will show you how to...Maximize the market value of your company. Calculate that value easily at any point in time.Negotiate the best possible price when the company is sold.

And don't worry - you don't need an MBA to understand this book.Everything is spelled out in plain language and easy-to-follow steps.Plus, there's a special glossary that explains each financial concept in very simple terms.

The book also includes practical advice on...- Buying-out partners, or selling-back your own shares.- How to finance the acquisition of a business.- Negotiating the acquisition contract. - How to present your company to potential buyers.

You'll gain insight into the factors that account for business value, enabling you to manage in ways that will deliberately increase your company's value over time. ... Read more

Reviews (10)

By far, the best book I've found on the subject.
This is a great book. There are a lot of books on this subject, but the others I've seen don't fill the bill. I don't have a lot of time to waste with books that are poorly organized and written, even if the author is a real authority. "Unlocking the Value of Your Business" is not only authoritative and complete, it's easy to use and understand. I wish more books were written this well. The author certainly has a flair for conveying information effectively and efficiently.

great book; makes tough subject easy to understand
If you think you might ever sell your ownership in a business, this book is the best one around to learn how to increase its value, to calculate the value in any number of ways, and to negotiate the deal. Very highly recommended. With a very easy to read layout - not the onerous technical tome I expected - but it's got all the instructions you or your accountants could need. It has a great index, and a very helpful glossary that separately explains all relevant financial concepts that are referred to in the book. Plus, its a lot less expensive than other books on this subject that aren't as good.

Steady, stable advice.
In the late 90's, everyone wanted to use astronomical capitalization rates to value a business, claiming they were warranted by the high total returns from small cap stocks during that period. Horn said no, don't do it. This is a temporary phenomenon, a blip in time. Look at the market historically, as a whole, from 1929 until today. If you commit to deals based on those cap rates, you'll be sorry. Well, guess what? He was right and everyone else was wrong. We all got killed by following the herd.

There are a lot of books in print about this subject, and I've examined most of them. Most seem to be poorly-written knock-offs of Horn's work, to which they have added their own unfortunate personal notions about value, so I'd counsel you to stick with Horn's book - it's probably the best, most stable advice you can get on business value.

Very hard to read the font. But good information.
First I have to say what I HATED about this book. The head of every paragraph and a lot of highlighted sections were in a cursive font which I really had to struggle to read. I almost did not read it at all. And it's too bad because there is a lot of good information in there. I am not sure there is anything that isn't covered in "The Upstart Guide to Buying, Valuing and Selling Your Business", and at the high price I am really struggling about whether to keep this book. If you are really planning to sell your business, it is probably worth it. It does cover many valuation techniques and situations.

great book
This book is right to the point. In my work as a corporate banker, I am constantly reviewing valuation reports, so I know which parts are fluff and which parts are important. This book gives you everything that's important and only what's important. Other books on this subject will have you chasing down arcane aspects of valuation, on the hope it will contribute something to the bottom line, which is almost never the case. Besides, we usually disregard arguments for additional value that are based on more complex theories because if you have to try THAT hard to show value is present, then it probably isn't! Stick with this book and you won't go wrong. ... Read more

Book Description

This text presents concepts simply while ensuring the best, most accurate coverage. College Accounting is designed to make accounting understandable to virtually everyone without sacrificing substance and technical correctness. A step-by-step, straightforward approach helps students build practical accounting skills that are needed when entering the world of work. The text presents simple topics first and gradually builds to more advanced topics, so learners are not overwhelmed. The narrative approach covers a simple example of a service business before moving to a merchandising business. ... Read more

Book Description

This significant new guide to finance has a broader scope and greater emphasis on general principles than most other books of its kind, which typically focus exclusively on corporate finance. Acclaimed authors Bodie and Merton offer an approach balanced among the three "pillars" of finance—optimization over time, asset valuation, and risk management.Encompasses all subfields of finance within a single unifying conceptual framework. Offers the "big picture" of resource allocation over time under conditions of uncertainty. Focuses on personal finance topics, such as saving and investing, as well as asset valuation. Provides spreadsheet modeling exercises in the accompanying Prentice Hall Finance Center CD. MARKET: Ideal for executives or for anyone seeking a solid understanding and overview of the field of finance. ... Read more

Reviews (8)

DO NOT WASTE YOUR MONEY
This book is the worst finance book I've come across. I had to resort to a past finance book in order to get through the class that this book was assigned for. It has no mathematical basis for serious students of finance. There are numerous typographical errors.
An excerpt, "To give a simple example, consider the choice between alternative A - you get $100 today - and alternative B-you get $95 today. Suppose you had to guess how a stranger, about whose preferences and future expectations you nothing at all, would choose." This is UNIVERSITY LEVEL MATERIAL?!?
Do yourself a favor, look somewhere else and do not buy this [book]

Thumbs part way up
Like others, I too first saw this book in paper. I am now using it to teach a class of law students -- smart kids but mostly without great numeracy. I think it is working okay but (like so many coursebooks?) perhaps not as well as expected. One problem is indeed the typos -- I'm a sloppy writer myself and typos are my incubus, but with all the beta testing and with all the publisher support, you would think they could have done better (indeed, I sent my own list to the publisher back in the beta days -- I got a nice thank you but I don't see my name in the acknowledgments, so I suspect they hit the trash). Aside from that -- the presentation seems mostly clean and straightforward, but quite often too elliptical for my students -- I've felt I had to do a lot of backgrounding. Unlike other reviewers, I quite like the problems -- I think some of them press the envelope a bit, but that is just fine with me, exactly what they should do. I do feel that the authors bring together a remarkable lot of stuff in a compact and orderly manner. In this respect with this book as with so many other coursebooks, perhaps it is the case that the teacher is getting more out of it than the student.

This book should not be used for graduate level study
I was required to purchase this book for an MBA class in Business Finance. To put it simply, this book is terrible. There are errors in calculations from front cover to back. The describers used to name calculations are changed from page to page, without any consistency whatsoever, requiring a flow chart to understand what it is Bodie and Merton are discussing. Nobel prize or not, Mr. Bodie and Mr. Merton should be embarrassed to publish such trash.

Also, the way the questions are worded in the end of chapter reviews leave little relevance to what was taught in the preceding pages. Often questions that are asked are open-ended and very ambiguous.

I would not recommend this book to anyone and have asked my University to stop using this book because it is so flawed.

Riddled with errors
I am an MBA student-this was one of the worst textbooks I think I have ever had the misfortune to use. It was riddled with errors, which took me an hour to transcribe from the publisher's website. My entire class was confused by the end of chapter questions, which in some chapters seemed to have no connection to what was taught in the chapter. I and everyone else in my class wondered all along the way if we could trust what we were reading as being accurate. Stay away from this if you value your time and your sanity.

Readable intro. to standard finance theory
First: this book is certainly not worth [the price] ...I read the 1998 softcover 'preliminary edition' by Bodie and Merton, which I ordered and received from amazon.com in fall, 1999. Samuelson's name was not on the cover and at any rate should not cause the price of the book to increase... The current price makes the book unattractive. Now for my review of the softcover version:

This is a relatively well-written undergraduate-level text that can be read/understood without the need for classroom instruction. It is especially useful for self-study by ordinary people who know nothing at all about finance theory but are motivated to learn. The reader will find all of the main topics covered: cash flows, efficient market hypothesis, capital asset pricing model (CAPM), risk management, hedging, and options pricing at Black-Scholes (B-S) level of discussion. In the spirit of the simple level of the text, the B-S equation is applied but not derived (best derivation is still the second one, and the Black's original method starting from the CAPM, in the famous 1973 Black-Scholes paper). 'Fat tails' (known and largely ignored since Mandelbrot, 1962) and non-risk-neutral hedges, the frontiers of modern finance theory, are not discussed. Throwing the traditional 'financial-engineering' bone in the direction of fat tails, implied volatility is discussed because in practice fat tails can't any longer be ignored. All in all, the book is recommendable to physics grad. students who want to learn finance terminology along with the main (wrong) ideas believed by the finance theory community. As an example of the book's weaknesses, the authors assume that the vague, undefined notion of 'fundamental value' makes sense, and that liquid markets are in some vague, undefined sense 'efficient' although the notion of a relaxation time is never mentioned. Typical finance theorists' shortcomings aside, this book can profitably be read before (or at least parallel with) Hull and other harder texts on derivatives. Liars' Poker and Fiasco can also be read profitably in parallel with this book. No knowledge of neo-classical ('marginal utility') econ (as is excesively taught in Samuelson's standard text) is required, and is at any rate is useless for finance theory/practice. ... Read more

Amazon.com

The New Retirementality outlines a cleverly named concept that should be of interest to anyone uneasy with the traditional requirement that Americans totally drop one portion of their lives--the working part--simply because they've reached a certain age. Author Mitch Anthony offers, instead, an alternative for a more balanced period of later life that's based entirely on personal desires and that ultimately could change, rather than merely buck, societal norms. Demanding a "philosophical shift in life planning" as well as a "fiscal shift in resource management," it calls for carefully reviewing individual thoughts about retirement, defining activities that would make it personally meaningful (and which will likely include continued employment of some kind), and preparing for the transition well in advance by simplifying both external and internal matters. Anecdotes about those who already have done so and inspirational suggestions from Anthony should provide motivation for readers who agree that flexible, phased retirement is preferable to the jarring lifestyle change enforced upon our parents. "Retirement as we know it today," Anthony concludes, "is a relic from a time and a world that have long since passed." --Howard Rothman ... Read more

Reviews (11)

Great job Mitch Anthony
As a financial planner who specialized in retirement and life planning I have read many books on the subject of retirement planning. Many are good, some are great and a small number are of no use. This is one of the great ones because it addresses retirement in a new light. I see far too many people that have bought into the traditonal view of retirement only to find them selves bored and frustrated with life. They may have done a great job accumulating financial wealth but when it comes down to transitioning into this new phase of life called retirement they fail. Mitch Anthony does a great job of getting the reader to think about retirement as something much more than the traditional view that so many people have been sold for many years. I don't believe that the book is "The Book" on retirement planning and I don't believe that there is one book out there with all of the answers. This book is a great additon to my library of resources that I continually use to help my clients retire (what ever that may be for them) as successfully as possible. The cost of the book is low so buy it and decide for yourself. I dont't believe that you will feel like you wasted your money or your time.

The New Retirement: Ultimate Guide To The Rest Of Your Life
The New Retirement: The Ultimate Guide To The Rest Of Your Life is the most comprehensive book on the subject that I have seen. I especially recommend this book to those who are about to retire since it provides an excellent self analysis on the type of retirement that would best suit you (and your spouse if you are married). The book covers but goes beyond the typical "where to retire" and the "financial aspects" of retirement and expertly covers subjects of "readiness" for retirement, and "options" on the type of retirement that would be right for you. I have developed many strategies for retirement after having read this book that I would have never even thought of!

It's Time to Wake-Up to Reality
Mitch Anthony does a wonderful job reminding us that the common expectation of retirement is a very impractical and downright unhealthy.

Our concept of retirement is only about three generations old. When Social Security retirement benefits came into being people died about the same time benefits started. We now live decades longer. Yet most people still feel that they are "entitled" to retire in their sixties.

Only about 1% of all Americans will be able to retire in their sixties and maintain their standard of living. Why are we stressing ourselves out in jobs we hate hoping to save enough money to buy our freedom, i.e. retire? Add to that stress the guilt we feel because we have not saved nearly a fraction of what it will take.

A recent study by AARP showed that most seniors plan to have some sort of gainful employment in their retirement years - out of choice, not financial necessity. It is human nature to be involved and productive throughout our lifetimes.

The New Retire-Mentality is a very important wake-up call to help us re-think the "traditional" notion of retirement.

Save your retirement --read this book!
The New Retirementality by Mitch Anthony is one of the most remarkable books I have ever read. Not since seeing the terrifying opening scenes of The Matrix, have I had the sense of a socially induced reality collapsing so completely. In deconstructing the commonly held assumption that a non-working retirement is the best way to spend the last years of our lives, Mitch Anthony provides readers with an escape route from the Orwellian world of institutional thought control.

Save your retirement, read this book!

Great for Gen-X'ers Too
I really enjoyed reading this book. It has given me a new perspective on my career. I am glad that this wasn't just another book on how to save millions of dollars. Anthony discusses the importance of finding your calling, so to speak. He wants readers to look at what they enjoy most and do that for most of their lives. Of course, there may be a time when we are unable to work or no longer want to work. Then, it is important to have some money set aside. Otherwise, you can retire from the typical working world at any age and begin the life you've always wanted to live. ... Read more

Book Description

Obtain valuable guidance from today's financial leaders. First published to universal acclaim over ten years ago, The CFO Handbook has been updated and revised by editors Marke E. Haskins and Benjamin R. Makela to reflect changes in the profession during the tumult of the 80s and 90s. Among the many topics covered are: determining financial policies, budgeting, defining goals and rewarding performance; creating and implementing mission, values and strategy; assessing international risk and controlling global operations. The CFO Handbook is written for, and by, financial leaders! Just look at a few of the esteemed CFOs and/or financial professionals who have contributed chapters to this landmark volume: Robert M. Agate, Colgate Palmolive; Caroline Dorsa, Merck & Co.; Michael Grobstein, Ernst & Young International; Thomas G. Manoff, Saturn Corp.; Robert J. Chrenc, AC Nielsen; A. Nicholas Filippello, Monsato Company; George B. James, Levi Strauss & Co. . .and many more! ... Read more

Reviews (1)

Wonderful Book
Excellent book for anyone starting a business moving on to the next level. Gives a vbery intensive view of the position of the CFO and their responsibilities. Brought out many of the details of the position often overlooked. Kudos to the authors. ... Read more

Book Description

Crucial Help for Getting the Most from Today’s Information Systems Technology Deciding what type of information systems your company will need to stay competitive into the twenty-first century is a highly complex and risky exercise. SAP: An Executive’s Comprehensive Guide provides the information you need to assess your options realistically and make the most informed decisions possible. Written by a team of business, financial, and information systems professionals who have extensive experience with SAP system implementations at Fortune 500 companies, this book:

• Explores the strategic role of client/server enterprise computing now and in the next century
• Helps you to evaluate your company’s long-term IS requirements
• Offers an impartial look at SAP R/3 strengths and weaknesses
• Outlines the costs and benefits involved in implementing SAP R/3
• Helps you decide whether SAP R/3 is right for your organization
• Shows you how to make SAP R/3 an integral part of process redesign
• Covers all key technical SAP aspects of concern to IS professionals

Reviews (6)

excellent overview of what to expect and how to prepare
The authors provide an excellent overview of what to expect when embarking upon the implementation of an enterprise resource planning system like SAP. They provide thoughtful insight on factors that should influence the decision to proceed with such a project as well as sufficient detail on the particulars of SAP.

Well worth reading - A great overview of SAP
An excellent introduction to SAP by people who live and breath it.

This book has excellent sections on Business Case, Functionality (showing the links between modules, not just functions)and Deployment Options. It really helped me understand what I was going into implementing SAP for my company.

The Book has only two dissappointing sections. The chapter on process reengineering could have been better structured and applied, Hammer has better material. The walk through of methodology in chapters 17 and 18 was dry, uninspiring and again unapplied. More could have been written on ASAP.

A very factual description of the best ERP worldwide
This book is designed for managers and deciders who are