Book Description

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

Book Description

Analyzing Performance Problems gives you a step-by-step process for solving virtually any performance problem you face. Instead of guessing at solutions that won't work, you can save time, money, and frustration by finding the true cause of the problem and identifying the best and most economical way to solve it. You'll learn to:

- Identify the true causes of performance problems
- Determine if you can use "fast fixes" (solutions that are quick and easy)
- Identify realistic, economically feasible solutions ... Read more

Reviews (5)

Good information, but a bit basic
Mager's book provides some great foundational information on performance problems in the workplace. However, it seems a bit basic and common sensical when compared to the new books being written on the subject. I looked to this third edition thinking it would have more up-to-date information and revisions and was disappointed when I found that it did not.

If you are into carrots and sticks... this is for you
This book has some wonderful ideas contained between its covers. The underlying assumption is that people are either motivated by rewards or punishment. There is a flowchart that helps you understand how to influence (read manipulate) people into behaving as you want them to.

The author gives many examples that make it seem as though his method of dealing with people is the most effective one. There are more aspects to leadership and management than he describes, and I can just picture in my mind's eye a person with no people skills trying to apply these techniques to his work. Then I get scared.

I would suggest reading books by more principle centered authors first - such as the various Covey books or other ones. If you are just looking for a new perspective, buy it. If you are frustrated because nobody seems to listen to you and you want to manipulate them all to do your bidding - please quit your job. This book wont help you.

Not just for trainers
This book will change how you deal with performance problems of all sorts. Mager's step-by-step approach can be used in a broad range of situations, including team environments, manager/employee relationships, production situations, and even with your children! He makes it easy to see the logical solution that may currently be evading you.

Ann Pavkovic / Consulting Technical Writer

Are You Sure That Training Is Your Number One Solution
Before you begin your discussion of performance problems by talking about training, you need to read this common sense book by Robert F. Mager and Peter Pipe. Following a systematic algorithm, you will learn to identify your performance problem, decide how critical the problem is, and identify the underlying reasons for the existence of your problem. Problems can be a result of invisible expectations (you didn't tell me how) or what the book calls "upside-down consequences" (doing it right is not as rewarding as doing it wrong).

Using many common sense examples, this book demonstrates that solutions other than training can solve your performance problems. In fact, you will discover that training may be a useless solution that will not solve your problem. Until you take apart the expected performance, look at the component parts, and identify why the performer chooses the wrong action, you cannot correct the performance deficiency.

Training as a possible solution does not appear until the middle of the book. Training is needed because a person has never performed as required and does not know how to perform as required. Training can also help when skills have decayed over time and training is needed to refresh them.

When you look at human performance, you need to remember that people will usually follow the path of least resistance. They do not choose wrong performance because they want to be wrong. They choose the wrong performance because it is the best solution for them. Mager and Pipe uncover why people make these choices and offer you a way to achieve the correct performance you seek.

Classic in performance analysis by the guru himself.
Bob Mager's lucid and practical book is a joy to read and use. I've required it for some time in my university courses on human performance in the workplace. My students even like the pricetag. No better value on the market! ... Read more

Book Description

While many texts characterize themselves as having either a “user” approach or a “preparer” approach, Williams, Financial Accounting, is written for faculty who want to strike a balance between these approaches. Business majors will find relevance in the “Management Strategy,” “Your Turn” and “Case in Point” boxes throughout the chapters while accounting majors will receive a firm grounding in accounting basics that will properly prepare them for their intermediate accounting course. Perhaps the most important new feature is the online companion, My Mentor. This text-specific online resource uses video clips, animated graphics and Excel templates to demonstrate accounting concepts, expressing accounting visually. This solves a problem that many introductory students have in accounting: It allows them to link concepts and numbers together in a interactive rather than print environment. ... Read more

Book Description

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

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

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

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

Reviews (16)

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

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

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

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

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

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

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

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

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

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

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

Book Description

The most complete guide available to help professionals sharpen their accounting and business skills. This unique reference features a logically structured framework that details accounting practices step-by-step, as well as all the newest innovations in the field. This new edition includes a complete copy of the Land's End Annual Report, which the authors have integrated throughout the text. ... Read more

Reviews (5)

Ok for some, not Ok for others...
I purchased this for school (of course) for a really speedy condensed course on Accounting. If you have a GOOD teacher that can explain this material in layman's terms PLUS use this book as an example, then this is a great book to reflect/study the lectures & do the excercises. I think a person COULD study this on their own but they must like to work out logic problems and have the patience to figure out what is wrong when the problems don't balance.
The CD program that makes spreadsheet that comes along with this is stupid. What a person can do on the program is limited(e.g. put in your own date, make transactions active...)BUT the GREAT THING ABOUT IT IS that you don't have to make pages of SPREADSHEETS. Punch in numbers and DONE! QUICK!
The tutorial CD made the steps of accounting easier to understand. Clear.

I was afraid of taking accounting because it sounded BORING but when I took this class and read the book, it became clear and easy (to me). The people that didn't get good grades were either not absorbing the material(boring attitude all the way!),practicing the problems(who has time to do that when you can go SURF), and didn't ask questions (who wants to hang at school?).
I think a person needs to take time to practice and absorb the material to actually figure it out.

It's ok.
It's ok for a course. Which is what I did. Chapters 1-13 was Accounting 101 and chapters 14-27 was Accounting 102 for me.

I'm not wild about how it's written, organized, and method of teaching. Sometimes the material is too vague, confusing, and not true to real life accounting practices.

I'd say if you're being introduced into accounting, this book may be a bit too advanced for you. You should take an Accounting 100 course if offered. This book does not cover the bare basics, such as indepth journal entries, posting to ledgers, dealing with various accounts, etc. etc..

Also, I was lucky to have the answers supplied to me from the instructor when taking this course. If you don't, the problems are nearly impossible. The book does not explain enough to just do them off what you learned.
I'd say overall this book has too much theory and not enough application.

I used Weygandt for Accounting 100, and have been studying from various books of his for 2 years now. It's good material, but not super material. But, what else is out there, you know?

Book is just too hard to comprehend
This book has its high points. The exercises are to the point and easy to understand, but yet somewhat hard to do. However, the text has the problem many accounting books I have seen have, that is the fact it contains too many in-text examples and not enough to the point study points for someone who just needs to know the principals for quick and easy studying. If a course you are in requires this book you best go looking for an additional study manual for study help.

Not good for self study
I am taking a course which uses this book. The book is written well but there is no answer key in the book for the problems. There is no way to get feedback on the exercises. Even the practice question in the chapters do not have answers.

Personal Education!
I purchased this book because I wanted to learn more about accounting. I am finding very helpful. I find easy to read and like the examples that it has. I like all the exercises and problems it has at the end of each chapter, they help by allowing you to practice the new knowledge you have read in the chapter. ... Read more

Book Description

Dave Ramsey knows what it's like to have it all. By age twenty-six, he had established a four-million-dollar real estate portfolio, only to lose it by age thirty. He has since rebuilt his financial life and, through his workshops and his New York Times business bestsellers Financial Peace and More than Enough, he has helped hundreds of thousands of people to understand the forces behind their financial distress and how to set things right-financially, emotionally, and spiritually.

In this new edition of Financial Peace, Ramsey has updated his tactics and philosophy to show even more readers:

* how to get out of debt and stay out
* the KISS rule of investing-"Keep It Simple, Stupid"
* how to use the principle of contentment to guide financial decision making
* how the flow of money can revolutionize relationships

With practical and easy to follow methods and personal anecdotes, Financial Peace is the road map to personal control, financial security, a new, vital family dynamic, and lifetime peace. ... Read more

Reviews (18)

Awesome book! Get it. Read it. Do it.
In Dave's Financial Peace Revisited, he tells the story of how he got rich then went broke and what he learned from it. Then, Dave tells how he took a long, hard look at our society and how totally "stupid" he was (and most Americans still are) in terms of how he viewed debt and money. Dave then relates how he re-started his own climb to financial independence in a totally different way than he did the first time. This book doesn't have a bunch of conceptual, theoretical junk. It gives you PRACTICAL, immediately implementable steps that anyone can take to get their financial house in order and tells you exactly how to go about it. If you are handling your money well, this book will help you get better. If you're struggling with your money or your relationship with your spouse due to money troubles, this book may change your life. Learn how to manage your money instead of having it manage you. I've been buying copies of this book online and giving them to the people in my life that I care about most. I couldn't recommend it higher. Good luck and may God bless you.

Awesome
No matter your financial situation this book will help you improve your finances. This book shows the dangers of all debt period. Dave provides 7 easy "Baby Steps" to follow to get out of debt and acquire wealth. Following his 7 baby steps will change your family tree. He stresses the importance of having a written budget each month before the month starts, but I really think this should have been the first baby step due to how important it is.
Baby Steps:
1.) ...emergency fund
2.) Debt Snowball
3.) Fully Funded Emergency Fund (3-6 months of expenses)
4.) 15% income towards retirement
5.) College Fund for children
6.) Pay off the mortgage
7.) Acquire wealth and give
I would highly recommend one of his live events if you ever get the opportunity.

Mutual funds do not guarantee financial peace
One of the authors failed at a real estate business (even though he came from a real estate family). He is living proof that not everyone can be Donald Trump. And that is a good thing for people to be aware of.

The essence of the advice this book is offering can be found on page 133: "Disciplined savings will outpace any investment scheme." Next the question is, what do you do with your savings? Their answer is mainly mutual funds. The risk in buying individual stocks, they claim, is astronomical. If the stock market continues to be relatively stable, "financial peace," I think, can be achieved by following the authors' formula, but not if there is an extraordinary financial crisis. If an unusually large stock market crash did occur, a lot of mutual funds would start to look like "investment schemes." Financial peace for many people would be shattered.

I deduct one star because the authors place too much faith in mutual funds. Mutual funds, after all, do invest in individual stocks that are traded on the stock market.

very accessible, to the point reading
Financial Peace is above all common sense--something most of us could use a lot more of, or at least I can, when it comes to money. I had confidence that Ramsey was hitting the topics I should think about, regardless of where I am at in my journey with finances. The Christian aspect of his teachings was a challenge now and then, but basically I decided: if that faith or any faith helps people live more peaceful, productive and happy lives, this is a good thing. The very last chapter gets a little proselytizing but I got the feeling the husband and wife Ramsey team were just doing what they felt they should. All in all, a good read, simple yet contemplative.

Life Changing Advice
Sometimes the obvious is right in front of you, but it takes someone else to point it out. Dave Ramsey does just that in this great book. His advice is sound and doable. By following his baby steps and starting my own debt snowball, I have changed the way my family and I look at our finaces and provided for a much better future. ... Read more

Book Description

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

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

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

Reviews (10)

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

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

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

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

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

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

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

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

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

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

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

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

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

Reviews (18)

How to Select, Focus, and Dominate
The message of this important book is that "no company can succeed today by trying to be all things to all people. It must instead find the unique value that it alone can deliver to a chosen market. Why and how this is done are the two key questions the book addresses." The authors focus with rigor and precision on three different "disciplines": operational excellence, product leadership, and customer intimacy. It remains for any company (for any organization, for that matter) to determine which of the three should be its primary discipline but all are obviously important...indeed interdependent. Nonetheless, one discipline should be pre-eminent. The authors examine dozens of companies which have concentrated primarily on one of the three "disciplines" so that they can select their customers and then narrow their focus inorder to gain and sustain dominance within their respective marketplaces. I think this book will be of substantial value to executives in any organization but of greatest value to those in organizations which are small-to-midsize. Unless they have dysfunctional management and/or defective products, their mastery of that discipline will enable them to compete more effectively against larger organizations which (obviously) have greater resources available. My own view is that as B2B and B2B2C continue to increase at exponentially greater velocity, leadership of ANY market will require mastery of customer intimacy and at least one (but preferably both) of the other two disciplines. In that event, the insights which Treacy and Wiersema share will be even more valuable.

Common sense marketing perspective
Winning firms focus on one of three customer value disciplines: product leadership, customer intimacy, or operational excellence. Trying to be all things to everybody is tantamount to being nothing for anyone. If your firm can't get its act together, you'll find this an inspiring book that makes a compelling case that success is only possible by having the courage to focus on specific tasks & disciplines. This seems very elementary, but I've observed many firms that refused to choose what they wanted to be, ensuring that they became nothing. This book is helpful in positioning exercises.

I have two concerns about the book. 1, it doesn't need to be this long in order to get the central idea across. 2, I'm becoming increasingly convinced that this model is counterproductive in a Geoff Moore tornado period. If you're in a high-tech tornado, wait until Main Street before applying discipline.

Aside from these caveats, I still find the simple model presented in this book as being useful in analyzing market approaches. You have to understand the model in order to know when it isn't appropriate. Product Managers, sales, marketing and product development staff need to be aware of this book and its ideas.

Not just for the sales and marketing folks!
This business book should be in EVERY marketing and sales professional's library. In one reading of less than four hours you can understand the distinct value disciplines that define your company. And, just as important, you can recognize the value disciplines of your customers and competition. But, you don't have to be strictly a sales person. I'm my company's Chief Technology Officer and I felt the book was very valuable - after my CEO made me read it!
The message of The Discipline Of Market Leaders is that no company can succeed today by trying to be all things to all people. It must instead find the unique value that it alone can deliver to a chosen market. Why and how this is done are the two key questions the book addresses,
Three concepts are introduced that every business finds essential:
1. the value proposition - implicit promise to deliver a particular combination of values - price, quality, performance, etc.
2. value-driven operating model - combination of operating processes, manage-ment systems, business structure, and culture that allows a company to deliver on its value proposition.
3. value disciplines - three desirable ways in which a company combines operating models and value propositions to be the best in their markets. THIS is the key take away from this book.
Three distinct value disciplines:
1. operational excellence - provide middle-of-the-market products at the best price with the least inconvenience - value proposition is low price and hassle-free service.
2. product leadership - offering products that push performance boundaries - value proposition is offering the best product, period.
3. customer intimacy - delivering NOT what the market wants but what specific customers want - value proposition the best solution for the customer with all the support needed to get the maximum value from our products.
The selection of a value discipline is a central act that shapes every subsequent plan and decision a company makes, coloring the entire organization, from its competencies to its culture.
If a company is going to achieve and sustain dominance, it must decide where it will stake its claim in the marketplace and what kind of value it will offer to its customers.
markets, the only established way to improve value to customers is to cut process. If you haven't started thinking about cutting your way to leanness, it's going to cost you later.
High quality is the cost of admission to the market. Without it, you're not even in the ballpark.
Four new premises underlie successful business practice today:
1. companies can no longer raise process in lockstep with higher costs
2. companies can no longer aim for less than hassle-free service
3. companies can no longer assume that good basic service is enough
4. companies can no longer compromise on quality and product capabilities
These four points are critical to the book and to how you must think about value. It is true - we can no longer charge for high quality - it IS expected. By delivering superior value, companies change their customers' expectations. In effect, these companies became market leaders NOT by fulfilling old-fashioned ideas of value, but by getting their business to master one band in the value spectrum. They believed in three important truths that characterize the new world of competition:
1. Different customers buy different kinds of value. You can't hope to be the best in all dimensions, so you choose your customers and narrow your value focus.
2. As value standards rise, so do customer expectations; so you can stay ahead only by moving ahead.
3. Producing an unmatched level of a particular value requires a superior operating model - "a machine" - dedicated to just that kind of value.
Four rules that govern market leaders' actions:
1. Provide the best offering in the marketplace by excelling in a specific value disci-pline.
2. Maintain threshold standards on other dimensions of value.
3. Dominate your market by improving value year after year,
4. Build a well-tuned operating model dedicated to delivering unmatched value.
The operating model is the market leader's ultimate weapon in its quest for market domination. Value comes from choosing customers and narrowing the operations focus to best serve those customers. Customer satisfaction and loyalty are simply the by-product of delivering on a compelling value proposition - not the drivers behind it. When a company selects and pursues one of the value disciplines, it ceases to resemble its competitors.
Customer-intimate companies demonstrate superior aptitude in advisory services and relationship management. This is an incredibly difficult concept for sales and marketing professionals to grasp. They want the largest market possible. If you are customer-intimate, your market is one company at a time. This calls for hard work. Customer-intimate companies don't deliver what the market wants, but what a spe-cific customer wants. The customer-intimate company makes a business of knowing the people it sells to and the products and services they need. It continually tailors its products and services, and does so at reasonable prices. The customer-intimate company's greatest asset is, not surprisingly, its customers' loyalty.
Customer-intimate companies don't pursue transactions; they cultivate relationships.
They tailor their mix of services or customize the products, even if it means acting as a broker to obtain these services and products from third parties or co-providers.
Where to begin? Start with the last chapter and take a close look at Figure 11. From that point I realized my company's value discipline. The rest fell neatly into place.

A Must for Every business owner
In Business studies, we were taught that to succeed with our business we should be able to provide best product/service, best prices and superb customer service. The results are mainly unsatisfactory because while we try to master all three aspects, we fail in all of them.

This book will teach you for the first time how to succeed with "imperfection" along with customers blessings.

You dont have to provide your customer with the best product AND best price AND best service, just choose one of those values (depending on your target market and long term objectives) and focus all your resources on developing this value. The book is backed with real life stories from some of the leading firms and the values they have chosen to focus on.

This book is a must for every business owner.

Highly Recommended!
Authors Michael Treacy and Fred Wiersema make it clear that market leading companies all concentrate on creating value for their customers. Then they focus on specific cases from Nike to Johnson & Johnson. No company, including yours, can succeed by trying to be all things to all people. Companies must ascertain the unique value - be it price, quality or problem solving - they can deliver to a specific market. The book proves that comparisons are not odious if they are interesting, and the comparisons it offers are intriguing indeed. Anecdotes and case histories cover companies that are market leaders today - AT&T, Intel, Airborne Express - and companies that used to be market leaders. The authors offer you three choices: lead with low costs, great products or outstanding ability to solve customers' problems. But if you are going to lead, you have to pick a direction and implement a management strategy that supports it, a lesson eased along by the clarity of the writing. We from getAbstract recommend this book to executives who are seeking advice on trumping their markets. ... Read more

Amazon.com

The key to building a superior company, an increasing number of observers now agree, is the ongoing ability to recruit and retain superior personnel. In Topgrading, industrial psychologist and global consultant Bradford Smart expands upon this idea by examining in great detail exactly how today's premier organizations have assembled such top-level employees, and then showing precisely how others can do it, too. "Simply put, topgrading is the practice of packing the team with A players and clearing out the C players," Smart writes. "'A players' is defined as the top 10 percent of talent available at all salary levels--best of class. With this radical definition, you are not a topgrader until your team consists of all A players. Period." Essentially a best-practices manual for developing this outstanding personnel pool, the book is based on more than 4,000 interviews and case studies conducted by Smart at major corporations like General Electric as well as fast-growing high-tech companies and small family-owned firms. He further bolsters its effectiveness by including his extensive "Chronological In-Depth Structured Interview Guide," along with other assessment tools and hands-on strategies for assembling an ideal work team. --Howard Rothman ... Read more

Reviews (33)

Manage an Organization as Nature Would ...
... with the neither malice nor pity.That's the gist of this excellent book, and it's not offensive to the concept of human dignity.To the contrary, Dr. Smart notes that "A players" can (and should) exist at every level.Every CEO, every acountant, every sales rep, and every Wal-Mart greeter should be best in class -- and they should be required to stay competitive in their skills.That's not ruthless.That's natural.But this book goes one step farther, making the compelling case that -- left to their own devices -- the "C players" in any organization will destroy value over time, whether they intend to or not.Accordingly, Topgrading is essential.

Very interested, until...
After reading the reviews of this book, I wanted it...but there's one hesitation.

One company the marketers of the book hold up as an example of why the author's work is effective is GE. In my opinion, and in the opinion of many I've spoken with in my world, GE's products are not superior...so this makes me wonder

The Best Book on this Topic in 21 Years
I have been a professional recruiter for over 21 years.Topgrading is the best book that I have read on the topic of selecting impact performers.This book is a valuable read for both hiring managers and candidates.The appendix is worth the price of the book by itself.

I have recommended this book to my clients on my recruiting contracts because many have never been taught how to conduct a structured interview.Consequently, they tend to ask one set of questions to one candidate and another set of questions to another candidate for the same job.How will they be able to compare the two candidates?Brad Smart gives them a nice track to run on.

My only major difficulty with the book is the amount of time between the initial interview and the final interview a month later.In my experience as a professional recruiter, that is too long between interviews.In recruitment, time is your enemy.There are too many companies who are searching for A Players.You could lose an A Player easily within a month to another, more efficient company.As our economy moves from the Baby Boomers as the primary workforce to the Gen X'ers, we are about to experience a shortage of workers.If you wait too long to extend an offer, the Recruiterguy will get them!

On the other hand, Brad's reference checking information is so valuable that I have been teaching my clients to use it.I agree with him that it is important for the hiring manager to conduct the reference checks.It's simple psychology.If I call the manager of a candidate and identify myself as a recruiter, the former manager will give me some information about the candidate.However, their perception is that I am not their peer (unless they know me from a previous relationship).However, if the hiring manager calls the former manager, they are peers and the information given and received will be much more valuable.

The 50 manager competencies listed in the appendix are great tools for developing a structured interview and Job Description.They are also valuable for candidates who need to prepare for interviews by giving examples of their competencies.

Is Topgrading perfect for every interviewing situation?There probably isn't a perfect book.However, this one is easy to read.Take the valuable information that he offers on the interviewing process, the reference checks, and coaching (and protecting) A Players and you will be way ahead of most hiring managers.

If you are a candidate searching for your next job, Topgrading is a must read for you.He asks some tough questions.Some people may be offended.However, I agree with his points.Use the sample competencies in the appendix to strengthen your interviewing skills.

Pick up the book. You will benefit from reading it.

Billy Strayhorn was right: "Take the A Train"
Smart formulated what he calls the Chronological In-Depth Structured (CIDS) interview approach. After studying 4,000 managers in relation to (on average) ten different jobs per manager, he arrived at a number of conclusions. They serve as the core material of this book in which he explains how both companies and individuals can gain and then hold a competitive advantage which Peter Drucker identifies as follows: "The ability to make good decisions regarding people represents one of the last reliable sources of competitive advantage, since very few organizations are very good at it." As Smart carefully explains, topgrading is the practice of packing any team with A players and clearing out the C players. "A player [italics] is defined as the top 10 percent of talent available at all salary levels -- best of class. With this radical definition, you are not a topgrader until your team consists of all A players [last three words in italics]. Period." Those who read this book and then apply the principles, strategies, and tactics which Smart recommends will be well-prepared to (a) hire only A players or those almost certain to become one and (b) those who are or wish to become A players and need expert guidance to achieve that objective.

For me, the most stunning revelations in the book are found on page 50, in Figure 3.2, "Cost of Miss-Hire Study Results." According to the results of Smart's research study of more than 50 corporations, the sum of costs of a mis-hire (on average) are as follows:

Base salary Less than $100,000: 14 times salary

Base Salary $100,000-250,000: 28 times salary

All Salaries: 24 times salary

Now go back and re-read those statistics while keeping in mind that, for various reasons which Smart briefly explains, "the numbers are probably conservative." Organizing his material within two Parts (one for companies, another for individuals), Smart offers a cohesive and comprehensive narrative within which he includes all manner of graphic illustrations as well as a number of exercises and questionnaires which enable both those who hire and those who are candidates to understand what topgrading is, what the CIDS interview approach is and how to derive the greatest benefits from it.

Most important of all), Smart explains how to achieve what Jim Collins describes so well in his most recently published book: the good to companies "...first got the right people on the bus, the wrong people off the bus, and the right people in the right seats -- and then they figured out where to drive it. The old adage 'People are the most important asset' turned out to be wrong. People are not [italics] your most important asset. The right [italics] people are." Presumably Smart would agree that the right people share the same values and, together, sustain their organization's commitment to those values. If involved in their organization's recruiting and interviewing process, as they should be, they will help to ensure that the right people will be hired (i.e. allowed on the "bus"). Obviously it is important to get talent and task in proper alignment. It is equally important to keep an organization's values in proper alignment with its objective(s). Although Collins does not use the term, the good to great companies he discusses are all topgraders.

The reader will especially appreciate having the information provided by Smart in (count `em) seven appendices: CIDS Interview Guide, Career History Form, In-Depth Reference-Check Guide, Interview Feedback Form, Sample Competencies --Management, and Sample Competencies -- Wm. M. Mercer. Here in a single volume is about all anyone needs to know and have inorder to understand what topgrading is, how it works, and why it will probably be essential to those who hire as well as to those whom they consider.

Lest there be any misunderstanding by anyone reading this review, I want to point out that any organization (regardless of size or nature) can be a topgrader and that is even more important to smaller organizations with limited resources. Why? Because the cost of a miss-hire could be catastrophic, not only in terms of total compensation but also in terms of mistakes, failures, alienated customers, lost business, wasted opportunities, and disruption of the workplace. Some may respond, "I cannot afford to hire all A players even if I could find them!" On Smart's behalf, I presume to reply that no organization can afford NOT to hire only A players or those who, with proper development and supervision, can become A players.

The #1 source for world-class hiring and coaching processes
As an HR consultant and executive coach, Topgrading is my bible.It's taught me skills that have really worked to help clients hire nothing but A players and coach their B players to become As.I agree with the review in Recruiting Magazine Online that says, for those that hire people, this is the "most important book ever written."Needless to say, I give the book 5 stars! ... Read more

Book Description

This readable examination of accounting theory and practice offers extensive real-world examples and illustrations throughout—from corporations such as Microsoft, Coca Cola, Hershey Foods, IBM, General Motors, and General Electric. A book-specific Website is available that contains less-frequentlycovered topics, additional exercises, links to additional references, and more.Is updated for the latest FASB pronouncements including Business Combinations, Goodwill and Other Intangible Assets. Focuses on parent company accounting using the full or complete equity method in coverage of consolidations. Offers separate coverage of parent company accounting under the cost and incomplete equity methods. Adds a chapter on governmental and not-for-profit accounting.The perfect reference for accounting professionals looking to check facts or brush up on their skills. ... Read more

Reviews (3)

errors all over
This text should correct all the errors before it published.

solution for the excercises
it is a very good book actually, but i'm having some difficulties in solving the exercise, so i think this book need a complementary book or some kind of manual or solution. But if there is, I would like to be informed about where i can get that kind of book. Thank U!

Advanced accounting
I used this book as my self-study material and I benefited from this book a lot. I would recommend using it either as a textbook for Advanced Accounting course or as a reference book for professionals. Here are the few points that I would like to share with you:

1. Logical order The order to display the topics in this book is logical and consistent. This is important for self-study users. At the beginning of each chapter, there's always a paragraph or two summarize the main points that are going to present in the chapter. This gives the reader a whole picture.

2. Clear explanation and examples The book uses easy explanatory languages and the examples are very representative. Each example, the author is showing us every detail steps, so it is easy to follow.

3. Relevant exercises and problems. At the end of each chapter, there are questions that can help to reinforce the concepts. Most questions can be found directly from the material. There are also exercises and problems that are related to the topic presented in the chapter. I remember there is an accounting book I used before that the problems required more knowledge than the chapter actually covered. This not the case in this book. Some of the examples in the chapter could be used as quick reference while working on the problems, too.

The only thing I would recommend, if I need to find some, is that I hope there could be more real life issues mentioned in the book. In this way, readers can relate the knowledge to daily life even closer. ... Read more

Book Description

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

Standard material covered includes:

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

Book Description

Classic Insight into Building a Fabulous Career in Real Estate
Welcome to the world of real estate sales! Now, you control your destiny. A career in real estate offers endless opportunities, the freedom of flexible hours, and the potential to earn fabulous amounts of money. But to reach your goals you need to be prepared. Before you dive in, you must learn everything you can and discover the edge that will take you to the top.
Inside, experienced and top-notch real estate professional Dirk Zeller presents the secrets to success that will allow you to excel from day one. Full of practical answers and step-by-step solutions to the field's most common obstacles and challenges, Your First Year in Real Estate will help you build a solid foundation for a lifetime of real estate success.
Be a real estate champion from day one by knowing how to:
·Select the right company and get off to the right start
·Develop valubable mentor and client relationships
·Master your sales skills
·Achieve the financial results you desire
·Set—and reach—important career goals
"Dirk Zeller's approach is brilliant! He gives the best basic marketing techniques to his students. I applaud this book." ... Read more

Reviews (38)

This will give you the lead you need !
I am a new real estate agent. Like most new agent I was VERY lost (i'm sher you know the feeling). I had no one telling me the "how to's", the "when to's", and most importantly the "why to's" of the business. Is that what I signed up for, i asked!? I was overwhelmed and nervous. I invested in books and tapes of the highest level in relation to real estate (they where very good) BUT they never gave me the BOTTOM LINE (starting for the moment you recieve |THE CERTIFICATE|to actualy thinking of making 100 000+/year)!The best investment I made was the book "YOUR FIRST YEAR IN REAL ESTATE". If you are new in the business and are looking for a mentor !? read the book. You dont know where to start !? Read the book. You want to build a solid foundation for your carreer !? Read the book. Dont be fooled by it's simingly "basic" cover, this is the book you want. Dirk Zeller's philosophy is fantastic. It is possible to work 4 days a week and still make alot of $ and have time for your family...

Answered just about all of my questions, and MORE
I bought this book and one other as I was doing research to enter a new career in Real Estate Sales (from something totally different). It started out with how to "interview" potential brokers, questions to ask, and things to look for. This book was exactly what I needed to help me get my foot in the door and ask the right questions.
Also, this book talks about making and maintaining relationships with all of the different constituencies in the business in a positive, upbeat, "you can do it" tone. Not to say that you don't get the real scoop on the drawbacks as well, but overall, the tone the book is written in gives you the added push if you are at all hesitant about the industry.
I'm sure I will go back to this book time and time again.
(As of 7/2002) Three months later, I have started my career in Real Estate, and know more than at my review's first writing that Mr. Zeller speaks nothing but the truth. His plan for organizing your day, and working with only clients that will bring you business and results are DEAD ON. Also see his website for more GREAT real estate commentary and suggestions...

Easy to understand and follow
I purchased this book just prior to taking my real estate test and beginning my new career. It has helped tremendously and everything I have tried that was recommended has worked! The information is well laid out and presented in a format that is easy to follow and understand. Now, after being in this business for 6 months I have re-read the book and have picked up even more. I have recommended this book to others just starting out in their career and recommend it to anyone interested in beginning a career in real estate.

As good as it gets.....
I recommend this book to anyone and everyone who is considering a career in Real Estate. Dirk Zeller is a down to earth, straight shooter and has a 100% grip on how to succeed or fail in Real Estate - starting from Day-1.

After reading the book I had a chance to personally meet Dirk. His attitude and demeanor reflect his success. His book helped me to make the choice to get into Real Estate, I am following his recommendations and am having great success - and I have been at it only 3-months. I HIGHLY recommend this book.

Your 1st Year in Real Estate
This is an excellent book for anyone thinking about real estate as a career. It really breaks down the basic ideas of what it takes to get started and succeed as a realtor. Choosing a company is one of the hardest decisions and Dirk leads you right thru it. I recommend this book to all new agents or agents who have been in the business for any amount of time. ... Read more

Amazon.com

In What Clients Love, marketing maven Harry Beckwith offers valuable lessons about capturing and keeping clients. (As Beckwith puts it, "Competence gets firms into the game that relationships win.") Using snappy examples from Absolut Vodka, Kinko’s, Starbucks, and Ian Schrager’s boutique hotels, he organizes his advice by describing four significant social trends that shape client needs and loyalty. Beckwith’s strategies for coping with information overload focus on getting to the point--using a shorter sell and fewer superlatives. He makes a clever and convincing case for giving both testimonials and blurbs the death penalty. He details the decline of client trust with a plan to eliminate cold calls, dress for success, and a spot-on critique of PowerPoint ("Lincoln had no slides at Gettysburg.") Other chapters explore the limits of the Internet and offer nongimmicky ideas about creating a brand, including 20 questions for choosing a name for your business.

Beckwith’s advice is fresh, funny, and strategic. He is a master of anecdote and metaphor whose examples range from television’s Sex and the City to nihilistic philosopher Nietzsche. Yet the book’s clarity is sometimes undermined by its too clever formatting. It's best to enjoy its wisdom one chapter at a time, over coffee. Consider it the caffeine in your cup. --Barbara Mackoff ... Read more

Reviews (19)

The Greatest Business Book Ever Written
What Clients Love is a timeless book that enlightens the reader through short lessons, personal and professional. Not only do the teachings apply to business, they can be carried over into your life outside of work as well. Businesses are built and strengthened through partnerships and good relations, so are close families and friends. This book works to bridge the gaps that most companies will overlook (such as boring job titles that send the wrong message) and Beckwith does it in a clear and concise manner. Buy this book! I wish I had more time to extoll the book, but I don't. Whether you are in a Fortune 500 company or a hermit with no interest in the outside world, you need this 278 page gospel! Also, if you get a chance to meet Harry Beckwith, ask him about his wonderful son Harry IV.

Worth ten time the selling price!!!!
This book is short, sweet, to the point, and reads like a daily devotional book. I plan on using at for discussion groups at work to get non-marketers to understand how to make customers happy. The book is written in a clear, concise, but extraordinarily interesting manner than lends itself to discussion and implementation. Each section contains at least one example of each point - and this is stuff you are going to remember. Many books in this market are pure fluff - you can't remember a darn thing they said two hours after you put the book down. Not so with "What Clients Love."

Highly recommend for those whose business depends on developing business and keeping customers happy. Whether selling hardcore tangible products or professional services, this book should be on your required reading list. Truly transformational.

Not Useful
After reading 10 pages I quickly learned that this book is useless in helping me and my company develop customer service.

In one example, Beckwith insults the reader's intelligence by suggesting that you answer "Swamped!" when someone approaches you and askes how you are if you suspect that they are going to ask you to do a task that you don't want to do.

Don't waste your money on this book.

Another Excellent Book by Mr. Beckwith.
This is another incredible contribution to the literature on marketing of service-oriented companies. Beckwith provides anecdotal accounts of what marketing techniques work; for instance, he talks about how he has helped to name certain companies that are descriptive, are memorable, and are not full of cliches. His account of Nike's rise to fame through the use of celebrity characters is also an intriguing account of the need for someone we can trust to help share our services. Beckwith's main point is that services are not like products. With services, we have to develop trust and believe in the person. Beckwith provides the techniques--such as providing some slightly negative, but truthful, information about yourself that will help to gather integrity. People like someone who has integrity and is believable.

Another very important principle of Beckwith's is that when you are selling a service, you are really building a relationship with your clients. If you appear to be focused on money or work in a truly impersonal basis, the clients will notice. There is a lot of psychology in this book. Almost every page is about "feelings" of one sort or another, which is necessary because people do not follow rigid rules of conduct. Instead, people often make decissions on irrational feelings, which, if one reads Harry Beckwith's book, they will be ready. And they will deliver exceptional services.

-- Michael Gordon

Reset
This book is the "reset" button that needed to to be said. People may argue that this book is common sense but in the decade of unrealistic expectations and unprecedented white collar low's getting back to the basics is very timely. For beginner's this book is a gold mine for superstars, this book is a reminder of all the things that we sometimes forget as success blinds us. Quit judging and start reading. The entertainment value alone will ensure that you are glad that you did. ... Read more