Review of The Future of Banking In a Globalised World (The Wiley Finance Series) (Hardcover)

Chris Skinner's book is an informative and highly relevant book for understanding opportunities and challenges in today's 24*7 global financial markets. His writing is clear and entertaining. Using a fresh and innovative approach, Chris Skinner highlights the importance of technology in servicing customers across the globe, and points to a number of trends that will affect profitability if not taken into account. A must read for anyone interested in 'the future of banking'.



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Review of J.K. Lasser's Your Income Tax 2007 (Hardcover)

I have purchased this book each year for the last 15-20 years.It is awesome.

Barbara
Jacksonville FL



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Review of Deflation: What Happens When Prices Fall (Hardcover)

I follow the financial news fairly regularly, reading the news headlines and many of the columns on the Internet at least three times daily. A few months ago, the main topic of some of the economic stories was one that I had never seen in a contemporary financial column, the possibility of the U. S. economy entering into a deflationary state. A deflationary condition is when prices start to fall, and people begin to delay non-essential purchases in the belief that they will continue to fall, which can lead to an economic collapse. In general, it was considered a significant threat, and apparently the high officers of the Federal Reserve (the Fed) were preparing contingency plans if it were to happen. The possibility, consequences and potential benefits of a deflationary phase in the U. S. economy are the primary topics of this book.
Outside of major wars and their consequences, there were two major economic cataclysms in the U. S. economy in the twentieth century. The first was the Great Depression of the thirties, which was a major deflationary period. The second was the uncontrolled inflation of the seventies, where price increases were relentless, a major success was proclaimed when the inflation rate dropped to ten percent or less. These two long-term economic problems form the major historical basis for the basic premise that monetary policy is the preeminent driver of major economic trends. Milton Friedman, long the primary champion of monetary policy, is mentioned many times. Farrell finds many historical justifications to blame the severity of the two events on the Fed. While it cannot be refuted that the Fed made many major mistakes in both situations, the political leadership also must bear a great deal of responsibility. That point is made, but not quite as forcibly as it should have been.
The primary event that is driving the current concern over the potential for deflation is the performance of the Japanese economy in the last decade. It has been in a recurring deflationary condition throughout that time, performing sluggishly and with no end in sight. However, Farrell uses this as a point of demonstration as to how monetary policy can be used in a counterproductive manner. He argues that the Fed is smart enough to avoid those mistakes and will act quickly and forcibly to prevent a dangerous deflationary trend in the U. S.
Another major point is whether deflation is in fact a trend to be feared or welcomed. As Farrell so excellently points out, there have been many deflationary periods in the American economy, and while we remain focused on the 1930's, the others were often periods of economic expansion and growth. They were due to the development of new technologies, which led to previously unheard of improvements in efficiency. Dramatic improvements such as the telegraph, telephone, railroad and medical advancements all changed society and dramatically lowered the costs of gods and the efficiency of living. His point is that if the costs of the goods are declining due to increased efficiency, then it is a very good thing. Companies being forced to reduce their production costs in order to compete is always a boon to the overall economy.
The last chapter contains a series of recommended policy changes. The first is that global free trade should be expanded to include all nations. Farrell argues that since the poorer nations largely rely on agriculture, the U. S. should stop subsidizing agriculture, which would allow the products from the poorer nations to compete in the global markets. A valid point, but of course politically impossible. One point that I found of particular interest was the cost benefits of sophisticated medical care. He argues that nearly every successful medical treatment returns more than it costs. The exact figures are that from 1960 to 1997 it cost approximately $13,000 in medical spending and pharmaceutical research to gain one year of additional life and that the economic return on this additional year of life was $150,000. If true, it would be the most powerful argument for universal health care that could be made. An additional argument made in this section is that the current system of employer-managed health care programs is inefficient and should be refined into a single program.
Several pages are devoted to significant human capital investment, which means enormous investments in education and training. Farrell argues very forcefully that this is essential and historically justified. As Americans began moving from a rural, agrarian society to an urban, industrial one, the massive investments made in education were necessary for the transformation to be complete. He argues that sufficient investment capitol would be available if the agricultural subsidies were eliminated.
Farrell makes powerful arguments in favor of his basic premise that deflation is an expected consequence of dramatic increases in economic efficiencies due to the opening of global trade and technological advancements. While I sometimes had minor disagreements with his points of emphasis and understand that his proposals for solution are largely politically impossible, I found the book a sound analysis of what is now being raised as a potential economic danger.



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Review of Less Is More: How Great Companies Use Productivity (Hardcover)

Perhaps because of, or even in spite of, positive reviews aplenty from other Amazon reviewers, I found this book disappointing and confusing. A comment in the Introduction caught my attention. Jennings writes "we were eager to avoid Tom Peters' embarrassment when a number of excellent companies sagged badly soon after publication..." Quick Google searches on three (there were more companies; I just did three) Jennings-commended companies (The Warehouse, Ryanair, and Nucor) read more like embarrassments as well.

To be specific:

The June 4, 2003 New Zealand Herald reported that "The Warehouse founder Stephen Tindall has stepped back into the company's day-to-day operations, leading a scheme dubbed Project Urgency to fix its Australian problems. ... Tindall is leading Project Urgency. Its aim, as the name suggests, is to give the Australian operation a rapid makeover."

At the same time, Ryanair had its own problems. Per the web report: "Europe's fast-growing low-fare airline, dropped as much as 14.7 percent Tuesday after the low-fare airline said it expects lower fares and yields this year will pressure its profit margin." The book may provide an explanation: Jennings lauds attention to customer service and satisfaction and chastises those who fail to respond to customers. As Jennings ironically notes: "Other than cheap airfares, customer service at Ryanair is nonexistent." Queried by Times of London reporter as to the paper receiving "more complaints concerning Ryanair's customer service than any other airline," Ryanair's CEO response: "We don't screw them every time we fly them." Nice attitude.

A third featured company, Nucor, also turned south about the time Jennings went to press: Nucor's stock price dropped by half between mid 2002 and early 2003.

There is more I found unsettling: Jennings repeats canards about "eggs and ham" (the chicken's involvement and the pig's commitment), about showing prospects a heavenly version of product yet delivering hell, and about decentralizing fireworks production (avoiding one big explosion). He mimics Jim Collins's "Get the right people on the bus." He follows Peter Drucker's ideas to produce the anagram, WTGBRFDT ("What's the good business reason for doing this?"). And Edwards Deming must be spinning in his grave when he reads Jennings: "The objective is to perform the task with zero variation." (p.129)

The all-too-flattering biographies and profiles remind me of Fast Company or Inc. pieces. The book concludes with a self-congratulatory chapter recommending of Jennings' previous work, an epilogue featuring Jennings' personal trainer, and a lengthy section of acknowledgements that consists of name dropping more than links to research help. He commends his research team of recent graduates of Stanford, Princeton, and Berkeley yet he offers no systematic research, data, tables, graphs, analyses or standards. Jennings has a lot of ideas and inspiration, but little is substantiated. And, in another twist, the book is about more (productivity, profits, revenue per employee), not less. The final product is a watered down amalgam of "In search of excellence" and several other popular business authors and books.



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Review of Marketing to American Latinos: A Guide to the In-Culture Approach, Part II (Hardcover)

When I took my first trip to California in the 1960's, I saw fast food outlets selling a strange cuisine that I had never seen on the east coast - tacos.I hadn't a clue what this was..never even heard the word.Much has changed since then.
Latinos are a major new presence and force in the United States, whose influence on our commerce and politics will only continue to grow.For those who have more than casual interest in this phenomenon, perhaps for purposes of business or for politics, Isabel Valdes has produced a most timely and useful guide.Ms Valdes, with professional precision, takes apart this demographic and cultural Rubik's Cube, lays the pieces out before the reader, and then, taking the reader by the hand, methodically and meaningfully puts it all back together.Weaving together a tapestry of various countries of origin, age distribution, language preference, time in the US, etc, the author helps us sort through the reality behind the headlines and develops systematic approaches to formulate an effective and targeted business strategy.Data is targeted, timely, well presented, and well analyzed.Yet, the human dynamic behind the data is not lost.Highly recommended.



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Review of The Marketing Mavens (Hardcover)

Noel Capon enters a thoroughly ploughed field of business writing and surprised this reader by digging up many fresh treasures. He achieves this through his savvy research project (this book is way more than the standard round-up of usual suspects,) and through choosing some left of field businesses to examine: The Mayo Clinic? The result is fresh writing, fresh thinking and recommendations that aren't necessarily all new, but are re-phrased and re-expressed for today's times.

I'm beginning to find marketing gurus like Aaker (Example: Building the Brand-Driven Business: Operationalize Your Brand to Drive Profitable Growth,) somewhat tired these days, and slipping behind the game in terms of what the age of the internet has done to personalise and redefine the relationships between organisations and their customers. Mass marketing, as it became defined in the post-war years up to the 1990s, is over and done with: everything is coming down to a one on one encounter, but on a large scale.

Capon clearly gets this, and communicates this. I particularly appreciate his writing on how organisations need to better integrate (break down those silos,) in order to serve the customer, and how organisations must measure what matters. For many marketers, as they'll see here, 'what matters' may be quite different from what they've been measuring to date. Well recommended. $18? Spend your money.




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Review of Now What?: 90 Days to a New Life Direction (Hardcover)

Fortgang begins with a straightforward premise. In ninety days, you can set goals and begin to move in a new direction.Unlike many books of this genre, Now What does not overpromise. Ninety days won't find you in a new job or a new life -- but you'll have a better sense of where to go and how to get there.

I gave Now What five stars for easy reading and originality. I must admit I expected to find tired advice and exercises, but Fortgang offers mostly fresh ideas.And I agree with much of what she says.

For example, "Your purpose in life is right under your nose." So true! I've seen versions of these life purpose exercises before but she presents them well.

Overall, true to her coaching background, some of the best exercises relate to identifying what you really want to do. "I want to be someone who..."

I applaud Fortgang's definitions of needs and values. Needs are not optional and non-negotiable, e.g., the need for honesty. Values are "the pot of gold at the end of the rainbow." Needs bring out the worst in us when they're not met; values bring out the best.

But Fortgang goes beyond self-awareness, encouraging readers to check reality. She offers good advice for investigating various career fields: Talk to 3 people in 3 fields.And she's not afraid to ask clients, "What would you have to give up..."

Perhaps the very best exercises involve scenario-writing. Describe how your life will be in a year, then six months from now, then three months from now. These steps clarify the need for actions along the way.

Anyone contemplating a life change can have fun with these exercises.They'll help you change your thinking and uncover ideas.My major reservation comes from a warning in Herminia Ibarra's book, Working Identity.Often self-discovery tends to be easier than implementing change.If you're in a comfort zone, you'll need another book-- or a coach -- to get moving, even if you know where you want to be.

And there's a downside of a book that appeals to many people for many kinds of change.You have to take practical, specific tips with a grain of salt.For instance, Fortgang alludes to moving to a place with a lower cost of living -- but this type of move often contains hidden pitfalls.A lower cost of living means fewer options to earn money and less access to resources.



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Review of Management (with InfoTrac Printed Access Card) (Hardcover)

In my opinion this is one of the best text books on management I read. I am using it extensively with undergraduate students for whom the English is a foreign language, and still they do not encounter any difficulties, either in understanding the text or the cases.
Arie Aviram Ph.D.



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Review of Hedgehogging (Hardcover)

I previously worked in the hedge-fund industry and now teach college students about finance. Therefore, I found Barton Biggs' anecdotes both instructive and amusing, having seen some of the poor lifestyle choices that some hedge fund managers ("hedgehogs", according to Byron) make.

However, the book's strength is not an "inside look" into the world of hedgehogs, but a series of instructive vignettes about how to be an "investor". According to Biggs, a true investor sees one step ahead, while the rest of us are responding to the "now".

The true investor pays a high price for this insight. A true investor makes mistakes, is inevitably early, has doubts, lives in a lonely world, and is abandoned at precisely the wrong time by his most loyal investors. Sleepless nights, grinding teeth, and poor digestion are just part of the price paid. (I certainly can attest to this, though I would never claim to be a true investor. I guess that I am just a "journeyman".)

The goal of people with money to invest is to find these true investors, give them their money, watch them closely, and stick with them through thick and thin. One must constantly watch, though, for the weaknesses that often come with success.

In the first half of the book, Byron provides many instructive stories, centered on his town of Greenwich, of successful hedgehogs who let their money determine their lifestyles. Inevitably, pride comes before the fall, destroying both lifestyles and businesses.

I strongly recommend this book, not as an investment guide, but as an "investor guide" -- a guide on how to be a successful investor or how to find successful investors to work for you. This book fills an critical hole in my library.

Addendum January 8, 2006: I've spoken to a few friends in the business who are quite angry about the passages in the book concerning the Breakers meeting that is sponsored by Morgan Stanley. I, too, felt that Biggs' comments were unwarranted, but they did not detract from the book for me. There are many in the hedge fund community who feel that Biggs owes them an apology. I agree.



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Review of Commodities for Every Portfolio: How You Can Profit from the Long-Term Commodity Boom (Hardcover)

After spending the last 10 years investing in stocks and seeing the rapid climb in commodity prices, I wanted to learn more about the markets and how to profit from the move. After seeing Mr. Balarie on many business channels I decided to pick up his book, and I am glad I did.

Balarie starts the book with his opinion that the commodity bull-run is far from over while highlighting many key drivers to support the sustainability of the rally.
What I found the most beneficial was where he goes into the many ways to investment in commodities and the inherent risks involved.

If you are interested in commodities this is a must read.





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Review of Origins of the Crash: The Great Bubble and Its Undoing (Hardcover)

Roger Lowenstein is one of the best financial reporters around, and he has done a fine job of taking the public information about stock market influences since the 1970s and connecting them to the 2000-2002 stock market crash in the United States.

I know of no book that touches on so many subjects including:

-Retirement money moving into mutual funds

-LBOs creating pressure on CEOs to get their stock prices up

-Leveraging of public companies to improve stock price

-The rise of free market economics as a policy influence

-401(k) plans creating a chase for fast results

-CEO stock options rising through the roof

-Michael Jensen and Joel Stern providing arguments in favor of excessive payments to executives

-Rise of the CFO as a "profit engineer" to produce most of company earnings results

-Lack of e.p.s. hit for stock options

-CEO pay skyrockets in the absence of performance due to lax consultants and boards

-New stock options being granted after stocks drop

-Cozy boards that inappropriately keep CEOs in place

-Managed earnings (especially by GE and Coca-Cola)

-Reduced disclosure

-Special Purpose Vehicles (to keep losses and debt hidden from investors)

-Security analysts having conflicts of interest

-SEC didn't do enough

-Accounting firms have conflicts of interest

-Derivatives are too unregulated

-Too much money to Venture Capital funds

-IPO boom

-Pro forma earnings

-Overinvestment in telecommunications

-Unrealistic expectations for the Internet and Internet companies

-Fraud by Enron, WorldCom and others.

Mr. Lowenstein also goes on to describe the current reform efforts including Reg FD and the Sarbanes-Oxley legistlation, and finds that we have not really cured the problem.We will inevitably have another bubble and crash ahead.I agree with that view.

At bottom, Mr. Lowenstein understands very well that too much financial incentive for executives is bad for everyone.The temptation is simply too great to bend the line . . . or to cross way over it.The average compensation in major public companies is excessive now, so the ultimate cause of inappropriate behavior is still in place.As a consultant, I have repeatedly seen honorable people make lousy decisions when the size of their bonus and stock option potential was larger than they could deal with in an unemotional way.

The book's main weaknesses come in two areas.First, Mr. Lowenstein views from the problem as an outsider and gets almost all of his information from the media.As a result, he doesn't give you the real pulse of what was going wrong in the companies.It would have been helpful if he had contrasted the Enrons and WorldComs with companies that were led by executives who have done an outstanding job running their companies during the same years (while being exposed to the same temptations and conflicts) such as Michael Dell, Tom Golisano, James Morgan, Jake Gosa, Bob Swanson, and Bob Knutson.

Second, he is sometimes careless about details.Joel Stern's Economic Value Added (EVA) is described as "Equity Value Added."The Innovator's Dilemma by Professor Clayton Christensen is described as being a bad influence on Citicorp by discouraging executives from improving their existing operations (nothing could be further from the truth).

In the end, I was impressed by his understanding that feeding greed with unlimited incentives is a bad idea.That's the bottom line on this crash.

As I finished the book, I was left wondering how we can cure this tendency to provide too many financial incentives to do the wrong thing.Simply policing those who are provided with the incentives more closely will probably not work by itself.



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Review of Your Employee Stock Options (Hardcover)

This is a book that will really help people, including my clients, decide what to do with their stock options. It is easy to read with excellent examples and very valuable tools.It does an excellent job explaing the intricacies of employee stock options without overwhelming the reader with technical jargon and tax laws. Being able to use the web site is amajor advantage.



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Review of Managerial Economics (Hardcover)

As an undergraduate Economics minor, general manager of a software company, and current MBA candidate, I consider Png's Managerial Economics work an essential addition to any business leader's library -especially anyone required to make key, informed decisions in the presence of scarce resources.

Dr. Png's Managerial Economics is head and shoulders above comparable managerial economics texts due to Png's use of relevant, real-world examples that drive home the course fundamentals.Dr. Png's content combines the science of Economics with the tenets of business strategy, providing the student with the key perspective needed to make intelligent business decisions in today's ever-changing business environment.

Instead of plodding over-explanation or over-simplification like many comparable texts, Dr. Png's work delivers the course concepts with informed clarity.Instead of feeling stupefied or unworthy after reading each chapter of the text, I increasingly gained a sense of knowledge and understanding as I progressed.This is the great difference between Dr. Png's work and the other comparable texts I have used:instead of feeling mystified, I finished the book with a higher degree of workable, usable economic know-how, that I have already incorporated into my every-day decision making

I highly recommend Dr. Png's Managerial Economics (2nd. Ed.) text to any student of business or anyone simply interested in keeping current with cutting-edge economic thought.



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Review of Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner (Hardcover)

I am a CPA and my wife is a full-time education student. I enjoy reading about accounting and finance. She does not. I like to pay the bills and do the household bookkeeping. She does not. However, my point is, we BOTH agree that this book is the one to have if you want to learn about saving and investing, building a nest egg for retirement, and having the financial independence to realize dreams, AS A COUPLE. I found this book very easy-to-read and informative, and I know I will use it often for future reference. As a CPA, I am accustomed to reading finance books and articles that are loaded with technical finance jargon. However, David Bach presents this information in a much more refreshing manner, and in a way that is easy for those unfamiliar with financial terminology, to understand. It gives you a wealth of information about 401(k)s, life insurance, trusts, wills, mutual funds, DRIPs, and much more. Most importantly, Smart Couples Finish Rich emphasizes personal financial planning and management as practically a lifestyle, not just an exercise or process. It shows you how to determine, as individuals and as a couple, what values you hold dear and how your view of money, investing, consumption, etc., should be aligned with your values. It really helps the reader to see that everything that one does in his or her life is a reflection of their values, including how one plans and manages his/her financial future. I highly recommend this book to those couples who are looking for an effective tool to learn more about personal finance and how to provide for their rich future together.



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Review of Public Relations: The Complete Guide (Hardcover)

Public relations (PR) is a critical feature of any modern institution's marketing program. However, it is often not seriously considered as a legitimate part of corporate administration because it frequently focuses primarily on tactics - what to do, when and how - and rarely rises into guiding overall company strategy. Yet, if you want a practical guide that will show you how to create a media kit or develop a crisis management plan, Joe Marconi's book is for you. It delivers solidly at this general tactical level, where it is, indeed, a working guide. However, it does not transcend into more theoretical reaches. The book skimps on some more meaty, advanced areas such as the theory of public relations and how it fits into overall corporate strategy. The chapters also do not seem to be arranged in progressive order by subject. For example, chapters on speechwriting are sandwiched between those on crisis management and ethics. However, we find this book valuable for those who want an overview of PR's work-a-day aspects, including normal business tactics if not sophisticated corporate strategy. It also will help those who are not fully familiar with what PR can deliver to a modern institution in challenging times.



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Review of Dealmaker: A Billionaire's Blueprint for Success (Hardcover)

Is how Forbes magazine described Wallace's claims of his net worth. His own financial statements claim his net worth at $250 million.Nothing to scoff at, but well short of his being a billionaire claim.He also claims right off the bat without any proof that most wealth in the U.S. was created through real estate investing.Uh oh.B.S. red flag raised.Check the Forbes 400 out.Real estate is nowhere close to being the the number one wealth generator in the country.Never has been.I question anyone who makes this false, unsubstantiated claim.Is this guy an infomercial huckster?This must also be a self publish deal, I was sick of the typos after the first few dozen pages.Do these authors have anyone read these things before they're sent out to be printed?He has some good info in regards to how to find investors and how to map a project out which keeps me from giving him one star.



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Review of Marketing Insights to Help Your Business Grow (Hardcover)

What a great help MARKETING INSIGHTS TO HELP YOUR BUSINESS GROW has been to me!As a freelance writer (with only minimal "hard business" experience), I have begun helping my daughter create a variety of marketing materials to promote her new venture as a licensed massage therapist.Thanks to Peter Francese's easy-to-grasp mini-articles, the realm of marketing has been demystified.I particularly appreciated learning how to let demographics shape a marketing plan, how to focus on ways of uniquely meeting the needs of specific target customers, and how to avoid spending excessive time, money, and energy on creating a website and email copy to reach potential clients.

Mr. Francese's touches of humor in the book are delightful.To remind start-up business people that they need only to be a step or two ahead of their competitors, he says, "When two of us are being chased by a bear, I don't have to run faster than the bear.I just need to be in front of you by a second or two."So with a smile and a great deal more confidence and at least vicarious knowledge than I had before reading his book, I am ready to draft a brochure and introductory letters to potential clients.

I should add that the hardcover book is small and light enough to tuck into a briefcase or purse, the font size and space between lines are easy on the eyes, and the subtitles throughout are truly helpful.Straight-forward graphics and references to other relevant books and websites are also valuable.Finally, there's no need to worry about business jargon in this book; it is non-existent, in favor of strong examples and clearly-presented "marketing insights to help your business grow." It's a great little book!



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Review of The Foreclosure Game (Hardcover)

I have worked in the Real Estate field for about 10 years and all I can say is that it is refreshing to finally read a book on foreclosure that completely makes sense. I think that even someone who doesn't work in the industry can understand what Frank Dobrucki is writing about.The book is packed full of useful information and it seems that this guy really knows what he is talking about. Bravo!!



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Review of Retire Without Worry: Simple, Straightforward Answers to Serious Financial Questions (Hardcover)

Written by certified financial planner Robert J. Reby, Retire Without Worry: Simple, Straightforward Answers To Serious Financial Questions is a no-nonsense, "reader friendly" guidebook to diverse money matters ranging from stocks, bonds and funds; to the ABC's of retirement planning, estate planning, taking care of taxes and so much more. An easy-to-follow guide written especially for lay readers in need of sound basic advice, Retire Without Worry is especially recommended reading for members of the baby boom generation who are now finding themselves on the brink of their retirement years and needing to address the pending financial and money management issues and concerns that they will all to soon be called upon to address for themselves and their loved ones.



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Review of Handbook of Structured Financial Products (Hardcover)

The book is excellent. It clarifies the whole variety of asset-backed and asset-backed securities, their pricing, structuring etc. Too bad that MBS have made such a mess on the financial markets :( Yet, this does not influence the fact that Fabozzi's book would be of great help to anyone, who would want to invest in ABS/MBS



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