This is an excellent overview of finance and related topics. focuises on macroeconomic factors, such as aspects of national banking and finance, international trade and currency exchange systems, etc. Also focuses on corporate and business finance. Also contains excellent exercises for math and accounting functions.
In a perfect investment world the price of a stock embodies its value. And those who believe this 'efficient' market hypothesis will be buying index mutual funds certainly not this book. But those who dismiss this academic construct to profit from the inefficiencies evident in the market still run substantial risks not adequately addressed by most investment books. The minefield of risks that Cunningham guides us through is that the biases of others, the cause of those price vs. value anomalies, are also our own biases and can trigger money-losing investment decisions. Overconfidence and the "pattern seeking" bias to project short term trends into the future are just two examples, but they do so some of the worst damage. They lead to a dangerous reliance on margin borrowing and excessive trading activity. Also, recognize that companies make many of the same behavioral errors. It is the author's "smart" investor who can spot the folly of manic acquisitions by companies acting as if they were on steroids - grasping for growth at a fiscal cost. Cunningham dismisses technical analysis as "hokum" (Here he agrees with the proponents of an efficient market who maintain market movements cannot be predicted accurately). Stay away from IPO's, companies relying on pro-forma accounting, and sector funds. Read analyst reports with caution, but do study closely "management's discussion" of their business in the annual report. Be wary of stock buybacks, stock option programs, stock splits, spin-offs, secondary offerings, and performance-based incentive plans. Any of these programs can be abused and rise out of corporate hubris. Above all: Recognize your biases, your tolerance for risk, be objective, and have criteria to know when to sell your positions. A lot of territory is covered in this book with some of the best material appearing in Chapters 10 and 11. Cunningham builds a persuasive case for adopting a long term, value oriented investment philosophy which is least affected by these biases.
Mutual fund managers who can beat the market for a couple of years are a dime a dozen. Mutual fund managers who can beat the market for a couple of decades are practically unheard of. Which is why almost every investor hasheard of John Neff. In his 31 years as a bargain-hunting fund manager, hebeat the market in 22 of them. By the time he retired a few years ago, adollar invested in his Windsor Fund in 1964 would have returned $56, versus$22 for the S&P 500.In JOHN NEFF ON INVESTING, one of the truemasters of Wall Street tells us exactly how he compiled this amazingrecord. With collaborator Steven Mintz, he explains what kinds of stocks helooked for (in a nutshell, low p/e stocks of companies growing earnings inexcess of 7% annually, often paying a respectable dividend) and a long listof qualifications concerning just what makes one low p/e stock better thananother. (A low p/e company growing too fast is suspect. A dividend yieldisn't always a must. Cyclical stocks should offer lower p/e multiples. Thelist goes on and on.) Just as importantly, Neff shares the wisdom of alifetime in the investment business, outlining the pitfalls that can trapthe unwary investor. (See Chapter 9, CARE AND MAINTENANCE OF A LOW P/EPORTFOLIO.
The meat of Neff's discussion of his investment style isincluded in the middle third of the book. Armed with this advice, aninvestor can easily begin to screen the stock market for companies that fitthe Neff mold. (MSN MoneyCentral Investor, at www.investor.msn.com, offersa powerful and free screening tool. There are many others.)
Elsewhere,Neff devotes the first third of his book to talking about his formativeyears in the investment business prior to taking over the Windsor Fund. Inthe final third of the book, he provides a journal describing hisinvestment activities at the helm of the Windsor Fund. He talks aboutcritical buy-sell decisions, why he made them, and how they worked out ...and also describes the ever-changing market environment in which he wasmaking them. (Reading this book is a great reminder that large-cap growthstocks don't always lead the market, as they have for the past five years.As such, it should help investors be better prepared the next time marketleadership changes.)
If you had the chance to sit down and talk with JohnNeff for a few weeks about his career and his investment style, what youwould get, though likely not so well structured, would be this book. I'dlove to spend those weeks with John Neff. But I wouldn't give up the chanceto have read this book, either. Few investors have achieved more than Neff,and his story deserves a place on any investor's reading list. ###
Click Here to see more reviews about: John Neff on Investing (Hardcover)
This is a great first book in stocks. Before reading this book I didn't know what questions to ask or where to begin investing in the stock market. I especially like thisbook's ground up approach
This book is excellent, as it delivers exactly what its title suggests.The book is expensive, as it is priced as a textbook.However, after reading it I feel it provides an excellent value.And, I will keep it in my personal library of quantitative books. Although the book is short, it is so hard packed with information that it takes a while to digest.Confirming the intensity of the information conveyed Amazon stats discloses that its Fog Index is 14.7 (years of formal education suggested to understand the book) and its Flesch-Kincaid Index is 11.5 (corresponding to the reading grade level).Those metrics are relatively high.However, the book is very rewarding if you want to learn the subject and manage your own capital in a better informed manner. 
This book is a detailed history of the financial markets in the US, particularly the 4 bear markets in the 20th century. The style is a little technical, but still fairly readable. It could have used a little more editing (typos) but it's still a well-researched and very thoughtful book.
This is an excellent book.I have been an investor in the Muhlenkamp Fund for the past ten years. I have witnessed firsthand how Ron Muhlenkamp and his team of analysts avoid the fads promulgated by today's financial media and select stocks based on the principles outlined in this book.
Save your money for something more useful. There is nothing in this book that makes it worth the price. A far better book on bear market investing is "Riding the Bear" by Sy Harding. And for concepts about timing the market and investing both long and short, see Les Masonson's "All About Market Timing" and Deborah Wair's "Timing the Market."
This is the best financial book I have ever read.I never imagined that learning about the stock market and investing in it can be fun.Tracy Byrnes makes it just that. Her book is easy to read, funny and so informative. It is like sitting and chatting over coffee with your best friend. That is how you feel after reading her book. I would highly recommend it to anyone interested in understanding the market. It would also be an excellent educational book to be used in universities. It is that good and more.I couldn't put it down once I started reading it. Thank You Ms. Byrnes.
This book is great.Not only is Paul McCulley one of the great financial minds of our generation, he also has the uncanny ability to communicate that which is in his mind and heart. This book will change one's financial life and provide the hope and clarity needed to better understand todays challenging financial markets. Finally, this book is understandable and entertaining.As soon as the reader finishes it, they will want to pick it up again for a second read.Happy reading!!
This book is a great summary of numerous clean technologies, spanning the range of power production (solar, wind, biofuels, geothermal, fuel cells), energy storage, energy conservation, food, water, vehicles, houses, materials, and more. John Rubino and his team must have spent an incredible amount of time digging into all the areas of clean tech, detailing their pros and cons, and surveying individual companies in each sector.