Showing posts with label business and management. Show all posts
Showing posts with label business and management. Show all posts

4/08/2010

Review of Talking Money: Everything You Need to Know About Your Finances and Your Future (Hardcover)

When I found out that Robert Kiyosaki had good things to say about this author and this book I just had to get it. I didn't want to wait to buy the book so just downloaded the e-book to get started. This book is a winner.

I liked the section on buying cars. Other than Charles Givens, Chatsky is the only financial author that I know of who warns about dealers price (sucker stickers)vs the markup. This piece of information alone can save you thousands.

Also, like Givens, Chatsky recommends buying a 2 year old car vs a new one. The basis for this is that a new car will depreciate by 50% as soon as you drive it off the car lot. Buy your dream car, but 2 years old and put the saving in a good mutual fund.

The money market fund advice was also interesting. Chatsky offers a website to compare rates and shop for the best funds. This makes more sense than depending on your broker.

The investment advice is also right on and one of the only financial authors to explain the best time to be in stocks and bonds. A nice departure from the usual "buy and hold" or "dollar cost averaging" theory.

Chatsky also discusses "power buying" or how to save a bundle on almost everything you'll buy.

The credit card information was pretty basic but informative.

Overall, Talking Money is a winner and will offer you some new insights on how you spend your money and how to invest.

Good, solid advice that really works. I highly recommend this book.



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3/29/2010

Review of Professional Practice for Interior Designers, 3rd Edition (Hardcover)

FINALLY, a book that was written for the trained interior design professional. The author explains in detail how to legally and financially start and run a professional interior design business. The author is affiliated with the NCIDQ and definitely understands the difference between decorating and designing. Excellent read for anyone seeking or even just curious about the ins and outs of starting a business.



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Review of Sex, Drugs and Economics: An Unconventional Introduction to Economics (Hardcover)

If you think economics is really the "dismal science," then Diane Coyle, a Harvard-trained economist who lives and works in London, is out to change your mind. And what a job she does in her new book on the basics of general economics. This work is indeed an easy read on a complex subject but Coyle never insults the intelligence of her readers and fully intends to explain in a readable style exactly what the study of economics is all about.

Right at the beginning, Dr. Coyle tells us precisely what she intends her book to do: "This book aims to demonstrate that economics is essentially a particular way of thinking about the world that can be applied to almost any situation affecting individuals, companies, industries, and governments." Then, to make sure we all understand that the study of economics is not just for the professional or the academic but has a broader horizon, she insists that economics is "the subject for you whatever your interests and concerns" and that her objective is "to provide a new light and refreshing appetizer that might satisfy delicate appetites but also encourage some readers to develop a taste for more."

One of the things that makes this book so appealing is that Dr. Coyle uses our ordinary life experiences to allow us to grasp many of the major concepts of economics. She does discuss sex and illegal drugs and how economics applies to them, but she also has chapters on sports, music, energy, auctions, war games, movies, the Internet, weather, and other common topics with which we are very familiar, all utilized as a means to introduce, explain and describe various technical terms and concepts at different points in the book.

For instance, the first chapter of the book, titled "Sex: Can you have too much of a good thing?," introduces the concepts of "demand" and "supply," as well "inelastic supply of labor" and "product differentiation." Chapter 2, which is about illegal drugs, introduces the concepts of "market," "externality," "price elasticity of demand," and "cost-benefit analysis." A later chapter on sports explains the concept of "economics of scale," while the chapter on music explains the idea of "marginal cost," and the chapter on immigration explains the concept known as the "lump of labor fallacy." Furthermore, she provides an excellent description of the concept of the "public good" in the chapter on disease, and her discussion of this concept will be of particular interest to libertarians and classical liberals.

There are a few things I found particularly helpful during my reading of this book. The most important to me as a general reader was that the major terms and concepts of economics were set in boldface type as they were introduced in the text. This meant I paid particular attention to them as I was reading and realized they were important to understanding what was being said. Next in importance, at the back of the book is an appendix outlining and explaining the "Ten Rules of Economic Thinking," a section I thought helpfully summed up many of the main points expressed in the text. Finally, a glossary is provided which further explains and expands the major terms and concepts used throughout the book. I wish this sort of format was used more often in books on otherwise difficult subjects. And of course the book includes the usual bibliography (with many Internet websites also provided) and a well-organized comprehensive index.



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3/25/2010

Review of Outsmarting the Smart Money : Understand How Markets Really Work and Win the Wealth Game (Hardcover)

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.



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3/22/2010

Review of Encyclopedia of Real Estate Terms: Based on American & English Practice (Hardcover)

Now in an updated and expanded second edition, the Encyclopedia Of Real Estate Terms is an invaluable single-volume reference for students and professionals on real estate terminology. This 1,472-page compendium defines more than 8,000 terms based on American and English real estate practice, as well as terms from civil law, Scots and French law. With more than 11,000 references (including more than 3900 cases, 2100 statutory or code references, and 4750 bibliographical references) Encyclopedia Of Real Estate Terms is enhanced with an exhaustive cross-referencing system extending to over 30,000 entries and a Bibliography of over 900 books, as well as information on more than 55 real estate associations. Encyclopedia Of Real Estate Terms is an indispensable, core title addition to academic and professional real estate library reference collections.



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3/20/2010

Review of A Manager's Guide to Strategic Retirement Plan Management (Hardcover)

So much of a company's success today is dependent upon its profits, and few business components yield better earnings than a satisfied workforce. This is where Daniel Cassidy's book "A Manager's Guide to Strategic Retirement Plan Management" (John Wiley & Sons 2006) proves an invaluable asset to benefits managers aiming to attract and retain quality employees.

An accomplished and sought-after benefits specialist in the United States , Canada and the U.K. , Dan's book spans the history of company benefit plans from their evolution in the early days of railroads right up to Sarbanes-Oxley, a legislative landmark that stemmed from the 2000 Enron fiasco. "A Manager's Guide to Strategic Retirement Plan Management" smoothly clarifies the often complicated and shifting dynamics of retirement accounts, 401K plans, defined benefits vs. defined contributions, and other details and implications of employee benefit resources. Though geared for benefits managers, Dan's book also offers an up-to-date, informative resource for employees who want to keep an eye on benefit managers hired by their employer to keep an eye on their future.

"A Manager's Guide to Strategic Retirement Plan Management" is Dan Cassidy's first book, although he has written and published extensively in professional and business journals. A featured columnist for Employee Benefits Plan Review and a frequent commentator on Wall Street Journal Radio, he also regularly contributes articles to such high profile financial, management, industry and human resources publications as: Employee Benefits News, The Handbook of Business Strategy, Pension & Investments, Benefits & Compensation Digest, Employment Relations Today, and many more. A sought-after speaker on the impact of SOX, retirement planning "megatrends," pension plan management and vendor selection and management, Dan has spoken to such prestigious audiences as the Conference of Consulting Actuaries, NEEBC (the New England Employee Benefits Council), the Society of Actuaries (SOA), both national and local, and many other venues.

Dan is President of Cassidy Retirement Group of Concord MA, specializing in retirement plan consulting services for qualified and non-qualified benefit plans of clients in the US, UK and Canada. He is chair of the SOA's Smaller Consulting Firm section and a standing member of its Education and Examination Committee Executive Group. He's also on the faculty of the Boston College Center for Retirement Research.

NOTE: This review also appears on my website www.thoughtleading.com



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Review of A Manager's Guide to Strategic Retirement Plan Management (Hardcover)

So much of a company's success today is dependent upon its profits, and few business components yield better earnings than a satisfied workforce. This is where Daniel Cassidy's book "A Manager's Guide to Strategic Retirement Plan Management" (John Wiley & Sons 2006) proves an invaluable asset to benefits managers aiming to attract and retain quality employees.

An accomplished and sought-after benefits specialist in the United States , Canada and the U.K. , Dan's book spans the history of company benefit plans from their evolution in the early days of railroads right up to Sarbanes-Oxley, a legislative landmark that stemmed from the 2000 Enron fiasco. "A Manager's Guide to Strategic Retirement Plan Management" smoothly clarifies the often complicated and shifting dynamics of retirement accounts, 401K plans, defined benefits vs. defined contributions, and other details and implications of employee benefit resources. Though geared for benefits managers, Dan's book also offers an up-to-date, informative resource for employees who want to keep an eye on benefit managers hired by their employer to keep an eye on their future.

"A Manager's Guide to Strategic Retirement Plan Management" is Dan Cassidy's first book, although he has written and published extensively in professional and business journals. A featured columnist for Employee Benefits Plan Review and a frequent commentator on Wall Street Journal Radio, he also regularly contributes articles to such high profile financial, management, industry and human resources publications as: Employee Benefits News, The Handbook of Business Strategy, Pension & Investments, Benefits & Compensation Digest, Employment Relations Today, and many more. A sought-after speaker on the impact of SOX, retirement planning "megatrends," pension plan management and vendor selection and management, Dan has spoken to such prestigious audiences as the Conference of Consulting Actuaries, NEEBC (the New England Employee Benefits Council), the Society of Actuaries (SOA), both national and local, and many other venues.

Dan is President of Cassidy Retirement Group of Concord MA, specializing in retirement plan consulting services for qualified and non-qualified benefit plans of clients in the US, UK and Canada. He is chair of the SOA's Smaller Consulting Firm section and a standing member of its Education and Examination Committee Executive Group. He's also on the faculty of the Boston College Center for Retirement Research.

NOTE: This review also appears on my website www.thoughtleading.com



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3/19/2010

Review of Panic for Democracy (Hardcover)

This is a great read.Van Schalkwyk has drawn on wealth of research to effectively argue that our politicians and institutions have duped us, as their actions are self serving with total disregard for future generations.A weighty topic like this could easily have been a dull read but the author manages to maintain interest with a broad sprinkling of references ranging from medieval history through to modern fashion trends.If enough people were to read this book and perhaps listen to some of the others voices of reason out there, perhaps there would be chance for change.For all those who prefer to keep their head in the sand, not abook for you!



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Review of Goldilocks on Management: 27 Revisionist Fairy Tales for Serious Managers (Hardcover)

When I read the reviews for this book, I wonder if we are all talking about the same book.All the praise sounds like paid endorsements from friends of the authors.

Getting the idea that I didn't like this book?Not at all.Actually I loved it.It was fun to read& quick.

But, that's all it was -- animated & entertaining.

Goldilocks is purely ephemeral with management insights added inorder to convince you that what you're reading has substance.Theso-called 'business principles' are nothing more than short, shallowblurbs.

Here's how the book is arranged.There are 27 different fairytales.There are two I'm not familiar with.Ever hear of the "BremenTown Musicians?"Or "The Old Woman & Her Pig?"

Eachtales is modernized and reflects a business theme.For example, The ThreeBears operate a budget motel deep in the forest and Chicken Little readsthe Wall Street Journal because she follows the prices on corncommodities.

The story follows with details concerning a business issuesuch as:

=> marketing => team building => sales => cash flow=> hiring employees => customer service

A shaded box follows called* Basic Lesson *.Sometimes there's more:

=> how the tale applies toserious managers => a real-life story => a conclusion, called the'bottom line'

What I found is that most of the time the 'lesson' wasn'twhat I thought it was.It might be me, but I think the tale's outcomesaren't clear.

Let's talk 'Sleeping Beauty'.You all know the basicstory.In the Mayer's version Beauty's parents are wealthy beyondimagination.Think Bill Gates.She has everything she could want --wealth, beauty, intelligence.

The curse put on her by the uninvited guestis:"Nothing worldly will ever satisfy you.All this wealth is goingto bore you, enervate you, exhaust you.It will all seem so tawdry andmeaningless that you won't be able to stay awake." (p.67)

TheMayer's lesson is that you shouldn't leave people out of your planningprocess because it results in poor outcomes.(read Wicked Witch)

My take,from the way the tale is written, is this: when you give someone all theyneed in worldly goods, when they have everything, then you remove allmotivation to excel at anything.They have nothing to strive for.

Or howabout the 'Ugly Duckling'?In this version the lesson is to nurture andtolerate your staff's innate skills & differences.

Yet the storymakes it clear that the swan (ugly duckling) was forced to leave the ducksbecause he didn't fit in with the corporate culture.The way he looksdoesn't adhere to the duck dress code & he trumpets when he shouldquack.

In most of these tales the conclusions don't support the storyexamples.

Who's right?I don't know.Maybe it doesn't matter.

Whatdoes matter is the authors came up with a neat gimmick then made the talesfit their pre-conceived business lesson.At least that's myconclusion.

If you come across this book when you're browsing thebookstore & you have time, read some of it.If you see it at thelibrary, check it out.Buy it only if you have extra money around &are looking for some business fluff to break up the day's work.



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3/17/2010

Review of Relentless Growth: How Silicon Valley Innovation Strategies Can Work in Your Business (Hardcover)

As with his first book, Meyer artfully combines theory and practice in how to deal with success. This book applies well to any business aiming for high (35%+ per annum) growth and the tremendous strain this places onhaving a shared understanding of the company's goals, direction, andvalues.

Meyer presents many attributes of successful, aggressiveinformation-age companies and provides stimulating ideas about where andhow to steer an organization's culture. Maintaining a sense of urgency andchallenging things that brought about current success are hard to do, butthis book sheds some light on how to avoid complacency.

I find the book atad chauvinistic about Silicon Valley, but the area certainly has anenviable track record. I do think his ideas will work elsewhere. :)



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3/15/2010

Review of Everybody Wins: The Story and Lessons Behind RE/MAX (Hardcover)

This is one of the most outstanding books I have read .It tells a story and gives an in depth explanation of the reasons for the successes.The ability and single-mindedness of the leaders of the founders, Gail and Dave Liniger have provided cohesion and impetus to RE/MAX growth and efforts. The book is an outstanding case study which I am sure will become a standard text in colleges and universities.

I was also impressed with the care taken to recruit leaders and other employees into RE/MAX.As stated,"Recruit dream sharers for skills and knowledge but select finalists for values and attitudes."It seems to me that this credo has helped to assure RE/MAX's outstanding, continued success.Also, the unceasing emphasis on "stay focused," " brand dominance" and "pace line leadership" to assure growth helps to explain why RE/MAX is the world leader.

EVERYBODY WINS masterfully explains the RE/MAX concept and operation in my view.Harkins and Hollihan's outstanding case study helps to assure that RE/MAX is a "beacon" for firms and persons seeking success.I have no doubt universitybusiness schools will seize it to make their studies current, meaningful and reflect what is possible in American business both nationally and internationally.




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3/13/2010

Review of Trump Strategies for Real Estate: Billionaire Lessons for the Small Investor (Hardcover)

No one knows Donald Trump better than George Ross, his right hand man for over 20 years.I wasn't sure what I was going to get from this book-- I picked it up because of Donald Trump's track record, and none of his other books really goes intoreal estate investing specifics.This book was a pleasant suprise with a lot of good investing tips.The best part of the book (and worth the $17 bucks) was the chapter on negotiation-- George Ross tells us how to make a good deal, great by using negotiation as a key tool.I can't wait to put this book to use.



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3/11/2010

Review of Wharton on Dynamic Competitive Strategy (Hardcover)

Both editors are marketing professors at The Wharton School (University of Pennsylvania), which is the world's leading business school (BusinessWeek and Financial Times). George Day is well-known for his market-driven strategy, while David Reibstein is one of the leading scholars in the field of competitive marketing strategy. The book is split in 4 parts, each consisting of 3-to-5 stand-alone chapters.

Part I - Understanding Advantages in a Changing Competitive Environment - discusses competitive arenas, competitor analysis, and competitive advantage. The first two chapters expand largely on Michael Porter's (Harvard Business School) frameworks, whereby the other two chapters introduce approaches to include policy and technology trends into the strategic planning process.

The aim of Part II - Anticipating Competitors' Actions - is to get inside the heads of competitors. Chapters 5 and 6 explain the possible use of the game theory within competitive strate!gy and strategic decision making. Chapter 7 builds on these chapters to integrate the economic frame (chapter 5), the behavioral frame (chapter 6), with an coevolution frame. The final chapters of this part introduce frameworks and approaches to understanding competitor response and competitive relationships.

Part III - Formulating Dynamic Competitive Strategies - builds on the first two parts and introduces approaches to designing strategies. It introduces reactive strategies, preemptive strategies, signaling opportunities and uses, competitive positioning, and antitrust constraints (which is increasingly important to companies).

In Part IV - Choosing Among Alternative Competitive Strategies - the three chapters introduce methods and frameworks for choosing the right strategy. Chapter 15, in which conjoint analysis is combined with scenario analysis, is perhaps the most complicated chapter of the book. Part IV also introduces the possibilities to use simulation !tests for analyzing and testing strategies.

Although this book is named "Wharton on Dynamic Competitive Strategy", there are various chapters from other academic institutions. Each chapter is an excellent piece of work and can be read on a stand-alone basis. For beginners in the strategic field I recommend chapters 1 and 2 highly. The book is written in business US-English.



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3/10/2010

Review of Stock Market Stratagem: Loss Control and Portfolio Management Enhancement (Hardcover)

I agree with other reviewers that this book deserves 6 stars. Over the last 30 years, I've accumulated a lot of investment books but this is the first I've seen that has a chance of withstanding the test of the many varied business cycles over time. I note that this book has been selected as a text for several "practical" college investment courses.

Here are the specific reasons I like this book:

First, this is a book about lifetime investment principles for the DIY individual investor. Glett's idea is to devise easy-to-use techniques to take advantage of high growth stock market opportunities while minimizing possible losses with "risk control" strategies. Central to both concepts is the notion of diversification, where a portfolio of stocks are developed that maximizes the opportunity of finding a few big winners (doubles and triples), while limiting the number of losers to a tolerable few.

Extensive knowledge of economics or financial analysis is NOT required. Rather Glett advocates letting the market make the key buy/sell decisions. To provide insight, the techniques are explained using paper-and-pencil with public data from the web, but suggestions for simplifying the process using professional computer software are introduced as well.

An actively managed portfolio is advocated, where market conditions dictate what and when to buy and to sell. It is a "contrarian" strategy with a twist. It advocates the selection of low profile stocks in emerging market sectors rather than just the big names. It is also a "momentum based" strategy with a twist. Glett's "Reverse Scale" strategy advocates allowing winners to run, while losers are cut immediately. The twist in each case, however, is that its diversification and loss-control strategies are constructed to reinforce each other to minimize risk as defined by the investor. One of the key outputs of this strategy is the discipline to execute a stop-loss order within minutes after buying the stock to guard against subsequent "unreasonable exuberance."

Glett advocates the use of technical (charting) techniques to determine a stock's trend in order to quickly narrow a list of potentials to a select few. Charting is also useful in determining loss-limits. Financial and fundamental data are then used to gage the trend's sustainability.

And finally, techniques are developed for recognizing the onset of a bear market at which point the portfolio goes into limbo where winners continue to run, but losers are not replaced. A technique for knowing when to safely get back into the market is also presented.




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Review of Financial Armageddon: Protecting Your Future from Four Impending Catastrophes (Hardcover)

Financial Armageddon presents an alarming discussion of the Four Horsemen riding towards the U.S economy. Panzner has turned what might seem dry or inaccessible subjects - i.e derivatives, deficits, pension liabilities - into a tale even the layest of laymen can understand. Some will suggest it goes overboard in it's pessimism (hyper-inflation? widespread beggary and pestilence?) but even if it does it scarcely begins to offset the institutionalised optimism pumped out in the popular media. However the book is not just doom and gloom, it also provides concrete ideas on how individuals can prepare themselves and their investments. If even a fraction of Panzner's predictions come to pass investors will be grateful for the recommendations contained in this book. Read it and come away disturbed, but informed.



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3/09/2010

Review of The Irwin Guide to Using The Wall Street Journal, 6th Edition (Hardcover)

This book is a good introduction to the principles of the macro economy.

The author explains the basics of the federal reserve system, monetary policy, the causes and effects of inflation, and various personal investment products such as stocks, mutual funds, commodities, and money market accounts. The basics of each is explained, and the author shows how each is tracked daily in the Wall Street Journal. The purpose is to allow individuals to understand their investments, track their progress, and be able to react to changing market conditions. Its all sounds very axiomatic, but the great thing about this book is that it states basic principles that are often assumed, and thus left unstated.

For example, if the following excerpts are helpful to you, then this would be a great book for you:

Page 15: "The forces of supply and demand condition every business cycle."

Page 25: "Bank lending finances spending, and spending generates inflation. The Fed controls bank lending and can thereby control inflation."

Page 33: "Every commodity has a price; the interest rate is the price of money. As with any commodity, the price fluctuates according the the laws of supply and demand."

Page 165: "Mutual funds are popular with individual investors because they permit diversification in a wide variety of securities with a very small capital outlay."

These are examples of the points covered, and the level at which they are covered. If the above quotes sounded obvious, this book may be below your expertise. But if you finally want to understand the jargon you hear on CNNfn, this book will do the job.

This would be a great book to buy as a graduation gift for a high school senior, or anyone without a background in finance.



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3/02/2010

Review of Change to Strange: Create a Great Organization by Building a Strange Workforce (Hardcover)

How many times have you heard a CEO count his or her work force as a "competitive advantage?"Yet a trip to that CEO's store or office reveals nothing special.

Daniel M. Cable argues an organization needs to do something special to create something special.You cannot be great if your organization does what everyone else does.You have to be unique.You have to be out of the ordinary.If you want to stand above your competitors, you cannot be normal.To deliver a unique experience to your customers, your workforce must be unusual or striking. This out-of-the-ordinary experience, Cable defines as strange.

Even though too man organizations claim their workforces as a competitive advantage, most do not differ from their competitors.They treat their workforce the same way their competitors do.They compare their people practices to industry averages.As a result, nothing the organization produces is particularly noteworthy from a customer's point of view.

Cable, a management professor at the University of North Carolina, argues that if your organization hopes to achieve extraordinary results, your work force cannot be normal.The author offers four undeniable observations:

1.A great organization develops a sustained competitive advantage.
2.They get it by creating and delivering something to the market that is valuable, rare and hard to imitate.
3.Creating and delivering this value demands the disciplined obsession of a strange workforce.
4.A strange workforce is built by using unique metrics and strange workforce architecture.

Make sure you do not quit reading before the last chapter on measurement.The book's processes rely heavily on measurement and metrics.Creating a strange workforce, the author states, relies on a process for measuring fuzzy concepts.In the last chapter, he provides it.

The challenge leaders face is not developing a strategy, but translating it into reality through their workforces.Cable, whose consulting and teaching focus on bringing human systems in line with company strategy, weaves a healthy dose of practicality with inspiration to help them build a strange workforce.





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2/27/2010

Review of Global Business Leadership (Hardcover)

I had thought that in our increasingly shrinking world American business leaders would have understood more about other cultures by now.Not so, as experience shows time and time again.Obviously, education about cultural differences, why they matter and how to navigate them should be required for everyone in business today.This book is just the way to start.It is a terrific primer for all those businesspeople trying to navigate our highly interdependent, complex and diverse global environment.Even if you only read the Bottom Line segments of each chapter, you'll come away knowing far more than your average businessperson today!



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2/26/2010

Review of Mathematical Statistics for Economics and Business (Hardcover)

I bought this book because I was worried about starting an Econ PhD program without any experience in mathematical statistics. I am so incredibly pleased with my purchase. The author clearly lays out the axiomatic theory of probability and then continues to mathematical statistics, using many examples drawn entirely from economics. It is so helpful to see the connection to the material where I will actually be using probability. I'm so glad that I bought this book instead of a more general approach to probability and statistics.



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2/23/2010

Review of The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash (Hardcover)

This is a great book for those of you like me who are not in the financial services industry but who want to understand why our economy is melting down as we speak. It will also help you understand why this upcoming election is so important: The author describes the seismic ideological shifts over the last 40 years, from the Liberal/Keynsian era that imploded in the late 70s, to the current dying embers of the Chicago-School free market ideology that has held sway from Reagan up to the present moment. The author believes it is time once again for the pendulum to swing in the direction of more activist, socially conscious government intervention. He is not a liberal ideologue but a former banker who comes to his conclusions based on objectivity, knowledge, and lucid thought. The integrity of his thinking shines through every page. This is not always an easy book to read; due to the subject matter it is rife with all sorts of financial industry acronyms and terms like "tranch" and "quant" and "put", but don't let that throw you. Just keep reading with the big picture in mind and it will all come together in the end. It's well worth the effort!



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