Killing Sacred Cows: Overcoming the Financial Myths That Are Destroying Your Prosperity
by Garrett B. Gunderson
from Greenleaf Book Group LLC
Our culture is riddled with destructive myths about money and prosperity that are severely limiting the power, creativity, and financial potential of individuals. In Killing Sacred Cows, Garrett B. Gunderson boldly exposes ingrained fallacies and misguided traditions in the world of personal finance. He presents a revolutionary perspective that can create unprecedented opportunity and wealth for thoughtful, mission-driven individuals.
Our financial lives are intimately connected to our societal contributions, and we must be financially free in order to achieve our fullest potential. Sadly, however, most people are held captive in their financial lives by misinformation, propaganda, and limited knowledge. Through well-reasoned arguments, unflinching logic, and revelatory insight, Gunderson defeats common clichés and faulty retirement planning advice to plainly demonstrate the following and much more:
- 401(k)s and the stock market are the most risky investments for most people and the gambling mindset they induce creates disastrous consequences.
- Conventional retirement planning advice, products, strategies, and techniques expose you to significant danger of being unable to retire, or of running out of money prematurely if you do.
- Building net worth is a recipe for creating a life of fear and poverty and how to escape that common trap.
- Debt may not be what you think it is and why that matters to your prosperity.
- 'High risk equals high returns' is destructive dogma and how reducing risk can increase your returns.
Killing Sacred Cows is a must-read for brave individuals willing to question common assumptions and teachings, overcome the herd mentality, break through financial myths, and live a purposeful, passionate, and prosperous life.
When Markets Collide: Investment Strategies for the Age of Global Economic Change
by Mohamed El-Erian
from McGraw-Hill
"ONE OF THE SMARTEST INVESTORS ON THE PLANET."--MONEY MAGAZINE
“This book is an essential read for those who wish to understand the modern world of investing.”
—Alan Greenspan
The #1 New York Times and #1 Wall Street Journal Bestseller
When Markets Collide is a timely alert to the fundamental changes taking place in today's global economic and financial systems--and a call to action for investors who may fall victim to misinterpreting important signals. While some have tended to view asset class mispricings as mere “noise,” this compelling book shows why they are important signals of opportunities and risks that will shape the market for years to come. One of today's most respected names in finance, Mohamed El-Erian puts recent events in their proper context, giving you the tools that can help you interpret the markets, benefit from global economic change, and navigate the risks.
The world economy is in the midst of a series of hand-offs. Global growth is now being heavily influenced by nations that previously had little or no systemic influence. Former debtor nations are building unforeseen wealth and, thus, enjoying unprecedented influence and facing unusual challenges. And new derivative products have changed the behavior of many market segments and players. Yet, despite all these changes, the system's infrastructure is yet to be upgraded to reflect the realities of today's and tomorrow's world. El-Erian investigates the underlying drivers of global change to shed light on how you should:
- Think about the new opportunities and risks
- Construct an appropriately diversified and internationalized portfolio
- Protect your portfolio against new sources of systemic risk
- Best think about the impact of central banks and financial policies around the world
Offering up predictions of future developments, El-Erian directs his focus to help you capitalize on the new financial landscape, while limiting exposure to new risk configurations.
When Markets Collide is a unique collection of books for investors and policy makers around the world. In addition to providing a thorough analysis and clear perspective of recent events, it lays down a detailed map for navigating your way through an otherwise perplexing new economic landscape.
Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not!
by Robert T. Kiyosaki
from Business Plus
Personal-finance author and lecturer Robert Kiyosaki developed his unique economic perspective through exposure to a pair of disparate influences: his own highly educated but fiscally unstable father, and the multimillionaire eighth-grade dropout father of his closest friend. The lifelong monetary problems experienced by his "poor dad" (whose weekly paychecks, while respectable, were never quite sufficient to meet family needs) pounded home the counterpoint communicated by his "rich dad" (that "the poor and the middle class work for money," but "the rich have money work for them"). Taking that message to heart, Kiyosaki was able to retire at 47. Rich Dad, Poor Dad, written with consultant and CPA Sharon L. Lechter, lays out his the philosophy behind his relationship with money. Although Kiyosaki can take a frustratingly long time to make his points, his book nonetheless compellingly advocates for the type of "financial literacy" that's never taught in schools. Based on the principle that income-generating assets always provide healthier bottom-line results than even the best of traditional jobs, it explains how those assets might be acquired so that the jobs can eventually be shed. --Howard Rothman
Personal-finance author and lecturer Robert Kiyosaki developed his unique economic perspective through exposure to a pair of disparate influences: his own highly educated but fiscally unstable father, and the multimillionaire eighth-grade dropout father of his closest friend. The lifelong monetary problems experienced by his "poor dad" (whose weekly paychecks, while respectable, were never quite sufficient to meet family needs) pounded home the counterpoint communicated by his "rich dad" (that "the poor and the middle class work for money," but "the rich have money work for them"). Taking that message to heart, Kiyosaki was able to retire at 47. Rich Dad, Poor Dad, written with consultant and CPA Sharon L. Lechter, lays out his the philosophy behind his relationship with money. Although Kiyosaki can take a frustratingly long time to make his points, his book nonetheless compellingly advocates for the type of "financial literacy" that's never taught in schools. Based on the principle that income-generating assets always provide healthier bottom-line results than even the best of traditional jobs, it explains how those assets might be acquired so that the jobs can eventually be shed. --Howard Rothman
A #1 New York Times bestseller, 'Rich Dad, Poor Dad' is a true story on the lessons about money that Robert Kiyosaki learned from his two "dads." One dad, a Ph.D. and superintendent of education, never had enough money at the end of the month and died broke. His other dad dropped out of school at age 13 and went on to become one of the wealthiest men in Hawaii. 'Rich Dad, Poor Dad' will . . .· Explode the myth that you need to earn a high income to become rich · Challenge the belief that your house is an asset · Show parents why they can't rely on the school system to teach their kids about money
· Define once and for all an asset and a liability · Teach you what to teach your kids about money for their future financial success. In 'Rich Dad, Poor Dad', Robert Kiyosaki explains how to make your money work hard for you instead of you working hard for money.
Stop the 401(k) Rip-off!: Eliminate Costly Hidden Fees to Improve Your Life
by David B. Loeper
from Bridgeway Books
-- How would you spend an extra $4,000 a year for the next twenty-five years?
-- How much more secure would your retirement be with an extra $100,000 or more?
-- How much more time could you spend at your family dinner table if you could work an hour less each day?
-- What would you do in retirement if you could retire three years earlier?
Your 401(k) plan is probably one of your most important future sources of financial security. This book makes it easy for you to take the five steps needed to add more than $100,000 to your retirement nest egg without taking more risk or saving more money. This can allow you to improve your lifestyle, increase your benefits, identify the hidden costs and also improve your standing within your company by proactively helping your employer to take needed action.
The Black Swan: The Impact of the Highly Improbable
by Nassim Nicholas Taleb
from Random House
Bestselling author Nassim Nicholas Taleb continues his exploration of randomness in his fascinating new book, The Black Swan, in which he examines the influence of highly improbable and unpredictable events that have massive impact. Engaging and enlightening, The Black Swan is a book that may change the way you think about the world, a book that Chris Anderson calls, "a delightful romp through history, economics, and the frailties of human nature." See Anderson's entire guest review below.
Guest Reviewer: Chris Anderson
Chris Anderson is editor-in-chief of Wired magazine and the author of The Long Tail: Why the Future of Business Is Selling Less of More. Four hundred years ago, Francis Bacon warned that our minds are wired to deceive us. "Beware the fallacies into which undisciplined thinkers most easily fall--they are the real distorting prisms of human nature." Chief among them: "Assuming more order than exists in chaotic nature." Now consider the typical stock market report: "Today investors bid shares down out of concern over Iranian oil production." Sigh. We're still doing it.
Our brains are wired for narrative, not statistical uncertainty. And so we tell ourselves simple stories to explain complex thing we don't--and, most importantly, can't--know. The truth is that we have no idea why stock markets go up or down on any given day, and whatever reason we give is sure to be grossly simplified, if not flat out wrong.
Nassim Nicholas Taleb first made this argument in Fooled by Randomness, an engaging look at the history and reasons for our predilection for self-deception when it comes to statistics. Now, in The Black Swan: the Impact of the Highly Improbable, he focuses on that most dismal of sciences, predicting the future. Forecasting is not just at the heart of Wall Street, but it's something each of us does every time we make an insurance payment or strap on a seat belt.
The problem, Nassim explains, is that we place too much weight on the odds that past events will repeat (diligently trying to follow the path of the "millionaire next door," when unrepeatable chance is a better explanation). Instead, the really important events are rare and unpredictable. He calls them Black Swans, which is a reference to a 17th century philosophical thought experiment. In Europe all anyone had ever seen were white swans; indeed, "all swans are white" had long been used as the standard example of a scientific truth. So what was the chance of seeing a black one? Impossible to calculate, or at least they were until 1697, when explorers found Cygnus atratus in Australia.
Nassim argues that most of the really big events in our world are rare and unpredictable, and thus trying to extract generalizable stories to explain them may be emotionally satisfying, but it's practically useless. September 11th is one such example, and stock market crashes are another. Or, as he puts it, "History does not crawl, it jumps." Our assumptions grow out of the bell-curve predictability of what he calls "Mediocristan," while our world is really shaped by the wild powerlaw swings of "Extremistan."
In full disclosure, I'm a long admirer of Taleb's work and a few of my comments on drafts found their way into the book. I, too, look at the world through the powerlaw lens, and I too find that it reveals how many of our assumptions are wrong. But Taleb takes this to a new level with a delightful romp through history, economics, and the frailties of human nature. --Chris Anderson
A black swan is a highly improbable event with three principal characteristics: It is unpredictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random, and more predictable, than it was. The astonishing success of Google was a black swan; so was 9/11. For Nassim Nicholas Taleb, black swans underlie almost everything about our world, from the rise of religions to events in our own personal lives.
Why do we not acknowledge the phenomenon of black swans until after they occur? Part of the answer, according to Taleb, is that humans are hardwired to learn specifics when they should be focused on generalities. We concentrate on things we already know and time and time again fail to take into consideration what we don’t know. We are, therefore, unable to truly estimate opportunities, too vulnerable to the impulse to simplify, narrate, and categorize, and not open enough to rewarding those who can imagine the “impossible.”
For years, Taleb has studied how we fool ourselves into thinking we know more than we actually do. We restrict our thinking to the irrelevant and inconsequential, while large events continue to surprise us and shape our world. Now, in this revelatory book, Taleb explains everything we know about what we don’t know. He offers surprisingly simple tricks for dealing with black swans and benefiting from them.
Elegant, startling, and universal in its applications The Black Swan will change the way you look at the world. Taleb is a vastly entertaining writer, with wit, irreverence, and unusual stories to tell. He has a polymathic command of subjects ranging from cognitive science to business to probability theory. The Black Swan is a landmark book–itself a black swan.
The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition)
by Benjamin Graham
from HarperBusiness Essentials
Among the library of investment books promising no-fail strategies for riches, Benjamin Graham's classic, The Intelligent Investor, offers no guarantees or gimmicks but overflows with the wisdom at the core of all good portfolio management.
The hallmark of Graham's philosophy is not profit maximization but loss minimization. In this respect, The Intelligent Investor is a book for true investors, not speculators or day traders. He provides, "in a form suitable for the laymen, guidance in adoption and execution of an investment policy" (1). This policy is inherently for the longer term and requires a commitment of effort. Where the speculator follows market trends, the investor uses discipline, research, and his analytical ability to make unpopular but sound investments in bargains relative to current asset value. Graham coaches the investor to develop a rational plan for buying stocks and bonds, and he argues that this plan must be a bulwark against emotional behavior that will always be tempting during abrupt bull and bear markets.
Since it was first published in 1949, Graham's investment guide has sold over a million copies and has been praised by such luminaries as Warren E. Buffet as "the best book on investing ever written." These accolades are well deserved. In its new form--with commentary on each chapter and extensive footnotes prepared by senior Money editor, Jason Zweig--the classic is now updated in light of changes in investment vehicles and market activities since 1972. What remains is a better book. Graham's sage advice, analytical guides, and cautionary tales are still valid for the contemporary investor, and Zweig's commentaries demonstrate the relevance of Graham's principles in light of 1990s and early twenty-first century market trends. --Patrick O'Kelley
More than one million hardcovers sold
Now available for the first time in paperback!
The Classic Text Annotated to Update Graham's Timeless Wisdom for Today's Market Conditions
The greatest investment advisor of the twentieth century, Benjamin Graham taught and inspired people worldwide. Graham's philosophy of "value investing" -- which shields investors from substantial error and teaches them to develop long-term strategies -- has made The Intelligent Investor the stock market bible ever since its original publication in 1949.
Over the years, market developments have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles.
Vital and indispensable, this HarperBusiness Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.
The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means
by George Soros
from PublicAffairs
Six Disciplines® Execution Revolution: Solving the One Business Problem That Makes Solving All Other Problems Easier
by Gary Harpst
from Six Disciplines Publishing
With all of the pressures successful business leaders have today, none is more urgent or challenging than learning the ability to execute strategy.
While larger businesses have the luxury of budgets and resources to meet this challenge, it's the small and midsized businesses that now have a tremendous opportunity to level the playing field, leapfrog the expensive, outdated approaches of the past, and attack the challenge of execution in a revolutionary way. The key insights are:
- Excellence is the enduring pursuit of balanced strategy and execution
- Planning and executing, while at the same time dealing with the inevitable surprises, is the biggest challenge in business
- Overcoming this challenge is what we mean by solving the one problem that makes all others easier
- Failing to solve the problem destines your organization to a reactive, fire-fighting future.
Based on breakthrough research, field testing and proven best-practices, the thought-leading vision described by Gary Harpst in Six Disciplines® Execution Revolution sets a new course for how small and midsized businesses can finally confront the never-ending challenge of executing strategy.
As a follow-up to the success of Six Disciplines for Excellence, Harpst's new book, Six Disciplines® Execution Revolution, details the elements of a complete strategy execution program, clarifies how it could only have happened now, and explains why such a program will soon become a mainstream requirement for your business.
Groundswell: Winning in a World Transformed by Social Technologies
by Charlene Li
from Harvard Business School Press
Corporate executives are struggling with a new trend: people using online social technologies (blogs, social networking sites, YouTube, podcasts) to discuss products and companies, write their own news, and find their own deals. This groundswell is global, it s unstoppable, it affects every industry and it s utterly foreign to the powerful companies running things now.
When consumers you ve never met are rating your company s products in public forums with which you have no experience or influence, your company is vulnerable. In Groundswell, Charlene Li and Josh Bernoff of Forrester, Inc. explain how to turn this threat into an opportunity.
Using tools and data straight from Forrester, you ll learn how to:
-Evaluate new social technologies as they emerge
-Determine how different groups of consumers are participating in social technology arenas
-Apply a four-step process for formulating your future strategy
-Build social technologies into your business including monitoring your brand value, talking with the groundswell through marketing and PR campaigns, and energizing your best customers to recruit their peers
Timely and insightful, this book is required reading for executives seeking to protect and strengthen their company s public image.
"Groundswell is jammed with big ideas, useful stories, and quotable stats. This is the new industrial revolution. Are you on board?"
-Seth Godin, author, Meatball Sundae
"This book will rock your world, if social technology hasn't rocked it already. It's a tsunami of unstoppable force. Amazon, Procter & Gamble, Facebook, Google, and Dell are profiting from the crest of the wave. Are you? Li and Bernoff are the apostles of the tsunami. This book will be your bible."
-Scott Cook, Founder and Chairman of the Executive Committee, Intuit
Groundswell provides practical advice on how to stay nimble and flexible in an ever-morphing digital world. Enabling your company to respond to change quickly especially when talking to and supporting your consumers is essential for business success.
-Cathie Black, President, Hearst Magazines
"The first phase of the Internet was about getting everyone connected. In this next phase, which changes the way we work, live, play, and learn, we re starting to realize the value of those connections as well as the new communications and experiences those interactions lead to the human network. Groundswell effectively documents this shift and underscores the opportunities available to all from this major market transition."
-John T. Chambers, Chairman and CEO, Cisco
"Heed the Groundswell! It's critical reading and helped us master the new dynamics of social media."
-Christina Norman, President, MTV
"Groundswell is a comprehensive look at the tidal wave of change engulfing marketers. Nobody should attempt to engage the newly empowered and emboldened consumer without first hearing what Li and Bernoff have to say on the subject."
-Clark Kokich, CEO, Avenue A | Razorfish
"Social technologies and the groundswell impact every business and organization worldwide. Li and Bernoff have written an insightful book that takes a refreshing research-driven approach to helping businesses transform themselves and successfully navigate this new dynamic landscape."
-Steve Rubel, Senior Vice President, Edelman Digital, and columnist for Advertising Age
The Neatest Little Guide to Stock Market Investing
by Jason Kelly
from Plume
A comprehensively updated edition of an essential guide to stock market investing
For over a decade, Jason Kelly has provided investors with the insider knowledge and time-tested strategies they need to maximize their investment programs. This thoroughly updated edition of The Neatest Little Guide to Stock Market Investing includes:
• Kelly’s Maximum Midcap Strategy, an innovative investment program that consistently outperforms the market
• Real-life examples of investment strategies that paid big dividends
• Tips from master investors like Warren Buffett, Peter Lynch, and Bill Miller
An accessible, intelligent, and highly effective approach to investing, The Neatest Little Guide to Stock Market Investing is an invaluable resource for investors everywhere.
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