Book Description
Where does money come from? Where does it go? Who makes it? The money magicians' secrets are unveiled. We get a close look at their mirrors and smoke machines, their pulleys, cogs, and wheels that create the grand illusion called money. A dry and boring subject? Just wait! You'll be hooked in five minutes. Reads like a detective story — which it really is. But it's all true. This book is about the most blatant scam of all history. It's all here: the cause of wars, boom-bust cycles, inflation, depression, prosperity. Creature from Jekyll Island will change the way you view the world, politics, and money. Your world view will definitely change. You'll never trust a politician again — or a banker.
Customer Reviews:
The Hobo Philosopher.......2007-10-02
This book is not main stream. Its critics would probably call it the radical theories of a "gold bug". A more "establishment" answer to the criticisms brought up in this book can be found in Galbraith's - Money, From Whence It Came and Where It Went.
This book is structured very well. It is easy to read and very persuasive but if you are like me, after you finish this book you will have more questions than you have answers.
The book makes some good points on the other hand it promotes many fantasies.
Mr. Griffin could be right on many things but his answers for the most part would not make things better - but worse in my opinion.
The solution to the MONEY problem are more complicated than the answers that are supplied here. This book is a good book to buy and to read but one must read it very critically - very critically.
Fearfully Factual - Wholly Horrific.......2007-04-22
If you, like me, believe that the truth doesn't always makes sense, but the WHOLE TRUTH usually does, then you will appreciate and value this well researched, carefully written work by G.E. Griffin. Even so, this is just the tip of a much bigger iceberg, but for anyone who wants to know why the working class has to work so hard, just to go backwards, you will find out a very definitive answer in this book. This book is a must have for any TRUTH SEEKER fighting for facts in an age of profiteering deceipt. If you are new to economics, please read "Whatever Happened To Penny Candy" by Richard J. Maybury and Jane A. Williams first and you will know more than than most politicians. Griffins other book, "A World Without Cancer" is equally as researched, informative, and important.
Even a beginner can understand.......2007-04-04
When I first read this book - I had only just begun looking at the banking system and how it worked. My knowledge extended a bit past CNBC - but not much. I found it understandable and enjoyable. Since my original read (about 3 years ago) I have read it again and bought a second copy to loan out - I don't want to lose my original. I'm not sure Joe Average could simply pick it up and be enthralled, but if you have an interest in the banking system - this is a great book - even if you have little background in the subject.
The Matrix .......2007-03-17
AFTER READING THIS BOOK YOU WILL HEAR DISCUSSIONS ON TALK SHOWS, ARTICLES IN THE PAPERS AND YOU'LL LISTEN TO THE RHETORIC BANTERED BACK AND FORTH AMONG PEOPLES TRYING TO GRASP "WHY THINGS ARE HAPPENING THE WAY THEY ARE". WHY DO BANKS GET INVOLVED IN APPROVING HOME LOANS ON OVER VALUED PROPERTY...KNOWING FORECLOSURES WILL SOON SKYROCKET? WHY DOES THE US SELL WEAPON TECHONOLOGY TO COUNTRIES THAT, WE CITIZENS ARE TOLD, ARE PROBLEM COUNTRIES? WHY HAS THE CIA TRAINED FOREIGN BORN INDIVIDUALS, SUCH AS, BIN LADEN AND OTHERS KNOWING FULL WELL WHAT THEY ARE ALL ABOUT? THE MEDIA REPORTS EVENTS AND WE ASSUME THAT IT IS TRUE...THAT IT REPRESENTS REALITY. BUT, THIS BOOK WILL TELL YOU WHAT IS REALLY GOING ON. THEN YOU WILL REALIZE HOW FOOLISH WE ARE TO LIVE IN THIS "WORLD OF MAKE BELIEVE" THAT THE MEDIA HAS CREATED FOR US.
Should be required reading.......2007-03-06
You can read the other reviews for synopsis and overviews. This is a must read and should be required reading for all Americans. It is a well researched and footnoted exposition on the Federal Reserve and far more. Griffin goes into fascinating asides regarding the origins of money and banking and the ways that bankers have instigated wars while supporting both sides. This book should be of great interest to those who enjoy either history, finance, foreign affairs, mystery or politics and answers many questions as to why the "world" is as it is today. The first 50 pages are a little slow and then it reads like a detective novel. It could even be argued that it's one's duty to read this book.
Amazon.com
Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the 20th century -- an astounding net worth of $10 billion and counting. That awesome record has made him a cult figure.
This illuminating biography reveals a man whose conscientiousness, integrity, and good humor exist alongside an odd emotional isolation.
Buffett also masterfully traces his life: his enormously successful partnership; his early, inspired investments in American Express and Geico; his companionship and investment with Katharine Graham of the Washington Post; his role in the Capital Cities purchase of ABC; his unique relationship with his wife and mistress; and his rescue of the scandal-ridden Salomon Brothers.
Book Description
Since its hardcover publication in August of 1995, Buffett has appeared on the Wall Street Journal, New York Times, San Francisco Chronicle, Los Angeles Times, Seattle Times, Newsday and Business Week bestseller lists. The incredible landmark portrait of Warren Buffett's uniquely American life is now available in paperback, revised and updated by the author.
Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the twentieth century--an astounding net worth of $10 billion, and counting. His awesome investment record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle, a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street, a brilliant dealmaker who cultivates a homespun aura.
Journalist Roger Lowenstein draws on three years of unprecedented access to Buffett's family, friends, and colleagues to provide the first definitive, inside account of the life and career of this American original. Buffett explains Buffett's' investment strategy--a long-term philosophy grounded in buying stock in companies that are undervalued on the market and hanging on until their worth invariably surfaces--and shows how it is a reflection of his inner self.
Customer Reviews:
You can't copy an artist.......2007-09-01
Reading this account of Warren Buffet, I am in awe of this man's intellect and aptitude for what he has spent his life doing. Investing. You will soon realize that any hopes of copying Buffet's strategy or system isn't possible for the "average Joe". It would be the same to think you could produce an outcome exactly like Michaelangelo or Rembrandt-it can't be done.
Buffett biography.......2007-08-04
I've found that if one has a handle on money, most everything else in life falls together. After reading this book, I put 90% of my savings in Berkshire Class B. 10 years ago. I tap dance everyday that I did. Oh, by the way, it's a great read. He was emotionally abused by his mother. Anything by Roger Lowenstein tells important money stories well.
Great work - but could have avoided few chapters .......2007-07-21
Roger has done a great job portraying the life of master investor, especially the way he has described each of Buffet's major takeovers. I was about to give 5 stars, but at last moment I changed my mind to 4 stars because a few chapters I seem were out of context, especially the ones that describe more about his children and the ones that are totally dedicated to Salomon brothers. I guess these chapters seemed a liitle bit out of context.
Dayanand
visit me @ http://annualreportanalysis.blogspot.com
Great Book...Best Book on Buffett.......2007-07-16
This is one of my favorite biographies. Wonderfully written. Put this at the top of your reading list.
One of the best book about Warren Buffett.......2007-05-14
Buffett mentioned this book to Bill Gates when Gates asked for his recommendations. I learn a great deal about Buffett through this book. One of the first books for me to read about Buffett, and one of the best as well.
Amazon.com
What do you do after you've written the No. 1 bestseller The Millionaire Next Door? Survey 1,371 more millionaires and write The Millionaire Mind. Dr. Stanley's extremely timely tome is a mixture of entertaining elements. It resembles Regis Philbin's hit show (and CD-ROM game) Who Wants to Be a Millionaire, only you have to pose real-life questions, instead of quizzing about trivia. Are you a gambling, divorce-prone, conspicuously consuming "Income-Statement Affluent" Jacuzzi fool soon to be parted from his or her money, or a frugal, loyal, resole your shoes and buy your own groceries type like one of Stanley's "Balance-Sheet Affluent" millionaires? "Cheap dates," millionaires are 4.9 times likelier to play with their grandkids than shop at Brooks Brothers. "If you asked the average American what it takes to be a millionaire," he writes, "they'd probably cite a number of predictable factors: inheritance, luck, stock market investments.... Topping his list would be a high IQ, high SAT scores and gradepoint average, along with attendance at a top college." No way, says Stanley, backing it up with data he compiled with help from the University of Georgia and Harvard geodemographer Jon Robbin. Robbin may wish he'd majored in socializing at L.S.U., instead, because the numbers show the average millionaire had a lowly 2.92 GPA, SAT scores between 1100 and 1190, and teachers who told them they were mediocre students but personable people. "Discipline 101 and Tenacity 102" made them rich. Stanley got straight C's in English and writing, but he had money-minded drive. He urges you to pattern your life according to Yale professor Robert Sternberg's Successful Intelligence, because Stanley's statistics bear out Sternberg's theories on what makes minds succeed--and it ain't IQ.
Besides offering insights into millionaires' pinchpenny ways, pleasing quips ("big brain, no bucks"), and 46 statistical charts with catchy titles, Stanley's book booms with human-potential pep talk and bristles with anecdotes--for example, about a bus driver who made $3 million, a doctor (reporting that his training gave him zero people skills) who lost $1.5 million, and a loser scholar in the bottom 10 percent on six GRE tests who grew up to be Martin Luther King Jr. Read it and you'll feel like a million bucks. --Tim Appelo
Book Description
In his first best-seller, Dr. Thomas J. Stanley shattered one of contemporary America's most firmly held myths: That wealthy individuals belong to an elite group of the highly educated and exceedingly lucky who often inherit their money and spend it on lavish purchases and pampered lifestyles. In fact, a significant number of America's wealthy are far more likely to work hard, save diligently, and live well below their means. As the title of Stanley's 1996 best-selling book stated, they are The Millionaire Next Door. Now, Dr. Stanley takes us even further with a new, ground-breaking study of America's wealthy. In THE MILLIONAIRE MIND he targets a different segment of the population and those who have accumulated substantial wealth and live in ways that openly demonstrate their affluence. Exploring the ideas, beliefs and behaviors that enabled these millionaires to build and maintain their fortunes, Dr. Stanley provides a fascinating look at who America's financial elite are and how they got there. What were their school days like? How did they respond to negative criticism? What are the characteristics of the millionaire's spouse? Is religion an important part of their lives? The author uncovers the surprising answers to these and similar questions, showing readers through concrete examples just what it is that makes the wealthy prosper when others would turn away dejected or beaten. The Millionaire Mind promises to be as transformational as Dr. Stanley's previous best- seller. This book answers universal questions with solid statistical evidence in an approachable, and anecdotal style. The number of copies sold of this soon-to-be-classic will surely be inæthe millions.
Customer Reviews:
Another great book by Thomas Stanley .......2007-09-27
Interesting insights into the typical millionaire personality. If you liked the Millionaire Next Door, this is an interesting book written along the same lines.
Statistical truth is half truth.......2007-09-10
I actually bought this by mistake. I was looking for Harv Ecker's book Secrets Of The Millionaire Mind, which I liked even less.
Want to become a millionaire? Forget it if you're a single woman. Forget it if you're a man who chooses to marry a woman with dreams of her own. This book winds up being so supportive of the 'father knows best' stereotype of what leads to success that I found it annoying. This book looks for, and finds, great successful MEN who own businesses, go to church, have "supportive loving" wives and families. They turn out to be the largest group of the rich. What a surprise.
Save your money and buy "The Millionaire Next Door" instead.......2007-08-13
I love "The Millionaire Next Door" (TMND) so much that I buy it 100 copies at a time to give away as gifts. That book is a financial planner's dream book because it explains in detail what we as a profession know about how most people become wealthy in America. Do buy that book -- it is fabulous.
This book is a disappointing follow-up. The typical millionaire that Stanley profiles here has a $600,000 income and a $9 million net worth. There are not too many people that I know that could believe they will ever earn that kind of income or have that kind of net worth. However, I do know many people who make $60,000, $80,000, $125,000, $150,000 or some other achievable income who do become millionaires or even multimillionaires. There is not much that they are going to find in this book that they are going to connect to, while TMND is chock full of "how to's" to become an "every day" millionaire.
This book is much too long, it is poorly edited, and as a result it is plain old boring. It reminds me of the boring textbooks I had to read in college. I was often incredulous that the person who wrote TMND could have written this book! He has obviously lost the good editor he used in the past. The book says in 400 pages what easily could have been said in 150 pages. It is full of mind numbing details and statistics.
I love to tell people that if you want to become a millionaire, then imitate millionaires. Dr. Stanley does a fabulous job in TMND delineating what millionaires really do:
1. Get out of debt and stay out of debt.
2. Save money; always pay yourself first. Spend less than you make. The typical millionaire saves 15-20% of their income.
3. Buy used cars and do not lease cars. You'll have plenty of time to drive luxury cars after you are rich -- don't do it while you were becoming rich as it will really slow down your efforts.
4. Buy a house and live in it for 20 years. If you upgrade every five years to keep up with the Joneses, you will never become rich.
5. Track your spending. Live frugally. Spend your money on what is important to you and not what will impress the Joneses. Do not spend money on "status artifacts" as Stanley calls them.
6. You do not need to make a ton of money to become a millionaire. If you follow steps one through five above long enough, you will eventually become a millionaire.
If you are in a business where your target market is people with at least a $10 million net worth and an income of at least $600,000, then it might be worth your time to slog through the tiresome details in this book. Otherwise, buy TMND and you'll know how Tom Stanley earned such a good reputation.
Jan Dahlin Geiger, Certified Financial Planner(tm), Author of "Get Your Assets in Gear! Smart Money Strategies" Get Your Assets in Gear! Smart Money Strategies
The Millionaire Mind.......2007-08-12
Highly Recommended read - it will change the way you think & spend your money.
Great information, and good on the commute (audio version).......2007-08-11
Aside from usefulness of content, one factor I always take into consideration into how easy it is to listen to is the reader, in this case, Cotter Smith is very enjoyable and easy to listen to. In terms of content, we get to look into more of Thomas Stanley's reasons for researching the affluent, and even some of his students. There is a lot of useful information here, although it isn't quite as good as The M Next Door, which I'm sure the other reviewers have already mentioned. Recommended, whether it's for reading or listening to on the way to work.
Amazon.com
Ron Chernow, whose previous books have taken on the Morgan and Warburg financial empires, now turns his attention to the patriarch of the Rockefeller dynasty. John D. was history's first recorded billionaire and one of the most controversial public figures in America at the turn of the 20th century. Standard Oil--which he always referred to as the result of financial "cooperation," never as a "cartel" or a "monopoly"--controlled at its peak nearly 90 percent of the United States oil industry. Rockefeller drew sharp criticism, as well as the attention of federal probes, for business practices like underpricing his competitors out of the market and bribing politicians to secure his dominant market share.
While Chernow amply catalogs Rockefeller's misdeeds, he also presents the tycoon's human side. Making use of voluminous business correspondence, as well as rare transcripts of interviews conducted when Rockefeller was in his late 70s and early 80s, Chernow is able to present his subject's perspective on his own past, re-creating a figure who has come down to us as cold and unfeeling as a shrewd, dryly humorous man who had no inner misgivings about reconciling his devout religious convictions with his fiscal acquisitiveness. The story of John D. Rockefeller Sr. is, in many ways, the story of America between the Civil War and the First World War, and Chernow has told that story in magnificently fascinating depth and style.
Book Description
John D. Rockefeller, Sr.--history's first billionaire and the patriarch of America's most famous dynasty--is an icon whose true nature has eluded three generations of historians. Now Ron Chernow, the National Book Award-winning biographer of the Morgan and Warburg banking families, gives us a history of the mogul "etched with uncommon objectivity and literary grace . . . as detailed, balanced, and psychologically insightful a portrait of the tycoon as we may ever have" (Kirkus Reviews). Titan is the first full-length biography based on unrestricted access to Rockefeller's exceptionally rich trove of papers. A landmark publication full of startling revelations, the book will indelibly alter our image of this most enigmatic capitalist.
Born the son of a flamboyant, bigamous snake-oil salesman and a pious, straitlaced mother, Rockefeller rose from rustic origins to become the world's richest man by creating America's most powerful and feared monopoly, Standard Oil. Branded "the Octopus" by legions of muckrakers, the trust refined and marketed nearly 90 percent of the oil produced in America.
Rockefeller was likely the most controversial businessman in our nation's history. Critics charged that his empire was built on unscrupulous tactics: grand-scale collusion with the railroads, predatory pricing, industrial espionage, and wholesale bribery of political officials. The titan spent more than thirty years dodging investigations until Teddy Roosevelt and his trustbusters embarked on a marathon crusade to bring Standard Oil to bay.
While providing abundant new evidence of Rockefeller's misdeeds, Chernow discards the stereotype of the cold-blooded monster to sketch an unforgettably human portrait of a quirky, eccentric original. A devout Baptist and temperance advocate, Rockefeller gave money more generously--his chosen philanthropies included the Rockefeller Foundation, the University of Chicago, and what is today Rockefeller University--than anyone before him. Titan presents a finely nuanced portrait of a fascinating, complex man, synthesizing his public and private lives and disclosing numerous family scandals, tragedies, and misfortunes that have never before come to light.
John D. Rockefeller's story captures a pivotal moment in American history, documenting the dramatic post-Civil War shift from small business to the rise of giant corporations that irrevocably transformed the nation. With cameos by Joseph Pulitzer, William Randolph Hearst, Jay Gould, William Vanderbilt, Ida Tarbell, Andrew Carnegie, Carl Jung, J. Pierpont Morgan, William James, Henry Clay Frick, Mark Twain, and Will Rogers, Titan turns Rockefeller's life into a vivid tapestry of American society in the late nineteenth and early twentieth centuries. It is Ron Chernow's signal triumph that he narrates this monumental saga with all the sweep, drama, and insight that this giant subject deserves.
Customer Reviews:
Bigger than life personalities?.......2006-03-01
Rockefeller is reported to have searched endlessly for golf balls lost in an attempt to recover them, yet could nearly buy the world - why?
Objective biographies are important to show that it is rarely money or greed that inspires the mind of man; it is the pursuit of the solution to the particular problem that he has defined worthy of solution. Both great inventions and great works of art have been formed as a result of the tiny seeds of construction or of destruction that engage the human spirit.
Without it, are we not all merely reduced to automated machine status, the robots of today for the future of tomorrow?
Is the mind of man made for the pursuit of money, or for the pursuit of satisfaction of what he perceives is worthy of addressing, focusing his attention upon the manner and the object of his passion?
What makes people tick is a source of inspiration often overlooked in the attempt to idolize or endow humanity, and far too often, misconstrued by mistaken others who aim to profit from that misinterpretation.
Molded soles, like molded fingerprints, rarely sit anyone else. Why then do we not concentrate upon the perspective of what men aim for, and why, rather than what they accomplish, and its yield?
Lessons from a Self Made Billionaire.......2006-01-01
This book is the best biography I've read thus far.
Ron Chernow has a deep understanding of
economics and history. He uses this understanding to
paint an accurate, balanced and complete picture of
the Rockerfeller dynasty with J.D. Rockerfeller as the
center of their powerful universe.
To emphasise just how well this book was written,
consider the fact that I spent my whole
Christmas weekend reading it! I couldn't move from my
library or sleep until it was done. Though the book
weighs in at approximately seven hundred pages, it is
reads like a novel, a trait which makes it both
palatable and pithy.
Synopsis
Rockerfeller has all the traits of a classic self made hero. His
antecedents are not amazing. He grew up in a poor
family featuring a bigamist foot-lose father who was
hardly ever around. His father taught John painful
lessons in business and human behaviour. John's father
would regularly tell John to jump from his high chair
into his father's arms. Once, in order to teach John
never to trust anyone, he told John to jump. He then
walked away, leaving John to slam painfully into the ground.
John's mother was the backbone of the family; quiet,
anassuming and hardworking. He assumed the role of
surrogate father and dedicated his life to ensuring his
mother and the rest of his family were safe, secure
and happy.
When Rockerfeller got into the business world, he
began as a book keeper. It was from these early
beginnings that he showed the traits that would be the
core of his success. He was meticulous and diligent
when keeping financial records and accounts. He would
manage his own funds as well as the company's money down to the
decimal point! Like Warren Buffet after him,
J.D. Rockerfeller would emphasis that "numbers are
everything."
J.D also proved that discipline is more important than
intelligence. In school, he wasn't the sharpest blade
in the set but his slow, diligent, determined and
disciplined approach to study ensured his success. He
emphasised this in his business dealings as well. With
this method, he created the jaggernaut monopoly of
Standard Oil. He began by consolidating the mass of oil
refineries and wells in Cleveland under his umbrella.
Later, after recruiting his alter ego, Henry Flagler,
they would proceed to dominate the oil industry
thoughout the world.
Rockerfeller also exemplified a reticence that would
inspire respect and fear in his enemies while planting
admiration and loyalty in his friends. At board
meetings, he was often known to lie back in a settee
with his eyes closed as he let his leiutenants debate.
Later, he would discuss these issues in great detail,
as though he had absorbed and understood everything
without skipping a beat. Within his company, he was a
ghost. Employees would never see him arrive or watch
him leave. However, they were made acutely aware of
his presence when he popped up at some underlings desk
and discussed their jobs and records in great detail. He
knew everything and everyone.
Later on, Standard Oil would become the focus of the
anti-trust movement. The Spellman Act was passed in
order to curb its power. In later years,
Rockerfeller's juggernaut would be split up with
unforseen results. Instead of destroying his wealth,
as his detractors and politicians had hoped, his
wealth and that of his shareholders trippled!
Rockerfeller's success was enduring and could not be
stopped or limited.
Rockerfeller dedicated the first half his life to becoming the
richest man on the planet. He then dedicated the
remaining half to becoming the greatest philanthropist
in the planet. His medical foundations brought
back the disciplined approach he applied to business to
the medical field that had erstwhile been dominated by
quacks and homeopaths. Were it not for Rockerfeller's
contributions to medicine, modern health might not be
as advanced as it is now.
After living to the ripe old age of ninety eight,
Rockerfeller had achieved more than most people achive in a
hundred lifetimes. He was one of those individuals so
powerful that he forever changed the destiny of
humanity forever.
Something in the nature of J.D. Rockerfeller had to
occur in America, and it is all to the good of the
world that he was tight-lipped, consistent and
amazingly free from vulgar vanity, sensuality and
quarrelsomeness. His cold prsistence and ruthlessness
may arouse something like horror, but for all that he
was a forward-moving force, a constructive power.
--H. G. Wells. The Work, Wealth and Happiness of Mankind.
Conclusion
This book is mandatory reading for all students of
success. It teaches the nature of the monopolist, the
spirit of the leader, the hunger of the rich, the
ambition of the visionary, the structure of a dynasty
and the soul of the innovator.
I've idolized Rockerfeller my whole life. Reading this
biography gave me an understanding of both his faults
and his virtues. It humanised him. The fact that
Rockerfeller is so much like a next door neighbour
leads the reader to a very important conclusion:
success is not about nature, it's about nurture. It
is not about intelligence but of intent. It is not
about destiny but of decision. It is not about magic,
it is about method.
Each of us can make the decision to be successful. All
we have to do is practice the method by mimicking that
of the giants who have come before us. That is the
Billionaire Way.
Good Stuff In This One!.......2005-12-18
We do want to know what made John D tick, and about his family as well. Are we surprised to know it was mostly do-ray-me with some Calvinism thrown in? Perhaps not. At least we are glad to know that he could spare those dimes... And that he enjoyed his twilight years gofing in sunny Ormond Beach!
If we are from Southwestern Pennsylvania, we have heard the unsavory stories of how he consolidated his power and even if we aren't we have Miss Tarbell's journalism to fall back on.*
Chernow relates this part of the tale well. Would that there were a bit more about the surreptitious doings of Mr. R's agents and underlings. Ah well, the good people of Oil City and Titusville remember...
If we want to know what happens to the children of the rich and famous, Chernow has that too, and there is nothing quite like this book's sad account of John D's daughter's ill-treatment in the hands of a rather well-known psychoanalyst. The train, the Rolls and the waving handkerchief will remain long in the reader's memory.
*The History of the Standard Oil Company : Briefer Version by Ida M. Tarbell, David M. Chalmers (Editor) (Paperback)
Book Great, Quality Good, .......2005-09-01
The seller was on time and very quick. The book is exactly what I wanted, but it said "like new". The book was from a public library with all of the stamps and codes and stuff on it. Not a big deal, I just wish I had known that before. Otherwise the transaction went great.
Very Impressive.......2005-04-05
It is Ron Chernow's writing style and skill that impressed me the most; next was the level of detail offered about John D. That said, John D.'s life in itself, as pesented by Ron, offers an invaluable lesson or two.
Amazon.com
Ugly Americans documents the "Wild East" of the mid-1990s, where young, brilliant, and hypercompetitive traders became "hedge fund cowboys," manipulating loopholes in an outdated and inefficient Asian financial system to rake in millions. Using a concept called arbitrage, they made their fortunes mainly on minute shifts in stocks being sold on the Nikkei, the Japanese stock market, collapsing banks and nearly bankrupting the Japanese economy in the process. Other schemes were also concocted, most of which were technically legal, though certainly unethical. This true story revolves around "John Malcolm," who, in exchange for anonymity, agreed to give Ben Mezrich all the access and information he needed to write this book. As a recent Princeton graduate in the mid-1990s, Malcolm accepted an undefined job offer from an American expatriate in Japan to work in the investments field. Though he had no prior experience, he facilitated 25 million dollars worth of trades on his first day on the job, and it just got more exciting from there. He soon joined a small group of expatriates, all in their twenties and mostly Ivy League graduates, who lived like rock stars, thriving on the stress and excitement of their jobs to create their own steroid versions of the American Dream half a world away. Mezrich tells this riveting story well, incorporating elements of the culture into his narrative, including the infamous and pervasive Japanese "Water Trade," or sex business, romantic intrigue, and even run-ins with the Yakuza, the Japanese mafia. Though there is little real analysis of their financial dealings and how they ultimately changed the rules of finance in Asia, this entertaining page turner does offer a glimpse into a world little explored in print until now. --Shawn Carkonen
Book Description
Ben Mezrich, author of the
New York Times bestseller Bringing Down the House, returns with an astonishing story of Ivy League hedge-fund cowboys, high stakes, and the Asian underworld.
John Malcolm was the ultimate gunslinger in the Wild East, prepared to take on any level of risk in making mind-boggling sums of money. He and his friends were hedge-fund cowboys, living life on the adrenaline-, sex-, and drugs-fueled edge—kids running billion-dollar portfolios, trading information in the back rooms of high-class brothels and at VIP tables in nightclubs across the Far East.
Malcolm and his Ivy League-schooled twenty-something colleagues, with their warped sense of morality, created their own economic theory that would culminate in a single deal the likes of which had never been seen before—or since.
Ugly Americans is a story of extremes, charged with wealth, nerve, excess, and glamour. A real-life mixture of
Liar's Poker and
Wall Street, brimming with intense action, romance, underground sex, vivid locales, and exotic characters, Ugly Americans is the untold true story that rocked the financial community.
Customer Reviews:
An Exciting Read and Look into the Asian "Wall St".......2007-09-12
For those who enjoyed the movie "Boiler Room," this book is a must-read. Mezrich tells the tale of wannabe big-time US investors who use the opening of the Japanese stock market to weasel in and stretch the law and their own morality to make deals and steals. It's an honest, gritty portrayal of the Asian nightlife and the ex-pat's who work hard by day and play hard after the bell signals close. You don't need to be a swing-trader to enjoy it; this is a great book for those who either want to learn about big stock trading or just read an adventure about a ex-football player who got roped into a shady, billion-dollar enterprise.
The characters are as real as they can get on paper. The protagonist is trying to make the one big score and get out and the antagonists are just reprehensible enough to remind you of business folks you know in your life. Add in Yakuza (Japanese Mafia), black market plotlines, and the urban backdrops of Osaka and Tokyo and you have a real grabber. It was tough to put this one down and the ending does not dissappoint.
Not even that interesting.......2007-07-31
I really enjoyed the author's other two works, which I read quite quickly. Whether they were totally factual or not was immaterial...they were fun and interesting reads. This book disappoints. I didn't find the story interesting or fast moving. The "danger" element seemed forced, almost as if it was added in to "spice things up".
If you're looking for a fast reading "true" story of big money makers, try Mezrich's other books. Avoid this one, whether you're a Mezrich fan or not.
Much ado about not so much.......2007-07-21
This book had a very similar tone to the "Breaking Vegas" book, which is not unexpected given that the books were written by the same author-- however, too much stylistic overlap is still too much.
On the good side:
1. The writing was fast, light, and easy to follow. Not needing of too much concentration, and something that can be picked right up and settled into.
2. There was some explanation about the concept of arbitrage.
3. There was interesting insight into the sex-for-sale culture of Japan. This alone could have spun off and made a whole new book.
On the bad side:
1. The explanation of the nuts and bolts of trading was too thin. It might have only taken one extra chapter to give us the details that many of us who bought the book were looking for.
2. I wonder how much the author *really* knew, given that he used the word "farang" to describe foreigners-- even though that word is 100% Thai. Was he throwing in technical terms to make it *look* like he had done his homework? And if he made that mistake, how many others did he make that we might not have recognized?
3. It might also have been interesting to get a better idea of just how much the Japanese government and Yakuza were in bed together. Is this really the case? Or is this poetic license? There were more than a few topics in this book that just weren't covered as much as a reader might have liked-- though I can appreciate that this is done for the sake of brevity. (An extra bit here and an extra bit there, and the next thing you know you have a book that is as overwrought with detail and most of what Ayn Rand has written.)
A story of the people, not of the business.......2007-07-15
This book is clearly written to entertain rather than inform, as it orders the exposition of events to maximize suspense rather than efficiency of information presentation. Additionally, it is a very shallow read, revealing absolutely nothing about the mechanics of trading or the business operations of the financial world, focusing instead on the lavish and crazy lifestyles of the rich and tasteless who run this world. For example, the author constantly refers to Nikkei trades done by the people in this book but never explains what it is about the trades that these men made that makes them so special. As an entertaining read, this book gets 3 stars, but as an exposition on hedge funds or stock trading this book gets 0 stars.
Thoroughly enjoyable!.......2007-05-19
A quick, smooth, fun read. Has all the tension and plotting of a good movie. Although the details might be somewhat inaccurate and/or exagerated, it's worth it for the inherent drama of the story, and the basic story is a corker.
Book Description
Learn how these superstars invest, where they invest, what works--and what doesn't
Since people have been making money in the markets, investors and would-be investors have been fascinated with the money managers and traders who have extracted superior returns. In The New Investment Superstars, Lois Peltz examines fifteen of today's most successful investors by their area of expertise, including stock-picking, global macro trading, sector investing, and more. Readers will learn how these great investors approach the markets at a time when volatility is high and certainty low. From the thirty-five-year-old Lee Ainslie (Maverick Capital), dubbed the "Win-Win Investor" by Worth magazine, and Ken Griffin, the thirty-one-year-old who started his first hedge fund as a freshman at Harvard, to Lee Cooperman, long a star stockpicker at Goldman, we meet today's superior managers and learn how they do it.
Peltz reveals that these new stars are flexible traders who inherently understand that long-term wins come from recognizing that markets are ever-changing and that they must adapt. By reading about how they've succeeded and where they lost, investors will learn about market change, and how success is achieved.
Lois Peltz (New York, NY) was editor-in-chief of MAR/Hedge Funds, an investment performance reporting service, for eight years. She is now President and CEO of Investment Information Providers, an information services company that provides investment information services to the professional investment community.
Customer Reviews:
Useful background detracted by gross errors.......2002-11-11
Contains useful background information and insights on managers, and the industry though it is of limited use regarding the strategies those managers use. Two really glaring errors (page 48 & 49 on incentive fees, and Page 65 on correlations - perhaps a misquote or a quote out of context) cast doubt on the reliability of other statements in the book for me. Consequently I recommend reading it, but with more than the usual level of skepticism.
If you are looking for trading ideas, look elsewhere.......2001-10-12
This book contains an almost painful amount of detail concerning the organizational structure as well as the investor base of the hedge funds whose managers it profiles. Unfortunately, as far as actual trading strategies are concerned, it is a complete failure. It will tell you in which areas a fund is active, but give you excactly zero detail about the strategies and tactics used by its managers. Even some rather bad books I have read at least contained one or two ideas that were worth investigating, but I couldn't gain anything at all from this book. Also, some of the track records really aren't that impressive. Not really bad, but definitely not what you'd expect from "Superstars".
Waste of Time.......2001-09-04
Very poorly written. Comments were too general. Offered little insight regarding reasons for the success of the managers. Best part of the book was the compilation of track records for each of the managers.
A long awaited.......2001-07-11
complement to the John Train/Jack Schwager series of books on managers. This book measures up well with its well-regarded peers. Lois Peltz has collected interesting information on hedge fund manager, most of whom are unknown even to investment cognoscenti. They are in her book because of their stellar records, despite the low profile many share (due to strict marketing regs for these investment pools). For readers who want a peek behind the hedge fund curtain, this book is ideal. It captures the personalities and backgrounds of the managers, and it benefits from Peltz's analysis of commonalties and future thoughts on the industry. If you are investment professional looking to add a couple of nuggets to your repertoire, you might feel slightly let down (hence 4, not 5, stars). The eye opening aspect for me was the annual returns revealed for each of the managers. This information is not widely available, and the magnitude and consistency of the annual returns was amazing for several of the managers. The extent of and rationale behind leverage is explored as well. Overall, the book was excellent, and I was happy to add it to my extensive collection of investment related tomes.
An Immensely Valuable Book.......2001-06-06
It is rare to be able to read one book on a complex topic and have it contain information of use to both the novice and the veteran. Lois Peltz has done it in regard to hedge funds...the most erudite of investment arenas. Whether it be basic information (definitions, tables showing manager spin-offs, industry disasters) or advanced (the irony of having the objective of superior performance over the long-term being measured in 90 day intervals), this easily readable and fascinating treatise delivers. From her overview of superstar managers (including the counter-intuitive observation that they're not in it for the money but rather because they love the challenge) to the side-bars concluding each that allow the reader to compare highlights, the profiles are enlightening. Specific insights on managers (Bruce Kovner's analogy of managing money to painting, Paul Singer's analysis of model and herding risk, to Raj Rajaratnam's requirement that analysts performing due diligence fax in a daily "What I've learned" or risk not being reimbursed for their expenses) provide enormous understanding of each manager. Finally, her own perspective, including highlighting the issue of manager capacity, offers unusual help in selecting/understanding managers. A must-read!
Book Description
Written for both the novice and experienced investor, this fascinating blend of biography and keen investment analysis has garnered acclaim in the world of high finance.
Nikki Ross has struck the mother lode about how to invest wisely in an increasingly uncertain world. The easy to follow investment insights she's gathered impart the various strategies of these ""superinvestors"" and explain how to integrate and implement them in today's markets. Five lifetimes of legendary Wall Street wisdom are distilled into three brilliantly simple steps. Readers will learn how best to gather the information and find investment leads; evaluate the data; and when to buy, hold and sell.
Customer Reviews:
A Must Read for Investors.......2004-05-14
This book has a refreshingly commonsense approach to investing. It contains a great deal of worthwhile advice and wisdom from some of the world's best investors. I am not an experienced investor, however I found it to be understandable and learned useful information from it. I would highly recommend it.
A Classic "Must Read" Investment Book.......2004-04-15
Nikki Ross has documented principal strategies and investing advice from the great Wall Street legends of our time. I have found the underlying principals of Buffet and his mentors as well as Price and Templeton to be very helpful. It is an easy to read enjoyable book. It may not be for day traders in general, but they could benefit from the list of questions asked by the masters before investing. I believe that had many investors read and applied this book prior to and during the recent crash, they might have saved a lot of money.
Blake Conant
Just read the "Evaluation" part.......2004-03-07
This book discusses on the techniques Warren Buffet (value/growth), Benjamin Graham (value), Phil Fisher (growth), T. Rowe Price (growth), and John Templeton (growth use or have used to make their fortunes.
The book is divided into 6 parts on one each of these legends and another on how to combine the knowledge of these experts. The sections are organized in an interesting way first off you learn what some of the stocks the well known investor has bought and why they met their purchasing criteria. There is also a nice 3 steps to how you can use their methods in your investments, this in turn is organized by:
1. Gathering information (this part it almost worthless in my opinion since it is very similar for each of the investors)
2. Evaluate (this is the best part of each of the areas in the book, you learn the questions these masters would ask a company and themselves. It's very good.)
3. Making decisions discusses how the masters decide when to buy and sell the stock.
This book and "The Money Masters" by John Train are interesting reads if you enjoy learning about the careers and wisdom these masters are willing to share.
I believe this book wouldn't be very useful for strict CAN SLIM investors or day traders but good for the buy and hold or long term growth and value investors it definitely shows you some of the possibilities.
Reed Floren
Worthless.......2004-02-26
This book is worthless. The true 'lessons' make up only a few pages of the book and these lessons are not detailed enough to make financially sound decisions. For example, a lesson such as "What is the PE Ratio?" is similar to what you would find in the book. OK, the PE ratio is 3. Is that good? Is that bad? How about 40? What is high? What is low? Do current interest rates effect PE ratio levels? What is an acceptable PE ratio for a growth stock? What is an acceptable PE ratio for a cyclical stock? You'll get no answers from this book.
The best "lessons" section (though still unacceptable) came from John Templeton. But these were a direct quote from an interview Templeton gave the Christian Science Monitor. The author must have spent a few weeks writing this book.
Most of the book is babble, reproduction of articles/reports, duplication of previous sections, and educational definitions for the newbie.
My lesson to you is to take the money you were going spend on this book and go buy a U.S. Savings bond. You will be richer and wiser in the end.
Not all its cracked up to be..........2004-02-23
...- I bought the book BUT Nikki Ross gives a basic three-step approach to investing, that is repeated throughout the book. 1. Collect info, 2. Analyse info, 3. Make a decision. And that's about as complex as the book gets.
Don't waste your money, unless you're after a very simplistic overview of investing. ALL OF THE FIVE STAR REVIEWS OVERRATE THIS BOOK - 1 Star (at best).
...
If you're after real value on practical management implementation tools that link strategy & financial numbers then YOU HAVE TO INVEST IN "Performance Measurement & Control Systems for Implementing Strategy" by Robert Simons.
Product Description
The first chapter makes the case that Warren Buffett's Berkshire Hathaway, although based in Omaha, has emerged as a truly international company. Chapter 2 explores Buffett's extraordinary gift of the bulk of his fortune to the Gates Foundation. Chapter 3 reveals what Gates gave Buffett as a thank you (surprisingly, Gates gave Buffett a 1776 first edition of Adam Smith's Wealth of Nations). And Chapter 4 tells of Buffett's purchase of Iscar, the precision tool company in Israel, and tracks BUffett's visit to Israel to visit Iscar's facilities and to meet with the Israeli prime minister. Also, there are chapters (among the 335) about Buffett's wedding on his 76th birthday, Berkshire's stock price surpassing $100,000 and Berkshire's bid to bail out the Lloyd's of London "Names." The fully revised book has more than 1,200 photos. The back cover photo is of Buffett and NBA's LeBron James.
Customer Reviews:
Rather disappointed.......2007-08-03
A lot of info about Buffett & his investment history, but most of them is useless. I see rubbish rather than helpful info in this book.
Ballooning volume size with shrinking contents.......2007-05-13
Kind of dissapointed after flipping through the two huge volumes. Nice pictures (but many of them not that clear)through out the book, and seemed to keep up to day with most of the recent events related to Warren Buffett. But the events has not much to read about. For example, about Buffett's purchase of USG stocks lately, only simply mentioned the fact without any background or related story (but the table of contents sure seemed to suggest otherwise). The older one-volume version of the book seemed to have more stuff to read then the new two-volume version, even the older text-only cover seemed to be nicer than the colorful picture-jammed new cover. The new 2 volume version seems to be a chronicle album rather than a historical book. Usually less really means more. Ballooning a book's size with air would only send the disappointed readers away.
Quantity AND quality!.......2007-04-25
I've just finished Volume 1 - a mere 903 pages - and it's terrific. The subject matter is compelling, of course, but Andy's own little humorous asides make this a very fun read!
far and away the best edition yet.......2007-04-24
If you want to gain insight into what makes Warren Buffett tick and what Berkshire Hathaway is really all about -- you NEED to get Andy Kilpatrick's Of Permanent Value. I have nearly every edition, and this 2007 International Edition, a two volume set, is superior to the past editions both in the extended quality of its content and in the upgraded physical quality of the book. The paper stock of this OPV is glossy and it is much "richer" than previous editions -- much more befitting the man who is it's subject. OPV 2007 IE is simply an essential part of anyone's library. I buy two -- one for home and one for the office. Every time I pick up the book I learn something new about Buffett, Berkshire and the businesses and people that make up this amazing story. A great gift for that Buffett-phile who has everything or the student who wants to learn more about this interesting and complex man/business.
The most comprehensive study of the life of the world's greatest invesor.......2007-01-26
Andy has really outdone himself with this set of two volumes. It has so much information in it that one has to pace himself when reading.There are 1800 plus pages. I find it highly interesting and infomative. If ever one wanted to know any thing about Warren Buffett, then this is the place to go. It probably has facts about WEB that even he may have forgotten.
That fact that this book has compiled just about evey fact that one might want to know about Buffett, from what type of car he drives to how many cokes he consumes a day, to his fond love of hamburgers,to the cost of his house in Omaha, it is in this set of two volulmes.
I am especially impressed with the stories on the early days of his partnership, and the wealth creation that came with throwing in with the unknown WEB. The amount of millionaires that he has created through his investing genius, as well as his patience on investing for the long term is to be found in this treatise over and over. I also feel that the lessons of life that Warren teaches is also most important. His value system is also on the mark. It is truly an amazing fact that the man is so correct in the manner in which he makes money, and also that he is so far ahead of the curve when it comes to his personal ethics. For example, when he got out of Freddy Mac, most people did not understand why. He did and sure enough, along come the accouting issues. He preached about stock options being expensed, about eating your own cooking. He has talked about the dangers of derivatives as well as excessive executive compensation. He is on the mark on all issues, and he sees the problems and explains it in simple english. Probably best of all, he lives his life in front of an open window,with everyone watchine his every move, but he lives it like he tells it. Andy has really laid it all out for anyone to see.
I know that if one wants to know how to invest like Warren Buffett, that this is a "must have" set. It is the best $ 50.00 dollars that a person will ever spend in the quest of long term investing and making money.
Book Description
John D. Rockefeller, Sr.--history's first billionaire and the patriarch of America's most famous dynasty--is an icon whose true nature has eluded three generations of historians. Now Ron Chernow, the National Book Award-winning biographer of the Morgan and Warburg banking families, gives us a history of the mogul "etched with uncommon objectivity and literary grace . . . as detailed, balanced, and psychologically insightful a portrait of the tycoon as we may ever have" (Kirkus Reviews). Titan is the first full-length biography based on unrestricted access to Rockefeller's exceptionally rich trove of papers. A landmark publication full of startling revelations, the book will indelibly alter our image of this most enigmatic capitalist.
Born the son of a flamboyant, bigamous snake-oil salesman and a pious, straitlaced mother, Rockefeller rose from rustic origins to become the world's richest man by creating America's most powerful and feared monopoly, Standard Oil. Branded "the Octopus" by legions of muckrakers, the trust refined and marketed nearly 90 percent of the oil produced in America.
Rockefeller was likely the most controversial businessman in our nation's history. Critics charged that his empire was built on unscrupulous tactics: grand-scale collusion with the railroads, predatory pricing, industrial espionage, and wholesale bribery of political officials. The titan spent more than thirty years dodging investigations until Teddy Roosevelt and his trustbusters embarked on a marathon crusade to bring Standard Oil to bay.
While providing abundant new evidence of Rockefeller's misdeeds, Chernow discards the stereotype of the cold-blooded monster to sketch an unforgettably human portrait of a quirky, eccentric original. A devout Baptist and temperance advocate, Rockefeller gave money more generously--his chosen philanthropies included the Rockefeller Foundation, the University of Chicago, and what is today Rockefeller University--than anyone before him. Titan presents a finely nuanced portrait of a fascinating, complex man, synthesizing his public and private lives and disclosing numerous family scandals, tragedies, and misfortunes that have never before come to light.
John D. Rockefeller's story captures a pivotal moment in American history, documenting the dramatic post-Civil War shift from small business to the rise of giant corporations that irrevocably transformed the nation. With cameos by Joseph Pulitzer, William Randolph Hearst, Jay Gould, William Vanderbilt, Ida Tarbell, Andrew Carnegie, Carl Jung, J. Pierpont Morgan, William James, Henry Clay Frick, Mark Twain, and Will Rogers, Titan turns Rockefeller's life into a vivid tapestry of American society in the late nineteenth and early twentieth centuries. It is Ron Chernow's signal triumph that he narrates this monumental saga with all the sweep, drama, and insight that this giant subject deserves.
From the Hardcover edition.
Customer Reviews:
One of the best books I've every read!.......2007-10-08
This book by Chernow is quite possibly one of the best books I've ever read. It tells a great American story of Rockefeller and his very humble beginings and how anyone willing to take chances, risk everything and in some instances do anything can succeed beyond belief. The book is quite long but in reality you seem to fly through it gaining the full impact of the robber baron days in America. You will see that while today's business greed may seem enormous they have nothing on the robber barons of the past. This book will also give you a great deal of insight into why we have all of those laws on the books involving monopolies, free trade, kick backs, labor and more. Whether you like biographies or just business this is a definite must read.
American Medici.......2007-09-02
We are taught in school to hate the rich, scorn the so-called robber barons, sneer at great achievement as some sort of easy ride. Rockefeller had his faults and no doubt running Standard Oil didn't come easily, but when we see what this remarkable man accomplished, we must tip our hats collectively and recognize him as one of the greatest men in American history. The philanthropy is easily sentimentalized as "giving" rather than understood as "making" and "doing." After all, this titan didn't just write checks - he conceived some of the greatest institutions in America, among them the University of Chicago. When one considers that Rockefeller set up and funded this grand institution, a university which in a mere 100 years can be compared to the finest universities in the world, it has to be recognized that we are dealing with an achievement of an unprecedented scale. Rockefeller we come to recognize belongs to that most rarefied circle of American greats, including the Founding Fathers, Lincoln, FDR, and Martin Luther King. Of course it doesn't end with the founding of U of C. Rockefeller and his son are responsible, along with their equally dedicated spouses, for turning New York City into a world capital. Think about it: Rockefeller Center, the UN, MOMA, the Cloisters. Consider the City without them. New York City became the capital of the world in the 20th century and the Rockefellers are largely responsible for this. Without them, the city would hardly be the jewel it is today; it would be another Sao Paulo, Singapore, or Calcutta. He's earned national praise. He deserves deification.
Entertaining.......2007-08-21
I love this book and I am equally impressed with all the precise information. It is presented in a detailed storyline that is chronological. I seriously could not put this book down. Every open minute I could find was spent reading it. It basically takes you back into John D. Rockefeller's childhood and moves into how he became wealthy in his time. It talks about how his dad would leave the family for months at a time, travelling and selling fake potions, and illustrated the instability John faced growing up, both not having a father around and having the financial stress put on the family. His mother stressed the importance of donating to the church and getting involved to raise money for the church. This background influenced his life, as he learned to write down every penny and keep keen book-keeping skills. He also felt a need to gain wealth to give it away. He donated to educate black women, donated funds for a medical facility and other philanthropic endeavors. There are some funny parts as well. One example would be when John himself had children and would make his son wear his sister's clothing for many years or make the children share one tricycle between the three kids, even after he became filthy rich. I laughed at this, while others I mentioned this to thought he was terrible. His kids were also not allowed to have friends over, according to the book. It is a quirky read that draws you into the life of one of the world's wealthiest people to enable understanding of why he was the way he was. It does not take long to read if you are really interested in it. It is entertaining and packed full of historical information.
Titan: the Life of John D. Rockefeller, Sr........2007-06-27
I have been a readaholic for about 50 years, and this is one of the best ever. This guy was a truly fascinating individual, made tremoundous contributions (both good and bad) to American life as we know it. The author does an excellent job of covering his life, the book reads as easily as a novel. I ordered this for my brother-in-law, as I felt anyone with an interest in business and history has to read this.
Loved this one.......2007-06-08
I believe this book was as good a business book as it was a biography. I was loned it by a friend and probably given 5 copies out to friends over the last couple of years.
Book Description
George Soros Ends the Speculation
"The outcome [of this book] is a summing up of my life's work. . . As I finish the book, I feel I have succeeded."-George Soros from the Preface
Critical praise for Soros on Soros
"If you have ever wanted to sit down for a candid conversation with a phenomenal financial success, George Soros's book provides the opportunity. You will meet a complex man and a first-rate mind."-Henry A. Kissinger
"The best expert on Soros is undoubtedly George Soros! After all, who is better equipped to tell us what he really thinks and how he thinks, a matter of some importance given the fact that he has translated a remarkable personal financial success into a truly generous and historically significant effort to promote postcommunist democracy." -Zbigniew Brzezinski
"The best X-ray of the mind of the master yet." -Barton M. Biggs
"George Soros brings a lot more to the world of finance than the intuition and nerve of a born trader-and in Soros on Soros he's no longer bashful about telling us about it. A philosopher at heart, George attributes his success at investing to a theory of the interaction of reality and human perception. What really drives the man now, with a personal fortune beyond all personal need, is a different kind of strategic investing-investment to build in Eastern Europe the kind of open societies he came to value in his own life." -Paul A. Volcker
Financial guru George Soros is one of the most colorful and intriguing figures in the financial world today. Now in Soros on Soros, readers are given their most intimate and revealing look yet into the life and mind of the one BusinessWeek dubbed, "The Man Who Moves Markets."
Soros on Soros interweaves financial theory and personal reminiscence, political analysis and moral reflection to offer a compelling portrait of the world (and its markets) according to Soros. In an interview-style narrative with Byron Wien, Managing Director at Morgan Stanley, and with German journalist Krisztina Koenen, Soros vividly describes the genesis of his brilliant financial career and shares his views on investing and global finance, politics and the emerging world order, and the responsibility of power.
Speaking with remarkable candor, he traces his progress from Holocaust survivor to philosophy student, unsuccessful tobacco salesman to the world's most powerful and profitable trader and introduces us to the people and events that helped shape his character and his often controversial views.
In describing the investment theories and financial strategies that have made him "a superstar among money managers" (The New York Times), Soros tells the fascinating story of the phenomenally successful Soros Fund Management and its $12 billion flagship, Quantum Fund. He also offers fresh insights into some of his most sensational wins and losses, including a firsthand account of the $1 billion he made going up against the British pound and the fortune he lost speculating on the yen. Plus: Soros's take on the devaluation of the peso and currency fluctuations internationally.
He tells of the personal and professional crises that more than once threatened to destroy him and of the personal resources he drew upon to turn defeat into resounding victory. And he explains his motivations for establishing the Soros Foundation and the Open Society Institute through which he worked to build open societies in postcommunist countries in Eastern Europe and the former Soviet Union.
Finally, turning his attention to international politics, Soros offers keen insights into the current state of affairs in Russia and the former communist bloc countries and analyzes the reasons behind and likely consequences of the West's failure to properly integrate them into the free world. He also explores the crisis of the ERM and analyzes the pros and cons of investing in a number of emerging markets.
Find out what makes one of the greatest financial wizards of this or any age tick. Soros on Soros is a must read for anyone interested in world finance and international policy.
Customer Reviews:
Truth and myth of a utopian Open Society........2006-09-03
Edward Teller and George Soros shared few common traits; nationality, religion, and globalization. Both were Hungarian, Jewish, hard workers, and stubborn thinkers. Teller dreamed of the Hydrogen bomb and believed earlier that a nuclear explosion might detonate the earth's atmosphere and ends civilization. Even with the fission bomb out-of-reach, Teller was living in the dreamland of the nuclear fusion. Soros is less fortunate in reaching his utopian dream despite his billions. Sociology isn't physics. Soros' players have emotions and beliefs that impact their decisions. The Russian robbers had outsmarted him, as they did with Napoleon and Hitler. Yet, his driven obsession with open society made him repeat the same mistake in Macedonia and Ukraine.
Teller also confronted opponents, yet with like scientific minds and confronting limited physical constraints. Knocking down Oppenheimer was Teller's big chance to keep his status, though never became billionaire. In Soros's realm, there is no known opponent to knock down in order to satisfy his utopian dream of open society. His sense that his efforts might lead to lasting changes on the long term, even in his absence, might well be true. Ideas outlive people, though Soros' generation is unique in many ways.
Soros's basic concepts center on reflexivity, fallibility, far-from equilibrium economy, and open society. His basic tools are economic and mathematical analysis of supply and demand. The greatest challenge to his effort to utilize his tools in achieving open society is the lack of concrete principles for predicting human emotion. Not only the little players like Macedonia, Albania, Iran, and Israel are driven by emotions, but also the American Superpower shares the ailment. Noticeably however, financial investors possess detrimental emotion as well. They must win in the first round or get out before another loss. Soros' judgment on the imbalance of receivables and production in the new Russia is an example of an impatient, selfish, and zealous financier looking merely for his immediate gain.
In his comparison to the sudden decay of the Soviet empire with the British Empire, Soros cannot conceal his wishful desire of a mechanical history. He bitterly blames the West for betraying Mikhail Gorbachev and accuses the latter of being naïve. Yet, he admits that the sick mother of communism could not carry her fetus to full term. His paternal views that eastern European and third world nations need be or anxious to be told what to do when given financial assistance, omit national emotions. Nations have pride as do individuals. Coercive politics might hinder the progress to open society. Past Germany, Venezuela, Iran, North Korea, Iraq, Syria, Cuba, and Yugoslavia are examples of how imposing politics perpetuated long conflicts.
Where does his utopian dreaming lead to? The Internet, he claims, is opening society and might seal the death of fascism, communism, and the like. However, anything could happen in the future since our civilization is fueled by energy which is getting scarcer everyday. His assumption that a new scientific breakthrough, such as carbonless extraction of energy from coal, or other innovations that secure renewable energy, could safeguard human civilization from inevitable catastrophe.
Soros' resort to philosophy is driven by his economic undertaking. In order to make financial profit, he has to tackle the emotional factors of key players. Against the common wisdom of history and science, emotional policy-makers are still blundering national treasures and human lives. Defeat or victory in war is still the controlling principal in curtailing stray emotion of nations.
Mohamed F. El-Hewie
Author of
Essentials of Weightlifting and Strength Training
If you like reading Warren Buffet, you will not like reading George Soros.......2006-05-13
I'll say this first: I am not a genius, and George Soros probably is. The book presented itself in an interesting Q&A format that made it easy to skip around and jump sections. That being said, it was still a struggle to finish.
I did not like this book because it was hard to understand and mostly discussed Soros' high-level theory on investment strategy. His theory, which Mr. Soros is very passionate about, has something to do with the universe always being out of balance. If you are a finance whiz who thrives in theoretical analysis, or if you are a new age guru curious about a billionaire's spiritual mantra, maybe you will like this book.
The Life & Times of Convicted InsideTrader.......2004-05-21
George Soros was convicted of inside trading in December 2002. He engaged in inside trading of Societe General stock.
"Mr Soros and three other defendants, the court found, bought Societe Generale stock when it was cheap, and cashed in their investment when the price rose after the bid became public.
Two other businessmen implicated in the scandal - Edmond Safra and Robert Maxwell - have since died."
Maxwell killed himself after his billion dollar scam/business was exposed. He dove off his huge yacht off the coast of France. He left behind billions in debts and thousands of British workers lost their pensions. Soros is known by the people he associates with.
It is not to hard to "stay ahead of the curve" when you trade with inside information.
For more details - go to the BBC news web site and search for Soros insider trading or Google and type Soros BBC insider trading.
Self indulgent but interesting.......2003-10-24
This is a commissioned book. Basically, a self-indulgent pseudo-autobiography written in an interview style. "my own estimation of myself is more important to me than other people's" (P249)
The interview style makes this work more accesable to the average reader by overcoming the intense, convoluted style of Soros' other writings. It also allows more topics to be covered in less technical detail.
If you want to learn a little about Soros, this is an interesting book with fascinating pearls of wisdom. But don't think of it as an autobiography; rather a rumination on various aspects of his character.
The Man Who Moves Markets.......2003-08-08
This book covers many facets of George Soros's life- his investment philosophy, family history, quantum fund, his own theories of investing, philanthropy, diplomacy, and some of his selected writings. Mr. Soros talks about macroinvesting and how leverage has given the quantum fund greater flexibility than a two dimensional portfolio. He surprisingly admits that he is a very critical person who looks for defects in him as well as others- calls himself an insecurity analyst. Mr. Soros also talks about the tension between his parents and how the Nazi invasion of Hungary influenced him. I would suggest that one read his book, The Alchemy of Finance to learn more about his approach to investing. Classical economic theory assumes market participants act on the basis of perfect knowledge, his philosophy is based on imperfect understanding. The Alchemy of Finance talks in detail about the general theory of reflexivity and boom/ bust theory. Using the sterling crisis, Mr. Soros emphasizes the need for Euro. Karl Popper at LSE influenced him greatly and Mr. Soros invested millions on promoting an open society in Eastern Europe. His foundations have failed in China and Russia. He does not want anything but the Central European University to outlive him. Mr. Soros talks extensively how the west failed the Soviet Union and states that it would have been better had it not collapsed like Yugoslavia It is a must read for anybody interested in philosophy, diplomacy ,and business.
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