The History Book Club discussion
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Bentley, Group Founder, Leader, Chief
(last edited Mar 28, 2018 02:14PM)
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Sep 02, 2017 11:37AM
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Bloomberg
http://www.bloomberg.com/
Google Finance
http://finance.google.com/
GuruFocus
http://www.gurufocus.com/
Investopedia
http://www.investopedia.com/
MarketWatch
http://www.marketwatch.com/
MorningStar
http://www.morningstar.com/
The Motley Fool
http://www.fool.com/
NASDAQ
http://www.nasdaq.com/
Seeking Alpha
http://www.seekingalpha.com/
The Street
http://www.thestreet.com/
Yahoo! Finance
http://finance.yahoo.com/
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by James M. Wahlen (no photo)Synopsis:
Learn how to conduct financial statement analysis most effectively as you perform analyses on actual, familiar companies. Wahlen/Baginski/Bradshaw's Financial Reporting, Financial Statement Analysis and Valuation, 9E provides a complete, balanced approach as the authors teach you how to integrate concepts from economics, finance, business strategy, accounting, and other business disciplines through the book's unique six-step process. Quick checks after each section help you ensure you have grasped key insights, while integrative and continuing cases highlight familiar companies, including Starbucks and PepsiCo.
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I agree that wage stagnation and an unwillingness to invest into the industrial base are significant problems for US companies, but I think that buybacks are more a symptom of global economic changes, than a cause. In particular, globalization has made it more difficult for companies to generate sustained returns on investments, and has made earnings more volatile for all businesses. The lower returns on investments has led to more cash being returned, and the fear of earnings volatility has tilted companies away from dividends, which are viewed as more difficult to back out of, to buybacks. In conjunction, a shift from an Industrial Age economy to the economies of today has meant that our biggest businesses are less capital intensive and more dependent on investments in intangible assets, a trend that accounting has not been able to keep up with. You can ban or restrict buybacks, but that will not make investment projects more lucrative and earnings more predictable, and it certainly is not going to create a new industrial age.
Damodaran also made some interesting points in his recent interview on the Meb Faber podcast about potential negative effects of banning buybacks. One was that less freedom to return cash to shareholders might result in more corporate mergers, which line the pockets of investment banks, create antitrust problems, and result in more employee layoffs. A ban on buybacks could actually have the opposite effect on American workers of what it intends!
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by Cary Siegel (no photo)Synopsis:
Author Cary Siegel first got the idea for "Why Didn’t They Teach Me This in School: 99 Personal Money Management Principles to Live By" when he realized how inadequately schools had taught his own kids about handling money. This book brings young people up to speed, but don’t overlook it if your twenties are now in the rearview mirror; You’re never too old to master these 99 principles.
Sure, 99 sounds like a lot, but Siegel has encapsulated them into eight broad lessons. They’re about learning to manage your money so it doesn’t manage you. And the book is particularly digestible with less than 200 succinct, let’s-get-to-the-point-here pages.
Siegel has an MBA from the University of Chicago, but his book isn’t highbrow and lofty. It’s about basics, couched in terms that even your high schooler can easily grasp. They apparently work well because the author retired at age 45.
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Robert T. KiyosakiSynopsis:
"Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!" is something of a memoir with lessons attached. With an updated, 2017 version, 20 years since it was first published, this read is one of the bestselling personal finance books ever.
Kiyosaki walks readers through some childhood reminiscences, a contrast between his not-very-wealthy father and the dad of his friend who happened to be one of the richest residents of Hawaii. The comparison shines a spotlight on how to best manage your money or lack of it, as well as helping your kids to do so as well. According to Kiyosaki, not all debt is bad, and you can work your way toward wealth even if you don’t enjoy a staggering income. It’s all about how you handle the money you have and figuring out how to escape your small paycheck. This updated edition of "Rich Dad Poor Dad" is particularly enjoyable and insightful as it compares life 20 years ago against what it is today.
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Dave RamseySynopsis:
When Dave Ramsey talks about money and finances, people sit up and listen, and with good cause. Along with his highly successful radio program, the Dave Ramsey Show, he’s written five New York Times bestsellers, including "The Total Money Makeover." This edition, "The Total Money Makeover Classic Edition: A Proven Plan for Financial Fitness," includes some new “Dave Rants” that tackle budget-busters like marital difficulties and how to foot the bill when your kids head to college.
This is no get-rich-quick scheme — Ramsey’s books never are. The book provides a solid foundation for saving enough money so that the next life emergency won't derail your finances and you can retire comfortably. Ramsey’s cred has always involved paying off your debt so you can get there, and he tells you how.
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David BachSynopsis:
Straightforward without unnecessary details, the beauty of David Bach’s "The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich" is that it delivers exactly what it promises: a one-step plan.
At first, the book almost reads like fiction with a success story about a couple who earn a modest income but nonetheless owns two mortgage-free homes with significant retirement savings, too. From there, Bach explains a simple one-step process that will put you in this couple’s shoes — and it doesn’t involve budgeting, gritting your teeth, or earning six figures a year, either.
You can trust Bach, as he's previously published three other bestsellers. "The Automatic Millionaire" spent 31 weeks on the New York Times Bestseller List when it was published in 2004 and it’s sold more than 1.5 million copies.
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Vicki RobinSynopsis:
The authors of "Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence" dare to express the idea that living frugally will actually make you happier.
Think about it: you have a choice between two jobs, one that pays really well and one that doesn’t. But the well-paying job involves something — maybe coworkers or the nature of your duties — that will make you really, really dread going to work. Which job do you accept? Robin and Dominguez think it’s a no-brainer. Earning money should not mean misery. Go with the one that makes you happiest and trim your budget accordingly, and "Your Money or Your Life" will tell you how. Overall, it’s not so much about learning to budget as it is about living within your means by changing your habits and enjoying life.
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Thomas J. StanleySynopsis:
To truly understand how to accumulate wealth, business professors William D. Danko and Thomas J. Stanley explores the seven common traits found among millionaires in "The Millionaire Next Door: The Surprising Secrets of America's Wealthy." After years of research into the wealthy, the authors interestingly found that most of them don't live in Beverly Hills or drive fancy cars. Instead, these people acquired most of their wealth by working hard, living frugally, and saving most of their money. Contrary to the media's flashy depiction of millionaires, the book emphasizes how to get rich without needing a high-profile job or degree. This best-seller is in its third edition since it was first published in 1998.
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Erin LowrySynopsis:
As the title suggests, "Broke Millennial: Stop Scraping By and Get Your Financial Life Together" is targeted towards 20- and 30-somethings wanting to learn about finances. Author Erin Lowry makes things easy for young adults who are overwhelmed and confused about debt and budgeting with this smart, motivating guide. Promising to show how to go from "flat-broke to financial badass," it differs from other personal finance books by covering tricky, real-life situations involving money, from managing student loans to not being able to split the bill with friends. In a sea of personal finance books made for older people, "Broke Millennial" offers a fun, relatable take on managing money for beginners.
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Jen SinceroJen Sincero Synopsis:
"You Are a Badass at Making Money: Master the Mindset of Wealth" is from Jen Sincero, author of the No. 1 New York Times bestseller "You Are a Badass: How to Stop Doubting Your Greatness and Start Living an Awesome Life." Published in 2017, this second "Badass" book takes more of a financial angle than the first one.
Prepare to chuckle and roll your eyes. This book is candid and funny, and if you’re like many of us, you’ll recognize yourself and your own habits in its pages. It’s based on Sincero’s personal experiences as she emerged from her salad days to living very, very well. "You Are a Badass at Making Money" is designed to help you nix the financial habits that hold you back and introduce some simple, easily understandable concepts that will help improve the way you handle your money.
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by Ernie J. Zelinski (no photo)Synopsis:
On the flip side, "How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won't Get from Your Financial Advisor" isn’t as much about taming your finances in preparation for retirement as it is about retiring well on what you have managed to save.
Interestingly, it doesn’t promote working longer and harder to achieve that. The “happy, wild and free” part of the title is not to be overlooked, and Zelinski doesn’t think you need $1 million-plus in savings to accomplish it. These are the best years of your life, and Zelinski imparts a few lessons about how to enjoy them on the money you have, sooner rather than later.
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by Barbara Stanny (no photo)Synopsis:
Today, more and more women are making six-figures, and their incomes continue to increase at a faster rate than men. To find out how these women became so successful in the workplace, Barbara Stanny interviewed high-earning women of various professional backgrounds and found that they had certain characteristics in common. She put all of this research into "Secrets of Six Figure Women: Surprising Strategies of the Successful High Earners," the perfect book for working women who want to ensure their wealth and success while learning and getting inspiration from other successful women.
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Bryan BurroughSynopsis:
Interested in leveraged buyouts and junk bonds? In 1989, Bryan Burrough and John Helyar wrote the definitive history of these financing types when they recounted the struggle involving the leveraged buyout of RJR Nabisco, a now-defunct food and cigarette conglomerate. The writers originally covered the story as reporters for The Wall Street Journal.
Source: Investopedia
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Benjamin GrahamSynopsis:
Benjamin Graham also wrote this guide to long-term investing approaches. First published in 1949, The Intelligent Investor has been updated repeatedly over the past 65 years, including most recently by the financial writer Jason Zweig, as Graham died in 1976. Graham uses his book to map out and advocate for his preferred value approach to investing.
KEY TAKEAWAYS
* The market is saturated with books catering to financial professionals who want to improve their skills and learn more about their industry.
* Barbarians at the Gate, written by Bryan Burrough and John Helyar, details the history of leveraged buyouts, junk bonds, and the buyout of RJR Nabisco.
* Charles McKay's Extraordinary Popular Delusions highlights historic financial catastrophes, such as Britain's South Sea Bubble and the Netherlands' Tulip Mania.
* Freakonomics, written by Steven D. Levitt and Stephen Dubner in 2005, explores a wide variety of topics, such as the economics of drug trafficking.
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Steven D. Levitt
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Bryan Burrough
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Charles MackaySource: Investopedia
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John C. BogleSynopsis:
John Bogle, the founder of the Vanguard Group mutual fund company, came out with his guide for mutual fund investors in 1999. Bogle makes the case for the value of index-based investing.5 His book is full of common-sense financial advice, such as noting that the less you pay someone to manage your investments, the more money you'll keep.
Who is John Bogle?
Link: https://www.investopedia.com/terms/j/...
Source: Investopedia
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by Burton G. Malkiel (no photo)Synopsis:
First published in 1973, Princeton economist Burton Malkiel's book advises readers on various types of investments. Whether you're just kicking off your financial professional career or you're an established professional who wants to expand your investment profile, Malkiel's tome, which has gone through 11 editions since publication, remains a great source for market fundamentals.
Source: Investopedia
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Charles MackaySynopsis:
One constant of financial markets is they suffer periods of collective greed and fear, which has resulted in such catastrophes as Britain's South Sea Bubble and the Netherlands' Tulip Mania of the 1630s.
The British journalist Charles Mackay explored these and other crises in his 1841 classic. Don't underestimate that Mackay's book has relevance to contemporary times, as the manias he documents provide keen insight into recent events like the dotcom boom and bust of the 1990s and early 2000s
What was the dotcom.boom?
Link: https://www.investopedia.com/terms/d/...
What was the South Sea Bubble?
Link: https://www.britannica.com/event/Sout...
What was Tulip Mania?
https://www.britannica.com/event/Tuli...
Source: Investopedia
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George SorosSynopsis:
Famed hedge fund legend, George Soros, is renowned for his theoretical and practical insight on financial trends dating back to 1992 when he accumulated a fortune and subsequently brought the Bank of England to its knees. Crippling Great Britain's monetary system in a single day made him one of the most powerful and profitable money managers in the financial world.11 In this book, Soros explains his theory of comprehensive reflexivity and innovative investment practices to make the market work for you.
What is a money manager?
Link: https://www.investopedia.com/terms/m/...
Who is George Soros?
Link: https://www.influencewatch.org/person...
Source: Investopedia
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Michael LewisSynopsis:
Michael Lewis used his experience as a bond salesman in the heyday of Salomon Brothers for this legendary 1989 book.
He chronicles his own work experiences and also offers a big-picture take on Wall Street during a boom time when the mortgage-backed security market caught fire.
A loose sequel of sorts was Lewis' The Big Short, in which he described the role Wall Street played in the 2000s housing market downturn.
Who was Salomon Brothers?
https://www.investopedia.com/terms/s/...
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Michael LewisSource: Investopedia
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We mentioned this one before.
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Steven D. LevittSynopsis:
Are you interested in learning how the world really works? This 2005 book by economist Steven D. Levitt and journalist Stephen Dubner looks beneath the surface of various everyday (and not so everyday) situations and breaks down how things work. For instance, do you believe you're getting the best deal if you're a homeowner who hires a real estate agent to sell your house? You might be surprised. The book also explores the economics of the worlds of drug dealing and Sumo wrestling, among a wide array of other topics
Source: Investopedia
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Michael E. PorterSynopsis:
In this 1980 book, Harvard Business School professor Michael Porter looks at what creates competitive advantage in a particular industry.
Since many financial professionals spend their days analyzing companies, industries, and strategies, Porter's book provides an ideal starting point.
Fast Fact:
Michael Porter is widely acclaimed for his Porter's Five Forces framework, an economic tool that analyzes a business' competition.
What is Competitive Advantage?
Link: https://www.investopedia.com/terms/c/...
About Michael Porter:
Link: https://www.isc.hbs.edu/about-michael...
Source: Investopedia
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Charles P. KindlebergerSynopsis:
Charles Kindleberger, a former MIT economics professor, explored the nature of financial crises in this 1978 book.
Its most recent edition from 2011 (revised by Robert Aliber, as Kindleberger died in 2003) delves into the causes of the 2007–2008 financial crisis that ignited the global economic downturn.
Who is Charles Kindelberger?
Link:
http://economics.mit.edu/faculty/kind...
More: (and these are just a few by the late Krindleberger)
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Charles P. Kindleberger
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Charles P. Kindleberger
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Charles P. Kindleberger
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Charles P. Kindleberger
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Charles P. Kindleberger
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Charles P. Kindleberger
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Charles P. Kindleberger
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Charles P. Kindleberger
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Charles P. Kindleberger
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Charles P. Kindleberger(no image) Foreign Trade and National Economy by
Charles P. Kindleberger(no image) Trade, Balance of Payments and Growth: Papers in International Economics in Honor of Charles P. Kindleberger by
Charles P. Kindleberger(no image) The Dollar Shortage by
Charles P. KindlebergerNote: Normally books by the same author - I list with a series of linked book covers - I decided that since some of the book covers were missing on goodreads that I would list them separately.
Source: Investopedia
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Katherine CollinsSynopsis:
The term "investment" applies to more than just money.
People are constantly investing their time and energy in the world as citizens, business owners, and consumers.
Lately, however, the world of investment has become unnecessarily complicated with the creation of funds, securitization products, and high-frequency trading.
In her book, Katherine Collins says what is needed is a transformation of the investment process.
She offers examples based on her 20 years of experience in the field of how it’s possible to come up with an investment framework that is simpler and better utilized.
What is High-Frequency Trading (HFT)?
Link: https://www.investopedia.com/terms/h/...
Source: Investopedia
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by Gino Wickman (no photo)Synopsis:
Traction starts with the premise that all entrepreneurs and business people face similar issues, such as slow growth, profit concerns, and personnel conflict. These issues can cause decisions to be put on hold or fail to be properly implemented.
In his book, Gino Wickman suggests there is a solution. “The Entrepreneurial Operating System is a practical method for achieving the business success you have always envisioned. More than 2,000 companies have discovered what EOS can do,” he writes.
Source: Investopedia
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by Larry E. Swedroe (no photo)Synopsis:
Larry Swedroe and Kevin Grogan, authors of The Only Guide series of investment books and The Only Guide You'll Ever Need for the Right Financial Plan, have joined forces to write their latest book, Reducing the Risk of Black Swans.
The book is geared toward financial advisors and investors looking to expand their technical knowledge of the evidence-based investing world. In it, they look at portfolio construction and offer a roadmap for investors who want to refine their portfolio. They also offer information on what it takes to build a more efficient portfolio, all based on hard data and research.
What is a portfolio?
Link: https://www.investopedia.com/terms/p/...
More:
all by Larry E. Swedroe (no photo)Source: Investopedia
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by Ed Easterling (no photo)Synopsis:
In his book, Ed Easterling uses research from his firm, Crestmont Research, to provide charts and graphs that will aid advisors and investors in forming a rational take on the stock market by identifying irrational behavior.
The author uses “investment science” and “investment art” to look at the stock market from a variety of angles and address the investing perspectives of a broad range of investors.
His analysis can help investors and advisors come up with reasonable expectations and value-added investing ideas as it explores the fundamental principles that drive the stock market.
Source: Investopedia
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by Richard A. Dickson (no photo)Synopsis:
Many analysts over the years have used the Wyckoff method and Lowry analysis to understand price/volume interactions and the forces of supply and demand.
These methods are considered the starting point for all top-down analysis.
In Mastering Market Timing, Richard Dickson and Tracy Knudsen discuss how analysts can combine the two methods to provide an objective and quantifiable approach to applying traditional price/volume analysis.
Using these techniques should help investors gain insight into technical methodologies and find indications of nascent trends.
What are the forces of supply and demand (law of supply and demand)?
Link: https://www.investopedia.com/terms/l/...
Source: Investopedia
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by James W. Ware (no photo)Synopsis:
In this book, Jim Ware, Beth Michaels, and Dale Primer provide readers with a guide to investment industry best practices.
It offers tools managers can use to be better leaders and ways they can contribute to sustainable growth in their firms. It also offers ways to diagnose a firm's culture and reveals ways to replicate best practices being implemented at leading firms.
Investment Leadership also offers practical advice from industry leaders, case studies, and tools to explain why the status quo in the industry isn’t working anymore and ways advisors can achieve long-term success in the investment industry.
Source: Investopedia
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by Tom Hopkins (no photo)Synopsis:
Sales is about getting people to trust and accept you and to buy a product or an idea. In his book, Tom Hopkins offers hundreds of ideas for improving sales skills based on proven techniques and strategies. Readers will get tips on how to increase their sales and have their common concerns and questions addressed in an easy-to-read fashion. Readers will learn the art of persuasion and how to adapt it to their business.
Source: Investopedia
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Daniel KahnemanSynopsis:
In his book, Daniel Kahneman takes his readers on an exploration of the mind, examining the two types of thought processes that drive the way people think.
The first system is a fast, intuitive, and emotional one. The second system is a slower, more deliberate, logical one, he says.
Thinking Fast and Slow goes on to evaluate the impact that overconfidence can have on corporate strategies and looks at the difficulties of predicting what makes people happy in the present and the future.
He also explores the effect of cognitive biases on behavior as varied as investors playing the stock market to families planning their yearly vacation.
Kahneman shows how human thinking can be better understood by knowing how these two systems shape judgment and decision-making.
Source: Investopedia
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by Dan Sullivan (no photo)Synopsis:
Over the last 20 years, there have been two important changes in the financial advisory business, according to Dan Sullivan.
One is the majority of advisors have lost much of their entrepreneurial freedom due to bureaucratic and regulatory constraints.
At the same time, a minority group of advisors has become more “independent, creative, and valuable in the marketplace,” he says.
In Unique Process Advisors, the author engages with some of those advisors to learn about their unique approach to dealing with their clients and growing their business.
Source: Investopedia
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Hank Paulson, 74th U.S. Secretary of the Treasury: "It’s the People Skills that Matter"
Link: https://youtu.be/gTGybnPatQk
Synopsis:
"Getting anything done requires working with others. It’s all about interpersonal relationships," shared Henry "Hank" Paulson, 74th Secretary of the Treasury and Founder & Chairman, Paulson Institute. During his View From The Top talk on Thursday, October 27, 2016, Paulson shared life and career advice with Stanford GSB students as well as discussed his experience leading during the financial crisis.
Source: Youtube, Stanford Graduate School of Business
The History Book Club
Books mentioned in this topic
Unique Process Advisors (other topics)Thinking, Fast and Slow (other topics)
How to Master the Art of Selling (other topics)
Investment Leadership: Building a Winning Culture for Long-Term Success (other topics)
Mastering Market Timing: Using the Works of L. M. Lowry and R. D. Wyckoff to Identify Key Market Turning Points (other topics)
More...
Authors mentioned in this topic
Dan Sullivan (other topics)Daniel Kahneman (other topics)
Tom Hopkins (other topics)
James W. Ware (other topics)
Richard A. Dickson (other topics)
More...
