5 comments about Double or Nothing: How Two Friends Risked It All to Buy One of Las Vegas' Legendary Casinos.

1. "Double or Nothing" should be mandatory reading for any entrepreneur. This book is a captivating quick read and has the perfect mix of lessons and laughter.



2. A testimony to friendship in an exciting journey. Fast, furious, electric.
   As the reading progresses one feels as part of the adventure. A very easy and fun reading. What a treat!
   Can't wait for the next one.
   Marne



3. Imagine building an Internet business during the dotcom boom/bust and selling it to Microsoft for millions. Now imagine buying the famous Golden Nugget casino in Las Vegas and selling it in less than a year and half for hundreds of millions. Now imagine you are barely in your 30s and you are doing all this with your very best friend. This is the story of one of Las Vegas' most dynamic duos, two young guys from different backgrounds coming together to own the world.
   
   The Book tells the story in autobiographical form of Tom, a simple hard working boy from Minnesota, and his friendship with Tim, a local Vegas boy who has gambling in his blood. The two formed a bond that has lasted throughout the last 20 years and will be around till one of them passes on to the big casino in the sky. The pages of the book offer the reader an insight to a world that most of us will never be in: a world of fast cars, movie stars, corporate jets and millions of dollars wrapped in cellophane being bet on one roll of the dice.
   
   I enjoyed this book and I would have loved to have been a part of the world written in this book. The authors tell this story at about an 8th grade reading level which allows the book to be finished in a few hours. The book is not just about Vegas, it is about a time in financial history that was exciting and may never be duplicated, I hope you enjoy this book.



4. Having actually been there for the Las Vegas Reservation Systems and Travelscape parts of the story, it was interesting to read about some of the business deals that were going on at the time. While there was some new stuff that I didn't realize in there, there was also a fair bit left out. It is a very quick read, by the way. Lots of short chapters.



5. Truly one of the most remarkable success stories in the fascinating, ever evolving history of Las Vegas. Tom Breitling and Tim Poster rank among the elite of the mavericks who molded and shaped Las Vegas, such as Benny Binion and Sam Boyd. Much like Boyd and Binion, Breitling and Poster started their dramatic and profitable rise on little more than a wing and prayer, not to mention a few "floated" checks.
   
   Bucking the odds of the corporate casino mentality and invoking a strategy of "Old Vegas", Tim and Tom not only made a fortune, but managed to remain best friends and great guys. Tim and Tom's relationship has remained steadfast and strong throughout their whirlwind ride giving great insight into their character. Tom's introspect and honesty about his friendship with Tim and his early family life adds an insightful, touching side to this remarkable story.
   
   The most amazing thing is the whole story is absolutely, undeniably 100% true! No B.S.! No embellishment and no filler! Imagine having the time of your life with your best friend, while making hundreds of millions of dollars in the process!
   
   "Double or Nothing" is a must read for anyone contemplating a new business venture with a friend or just looking for an entertaining true story about two guys who worked their butts off and made a ton of money. I would highly recommend this book to anyone with a passion for life, friends and business; it also doesn't hurt to have a sense of humor.

5 comments about Andrew Carnegie.

1. This book flows well and is elegant in its prose. Some biographies can be quite tedious this one isn't.
   
   This book is full of insights such as that Teddy Roosevelt although he sought for Carnegie's support he didn't like the man. Because Carnegie was an intellectual and a manager but Roosevelt hands on in the trenches type manager.
   
   For good or evil Andrew Carnegie is right up there with Washington and Lincoln in his impact to the United States. Through his management skills he drastically cut the price of steel. This allowed for cheap consumer and industrial goods. The low cost of steel allowed the US to build the its fleet of battleships, skyscrapers, bridges dams and other large scale public and private works projects. Carnegie's mills alone had a greater output and at lower cost then England and Germany.
   
   The second reason why he transformed the US was the Gospel of Wealth. He was the impetus of charitable giving. It wasn't until after Carnegie's vast sums that his peers such as the Rockefeller's started to contribute. While others focused on art, which has a small but important impact on this country. He focused on education and funding the retirement of thousands of professors from all over the country. 2,500 public libraries. Including 5 million dollar grant to the New York Public library system.
   
   The great cultural institutions of this country Carnegie Hall the Metropolitan Museum of Art by JP Morgan National Gallery by Andrew Mellon were all funded by Republicans. The same is true today see Bill Gates.
   
   Nassaw states that 5 million dollars circa 1900 was approximately 3.5 billion today. If this is true Carnegie gave away 20 to 30 million dollars a year a sum greater than the total assets of Bill and Melinda Gates foundation.



2. A fascinating biography of the exuberant Scottish-American tycoon and philanthropist.
   
   Nasaw covers all of Carnegie's life from early boyhood in 1830's Scotland, to ambitious telegraph boy in Pittsburgh, to iron and steel magnate, to philanthropist and finally to international peace advocate. Most of the 800 pages go swiftly. Nasaw writes well and I generally found his very detailed account valuable, especially for Carnegie's business adventures and for his final peace activities, although perhaps rather less so for all the details of his family life.
   
   In Nasaw's account Carnegie comes across as much more of a "businessman" than an "industrialist". His initial fortune was made in his twenties through insider dealings from his role as a key aide to railroad magnates who were making their own fortunes by tricks such as awarding lucrative contracts to companies that they themselves owned. But starting in his late twenties Carnegie did build a mighty iron and steel empire, with remorseless business logic.
   
   Carnegie in his middle age inevitably comes across as a great hypocrite. He had given speeches extolling the virtues of unions and of the need for employers to treat workers fairly, but he went on to mercilessly repress workers at his own plants, including cutting wages, extending hours, and suppressing all unions. He denied responsibility for the climactic Homestead lockout which was designed to break the steel unions, but Nasaw shows that he was kept fully informed and must have either made or supported the key decisions. Nasaw explains how Carnegie rationalized this harshness to himself, as a necessary part of business and of social evolution, but still his deeds fit poorly with his words.
   
   However in his later life, especially after selling Carnegie Steel, Carnegie became indisputably a genuine exuberant philanthropist. He lived well (very well indeed!) but he also gave away a vast fortune, founding an astounding 2500 libraries, plus many Institutions, the Carnegie Hall, various Hero funds, and many peace organizations.
   
   In his latter years, Carnegie's incessant lobbying for international peace is truly striking. Nasaw sometimes deprecates Carnegie's endless expressions of optimism in the face of repeated failures and his ceaseless lobbying of presidents, monarchs, and statesmen. But given that Carnegie believed war would be a disaster (as WWI proved all too well) and was committed to doing whatever he could for peace, then his behavior seems both entirely rationale and commendable. Yes, he was often grasping at straws and he did aggressively pester and "name drop" to try to move things forward, but given the stakes it is difficult to condemn his donning of a bold face and his trying again and again in the face of failures and cynicism. Alas, his efforts were probably inevitably doomed, but given his beliefs and commitment, it seems hard to criticize him for trying as hard as he did.
   
   Overall, Carnegie's life is a fascinating one, involving many contrasts and apparent contradictions. Nasaw captures it well and succeeds in making Carnegie a surprisingly sympathetic character, without concealing his flaws.



3. How to describe Andrew Carnegie? Certainly he would have to be one of the most fortunate individuals to have ever been born. Son of a hardscrabble weaver from a small hamlet near Edinburgh, Scotland, Carnegie and family immigrated to Pennsylvania whan he was a young man. Perhaps never before in history, has a particular man, with certain skills, found himself at the right place, at the right time and under the right circumstances as did Andrew Carnegie in 19th century western Pennsylvania.
   
   Despite having no formal education, Carnegie was certainly a very intelligent man. He educated himself over the years to the extent that he was considered a very philosophical author and sought after speaker on many of the issues of the day. He hitched his wagon to the right horse when he became assistant to an up and comer in the Pennsylvania Railroad. From an early age, Carnegie discovered the beauty of dividends and compound interest, money earned not by virtue of labor, but solely by virtue of having money. Due in large part to his connections, he was able to parley inside information into increasingly lucrative investments, to the point that he was soon able to turn over daily operation of his several businesses to very able lieutenants while he enjoyed the good life. These lieutenants, assisted by a series of unique events and developing technologies, made Carnegie the richest man in the world.
   
   While it may sound as if Carnegie was merely an observer and accumulator, he certainly deserves much credit for his success. He was an early pioneer in the concept of cost accounting and through a ruthless system of unit cost reduction, both in the areas of vertical integration and labor cost, was able to successfully grow his business and survive numerous economic downturns which bankrupted his competitors.
   
   Many decry Carnegie's business practices, most notably in the areas of labor/manangement relations and anti-competitive practices. However, this demonstrates a very common failing in many commentators; holding historical personages to current standards. The same people that condemn Carnegie's labor practices, denigrate George Washington for owning slaves, or Harry Truman for making racist comments. Each of these, though immoral by current standards, were men of their times.
   
   Owners of manufacturing entities were expected to battle with labor. Labor, in the mid-late 19th century was heavily connected with the burgeoning socialist movement which was looked upon with disfavor by much of society. In fact, it is no coincidence that those of Carnegie's competitors whose labor forces became organized, were largely those that failed in the repeated economic panics of the day. Carnegie succeeded, and grew, as a result of reinvesting profits and maintaining low unit cost. Ironically, though his Homestead steel works became the symbol for labor/management violence, he considered himself one of the most enlightened managers of the day.
   
   Carnegie is viewed, with Rockefeller, Morgan and Vanderbilt in the class of "Robber Barons" which sprang up during the era, however, Carnegie is vastly different than each of these individuals. While many of his contemporaries benefited and suceeded largely due to watered stock and market manipulation, he was very proud, and quick to point out that he never operated a corporation and never sold a share of stock. He was definitely NOT a monopolist (U.S. Steel was formed as a result of his sale of Carnegie Steel to J. P. Morgan and investors). He was simply a supreme capitalist and the first of his type and scale.
   
   He is condemned by others for taking advantage of political and business connections not available to others. Again, that was common practice in the era. Many things that he did, while legislated against now, were perfectly legal and accepted business practices of the times.
   
   All that having been said, I get the impression, especially in the later parts of the book, that Carnegie could be an insufferable prig. I imagine it becomes easy to view ones self as omnipotent and all wise, when everything one touches turns to gold and one is constantly praised for his good works. However, it is telling that he constantly bragged of being successful while only working 2-3 hours/day, lecturing his many employees to enjoy leisure time, while at the same time instituting a 12 hour/7 day a week work schedule. It seems almost unbelievable that he was unaware of the hypocrisy of some of actions, but after reading the book, I actually believe that he was. By letting his managers do the dirty work of making his money, he was able to "keep his hands clean" and disavow any unpleasantness that might result.
   
   Though hopelessly naive, it is difficult to condemn a man who literally pioneered the concept of philanthropy and spent his last decade in a never flagging crusade for world peace. He tirelessly advocated the formation of a League of Nations/United Nations style world arbitration body, with military enforcement powers, well before any of his contemporaries. While he would doubtless be overjoyed to learn of the existence of the current United Nations, he would nonetheless be less than pleased with its corruption and lack of effective authority.
   
   All in all, a rather good treatment, not just of Carnegie, but of the period itself and many of the historical figures of the era. At times, the book dragged and became tiresome, but not exceedingly so. I would highly recommend the book for anyone interested not just in Andrew Carnegie but in late 19th century American and British history.



4. David Nasaw succeeded in creating a complete record of the life of Andrew Carnegie. As the reader, you come to know that Carnegie was born to a family of poor weavers in Scotland before moving to the United States, beginning work at a young age and eventually becoming unfathomably wealthy as an investor and entrepreneur in the steel business.
   
   All of the details are there in this book, and in that way, you know the facts of Carnegie's life, but at the same time, you really never get the feeling you know Carnegie. I don't know if that is Nasaw's fault, or if Carnegie is just not a man who allows a biographer to know him very well. Either way, the book feels empty in a way that the best biographies feel full.
   
   You catch glimpses of Carnegie's true personality; he obviously liked to see himself as the wise elder statesman, handing out advice to protoges, even when those protoges were successful 50 year old business men, or even presidents. He seems to wear out his welcome, and relationship with a lot of these people because he only sees the knowledge and advice flowing one way. Carnegie comes across as a man too removed from the realities of life to understand (or maybe care) how he was truly perceived.
   
   Other than that, you never get a real feel for how Carnegie became wealthy, whether he possessed a unique talent or ability which allowed him to become the richest man in the world, or how he fit in to the world in which he lived. I recently finished "Mellon," by David Cannadine, which tackles a similarly tough subject, but I finished that book feeling like I had much more insight into the man than I did in this case.
   
   Recommended for fans of history or biography, but still missing a critical spark required of a five-star biography.



5. Insight into a fascinating and complex person living in a fascinating complex time. A man who was unique and had incredible influence on his surroundings, yet in many ways was typical of his era

2 comments about Boone Pickens: The Luckiest Guy in the World.

1. This is a great story about how a regular guy from Texas left a large company and the corporate America safety net behind and started his own company, which grew from a few thousand dollars that he started with in 1955 to a billion dollar company decades later. Boone shares the structure of his 1st company which he started with basically no money; for anyone wanting to start there own company this information is priceless. It went like this:
   
   Two partners put up $2,500 and he signed a note for his $2,500. The two partners established a $100,000 line of credit for the new company and Boone would have to have them off the note within 5 years or he would loose control of the company. He was President of the company and ran the day to day operations.
   
   That's it, that simple, years later he's bidding for some of the largest oil companies in the world.
   
   Some great quotes:
   
   "It was up to me to find investors. Asking people for money is the most essential skill for a young dealmaker"
   
   "Undercapitalization affects 90% of the new businesses in America"
   
   "I had to adjust my dreams to fit reality-or could I somehow change reality to match my dreams?"
   
   "Issuing stock for capital is the most fundamental service Wall Street provides. This classic stock market function has given rise to the great Wall Street firms-and for that matter, to America's industrial might. Entrepreneurs need more capital than banks are willing to lend..."
   
   Boone told his attorneys he was going to stop them every time he did not understand something, and his attorney said, "You're paying us by the hour...this could get expensive." Boone replies, "It'll be a lot more expensive if I don't understand it now."
   
   
   By Kevin Kingston, author of: A 20,000% Gain in Real Estate: A True Story About the Ups and Downs From Wall Street to Real Estate Leading to Phenomenal Returns



2. I bought this book to get some bonus for my class. I didn't finish the book yet but it's a good buy for students who study in OSU.

No comments about The Wow Factor: How I Turned One Idea and My Unbridled Enthusiasm Into a Golf Revolution.

5 comments about Slack: Getting Past Burnout, Busywork, and the Myth of Total Efficiency.

1. Before I get harsh, I will say that there are definately some good points and ideas that you will go away with from this book. However, the author could have said it in fewer words, and clearer. If you're reading this, I'm sure you've read all the cliche mangerial types of books. This, to Tom's credit, is different than your average manager book, with a different perspective on the surviving the coporate world... but its also a stretch. Much of the points in the book are not only subjective, and not backed with real-life anecdotes and testimonials (there are few, but they are far between), but the analogies are weak, and the diagrams and graphs are subjective and border-line bogus (not constructed with real points of correlated data; they are more like guess-sketches). If you looking for a fresh, quick, to the point book that will keep your attention and that you can't put down, then this is not that book.



2. If you've read Peopleware, this book is the next logical step.
   You may get a sense of deja vu since this book reiterates and indirectly references Peopleware in places. However, even in these sections, Slack goes deeper. Peopleware tells you that certain things are bad, and Slack tells you exactly why it is bad and what you can do to avoid it.



3. I agree that this is simultaneously a great screed on the inanity of most corporate management, and also a powerful indictment of the tendency of IT management to just go along, accepting a premise that is false and on most projects, is life-threatening.
   
   I totally disagree with the one bad reviewer who claims the book is below the bar of even anecdotal, and boring. On the contrary, much of what is argued here is a logical, or purely rhetorical position, but that is the part that is the most refreshing! Whereas Peopleware may be more comprehensive, it is also less bold and rhetorically less daring. I love to see someone like DeMarco, who has proven all he needs to, instead of just churn out another episode in his established realm, provoke, argue, and show the amount of passion this book contains. Only someone who considers rhetoric sinful could find this book boring.
   
   That said, this book is also not from left field: it owes a lot to Lean, et al, on the biz and IT process side, and it is also of a piece with other writings like Mythical Man Month. Personally, I think the most important thing about this book is that it is original in its approach and size, etc.: computer science, folks, is not a science, and the fact that it has been controlled by science people all these years, is one of the reasons it has denied many of the hugely important aspects of its reality, e.g. psychology, sociology, etc. We desperately need more books like this that are broadly rhetorical, small, quick reads, that can penetrate into the more densely forested parts of the realm.



4. What's in your workplace?
   Efficiency or flexibility?
   Tom does a fine job reminding us of the difference.



5. Look around, do you notice how certain people get work done (and done well), hit deadlines and still have time to chat at the water cooler. These are the most valued people in any organisation. The 20% people out of the 20/70/10 rule, when given 'slack', over produce, everytime. This book explains how they can do this.
   
   Read this book, it will only take a few hours; which includes long pauses for "hmmm" and chin scratching moments. You'll be glad you did. Then implement what you've learned.

5 comments about The Autobiography of Andrew Carnegie and The Gospel of Wealth (Signet Classics).

1. Andrew Carnegie played the game of life to perfection, which is how he ended up the richest man in the world. He had so much amazing wisdom. He made very wise choices starting from the earliest age up to the end of his life. Many people gain some wisdom as they grow older, but what's even more amazing about Andrew Carnegie is that he was wise even as a child and a teenager. Perhaps his parents and other elders taught him very well. It seems like Carnegie always made the best and wisest business decisions. The few times something went wrong, it wasn't his fault and it didn't set him back much. Lately I've been learning a lot about business, marketing, and success. I've gotten a lot of great advice about success. And when I read Carnegie's book, I got to see all these success principles in action. Carnegie's life is full of great examples of what you should do to be successful as a person and as a businessman.
   
   I've seen some claims that he was just another ruthless robber barron, but I think that is a very unfair depiction. I think he did a great job of leading the steel industry and making sure that it took advantage of the most advanced technology available at the time and did things on the most efficient and secure basis. He had a great ability to get along with people and I believe he did treat people very fairly. And by the time he died, he had given away 90% of his fortune to benefit the world through education, culture, etc. I think that is a large piece of evidence showing that he was a well-intentioned, good-hearted person.



2. The autobiography gives a good (but sometimes slight) overview of Carnegie's rise from a bobbin boy to one of the richest men in the world. The autobiography doesn't tell you "this is how to become rich", but instead shows Carnegie's values and approach to the working world. The Gospel of Wealth is an interesting idea: the rich got rich by being the most talented and hard-working and deserve their wealth. Since the rich are the smartest and most talented of us, they should best decide how their money gets distributed so that it will best help all of mankind. If money was given to the poor, instead of put into public works and trusts, the poor would blow it because they don't know how to handle money. If they did, they'd be rich! I like this idea, but rarely, if ever do I see it practiced. The rich aren't always the most talented, intelligent, or hard-working people, rarely do they use their wealth for the public good (unless it's a tax write-off), and most of their money gets passed on to their children. I definitely recommend this book. Try these ideas out for yourself.



3. I read this book as a recommendation from the book "Success through a positive mental attitude" and it is a good read. It is a bit slow at first and its written in an older style of English. Once you pick up the style though the book becomes very interesting, I often read it before sales calls to motivate myself.



4. Andrew Carnegie offers an intriguing look into his life story that chronicles his ancestry in Scotland to his journey from child to business tycoon in the US. Carnegie writes in a style applicable to the times, thus there is inevitably a period of acclimatization with the material; however, within a short period of familiarizing yourself with this style of English, you will find it hardly represents an encumbrance.
   
   Carnegie has a knack for being very productive with his abilities as well as often finding himself in the right place and time. Much of his success could be perceived as lucky; however, it will not take long for any reader to see that the effects of his always going the extra mile permitted Carnegie to stand out as a result of his own principles, hardly dependant on luck.
   
   Carnegie exemplifies what one hopes to find among great men; integrity, honesty, hard work, and a passion for profit. Carnegie's giant success is only matched by his good will to human kind. Carnegie explains his thoughts on why he felt the most immoral thing a man can do is to die rich, thus he spent his retirement giving as much of his wealth away as possible. The evidence of Carnegie's lasting name and historical significance provides ample reason to read this Carnegie autobiography. His candidness and honest approach make this book even better.



5. "The surest foundation of a manufacturing concern is quality. After that, and a long way after, comes cost" (Andrew Carnegie. \\
   Should be required reading for anyone going into business.
   Unfortunately, too many American manufacturers, in general, have forgotten Andy's advice. Had the CEOs in Detroit followed his principle, they would have never been surpassed by Toyota and I would be driving an American car instead of a Lexus hybrid.
   Larry Pisoni
   President of Gourmet Italia

2 comments about Out of Nowhere: The Inside Story of How Nike Marketed the Culture of Running.

1. This was a great book about what made Nike, NIKE! The perspective that comes through and is shown through Mr. Hollisters account are spectacular. The most amazing thing I got from this book was what was happening on the inside of the most prestigous and inovative companies that has come along in the 20th Century. Great Read!



2. Hollister's account of NIKE's origins, trials and tribulations, successes and failures make terrific reading for anyone who favors and enjoys knowing the 'inside' story of a company that's more an icon than a business.

5 comments about Jesse Livermore: World's Greatest Stock Trader.

1. If you have ever read the Reminiscences of a stock operator by Edwin Lefevre and liked it then this book is a must read. It is very hard to put down, it reads like a novel, stock trading manual, Greek tragedy, and wisdom teachings all in one.
   I had my doubts, but after reading this book I believe that Jesse Livermore was the greatest stock trader the world has ever seen. At the age of fourteen he walked into a "bucket shop" and got a job posting stock prices. The next year in 1892 at fifteen he makes his first successful stock trade. He was a millionaire in his early 20's and by 1907, J.P. Morgan had to personally ask him to stop selling stocks short before he did serious damage to the stock market during a crash. His greatest achievement of all was walking away from the great crash of '29 with $100 million in profit from selling stocks short when everyone else was going long.
   The sad part of this book was how he lost everything several times and was bankrupt, the final one happening late in his life. He had a problem with beautiful women which lead to several divorces and ruin. He committed suicide in 1940 and his son Jesse Jr. also committed suicide 35 years later.His story was really an eye opener to the pitfalls of being wealthy and lacking self control in your personal life and child rearing.
   This book is packed with wisdom and stock trading tactics of the master himself. Get out a highlighter and prepare to mark key learning's as you go because there are many. Here are some:
   
   Cut your losses quickly.
   Be sure to confirm your judgement before you take your full position.
   Let your profits ride if there is no good reason to close the position.
   The action is with the leading stocks, which change with every new market.
   Keep the number of stocks you follow limited in order to focus.
   New all time highs are to be bought on breakouts.
   Cheap stocks often appear to be bargains after a large drop.They often continue to fall, most have little potential to rise in price. Leave them alone.
   Use pivotal points to identify changes in trend and confirmations in trends.
   DON'T FIGHT THE TAPE!
   
   This is my #1 recommendations for stock trading books.
   Also read all of Dr. Alexander Elder's books for basics in money management and technical analysis.



2. I read this book over a weekend and found it hard to put down and when I did I was excited to pick it back up. The author weaves a tragic story with lessons from the greatest stock trader. I would not have thought the lessons (stated in other people's reviews) would be true today, but in my experience as a trader today they very much are still. Granted some of the things he did and the way the market operated were different and not possible today, but it is still amazing and valuable knowledge of what to do and NOT to do.
   
   Make this a core purchase and buy this book. Just get it. It's worth it.



3. Richard Smitten does an excellent job of portraying Jessy Livermore. He does not protray Mr. Livermore as a hero or a goat, just a man.
   
   The book is easy reading and is very insightful to the frailities of a successful stock operator. It also discloses the principles by which Mr. Livermore built his wealth, and lost it. Good job Mr. Smitten.



4. I think the 20+ pictures and the last 3 chapters would worth the money I paid for the book. Many years ago, I read an article written by a scientist who said that he would not pass any opportunity to attend the seminars by the well-known scientists because by seeing their faces, their body languages, and how they speak, he could better understand the articles and books written by them.
   I find this is true in this case as well. After reading this book and re-reading "How to Trade Stocks" I noticed many things that I did not pay attention when reading the book before. Also I have gained deeper understanding about his frustration when he was asked about how to make some quick money in the market.



5. Excellent Book - WOuld rate it as a Bible for people dealing in Capital Markets. Must read for all who trade stocks and commodities.

5 comments about The Age of Turbulence: Adventures in a New World.

1. The first half of this book provides a decent history of the past 40 years, with a few special insights such as descriptions of how most presidents in that period worked (he's one of the least partisan people to have worked with most of them). The second half is a discussion of economics of rather mixed quality (both in terms of wisdom and ability to put the reader to sleep).
   He comes across as a rather ordinary person whose private thoughts are little more interesting that his congressional testimony.
   One of the strangest sections describes the problems he worried would result from a projected paydown of all federal government debt. He does claim to have been careful not to forget the possibility those forecasts could be mistaken. But his failure to mention ways that forecasts of Social Security deficits could be way off suggests he hasn't learned much from that mistake.
   He mentions a "conundrum" of falling long-term interest rates in 2004-2005, when he had expected that rising short-term rates would push up long-term rates. I find his main explanation rather weak (it involves technology induced job insecurity leading to lower inflation expectations). But he then goes on to describe a better explanation (but is vague about whether he believes it explains the conundrum): the massive savings increase caused largely by rapid growth in China. I suspect this is a powerful enough force that Deng Xiaoping deserves more credit than Greenspan for the results that inspired the label Maestro.
   The book is often more notable for what it evades than what it says. It says nothing about his inflationary policies in 2003-2004 or his favorable comments about ARMs and how they contributed to the housing bubble.
   He gives a brief explanation of how Ayn Rand converted him to an Objectivist by pointing out a flaw in his existing worldview, but he is vague about his drift away from Objectivism. His description of the 1995 government "shutdown" as a crisis is fairly strong evidence of a non-Randian worldview, but mostly he tries to avoid controversies between libertarianism and the policies of politicians he likes.
   He often praises markets' abilities to signal valuable information, yet when claiming that the invasion of Iraq was "about oil", he neglects to mention the relevant market prices. Those prices appear to discredit his position (see Leigh, Wolfers and Zitzewitz' paper "What do Financial Markets Think of War in Iraq?").
   He argues against new hedge fund regulations on the grounds that hedge funds change their positions faster than regulators can react. He is right about the regulations that he imagines, but it's unfortunate that he stops there. The biggest financial problems involve positions that can't be liquidated in a few weeks. It seem like it ought to be possible for accounting standards to provide better ways for institutions to communicate to their investors how leveraged they are and how sensitive their equity is to changes in important economic variables.
   He argues against using econometric models to set Fed policy, citing real problems with measuring things like NAIRU and GDP, but if he was really interested in scientifically optimizing Fed policy, why didn't he try to create models based on more relevant and timelier data (such as from the ISM?) the way he did when he had a job that depended on providing business with useful measures? Maybe he couldn't have become Fed chairman if he had that kind of desire.
   I listened to the cd version of this book because I got it as a present and listening to it while driving had essentially no cost. I wouldn't have bought it or read the dead tree version.



2. I actually love this book. I ordered it in hardcover first and then cancelled it and ordered it on CD figuring I would be able to get to it much quicker as an audio read in the car. My intention was correct and the content of this book is definitely worth reading. However, the audio is so uneven, especially after the biographical chapters, that it is completely distracting. I found myself having to rewind several times to get past the changes in the narrator's sound and inflection. This occurs more often in the midst of chapters and tracks than in chapter breaks. I wasn't overall crazy about the narrator, but, I believe this has more to do with the editing and producing of the disk. The narrator probably read some passages more than once and they spliced together the "best" takes. It's horrible. Do yourself a favor and read the printed version. I would give that four stars on content alone. It might have been interesting to hear Greenspan's own voice as I believe the narrator wasn't always in understanding of the text.



3. If you are fascinated by economics, then this is the book for you. If you are not fascinated by economics, this book is still for you. It provides a global perspective about some of the forces that move our world, and some insights into the developement of the people who are/were ultimately in a position to influence the world.



4. It's so good to see how a man like Greenspan looks at things, his approach, and charicter. I strongly recommend



5. I purchased the CDs to listen in my car while I commute to learn more about Global and Macroeconomics. While it was not a classroom education it was well worth the time and money.
   
   The first several CDs cover Mr. Greenspan's early life and give a great deal of insight into how his views developed. They are very light, laced with dry (but quite amusing) humor and move along very quickly. Upon learning of his close friendship with Ayn Rand, much of his manner and opinion comes into clear focus.
   
   Namely, Mr. Greenspan is a unapologetic Free Market Capitalist. His arena is Global Macroeconomics and he embraces "Creative Destruction" wholeheartedly. While he does address the hardships of this, it is in a purely pragmatic approach. I get the feeling he does care about the socioeconomic fallout but this is not the purpose of these CDs.
   
   The middle CDs are sometimes difficult for a lay person to follow but are worth repeating to gain a better understanding. His explanations of Developing Markets, Populism, and the demise of Central Planning are very detailed and interesting.
   
   I found I enjoyed the last CDs the most as they address current global uncertainties. The spike in oil prices, the fall of the dollar, accounting scandals, changing labor markets, and need to address energy consumption. You may not agree with him on principal but he presents solid arguments in his favor.
   
   I recommend this collection to lay people interested in gaining a better understanding of Global macroeconomics and, oddly, those opposed to Globalization. While the latter may sound odd Mr. Greenspan presents his argument clearly and concisely. There are no vaguaries in his points and this allows reasoned response to to these issues.

5 comments about Confessions of an Advertising Man.

1. Dubbed "the King of advertising" by Advertising Age, David Ogilvy shared his thoughts and stories on being successful in the adverting industry in this book. His ideas are often overflowing with self-confidence, but for a man who reached his level of success, he's definitely earned the right.
   
   Originally published in 1963, in part as promotion of himself and his agency, this book is broken down into ten "How to" chapters plus an opening and closing commentary on the state of advertising. No example ads or illustrations in this book, just straightforward advice and colorful anecdotes on topics ranging from managing an agency to writing potent copy.
   
   The stories are enjoyable, and Ogilvy's advice is enlightening. David Ogilvy led an amazing life, and his insights on advertising, business and human behavior are timeless. Overall, this is an inspiring book that I recommend to anyone involved in advertising.



2. This book is similar in content to Ogilvy's other masterpiece, "Ogilvy on Advertising", but with more emphasis on the sales aspects of the advertising business. "Confessions" is also more autobiographical. Ogilvy's stories about his background, building his agency, and dealing with clients are fascinating.
   
   Given Ogilvy's talent as a copywriter, the book is obviously a pleasure to read. For example--
   
   "How do you decide what kind of image to build? There is no short answer: Research cannot help you much here. You have to actually got to use judgment. (I notice increasing reluctance on the part of marketing executives to use judgment; they are coming to rely too much on research, and they use it as a drunkard uses a lamp post, for support rather than for illumination.)"
   
   Anyone engaged in any aspect of advertising, marketing, or top level management should get plenty out of this book. It's a how-to manual for total success.



3. Confessions of an advertising man contains advertising principles David Ogilvy has derived based on his experience and available research. In this book he shares what he has learned to be the optimal practices both for advertising agencies and for clients of advertising agencies. While some of these principles and practices may be considered timeless, others have changed under the influence of new advertising media and technologies. One standard timeless practice in advertising is to test everything and to choose the most appropriate action based on research. David emphasizes that the bottom line of advertising is sales, rather than the entertainment value of an ad, and that in the end numbers demonstrate the effectiveness of the ad.



4. A classic that still rings true. Relevant not just to the ad business but to the management of any professional services firm.



5. This is a classic written by one of the legends of advertising. It is well written and easy to read. It is full of great information, not just about advertising but about business and life.
   
   David Ogilvy traces the start and growth of one of the most successful advertising agencies in history. His business philosophy is striking - he did not strive for a large number of clients but was much more selective in targeting the clients that he felt would be mutually beneficial.
   
   He would refuse to spend time developing competitive proposals in bidding for business. He felt like the business should be awarded based on competency. He offers some great insights into why his agency was so successful.
   
   I would recommend this book for everyone in business - not just for ad men or copywriters. David shares a lot of principles of advertising that will help anyone spend their ad dollars better.