5 comments about Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets.

1. Drobny provides a broad overview of global macro investing through these diverse interviews of participants. Their diverse time frames (daily trades versus multi-year, and everything inbetween) instruments (equities, debt, currencies, domestic, international) and employers (banks, hedge funds, family home offices) demonstrate the breadth that is global macro. The book provides a great introduction to "What is this fuss about global macro investing all about?" as well as various insights into "How's it changing?" and "Is it getting too crowded?"
   
   The market insights are particularly relevant as many of the investors foresaw the 2007 market challenges. The Jim Rogers interview is especially relevant, given his recent resurgence.
   
   Definitely a great overview. Enjoy!



2. MY RATING SYSTEM:
   
   * - if you have to chose between torture and reading this book, then you might want to consider reading the book - although it depends on just how severe the torture would be.
   
   ** - if you've lost your job and have quite a bit of free time on your hands, and don't have anything else better to do, then you might want to consider reading this book; don't expect to learn much or really be entertained. It will however, help you pass the time until your death.
   
   *** - meh...I'm indifferent. Reading this book will not alter your life in any significant way, yet it is not so horrendously dreadful that your taking the time to read it will be a complete waste of time.
   
   **** - Good book to great book zone here. You should probably read this book if you have some spare time. This book could be interesting, entertaining, or informative.
   
   ***** - Outstanding book! Make time to read this book - you'll learn or be entertained or intrigued. The book might even be good enough to provide original or helpful insights into the world that we live in.
   
   REVIEW:
   
   Overall, while I found Inside the House of Money to be, at times, an interesting and engaging read, I did find that my perception of the value or interest of each of the interviews varied greatly throughout the book. I have not read the Market Wizards series or any of the other trader interview books that some other reviewers have mentioned as being superior to this book, so I can't really compare.
   
   For me, the highlight of the book was quite likely the interview with Jim Leitner, with the interviews with Jim Rogers, Dwight Anderson and Scott Bessent also catching my interest. These interviews seemed to be more transparent in their discussions, more accessible, and more thought provoking than some of the others.
   
   Generally, each of the interviews tends to hit on a few main areas: (a) how their careers developed and how they got into the industry; (b) that their main strategy is and some examples of good and bad trades they made; (c) some discussion of how they obtain/analyze information; (d) risk management/portfolio construction; (e) general views on the markets and areas they like/don't like; and (f) their thoughts on global macro as a strategy. There are a variety of different perspectives presented throughout the book, and while a couple of the interviews contained some basic technical finance lingo, most of the interviews should be easily understandable by readers with an understanding of economics and financial markets. Where is jargon, the author does a good job on including explanation boxes that clarify key terms and events to provide the reader with some background that helps clarify or put the interviewee's comments in context.
   
   One of the interesting things that I picked up throughout the book is that there are a variety of different styles and techniques that are employed by these traders, and all are able to employ them in a way that achieves success. For example, some of the traders get research from investment banking research and sales groups while others avoid it. Some traders like to take vacations to clear their heads, others don't. Some traders find it valuable to visit the markets they are considering investing in, others find that doing so might make you more subject to making decisions based on anecdotal evidence.
   
   I also enjoyed a couple tidbits that I picked up along the way. One trader mentioned the idea that being right at the wrong time is still being wrong. Also, the discussions of cost/benefit of managing money for others once you've established your skills and have accumulated enough of your own capital that you can trade for your own account.
   
   In conclusion, I found the book interesting, but not captivating. I would have liked to have had more consistency in interview quality (some of the interviews didn't really seem to be that thought provoking or communicate that much of value to me). A decent read, but I'll take a look at some of the other trader books before I consider increasing my rating.



3. Judging by the reviews here, you would think that you are buying the next great book in the mould of the 'Market Wizards' series by Jack Schwager. But, trust me, you will be sorely disappointed.
   
   Drobny is a good writer and does ask some good questions of his subjects. But this is definitely NOT a collection of 'top hedge fund managers' or a collection of some of the 'greatest minds in global macro investing'. In fact some, like Andreas Drobny and Sushil Wadhwani are not even hedge managers. They are just academics and central bankers, in the author's own words.
   
   Read it if you have been through most of the other good books out there and there are no other choices. The interviews with Jim Rogers (as always), Jim Leitner and Scott Bessent are entertaining. But there is nothing exceptional or eye-opening about any of these interviews. There is no shortage of hedge fund superstars in London or New York, so it would have been nice if Drobny had gotten access to some of them.
   
   In short, there is more hype than warranted with this book. Get it from a library if you can!



4. I am the trader who is managing EZ Stock Options . com. I have been researching, developing, backtesting, and improving winning trading strategies for the past 7 years. This book has no useful information for investors. It is just talking about how in general (no details at all about strategies) he has made money for Yale University by managing their fund. Don't waste your money and more importantly your time on this book.



5. As a professional in the ETF business I highly recommend this book. After I read this book I gave it to my son as he recently graduated college and is planning a career on Wall Street-- It's that kind of book. Steven is well connected in the Hedge Fund world and this book is a testament to that. If you buy it to just read Jim Rogers section - your money will be well spent.

5 comments about Investing For Dummies, 4th Edition.

1. Great service. Condition of book was stellar and it was delivered in a very timely manner.



2. This is a clear and concise book for people like myself who are starting to look closely at investing and it gives very good advice and assumes that the reader has no knowledge of investing (true in my case). It warns of the pitfalls as well and can be read straight thru, or by any chapter that you wish to know more about. I would recommend this book to the beginner.



3. I bought this for my daughter, who is taking this a college course.
   She seems to be happy with it. She asked for this book it as the instructor told her she needed it for the class. Sorry I can't give you more info but I am sure it's a good book.
   
   Kathy in Las Vegas



4. I wanted to start investing and read somewhere you should first do some studies. That's when I came across this book. Very well written, and in simple to understand language. I used to dread 401K, IRA, Mutual Funds, Bonds. Now I am confident I know about them and what I am investing into.
   Showed new ways to look at debts, as to if I clear my debt sooner, I am investing in something which gives be interest equal to the interest I pay the bank.
   
   I would recommend this book to all who want to get into investing but are hesitant or don't know where to get information from.



5. I've read several "for Dummies" books, and in general the entire series is well written, concise, and gives you what you really need. However, I was very disappointed in this one. The book is really dedicated to the three methods of building wealth: equity (stocks, mutual funds, etc.), real estate, and small business. But there isn't enough info on any of the three subjects to do much with. You're better off getting a separate book on real estate if you plan on pursuing that. And nothing he says regarding small business is of much use to accomplish anything. That leaves stocks, bonds and mutual funds, which is what most users would purchase this book for. Regarding that, if you are completely new to mutual funds then this is the book for you as it will explain the basics. However, if you are beyond the very basics (i.e.; "What is a mutual fund?"), and are looking to seriously invest, then I think you'll be disappointed. And if you are looking to get into buying stocks directly, then this book seriously falls short. The entire section on stocks really just explains a canned stock report from a given company. Utterly useless unless you plan on subscribing to that service. No talk of forward PE's, valuation, etc.. Also, the author's continual insistence that you should stay in mutual funds because you "can't beat the market" since there are so many pros out there is utterly ridiculous. There are many gurus out there that have proven track records of generating higher than average returns. Just emulating Warren Buffet's portfolio will do that.
   
   I was looking for a book to dig more into stock valuation, company analysis, etc. and this book barely even touched on any of that beyond definitions. I wouldn't even call it Finance 101, since there is very little about monetary policy, bonds, interest rates, etc.. If you've picked out at least one mutual fund in your life (or purchased a stock directly), then this book is way too simple. If you tremble at the thought of picking a mutual fund and have no financial sense whatsoever, then this is your book.

5 comments about Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free (Revised and Updated).

1. Web of Debt is a very heady look at the world money system. Ellen Brown takes the reader on a very detailed and insightful journey into the history of money, not just for the US, but for the entire globe. The author reveals a very deeply corrupt system where money is created out of thin air for the benefit of private banking organizations, leaving a trail of indebtedness in their wake.
   The text is very detailed and at times seems repetitive and perhaps a bit technical for the average reader. It is much like opening Pandora's box. The reader learns all this insightful information about a corrupt institution that is oppressing progress for the entire globe, but may feel completely helpless to do anything about it. But even so, ignorance isn't always bliss.
   I could have gone as high as 4 stars on this title, because the book is very well written, with good research and well supported facts, but it is a long book and as I said above, it is very detailed. This isn't a title you'll pound out in a weekend.



2. Excellent book on the beginnings of money. Excellent explanation of money as DEBT (system we have now) as opposed to money as a MEDIUM OF EXCHANGE (what it *should* be). The ending gets a bit laborious in introducing alternatives to the current systems which are, to be generous, unfeasible. Would've been better to map out a feasible way to get out of the current mess. However, excellent analysis of the current situation.



3. I started reading this book because it has become obvious that something is terribly wrong with the economy of this country, and maybe the world... that all is not as it seems. I, like many others I've spoken to, almost intuitively sense that we are nearing some kind of crisis or disastrous apex. At first, it was the fantastic cover caught my eye. Then, from the first page on, I was led through a combination history lesson, mystery, and finally, crime novel that held my attention while it opened "the books" on the entire system that has brought us to this point. Where the ponzi scheme runs out of bubbles and newsuckers, and we must now face the consequences... toss the villains, weather the storm, and get to the business of constructing a banking and monetary system that "frees", rather than entraps us.
   
   What is predicted in this book has come to pass this year. And thanks to it, I now understand the game. I won't settle for the bailouts and bandaids being offered currently to reimburse the perpetrators. All being done to keep a bad system and a banking elite in power for just a wee bit longer, or for well meaning solutions that put us back into the same trap until we make fundamental changes. Anyone who reads Web of Debt will be qualified to take part in the decisions and debates that the current economic collapse will force us to engage in. You will now be qualified and among those leading us back to Kansas, and out of this economic dark age of financial serfdom.
   
   This book is breathtakingly in scope and insight, yet extremely readable. I have other books on finance, but they are so dense that I confess that I only got the basic gist of the subject, before shelving them for future reference. Web of Debt is not only more thorough than any work I have seen or read on the subject of the money creation scheme we call, grimly, our economy (and certainly more up to date); it is, by far, the most readable and fascinating for any citizen or layperson to "get it." I've never felt more comfortable with this subject, and never dreamed I would have such an easy to understand and comprehensive guide to helm my journey further into it.



4. Reading this book is like discovering "the matrix" and following the white rabbit down the rabbit hole to its end. This book explains it all in terms of our "fiat" monetary system- it origins in the Netherlands, working its way through England, and finally ending up in our shores here in the USA. It goes into detail explaining how the monetary system works in this country via the Federal Reserve System (FED) and the private banks. What some might be surprised to find out is that the FED isn't so federal. Instead, it is run by a private banking cartel doing whatever it can to ensure its interest and in our present day, its very own survival. The book has a hopeful ending to the current credit crisis and presents a few ideas for the reformation of the monetary system that include putting the creation of money back in the hands of congress again and issuing "debt-free" greenbacks and silver/gold coins or a multi- commodity backed world currency in various forms so we are not indebted to banks and private lenders anymore. Basically put, the current system does not work and is on the verge of collapse due to its inherent flaws of issuing debt based currency "out of thin air". That along with the fall out of the credit crisis, derivatives market, i.e., CDS's and CDO's, high payments for interest on the national debt, the increased selling of dollars in the international market, and high inflation, all spell doom for the banks as they exist today. THis book is absolutely stunning and incredibly easy to understand. This is the one book you do not want to go unread. Highly highly recommended for all Americans. This is definitely one of the most important books I have read in my life time and it is one that simply cannot go untouched or discussed. I'd give this book a 6+ stars if it were available.



5. Could be the most important book you will ever read. At least this is the one that could save our nation from financial and economic ruin. I'd say that makes it important.
   
   I've been studying this subject for years, and have been planning to write a book or two on the subject myself. Only every time I've gotten deeply into the research, I've found that someone has already written an excellent book covering the same material. This happened with Rothbard's "A Case Against the Fed", Griffin's "The Creature from Jekyll Island", Korten's "When Corporations Rule the World", Quigley's "Tragedy and Hope", Sutton, Engdahl, Skousen, and many others. I had thought the best book on the subject had been written by Stephen Zarlenga with "The Lost Science of Money" and have attended his American Monetary Institute conferences. But Ellen Brown's book tops them all!
   
   I can't count the times I had to lay the book down and wonder how someone so recently introduced to the subject could become so astute in so many areas so quickly. She must have a brilliant mind, because I was simply dazzled by her comprehension and ability to put complex ideas into simple sterms.
   
   What an amazing accomplishment!
   
   Just buy it! Or buy several and give them to those you love. This book has the power to change the world for the better.

5 comments about The Complete Guide to Day Trading: A Practical Manual From a Professional Day Trading Coach.

1. I have been actively Day Trading for about 2 months now, and have managed to remain profitable. I have gotten better over time, and I eventually see this as a way to earn a living.
   
   I heard about this book as I attended one of Marcus's free seminars online.
   
   I really struggled on whether to give this book a rating of 2 or 3 stars. And that is based on what I think the book is good for. I think the title is a bit misleading? The title kind of bills this book out as a 'COMPLETE Guide to Day Trading.'
   
   When I read the word 'COMPLETE,' I tend to think that it will cover money management, trader mentality, how to identify trends, and most important, detailed explanations into trade setups. Basically I would think it would cover many things about day trading, but most importantly.....specific trade setups.
   
   This book was a decent, quick read. And it does a pretty good job at explaining the basics to brand new day traders. It also has some good organizational information in there for anyone. But if you're looking for a book to explain specific setups, time of day, etc.....this isn't the one for you. Specific trade setups really are just mentioned as a blurb more or less in the book in one chapter. If you've been trading for a while, I would say that since it IS available in paper back, and is relatively in inexpensive, it's not a bad buy, but there are more useful books in my opinion. 'Mastering the Trade' is still the best book I've read thus far.
   
   If this book were billed as anything BUT the 'COMPLETE' guide to day trading, or if the word 'Beginner' were somewhere in the title, I would have given it 3 stars. But to be billed as the COMPLETE guide is what swayed me to report 2 stars. Even after reading this book, there is no way a new trader will read it and be capable of day trading.
   
   I don't feel bad about purchasing this book at all. Decent read, but I do not think it's going to help most day traders. Happy trading!!!
   
   Forrest



2. I never felt comfortable with day trading until I read Markus Heitkoetter's book. I have gone from the mindset of "cannot be done" to "let's give it a try." The approach shown in this book with the info on how to test your strategy and how to develop a trading plan is easy to understand and straightforward.
   
   He keeps everything simple in his book - I can understand it and follow the examples. Now, do not confuse "Can be done" with "Everyone can do it." You still have to learn and not everyone can be successful.
   
   I especially like the help on keeping my emotions out of trading and sticking to my plan. An exit strategy is included to help you get out and avoid panicking and losing money. The 7 steps to developing a strategy are helpful, yet in my eyes, a bit too simple and not deep enough. I wish that there would be some more info in this chapter.
   
   Some more basic info for a complete beginner might be helpful as well so that you can learn even more.
   
   All in all, though, I would have to recommend the book as it covers just about everything needed.



3. The Complete Guide to Day Trading is the book you should buy if you are interested in learning about Day Trading. Markus Heitkoetter's book leads by example and shows you everything needed from the beginning to the end. He also lets you know straight up that there is no magic way of succeeding as a day trader.
   
   The book shows you how to create a plan and execute it. He makes it clear that you should not trade with your emotions but rather with a clear head; you need to stick to your plan if you want to make money.
   
   Heitkoetter explains how important it is to create a timetable as well as an entry and exit strategy. The most important thing I learned in his book is that you have to create a plan and then stay with it and focus on the plan, not on your emotions or scares. Keep to your plan and use your strategy based on your plan (not on your fear) and you can succeed.



4. I've been studying day-trading for about a year but still found this book to be a good read. It doesn't get too heavy into trading strategies or a lot of market internals but it does give you a good place to start if you're new. It discusses some essential things like having the right mindset about trading (which is one of the most important things). There are two things that the author states that I disagree with and they are:
   
   1. You need multiple strategies for when the markets are going up, down, or sideways.
   
   2. You should be trading different markets.
   
   I don't know about you, but I would rather find ONE good strategy that works most of the time (nothing works 100% of the time). I don't want to have to worry about trying to change my strategy every day, I would have have my strategy be flexible enough to adjust to the market.
   
   I also don't want to have to switch between markets to try to make money, this seems counter productive. Why try to be a master of all markets when you can follow one market closely and learn how it moves and behaves.
   
   Other than these 2 things, I think this book is a good place to start.I would recommend it to those looking to get into day-trading.



5. I bought this book for one reason, and one reason only - to see what the author had to say about trading strategies. I appreciated the sections on what it takes to become a day trader - mindset, funds, goals - and the chapters that dealt with info for newbies, like finding a broker and picking a market, but I've been a trader for awhile. It was nice refresher material, but not the main reason I bought the book.
   
   Since I first began trading, I've been trying to find the ideal strategy for me. I've found a lot of elements from different trading strategies that I like, but I haven't found any one strategy that seems to fit me perfectly. Because of that, I've thought a lot about what it takes to create a well-tested, reliable strategy. What do you need? How much depends on numbers and how much depends on your personal preferences? And how do you go about creating a new strategy that's successful in the markets and also works for your trading style?
   
   When I read the back cover of this book, I finally found something that might be able to answer my questions. One of the main elements of the book is that it lays out a seven-step approach to creating your own trading strategy, and I was hooked. I bought my copy right then and there. And I'm really glad I did.
   
   These are the seven steps outlined in The Complete Guide to Day Trading for creating your own strategy:
   
   Step 1: Selecting a Market
   Step 2: Selecting a Timeframe
   Step 3: Selecting a Trading Approach
   Step 4: Defining Entry Points
   Step 5: Defining Exit Points
   Step 6: Evaluating Your Strategy
   Step 7: Improving Your Strategy
   
   I can't really go into detail on each step, even though I'd like to, but the ones that were really essential to me were Steps 3-7, especially 6 and 7. I finally feel like I have a good idea of what a reliable trading strategy needs to be. And I have the knowledge to test my strategy, revise it, improve it, and use it in a way that complements my trading preferences and style.
   
   I'm a satisfied reader, and if anyone else out there is interested in the same thing as me, then I would say this book is exactly what you're looking for.

5 comments about Marketopoly - The Definitive Guide to Beating The Real Estate Recession and Winning at The Game of Investment Real Estate.

1. "Marketopoly" shares what should be a fundamental of real estate investing: All real estate markets are local. Even though the overall, so-called national market may be in a downturn, that does not mean that the ALL of the markets are bad places to invest. Mark shows a formula to determine which way individual local markets are trending. That way investors know where to put their money. I truly enjoyed this book and the no-nonsense perspective.



2. Cap rates, net operating income, cash on cash, absorption, rental surveys, internal rate of return, job trends & demographics, etc. -- all important measures. However, in this book Mark simplifies WHERE YOU SHOULD START and enables you to quickly determine the "temperature" of the market before wasting unnecessary time on the other formulas.



3. In today's shifting and confusing markets, you can't walk in blind and expect to make money. This truly is the Holy Grail of investing in real estate. Concise, powerful and easy for even the novice to grasp. A must have.



4. Mark hit's it right on with MARKETOPOLY!
   Mark will help you invest in today's markets to win! Is it the right or wrong time to invest in Real Estate? Mark book will show you it is the right time in many areas. So start making money in today Real Estate Market after you read MARKETOPOLY!



5. Marketopoly is an excellent primer to real estate investing. Consider it an antidote to the ubiquitous information out there in the form of books and seminars on real estate speculation, dependant on unrealistic appreciation. Mr. Mackenzie has provided in an easy to read and understand form, the basic metrics for analyzing a piece of investment real estate. For this he should be applauded. Will this turn the masses into successful real estate investors? No, but it will give the reader a leg up on the competition. Read this if you are considering becoming a real estate investor instead of a real estate speculator.

5 comments about Manias, Panics, and Crashes: A History of Financial Crises (Wiley Investment Classics).

1. Kindleberger was a professor of economics at MIT, and a deep scholar of the history of financial bubbles and subsequent crashes. He proves with many examples that growth in the supply of credit is a fundamental factor in bubble development, stengthening associations of this type categorized by Hyman Minsky. While Kindleberger's writing is sometimes redundant, his amazing grasp of the details of financial history, numerous examples, and deep understanding more than compensate for this minor limitation of style. This book has been through 5 editions and is an indispensable reference; it is also a fascinating read. It should not to be missed by any serious investor, nor any student of financial manias and panics.



2. Where are the "hilarious anecdotes, the elegant epigrams, and the graceful turns of phrase" promised on the back cover? There are valuable insights and ideas, but they are buried in more historical information than needed, and are somewhat disconnected and undeveloped. The material is not particularly well organized, and,like history, the author repeats himself a lot. The writing is awkward and difficult to read in places. However, I did pick up a good many insights and bits and pieces of historical information that are relevant to the current problems in the credit markets. History does repeat itself. Although I think this book is over-rated, if you are a patient reader and a serious student of financial markets, I would recommend it.



3. This book provides accounts of financial manias in history. Analyze many aspects of manias, how they come about, what are various players in manias, how they end. One thing the book is missing is how to position yourself or profit from these episodes of mania.



4. The REALITY is that the small super-over-incredible-tons rich globalist groups that control the world finances are behind this "financial crisis".
   
   They , in their plans to globalize the world need from one side to remove the middle class in order to build its socialist type (without saying that name) of world and at the same time they need to force a buy-out of banks and industries; that way the biggest ones eat the smallest ones and just a group of transnationals ( which they, of course, are the owners) will control the world economy, and wanted or not, they will impose their will all around the world, making of us modern slaves, just happy to have a car and a permanent job to pay the permanent debts while they will live in limitless richness.
   
   That has been the human history, no matter which one label is used for the System; a group controls the majority with force or beautiful lies. We, that lived communism, we know that, but this is more "perfect" perpetrated, because they will give "bread" and a sense of "false peace".
   
   They take us as stupid and cretins that will be part of the choir which will sing the song of the "good purpose and righteousness plan". My friends, common citizen of this world, they have no ideology, it only matters for them just power and control. Now as never before.
   
   As soon as such a control is possible, any "circus" can be orchestrated against any opponent or opponents. Look back to over 6000 years of human history.
   
   Alejandro.



5. Kindleberger does a great job of demonstrating what the root cause of economic downturns is.The process starts as bubbles of speculation on a sea of enterprise and entrepreneurship as pointed out by Keynes.However,as time passes the bankers decide to shift loans to speculators as well as starting to engage in speculation themselves.The situation changes as one observes a sea of speculation with few bubbles of enterprise floating on top.This sets the stage for the bubble to start growing with the finance coming from the bankers who fuel the expansion in the bubble.This leads to the mania stage.All it takes here is for some tiny liquidity disruption to set off a panic of selling which leads to the Crash as various participants discover that their paper wealth has evaporated ,leaving them with crushing debt loans as their debt leveraging and margin account financing now becomes an albatross around their necks.The end result is various bankruptcies and defaults and a recession or depression.
   
   
   Kindleberger shows how this pattern occurs over and over again in history.Unfortunately,Kindleberger fails to provide the reader with a simplified summary from the earlier work of Adam Smith and J M Keynes that explains the crucial steps involved in inflating,but not creating, the bubble-(a)loans from the commercial bankers to loanees whom the bank knows for certain are going to be engaged in speculative behavior and (b)the decision by the banks themselves to enter the market as active speculators.It is true that the bubbles themseves start irrespective of the banking system since individuals are free to engage in speculative finance with their own money and assets.However,the bubbles could not grow and expand over time if the bankers refused to allow the speculators to leverage their debt position by obtaining extensive lines of credit from the bankers to expand their debt positions.
   
   
   Everyone who reads this book should also read pp.290-340 of The Wealth of Nations[1776;Modern Library(Cannan)edition]and chapters 12 and 22 of The General Theory of Employment,Interest and Money(1936).Keynes proves mathematically that it is uncertainty and speculation(the speculative demand for money) that cause involuntary unemployment in chapter 21 on pp.305-306.The neoclassical(monetarism,rational expectations,real business cycles,etc.) schools must,therefore ,deny that there is anything called uncertainty or ignorance;there is only risk, which is represented by the standard deviation sigma.Similarly ,they must deny that there is any significant speculative demand for money;there is only a transactions demand for money.Kindleberger essentially demonstates that the neoclassical schools have absolutely no historical support.This also means that there would be no statistical support for their claims that the normal probability distribution is applicable to a wide range of industrial and financial markets.Kindleberger, as well as the new coauthors of this latest edition, overlooked the immense support that Kindleberger could have used to buttress his overwhelming historical evidence that has been madee available by Benoit Mandelbrot. Benoit Mandelbrot has presented massive amounts of statistical evidence, for over 50 years ,demonstrating that the neoclassical school's claims about the normal distribution do not have a shred of evidence to support them.It should not be surprising to discover that NO neoclassical economist in the 20th or 21st century has ever done a single goodness of fit test on the various time series data sets in order to supply support for their claims that price changes in all markets are normally distributed over time.
   
   
   
   I recommend this book .It will allow a reader to understand the negatives that could very well happen in the 2008-2010 time period.Ben Bernanke's 1.2 trillion dollar banker and Wall Street bailout,from August,2007-May,2008, has merely delayed the inevitable while creating massive new bubbles in oil and commodities and driving the value of the dollar to new lows.Bernanke has merely substituted future stagflation for recession.

5 comments about Billions of Entrepreneurs: How China and India Are Reshaping Their Futures--and Yours.

1. This is a curious book, not really about entrepreneurship but rather about a broad range of cultural, social, historical and economic subjects involving and contrasting China and India, from 1.5 billion village dwellers to urbanites in Beijing and Mumbai. Tarun Khanna's text is part travelogue, part reflection, part history and part speculation about the future. Anyone who has read to any depth about China and India will not find all that much that is surprising here. However, getAbstract recommends this book with enthusiasm because of its nearly unique richness of anecdotes, variety of perspectives, color and range.



2. Professor Tarun Khanna describes and explains the social histories, lay cultures, religions, politics, infrastructures, resources, regional differences, and business successes and flops in China and India using personal observations, anecdotes, case histories, and statistics to help readers understand opportunities in Asia to access resources and enter markets there. His style makes the book appealing and interesting as he highlights the contrasts.
   
   Rather than make a case for mirror images, Professor Khanna argues that good businesses will gain benefits from both countries by coordinating resources and market positions. His main example is a chapter explaining what General Electric has done in both countries.
   
   I thought the best part of the book was arguing that natives of each country develop solutions for how to create more successful businesses. That's a point that few multinational companies are going to consider seriously enough.
   
   I always enjoy reading about examples of superior business models, and this book is relatively rich in describing businesses that contain interesting twists on traditional ways of operating. I also didn't know the history of how many of the major new businesses in India got their start.
   
   I hope that Professor Khanna will follow up this book with a narrower focus on the opportunities for small company entrepreneurs in both countries. I think he would do a fine job and the information would be valuable to a much larger audience than this book will probably command.



3. I had the misfortune to be assigned this book as a textbook for a class on global competitive strategy. I was very excited about exploring international perspectives in business, however this book proved useless. Stylistically, the prose is pretentious and verbose, making it difficult to read. It seems as though the author was more interested in showing off his extensive vocabulary than in coherently expressing his point. Also, the author relies heavily on name-dropping and anecdotal evidence to give credibility to his theories. If there is one thing I have learned in my extensive travels, it's that one person's experience does not translate into an immutable or universal truth. In short, this book turned into a very time-consuming and frustrating read with few useful lessons.



4. I was assigned to read this book for a MBA class on international competitive strategy. I found this book to be much more interesting to read than a "traditional" textbook, while retaining its academic roots. By the time I finished the book, my understanding of India and China's culture as well as each country's influence on the global economy was much richer than before.
   
   One example:
   A chapter in the book is dedicated to discussing India's and China's use of soft power and hard power. Soft power is defined as "the ability to get what you want through attraction rather than coercion or payments." The book is very successful in illustrating how India has mastered soft power by spreading its culture internationally through various channels (for example, Bollywood movies). Conversely, China has become very successful at using its economic and military resources to create desired results. Burma/Myanmar is used as an example due to the fact that this country has felt both India's soft power and China's hard power.
   
   While this book is not inclusive of all apsects of China's and India's international influence, it's a great start. I'd recommend this book to anyone curious about India and China. It's a wide-ranging overview of each country's government and culture, which will be a great asset to anyone given the growing international influence of each country. If you're attending the Beijing Olympics, it'd be a perfect read on the flight to and from China.



5. Before starting the book, I was suspicious of an Indian man (albeit a scholar) writing about India and China. Many authors tend to be overly negative or unrealistically positive about their native countries, especially when comparing to other countries... It was impressive how Khanna acknowledged certain bias tendencies and while reading the book I came to respect his unwavering commitment to objectivity. I thought he always gave both countries a fair and critical look, admiring and questioning when appropriate regardless if it was India or China.
   
   As an entrepreneur myself, it was fascinating to get a glimpse into the human stories and anecdotal evidence of the statistics that are abound in major news stories. Those exact personal encounters are what made this a page-turner for me...I felt like I got a chance to meet people I wouldn't have met otherwise.
   
   Finally, I loved the overall optimism that Khanna has for China, India and the world. In today's atmosphere of doom and gloom it's remarkable to see an academic looking forward with excitement. I appreciated the thorough observations, intelligent and substantiated analysis in the book; I am waiting for a sequel about Russia and Brazil!

5 comments about Yes, You Can Supercharge Your Portfolio!: Six Steps for Investing Success in the 21st Century.

1. i was looking forward to reading this book.
   
   how disapoinded i was... authors are basing their portfolios on montecarlo results... fine... but when they are also optimizing the very same portfolio with shares of stocks, then, i understood that they did not understand what they were doing...
   
   i can imagine that an index or an asset will yield some results in the future based on what they did in the past ... since they are acting as a group, thus mutualizing risks..;
   
   if you base the future of a stock movement based on what it did in the past, even for tens of years, you are forgetting that a compagny can disapear... check the Dow from 1929 to now...



2. Ben Stein and Phil DeMuth have a great way of explaining investing to the layman. I own and have enjoyed all their previous books. This book is a great primer on portfolio theory and diversification -- the only "free lunch" in investing. They tell you exactly how to diversify your portfolio to get the return you require for the least volatility and risk. Volitility in particular should be on everyone's minds after the the first 3 months of 2008 when the Dow Jones Industrial average moves more than 200 points in a day consistently. There is a saying on Wall Street that you can either "eat well" or "sleep soundly at night". By diversifying and reducing volitility, you can do both.



3. Yes, You Can Supercharge Your Portfolio and the accompanying software are a significant contribution to the individual investor. Following in the lineage of their popular investment book series, Ben Stein and Phil DeMuth have again charted new territory by demonstrating the principles and concepts of portfolio theory through portfolio examples and the use of a special software. Portfolio theory shows that it is more important to focus on how our securities interact as a whole. By way of examples they show how the ordinary investor embarks on the path of investing. Unknowingly this path is very risky and subject to possible failure. The book progresses from risky investment strategies to less risky with high yielding results and portrays the development of "typical" and "optimal" strategies spanning the ordinary investor's lifetime. By example the book shows what to avoid and what to emulate and the reader is given a choice as which path they may wish to follow. The center piece of the book is the concept of the Core Portfolio which is "supercharged" by the addition of hand picked securities. Over a lifetime of investing such supercharging could by way of compounding make for significantly greater yields, possibly cutting off years of having to work or having to work much longer than anticipated prior to retirement for not following this simple but effective piece of advice. Also, an all stock portfolio is demonstrated for the more sophisticated, mature investor.
   
   The Supercharge book is a start point in one's effort at understanding and investing using the principles and concepts of portfolio theory investing. The software, Quantext Portfolio Planner (QPP) which was developed by Geoff Considine of Quantext, Inc. (www.quantext.com) really puts the investor in the driver's seat creating a viable portfolio by contrasting and comparing portfolio alternatives. Once one has devoured the Supercharge book the reader will certainly want to give QPP a test run (30 day free download) and access the multitude of white papers Considine has written on the subject of portfolio theory investing and Monte Carlo forecasting which is available at his web site. Geoff Considine deserves the highest level of praise for creating QPP for the individual investor. Here-to-for only large investment houses have had access to the computing power of this type of software.
   
   Who is this book for? The book and accompanying software is for any individual investor or investment advisor wishing to test out a portfolio before investing any money in the market. Additionally, the book and software are ideally suited for investor education courses such as an introductory college course, adult education (high school and community college) or in a high school investment literacy course.



4. I will not review ground related to the book that has already been so ably covered here. Instead I want to relate my own experiences as to the improvement of portfolio composition that can be achieved both with this book and especially with the Quantext software they use throughout. Most people will likely arrive at the Quantext software by reading this book. I came at it from the opposite direction. Full disclosure; I have been investing since 1999 an have been an avid student of the markets, different approaches to the markets (including many variations of fundamental and technical analysis), and market history ever since. I have no affiliation or interest in Quantext other than the value I find in its use.
   
   The star of this exploration is the Quantext software but "Yes, You Can Supercharge Your Portfolio!" brings the sophisticated concepts of risk/reward balancing into an easily understandable format with excellent examples as a point of departure. The only other Stein/DeMuth book I've read is "Yes, You Can Time The Market!," which I bought a couple of years ago and reread recently after appreciating the content of this recent book. They are different books entirely but both really useful in taking sophisticated market studies and making them easily accessible.
   
   Now to the meat. The basic concept of modern portfolio theory (MPT) is that there is a relationship between the risks you take on and the reward you should expect for taking that risk, but that there is a way to optimize that risk/reward balance. Reward is measured by returns and risk is measured by standard deviation. The engine behind the benefits of MPT is proper diversification, but this is a subject that many investors really don't understand. Dividing your assets between domestic large caps, mid caps and small caps offers almost no diversification at all as these asset classes are highly correlated to each other; meaning that when one class goes down they all tend to go down, and vice-versa. A properly allocated portfolio should have a handful or two of non-correlated asset classes so that when some things are going down others are going up or staying stable. Other asset classes might include real estate, commodities, developed and emerging foreign markets, or riding different sectors. With the broad array of ETFs available these days finding diverse vehicles to invest in has never been easier. The point is to make your overall portfolio as limited in volatility as possible without giving up the potential for good returns. Intuitively the advantages of this don't make much sense to some people but a simple example should illuminate the concept.
   
   Suppose you had the following performances over a four year period. Which would you prefer?
   
   A) 10% 10% 10% 10%
   B) 5% 32% -15% 18%
   C) 18% -15% 32% 5%
   D) 8% 13% 11% 8%
   
   They all average 10% a year but because of the volatility of returns they compound differently. If you invested $10,000 this is what your money would've grown to after the 4 years (no expenses or contributions are assumed for ease of demonstration).
   
   A) $14,641
   B) $13,902
   C) $13,902
   D) $14,630
   
   The least volatile portfolio, the one that achieved 10% every year, compounded the best. Obviously that's an unachievable level of consistency but the point is clearly demonstrated that the less volatile the portfolio the better for the overall returns.
   
   Any time spent using the Quantext software leads you to the typical case for an investment vehicle being that you can expect the standard deviation to be twice the expected return. (There are a range around these results, of course, which leads to opportunities as well). If the return is 15% then the standard deviation is likely around 30%. This means that the portfolio is expected to achieve a return of 15% +/- 30%, or -15% to 45% in any given year. With proper diversification the ideal can be brought down on a portfolio level to a one to one relationship; i.e. a 15% return with a +/- 15% deviation, or 0% to 30% expectation. Yes, the top end of the potential returns comes down but the low expectation comes up equally to make a tighter and less damaging expectation of returns. That's the essence of a less volatile portfolio.
   
   This is all well and good but there are a number of portfolio analysis tools that can help you analyze these factors. The difference with Quantext is a very important one though. While most tools look at historic returns and deviations and project those same numbers forward, Quantext takes the historic ranges and projects future probabilities using a "reversion to the mean" methodology. In other words, what has been achieving a return recently far above what markets typically have given over the long term can be expected to underperform in the future, and vice-versa. Also, what has had low volatility recently compared to the long term can be expected to show increasing volatility in the future, again vice-versa. The creator of the software claims that this methodology is almost twice as accurate as using the historical data projections, as most analyzers (and analysts!) do. My own experience is that it is indeed a better approach, although all users are cautioned to do their own due diligence. Intuitively for many investors this approach would make sense. Stocks that have been hot are likely overvalued and due to correct. Stocks that have underperformed recently are more likely to be undervalued and due eventually to have that value recognized.
   
   This review is getting long so I'll make one last point. Quantext has one version of the software that lets you project out retirement scenarios using these portfolio projections. It uses Monet Carlo simulations to project a broad array of possible outcomes of future returns, based on the portfolio return/volatility expectations. The lower the volatility the more predictable those outcomes are and the less downside you're likely to suffer; making worst case scenarios a meaningful study that encourages creating a low volatility portfolio. Proper diversification is what lessens the volatility and that's what the Quantext software helps you do. Yes, You Can Supercharge Your Portfolio! makes it easy to understand how to use the software for such purposes by giving an easy to follow run down of the process.



5. We liked this book. Humor and economics combined with excellent suggestions for enhancing our existing portfolio. Authors provide cohesive focus, and lots of know-how of subject matter.

5 comments about Trade Your Way to Financial Freedom.

1. The book came highly recommended to me. Unfortunately, the book was quite verbose. He fills pages with dribble that is not required to get the point across which he subsequently fails to do repeatedly. I kept thinking what is the point Van? He does not trade himself. How could he possibly know what it is like? How has he been training traders since the early 1980's. When and where did he get the knowledge to do this? It appears that he is an academic, he studied the subject and called himself an expert. The chapter on position sizing is the most important part of this work, yet after having gone through the whole chapter he simply discounts the most important part of position sizing (the percent risk model) by saying that it does not work well and that therefore he had mentioned that it was only for tight stops. Then he admits that Gallagher's model is actually a pretty good way to trade (but how would he know that since he is not a trader?) Mmmm, so what was the whole point of this chapter then? Well I can answer that question for the entire book. There is no point other than to get another signing bonus from a publisher and bilk unsuspecting readers out of yet another 30 bucks and their precious time. Call me a skeptic. Even if he was a trader I'd like see his trading record before believing a scrap of "advice".
   
   What you will get out of this book is having your brain stimulated into thinking about the issues he brings up. Then use your own IQ to address these issues from the information you already posses (from other books and seminars no doubt as well as your own experience) get on the PC and draw up your own spreadsheet to deal with how you see position sizing as it applies to your portfolio and personal needs. In other words do not expect Van to tell you what and how to do it. He will not do that. Based on what I saw in this book I will write a trading book shortly myself, but this one will give you step by step action plans for what you need to accomplish if you want to succeed - written by an actual trader. Let me know if you want one.
   
   He does contradict himself: He says in the beginning it is all psychological but then in the end of that book the only thing he deals with is statistics. He also refers to an example of a game he played hundreds of times and posits that as proof that the results are valid, but it is just a standard bell curved result that he was getting, not valid proof of his statement. He does a great job writing and selling books, some of the content can be used if you put your brain to work and make it yours and you are able to discern the wheat from the chaff.
   
   I made it work for myself but in the end I was disappointed by the book as its reputation far outstrips the contents.
   
   Let me tell you that it is no small task to become a successful trader. You need to dedicate a serious two years worth of daily study AND trading time in front of the PC to become consistent and profitable. Not or the faint of heart. Everything you do and read adds to your overall knowledge so reading this book is still a very good idea, you just have to know what you are in for.
   
   Another book I will write is about how this trading game is played and how the deck is stacked against you. It is worse than the Las Vegas Casinos. If you doubt that statement then read something by Richard Ney. That will open your eyes very quickly as to the shenanigans that are perpetrated upon us daily in the markets. But what is the alternative? If you want your money to work for you you can hire someone else or you have to find a system for yourself. Only the most determined will make it.



2. To be an excellent trader you need to understand each trade's risk and reward. This book helps you calculate share sizing based on risk. It is a very important work that needs to be incorporated in everyone's trading plan. If you don't have a written trading plan then you must have this book. Then write your plan. Use the risk calculation and you will be a much more profitable trader.



3. I had not read the reviews here before i bought the book at a local bookstore. But after reading the first couple of chapters i started wondering if it's me or the author. I could not make any sense of his writing. He is laborious, verbose, with too many references to elusive hints. The book tries to be ponderous but in my opinion is a cover up for light weight information. He seems to oversimply the complicated and complicate the simple things, as another reviewer mentioned. Save your money.



4. This book is a must to be read for everyone struggling with trading. Well written, very practical and useful.



5. This is the best book I've ever read about trading. The position sizing topics alone are gold and can be the difference of being successful or not. but there's much more. Excellent to guide you to create your own system. This book is gold. You won't be disappointed.

3 comments about The Power of Unreasonable People: How Social Entrepreneurs Create Markets That Change the World.

1. I became very enthusiastic about the term "social entrepreneurship" when I made the transition from reading about collective intelligence and citizen wisdom councils and wealth of networks, to understanding that there was a form of energy I first encountered in How to Change the World: Social Entrepreneurs and the Power of New Ideas, Updated Edition.
   
   This book is remarkable, all the more so for being the third in the series that started with Cannibals with Forks in 1997 that introduced the term "triple bottom line" (financial, social, environmental); and in 2001, The Chrysalis Economy: How Citizen CEOs and Corporations Can Fuse Values and Value Creation, anticipating the period of creative destruction coming from 2000-2030.
   
   I like this book very much, in part because after 20 years of thinking of myself as a reformist beating his head against the idiot secret world, I now realize I am a social entrepreneur who has turned his back on secrets and is focused on creating public intelligence in the public interest.
   
   The authors made me smile with their early explanation that most social entrepreneurs can be so unreasonable as to be called lunatic. This is precisely what happened to me when I published "E3i: Ethics, Ecology, Evolution, and Intelligence" in the Fall 1992 edition of the Whole Earth Review--for having the temerity to suggest that we should emphasize open sources of information instead of spying, and sharing instead of hoarding, I was told that Sandra Cruzman, the top woman at CIA at the time, said "this confirms Steele's place on the lunatic fringe." So forgive me for this sidebar, but this book speaks to me in very personal as well as socially meaningful terms, it resonates with me, and I strongly recommend it to anyone who wants to think about ways of doing good while doing well enough.
   
   I always look for whether authors are respecting those that came before or have made adjacent contributions, and on that score this book is completely satisfactory. It is also blessed by the authors' broad range of examples, carefully selected from what is clearly a universe they know better than anyone else.
   
   Citing George Bernard Shaw, they explain early on that "unreasonable people" are seen so for their seeking to abandon outmoded thoughts, mindsets, or practices. Amen, brother!
   
   This is not a feel-good book in intent, although it achieves that effect. It is a serious book that methodically reviews new business models, leadership styles, and thinking about value creation. It held my total attention over two evenings of reading.
   
   The authors offer esteem to social entrepreneurs with the observation that corporations are noticing and hiring such individuals for three reasons:
   
   1. They see the future sooner than the average cubicle resident
   2. They help retain talent by making the business challenging
   3. They bring love and fun into the office environment
   
   The authors caution that social entrepreneurs fail more often than not, but they persist and ultimately find means of making a difference while making a living.
   
   They suggest that immature markets are best explored by non-profits while noting that hybrids with blended values are the most interesting forms.
   
   Page 5 is suitable for scaling up and framing for the office. The ten characteristics of social entrepreneurs (severely abbreviated here):
   
   1. Shrug off ideology and discipline
   2. Focus on practical solutions
   3. Innvoate
   4. Do social value creation and SHARE
   5. Jump in without waiting for back-up
   6. Have unwavering beliefs in innate capacity of others
   7. Dogged determination
   8. Passion for change
   9. Have a great deal to teach change makers in other sectors
   0. Healthy impatience (don't do well in bureaucracies)
   
   They tell the reader that confusion is a normal circumstance for social entrepreneurs, whom they define as those that take "direct action that generates a paradigm shift" while attacking an "unsatisfactory equilibrium."
   
   They see a deep and lasting need for social entrepreneurs because coming decades will require unprecedented levels of system change (I add, and will have unprecedented and often unanticipated disasters, many turning into catastrophes for lack of planning, preparation, or responsiveness)
   
   The authors tell us that the best of the charitable foundations are shifting from plain grant-making to sequential investments and deeper continuing relations with those being funded. At the same time they tell us that corporation and private equity firms are beginning to notice the value options in this space. [I think to myself, this is great, just at a time when corporations are also understanding green to gold, sustainable design, ecology of commerce, and true cost accounting.]
   
   I am totally impressed with one page that describes how China has developed new green accounting methods and now realizes that environmentally-related work loss is no less than 10% of their newly-understood green Gross Domestic Product (GDP).
   
   They provide a fine overview of new measures of merit including the double bottom line, the triple bottom line, the Social Return on Investment (SROI), and the "blended value proposition."
   
   On page 20 I see a quote worth posting: social entrepreneurs "bring together natural, social, human, intellectual, and cultural forms of capital."
   
   LEVERAGE is a key concept for these authors, and one I take very serioiusly as they describe how small investments can leverage indigenous capabilities (such as hard work from people who are poor but not stupid), philanthropic and other support, business partnerships, and income from previously untapped markets (at the Base of the Pyramid, like my Seattle friends they are clearly not comfortable with C. K. Prahalad's choice of title in The Fortune at the Bottom of the Pyramid: Eradicating Poverty Through Profits (Wharton School Publishing Paperbacks).
   
   The middle section of the book discusses three models and examples of each:
   
   1. The leveraged non-profit, which is hard to scale, dependent on hand-outs, focuses on public goods and being a change catalyst
   
   2. The hybrid non-profit that combines non-profit and revenue generating activities, with a focus on outcome generation, empowering the people at the base, community-centric, focused on low cost long term, and on driving the market or pulling more traditional providers into the market.
   
   3. The social business, which focuses on both social and financial returns, scales much more easily because it can assume both debt and equity. We learn that Whole Foods is an example, that it drove the organic market and leverages voluntary cooperation among many networks. Another example combines sustainable organic agriculture, rural employment of the uneducated but willing, price security for farmers, and transparent information.
   
   I want to emphasize the latter: transparent information. I have been persuaded by numerous books on the wealth of knowledge as well as my own 30+ years as an intelligence professional that shared information and transparent decision support is a wealth creation process that scales fast and inexpensively.
   
   The authors go on to discuss ten markets that lend themselves to social entrepreneurship, and I will list them with tiny examples--the book is absolutely a gem that merits buying a reading from end to end.
   
   1. Demographic: condoms, aging, disadvantages
   2. Financial: child knowledge of finances, simple technologies, helping poor self-organize for leverage
   3. Nutritiional: duck rice, food bank, food waste elevated to tasty and nutritious near zero cost consumables
   4. Resources: energy, energy, energy (I would add water, and throw a respectful salute the the George Mason University professor born in Bangladesh who created a virtually free means of removing arsenic from water using a combination of charcoal and steel filings (from the ships torn apart there, see The Outlaw Sea : A World of Freedom, Chaos, and Crime
   5. Environment: educatae, plant trees
   6. Health: high volume low cost (or free), cateract cures, telephone centers to help poor remotely
   7. Gender (best ROI ever is on educating women, see A Half Penny on the Federal Dollar: The Future of Development Aid)
   8. Educational: end rote learning, cross-pollinate, barefoot college that trains doctors and engineers narrowly and without years of credentialing (my own idea is call centers to education "one cell call at a time," I would love to see India do this sooner than later)
   9. Digital: embrace and empower poor as citizens
   0. Security: redefine as jobs for everyone rather than high-end military
   
   The last third of the book covers
   
   1. helping those at the base of the pyramid with access (e.g. curing neglected diseases); price (slash to 10%); and quality (e.g. $100 laptops).
   
   2. Democratizing technology (four clusters: basic building blocks, motorcycles and free neutral air in and out of disaster zones; media and media technology; and genetics and biology.
   
   3. Changing the rules of the game (search for my "New Rules for the New Craft of Intelligence" free on the Internet). They emphasize transparency; accountability; certification; land reform; emission trading; and value & valuation.
   
   4. Scaling solutions, with examples covering true costs, clean toilets for tens of millions, and General Electric's commitment to 17 clean technoloogies, sustainability attracting the best and the brightest of the social entrepreneurs.
   
   5. Lessons for leaders (below does not do the section justice--buy the book and read the whole thing):
   
   - Focus on scalable entrepreneurial solutions
   - Tackle apparently insolvable problems
   - Be prepared to fail--but learn from failures
   - Experiment with new business models
   - Close the pay gap
   - Join forces
   - Seed tomorrow's markets
   - Fuel growing expectations
   - Help democratize technology
   - Work to change the system
   - Figure out how to scale and replicate
   - Within reason, cultivate the art of being unreasonable
   
   I put the book down extremely pleased with the content and the presentation. This is a very serious book for serious people, not just social entrepreneurs, but Second and Third World policy makers, bankers, investors, international and non-governmental leaders, and so on.
   
   As I see it, social networks and collaboration among what I call the "ten tribes" (government, military, law enforcement, academia, business, media, non-governmental, labor, religion, and civil society) are in their very infancy. The Internet has not been matched by easily available information sharing and decision support tools (DARPA STRONG ANGEL and TOOZL is a start), and governments persist is wasting tens of billions waging war and stealing secrets, instead of waging peace and nurturing open sources of information in 183 languages.
   
   This book continued the inspiration that I have been getting from others, and here I list a few others including the first book from Earth Intelligence Network (free at the website):
   
   Improper behavior
   Radical man
   Society's Breakthrough!: Releasing Essential Wisdom and Virtue in All the People
   Collective Intelligence: Creating a Prosperous World at Peace



2. Maybe it's just me, but I could not put this book down...
   
   You've undoubtedly heard this said about a novel, but of a business book? Never. Yet this is exactly how this book effected me. From cover to cover, I was completely captivated!
   
   This is the book for the pioneer and champion of alternate business models. I highly recommend it to anyone interested in the future of business, whether micro-or mega-business. Not only does it feature businesses already established in carrying out some traditionally unheard-of practices, practices that incorporate the human element into what has thus far been a fairly sterile business environment, it also brings hope and a very real sense of possibility that the future will see a different model, one that is more adapted to basic human need.
   
   Far from separating itself out as the model for micro-businesses that serve the poor, the new model suggests that basic human need is universal and that this need should be addressed through a new paradigm that recognizes, and caters to, the human element.
   
   Those of us who follow the non-traditional start-up business world will recognize some of the companies mentioned here, companies such as the groundbreaking Grameen Bank of Bangladesh and its founder, Mohammad Yunus. But several other companies of equal importance in changing the way business is done are covered as well, making for fascinating reading for the follower of the entreprenurial world, be s/he mere spectator or active participant in the business world to come.
   
   Get a copy of this book; it's inspiring! For progressive business owners it's a must read; for the small business start-up, it's the next best thing to a how-to guide. For both, it's a way to change the world. Unreasonable? I think not.



3. Most books about emerging, improved leadership and management methods capture high points among well known examples that haven't changed in years: Fortunately, The Power of Unreasonable People is a happy exception to that common weakness in being forward looking. As an example, the book ends with a call for filling in what's missing for social entrepreneurs to become an unstoppable force that solves the world's most important and persistent problems.
   
   Who should read this book? Anyone who wants to make a difference in producing a society that provides better opportunities and qualities of life for everyone. If you think you might want to start a social enterprise, you should be reading this book today.
   
   Why do I say these things? I recently sat through four days of conferences at a well-known university where the leading lights among its alumni described what they were doing as social entrepreneurs. I was appalled by what I heard. All but one organization had no larger vision than to slowly build a small effort from foundation grants. If you added up all of the likely results from these organizations, it wouldn't amount to much . . . except to warm the heart strings. Clearly, no major solution problems were going to be improved except in a few locales.
   
   What's more, the leading lights were almost totally unaware of other, more effective methods for how to accomplish similar things. They needed to read this book rather than attend those conferences.
   
   I started writing about social entrepreneurs in 2002, and it was hard then to find examples of superior operating models being used by entrepreneurs (as opposed to attention-getting methods that reporters like to write about) that were affecting over 10 million people. A lot has changed since then. Now I run into social entrepreneurs all the time through my teaching who are developing operating models that could affect hundreds of millions of people.
   
   I was pleased to find out about a number of social operating models in this book that could serve as useful examples to others in different fields. I intend to recommend this book to everyone I know who wants to learn about such new models. I also intend to read more about the most interesting of the many cases in this fine book. That's rare for me because I read a lot. I applaud the intensive research that is the basis for this book. Well done!
   
   The book does have one limitation that I think would be worth addressing in a future book that updates what is reported on here: There isn't enough discussion of how to develop better business models by assembling bit and pieces of what others have done in new ways.
   
   For example, the book correctly applauds (through different examples) the operating principles of open-source innovation, serving more people by eliminating harmful costs to provide offerings for 5-10 percent of the usual resources, employing local people with a good understanding of what's needed, measuring social performance as a way to inexpensively encourage others to shift their focus, and being able to become large rapidly. Imagine what could be accomplished if the best enterprises mentioned in this book had a process to add the aspects of those approaches that they aren't using now.
   
   Check it out and take action!