No comments about Mastering Treasury Office Operations: A Practical Guide for the Back Office Professional (Market Editions (Financial Times/Prentice Hall).) (Market Editions (Financial Times/Prentice Hall).).

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1 comments about Retire in a Weekend.

1. This book is perfect for any recent retiree or pre-retiree who wants simple, straightforward information on retiring. The author keeps the content light, sometimes humorous but right on target. You won't get lost in jargon or industry words but rather will gain the knowledge to be able to retire when you want, where you want and how you want. Highly recommended to everyone!

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5 comments about The Man Who Beats the S&P: Investing with Bill Miller.

1. No need for a lengthy review here. This is simply a superb book. We should all thank Janet Lowe for taking the time to write a book about Bill Miller's investment philosophy and process. What a treat this book is. I couldn't put it down. Bill Miller is one of the most gifted (and unique) investors on the planet today. Lowe's book is filled with investment wisdom. In my view, it is destined to become a classic. If you are one of the many people seeking to improve your investment performance, this is a must have book. Read it, study it, and prosper.



2. Bill Miller has been outperforming the stock market for more than a decade but he isn't as outspoken as other fund managers. Fortunately, Janet Lowe has been able to learn how Miller chooses investments--how he evaluates companies, decides when to buy and sell and more. She has interviewed Miller, his colleagues as well as industry experts to provide an interesting and enlightening portrait of Miller.



3. I was extremely disappointed in this book. It's a very expensive book that's light on content. It only has about 140 pages of actual text. The rest is endnotes and filler of Miller's portfolio holdings over the years. The book is nothing more than quotes from past articles and books containing interviews with Miller. If you've read past articles and books about him, don't waste your money on this weak book. I'm sending mine back for a refund.



4. This book contains few new revelations about Miller. If you've read any magazines articles about him, you've got the just of how he invests. This book adds nothing to this. His record of late is also showing that he's no god. Maybe his time has come and gone.



5. As much as I respect Bill Miller's tremendous record and unconventional approach to value investing, I have to say that this book is a big disappointment. Fortunately, it's not his fault. Because unlike many other books that are co-written by successful investors and their journalistic co-author, Janet Lowe appears to have tackled this project mostly on her own. And it shows. The book reads like one long Fortune magazine article. I was hoping to better understand the intricacies of Miller's thought process and investment approach. Instead, Janet Lowe borrows from practically every other journalist who has interacted with Miller, goes off on confusing tangents covering technological and economic theories, and then feebly attempts to glue all of these quotes and discussions into a coherent portrayal of Miller's philosophy, falling well short of that goal. I've read investment classics by former greats (Peter Lynch, Marty Zweig, Jim Rogers) and I can say with little doubt that this one doesn't cut the mustard.

   To give you a flavor before you decide whether to buy the book, consider the following:
   - The real text of the book is about 160 pages (not 262). Lowe wastes 50 pages highlighting two dozen stocks with outdated valuation numbers, a bare bones line chart with no volume, color, or an indication of where Miller's transactions took place, and a razor thin assessment from Miller which appears to be borrowed from his previous comments. Useless.
   - Miller's approach to portfolio management isn't seriously discussed until p.79 (halfway into the book) and you don't get any serious stock analysis until p.112
   - Lowe makes several erroneous statements, such as claiming that Microsoft Word is packaged free with most computers (news to me - and probably to Microsoft) and that AOL beat Prodigy by giving away its browser for free (uh, wasn't that Microsoft killing Netscape?). She also butchers the concept of "pro forma" earnings, even suggesting with one statement that fraudulently booking sales is simply dressing up the numbers.

   Why give it two stars instead of one? Simply because I believe that any text you can get on Bill Miller is worth something. I had already read a lot about Miller and I understand new economy principles like "network effects" and "winner take most" markets. So, I found the book repetitive and would not have bought it knowing what I know now. If you've had less exposure to Bill Miller, then the book may still be worth reading. But keep your expectations low.

5 comments about A Purely American Invention: The U.S. Open-End Mutual Fund Industry.

1. A thoughtful, well-written, unbiased examination of the mutual fund industry, from an insider's perspective. This book is a good investment for anyone with any connection to mutual funds - from studying or working in the industry to being a mutual fund investor. You'll learn more than the industry itself wants you to know about how funds are managed and administered. Mr. Gremillion keeps a potentially dry subject entertaining with interviews and anecdotes, and his "plain-English" writing style makes the book very easy to read - no technical knowledge required!



2. The back cover of this book has a brief biography of the author, and it seems that the book benefits from his diverse background. His time as a professor shows in his insistence on backing up all his assertions with hard data. His current job as a consulting partner is reflected in the clear, non-academic, and easy-to-follow style and organization of the book. And even though he generally speaks well of the industry, this is no hagiography. A number of illustrative anecdotes (the book is full of these) describe less than exemplary behavior, such as how one Minneapolis money manager ran his funds into the ground speculating on interest rate movements. Anyone interested in learning more about U.S. mutual funds should read this book.



3. This book is written in a clear, non-academic, and easy-to-follow style. And even though he generally speaks well of the industry, the author does not sugar-coat it. A number of illustrative anecdotes (the book is full of these) describe less than exemplary behavior, such as how one Minneapolis money manager ran his funds into the ground speculating on interest rate movements.

   The book is full of data as well. For example, the author doesn't just tell about how much a few star portfolio managers get in compensation. When he discusses what investment managers get paid, he includes the results from an industry survey that show averages and ranges for a variety of positions. John Bogle appropriately calls the book "authoritative" in his foreword.




4. Ever since I began work in the mutual fund industry six years ago, I've looked for books that would increase my understanding of the industry. Many books tell you how to invest in mutual funds and a couple attempt to describe (but in my view unsuccessfully) how the industry works. This week I found and read Gremillion's book on mutual funds. And I was amazed. It's all there. History of the industry, the laws that affect it, how funds are manufactured and distributed, e-business and a lot more. I really enjoyed reading the author's impartial discussion of industry issues like the debate over fees and expenses, active vs. passive management, and the state of the market.

   Gremillion's clear and concise writing makes his book an interesting and easy read. Too bad it wasn't available when I was in college.




5. Must reading to learn the ins and outs of the industry .

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