3 comments about The Morgan Stanley/Dean Witter Guide to Personal Investing.

1. Outstanding primer for both the new investor and the more experienced investor interested in improving her/his investing savvy.

   First, this book illustrates rather convincingly, how investing just a moderate amount of money consistently over a period of time, can build personal wealth beyond most people's highest expectations. Makes it clear that there are no "guaranteed, get rich quick approaches" but that by being patient and investing in any of a broad range of solid investments...."financial serenity" is definitely within reach.

   Then, this book explains the basics of personal financial management; including life insurance, real estate, stocks, bonds, mutual funds, REITs, futures, annuities, 401k plans, IRAs and tips to help determine which is right for you. This explanation of the basics, provides a framework which can be used to help individuals determine which investment vehicles fit their personal financial profile/style, and how they can take the first steps in building a personal financial plan which can secure their future.

   I would recommend this book to anyone interested in improving their financial position in life. It is written by one of the world's leading financial management experts in terms that anyone, from any walk of life/profession can easily understand.




2. The book is like taking a college course. The author is very good at explaining the information. He uses examples for most of the material. After reading the book I felt like I could someday reach financial serenity.



3. This book provides intuitive information in an easy to read style covering various financial topics. It explains the fundamental investment techniques and basic information for individuals to make sound financial decisions in their life. The book provides adequate examples and covers all the options available to investors and how certain reasoning should be used for one's financial preferences. The author informs the reader the necessary steps in building a successful financial plan with a focus on long-term investing.
   
   Highly recommend the book to any individuals, either for starters or more advanced readers to review the many financial decisions people ponders throughout their lifetime.

3 comments about Kanban Just-In-Time at Toyota: Management Begins at the Workplace.

1. This book failed to capture the essence behind the workings of Toyota. Whether it was through poor research or a simple lack of understanding this book should be avoided at all costs.



2. Lack of information, I didn't find what I was looking, how to calculate KANBAN.



3. The book is eye opening. Many of the processes described can be applied to any business as a management philosophy. Managers must look for improvement or face stiff competition from those who don't.

2 comments about The Index Fund Solution: A Step-By-Step Investor's Guide.

1. Review of The Index Fund Solution by Evans/Malkiel

   This is a good primer on using index funds to build a core portfolio, both with tax-deferred funds, such a 401(k) retirement savings, and taxable funds. The contributions of Evans , an investment advisor, is sandwiched between Professor Malkiel's introduction and closing chapter. It is one of three books I have read recently on the subject. Bogle's 2nd book on Mutual Funds is more technical and Swedloe's book is similar but is more oriented to the Dimensional Fund Advisors (DFA) approach.

   The only mention of DFA is to Rex Sinquefield, Co-chair and CIO of DFA whose name is misspelled and whose title is wrong. DFA's enhanced index funds, based on the CRISP indexes are a major omission in the Evans-Malkiel book. Individuals can purchase those funds either if their employer's 401(k) has them available or if they use an advisor who has a relationship with DFA. The DFA 9-10 microcap funds have vastly different characteristics of size and value than the Russell 2000 or Wilshire 4500 index funds.

   A few minor quibbles The Sharpe ratio example (p 86) 1.14% should be 1.14

   P47 implies that "defined contribution plans" started in 1978. They go back 50+ years earlier to money purchase, profit sharing and stock bonus plans. In addition recent legislation allows employees of non-profits to be covered under 401(k) as well as 403(b) plans.

   Evans chapter on taxes might have mentioned federal estate taxes which have a great impact on qualified plan participants with sizable estates. His three recommendations for variable annuities are all more expensive than one he omitted, TIAA-CREF.

   Malkiel's final chapter provides an excellent rationale for capitalization weighted indexes as the only practical index-fund alternative, compared to dollar weighted and price weighted. DFA has an interesting approach to foreign indexing involving equal country weighting.

   Malkiel, in his recommended portfolios, doesn't mention DFA's products in the large cap, REIT, foreign and small cap areas. While MPT and efficient frontier portfolios may be intellectually satisfying, Bogle and I have some problems with how slavishly one should follow their results.

   All in all, this book is a very good starting point.

   Conrad M. Siegel FSA, Consulting Actuary




2. I've read 4 - 6 different books on index funds & exchange traded funds in the past 2 years; plus using the considerable resources of Mornngstar & AAII, both on-line & in print. This is the best single book I've read that covers the entire index fund intellectual & financial universe. Written to the level of an American college graduate, reasonably financially literate, but not a financial professional. The material is well organized, logical, fun to read, humerous at times, & easily understandable. Evans suceessfully avoids clogging up his book with the incredibly complex mathematics & numerology which characterize many books & studies in this area. If you're looking for a single comprehensive resource to understand index funds, this is my nomination! Good luck!

No comments about Financial Instruments: A Comprehensive Guide to Accounting & Reporting (2008).

No comments about Effective Websites for CPAs.

No comments about Commodity Futures Trading Guide 2008: Almanac, Calendar, Encyclopedia, Yearbook 14th Edition.

No comments about The Facilitative Leader: Behaviors that Enable Success.

No comments about Maintenance Work Management Processes (Maintenance Strategy Series).

No comments about Capital Account: A Fund Manager Reports on a Turbulent Decade, 1993-2002.

No comments about Statistics for Business and Economics - Textbook Only.