5 comments about The Theory of Investment Value (Fraser Publishing Library) (Contrary Opinion Library).

1. Helpful book for a Fundamental Value Investor since it layed the groundwork on DCF methodology (1934). Helped me to understand how the DCF or Dividend Discount Model was derived but a good undderstanding of economics is required to follow the author's concept. The two case studies are a bit dry but very interesting both from a historic and Value Investing perspective.



2. The Theory of Investment Value is clearly an important work, as reflected in Benjamin Graham's citations to it and the prevalence of the dividend discount model in valuing stocks. The theories expounded in this book are of particular import to those to seek to by stock at a value less than the intrinsic value of a company as they determine it to be.
   
   The book itself initially appears intimidating, as there are a lot of mathematical equations, but in reality, the math is nothing more than simple algebra, mostly different models related to computing dividend values going forward.
   
   I found the book to be an interesting read, but it is highly theoretical in nature. The central theme of the book is that stocks are worth the present value of their dividends, paid in perpetuity. It does not discuss earnings manipulation, effect of dilution, securities with superior or inferior claim to payment, etc. Moreover, as Graham points out in Security Analysis, companies that have a high return on invested capital would be well advised to reinvest their profits, while less successful companies would be better off paying higher dividends (relative to book value). This would, of course, tend to make the practical application Williams' theory somewhat complicated, insofar as it makes computing future dividends more difficult.
   
   Readers looking for a more practical guide to valuing stocks might be better served reading Securities Analysis by Benjamin Graham, or any number of more "practical" books related to stock market analysis, particularly as those analyzing financial statements to determine the intrinsic value of a company. Some readers might also find "The Aggressive Conservative Investor" by Marty Whitman and Martin Shubik to be a good read for a competing view, since the authors of that book take the position that, with respect to non-controlling shareholders, a company's stock is worth the net after-tax cash that they expect to realize in the future, whether from dividends, liquidating events, etc. However, if a reader is truly interested in obtaining an understand of how dividends affect stock prices, the book is a worthy read.



3. This is probably one of the oldest, if not the first, serious academic works on valuation. The coverage is highly theoretical compared to the more practical valuation books of today (dividends are used instead of free cash flow, continuous time is used instead of discrete time, and "cookie cutter" product cycle scenarios are presented instead of more complex business forecasting).
   
   The real value of this dissertation-turned-book though is its general insights. Although Warren Buffett doesn't tout this book as often as Graham's "Intelligent Investor", you will find that he utilizes the insights from this book almost as frequently.
   
   Robert Stephenson-Padron
   MSc student (economics & finance)
   University of Navarra, Spain



4. This is an excellent copy of an investment classic. VERY happy with the seller, the shipping and packaging were superb. Thanks again!



5. A fantastic accomplishment. All investors should study this book to learn the real value of a stock.

5 comments about Getting Started in Currency Trading: Winning in Today's Hottest Marketplace (Getting Started In.....).

1. After reading a ton of books, finally one that is really helpful in making a good foundation for you trading habits.
   This book gives a lot of basic information about Forex (useful to those like me who wants to know everything about), good hints about risk and money management.
   But if you want to study seriously, a must is the second title of the author Getting Started in Forex Trading Strategies (Getting Started In.....)



2. This book is very true to its name, definitely for those of us who aren't experts at trading yet. The book is filled with a general overview of the forex world and I would say that this book should be the first one any novice picks up (even before babypips).



3. I have been trading currencies for about a year and a half now, and this was a great start to get a broad picture of the FX market.
   
   This isn't a "dummies" step by step but it is a clear overview of trading in the currency market.
   
   It could be written with a little more... excitement or novelty. It is a fairly clinical read. It isn't a good comparison but triple w dot babypips dot com is a fun version of the material in this book. They are not associated but the web site is a good primer for this read (or vise versa).
   
   The basics are all covered and that makes it worth the price.



4. I originally bought this book in February 2007 after watching an infomercial on currency trading. This book is good for anybody who wants to start currency trading but dont know where to begin. After reading it, I was hooked.Now one year leter I am trading the currency market and now I am successful at it.
   
   This book will give you the basic knowledge and foundation of the currency market.If you are someone who is already trading and have experience then this book is not for you.
   
   Also once you read this book read it at least two more times.



5. I found many errors in this book, especially in chapter 8, "The Calculating Trader", as well as some in other chapters. Unfortunately, if you don't catch these errors, this book will only confuse you more. If you do catch them, it will just annoy you. Granted, I have the first edition of this book (2005); hopefully these errors have been corrected in the new June 2008 second edition. I gave the book 2 stars because it does have some decent overview information in it.

No comments about Bond Investing For Dummies (For Dummies (Business & Personal Finance)).

2 comments about Breakthroughs in Technical Analysis: New Thinking from the World's Top Minds.

1. This book has chapters written by several of the best technical analysts in the business. More recent research than the classics by Magee and Murphy. It's well worth the money.



2. i think is a great book about advanced technical analysis
   
   it is difficult for a begginer in technical analysis understand all the chapters but i think technical analysis has started change last years(many traders can trade just infront of their pcs) and this book give new ideas very usefull to any trader

3 comments about Smarter Investing in Any Economy: The Definitive Guide to Relative Strength Investing.

1. With a title like that, you have to wonder if it can possibly live up to such a claim. I think so, and here's why:
   1. He develops his ideas clearly, starting with the rationale behind RS, and its use in top trading strategies, such as Investors Business Daily and Value Line.
   2. He then walks you through a variety of approaches (18!) to calculating RS, one step at a time, showing you how each one is calculated, and illustrating these with graphs.
   3. Next, he walks you through his tests on RS, based on a broad range of sectors, with each of the above approaches, to show you how he arrives at his conclusions.
   4. Along the way, he carefully addresses important questions that every trader must deal with, such as selection criteria, diversification, risk, stops, etc. He backs every point up with his own research, and with references to the key work of others--the academic research, and that of key authors such as Van Tharp and James O'Shaughnessy.
   5. Ultimately, he develops this into a full fledged trading program for every kind of market.
   
   Whether you are a systems trader or not, I strongly believe that if you only incorporate the least of his ideas on Relative Strength, you'll take a quantum leap forward with your trading.



2. Michael Carr provides a blueprint for success using relative strength investing (RS). Investors may be familiar with the academic literature showing that RS investing should work, but most of these studies were performed on paper, not in the real world. Few investors have successfully integrated RS into their investment approach because of challenges including:
   1) There are so many ways to measure RS that it is difficult to know which is best.
   2) Transaction costs can erode all the excess profits from RS investing.
   3) RS investing involves risk. What are the best ways to reduce the risks inherent in this approach?
   
   Carr addresses these issues. Investors experienced in using RS investing might scan the first section, which summarizes various approaches to measuring RS and surveys much of the academic literature on the subject. But even advanced practitioners will benefit from later chapters in which Carr builds a complete trading system, including buying, selling, back-testing and risk management. He illustrates RS investment approaches using both mutual funds and ETFs. This book is far more than an overview of the subject. It teaches readers how to utilize the power of relative strength in their own investing and trading.



3. Smart investment is more than buying low and selling high. "Smarter Investing in Any Economy: The Definitive Guide to Relative Strength Investing" is a guide for small time investors looking to increase their income and be more like the big time investors. Offering advice with the potential to double readers' income while cutting the risks they take in half, and with the optimistic view that something is always improving and going up even during a recession, "Smart Investing in Any Economy" is an ideal guide for any investor. Highly recommended for community library finance collections.

5 comments about Product Development for the Lean Enterprise: Why Toyota's System Is Four Times More Productive and How You Can Implement It.

1. Even in the academic literature, there is no better reference. Note: do not buy the book "the minding organization" where the author refers to in the book.



2. For anyone interested in the next stage of Product Development -- this is a must read. The Toyota system encorporates what I felt has been missing in the product development process for so long. It takes into account the chaos that exists during development and actually encourages it instead of covering it up.
   
   I've beginning to incorporate these concepts into our process and am excited about the results I'm seeing.



3. Thumbs up, but I'd recommend you attend his workshops over the book if the opportunity presents itself.
   
   The book is written as a fictional account of a company's journey from process hell to an environment where engineers can devote themselves more completely to the craft they love. It is complete with protagonists and antagonists. The many men and women who have devoted large portions of their careers to wrestling with new product development process issues and trying to improve the quality and efficiency of product development processes may justifiably take offense at being cast as the antagonist, but it wouldn't be much of a story without the villains.
   
   The book raises some very good issues and points out some very good practices that have contributed to Toyota's success. Toyota's design philosophy is optimized for lowest possible risk to model year goals. American management teams would do well to think about optimizing for low risk instead of highest efficiency and lowest development cost. For many companies the cost of developing a new product is a fairly modest portion of their overall cost structure and the price they pay for missing new product introduction dates is far greater than the gains from tailoring their internal processes for the lowest cost development.
   
   The implementation of highly redundant development paths (called sets in the book) will be far less revolutionary than the book would have you believe. It really comes down to a willingness and ability to make the necessary investments. Readers who have studied Japanese companies will find much that is familiar. Publicly held Japanese companies are far less driven by quarterly results than are their American counter parts. Japanese companies typically have few (if any) small stockholders looking for short term gains. The largest stock holders in a Japanese company are often other Japanese companies. They tend to set long term strategic goals e.g. to dominate the world car industry in 5 years. While these businesses must make money to sustain themselves they are content with smaller earnings than their American counterparts making it possible to re-invest larger portions of their revenues back into the company. Some of that reinvestment shows up as investment in engineering work that reduces risk to new product introduction dates. But make no mistake about it, there are no miracle cures. During the initial stages of introducing a risk adverse strategy you are getting less (new features) with more (investment), but on time, likely with better quality, and you can build economically on that investment for a future stream of new products.
   
   Efficiency can be a huge problem, but not always. In many organizations engineering efficiency is disappointingly low. The book tries to make the case that Toyota's engineers are 4X more productive than the engineers of the fictitious company in the book (approx. 80% productive compared to ITRs 20%). The measure of productivity is not explained, but it is implied that it is simply the number of hours/week that engineers spend engineering instead of (presumably) unnecessary process compliance. It is unlikely that Toyota's engineers are on average really 4X more productive than the best of American engineering teams. A comparison between Toyota's engineering and one of America's best is probably a better comparison than a fictitious engineering team. The book does not sight any objective evidence for the 4X claim. Although few companies share their productivity numbers, 65% is a widely accepted number for staff utilization. If Toyota's staff utilization really is 80% then that would put them about 1.23X more productive. In actual fact productivity is far more complex to measure and since it is so complex many observers chose a metric and then measure changes rather than focus on an absolute #. Lack of evidence aside, the book does highlight some interesting opportunities for improvement in the area of knowledge retention and reuse.
   
   I have no doubt that there are companies whose developers are 20% productive. Lack of stability in the organization is certainly a contributor. The ineptitude and unending churn of engineering management teams is a frequent cause. Many companies have suffered at the hands of corporate management teams looking for quick fixes to the perception that their projects take too long, cost too much, and fail too often. They are often executives who have no engineering experience and no way to objectively assess the performance of their teams. They are driven by fear and uncertainty. They have often set goals that are hopelessly impossible to begin with. The result from the engineer's perspective is an unending stream of organizational change meetings to roll out the new engineering management team, introduce their dramatic new ideas, and get the teams trained. This is immediately followed by or coupled with a call to heroic self-sacrifice in an effort to meet the hopeless goal with the new structure. Sound familiar? If you we're drawn to this book it probably does.
   
   The first thing that any student of Japanese industry learns is its strong reliance on life-time employment. While there has been some decline in longevity in recent years it remains the expectation for most Japanese employees entering the workforce. The long-term expectations and thorough understanding of the company and its markets which the most senior managers obtain during their long careers fosters more emphasis on incremental improvement rather than radical re-birth. Either strategy can work, but the highest probability of long-term success is with the incremental improvement paradigm.
   
   Mr. Kennedy is a joy to talk to with a refreshing directness and wealth of experience. The book has a "sensational" tone, but you'd expect that in a work that was intended to get your attention and interest. The advice he offers in person is well reasoned and sound. Well worth the price of admission.



4. Everything written is a bullseye with the exception of glaring ignorance regarding Six Sigma - what it is and isn't. What is written relative to Lean here should be taken verbatim as applying to Six Sigma also - there is no difference. Similarly, the written characterizations of Six Sigma should be ignored. To quote Senji Nihwa, Taiichi Ohno's lieutenant at Toyota for decades, in a good-natured ribbing, "You Americans, always trying to categorize things. Call it Lean, call it Six Sigma, it makes no difference to us...it's all the same." And so it is.
   
   The book is extremely well written and accurate with the exception noted above. If readers can simply meld the descriptions as also being characteristic of a Six Sigma organization, and discard the mischaracterizations of Six Sigma as written, they are in for a very positive learning experience.



5. This book, as others have said, is much like "The Goal". It is not a silver bullet, not the final solution or even the best business book ever written. It is a clear concise way to explore a more realistic paradigm than the one you probably exist in now. It coaches you on implementation, partcipation and collaboration. It is simply right on and it will drive your mind to next level of understanding.
   I recommend this for everone at any level. It re-states the power of synergy and how to tap into it. Get your 80% work product efficiency and 4X improvement now - it works.

5 comments about The BEST Damn Commercial Real Estate Investing Book Ever Written!.

1. I enjoyed the book and read it in 1 day. It provides a frank, no-nonsense intro to commercial (apartment) investing. What makes this book stands out is that it simplifies a great deal of the jargon as well as admonishes critical pitfalls in commercial real estate (CRE) investing. A must read for any inspiring CRE investor!



2. I agree with the book's title, and found it to be just right for anyone who, like me, is perched on the brink of jumping from residential to commercial investment properties. One of the most important things I learned from the book is how to avoid wasting money and time during the search phase. Monica has given me the knowledge and courage to make the leap into new geographic markets where the cash flow yield is more favorable, rather than trying to stay close to home where the real estate is pricey and cap rates are relatively low. Monica tells it like it is based upon her own real experiences! (Also, she responded to my email with a very informative reply within a day!)



3. It all became clear to me once I tripped over the twentieth punctuation or grammatical error. What publisher would let this book be sold without a decent proofreader? Ahh, self-published. Grammatical errors bother me more than they should, but what does it communicate about the content? The author has made millions in three short years, and has decided that although she is still learning, this is the best time to write a book for beginners. She also started her own TV show or infomercial (it's not completely clear), seminars, and offers herself as a mentor! Oh, and there's a blog here on Amazon.
   
   I'm sure she is getting very wealthy. The hubris involved in naming this book, as well as the seminars and mentoring, is staggering. I'm new enough to this that I can't evaluate the content. But I know I can't completely count on it. Just look at that punctuation!



4. What an easy read, couldn't put the book down. This is no dumb blond. She is honest with what she says, and thorough with the info. best of all as i said an easy read, while being technical. This woman is gifted. I am inspired and excited knowing that commercial real estate takes work, but the returns justify the amount of work involved. This book needs to be read and then read again and work with it... develop an outline for your self with her instructions, and get to work..... and forget luck, need luck resort back to her book.... after all luck is only the end result of good preparation and hard work....



5. I have read several investment books this summer. This book had lot of grammatical errors but did reveal a real life view of the author's success. Unfortunately, besides the apartment condo conversion there was not a lot of more specific examples or experiences. I was expecting to hear a little about shopping centers, office space among other things. The "Best" is a bit exaggerated to say the least.

5 comments about 10 Steps to Successful Business Writing (10 Steps) (10 Steps).

1. The 10-step program goes above and beyond business writing. It is a clear, easy read that can transform anyone into a better writer. I will certainly take this book along with me as I transition from a college student to a business professional.



2. Jack Appleman has got it right! This is a great book for the business professional. I have the book right at my fingertips as a reference manual. This book should be right next to your dictionary!! -- Military Public Affairs Officer and Strategic Commmunications Consultant



3. In a clear, succinct manner, Jack Appleman explains the difficulties the business community has communicating with others as a result of their limited writing skills - skills that are essential for businesses and individuals to thrive. This comprehensive reference, disguised as a simple handbook, provides superb examples on how to improve business writing skills and will reside on the active side of my bookshelf: always ready to help me be a better communicator.



4. 10 Steps To Successful Business Writing is exactly that--a clear, concise, and effective plan to become a powerful business writer in almost no time at all. This book is a masterfully well-organized text that flows effortlessly from one topic to the next, with the key skills necessary to become a competent writer. It is possibly the best "how-to" manual on the market today. Beth Miller



5. Jack Appleman's 10 steps to successful business writing is a book that you will read, keep on your desk or laptop case, and use over and over again. Why? The book breaks business writing down into ten steps and then tells you exactly how to do those steps. For instance, when he says not to use stuffy words, he gives a list of stuffy words in one column and their suitable substitutes in the other. What is easier than that? The whole book is broken down just that way. It is great.

3 comments about Go Roth! Your Guide to the Roth IRA, Roth 401k and Roth 403b.

1. Before I read GO ROTH!, I was tired of finding a single paragraph on the Roth IRA in other wealth-building books. In GO ROTH! I found all the many reasons why a Roth is a superior IRA for me and would be superior for many investors. I learned why I might wish to convert and how to do it. Equally important to me, I believe the information is reliable, coming from a tax expert. My investment advisers were unable to answer my questions on the Roth IRA, but this book answered them all.



2. I have read both this latest revision as well as the 2004 edition of this book and both times have found it to be an easy to read and understand explanation of the ins-and-outs of the Roth IRA. The latest edition is updated with all of the latest changes to the Roth. Being a financial layman and not very financially savvy even in comparison with my peers, I found this books layout to be well-organized and presented in a manner that one with the least knowledge of finances can understand. It covers the basics of the Roth as well as many details all in one convenient location compared to most of the information that can be found in bits and pieces here and there. I would definitely recommend this book to anyone and has convinced me to start a Roth account ASAP.



3. I knew I would enjoy this book as I am a big fan of the Roth IRA, especially encouraging kid's to begin their own. It's not just the tax-free wealth the Roth provides, but also the flexibility of withdrawing contributions in a true emergency, plus the treasure you can pass on to your heirs that make the Roth very exciting!
   
   This book is a winner! It definitely has some technical sections but they are certainly easier to read than the IRS publication. (There are also mathematical sections to demonstrate and back up statements -- for those of you might have a "show me the numbers" attitude.)
   
   Perhaps you have already started your Roth because you believe in a tax-free investment. Will this book teach you something new? It seems there is always more to learn when it comes to the Roth IRA. For example: this was the first book I've read that has a section devoted to Social Security benefits. Depending on your income, the taxable amount of Social Security benefits can be impacted by your choice of a Traditional or a Roth IRA. There is a lot of discussion on conversions as well, which will help maximize your Roth balance. I honestly can't imagine anyone reading this book and claiming they learned nothing new.
   
   Go Roth is a book to own, a book to highlight. You cannot just borrow it from the library because you will be using it again and again as your Roth IRA passes through the different possible phases (contributions, conversions, early withdrawals, distributions, or inheritance).
   
   My assumption is that we are all smart enough to start a Roth (once we know what one is), but we still need to be educated on how to handle it, how to maximize it, and how to pass on what we don't use to our heirs. In addition to the IRS publications, this book will be our little reference guide.

5 comments about Stikky Stock Charts: Learn The 8 Major Stock Chart Patterns Used By Professionals And How To Interpret Them To Trade Smart--in OSne Hour, Guaranteed (Stikky).

1. Wanted to know how to do some basic analysis on stocks, and this book was great. I reviewed several other books that went into exurtiating detail, which is not what I wanted. After reading this book, I can now quickly identify trend lines, bullish patterns and bear-ish patterns.
   It was a simple read and highly recommend it to anyone that needs a quick and simple way to learn the 8 basic stock patterns.



2. Before reading the book, I had NO concept on analyzing charts. This is a wonderful book for a beginner into the world of trading/investing. It helped show what the primary patterns are, how to spot them, & how to interpret them. I recommend this book for anyone who does not understand chart analysis & how to apply it. It will open a door needed to be profitable in your endeavor.



3. I used to look at charts and think, you have to be an educated soul to understand what all the lines are about. 120 pages into this little book and I was filled with confidence and a hunger to know more.I found this sticky little book a great exposure to the world of t/a, and I hope you do to.



4. This is by far one of the most well-written books I have seen in a long time. It keeps the reader's interest and makes learning the material fun. Even a 5th grader could work through this book and enjoy it. Best of all, charting works, especially when one looks at support and resistance, long-term support and resistance. The buy-and-hold approach goes out the window, once one looks at charts and observes their up-and-down behavior. A real value considering how many thousands it can save you in the markets. And these same analysis techniques apply to whatever one is trading, foreign exchange, options, stocks, whatever. A good sequel is to learn candlesticks (Steve Nison's books) to help predict reversals. No book is the holy grail, and charting is an art and not a science, but some books can help one make a lot of money and keep them from losing a lot of money. This is that type of book!



5. I have been investing for a short amount of time, but I am new to chart-reading and all the trading fundamentals. This book was a great place to start and I really loved the presentation of it as well. Cheap too.