2 comments about Starting Out in Futures Trading.

1. For the price this is a great book to learn and help understand the specifics that make up all the basics in trading commodity-futures. After reading this book, I felt as if I had taken a formal college course on the subject of Futures and understood it much better from various angles now. There's no "hype" in the book, no agendas, no further products or services to buy being pitched to you, just plain vanilla (ok, french vanilla) basics being laid out for you in textbook fashion for you to digest in your own terms. I like that - it's refreshing in a way. It is probably like this because it was really written 20+ years ago (don't worry, it's been revised many times to be modernized - 5th edition, 1993). The book was originally written and printed in "Commodities" magazine as a popular mini-course series (before the magazine changed it's name to the modern "Futures" magazine we know it as today). Even though I knew much of the content from personal experience (the most costly way) or from other readings, my CTA, etc, I did not always understand the "why" behind the rules I was following & how the markets work the way they do from both a technical and fundmental perspective (dynamics). Of the some 28 chapters, I really took interest in almost every one. I can't say that about most of the other trading books I've read. Put it this way... if I could keep only 5 trading books, this would be one of them. You'll likely dump more than that on the commissions for 1 trade - or, worse yet, even more than that on 1 bad trade. ** Beginners, I recommend the following: If your goal is to have deeper pockets from trading - then you must first go deeper in your understanding of futures markets & trading them (i.e. Read the book).



2. Please note: This review refers to the 1991 edition.
   
   It is a good book, but this edition is plagued with typos, and mistakes in at least one chart. Don't make the same mistake I did; buy the last edition (I bought mine on the store with very little time ...) I haven't had the chance to check out the latest version (Starting Out in Futures Trading), my guess is that it's corrected and updated.
   
   About his writing, I like the fact that he mixes personal experience with academic and corporate studies about the market. I think the book becomes very useful that way.

2 comments about Beat the Market: Invest by Knowing What Stocks to Buy and What Stocks to Sell.

1. I read the previous book Kirkpatrick co-authored, "Technical Analysis," and so when I saw that he had a new book, I ordered it at once. It arrived on a Saturday morning. I started reading it and didn't get up -- couldn't get up -- until I finished it. I've read many books on the stock market. I only need this book to make money. Kirkpatrick is a leader in his studies of relative strength investing. (Several pages are devoted to his methods in Robert Colby's "The Encyclopedia of Technical Market Indicators.") He has been trading his techniques for 30 years and the results are astounding -- far outperforming the market. His approaches are as simple and straight-forward as they are powerful. Moreover, nothing is proprietary. I am able to duplicate his methods myself without needing to subscribe to his newsletter, even though I do subscribe because I enjoy it. I particularly recommend his chapter on market timing -- how to avoid getting caught in the horrors of a bear market such as we are experiencing now. I highly recommend this book.



2. This book is a rare find in the abundant population of investment literature. The author shares technical and strategic thoughts based on his vast experience, as well as providing a very precise and efficient system. Two points contribute to the value of this book. First, the author explains his system rationale based on both academic studies and his own personal research/experience. Second, the application of the system is provided with detail and precise indications on how to use it. Basically, the "why" and "how to" make the depth of this unique book. Highly recommended!

5 comments about The Art of Public Speaking.

1. Easy, step at a time intro to public speaking. Useful on its own, but more appropriate in a classroom environment than as a self-study book.



2. This is a good textbook for anyone who wants an overview on the elements of speaking in public. The content is broad, but not too deep. It puts perspective on oration that I had not considered before. There is a lot of practical thinking woven into the chapters.
   
   However, buyers beware! I bought the ring-bound edition, not understanding that I would have to provide my own 3-ring binder. It was a complete buyer error, but be advised to consider the binding of your textbook. Acquaint yourself with the various types of binding (i.e., spiral, ring, etc.) and identify your preferences.



3. Fot those who seek helpful tips on improving communication skills and public speech preperation this book is for you. This book is full of great information and will help you to develope your own public speaking techniques.



4. I ordered this book on the 3rd of September, and it was shipped on the 5th, and I was told that it would take 3-15 days before the book came. Well, it's October 5th now, and I STILL do not have my book. I am not happy and I want my money back.



5. I was very satisfied with this purchase. The shipping was so quick!! I didn't even expect it to be that fast. The item itself was good.

5 comments about How to Succeed as a Small Business Owner ... and Still Have a Life.

1. Bottom line: It requires lots of work to be able to kick back and let your business run itself instead of run you.
   
   But the author gives great guidance on what, when, and how to accomplish the ability to take time away from your business while it runs without you. Some paragraphs in this book could easily be expanded into chapters or even whole books. But a busy small business owner has no time for a whole book.
   
   I ended the book feeling "I've got a lot of work to do" - but you probably will too after reading How to Succeed as a Small Business Owner... and Still Have a Life.



2. Great book--Easy read, full of practical advice, and great examples. This book is much needed for any small business owner, but especially those who find themselves "spread too thin." Isn't that all of us?



3. I am a small business owner of 7 years standing. I liked this book a lot. While I was aware of many of the issues that the author raised, it is still worth a read. The ideas are presented in a concise, well planned and easy to read style.I found that every issue/idea was easy to reconcile against my own business. The author has been there and done it. The book is well structured and takes one through all of the areas that any small business owner needs to address if they are to have a life outside of the business!



4. We started a business 4 years ago (landscape consultancy practice in the Middle East), with one staff. The business has been a financial success (now with 24 staff) but we gave up many important things to achieve it. We read so many books on how to run a business. Bill's book was the one which helped us to chart the path to a balanced lifestyle. Appendix A is a checklist made from the chapter summaries. We use this periodically to score ourselves on how well we are maintaining a healthy balance. It's a worthwhile quick exercie.
   
   The book starts with "week in the life of" a frazzled buiness owner, and ends with a "week in the life of" a succesful small business owner. Just read these two and you will feel like reading the rest of the book.
   
   I recommend this book to everyone who is starting or running a small business. It is a great guide.



5. This is a must read for any small business owner. Written from the perspective of someone who has actually done it, this book is a clear, straightforward approach on how to have a better business and a better life. From the opening story of Bob's Printing Company, a typical small business owner drowning in a sea of things to do, we are given practical, real-world advice on personal priorities, delegation, marketing, hiring, planning, profit sharing, and more. The assessment at the end is an invaluable tool to help you know where you stand as a small business owner. Get it, read it, do it!

2 comments about How to Invest $50-$5,000 9e: The Small Investor's Step-By-Step Plan for Low-Risk, High-Value Investing.

1. Excellent read! Very informative. I read the last edition and found this to be updated. I've read several books on investing and found this to be comprehensive because it provides specific resources & websites for ease in finding additional info on areas of interest. It really will give you a jumpstart in how you can start saving and investing wisely without paying high fees. Provides investment alternatives for people with smaller funds to get a rate of return similar to those people who can invest thouosands at a time. Easy to understand and apply these concepts.



2. Until I read this book, I was under the impression that you had to have a lot of money to become an investor. I knew I wanted to begin somewhere but I didn't know where.
   
   Nancy Dunnan speaks in everyday language. I'm grateful for that. I wasn't intimidated nor did I feel overwhelmed. I felt like I could do this.
   
   I appreciated the detailed appendices:
   
   A. Nine Easy and Painless Ways To Save
   B. Ten Steps Toward College Education
   C. Scams, Swindles and Suckers
   D. The Top 25 Financial Web Sites (For me, this alone was worth the price of the book)
   E. If You're Fired
   F. Cash in a Flash: Ten Sources of Instant Money
   G. Your Next Steps
   
   This book is great for a beginner and aimed at the small investor. It gives step-by-step and easy to understand common sense information. I now have a better grasp of investing, saving and even my own comfort level about money.
   
   I highly recommend this book!

5 comments about BIG BIM little bim - The practical approach to Building Information Modeling - Integrated practice done the right way!.

1. To most people, BIM just means "Building Information Modeling." For Finith E. Jernigan, AIA, BIM is "Beyond Information Modeling."
   
   "bim (lower case) is used to represent applications-focused topics; i.e. ArchiCad, Bentley, and Revit are bim tools." Finith E. Jernigan, AIA wrote, "BIM (upper case) is the management of information and the complex relationships between the social and technical resources that represent the complexity, collaboration, and interrelations of today's organizations and environment. The focus is on managing projects to get the right information to the right place at the right time."
   
   "BIG BIM little bim" is one of the best books on the subject of integrated practice. It covers framework for success (four phases to integration: initiate, design, construct and manage phases, seven steps guide your way), the process day to day (certainty is your mantra, validation, design and construction prototypes, procurement, construction, operation & maintenance, firm, people, time, benefits and cautions), and proof that integration works including a number of case studies like Fire Headquarters and Station 16, Capital Improvement Program, Children's Theater of Delmarva, and Armory Community Center.
   
   Finith E. Jernigan, AIA discussed many useful and creative ideas and tools, like design and implementation can work in parallel, forewarned is forearmed, Facility Development and Operation (FDO), Facility Specialty Alliance (FSA), Onuma Planning System (OPS), Web Feature Service (WFS), Theory of Constraint (TOC), Toyota Production System (TPS), 4SiteSystems, etc. There are also some useful appendixes at the end of the book, including "Recommended links" and "Toolkit."
   
   "BIG BIM little bim" has 295 pages and many diagrams and screen-shots. It is a must-have for students, architects, landscape architects, urban planners, engineers, owners, facility managers, and contractors.
   
   Gang Chen, Author of "LEED AP Exam Guide" & "Planting Design Illustrated," LEED AP, AIA



2. Professionals in the Design Field will love this book! The organization/heirarchy of discussion points add to the features in this book. In addition, there are many diagrams and much theory to support all that he has written for design and along with the "Toyota Theory" he has created a well-rounded book for us all to follow and to keep as a reference in our libraries.



3. Can't say what I expected when I bought this book. It's all over the map and I'm expecting PBS to pick this guy up as an architectural self-help guru.
   
   I have never seen so many numbers thrown around as the "4Site" system that is best used with the 80/20 principle that then moves on to the Power of Sixteen Concept that can then be better handled with the 400% Rule (page 136). I am seriously paraphrasing here, but it can be daunting trying to keep with the threads.
   
   Having cleared my system of that I will say that there are a number of things that can be taken away from this book (failing fast is my favorite). It is on the extreme end of the "architecture-is-a-business" end of things, but as is so often pointed out in this book, it is what is so often left out of an architects' equation. And an omission that, if not tended to, will push architects further to the fringe of the construction industry.
   
   Mr. Jernigan, I have no doubt, knows what he is talking about--it's just such a difficult read.



4. BIG BIM little bim - The practical approach to Building Information Modeling - Integrated practice done the right way!
   
   This book hits a home run for all practitioners of BIM. It is relevant to both the neophyte just making the BIM decision as well as the mature BIM organization looking for what is next. The buildingSMART Alliance in North America is working the BIG BIM issue and I believe that it is a very rich environment for significant transformation in the way we do business. There is significant return on investment at every step of the way for all stakeholders. Finith has done our industry a great service in pointing out this very concept. We all will be implementing BIM for many years to come and this is a great starting point. The book is replete with excellent first hand experience based guidance and real life case studies, the kind you are more likely to come across in your own practice. I heartily recommend this book be part of your mandatory reading as well as a reference on your bookshelf to re-visit as you prepare to bite off more and more BIM opportunities to ensure you are keeping to the principles. It is also good to see some very good BIM books coming out and so far, we seem to all be supporting the same principles which will help reduce the confusion factor generated by the vendors supporting only their current capabilities.



5. I found this book informitive and useful in understanding this technology and how to integrate it into your practice. Whether you have a large architectural firm or a small one, this book will provide a practical guide for using Building Information Modeling in your workflow and how to approach your projects as a totally integrated practice.

5 comments about Five Future Strategies You Need Right Now (Memo to the Ceo).

1. Planning for the future is something all wise business man plan for - the current is only temporary, but the future is always ahead for them, and what you sow now, you'll reap then. "Five Future Strategies You Need Right Now" is a comprehensive guide to five well thought out and planned strategies that business leaders can take and follow to help them guide their companies to a more highly successful future. "Five Future Strategies You Need Right Now" is a highly recommended handbook for any business leader who wants to be taken seriously and for community library business collections.



2. 
   This is one of the titles in the "Memo to the CEO" series published by Harvard Business Press, each less than 200 pages in length and superbly produced. In fact, none is a "memo" or written solely for a CEO. In this volume, George Stalk explains how to become alert to "faint signals" of what could prove to be early indicators of possible opportunities to gain competitive advantages. Once those opportunities have been verified (Stalk suggests how to do that), appropriate strategies to exploit them will be needed. He focuses on five examples of strategies whose "sources of advantage are not only abundantly clear, but undeniable": supply-chain gymnastics (i.e. adroitly managing a global supply chain), sidestepping economics of scale (i.e. a "disposability" business model), embracing complexity (i.e. four ways to attract customers who are looking for a higher level of complexity), and infinite bandwidth (i.e. effortless receipt of any amount of information whenever and wherever desired and at no cost).
   
   Stalk offers "a high-level introduction to each of these emerging issues, along with suggestions for how to turn them into competitive advantage." He devotes a separate chapter to each of the five categories, then in the final chapter shifts his attention to examples of potential strategies that are "no more than faint signals today," identifies two emerging strategies on his "Watch List" awaiting further evidence of their potential to create competitive advantage, and then briefly discusses various "hallucinations" for which there are currently no corporate examples but are "worth pondering" nonetheless.
   
   But Stalk doesn't limit the narrative to what he has observed and tracked. He reassures his reader that other faint signals "are likely to be found in the world around you," in the reader's own competitive environment as well as beyond it to other industries and competitors to spot insights of others "who may have found a new way of operating and competing that can be transplanted into [her or his] industry to the great confusion of others...and then `plagiarize' the idea." Or when coming across an anomaly, to "understand its implications and use the insight to drive the business to new levels of performance."
   
   Comment: Over the years, I have worked with the owner/CEOs of countless small companies and have urged each of them to form an unofficial "advisory board" consisting of their banker, attorney, accountant, insurance agent, and at least one C-level executive of a large corporation if at all possible. I suggest that they meet as a group at least quarterly, perhaps for breakfast or lunch. After a brief update, the owner/CEO identifies one (and only one) especially important issue his or her company now faces and then chairs a brainstorm session in which advisory board members participate. Invariably, comments and suggestions from a wide variety of perspectives help the owner/CEO gain a better understanding of the issue and then to address it effectively. Having now read Stahl's latest book, I think providing a copy of it to each advisory board member would be a good idea.
   
   While reading Stalk's comments about aggressive but principled competition, I recalled Hardball: Are You Playing to Play or Playing to Win? that Stalk co-authored with Rob Lachenauer. The focus of that book is on winners in business who "use every legitimate resource and strategy available to them to gain advantage over their competitors...[and by doing so] attract more customers, gain market share, boost profits, reward their employees, and weaken their competitors' positions." Hardballers are wholly committed to winning "the game" and do so, key point, by always playing by its "rules." Their goal is always decisive victory so as to sustain dominance. With regard to social responsibility, it is noteworthy that Stalk and Lachenauer quote Milton Friedman's observation that there is "one and only one" in business: "...to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud."
   
   Stalk has prepared those who read his brilliant book to be alert for "faint signals" of other anomalies, unmet consumer needs, nascent trends, etc. that they can add to their own "watch list" until their potential for competitive advantage have been evaluated. At least a few candidates for future strategies will emerge from this rigorous process, separated from other provocative but ephemeral issues that Stalk calls "hallucinations." Of course, meanwhile, it would also be beneficial if those within an organization who possess especially inquiring minds were to get together on a regular basis and discuss what I call "What ifs..., "Why nots...," and "Have you ever thought abouts..." as well as other discussion primers such as "Why hasn't someone invented...," "What really upsets me is....,"and "I really wish I had..." or better yet "I'd give anything for...."Mental calisthenics (isometrics?) such as these eventually led to the development of a built-in handle for containers of liquid detergent and a built-in funnel for containers of motor oil; also locating the striking area of a book of matches to the reverse side, making postage stamps adhesive, Post-its, ATMs, frequent flyer mileage programs, and ergonomic kitchenware.
   
   Those who share my high regard for Stalk's insights and eloquence in this book are urged to check out his other works, notably Competing Against Time: How Time-Based Competition Is Reshaping Global Markets co-authored with Thomas Hout and the aforementioned Hardball as well as his various articles that appeared Harvard Business Review. Most can be purchased online and easily be downloaded.



3. It is exactly what it is supposed to be: a memo to the CEO.
   This means it does the job you want, meaning get some new ideas for the future of your business.
   
   I must say that at the beginning of my read, I was not that impressed with it. It gets improved as one reads, and especially after the third strategy of running your business better.
   
   You will not get tired with it, you will read it in a few hours and I think you will feel happy you have purchased it.



4. George Stalk hits a home run with this little volume entitled "5 Future Strategies You Need Right Now". Stalk's approach, with John Butman's able support, gets to the heart of the matter immediately. Each chapter begins with a compelling challenge, setting an immediate tension. All examples are real and relatable. Stalk doesn't give easy formulaic answers. Instead, my creative imagination and strategic mind were instantly engaged. His approach is invitational and his tone is intimate. It felt like he was a trusted advisor and we were having a viirtual dialogue. He's passionate about his ideas and often playfully irreverant. The chapter on "Infinite Bandwidth" alone is "worth the price of admission".
   I like this HBP series. The concept and formats are user friendly. Each book really does feel more like a memo. The ideas are timely. The brevity makes it easier to refer to and recommend. Stalk's book is staying on my desk, not on my bookshelves.



5. This is a slender but useful little book. Early in it, George Stalk notes accurately that all too often, the media announce the next big thing long after cutting-edge companies have learned about the change, dealt with it and moved on to the next innovation. High-profile stories trail real change, rather than reporting it as it happens. If you're trying to plan for change by following the mass media, you're going to be left behind. This leaves Stalk with a difficult challenge: to address key changes that are emerging just now. The result is a bit uneven; the text is speculative at times, and his desire to write a brief treatment means that he skims some areas. But that said, this is a more specific and applicable treatment of the future than most books present, and getAbstract recommends it to anyone planning realistically for change.

5 comments about How to Pick Stocks Like Warren Buffett: Profiting from the Bargain Hunting Strategies of the World's Greatest Value Investor.

1. 1) The first quote on the back cover is from Mary Buffett. Mary's claim to fame is that she divorced Warren's son and then got into the investment book business. If you can't do that 'math' or you buy into the '*****' reviews for this book I've got a bridge I'd like to sell you. 2) Throw out the chapter on 'Warren on Arbitrage'. I've worked in equity arb. Most of this chapter is either outright false or highly misleading. 3) Entire sections of this book read as if they were excerpted from Hagstrom's or John Train's books. 4) The only reason I didn't give this book zero stars was it had some nice quips about value investing in general.



2. This is book says it about Buffet's way of picking stocks, but it is not. I'm sure Buffet would scream if he ever read this book. It not only isn't Buffet's strategy, it is bad advise too. Don't buy this book. If you've read it, disregard everything you learned before you lose money. Read Buffet or Graham and get it straight from the horse's mouth, and learn the intelligent way to pick stocks. This book stinks!



3. I am an avid reader of Warren Buffett's writings, and I believe that Warren Buffett would disagree with many items in this book. For example, Warren Buffett previously described his method of discounting companies in other articles, and it does not match the author's description.
   
   I can see how this book would be highly rated to someone not familiar with the details of Buffett's own articles and letters. But in my opinion, the book appears to only about 80% in agreement Buffett's previous writings. This book can give the reader a good overview of Warren Buffett's methods if they do not pay strict attention to the author's details.



4. A $10,000 investment in Warren Buffett's original 1956 portfolio would today be worth a staggering $250 million ... after taxes! What are his investing secrets?
   
   How To Pick Stocks Like Warren Buffett contains the answers, and shows, step by profitable step, how any investor can follow Buffett's path to consistently find bargains in all market conditions: up down, or sideways. Relatively short and easy to read, How to Pick Stocks Like Warren Buffett is an excellent introduction to the world of value investing.The book is relatively short and should provide a satisfying read.



5. I've read about 5 "Buffett" books and they ranged from utter garbage (the daughter-in-law books) to the mildly interesting. None really helped me invest better.
   
   This book is different. I've read it probably 10 times now. Every chapter can change they way you think about investing.
   
   The writing is clear and simple.
   
   What follows is a totally groundless statement - i have zero evidence of this - but... the only other writer I know who writes so clearly on investment is Buffett himself, which leads me to suspect he may have been involved in the writing of this book ...or maybe Buffet is the real writer. (apologies to mr vick - take my comment as a compliment if you really did write this)
   
   Even if Buffett isnt the real writer, my guess is that this is the book he would write.
   
   It's my favourite book on investment. I have five or so copies at any one time and hand them out to friends who ask me for investment advise.

5 comments about Employee Benefit and Retirement Planning (Tools and Techniques).

1. I am enrolled in the Certified Financial Planner designation program. Tools and Techniques of Employee Benefit and Retirement Planning is the textbook for the Retirement Planning module. I found this to be the most useful and practical textbook in the course. It is a book that will remain on my shelf for future reference long after I finish the designation program. The information in the textbook in written in a practical manner. It is easy to understand, well-organized and to the point.



2. I needed this book for a Retirement Planning class in preparation for a CFP certificate. The book was a better value than from other sources, and I received it in time for my first class. This is my third class in Financial Planning and the text seems to be aimed at the practitioner in the field; so, it is somewhat difficult. However, it is very complete.



3. This book is difficult to use for studying for the CFP exam, because it is essentially unindexed. The topics are not very thorough, and so I found it hard to answer questions in my homework even after carefully perusing the relevant chapters. I think what is missing is enough analysis to help you APPLY the rules.
   
   I am not sure that it would be much more useful for an employee benefits manager.



4. This book was assigned reading for a CFP cirriculum. Presentation is somewhat uninspired, but the text does seem to contain a lot of detailed reference information.
   
   I was somewhat offended by the presentation of "reasons for retirement plans" -- the text seemed to advocate structuring plans to benefit the business owners and key employees, while leaving the rest of the employees with as little benefit as possible. As a teaching text, I agree that it is important to understand the factors that impact these distributions, but the authors' attitude seemed to endorse this practice.



5. This is a required textbook for a "Retirement Planning" course I'm taking in a Financial Planning program. In my opinion, the instructor made a poor choice. The book is poorly-written and quite cumbersome to get through. This could be such a good book considering the topics covered. But it is so poorly-written that I just can't seem to concentrate on the information contained therein. The only good thing I see about this book is that the chapters are short, thus one can get an idea about various topics, such as Social Security or IRAs, for example. But the book is fairly general, and when it should contain more detailed information, it fails in its presentation. Personally, I would not recommend this book. I'm sure there are much better books on Retirement Planning out there. Don't let the cool chick in her Yoga pose fool you.

5 comments about Bull's Eye Investing: Targeting Real Returns in a Smoke and Mirrors Market.

1. There is a solid basis for everything that is said in the book and Mr Mauldin is quite rigorous in his statememts.
   At the very least you will come out of the book being a bit more cautious about investments and that alone may be enough to help you make some money.



2. John Mauldin is an excellent writer and gives excellent advice, as well as a better understanding of the market action.



3. If a person constantly predicts a bear market over a period of years, eventually he will prove right, since, as we all know, bull markets do not last forever, and bear markets are regular features of the stock market landscape. However, it is not enough simply to predict a bear market, one must predict a bear market at the right time. A prediction of a bear market during the early and mid 1990s (and there were many) would not be particularly helpful, since the bull continued to 2000. The same applies here to Mauldin. Mauldin predicted a bear market in 2004. He was wrong. A consistent bull market has lasted from early 2003 until mid 2007 so far. If you listened to John Mauldin's advice, you would have missed the bull market of 2004, 2005, 2006, and 2007, especially in small-mid caps and foreign markets.
   
   According to John Mauldin, bull and bear markets always last approximately 7-15 years. The facts do not support this conclusion. A bear market lasts for as long as it continues, and no longer. The bear market of 2000-2003 lasted only 3 years. Now according to Mauldin, the bull market of 2003-2006 is simply a "bear rally." But three plus years of positive returns cannot be so easily dismissed. In practical terms, for investors, you simply cannot afford to sit out a market rally like the 2003-2006 one.
   
   Study after study has shown that the best way to minimize your risk and maximize your returns is to diversify, invest for the long run, and choose your mutual funds and stocks with great care after substantial research. One should not "buy and hold" blindly, but it's been proved that if your investment horizon is 9 years or more, a diversified portfolio of stocks will consistently outperform bonds. Furthermore, it's impossible to time the market successfully on any kind of consistent basis.
   
   Mauldin is in the hedge fund business; hedge funds are designed to produce positive returns during bear markets. So it is in his personal interest to convince people that a bear market is coming. Hedge funds are limited to people with over a million dollars, so they are not exactly a viable solution for average investors. In addition, hedge funds are not the cure-all that Mauldin suggests. In fact, many hedge funds lose money and go out of business. They are, in fact, extremely risky investments, despite Mauldin's claims.
   
   Mauldin believes in a deep value approach to stock picking, which I happen to agree with. Value stocks have lower volatility and tend to outperform the market in the long run. However, they don't do as well as growth stocks during bull markets, as several value fund managers learned during the late 1990s, some of whom even lost their jobs.
   
   The argument Mauldin makes for a coming recession is pretty persuasive although not original. Trade deficits, budget deficits, an aging population, pension and medicare obligations; these all point to increased inflation (the least painful and only politically acceptable way to pay off our obligations) leading to recession and depressed stock prices. With the current market and economic conditions (Aug. 2006), it's time to think about some defensive investment choices: value and high-dividend stocks, and bonds. But we are not in a recession yet, and it's not inevitable. As Mauldin points out, quoting Greenspan, the market is so large and complex that it's essentially impossible to make accurate predictions. And the market is so efficient, that if it were possible to predict the future by any means, that information would be immediately and permanently discounted.



4. Very readable...if you have never heard of "secular bear market" you will have your eyes opened...especially if you are just about retire in the next decade or two...MUST READ...this could save your life (earnings). Information like this is basic 101 if you want to survive in this world...but you will be better off **NOT** paying any attention to stuff about hedge funds, absolute returns etc...seems like baloney...or at least put on your "skepticals" on when you reach that part of the book. Let me explain...
   
   The author aspires to market timing which, albeit long-term, is his fundamental flaw. If you subscribe to "past performance is not indicative of future results" then why should we believe that we are in the middle of some pattern that the market has already not picked up on? How can we be so sure that we are in the middle of a secular bear market and even more specifically in the middle of a bear market rally in 2006? And, not for instance, on our way to Dow 36000 or Dow 100000? What if the developing world led by large market economies like India and Brazil have exponential growth in the next few years and a cheap dollar (thanks to a nervous China or Japan) takes the American *companies* along for the ride all the way to the top?
   
   Chasing absolute returns, as suggested by the book, is as much a fools errand as market timing. Ironically, this is one of the the main goal of this book.
   
   The take-away of this book...VALUE INVESTING...is hardly original. However, had he stopped with the value investing paradigm instead of going off the deep end with hedge funds, I would heartily recommend this book as a BUY.



5. Here we are in Feb 2008 and it appears the bear market is upon us, and possible recession. Reading the book (I haven't finished it yet) in this context makes his predictions seem relatively accurate. Regardless of the validity of his predictions, the first part of the book provides many thought-provoking ideas. I've skipped ahead to his very valuable discussion of psychological issues that cause us to make systematic investment mistakes.
   
   The book may have faults, and his basic bearishness may not be justified (although it appear correct right now), but this alternative to the Pollyanna world of buy and hold, and the wealth of facts and ideas at a low price make it very worthwhile reading material.