3 comments about Worth's Income Tax Guide for Ministers 2008 Edition (Worth's Income Tax Guide for Ministers).

1. B.J. Worth and her organization have again produced the standard in the area of clergy taxes. Her knowledge and insight as well as the tools, charts, forms, and IRS rulings that are included will help any minister or person serving in ministry to cut their taxes. I recently loaned one pastor my 2007 version and he went back over what he had been told to file with the IRS using a normal tax company here in town. He discovered that he overpayed the IRS by $6,000 as a clergyman. Is a $17.00 book worth it? Well, I all I can say is that I have purchased an annual copy of Worth's Tax Guide for over 20 years and it has saved me hundreds of dollars and has helped me set up perfect tax records for our family.



2. Worth's Income Tax Guide for Ministers is an invaluable tool for filing income tax forms for pastors or anyone in ministry, but it goes beyond that to provide information on setting up compensation packages, filing quarterly reports, planning retirement, insurance, etc. It also includes a worksheet to aid in completing a Form 2106. Updated yearly to keep you informed of any changes in the tax laws.



3. This book is an easy to understand and a valuable resource for clergy and church treasurers. Many church financial officers are volunteers who really do not understand the clergy tax laws. I like the way the IRS reference information is given with each section, rather than at the back of the book. It is worth the price to keep an updated copy in your library if you are a minister, church treasurer or anyone who prepares clergy tax.

4 comments about Value Merchants: Demonstrating and Documenting Superior Value in Business Markets.

1. 
   No one will disagree with James Anderson, Nirmalya Kumar, and James Narus that it is important for businesses to deliver "superior value targeted to market segments and customer firms" while getting "an equitable return on the value delivered." Hence the importance of effective customer value management (CVM) that relies on customers' perceptions of value to gain an understanding of what customers' requirements and preferences are. Only then is it possible to determine in economic terms what that means. In this context, I am reminded of Warren Buffett's observation that "price is what you charge and value is what others think it's worth."
   
   The co-authors explain how to:
   
   1. assess customers' perceptions of value
   2. conceptualize value
   3. formulate an appropriate value proposition
   4. substantiate value
   5. create "naked solutions" with options
   6. sell on value, not price
   7. earn an equitable return
   8. become a value merchant
   9. leverage information from various sources
   10. continue to be a value merchant
   
   The CVM program the authors recommend in this volume is comprehensive, cohesive, and cost-effective. It will probably be of greatest value to C-level executives who are convinced that their companies are delivering superior value to their customers but have not convinced them of that. At this point, I presume to share two thoughts of my own, all of which are consistent with what the authors of this book assert. First, whatever an organization's size or nature, its executives must nail the economic essentials by knowing (a) exactly what the organization's operating costs are and (b) what the margin is on each product or service offered. I agree with Jason Jennings: "If it's DOA, bury it." Whoever and whatever that does not add value (directly or at least indirectly) to the organization should be eliminated. Second, the same strict standard should be applied to the given offering as well as to those who sell or service it: Whoever and whatever that does not add value (directly or at least indirectly) to the customer -- and at a profitable margin -- should be eliminated.
   
   This is not an "easy read" but for those who absorb and digest the wealth of information and wisdom the authors provide, then apply whatever is relevant as their own organization' pursuit of its own objectives, this book can be of incalculable value. One final point: Merchants should be driven to provide superior value to two categories of customers: directly to their own, of course, but also indirectly to their customers' customers. I cannot think of a better way to lock in a valued customer than to do whatever is possible and (yes) prudent to help that customer to strengthen each of its own customer relationships. Think of that as Superior Value to the third or fourth power.
   
   Should you read this book? That is a decision you must make but perhaps these questions will help: Does your organization now have a CVM program? Is it effective? If not, do you know why? Do your customers frequently thank you for helping them create value for their own customers? If your answer to any of these basic questions is "you," you need to read this book immediately.
   
   Those who share my high regard for it are urged to check out Lawrence L. Steinmetz and William T. Brooks's How to Sell at Margins Higher Than Your Competitors: Winning Every Sale at Full Price, Rate, or Fee, Gary Hamel and C.K. Prahalad's Competing for the Future, Jason Jennings' Think Big, Act Small: How America's Best Performing Companies Keep the Start-up Spirit Alive, Anderson's The Long Tail: Why the Future of Business is Selling Less of More, and The Dollarization Discipline: How Smart Companies Create Customer Value...and Profit from It by Jeffrey J. Fox with Richard C. Gregory.



2. Congratulations to the team of writers for the book "Value Merchants". As someone whose whole job responsibility is to implement a value sales strategy and culture at a global industrial company, I was amazed at the clear and concise roadmap the book laid out. Not only is it filled with theoretical ideas of why it is important to create and document value for customers, but it gives a practical roadmap of how to transform a company into a value "merchant."
   
   As most people in the world of sales know; today you either have to be the cheapest by line item, or if you're the best - you need to find a way to `explain this" so the purchasing, finance, production people can clearly see they are getting the best value for their organization. Without the ability to document the value that can be created and has been, you're left with little more than wishes and hopes, and finance people won't pay you for those.
   
   Weather your in the business of dealing with distributors, final end users, Original Equipment Manufacturers, or the general public, a clear concise value proposition that can be understood in financial terms and has the "proof points" to sustain it will be the only way to move forward and not be caught in the commodity trap of "lowest unit price".
   
   Finally, for any procurement or finance people, what a great read. Learn how to partner with your suppliers to reduce true real costs, and really drive bottom line earnings per share. A Total Cost of Operation relationship with a supplier that can prove their value differentiators will make you more profitable today and in the future.
   
   Todd Snelgrove, Global Manager; Customer Value
   SKF



3. If you are a marketer or pricer, understanding value is vital. This book is an easy to read, yet powerful framework for understanding value to customers in a very tangible way with direct financial consequences.



4. Value Merchants has been one of the best books I had the chance to read during last years. What makes it valuable for me is that the authors provide insights in issues which have been undervalued by companies for years. I will not go into context of the book, but just one example about the undervalued issues: the authors successfully and effectively put their arguments about the value propositions of companies, how they are decided upon and surprisingly how those value propositions affect the sales of companies. Anyone who is interested in sales, marketing, innovation and other related issues in today's competitive world should have a glance at this book. I am sure, you will find valuable insights for yourself. I did for myself.

5 comments about Ruff's Little Book of Big Fortunes in Gold & Silver: A Middle Class License to Print Money.

1. Another wonderful EZ to read book by our long time advisor, Howard Ruff. The message is always the same and it is refreshing to learn that we are still on the same track or trail. I'm loaning my copy to my friends who are a bit behind times but are anxious to learn how to save themselves from the big flush and I don't mean anything about playing cards or action in the bathroom.



2. I particularly value the author's 1970s investing experience, not because his (claimed) excellent market timing -- as I have no resource to verify that -- but metal investment story in 1970s has always been one of my interest.



3. The book is mostly, though not at all exclusively, about silver investing. The first half of the book makes the case for owning the precious metals. While interesting, it has little to do with investing.
   
   I did find some valuable information about silver.
   
   I found a few problems with what Ruff says. He, and many authors on this topic, make the same mistakes. He suggests the investor use ETFs if they want to. ETFs that specialize in gold and sliver and the like, are great. But what so many people do not know and fail to report is that they are not treated like investments by the IRS. So when you sell, you pay 28% because the IRS treats gold and silver as collectibles. With cap gains, they charge the regular lower cap gains rate if you hold an asset over one year.
   
   So when an author makes a glaring mistake like this, I question some of the other things he says. For example, he says that ALL GOLD COIN sales are reportable to the IRS unless they're semi-numismatic. That's not true.
   
   While I'd want you to verify what I say, it's my understanding that you can own gold or silver American Eagles without any reporting being done when you buy or sell (unless the amount you sell meets certain criteria.)
   
   The California Numismatic Investments has a report on its site, which says in part:
   
   First: You can place any size order and pay with a check. No one cares, not even the government. The only time they want to hear from us is if you invest more than $10,000 in cash. Then you must fill out I.R.S. Form 8300. There is nothing wrong with large cash transactions, but the government wants to know about them. And, by the way, you can't spend $5000 today and $6000 tomorrow, for Uncle Sam does not like to be fooled.
   
   Second: There are rules which apply only to bullion and only when you sell. They have nothing to do with your purchases, and do not apply to rare coins. Kilo bars are 32.15 troy ounces of gold and are subject to reporting. We are also required to report any gold bar sale totaling 32.15 ounces are more. Concerning 1 troy oz. gold coin transactions: If you sell 25 coins or more of the Krugerrand, Maple Leaf or Mexican Gold Onza we are required to report them on I.R.S. Form 1099B. Such reporting is not required on transactions involving the U.S. Gold Eagle the Australian Kangaroo or the Austrian Philharmonic. There is also no reporting on any small gold bullion coins.
   
   Third: We are required to report $1000 face 90% silver bags and 1000 ounce silver bar transactions only when you sell to us. We are not asked to report the sale of 40% bags or less than $1000 face in 90% silver coin. The 10 and 1 ounce silver bar is exempt as long as the sale does not exceed 1000 ounces."
   
   Another gold company says, "Totally Private Gold, Non-Reportable - We keep all American Eagle transactions strictly private and do not report your the purchase or sales of American Eagle gold coins to the IRS or any government agency."
   
   I bring these issues in only to point out that the author may not be totally correct in his information and that the reader should study other material. When you start investing in gold or anything, you enter legal areas that can complicate your life. You also meet up with unsavory sorts who tell you numerous lies. I've run into several. So you should know the real truth and not what a few ill-informed people say.
   
   Ruff doesn't really go into what to buy to a large degree. But for the person just getting into gold or silver investing, I recommend this book as a good starting point.



4. Mr. Ruff is right on the money (or gold). In a short and succinct volume he lays out the rationale for owning gold investments ( physical as well as gold stocks) In these perilous times, his book is a veritable 'Bible" on owning precious metals. His "down home" style of writing adds to the enjoyment as well. The book is not for the professorial type and academic but for the middle class American who simply wants to know WHY he should have gold and silver in his portfolio. I would like to recommend a wonderful website for gold investments that will add to the information in his book: WWW.GOLD-ULTIMATESAFETY.NET. Highly recommended!



5. This is a very informative book for those who don't understand the system or conformation for those that do. It confirmed what I thought I had known for 35 years. I highly recommend it.

No comments about Federal Estate & Gift Taxes: Code & Regulations (Including Related Income Tax Provisions), As of March 2007.

5 comments about The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy.

1. This book presents Buffet's and Hagstrom's portfolio allocation methods. I say Hagstrom's because I think that much of Buffet's allocation methodology remains between Buffet's ears -- and not that of Hagstrom the author. Also, I believe Buffet is more opportunistic; he acts decisively when opportunities present themselves.
   
   The author adds discussion of technology stocks, an anathema of Buffet's, and the obligatory discussion of complex adaptive networks which might not be Buffet thinking but more along the lines of Charles Munger, his cohort.
   
   Nevertheless, there are many interesting points in this book. I listened to the audio tapes and they excellent. I then took the book out from the library and liked the tapes more.
   
   The author covers several important topics, in a summarized way, but also in a very interesting way. One topic done well was thinking in terms of probabilities. Another was diversification: don't over-diversify.
   
   The author also quoted from several books outside of the financial area and have become intrigued with them. They were: Fire in the Mind (Johnson), Full House (Gould), Against the Gods (Bernstein).
   
   I think Hagstrom is a very good author but his works seem to lack the detail that I like to see. He's one that can pull the strands of many topics together but perhaps skates over their details. I would have liked more detail on subjective probabilities as applied to the stock market for example. More on how Bayes, etc.
   
   John Dunbar
   Sugar Land, TX



2. Go right to the heart of the matter with Graham and Dodd's "Security Analysis" if you want to know how Buffett started. Hagstrom's book is a poorly executed fifth grader's book report on the primary investing philosophy of Buffett. Don't waste your money here. You'll regret it. This doesn't even scratch the surface of relevant information.



3. I bought it, by the title mentioning W.B.
   Wasted money: Whenever it comes to the details, he refers to his other book "The W.B way" (which I do not have, amazon ratings are poor though). Nothing wrong with the contents, but nothing new either. Just read the Berkshire Hathaway Annual Letter to the Shareholders (free on the web), with more and actually useful info. This book has ZERO value after reading the Letters, and this book ALONE does not quite help you picking stocks (although makes a good point in favor of WB's way)



4. The book is short, but gives you a lot to think about. I was interested in it mainly because Munger and Buffett gave it a nod. Many of the concepts were enlightening, he presents some good empirical evidence to support his arguments, and he hits all of the main points of the focus investment strategy which Buffett uses. He could have gone into a little more detail in the mathematics section, where I found myself dissatisfied with his unnecessarily vague and subjective treatment of the core concepts of probability. I say unnecessarily because I realize the purpose of the book is to give investors a mental framework for successful investment, but he could have easily included some practical information for investors on how to actually implement these strategies. For instance, a short example of his own, describing in detail the use of expected value (a simple statistical measure he alludes to but never mentions), would have helped to remedy the situation. He actually shows a simplified form of the Kelly Criterion (where payout is fixed), but failed to also include the more useful formula, which would have better shown the critical link between payout odds and probability (which together make up expected value), and optimal betting size. Sometimes little things like this make all the difference in our understanding, but in certain instances in the book he presents them as isolated concepts, and the informed reader is left believing the author doesn't really have a strong grasp of what he is writing, or at least didn't do a very good job of connecting his ideas together. He leaves it up to you to do the work of integrating the ideas into one. Still, he gives you the basic models you need, and does do a really good job incorporating his interviews with Buffett, Munger, Ruane, etc. into the book. If you will take the time to investigate and fill in the details, his theories will solidify nicely into one very powerful model, and this book will have served its intended purpose well.



5. I wonder what the aim of this book really was... It appears the author was impressed with Buffett's use of probability theory and expectancies of outcome on investments, and he wanted to share it with the world. But it seems the author has written this book before he fully understood the concepts, because this book is little more than a ragtag of quotes. The book lacks detail and practical how-to guide-lines. It often tries to draw irrelevant analogies. And the writing style of this author is generally confusing, because he relies so heavily on quotes instead of making a coherent explanation of the concepts himself. I've given this book 3 stars because it does have some interesting points for further consideration for people already experienced in Value / Focus Investing.

5 comments about The Insider's Guide to Real Estate Investing Loopholes.

1. I just finished reading Real Estate Investing Loopholes and it is just simply brilliant! I have started investing for cashflow and already can see the benefits. What I have learned the most from your books is the importance of having a plan and due diligence. Thank you so much. Keep writing and we will keep reading.



2. I really liked the chapter, Smart Business Structures That Reduce Risk and Tax. Now I think I better understand the differences between the possible structures and will be able to ask better questions when I am ready to start investing. Also, I like that this book has practical information and is not just trying to dazzle me with get rich quick nonsense. I would recommend this book to anyone who is interested in real estate.



3. I thought "Real Estate Investing Loopholes" was put together really well. It has a lot of information that will help you find the tax loopholes that will help you best. My favorite Chapter was "Be Paid to Live in Your Home", by having a home office I have been able to write off more expenses and pay less tax. It works. I highly recommend this book. Thanks Diane and Dolf.



4. 
   Just about all of the advice in the book will help a real estate investor enhance his returns through smart tax planning. Saving money on taxes means more to the bottom line, which increases returns. This is not a rah-rah get pumped up to do deals type book, more of a step by step type explanation of how to best protect yourself (using LLC's or Corporations) and how to save on taxes (1031 exchange). They also touch on the relatively new TIC (Tenants in Common) structure, which is looking more and more useful because it will let partners out of a deal to do a 1031 without having to sell the whole property.
   
   Overall it's all stuff a real estate investor needs to know, but I personally would have liked more real life deal examples. In Dolf's 52 homes in 52 weeks there are lots of examples (52) of him doing deals with a breakdown of the profit or loss on each.
   
   By Kevin Kingston, author of: A 20,000% Gain in Real Estate: A True Story About the Ups and Downs From Wall Street to Real Estate Leading to Phenomenal Returns
   
   And my blog is: The Real Estate Investors Blog



5. I enjoyed reading this book. It has given me direction on setting up my business. Diane Kennedy has some very good information in this book that I would encourage you to read. Well written book.

5 comments about Everyday Real Estate Millionaires: How Average People REALLY Do It.

1. The book isn't like the others I have read as the stories are real life and most importantly attainable. I can honestly say this is one book that I would recommend as it isn't the typical Real Estate book with only the buy a fixer upper, renovate it, over price it and sell it to make a fortune. This book shows different Real Estate opportunities that are within reach.
   
   Once I started, I wanted to keep reading it. I have already passed the book along to one of my friends and have many others asking about it.
   
   You will enjoy it.



2. There are so many books and gurus around telling you to buy real estate with no money down, but none of them have any really practical (or legal) advice on how to do it. The strategies in this book are as simple as investing gets and don't operate in the gray-areas of the law. Best of all, anybody can invest this way - age, credit rating, bank account balance... none of it matters. You can be bankrupt and broke and still make it with these ideas.



3. Over the past several years, there have been countless books, seminars and even reality TV shows around the topic of real estate investing. Much of this material is based on HYPE and GET RICH QUICK schemes,simply designed to sell more books and seminars to unsuspecting students. This book DOES NOT belong in that category! The author has presented 4 real life stories about everyday people creating above average success in real estate. The stories are told in the words of the storyteller, so that you learn something about the individual personalities. The mistakes made along the way are highlighted, and the real life challenges and difficulties are discussed so that you can understand that life as an investor is not all sugar and spice! Better yet, it will help you to avoid some possible landmines. The book allows you to see the choices that the storytellers made in order to move forward during difficult times,when they could have come up with excuses or simply quit. Several different investment strategies are discussed and investment tips are presented along the way. You will discover that true success in real estate comes about with a long term outlook and a focus on relationships, systems, and follow through. Not to mention what you can create in your life when you have a big enough WHY and when you are truly clear about what you want.
   
   A very motivational read and well worth the time. Once I started, I had a hard time putting the book down. I will definitely recommend this book to my friends and business associates.



4. Mr. Hecht, you have really created a work to be proud! This is the type of encouraging, inspiring, and educational tool to unleash the entrepreneur in us all. It is very easy to understand and allows the readers to form a connection with both you and the other contributors' stories. The book was hard to put down once I began to read it and was so interesting that I have already passed it on to my wife... If this is the type of inspirational book that you write, it is safe to say that those that choose to have you as a speaker or mentor will be in for a treat!



5. Afer 2 years my wife and I have grown out of our 2 bedroom 1 bathroom starter home. We've been wondering what the best next move is, but there are alot of things to consider. The problem is that we don't know what we don't know, which can be expensive in real estate. We don't just want to find our next place to live, we want to find a place that would be a great real estate investment, and determine if we want to sell or rent our current home. After reading this book I have a much better understanding of real estate and a better idea of the questions we need to consider as we think about our plans for the future.

5 comments about John Neff on Investing.

1. I'll start out by saying that this book had a co-writer. That's not usually the end of the world, but in this case, it seemed to make everything sort of wooden and unfeeling. Not that I expected much more from an investing book (it was a triumph..I laughed, I cried!), but this was really at the edge of readability, in my book.
   
   Which leads me to two huge pet peeves, which were violated in this tome.
   
   First, penultimate means NEXT TO last. Some people, even to those that "ultimate" means last, think penultimate means "very last, or "really the conclusion last," but it doesn't. It means NEXT TO last. I learned this in school, in 7th or 8th grade, when we read some knights of the round table stuff (le morte d'arthur, the green knight (I think), and others). Uther Pendragon was King Arthur's predecessor, and he was, in shallowly veiled allusion, the "pen dragon," meaning the one before the dragon, who was Arthur. So remember- penultimate is not last.
   
   The other complaint, which is somewhat esoteric, is on the definition of "inflection point." Inflection points are not places where the graph or plot peaks at highs or lows. Inflection points are specifically where the rate of change shifts from positive to negative. For example, if the market grew at 5% in year 1, then grew 10% in year 2, then grew 15% in year 3, then grew 10% in year 4, then grew 5% in year 5, then lost 5% in year 6, then lost 10% in year 7, the inflection point would NOT be sometime between year 5 and 6. The inflection point would actually be between year 3 and 4, when the rate of change of value stopped increasing and started decreasing. Another way to rememeber it is when the graph shifts from concave up to concave down. If your graph can hold water, like a cup, it's concave up, and the other part is concave down. I'm not explaining it too well, but if you really care, check out an algebra textbook or google it. I checked other investing sources about this, to see what they say, and most have confusing definitions, like "A point on a chart that marks the beginning of a significant move, either up or down." That's sort of true, but it seems to reinforce the Neff-like definition of an inflection point, which is "when the market stops going up and starts going down."
   
   OK, done with that rant. Believe it or not, I actually thought this book was pretty good. The first part is a sort of autobiographical piece about how he found himself as a fund manager. The rest of the book is about what his fund did through every major market event, from the beginning until the 90's. A side effect of his Windsor fund summary is that it's essentially a summary of every major market event for the last 50 years. I admit, I started skimming in the late 70s, only because I've read other market histories lately. It was good- if that's what you're looking for.
   
   Being a person that felt the pain of a huge stock market correction in 2001-2 (remember, I was the guy that thought I was diversified because I held most of my money in Fidelity Select Technology), I enjoy reading histories of other huge market. People that say everything has changed since things like "The Intelligent Investor" was written are up there with people that say value investing is dead. Neither is right, long term.
   
   So, despite being annoyed at the little things, this was an interesting read. This is another book that I wouldn't recommend until you've read some of the classics first, though. I give it a weak buy.



2. On reading this book, my first thought was that if getting good returns were so easy, why aren't more people following Neff and Dreman's strategy? I read this book just after finishing Dreman's, and it seems that Neff says exactly the same thing as Dreman. Of course I should say rather that Neff speaks more from practice while Dreman's book seemed to contain more of a research and academic focus. I found it interesting because Neff narrates his experiences in a detailed manner against a backdrop of varying economic conditions from the go-go era of the sixties, through inflation and oil scares in the seventies, rising interest rates, and various boom and bust cycles. The latter was particularly relevant for me, since I believe that currently (2006), we are also facing some inflationary fears and rising oil prices.
   Admittedly, if you are just looking for investment advice, its not the best book however I think much can be gleaned from Neff's experiences. Given hindsight and the fact that the book was published in 1999, I found it remarkable that Neff had advised investing in REITs and home builders back in 1999. (Of course that would have led to a windfall these past 3-4 years!)
   Overall I advise reading it, even if it may sometimes sound repetitive, so that its drummed into oneself that low P/Es are safer and speculative booms eventually end in tears.



3. First up, for those of you who haven't heard of John Neff - he was in charge of the Windsor Fund in the US for 31 years. It beat the market for 25 of those 31 years and beat the S&P 500 by more than 2 to 1. In other words - he has street cred as an investor. In fact, he's right up there with Peter Lynch as a genuine guru of fund management.
   
   Cutting to the chase, I would say that this book is well worth reading but not as good as either of the two Peter Lynch books (One Up on Wall Street and Beating the Street). It is written in a chronological style and starts out with a bit of a tour through Neff's early life before getting to the good stuff - his days at Windsor. He starts out by setting out what his main investment principles are:
   
   Low p/e ratio
   Fundamental growth > 7%
   A decent (and ideally growing) yield
   Superior relationship of total return to p/e paid
   Solid companies in growing fields
   Strong fundamental case
   
   Up to here I thought the book but great. Neff sets out what qualities it is that he looks for in a company. But the final third of the book is basically a year by year tour of the most important buys and sells in the Windsor portfolio during Neff's tenor. I found this a bit unsatisfying because Neff never really set out why something was bought or sold and how it was that a company did or didn't come to meet his principles.
   
   The most interesting thing that I took from the book was that Neff never fell in love with stocks and never bought something with the intention of holding it forever. His style was to hunt out bargains or hidden value stocks and buy them at low p/e ratios. Once the hidden value had been "outed" and the price had caught up with Neff's view of the true intrinsic / fair value, he would sell. In other words he would trade in and out of stocks all the time - it wasn't uncommon for him to hold a stock for 6-12 months before selling it.



4. A life experience about investing in stocks from one of the best investors, in simple words.



5. Neff's book is for value investors. He had a great run as manager of the Windsor fund. People have noted his market beating record was not as good as Peter Lynch's and I agree; however, Neff ran his fund a lot longer and endured more bearish periods of time than Lynch. That aside, I wish Neff had mentioned more of his bad decisions. I tend to learn more through others' mistakes than successes. What Neff repeats throughout the book is that he always focused on low P/E stocks with moderate growth potential and healthy dividends. He wasn't one to buy and hold for long periods. If you like value investing and identify with its tenets you might want to give this book a try.

5 comments about Don't Keep Me A Secret: Proven Tactics to Get Referrals and Introductions.

1. Hi. This is Bill Cates writing a review for my own book. Of course I gave it 5 stars. What do you expect?
   I just wanted you to know that, if you're looking for more clients/customers through referrals, this book will give you over 100 very strategic and tactical things you can do. I even give you specific scripts and verbiage to use in certain situations.
   [...].
   
   If you like the book, tell me what you liked. More importantly, tell me what you're implementing. Remember, ideas don't make you more successful. Acting on those ideas brings you growth and success! Thanks for reading my "review." Bill Cates



2. Bill's first book was great and this one is even better! It is easy to read and filled with new tips and ideas from THE referral guru. The book is segmented into easy to digest sections, each one filled with great ideas (which is nice for a busy gal like me). Everytime I pick it up I get more great (and practical) ideas to use in my business. Five stars to Bill Cates for another FANTASTIC book.



3. 
   This is a good summary of techniques and attitudes based on collecting information more than really working the system. There is a mythology in all sales that everyone learns and can repeat but very few people really have an understanding of the skills needed to prosper. This book will not teach any secrets that you have not heard and will not expose you to any powerful new way to work. It does not give you the information to change who you are or the way you work.
   
   It reminds us that we need to be client centered and actively looking for business.
   
   Brian O



4. This is absolutely one of the best books I've read in 2007.
   It is a book that I plan on reading at least once a year to keep myself fresh concerning the area of networking and building my business.
   I would recommend not only buying a copy, but some of your clients as well so they would catch the vision to tell their friends about you.



5. This is a quick read, probably useful for people that are just now starting their business and don't have a clue about how to get referrals or those who are not so good in networking and would need some reassurance that getting referrals is actually not so difficult. Other than that, I didn't find anything new or of very high value in this book. I would say have a look at it if it falls into your hands somehow, but don't expect to learn any real tips or something that you coulnd't learn by reading articles in news papers and magazines or by having conversations with some experienced friends...

5 comments about Income Investing Today: Safety & High Income Through Diversification.

1. If you're looking to become active in your own retirement saving, but are frightened by the volatility of the stock market, and put off by the low returns of the bond market, Richard Lehmann offers a sure fire alternative in Income Investing Today. Income Investing Today chronicles in great detail an alternative investment universe that provides the high returns of the stock market with the minimal risk of the bond market. New hybrid securities like preferred stock, convertible bonds and ETFs are his weapon of choice and you need only look at the track record to be convinced. Lehmann outlines a step-by-step plan of how to build wealth on your own without paying outrageous management fees or gambling away your nest egg on Wall Street. Simply put, Lemann shows you how to make big returns without the big risk, on your own. This book is certain to become the investment bible of baby boomers tired of paying pointless management fees and eager to become involved with their own investment portfolio or retirement savings. Lehmann, a Forbes columnist, puts his three decades as an authority on fixed income investment to good use and knocks one out the park. Income Investing Today is an invaluable tool to the independent investor with an eye on retirement savings.



2. The reader will find author Richard Lehmann witty and thorough as he discusses the key to building a steady, growth-orientated income portfolio. He states that in investing, "very little is highly predictable and nothing is certain." In the investment process both fear and greed are facts of life and Richard explains that both must be kept in check. Whether you're a buy and hold investor, total return investor, a desperate investor or a scared investor Richard's book on Income Investing will enlighten you and provide tools for action.
   
   He states, "My basic premise is that the key to building a steady, growth-orientated income portfolio is to diversify over a variety of securities that depend on a different drivers (ie., portfolios that are not vulnerable to any once specific economic factor such as interest rates." The reader will learn of many new investment products in the income investment market with acronyms to catch the investor's attention. Mr. Lehmann suggests many that are interesting to use for income and others to avoid. Years of experience are at the reader's fingertips as Richard leads the reader through both the new and more conventional income products.
   
   Unexpected and welcome gifts are Richards insights and discussion associated with retirement investment, managing tax in the fixed income portfolio, buying and selling securities and what to ask your broker when buying an income security. His discussion about default and bankruptcy are most informative and provides the investor with background not often seen in investment books. What to pay for a security and when to sell are questions of high concern to investors and Richard provides some insight to this problem.
   
   This book provides an informative look at some of the actions of the Federal Reserve Bank and the various credit rating services. For the non-accountant Mr. Lehmann with his CPA hat on discusses key financial statements that you need to understand.
   
   Income investment includes certain income stocks and mutual funds such as bond, Exchange Traded Funds and closed end funds. Mr. Lehmann addresses these securities in some detail and offers up some very experienced arguments of how they can be used in building an income investment portfolio.
   
   Certificate of Deposits are considered very low risk products, Richard suggests that is you have saved enough to build a monthly payout ladder of CD's and live comfortably that God had surely blessed you and you no longer need to read his book. Of course that would be a big mistake just think of what you will be missing.
   
   The reader will find his book entertaining and informative. It provides income investment strategy, product description, portfolio make up, brokerage discussion, managing risk and uncertainty and a super Glossary.
   
   A worthy text on the desk....for even the equity investor.
   
   Herbert Ridderbusch- Investor



3. In this low interest rate environment investors need to work harder to maintain a high level of income from their investments. Add to this that author Lehmann sees low interest rates for the "forseeable future". This means that an income portfolio needs to diversify across an expanding variety of financial instruments, maturities, and even credit (risk) quality to achieve its goal. The key here is to recognize that some income investments respond to "drivers" (viz. circumstances) other than interest rate moves which in turn insulates them from this traditional risk.
   
   It follows that the diversified income investor will consider some non-traditional or out of favor (relatively cheap) assets such as REITS (driven by real estate cycles), Canadian Energy Income Trusts (the demand for energy), dividend paying common stocks (affected by broad economic cycles), near investment grade junk bonds (discounted by fear but subject to credit upgrades), and beleaguered automotive bonds. Closed end funds also get the nod because they generate high income and can often be bought at a discount to their underlying values. Given that the retail investor is the focus of this book and that new CEFs are rolling-out monthly, I would have liked more discussion of their trading strategies and risks.
   
   Among the investments to avoid are unit investment trusts, collateralized mortgage obligations (CMOs), packaged equity hedges marketed under cutesy acronyms as Sequins, Elks, etc. and hedge funds ("rarely has so much money been entrusted to so few people with such limited talent"). Lehmann is decidedly ambivalent about mutual funds due to their internal costs, tax inefficiencies, and focus on short term performance. No surprise his preference is for individual securities which are also less sensitive to interest rate changes as they move their principal to date certain maturities.
   
   The serious do-it-yourself income investor will find some good ideas in these pages, but I question Equipment Trust Certificates as a retail investment. Good luck if you need to sell them. A section on Direct Access Notes is in intriguing, but again, I wonder about their liquidity. Lehmann is a strong proponent of preferred and convertible stocks, but there is a confusing amount of information on their structures. A discussion of the bankruptcy process, advice on when to sell your positions, and useful information that can be gleaned from prospectuses and financial statements might have gone to an Appendix with more direct focus on securities in the main text.



4. This book informs the reader/investor about a solid and reasonable approach to safe income investing. The examples and explanations are good (I will save your time by referring you to the other reviews for more detail). The author disappoints by advertising his investment letter. Nothing wrong with that if either the book or the investment letter were free of charge, but they are not.



5. The book does a great job of explaining income possibilities for those of us who have limited knowledge. Like a previous reviewer stated, I would have also liked more information on Closed End Funds and the structure of the book is a little fragmented but it is definitely readable and is a good introduction to his style. I have been an avid reader of his newsletter for four years and his recommendations are very well thought out. To my knowledge, it is the only publication that does this kind of work and it is the only proper way that I can think of to actualize the book. I am a very fearful investor and this style has worked very well for me. I have managed to set up an income stream of approximately 10% per year, I have made some nice gains at times, specially with the Canadian Trusts, and I have been able to recover from recommendations that have not worked out. The fluctuations in the securities that I have selected do not seem to have been more or less drastic than the market in general with the exception of the Closed End Funds. They do not seem to have done as well but the dividends have kept me in the game. Happy returns!