Where Are the Customers' Yachts?

Author: Fred Schwed, Jr.
Publisher: Wiley
ISBN: 9780471770893
Category : Business & Economics
Languages : en
Pages : 0

Book Description
"Once I picked it up I did not put it down until I finished. . . . What Schwed has done is capture fully-in deceptively clean language-the lunacy at the heart of the investment business." -- From the Foreword by Michael Lewis, Bestselling author of Liar's Poker ". . . one of the funniest books ever written about Wall Street." -- Jane Bryant Quinn, The Washington Post "How great to have a reissue of a hilarious classic that proves the more things change the more they stay the same. Only the names have been changed to protect the innocent." -- Michael Bloomberg "It's amazing how well Schwed's book is holding up after fifty-five years. About the only thing that's changed on Wall Street is that computers have replaced pencils and graph paper. Otherwise, the basics are the same. The investor's need to believe somebody is matched by the financial advisor's need to make a nice living. If one of them has to be disappointed, it's bound to be the former." -- John Rothchild, Author, A Fool and His Money, Financial Columnist, Time magazine Humorous and entertaining, this book exposes the folly and hypocrisy of Wall Street. The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers' yachts were? Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers. Full of wise contrarian advice and offering a true look at the world of investing, in which brokers get rich while their customers go broke, this book continues to open the eyes of investors to the reality of Wall Street.

Common Stocks as Long Term Investments

Author: Edgar Lawrence Smith
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 152

Book Description

Against the Gods

Author: Peter L. Bernstein
Publisher: John Wiley & Sons
ISBN: 0470534532
Category : Business & Economics
Languages : en
Pages : 400

Book Description
A Business Week, New York Times Business, and USA Today Bestseller "Ambitious and readable . . . an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism." —The New York Times "An extraordinarily entertaining and informative book." —The Wall Street Journal "A lively panoramic book . . . Against the Gods sets up an ambitious premise and then delivers on it." —Business Week "Deserves to be, and surely will be, widely read." —The Economist "[A] challenging book, one that may change forever the way people think about the world." —Worth "No one else could have written a book of such central importance with so much charm and excitement." —Robert Heilbroner author, The Worldly Philosophers "With his wonderful knowledge of the history and current manifestations of risk, Peter Bernstein brings us Against the Gods. Nothing like it will come out of the financial world this year or ever. I speak carefully: no one should miss it." —John Kenneth Galbraith Professor of Economics Emeritus, Harvard University In this unique exploration of the role of risk in our society, Peter Bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the distant past. Against the Gods chronicles the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today. "An extremely readable history of risk." —Barron's "Fascinating . . . this challenging volume will help you understand the uncertainties that every investor must face." —Money "A singular achievement." —Times Literary Supplement "There's a growing market for savants who can render the recondite intelligibly-witness Stephen Jay Gould (natural history), Oliver Sacks (disease), Richard Dawkins (heredity), James Gleick (physics), Paul Krugman (economics)-and Bernstein would mingle well in their company." —The Australian

The Clash of the Cultures

Author: John C. Bogle
Publisher: John Wiley & Sons
ISBN: 1118238214
Category : Business & Economics
Languages : en
Pages : 391

Book Description
Recommended Reading by Warren Buffet in his March 2013 Letter to Shareholders How speculation has come to dominate investment—a hard-hitting look from the creator of the first index fund. Over the course of his sixty-year career in the mutual fund industry, Vanguard Group founder John C. Bogle has witnessed a massive shift in the culture of the financial sector. The prudent, value-adding culture of long-term investment has been crowded out by an aggressive, value-destroying culture of short-term speculation. Mr. Bogle has not been merely an eye-witness to these changes, but one of the financial sector’s most active participants. In The Clash of the Cultures, he urges a return to the common sense principles of long-term investing. Provocative and refreshingly candid, this book discusses Mr. Bogle's views on the changing culture in the mutual fund industry, how speculation has invaded our national retirement system, the failure of our institutional money managers to effectively participate in corporate governance, and the need for a federal standard of fiduciary duty. Mr. Bogle recounts the history of the index mutual fund, how he created it, and how exchange-traded index funds have altered its original concept of long-term investing. He also presents a first-hand history of Wellington Fund, a real-world case study on the success of investment and the failure of speculation. The book concludes with ten simple rules that will help investors meet their financial goals. Here, he presents a common sense strategy that "may not be the best strategy ever devised. But the number of strategies that are worse is infinite." The Clash of the Cultures: Investment vs. Speculation completes the trilogy of best-selling books, beginning with Bogle on Investing: The First 50 Years (2001) and Don't Count on It! (2011)

Supermoney

Author: Adam Smith
Publisher: John Wiley & Sons
ISBN: 0471786314
Category : Business & Economics
Languages : en
Pages : 341

Book Description
"Adam Smith continues to dazzle and sparkle! With the passage of time, Supermoney has, if anything, added to its power to inspire, arouse, provoke, motivate, inform, illuminate, entertain, and guide a whole new generation of readers, while marvelously reprising the global money show for earlier fans." -David M. Darst, author of The Art of Asset Allocation Managing Director and Chief Investment Strategist, Morgan Stanley Individual Investor Group "Nobody has written about the craft of money management with more insight, humor, and understanding than Adam Smith. Over the years, he has consistently separated wisdom from whimsy, brilliance from bluster, and character from chicanery." -Byron R. Wien, coauthor of Soros on Soros Chief Investment Strategist, Pequot Capital Management Supermoney may be even more relevant today than when it was first published nearly twenty-five years ago. Written in the bright and funny style that became Adam Smith's trademark, this book gives a view inside institutions, professionals, and the nature of markets that has rarely been shown before or since. "Adam Smith" was the first to introduce an obscure fund manager in Omaha, Nebraska, named Warren Buffett. In this new edition, Smith provides a fresh perspective in an updated Preface that contextualizes the applicability of the markets of the 1960s and 1970s to today's markets. Things change, but sometimes the more they change, the more they stay the same.

The Art of Speculation

Author: Philip L. Carret
Publisher: Cosimo, Inc.
ISBN: 1596056371
Category : Business & Economics
Languages : en
Pages : 377

Book Description
Even among Wall Street legends, Philip L. Carret is a giant, the founder of one of the first mutual funds-the Pioneer Fund, which debuted in 1928-and a fount of knowledge and experience whose investing wisdom is acclaimed to this day. This classic guide to the nuts and bolts of speculating in the market, assembled from a series of articles for Barron's, is still one of the best primers available for beginners... and an excellent brush-up lesson for old hands. In clear-eyed, down-to-earth language, Carret discusses: . what is speculation? . why the investor must speculate . how stocks resemble real estate . trading on margin . over-the-counter trading . how to find a reliable broker . the disadvantages of options . the secret of the "sure-thing speculation" . forecasting market swings . understanding a bull market . how to read a balance sheet . and much, much more. American entrepreneur and financial writer PHILIP L. CARRET (1896-1998) is also the author of Buying a Bond.

Why the Best-Laid Investment Plans Usually Go Wrong

Author: Harry Browne
Publisher: Fireside
ISBN: 9780671672928
Category : Business & Economics
Languages : en
Pages : 563

Book Description
Teaches investors how to understand their own financial problems while establishing diversified and balanced permanent portfolios and decide what to hold or risk in their variable portfolios

No Bull

Author: Michael Steinhardt
Publisher: Wiley
ISBN: 9780471660460
Category : Business & Economics
Languages : en
Pages : 0

Book Description
When the official history of twentieth-century Wall Street is written, it will certainly contain more than a few pages on Michael Steinhardt. One of the most successful money managers in the history of "The Street," Steinhardt far outshone his peers by achieving an average annual return of over thirty percent-significantly greater than that of every market benchmark. During his almost thirty-year tenure as a hedge fund manager, he amassed vast wealth for his investors and himself. One dollar invested with Steinhardt Partners L.P., his flagship hedge fund, at its inception in 1967 would have been worth $462 when he retired from active money management in 1995. No Bull offers an account of some of the investment strategies that drove Michael Steinhardt's historic success as a hedge fund manager including a focus on his skills as an industry analyst and consummate stock picker. He also reveals how his uncanny talent for knowing when to trade against the prevailing market trend-a talent that was not always appreciated by several erstwhile high-profile clients-resulted in many of his greatest successes. Here he provides detailed accounts of some of his most sensational coups-including his momentous decision, in 1981, to stake everything on bonds-and his equally sensational failures, such as his disastrous foray into global macro-trading in the mid-1990s. At the same time, No Bull is the rags-to-riches story of a boy from Bensonhurst and his rise from the streets of Brooklyn to the heights of Wall Street. In a thoroughly engaging narrative, Steinhardt relates the early influences that shaped his attitudes toward life and success, as well as the beginning of his love affair with stock investing. Further, he chronicles his dawning awareness of the need for a purpose in life beyond the acquisition of wealth and how it led to his decision to retire and redirect his energies. We learn about his experiences as the chairman of the Democratic Leadership Council for nearly a decade, as well as his innovative thinking and ambitious projects to strengthen the Jewish community. The inspiring true story of a Wall Street genius and world-class philanthropist, No Bull is an unforgettable read for finance professionals and students of human nature alike. Michael Steinhardt is one of the most successful money managers in the history of Wall Street. He is also widely known for his philanthropic activities, particularly in the Jewish community-most notably as cofounder with Charles Bronfman of birthright israel, a program whose mission is to provide a free educational opportunity for every young Jewish person of the Diaspora to visit Israel.

A Fool and His Money

Author: John Rothchild
Publisher: John Wiley & Sons
ISBN: 9780471251385
Category : Business & Economics
Languages : en
Pages : 272

Book Description
"There is one thing that can be said about A Fool and His Moneythat cannot be said about any other colume of investment advice:You will never make a penny from the information in this book. Nowork on the subject of personal finance has even tried to make thisclaim before. That is because works on the subject of personalfinance are all lying. John Rothchild is the only fully honestauthor in the genre."--from the Foreword by P. J. O'Rourke. A veritable gold mine of comic insight into the predicament of anaverage investor's avid pursuit of wealth, A Fool and His Money isJohn Rothchild's critically acclaimed personal account of a yeardevoted to investing his money in the markets. The entireinvestment world--its characters, institutions, customs, andmyths-passes under Rothchild's sharp and profoundly humorousscrutiny. Acclaim for A Fool and His Money "What makes this book so good is that Rothchild can explain thingslike naked puts . . . and leave the reader both edified andlaughing. . . . Witty, fast-paced, and educational."--TheWashington Post. "You'll relish John Rothchild's comic tale. . . . The book nearsguaranteed delight."--Newsday. "A Fool and His Money may be the funniest book about investing everwritten. It's a reader's capital gain."--New York Post. You set aside some money, quit your job, devote yourself entirelyto studying the markets, and start to invest. Then, through hardwork and your own magical intuition, you become so wealthy yourmajor concern is finding a fashionable hobby to soak up yourabundant leisure time. All in about a year. Now, thanks to this hugely entertaining and informative book, youcan live out the fantasy without risking your money, your job--oryour sanity. Since its acclaimed debut a decade ago, A Fool and His Money hasbecome a treasured investment classic. It's the comic, firsthandaccount of a first-time investor who sets out to make his wildestmoney dreams come true. In a surge of optimism and enterprise, financial writer JohnRothchild drops everything to devote an entire year to learning howto invest a modest sum of money. Motivated by a sincere desire toget rich, he undertakes his mission by systematically studying asmuch as he can about the markets and how they really operate. Hefearlessly asks the most basic questions, observes theprofessionals at work, studies the newsletters, makes investments,and reports back on everything--including his own highly personaland often hilarious reactions. With Rothchild as your guide through the marketplace, you will: * Eavesdrop as his broker explains in fluent double-talk why heshould buy a certain "hot stock" * Share in his buyer's remorse as Rothchild purchases an unknowntechnology company stock that puts him on an emotional rollercoaster * Be humbled as he enters the almighty Federal Reserve Bank andstruggles to understand its omnipotent power over his personalfinances * Witness the excitement and confusion of the Commodities Exchangeand find out what pork bellies really are * Hear firsthand the enigmatic and undoubtedly wise words ofvarious wizards of Wall Street * Sympathize with Rothchild as he explains his transactions to hisloved ones * Blush as he shamelessly attempts to deceive them. In a gesture of pure magnanimity, Rothchild also includes thehard-won bits of wisdom he calls his "25 Useful Tips"--whichinclude such sage advice as "Never buy anything from a broker at anairport"--and his handy "Fool's Glossary," which clarifies many ofthe technical terms used in the book. Clever, funny, and informative, A Fool and His Money will rewardinvestors at all levels of experience with a revelation on everypage.

Warren Buffett's Ground Rules

Author: Jeremy C. Miller
Publisher: HarperCollins
ISBN: 0062415573
Category : Business & Economics
Languages : en
Pages : 189

Book Description
Using the letters Warren Buffett wrote to his partners between 1956 and 1970, a veteran financial advisor presents the renowned guru’s “ground rules” for investing—guidelines that remain startlingly relevant today. In the fourteen years between his time in New York with value-investing guru Benjamin Graham and his start as chairman of Berkshire Hathaway, Warren Buffett managed Buffett Partnership Limited, his first professional investing partnership. Over the course of that time—a period in which he experienced an unprecedented record of success—Buffett wrote semiannual letters to his small but growing group of partners, sharing his thoughts, approaches, and reflections. Compiled for the first time and with Buffett’s permission, the letters spotlight his contrarian diversification strategy, his almost religious celebration of compounding interest, his preference for conservative rather than conventional decision making, and his goal and tactics for bettering market results by at least 10% annually. Demonstrating Buffett’s intellectual rigor, they provide a framework to the craft of investing that had not existed before: Buffett built upon the quantitative contributions made by his famous teacher, Benjamin Graham, demonstrating how they could be applied and improved. Jeremy Miller reveals how these letters offer us a rare look into Buffett’s mind and offer accessible lessons in control and discipline—effective in bull and bear markets alike, and in all types of investing climates—that are the bedrock of his success. Warren Buffett’s Ground Rules paints a portrait of the sage as a young investor during a time when he developed the long-term value-oriented strategy that helped him build the foundation of his wealth—rules for success every investor needs today.