5 comments about Buffett: The Making of an American Capitalist.

1. When I first came across this book, I had planned on reading a Buffet biography for quite some time. I hesitated for a while because there were so many options. As I enjoyed reading Roger Lowenstein's, When Genius Failed, I made my decision to read this particular book based solely on my knowledge of the author. Fortunately, Lowenstein did not disappoint. Indeed, this Buffet biography is very well written and will be entertaining to both the lay person and professional investor, alike. If I could suggest one or two improvements, it would be for the author to reduce the overall length and sprinkle in a few more investing ideas. Also, potential readers should be aware that most of the content ends in the 1990s when the first edition was printed. So, much of the color about his friendship with Bill Gates and his first non-US investment, Israeli-based ISCAR, is missing.
   
   Just as he did in When Genius Failed, Lowenstein does a great job describing historical accounts of entertaining or semi-dramatic events in Buffett: The Making of an American Capitalist. Remarkably, the author is able to paint very clear pictures of scenes that occurred 50 years ago. This particular work is especially impressive as the author received no assistance from Buffet himself making the task of collecting details on such events very difficult.
   
   Unfortunately, the book contains very little explanation of Buffet's investment strategy. This book is not an investing textbook, which is understandable. Rather, it is a biography that has some elements of Buffet's investing wisdom explained. It would be nice if it had more details on the investing front.
   
   Some readers might find the book a bit longer than necessary. Of course, the wordiness may be a matter of personal preference. I would argue that most readers will stay thoroughly entertained throughout the book.



2. This is an excellent biography of Warren Buffett's life and why and how he has become the incredible person he is today. It is interesting and also well-written. It could make you an investor if you are not already one.



3. Roger Lowenstein did a remarkable job in researching and writing the story of Warren Buffet. The book is delightful to read, and it balances well the personal and professional sides of Mr. Buffet. I find it amazing how the simplicity and unconventionalism (not to call it old-fashion style) of Mr. Buffet, adhering to basic Graham-Dodd principles of value investing and incarnating the opposite of all the Wall Street hype has proved successful over such a long time-span. I highly recommend this book to any investor!



4. 
   Note: The review that follows is of the Second Edition.
   
   I recently re-read this Buffett biography (first published in 1995 and now re-issued with a new Afterword, dated January 2008) and then read Alice Schroeder's The Snowball: Warren Buffett and the Business of Life. Both are first-rate. Which to select if reading only one? That depends on how much you wish to know about Buffett's personal life, including his relations with various family members, and how curious you are about his personal hang-ups, peculiarities, eccentricities, fetishes, etc. If you can do without any of that, Roger Lowenstein's biography is the one to read. I also highly recommend the recently published Second Edition of The Essays of Warren Buffet: Lessons for Corporate America, with content selected, arranged, and introduced by Lawrence Cunningham.
   
   In fact, I'd now like to provide a brief excerpt from Cunningham's Introduction: "The central theme uniting Buffett's lucid essays is that the principles of fundamental business analysis, first formulated by his teachers Ben Graham and David Dodd, should guide investment practice. Linked to that theme are management principles that define the proper role of corporate managers as the stewards of invested capital, and the proper role of shareholders as the suppliers and owners of capital. Radiating from these main themes are practical and sensible lessons on the entire range of business issues, from accounting to mergers to evaluation." Lowenstein does a skill job of examining the context in which various lessons were learned, both by Buffett and by those with whom he was associated. In fact, one approach to his life and career is to examine in terms of student-teacher relationships such as Buffett's with Graham and Dodd as well as others' with Buffett, notably Katherine Graham and those who comprised the "Graham Group": Jack Alexander, Ed Anderson, Henry Brandt, Robert Brustein, Buddy Fox, David ("Sandy") Gottesman, Tom Knapp, Charlie Munger, Bill Ruane, Walter Schloss, Roy Tolles, and Marshall Weinberg. Munger is probably the most important of these associates for reasons best revealed in the narrative. It is worth noting that when Lowenstein was about to begin what proved to be three years of research and then the writing of this book, Buffett informed him that he would do nothing to block his efforts nor would he do anything to assist them. In the Afterword, Lowenstein recalls his first post-publication encounter with Buffett at Berkshire Hathaway's annual meeting in1996. Despite everything that had happened in Buffett's life and career during the previous 45-50 years, Lowenstein observes that "Very little in the portrait, and nothing in the investment profile, has changed." His consistency "may be his least appreciated trait."
   
   As does Schroeder but in somewhat greater detail, Lowenstein rigorously examines subjects that include:
   
   1. The development of Buffett's business philosophy
   2. His most important business relationships over the years
   3. His most important personal relationships over the years
   4. His non-negotiable values
   5. What Berkshire Hathaway accomplished under his leadership as CEO
   6. Buffett's insecurities
   7. His views on philanthropy
   8. His social awareness
   9. His relationship with Melinda and Bill Gates
   10. Why no one else has achieved comparable results by following Buffett's advice
   
   Joe Nocera shares his own thoughts in response to the last point in a profile of Buffett that reprinted in Nocera's book, Good Guys and Bad Guys: Behind the Scenes with the Saints and Scoundrels of American Business. "I think the answer is twofold. First, truly great investing requires a temperament that very few people have. For most of us, it is difficult not to panic when the market tanks, for instance. It is hard not to want to jump on the hot stock, even if we know nothing about the business. The ups and downs of the market are stomach-churning events. The fundamental equanimity required to be a great investor is an extremely rare thing.
   
   "The second reason we don't invest like Buffett is that his methods are far more complicated than they sound. Think about it: When Buffett talks about the `economic prospects' of a potential investment, what he means is that he wants to be able to see where the business will be 10 years from now. If he can see the business remaining dominant for the next decade, he'll consider buying the stock."
   
   "One of the most important reasons for difference [i.e. being able to determine whether or not a business will remain dominant for the next decade] goes almost entirely unacknowledged among those who hope to find in Buffett an easily reproducible investing style. He is a genius when it comes to numbers. `Accounting,' he likes to say,' is the language of business.' It is a language in which his own fluency is unsurpassed, and which gives him an enormous competitive advantage. Usually, all he needs is a quick glance at a balance sheet to know whether he's interested in buying a company or not - because he finds meaning in numbers that the rest of us don't."
   
   Warren Buffett is among the most effective CEOs in recent business history (at least since the conclusion of World War II) and there is certainly a great deal of value to be learned from his performance as both a leader and a manager. Although a business icon, he is also an exceptionally human being because of a unique combination of insecurities, hang-ups, fetishes, neuroses, etc. that various loved ones (notably wife Susie, daughter Susie, and companion Astrid) were able to manage with exquisite sensitivity. Like so many others, he cares more and more deeply than he is (generally) able to express. That said, one close associate and dear friend, Bill Ruane, suggested to Lowenstein after his book was published, "I'm not sure if you captured how [begin italics] tough [end italics] Warren is." Perhaps no one can but credit Roger Lowenstein with providing in this volume a thorough, balanced, multi-dimensional , and insightful explanation of how an ordinary man in almost every other respect accomplished greater success in business than almost anyone else ever has...or ever will.



5. This is an amazing look into the life of a man who was born to make money. He absolutely knew from a very young age that he would be rich. Most of us have no idea what we want to be until after we graduate, but Warren Buffett always knew what he wanted to be. The author made me feel as if I actually knew Buffett personally. Good job.

5 comments about Confessions of an Economic Hit Man.

1. PRO: At the end of the book, he says you, the reader, are the reason the world is the way it is. After listening to his nonstop bashing of corporations and governments, I expected him to conclude with a final "coup de grace" on those two entities, but I was wrong! He puts the blame where it should be: all of us. We are those people in the corporations and the governments reflect what we want. If we want to blame someone, let's start with ourselves. I commend Perkins for saying that. "Any fool can criticise, and most fools do," said Andrew Carnegie. Those few paragraphs almost took the book to two stars. Unfortunately, the rest of it was terrible.
   
   CONS: Many other reviewers will point out the myriad of flaws and shortcomings of this book. I'll illustrate how Perkins would read all these one star reviews. He would say:
   
   - They're written by jackals, government officials, and corporate hitmen trying to discredit me.
   - They're people who are so naive that they don't understand how the real world works. They say this is a fantasy. It's no fantasy, baby, this was real life!
   
   PSYCHOLOGICAL ASSESSMENT OF PERKINS: Perkins is a man filled with regret. He dreamed of living an exciting life, but ended up living just a mediocre one. For example:
   
   - He wanted to go to Ivy League Schools, but went to a ho-hum schools.
   
   - He wanted to be an executive, but he never got beyond middle management.
   
   - He wanted to be a spy for the NSA, but all he got was an interview.
   
   - He wanted to live a glamourous life, but he got all the pedestrian glamour of a typical international corporate job.
   
   - He wanted babes, but he just got a divorce and a few flings.
   
   In short, he feels like a failure. He's frustrated by that so he's decided to reinterpret his whole life, make it more exciting, boost his ego a bit by writing a book that makes his life seem more interesting than it was. He fills it with cloak and dagger intrigue, but there's really nothing there. It's obvious that it's all in his mind.
   
   He depicts himself as an "insider," but offers scant interesting insider stuff. Most of his theories are backed by his daily news source: the NY Times.
   
   His opinion that construction projects drive our economy and decisions is wrong. Foreign infrastructure projects make up less than 1% of the US government budget and not even 0.1% of our economy. Furthermore, he says that "very few" benefit from the new electricity plants we build in Ecuador or Indonesia. Really? So we build a multi-billion dollar plant to power three rich people's homes? Wrong. Thousands of poor people benefit from the roads and electricity plants. That's why they invite us there. Duh! Do we also benefit? Sure! We probably wouldn't do it otherwise! DUH!
   
   The other irritation about this book is that he thinks he's making novel arguments, when they're usually obvious to all. For example, corporatations are self-interested. Wow. I never would have guessed that. Let's add: humans are self-interested. What do you expect Exxon to do? Sell oil for less than it costs them to make it? Do you expect the salesman of a construction firm to not try to get the best deal he can get for his company? Doesn't he want to get a bonus and send his children to a good college?
   
   He whines about people working for a dollar a day in "sweatshops." Are we holding them at gunpoint? No. On the contrary, people in Asia work at Nike's factories to earn their $1 a day for two reasons:
   
   1. It's better than getting 50 cents a day, which is what the local companies pay. Working for a foreign company is PRESTIGIOUS and coveted.
   
   2. Their daily costs are 90 cents a day. Some love to focus on how little people in third world countries make, but they often forget how little it costs them to live. Imagine their conversations about us: "It costs $100/day to live in America. How do they do it? We're much better off here because it costs just 90 cents per day." There are two sides of the equation, Perkins.
   
   CONCLUSION: There were only two reasons I listened to this misleading and overrated book till the end. First, my friend recommended it. Second, I was curious to see what SOLUTION he proposed. It's easy to complain. But what do you think we should do instead?
   
   As I mentioned at the beginning, he places part of the blame on you and me. Great. Well said. Now what? He tells us to drive less. I bet he drives and flies much more than any of us because he's promoting his book. He tell us that we should have a more fair world. That we should have medical services available for all, information should be widespread, and that we should think of the consequences of our actions. Blah... blah.. blah... as you can see: no specifics. Why not? Because it's nobody would like to do what would need to be done. He's asking us to change human nature. Sorry, Perkins, it's ain't going to happen. And Perkins is proof that it won't happen because lives in a nice house, buys food from corporations, votes for the political establishment, doesn't send 50% of his income to third world countries, etc....
   
   Get this if you want to laugh.



2. I think this is a great book. I had to read different chapters for a class, but I liked it so much I decided to read the whole book. The writing is simple to read and understand, and the message and information within the chapters is powerful and very interesting. Not too many people know about the seedy underside of multinational corporations. This book brings that to light in a way that is interesting.



3. For the people who want to know what is hidden behind the fact that America has become so strong over the years, this is the book to read. No conspiracy theories, no spy games, just pure imperialism in the worst manner. I always thought that economic development the Western way was what everyone would want in the world, but I never thought that not everyone is like us, not everyone cares about our materialistic world. And as much as they don't care about us we should not care about them and let them develop the way they want to develop.WATCH ZEITGEIST AND JOIN THE ZEITGEIST MOVEMENT.



4. This is the most awe-inspiring, and provocative book that I've ever read. I've found myself between a couple pages thinking "how could they do that? Why?" This has further heightened my desire to research into the corporation, money, and the manipulation that our "system" relies on every day. Well worth the while. I've started reading his sequel, and it has exceeded my expectations with more info and more interviews and quotes from the hundreds of people that have come forth. Man, just buy it, borrow it, steal it... what ever you have to do to soak in the information that John has to offer. (Try not to steal it...)



5. Just finished the book and have to say the author's stories seemed very contrived. While many historical facts are presented like the Iraq War or the Control of Panama Canal, the author's stories of meeting "local people" seem made up and don't provide any useful evidence to the reader beyond attempting to help the author's own conspiracy agenda. I was hoping for a lot more from this book, but it fails in so many ways, and believe this guy is in the same category as James Frey.

5 comments about The Partnership: The Making of Goldman Sachs.

1. In his massive history of Goldman Sachs (over 700+ pages), Mr. Ellis gives a glowing and comprehensive history of the the investment bank. He writes as the insider he is (a former consultant to the firm) and is not as critical of Goldman Sachs as he could be. Founded nearly 150 years ago, he traces the firm's roots and growth, its downturns (the Depressions and the 1970's) and it re-intervention of itself repeatedly. The financial carnage of the past month is not covered obviously, but Goldman Sachs new survival has its origin in its 2007 decision to get out of the mortage business before the current crisis.



2. Why does Goldman Sachs still have a $40 billion market capitalization while Lehman and Bear Stearns have become extinct? Charles Ellis answers that question and more in his latest book, The Partnership, as well as giving the reader an insider's view of what gave Goldman Sachs such an advantage. Like McKinsey & Company in consulting, Goldman Sachs walks the talk in hiring the right people and creating a culture that rewards long-term success.
   
   This book takes an honest look at some of Goldman Sachs' missteps along the way, such as Long Term Capital Management, but also the considerable focus and discipline demonstrated in avoiding the easy short-term buck that seems to consistently blow up in our faces. Need I say more than AAA rated insured sub-prime derivative instruments?
   
   It remains to be seen what the impact of the current financial crisis will be on Goldman Sachs. Regardless, this book shows why the death of investment banking may be a bit premature.
   
   Charlie Ellis writes in his usual substantive yet engaging style. If you're looking for a great read with some very useful takeaways, I highly recommend reading this book.



3. Goldman Sachs has been one of the most successful firms on Wall Street. The top five, GS, Morgan Stanley, Merrill Lynch, Lehman Brothers, Bear Stearns fell like the domino theory, one by one.
   
   Merrill Lynch was sold to Bank America, Lehman and Bear went bankrupted. Morgan Stanley just sold 20% to Mitsubishi UFJ Japan. GS stock price is 114, way down from all time high 250.
   
   C. D. Ellis told the success story as an insider. There was little coverage on the failure, or causes of failure. The piece on the power struggle between Paulson and Corzine is a great read. Paulson cashed out with $280 million, Corzine did the same about $250 million.
   
   Now that the great bailout was voted yes. All Paulson's friends are getting paid from the US government:
   
   1. Citigroup, 25 bn
   2. JPMorganChase, 25 bn
   3. Wells Fargo (bought Wachovia), 25 bn
   4. Bank America, 15 bn
   5. Goldman Sachs, 10 bn
   6. Merrill Lynch, 10 bn
   7. Morgan Stanley, 10 bn
   8. Bank of New York, 3 bn
   9. State Street, 2 bn
   
   Will it help US economy? God only knows.
   
   Goldman's CEO Lloyed Blankfein sold short to make $55 million in 2007. He bought a condo for $18 bn. Guess what, real estate is down now. All the short sellers are making a killing shorting GS.
   
   Unless SEC changed its rules, American middle class are the ones that are holding the empty bag.



4. It's disappointing that the book is poorly written and poorly edited. There is much interesting information about the history of the firm but, because of various writing and editing deficiencies, the book is hard to read. For example, the writer starts mentioning a person as though we know who they yet there is no previous mention of him. He starts talking about Henry Goldman as though we know who is, yet no where is it mentioned that he is Marcus Goldman's son. Many sentences are so eliptical that one has to read them two or three times to understand what the writer intended. In addition, decades of time pass in the story and we get little information about what happened during that period. Many of these problems would have been helped with good editing. Sorry this important story is not better told.



5. As a person outside of the financial industry, I found the book to reveal an interesting glimpse into the history of the most venerated firm in Wall Street, from its humble inception to the present days. Along the way, you find glimpses of strong personalities that shine through the anonymity of team-oriented culture and also tragedies (e.g., the mishandled prosecution of Bob Freeman). A fascinating book.

5 comments about The Millionaire Next Door.

1. Quite the eye-opener about how many supposedly rich people are actually being supported by their parents. I did think it had a lot of undertones about how being cheap, I mean frugal, was noble in its own right and there's nothing worth spending money on except charity and education. But it was motivational, inspirational and educational.



2. This was a surprising book, because it goes against popular myth as to who are the wealthy and why.
   
   If politicians and business leaders had read this book, we may not have gotten ourselves into the current financial mess!



3. This is one of the best books on wealth bulding I have even read and I've read hundreds of them.
   
   It does a superb job of profiling key characteristic and behaviors that American typically fall into putting themselves deep into debt and then gives simple and easy to connect with ways to counter these behaviors to put yourself on the right track to financial independence.
   
   Really, really great! Do yourself and your family a favor and read it.



4. my husband loves it! lots of facts about millionaires and how they live and spend their $



5. This book's subject matter is good. The problem-it reads like a bad research paper. It's so boring!!!!! If you're interested in stats on every page, have at it. Otherwise, check it out at the library and skim the main points.

5 comments about The Widow Clicquot: The Story of a Champagne Empire and the Woman Who Ruled It.

1. The Widow Cliquot: The Story of a Champagne Empire and the Woman Who Ruled It - was wonderful and exposed me to a field that I knew nothing about. As a historic biography this is a page turner, easy to read and pulled me in.
   
   What really stood out to me and carried through this book was the author's - Tilar J. Mazzeo - obvious passion for the study of wine and she did a great job of bringing to life what could easily have been a "dry" or "brut" subject! LOL!



2. Now, I know it is more than sheer enjoyment of a bottle of bubbly, but also because it was founded and run by a woman.
   I am very sad that so little of Barbe Nicole's life survived in letters and journals, from what is recounted in the book, I am convinced she was a formidable woman who showed true grit and bravery in a time when women were seen and not heard.
   She took big risks and in the end reaped grand rewards for herself and for her family. I am deeply in awe.
   I love the delicious notes on how champagne is made, because it helped me understand what exactly she was struggling to accomplish and against what odds.
   I also found out where the nutty flavor in some champagnes come from.
   It was a fascinating read. I recommend it if you are at all interested in women's history or wine.



3. This is yet another book project that cannot fail - the source materials and corollary knowledge easily sells the work - and yet it managed to fall tremendously flat. Between trademark-orange covers (one wonders how she managed to secure this surely-copyrighted color), we have a pseudo-biography of a historically notable woman written by a beautiful (with obligatory cover photo) young woman professor with a gorgeously exotic name. This is what one calls a "perfect marketing storm." We know we are in for a fizzy treat of "this person is important because she is a woman in business/history" and I am more than willing to drink that cup. Ah, but beware the lees! The imagined insights into her mind were both presumptuous and insignificant - a difficult feat in itself! On the one hand we were invited to celebrate a woman who did little more than spend male investments and lend her name to a product she did not invent. Her one significant contribution to the art of champagne - remuage sur pupitre (a new method of disgorging the dead yeast cells from the bottle during fermentation) - was dubiously chronicled and under-narrated. On the other hand, we were asked to forgive her bourgeois callousness as she lamented difficult sales - particularly difficult for her male agents risking life abroad - of her luxury product to people often on the edge of starvation in Napoleonic and post-Napoleonic France, Russia, and Great Britain. The other presumably unintended effect of her rise, the closing of the corporate door on other women in business, should also, according to the author's prose, be largely ignored. As should be her law-breaking to secure a monopoly in Russia. As should her exclusion of her own daughter and grand-daughter from the family business. As should her iron-fisted matriarch behavior. You get the point...
   For all my complaints, I would readily forgive the flaws if the portrait of the woman involved were in any way fleshed out, or if any new material came to light, or if any of the "mysteries" and/or scandals of her life - particularly the dubious matter of the clerk Eduouard Werlé who somehow had the millions necessary to become a full partner - were in any way clarified by her research. Sadly, even her knowledge of French language is deficient (a woman does not "assist" at a ball, "assister à" = "to attend a function") and her glaring errors around Louis' infamous dictum, l'État, c'est moi (never happened) and her assertion that "champagne had always been the drink of kings" are just plain gratuitous for a product that had only recently (less than 50 years) been invented.
   Lord, if it be thy will, let this cup pass from me.



4. I love champagne, especially The Widow; I love France and history and stories about brave women.
   
   I didn't love this book.
   
   Mazzeo couldn't decide what sort of book she was writing. It's not a scholarly study (for all that she splashes her degree across the title page) nor - as several other reviewers point out - is it quite a work of fiction. It's almost a personal memoir - too personal for my taste - but it misses the mark there, too.
   
   Certanily Mazzeo wants to impress us. She tries very hard to make Barbe-Nicole Clicquot a metaphor for women in history, for the narrative of white space, for all those unvoiced shuttles, but she has this horridly Sarah Palin-esqe tendency to get cute about it -- the thinner the facts, the more adorable the narration.
   
   There are two sorts of biographies: those which contain facts and analysis and those which speculate. This is the latter.
   
   The word "surely" appears on every page.
   
   OK, not much is known about Madame Clicquot (whom Mazzeo relentlessly and patronizingly refers to by her first name); but a great deal is known about the history of Reims and the champagne industry. Mazzeo has done admirable work on this and if she would just give it to the reader, all would be well. But she wants to be a biographer, and this leads her down a dubious path.
   
   The most important critical/theoretical work on women's biography is the late Carolyn Heilbrun's path-making Writing a Woman's Life Writing a Woman's Life (Ballantine Reader's Circle). Mazzeo must have read it, since she brings out various of its insights with girlish glee, but she never cites it. And she misses the big point, even as she laments the lack of a women's history. The point is this: women's lives don't follow the same paradigms as men's lives. Yes, Mazzeo says this, but -- rather like the Wife of Bath - she paints a very patriarchal lion even as she objects to the paradigm of lion-painting.
   
   As for her pretentions to scholarship, there's the opening line of her final chapter in which she proudly informs us that the Oxford English Dictionary STILL lists "champagne" as a meaning for "widow."
   
   Well duh. The OED STILL lists every meaning ever attached to a word. That's the whole point. What the point of this book is, I'm not sure. Not tenure, I hope.



5. The Widow Clicquot by Tilar J Mazzeo is clearly a labor of love. The author goes into painstaking detail regarding a fairly obscure part of French history to tell us the story of a remarkable woman and by extension the story of how Champagne became the bubbly we love today. Barbe-Nicole Cliquot (nee Ponsardin)lived during the French revolution and would no doubt be even more obscure than she is had she not been pushed into business by the untimely death of her husband.
   Mazzeo does a great job of bringing Barbe-Nicole to life even while acknowledging the places where the historical records are thin. She is able to educate the reader on a number of subjects, including wine making and French history, without losing sight of the main character.

5 comments about The First Billion Is the Hardest: Reflections on a Life of Comebacks and America's Energy Future.

1. T. Boone Pickens began at age 11 delivering papers, mowing lawns and pumping gas in Oklahoma to becoming chairman of the BP Capital Management hedge fund. He invested a mere $2,500 into Mesa Petroleum and built it into one of the largest independent oil companies in America and then overcame a time of personal difficulties by taking an investment fund of $3 million and turning it into $8 billion in just a few years. That's why
   
   I picked up a copy of Boone's book The First Billion is the Hardest and read it from cover to cover with close attention and fascination.
   In his book, Pickens presents his plan for America to become energy independent as well as detailing his life of improbable triumphs. The book provides an inside view of his oil and gas career, of mergers and acquisitions, of his dealings with CEOs and investment bankers, and on his personal management style.
   
   On energy, Pickens makes the argument that the U.S. cannot drill its way out of our current crisis but must think our way out. In discussing energy solutions, Pickens stresses that crude oil is not used only for gasoline, heating oil and jet fuel but for other important petroleum products such as plastic, synthetic fibers, fertilizers, ink and many more products. For that reason, even if no foreign oil went to energy uses we'd still be beholden to the Middle East. Pickens wants to replace at least a third of gasoline demand with natural gas to reduce our foreign oil bills by 16 percent annually.
   
   The book contains 11 chapters on the author's personal insights and experiences, including his insights on energy, and one chapter on his energy plan. While some readers may scoff at the author's folksy personality and "Bonneisms" the fact is that T. Boone Pickens has 60 years experience in the energy field - experience that gives him credibility and suggests we should listen closely when he speaks.
   
   The book also provides an interesting peak into how Pickens spends his money - a philanthropic approach to use his money to perpetuate helping others. In fact, the author shares his intent to give away all of his money and how he will do it. But before he could give away as much he has, Pickens first had to earn his fortune and The First Billion is the Hardest is a fascinating and compelling story of how that was done.
   
   By Darin Manis
   CEO and Founder
   RJ & Makay
   [...]



2. I decided to take a look at this book after I heard how much he lost recently in the market. I decided to buy the book because it's pitched as a life filled with challenges and comebacks, which I think is what most entrepreneurs and investors faced. T. Boone Pickens did not disappoint. He takes us along on a fascinating journey, filled with obstacles and triumphs. I learned a lot and was thoroughly entertained.
   
   I also noticed a review here for The Emotional Intelligence Quick Book and decided to buy that book as well. I really enjoyed it and would like to pass that recommendation on to you!



3. As of this writing, Boone has probably lost a billion since the oil/gas markets have crashed and his BP Capital hedge fund has dropped some 60% this year. This is a man who bets big, levers up and generates spectacular results when he's right and awful results when wrong. However, the fact that he's lost so much this year shouldn't be a reason to gloat or a reason to dismiss this book.
   
   His is an inspirational story in that his most dramatic success and probably his most daring plans have come at an age where most people are content retiring and sliding downhill. His description of physical exercise as crucial to his spirit, energy and mental health should inspire seniors that it's never too late to go for it.
   
   The reviewers who criticze his ego are off the mark in my opinion. He is constantly crediting others with helping him be successful, but in the end, if an 80 year old man can still accomplish what he has in the past decade, that man has the right to boast a bit in my book even I don't see much of that here anyway.
   
   Finally, perhaps the most important part of the book is the end where he presents the Pickens Plan. Many have criticized the plan as self-serving or pure self-enrichment. While there may be some truth to it, I feel the benefits of adopting the plan far outweigh the negatives and if an octogenarian who is extremely philanthropic benefits in the process, so what! He admits in the book that he likely won't be around when his plan would yield real economic benefits for him, but the benefits to the country in terms of diminishing our dependence on oil purchased from countries that do their best to undermine us every chance they get will last far into the future. Boone will be long gone by then, but what a legacy he would leave the country. Is your envy so all consuming that you'd rather see the country bankrupted than seeing a man make another billion or so which will probably all go to charity?
   
   I for one hope that Boone lives to see his plan adopted in full.



4. A great book! T. Boone Pickens is a true Patriot. One who loves this country and mankind before the love of money. I enjoyed knowing more about the man and his direction for America's energy future; even though I did not agree with everything he says. For example, as the author of The Truth Behind Gas Prices, a former gas dealer and someone who has studied this industry for 12 years, I believe oil companies are manipulating supply to raise prices. Nevertheless, this book and his life is an inspiration to me.
   
   Richard Clough
   www.thetruthbehindgasprices.com



5. The title, "The First Billion is the Hardest: Reflections on a Life of Comebacks and America's Energy Future", is misleading.
   
   "The First Billion is the Hardest" suggests a discussion of making money, but it doesn't build upon this theme at all.
   
   If you're looking for a detailed biography of Pickens' oil career, this is your book. All but one chapter are dedicated to the high-risk career T. Boone Pickens has lived - with all of the triumph and agony that came with it.
   
   If you're looking for details on America's energy future or the Pickens Plan, this is not your book. You're better off going to his website www.pickensplan.com. Only one chapter mentions this.
   
   Yet another misleading feature are his "Booneisms". These are inserted throughout the book like Donald Trump with his leading lines, except Trump's are actual tidbits of great information or motivation. You could flip through Trump's books reading only his quotes and really come away with something. Boone's, on the other hand, are meaningless. Booneism #19, for example, is "We're catching 'em faster than we can string 'em". It may be a Texan saying or something, but doesn't stand on its own as anything worthy of highlighting.
   
   In summary, the book offers a mildly interesting read but certainly no take-aways on business, billions, oil, and very very little on "America's Energy Future". I commend the man for taking a high-risk leap into wind power but, again, it's better stated on his website than in his book.

5 comments about Liar's Poker: Rising Through the Wreckage on Wall Street.

1. Michael Lewis describes his corner of wall street pretty well. The 1980s bond market. He continually contrasts the practice and culture of trading bonds with the dogma of Economics.
   
   Over the course of the book it becomes easy to draw parallels between Wall Street and Feudal Europe. The Economists are like the Catholic Church in Feudal Europe. The Traders are like the Nobles and Royalty in Medieval Europe. The Job of the Nobles is to fight other Nobles over the right to control land, rent, and protection fees. The Job of the Church is to teach people who aren't Nobles that they should do what the Nobles tell them to. In exchange, the Church will occasionally ask the Nobles to behave a little better.



2. This book was so inspirational and superb it may have changed my life. It changed my perspective on things and it was so funny and enlightening it in a way contributed to helping me go from a Junior Manager in a Fortune 500 company to Head of Division with responsibility over 15 countries in an International Fortune 500 Company...a must read for any MBA or graduate diving into the corporate rat race and wanting to know - is anything possible? the answer is yes. Depends how you do it...A great read. Thanks!



3. Anyone looking for an idea of what its like to work at an investment bank MUST read this book.



4. This was a pretty good book because it tells you things that make you want to keep listening, it holds your attention. You will learn some things from this book. The only bad thing about this book that i didnt like was how the author occasionally went off on unusual/complicated tangents when describing things. The kind of sentences you have to read atleast 3 times.....but i still recommend it. FIASCO was also very good.
   
   sayanora



5. First half = interesting. Second half = kinda boring. Lewis has inspired me to write a better insider's account of Wall Street.

5 comments about Enough: True Measures of Money, Business, and Life.

1. 
   This book was a fun read. It is small and not too long. In fact, it was short. If it had been formatted a little differently it probably could have been sold as a pamphlet instead of as a book. But I liked it.
   
   As I examined the Table of Contents, something you can see if you go to the Search Inside that Amazon offers, I got the feeling I was reading a book from some old timer who considered himself mature, knowledgeable, and a fairly smart guy. Oh yeah, maybe full of wisdom, too? :)
   
   As I turned the pages I kept thinking about the old line I heard growing up: Son, as long as you do your best, that is all we can ask for. Well, who is to say - What is my best? As far as I am concerned, I can always throw in a little extra effort and do better.
   
   So who is to say - What is enough? The author tries to explain it. But I thought he fell short. He fell short in the same way my folks fell short when they told me I only had to do my best. When terms are relative they are not easily defined. And a book devoted to defining a term that is basically undefinable is bound to be viewed as a failure or at least come up short. This book is not a failure I will have you know.
   
   The book makes a valid point. When determining what is enough the judge (maybe you?) must perform a balancing test. You'll have to figure out what is too much, and what is not enough. And whatever you determine is "just right" IS enough. The author provides us with 10 chapters split into three parts: Money (chapters 1-3), Business (chapters 4-7), and Life (chapters 8-10). He makes some good points. And after reading the book one will probably sit and reflect over what has been said. But does it do a good job defining the term? I think not. 4 stars!



2. This book is a "Must Read" for every American who has an interest in investing, saving or the financial industry in general.
   
   It's a wake up call for what's happened to our society and country. Please, read this book and learn from it.



3. Great perspective on investing, economics and life. An insight into the mindset that has built one of the most trusted brands in the investment world. Great job Mr. Bogel.



4. John Bogle has encapsulated a lifetime of knowledge in the investment business (founder of Vanguard) into this book. The most fundamental knowledge provided here is the basic economic proofs that broad based long term investment in the market trumps speculative buy/sell approaches to investment, and the case against financial industry costs as reducing returns to the investor.
   
   The book gets into understandable explanations of how the current financial crisis came about and points out the financial industry's interest in complexity for it's own financial gain rather than value to the investing public.
   
   Truly one of the most valuable and easy to grasp books I've ever read on the subject of investment and economics.



5. Mr. Bogle makes some valid points about the industry he helped shape. The insights he shares shed light on just how we got to the mess we are in today. If I had to fault the book it would be for spending to many pages on his personal life and accomplishments. I understand that he wanted to illustrate his credentials but I believe he could have done so briefly and then expanded his discussion of the financial industry.

5 comments about Call Me Ted.

1. I was looking forward to reading CALL ME TED, but being busy and multitasking, I decided to by the CD version.
   
   I listen and re-listen to Ted's story. What amazed me most about this package was that Ted recorded every page of his 500 page book while recovering in the hospital - it took him 40 to 45 hours to record.
   
   This in itself is a world breaking record to begin with. Does he understand what being tired means? I don't think so... you can hear his voice weakening in some moments, but that was the best part of why I find it inspirational.
   
   They keep saying that his life was difficult, or his childhood was a complex one. At that time not many kids had the brightest of childhoods, but none of them were like Ted. He was about what you want for tomorrow in your life, and how you want the day after tomorrow to unfold. That is Ted Turner to me as his reader (or in this case, listener). He is a hard working, very intelligent and creative, long vision and determined, most honest, loving, caring, and a patriot to the core. What is most important, Ted Turner, achieved all of this alone, he created ideas all alone, he managed to make it happen all alone, and he stands all alone. I read almost every biography of successful people and by far this one tops them all. I am very thankful to be able to read someone's life as great as his in a most straight to the point and yet inspiring way. Whatever happens behind closed doors in his real life, this is what we need to see and read, to feel inspired, and this book did it for me. Thank you.



2. I did not intend to read the entire book. I was going to read the inside account of the AOL-Time Warner merger and skim the rest. However, between the breakneck pace of Ted Turner's life and the fluid writing style (kudos to co-author Bill Burke), I was quickly hooked. I read every word of "Call Me Ted."
   
   The book skips unnecessary detail and, as a result, never bogs down. The short chapters make great breaking points, handy for people with limited reading time. An effective device used throughout the book is the "Ted Story." These are short interludes (usually less than one page) written by other people (John Malone, Ted's children, Jane Fonda, Bill Gates, even Gerald Levin, among others). The main narrative leads up to an event -- perhaps an important meeting -- then breaks for a "Ted Story." At that point the reader gets two perspectives of the same event. (I should point out that not all Ted Stories are seamlessly woven into the narrative.) One of the most amusing Ted Story breaks comes at the point where Ted decides to support the AOL-Time Warner merger. Ted writes that he sought counsel and support from four trusted friends before making the decision. The four guest writers, however, had different recollections. The first said he was on vacation in London when he spoke to Ted and was very distracted. The second said he never spoke to Ted before Ted voted and explained why he was absolutely certain of that fact. The remaining two said they spoke to Ted, but he wasn't asking for input so much as telling them what he'd done. Reminiscent of Kurosawa's "Rashomon," the book leaves the reader to sort it out.
   
   Do not read this book expecting a scholarly treatment of Ted's life, with a heavy emphasis on psychology and motives. That is not Ted's style. Ted tells his story and, for the most part, leaves you to draw your own conclusions. I appreciated that the book was not preachy as are far too many business leader's autobiographies; it is not "How to Become a Great Success Just Like Me." After reading the book, I would accredit Turner's tremendous success in life to a sharp mind, a fearless heart, and an otherworldy amount of energy. (Though his upbringing surely had an effect on his intense drive to succeed.)
   
   I'm old enough to remember when Ted's America's Cup antics were in the news, so many of the book's events caused me to think about my own life. Where was I living when I first heard about Ted doing such-and-such? Reading about Ted's ads with the theme "I was cable when cable wasn't cool," I was reminded of the days when cable television existed only in small, rural towns -- too far from television broadcast towers to pick up a clear signal.
   
   Numerous lines in the book caused me to laugh out loud, especially in the latter half of the book when the focus shifts to Ted's dealings with high-profile corporate executives. Not funny but touching upon a distinction I think important, Ted briefly remarks upon the difference between those who start companies -- such as himself -- and the Harvard MBA types brought in to manage companies they had nothing to do with creating.
   
   The brisk pace and wide scope of Ted's life is reflected in the book. With Turner's life story -- the billboard company, the SuperStation, the Atlanta Braves, the America's Cup, CNN, Jane Fonda, Time Warner, and on and on -- there's just too much ground to cover for the book to meander.



3. An amazing, honest autobiography about Ted Turner's life including his accomplishments and failures. He turned a regional billboard company into a media giant. Along the way, he became an accomplished sailor, created CNN, the Goodwill Games and is the largest individual landowner plus numerous other achievements.
   
   If you read this book you should also read Ken Auletta's profile on Ted Turner that was published in The New Yorker back in 2001. Its a intimate portrait of Ted Turner during the AOL-Time Warner merger and his breakup with Jane Fonda.



4. Okay, I'm striking out with "Call Me Ted" fortitude in the pursuit of one day meeting this truly "mavericky" character! Ted and co-author, Bill Burke, have constructed a deliciously endearing and boisterous autobiography which is easy-to-read and even harder-to-put-down.
   
   There aren't many, if any, *gasp* worthy revelations and his all-or-nothing thinking on matters of population control, climate control, and geo-political profundities have been well documented via print/cable/internet; however, herein lies the winsome construct of his story: it just reads so real and so very Ted.
   
   Page after page, I found myself chuckling aloud, quoting various portions to my family, and shaking my head in sheer amazement to his conceptual genius and flat-out tenacity.
   
   "Just Call Me Ted" more than proves you don't have to unanimously agree with a Personality, or better stated, unanimously agree with a fellow card-carrying member of the human race to appreciate their story.
   
   Now, if I can just wrangle a face-to-face!



5. I had forgotten about what an amazing life Ted Turner has had, from winning the America's Cup (as the skipper) to winning the World Series (as an owner) and building the cable industry. His is an inspiring story and the personal side is interetsing as well.
   
   I have read many of the big business biographies, and some are more substantive and rewarding than others. This one is worth reading. If you are interested in the history of the media business from the 1960's on, particularly in the creation of cable, you will be interested. If you are interested in entrepreneurial stories in general, I think this will be rewarding. And I think along the way you will get interested in Turner as a person as well.
   
   I zipped through it in two nights (not because it was short but because I was interested).
   
   If I could change the book at all I might have had him pause more and explain at greater length some of his transitions from conservative to liberal and from Christian to agnostic. That would have been interesting but I think he wanted to focus on the business stuff, which I suppose is smart.

5 comments about The Snowball: Warren Buffett and the Business of Life.

1. Am a buffett fan.
   
   This is a good book but I found the Roger Lowenstein book far better than this one. If you dont read snowball, you wont miss much of Buffett!



2. Love the way in is written and got so much insight to a great man. Focus.



3. This book gives insight to debunk any myth that weathly peoples lives are any different. Warren I feel for you, you're just better than everyone at seeing how simple the abstract of making money can be and how complex human relations are, money can never buy the deep richness of a real relationship. When people are real/human, money doesn't matter.



4. hile the book is a good read the Kindle edition does not support your ability toview the many footnotes until you get to the end of the book. Kindle dropped the ball on this one by not enabling the ability to do so. The first letter of my first sentence is a W. Kindle does not make provisions for me to go back and make corrections.



5. I'm devouring this enormous book so fast that I'm getting a "Snowball Headache" LOL
   His approach to investing is well displayed in the book and fun to watch develop over time as he moves from selling newspapers and used golf balls to become an icon in the world of finance. His life, and the colorful group of people who have been part of his story, make for a great read.
   Thank you Alice Schroeder for giving us this glimpse into the man and his methods.