5 comments about One Up On Wall Street : How To Use What You Already Know To Make Money In The Market.

1. I thought this book was an abreviated version of the full book, however this book is actually a miniture ~2inch micro-pocket version of the full book. Text is full size, thus it only contains a very few high-level comments. I was hoping for a boiled-down version, but got mini-me.



2. I was going to do some online trading and bought this book too learn more about selecting stocks. Mr. Lynchs' statement that he considered himself successful if 6 out 10 stocks he selected increased in value changed my mind. I want to thank him for waking me up. I will stick to index funds and wish all the online traders the best of luck.



3. I struggled with the 1st 74 pages or so, but after that this book is excellent. There is a section he titles Kicking the Tires, in short he goes over how to evaluate a company and to stay away from the 1-2 year fly away companies. I remember when everyone was selling Apple back in the day, Peter did the opposite and started gobbling up shares. As he somewhat states, the wheels on Apple were still good.



4. Peter Lynch wrote a classic with One Up on Wall Street. Peter Lynch was lead investment manager of the Magellan Fund, which is arguably the most successful large $ mutual fund in the US. He no longer manages the fund but in his book he lets us in on some of his secrets of choosing stocks.
   
   His approach is rather simple. Buy stock in something that you know. As a consumer and a personal investor we have the ability to know products before anyone on the street knows about them. For example he got in on the stock Yum Brands because he bought a Taco Bell burrito years ago when it first came out. He believed that their set up and approach would work and so he put some money into the company.
   
   His suggestions like listening to things Oprah likes are great simple tips that a typical investor may not even realize we have more information on than wall street on a daily basis. His book is a read for all investor types from beginner to advanced. Enjoy!



5. Amateur investors have "numerous built-in advantages, which, if exploited, should result in outperforming the market and the experts."
   
   Peter Lynch, America's number-one money manager of Fidelity's multibillion-dollar Magellan Fund, shows the layperson how to use what they already know to outperform the "experts" and to create investments on businesses that really matter.

5 comments about The Prize : The Epic Quest for Oil, Money & Power.

1. Daniel Yergin's well-researched and sourced book provides the oil-based context for much of what happened, happens, and will happen in politics and war. A must read for those who want to understand the world in which they live.



2. The Prize is a feast of a book. It is one of my all time favorites, including novels, biographies and the lot. Daniel Yergin, the author, makes a very exciting plot of the history of the oil business, starting in Pennsylvania in 1859.
   
   The best parts, both analytical and epical, is where he writes about the upstream part of the oil business, ie. exploring, finding and producing crude. The story takes us from Pennsylvania, to Texas, Indonesia, Russia, Venezuela, Mexico, Persia, Kuwait and Saudi-Arabia to Alaska.
   
   Yergins main thesis is that oil became a strategic commodity around 1900. Nations and governments want control over crude, because they are unable to conduct wars without it. Therefore they are willing to go to war to secure oil supplies, and availability of oil determined to a certain extent the outcome of WWII.
   
   The book is also a very good account on general world history between 1859 and 1991. Interesting and fun anecdotes flourish, but Yergin is still keeping the analytical banner high. Fantastic book!



3. The recent and tumultuous situation with petroleum pricing, coupled with the obviously baleful effects on the environment of hydrocarbon fuels, combined with rising demands, diminishing supplies, economic turmoil in the world economy and sourcing from the ever-unstable Middle East prompted me to re-read Daniel Yergin's masterpiece, "The Prize".
   
   While everyone has an opinion on petroleum pricing and usage, ranging from simple-minded conspiracy theories to empirical invocations of "market economies", no one outside "the business" can legitimately lay claim to having an informed opinion on the topic without having carefully read this book.
   
   As is often the case in history, there is an annoyingly repetitious flavor to the story. Fluctuations in petroleum supply/demand ratios, wildly variable pricing, toxic waste accumulation, political machinations, corporate manipulation, Cassandra-like warnings of the dire implications of reliance on hydrocarbon-based energy, attempts to formulate national and international strategies...its all been stated, argued and ignored since the 1930s. As US Interior Secretary Harold Ickes caustically remarked during the War, "It is impossible to carry the American people along with you on a program of caution to forestall a threatening position." Yergin noted that, "Prevention, whether it be an ounce or a pound was bad politics..." Of course, the same holds true now, as then.
   
   The insights into the "culture" of the oil magnates as well as those of the governments who sometimes worked with them (whilst simultaneously indicting them for "collusion", as did the US Justice Department); the motives of the Middle Eastern oil producers; the founding of OPEC (largely instigated by a Venezualan with Spartan tastes combined with ecological sympathies) and the re-appearance of the same confusion and mixed motives by virtually the same cast of players who currently occupy the stage are all brilliantly detailed in this book.
   
   As for the writing, Yergin writes in an engaging and interesting style. Of course, there are some tedious sections in this very long book, but it certainly holds the interest of the motivated, non-technical reader.
   
   In summary, this book, while written almost twenty years ago, remains important and timely at the close of the second decade of the 21st century. It is necessary background for understanding the current state of the world economy.



4. Very informative. If legislators would have read this book back in 1992 we would be energy independent today. Oil is used as a weapon against America, the free World and it's citizens. Even the "Big 5" oil companies (Exxon Mobil, Royal Dutch Shell, BP Arco, Chevron, Conoco Phillips)who operate in America and import oil from the Middle East are putting America and Americans at risk. As the author of, The Truth Behind Gas Prices, I say it is time to get energy independent. The Prize will not tell you how we can do this, but my book will.
   
   Richard Clough
   www.thetruthbehindgasprices.com



5. The first 200 pages of "The Prize: The Epic Quest for Oil, Money, and Power" are compelling and fascinating because they are about the compelling and fascinating characters who created the modern oil industry. There is, of course, John D. Rockefeller whose organizational genius permitted the rise of Standard Oil, the antecedent of today's Exxon-Mobil. Then there is the hopelessly disorganized but very lucky British merchant Marcus Samuel who founded Shell, and the meticulous and disciplined Dutchman Henri Deterding who would turn it into Standard Oil's global competitor.
   
   Oil's early pioneers sustain the early narrative but as we progress further into Daniel Yergin's 788-page tome the author's fundamental weaknesses as a writer are all too apparent. First there is his clunky writing style, so clunky in fact that the writing doesn't feel edited. Second Mr. Yergin chooses to talk about everything and about everyone, and so this book is more encyclopedia than narrative -- and it's very discomforting to read an encyclopedia structured as a chronological narrative. Third is how Mr. Yergin insists on the equal importance of his many characters -- in his estimate there is not a handful of founders of the modern oil industry but dozens. Fourth there is Mr. Yergin's insistence on the primacy of oil, leading him to make simplistic arguments such as that World War II was fundamentally battles over oil (it's very true that war is about resources and logistics but oil is only one resource).
   
   A lot of these problems stem from the fact that Mr. Yergin really doesn't know that much about oil (Yes, I know it says on the back that he's an "authority on world affairs and the oil business"!). He ignores the environmental problems with oil, and doesn't at all mention the excellent and disturbing point that the documentary "Eleventh Hour" makes so explicit: that oil is captured sunshine, and by living off oil today we are essentially living off the past and mortgaging the future. "The Prize" has no original research, and feels like a hastily put together of newspaper clippings and books. The book's final 200 pages especially feel this way, and are just unreadable. What is the point of regurgitating the events leading up to the Suez Canal Crisis, the Iran-Iraq War, and other late twentieth-century crises that any reader who chooses to pick up a 788-page book on oil would already know about?
   
   Mr. Yergin would have served his readers better to focus on the oil industry's early pioneers, and to trace how their corporate descendants have fared in the modern world. His tracing of the founding of OPEC to the Texas Railroad Commission's containment of the Texas oil glut in the 1920s is very interesting and informative. And if Mr. Yergin had more of these examples connecting the past to the present "The Prize" would be an informative narrative instead of the overwrought encyclopedia it is now.

5 comments about The Go-Giver: A Little Story About a Powerful Business Idea.

1. The Go-Giver is a great story loaded with fantastic business concepts and practical, easy-to-apply advice for business as well as personal relationships. Just what we need in today's world, when authenticity seems to be lacking. A success story we can all learn from and apply in our business relationships as well as in our personal lives. Can't say enough great things about the Go-Giver! Terrific!



2. If you are reading this review and/or considering buying this book, you have probably read your share of business and self-help books. The Go-Giver takes the essential components of all of the major books out there and distills them down into an easy to digest parable. After reading and implementing the principles of the Go-Giver, I have, in fact, received an increase in referrals and created deeper, more meaningful relationships with friends and colleagues. If you need a refresher on how and why to serve others better, pick up this book.



3. This little book holds the key to everything you have ever wanted to accomplish in your life. The Five Laws of Stratospheric Succes are simple yet, like a diamond, so replete with facets as to render the book new each time you read it. I recommend this book to anyone who has ever wanted to learn how to attract a mentor, or understand what it takes to create true significants in life. Learn to enjoy the coffee and the ability to find world changing opportuities where other just see an Italian resturant and a room full of pipe cleaners and modeling clay. Like a good meal and a fine cigar, this book will leave you satisfied, and looking forward to the next opportunity to enjoy the experience.



4. I enjoyed reading this book. Just enough substance and not a lot of "dragging on". If you follow a diet of positive reading, this is a good one for the collection, but not the only one.



5. Not only is this a powerful business idea - it's a powerful story that will impact your success in EVERY aspect of your life and business IF you apply the laws. Because as Pindar, the mentor in the story, tells the young, frustrated go-getter, Joe "it's not about the seeing, it's about the doing." And he shares his "Trade Secret" 5 laws, the doing of which put Joe (and anyone else who follows them) on a path to stratospheric success that he could never have even imagined when he first sought to meet the man who became his mentor. The first 2 laws are the basis for every business fortune created under the free enterprise system and laws 3,4 and 5 are the mindset that allows us to create that wealth in a way that benefits our world and others around us, builds relationships with people who will gladly aide us in creating our success and allows us to attain riches, both of the tangible and intangible variety. Whether you own a business, work for a business or just want to add value to the world and benefit from it, this is a must read and a must do.

5 comments about Options Made Easy: Your Guide to Profitable Trading (2nd Edition).

1. Options Made Easy: Your Guide to Profitable Trading (2nd Edition) Good basic information.



2. I bought this book thinking that I will learn to invest in stock options (as I dont even know O of options). This book defeated me completely. What I was looking for a book which will say "Sam is thinking of investing options he chooses some company XYZ, He sees that current stock price is 50 dollars. How can he go about making a call or put. What is the strict price he shd think. Who decides the premium price. What does bid / ask prices are. What sort of choices does he has. (Day to day story of someone investing in options).
   
   Simply put the book shd have taught options step by step. Instead of repeatedly saying "option is a right but not an obligation ..." (ok this may be necessary).



3. Good product, good buying experience. Great service and on time delivery. Will buy again from this vendor.



4. This book is clear and easy to read. Unfortunately, the editor was incompetent in financials or the author didn't take the time to review his work carefully. Some of the comments on analysis are clearly worded wrongly; however, the content is so strong and purpose of this book is so well realized in general, that it is easy to recommend it as a "dummy's" book to any person who already has a good grasp of finance - or wait for the next edition.



5. This book is a very good introduction to options if you are new to the stock market. It is written in a very friendly tone, easy to understand and covers the basics of fundamental and technical analysis of the underlying security. It even covers such basic things as types of orders (limit, market, stop etc.). It familiarizes the reader with the major U.S. economic indicators to watch, like Consumer Price Index, The Employment Report, etc. It has The Economic Calendar, which gives the dates when the economic indicators are being published. I have found this calendar very useful.
   
   The book covers only the most basic options trading strategies. If you need something more advanced, like "Short Iron Butterfly", the author has another book, "The Bible of Options Strategies: The Definitive Guide for Practical Trading Strategies".
   
   While covering the basic strategies, the book fails to address an important technique of selling puts as a way of buying the underlying security. Warren Buffett obtains most of his stock holdings through selling puts. He got most of his Coca-Cola Holdings this way, and, recently, Burlington Northern Santa Fe. If you are interested in this technique, you can find it in "Options as a Strategic Investment" by Lawrence McMillan, chapter 19, or there is a special book "Using Options to Buy Stocks" by Dennis Eisen.
   
   If you are already familiar with the stock market and just want to know about options, I can recommend "Trading Options for Dummies" by George Fontanills, which doesn't explain about the fundamental analysis or order types.
   
   The advantage of the reviewed book is that it is relatively small: you will be able to finish it quickly. If you want something more comprehensive and as friendly as this one, I can recommend "The Options Course" by George Fontanills, the same author who wrote "Trading Options for Dummies" above mentioned.

5 comments about SPIN-FREE ECONOMICS.

1. I was shocked by how much I liked this book. I think of it as a kind of contemporary *Capitalism and Freedom* (Milton Friedman), although it comes across as less partisan and the coverage is much more global. I agreed with almost everything the author said and I thought the framing was effective and spot on just about all the time.
   
   Many economists may already know too much to be the appropriate audience here (but many still need this book), but if you wish to give someone an economics book as a gift, or as an introduction to thinking about economic policy, here you go. I'm still astonished at how remarkably good this book is and yes I did read it all the way through. Greg Mankiw wrote a very nice blurb for it.
   
   Tyler Cowen



2. SPIN-FREE ECONOMICSTHIS BOOK ONLY SPINS WITH BUSH AND THE NO RULES CAPITALIST'S. IT BLAMES THE CALIFORNIA ELECTRICITY CRISIS ON THE STATE OF CALIFORNIA AND SAYS ENRON HAD VERY LITTLE TO DO WITH IT. IT USES PENNSYLVANIA AS A ELECTRICITY DEREGULATION SUCCESS. I LIVE IN PENNSYLVANIA AND ELECTRICITY DEREGULATION IS A FAILURE. THIS BOOK IS ABOUT PROTECTING THE RICH. IT SAYS TRUST THEM AND NO REGULATION IS NEEDED



3. There are some nice write ups here but this is not spin free. This is mostly free market economics that is fairly blind to most of its shortcomings. If you like free market capitalism then you'll like this book. If you believe in a mixed economy, with some progressive leanings, then you won't.



4. This book is NOT spin free; it has a quite obvious classic liberal/conservative bias. That would be fine, was it not advertised as "spin-free" and were the author willing to admit that he is not representing a majority of economists on all issues. For instance he argues that taxing consumption is better than income, yet most economists agree that a progressive personal income tax is the best possible system (See Alan S. Blinder & James Baumol's economics textbook).
   
   Furthermore, many of his claims are lightly supported. In one chapter he backs up the grandiose assertion that smaller government is conducive to growth and higher Human Development Index (HDI) scores by showing a casual correlation between lower taxes (as a percentage of GDP), and higher GDP growth, lower unemployment and higher HDI scores. He completely ignores that the social democratic welfare states of Scandinavia have unemployment as low, and growth as high, as the US. It is only the corporatists welfare states of continental Europe (whose welfare states constitute a smaller share of GDP than in the Nordic countries) that have higher unemployment and less growth than we do. The same goes for HDI scores, all Scandinavian countries outrank us; only the corporatist continental European countries do not. Not to mention that he just assumes this correlation to be a causation - something anyone with an interest in a scientific fields knows to be a grave mistake.
   
   Like a pundit, but unlike a scholar, he ignores arguments, or mere pieces of evidence, that contradict his claims. For instance, he claims that publically produced education should be replaced by vouchers, and (intentionally?) neglects to mention the opposing argument, that this experiment was tried and failed. In Texas, Edison education inc. took over public schools, educating the same students the government did before. The company was unable to improve preforamcne and only turned a modest profit after 8 in business, finally going bancrupt. But he doesn't pay attention to these arguments.
   
   There are, of course, things in the book most economists would agree with (e.g. that globalization isn't to blame for stagnant wages), but they're thrown in with claims far to the right of most economists. This book is definitely a center-right economic manifesto.
   
   If you want a balanced, spin-free approach to economics, please go for the more scholarly, but far more objective "Economics of the Welfare State" by Nicholas Barr (Oxford University Press, 2004). Please do not mistake punditry for scholarship - even it comes from a professor.



5. I'm disappointed to write a negative review of this book. If the book was advertised differently, I would probably review it very positively actually.
   
   First, let's get something out of the way: I have a very pro-market orientation and am very conservative on most economic issues. And I agreed with 90% of what was presented in this book--a little too moderate, but fairly in line with my worldview. Greg Mankiw and Tyler Cowen have been the book's most enthusiastic reviewers and they are, guess what, fairly conservative economists.
   
   Now if the book was advertised as a center-right manifesto that wouldn't bother me. The arguments here, in the vast majority of cases, should be familiar to anyone whose taken an introductory economics class or two. That being said: the book comprehensively and clearly explains the basic foundations of a Greg Mankiw/Tyler Cowen/center-right Keynesian view of the world.
   
   Unfortunately, the book presents itself as a presentation of the consensus in economics. The first few chapters of the book actually try to demonstrate that the economics profession has a monolithic view of the world which will be presented in the remainder of the book. The remainder of the book seems to completely forget the whole "spin free consensus" aspect of its thesis. The final 200+ pages of the book don't make a single reference to "spin free economics" or tables showing what other economists besides the author actually believe.
   
   The reason the author doesn't give us such tables is probably because the author knows that many economists wouldn't agree him. That being said, the vast majority of economists are more comfortable with market outcomes than the general population. Whereas most people would blame "corporate greed" for high gas prices during a hurricane, economists would point to a supply curve shift. Whereas most people rail against "Benedict Arnold" outsourcing corporations, economists overwhelmingly defend the gains from trade, international and domestic. For these reasons, the vast majority of economists vigorously oppose price/wage controls and protectionism (whether they come in the form of export subsidies, import quotas, farm subsidies, tariffs, "Benedict Arnold" tax penalties, or international labor and environmental standards).
   
   However, despite that free market/anti-price control consensus, economists have a number of differences. For one thing, they greatly disagree over the extent to which taxes on labor and capital distort behavior. This is why there's vigorous debate in the economics community over whether marginal tax rates on capital/labor the wealthy should be increased/reduced. The author presents his argument as if there's an anti-tax consensus (at least for labor and capital taxation). However, that's far from the case.
   
   Moreover, he presents the health care debate as a non-debate. His policy proposals for health savings accounts, Medicare reform, allowing interstate purchases of health insurance, the end of the tax preference for employer based health care are presented as consensus. There's vigorous debate over each of those policy prescriptions (except for maybe the tax deductibility for employer health insurance--even Obama's advisers publicly called for an end to the regressive subsidy; but that didn't stop Obama from shameless attacking McCain as a "tax hiker" on the issue.) Many economists on the left would attack the author's center-right health care proposals on the grounds that adverse selection in private markets would leave a very sick pool that's too expensive to insure. It pains me to say it because I think the author's proposals (for the most part) are the right ones, but there is a debate over his health care panacea rather than a consensus over it.

5 comments about Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders: The Secret Methods that Turned Ordinary People into Legendary Traders.

1. I won't repeat what has already been said so well by the many reviewers who found incredible value in this book, as I have. I simply want to emphasise the importance of this book for its insight and valuable lessons into the psychology of trading.
   
   I have been trading the markets now for about 6 months, and almost every day, I come back to this book in my mind and remember the lessons it taught me, including the SINGLE MOST VALUABLE FACT ABOUT TRADING: you will likely lose on MOST of your trades, yet this is essential to winning in the market!
   
   It seems counterintuitive, especially if you have seen ads from the hypesters and hipsters who promise to give you tips that are "89% accurate" and so forth. Mr. Faith's extensive work with testing trading systems using modern computerized simulation techniques virtually proves that you cannot successfully make money with systematic trading systems unless you get in the game, stay in the game, and follow the rules of the game. This means most of your trades will LOSE MONEY, but not very much money. The few times that you do actually realize a profit will more than make up for the many times you don't, and that's the key, right there!
   
   There's a lot more in this book, but for me, this is the biggest takeaway -- how to manage your money and follow your system so you can amass a fortune even while losing on most of your trades! How liberating is THAT concept? It's everything!



2. This book makes you think differently about trading stocks. It follows the approach of the Turtles, a straightforward and rigid method of systems trading. This is NOT a book about INVESTING in stocks but rather about short and medium term trading futures markets.
   
   This book would be helpful for anyone interested in learning how to or in advancing their skill in day trading, technical analysis, and systems trading, with an emphasis on the psychological factors that affect performance. Five stars!



3. I first read about the turtles in Market Wizard and was excited when I saw this book. Well written book which covers what makes the author(a turtle) successful and also the turtle trading system.



4. Take a group of intelligent people, teach them a classic trend following trading system, give them some money to trade, and what do you have? One of the most fascinating trading stories ever told.
   
   This book is an eyewitness account of the story of the Turtles, told by the most successful of the bunch. And while the book does not go into details about the story it does something better- it explains how they made money and how anyone can use their strategies to make money as well as or better than they did.
   
   The author not only details the systems used by the turtles but also describes how systems work, why they work, the problems with system testing, and how to effectively create your own trading system.
   
   The story of the turtles begins in chapter 2 and is continued throughout the book. Part story, part trading text book, the author has done a great job explaining how to trade well using simple systems. If the reports are correct, the author made $31 million while trading as a turtle and several turtles are still make millions managing large hedge funds using the same strategies explained in the book.
   
   The four main points of the Turtle Class:
   
   1. Trade With An Edge: have a positive expectation.
   2. Manage Risk: control risk so you can continue to trade
   3. Be Consistent: execute your plan
   4. Keep it Simple: catch every trend
   
   Think Like a Turtle
   1. Trade in the present
   2. Think in terms of probabilities not prediction
   3. Take responsibility for your own trades.
   
   This book belongs in every trader's library even if you do not trade using a system. But after reading the arguments for systems, I cannot imagine why anyone would do so without one, or several. This book, along with Trade Your Way to Financial Freedom
   has helped me create the 3 systems that I trade. Not only has trading with systems made me more money, it has lowered my risk and helped me sleep better at night. If you want to read more of my reviews of stock trading and investment books, you can get them[...]



5. This is the best book about trading I have read. Specially good for all of you who are interested in developing a MECHANICAL TRADING SYSTEM.

5 comments about Understanding Options.

1. But, if your really serious about trading options, please read Natenberg first. Natenberg is interviewed in this comprehensive and easily accessible intro. However, options trading needs more than an intro, as I suspect most of you know.



2. This author doesn't really believe that anyone but pros should be trading any strategies except for covered calls. He does discuss advanced trades but only glosses over them without detail. Ahhh, he's probably right. However, if you'd like to learn more about intermediate and advanced strategies, you'll need another book.



3. Very good book to get your feet wet on Options.
   
   I like the author's style of briefly recapitulating previous topic before going to next. He also punctuates his book with historical anecdotes about options which makes for interesting reading.
   
   Highly recommended.



4. I have been a stock market investor for 25 years. Over that time I think I probably learned, in bits and pieces, everything in this book. The problem is I didn't have a complete picture of what options were all about or how many of the elements of options trading (i.e. delta, spread, volatility, etc.) related and affected the potential of any given option or strategy. Therefore, I never bought or sold a single option. Had I read this book years ago my overall investing performance would have been greatly improved and the number of sleepless nights greatly reduced.
   
   This book is an extremely easy read for anyone with a general idea of what options are about and I suspect would not pose an overwhelming challenge even for someone with no knowledge at all on the subject.
   
   The most exciting outcome of my reading this book is I placed my first options trades today. A few of my trades today were for hedging purposes on my existing portfolio and a few were for speculation.
   
   I doubt I will ever become a "day trader" or an options guru, but I now can stay active in my portfolio, blending modest hedges and speculation for what almost certainly will be a better overall outcome. Thank you Mr. Sincere.



5. With so many books on options in the market, a beginner may be happy to find such a light, easy-to-read introductory book on options that often uses the word fascinating to describe the world of options.
   Unfortunately this is very misleading. Armed with the information in this book, this beginner will soon find that some essential knowledge is missing and all actually works and looks very different.
   So what is wrong with this book? A lack of deeper understanding, of pointing out the true essentials, of making the right balance, of leading a beginner to a proper path of learning on options. It is often better to be aware that one does not understand a subject well than to think that one has understood it.

5 comments about Option Volatility & Pricing: Advanced Trading Strategies and Techniques.

1. I have read this book very quickly. Very easy, friendly and informative. A lot of useful information which can be applied practically.



2. My favorite options trading text, bar none! I believe if you understand everything presented here you will have a huge leg up.
   
   This book gave me the insight and confidence to take the other side of covered call writers' positions and profitably trade the out-of-the-money calls from a purely volatility standpoint.
   
   It also put me on the path of trading volatility around events like earnings releases and FOMC meetings. Read this before embarking on any options trading ventures. Even though you may not choose to trade volatility directly, understanding its dynamics in relation to option prices will be of huge benefit.



3. One must keep in mind that book was written in early 1980s, and still one of the best works on options trading. Whether you are a beginner, intermediate or seasoned options trader, it certainly worth reading; even the seasoned options trader will learn few things and certainly help organize your thoughts. I like this book and still refer to it every now and then in my trading activities.



4. I bought this book based on all the high review ratings of so many other readers. Unfortunately I found this book to be disappointing. The author clearly knows what he is talking about but I feel does a poor job conveying the concepts to the reader. The basics of placing orders, commission structure,etc get glossed over and the author frequently mentions concepts and then states the will be discussed later in the book. This just needlessly muddies the waters. The presentation of numerical data is also poorly handled. The author describes in long-winded paragraphs concepts that could be more clearly illustrated in tables or graphs. At any rate I found the book disappointing and feel I have learned little about option investing. The book seems to be more of an academic study in options, not an investment oriented, "real world" way to profit from trading options. Someone with advanced knowledge can probably appreciate this but beginners and intermediates I think will find this book lacking.



5. Í bought this book a few years back, its awesome in all respects. I've tried to read it at least 3 times and cant get past about page 50.
   
   It aint light reading for sure and I've been in the business for years. Its the acknolwedged bible of options trading but thats why there are so few successful and long term options traders - no one finished the book.
   
   Its a great book but its probably easier to go to night school to learn options.

5 comments about Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve.

1. The author attacks Alan Greenspan for setting interest rates too low and thus causing all out economic problems. Why did Greenspan do this? He did not see the bubbles (that he himself created) because he was blinded by the "concept of technological driven productivity miracles." The author repeats this idea many many times. But from reading the first five pages you might wonder if Mr. Fleckenstein is the best person to launch a bubble attack like this. On page 3 the author leads you to note 2 (page 189) where he writes: "Determining that a bubble exists is somewhat subjective, though not terribly difficult." A couple of pages later on page 5, the author admits: "I saw the stock market bubble building and concluded it would end in disaster -- about four years too soon!" Should Fleckenstein not have disqualified himself from documenting forecasting failures at the Fed at this point? Taking strong action to stop a bubble based on the author's forecast could have driven us into a deep recession. In these first pages Fleckenstein proves with personal experience the validity of Greenspan's statement on page 99: "I don't think we can know there's a bubble until after the fact. To assume we know it presupposes that we have the capacity to forecast a imminent decline in prices." On page 162 in a confusing paragraph Fleckenstein seems to agree with this by writing: "What would be correct to say is that one can't exactly know what action might be required to stop a bubble." This not say that Mr. Greenspan is blameless.
   The author quotes his column from 1999 to judge Greenspan without the benefit of hindsight. In this column he writes that the increases in stock prices are "breathtaking" but never uses the word, bubble, before it burst. He uses the word, bubble, in column on September 17, 2001 after it is bust. Even I did better than that. In my book, "How to Invest in Condominiums" I use bubble twice and tell my readers how to to avoid them (I finished writing the book in 1999). Yet Fleckenstein is the one who has the nerve to attack the FOMC for not using the word often enough. This book is all about criticism with the benefit of hindsight. There are no lessons learned. We have to take it on faith that tighter money applied here and there would have been better. He does not attempt to demonstrate his forecasting ability and help Chairman Ben Bernanke by telling him how big the bursting real estate bubble is and when it will hit bottom, so that the Fed can set the "correct" rate. But no, on page 184 the author indicates that Ben Bernanke would make the same decisions as Greenspan. When we finally know how big and bad the real estate bubble was, say in 2013, Ben Bernanke (if he is still there) and the FOMC are sure to get flack from Fleckenstein for allowing the bubble to end so badly. The FOMC will be unaware of this incoming flack or wisely ignore it. This negative evaluvation (or well documented rant) deserves three stars for providing an insight into how difficult the task the FOMC has is and why in the long run the value of our paper money will always erode.
   
   
   



2. In this fascinating book, financial journalist William Fleckenstein studies the record of Alan Greenspan, chairman of the Federal Reserve from 1987 to 2006.
   
   Between 1937 and 1987 there were no bubbles, but Greenspan helped to create two bubbles in ten years - in stocks and then in real estate - by holding interest rates too low, punishing savers. He helped to make the American people worse off by redistributing wealth to the rich, the bubbles' boosters and sponsors.
   
   Greenspan viewed new technology expenses as assets. So he thought that productivity and profits were higher than they really were, that inflation was overstated and that stocks were understated. In 1998 firms spent $95 billion on computers. After Greenspan's `hedonic adjustment', this came out as $352 billion, adding 2% to US GDP.
   
   Governments want to understate inflation and overstate growth, productivity and incomes. So now, most price rises seem to be way above the rate of inflation.
   
   Greenspan's rate cut of 15 October 1998 triggered the stock market bubble. By 1999 the stock market was valued at 180% of US GDP. (In the last bubble, in 1929, it was 85% of GDP.) In 2000-01 this bubble burst - the new technology miracle proved to be a mirage. In 1992-99 there was zero productivity growth in 99% of the US economy, and growth only in 1%, computer hardware.
   
   In 2001-03, housing `saved' the US economy from the aftershock of the stock bubble. De-regulation led to lower lending standards with more `creative' financial instruments, like the $500 trillion worth of derivatives, which Warren Buffett described as `financial instruments of mass destruction'.
   
   So from 2003 to 2007 there was a real estate bubble, based on huge debts. Mortgage-equity withdrawals created half US GDP growth between 2001 and 2007. By 2006, household debt was 97% of GDP: mortgage debt was $13.3 trillion. Total US debt in 2007 was 325% of GDP.
   
   This ocean of debts rested on a falling real estate market, a sinking economy and a weak currency. Where could the next economic rebound come from? Capitalism has destroyed production and destroyed the housing market: it is running out of options.



3. Greenspan will be forever linked to the global financial meltdown of 2008. History will not be kind to the Bubble Boy.



4. This is a truly invaluable book. Fleckenstein shows,beyond any doubt, that Alan Greenspan has been a disaster for the country and the economy. Even before becoming Fed chairman, Greenspan had demonstrated his incompetence (Read the beginning where Greenspan's predictions as one of President Ford's advisers would drastically miss the mark). Unfortunately, Greenspan would be confirmed as Fed chairman and begin a nearly twenty year career of gross mismanagement.
   
   Fleckenstein quotes Greenspan repeatedly, demonstrating the Fed Chairman's inability to predict the stock market or housing bubble (or anything else for that matter). Greenspan comes off as completely incompetent in Greenspan's Bubbles. Perhaps some day the Federal Reserve will be abolished and the economy will not be subject to the whims of mediocre men like Greenspan and Bernanke. If that day comes, it will be because of thoughtful experts like this book's author. I also recommend Ron Paul's analysis of Greenspan in his recent book--Paul points out that Greenspan once supported sound money but changed his views as the lure of great power as a central planner seduced him.



5. This book is a disappointment. For the happy few it might be an interesting read, but for someone intereted in the general ramifications of the Greenspan era it is a huge dissappointment.
   The book seems to be a blow-by-blow vendetta of the author against Alan Greenspan. And while the author clearly has an authority on the whole subject, he fails to engage his reader by not clarifying the details on why he rants againts Greenspan. Sometimes too much knowledge can be a hindrance.

5 comments about The Little Book that Saves Your Assets: What the Rich Do to Stay Wealthy in Up and Down Markets (Little Books. Big Profits).

1. This book is one step short of basic. Total waste. Unless you are into similes.



2. David Darst has successfully managed to write a book that is informative and an easy read . Whether you are a novice investor or an experienced advisor " The Little Book That Saves Your Assets " should be on your desk at all times !



3. Mr. Darst must have had all of his buddies write in with 5-star reviews. I bought this book based on the subject and reviews, but it didn't meet my expectations. The title and description imply he will share HOW to balance your portfolio to weather the market ups and downs. His magic solution...allocate your investment $ to various asset classes which have a low correlation to each other (i.e. don't respond similarly to interest rates and economic conditions). How much to allocate to what classes depends on your goals and situation. DUHH! Rather than following through with real examples of asset allocation strategies which have worked for real people, he leaves you in the dark and tells you to hire a financial advisor.



4. This is the latest book in the "Little Books, Big Profits" series and was timed just right. All the books before it teach you how to invest, and this book teaches you how to keep what you've invested.
   
   David Darst is a good writer. He kept my attention and I wasn't bored. I read the entire book one Saturday night.
   
   The true value of this book is in reading the entire series. They all make up a sound investing education. All of the books in the series are good; some better than others, but are all written by financial masters. Take a piece from one and apply it to another and you have a winning formula.
   
   Overall, this book is definitely worth three or four hours on a Saturday night. But, get the other books in the series too. Each present a view that the other doesn't.



5. Save your money. This book touts asset allocation but does not provide any practical advice on how to develop or implement a plan. The book asks many questions but provides absolutely no answers!