Posted in Industries and Professions (Friday, January 9, 2009)
Written by John A., CPA Tracy. By For Dummies.
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5 comments about Accounting For Dummies.
- Great book. I can't do math (I went to private school) but even I was able to follow the clear, well written formulas in this book.
- Great book. It helped me understand accounting and it was easy to pick up the tricks and the trades of this course.
- This book is well-written, and covers the topics I had hoped it would. It has helped me get an understanding about the basics of accounting. As a small business owner I don't need all the technical stuff... and this was geared to my level. I'm glad I bought it. I'm actually going to read it again just to cement some of the ideas into my thinking.
- This book is basically a novice's introduction to accounting and has, for that individual, very good detail that is straight forward and easy to understand. The author covers the essentials of balance sheets, income statements, and cash flow very well with pretty easy examples and good interpretations and definitions. The latter part of the book has more discussion of current accounting issues and principles in fairly simple terms. Not a lot of hard detail, so this book is not for an individual experienced in the world of finance. An example is Sarbanes Oxley, which although the cover says it is covered in a blurb, it really is only covered in a few pages. The book is entertaining in areas as all these books are. Thus, it's a good introduction for those with little knowledge and should be seen as a building block to a more challenging publication.
- Great explanation of accounting! Highly recommended for all accounting majors before taking an actual class! Great reference during course as well :)
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Posted in Industries and Professions (Friday, January 9, 2009)
Written by Jeremy Siegel. By McGraw-Hill.
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5 comments about Stocks for the Long Run, 4th Edition: The Definitive Guide to Financial Market Returns And Long Term Investment Strategies.
- Recently published (end of 2007) very helpful to give an overall view of the world stock markets, with enphasis on the american market of course. In my opinion it gives a helicopter view of the economy and the stock market movements and in doing so it provides you with a map of the "territory" you are moving in (as it were). Great statistic amount of information.
- Siegel's masterpiece is a must buy for anyone who wants to stop wasting money on mutual fund fees and start accumulating wealth. I give this book and Professor Siegel an A+.
Andrew Nissenbaum
- Dr. Siegel, one of the top academics in finance, has provided a comprehensive, up-to-date overview of investing in stocks. His book is based on data going back 200 years and is fact based, rather than just opinions or theories. I have been involved in investing for over 30 years and found much new, useful information. This book is a great read for anyone interested in stock investing, whether a rookie or a veteran.
- In the previous editions of Stocks for the Long Run, Wharton Finance professor Jeremy Siegel offered a thoroughly bullish take on the merits of equity investing that has proved highly influential and largely correct through the end of the post-Millennial Bull Market in mid-2007. In the latest edition of this classic, released in a much more difficult period of substantial market declines, Siegel has added important and more nuanced insights derived from his previous and somewhat overlooked book "The Future for Investors," which came out in 2006. Siegel's basic advice to stock investors is to focus less on growth stocks and index mutual funds (eg., Vanguard 500) and more on looking for tried and true stocks that pay high dividends. He argues that such reinvested dividends are the true source of stock returns, or the "El Dorado." (His term). Overall, this argument is well-presented and persuasive.
However, I am perplexed on a key element. His case is largely based on historical evidence that purports to show that high dividend yield stocks, with dividends reinvested, have accumulated more total return than growth stocks or index mutual funds. However, his calculations do not account for the deleterious effect of taxes on reinvested dividend. (He says in an endnote that taxes are not significant for the portfolios he chose, but does not explain why; for most common stock portfolios, taxes are significant.) Dividends are taxed yearly and until recently at a higher rate than that of capital gains and that of retained earnings, which are not taxed at all. If taxes have been paid on dividends, only the untaxed part can truly be considered "reinvested"; the part that is taxed has to be made up by a new infusions of cash from the investor. The effect of ignoring this is that his historical comparisons are not terribly meaningful because he is not calculating the returns on true (after tax) contributions to dividend stocks vs. growth stocks. Naturally, if more is contributed to the dividend stocks, there is likely to be more at the end. (BTW, this is basically the same fallacy that sunk the allegedly huge returns of the otherwise delightful "Beardstown Ladies" of yore.) Given that the magnitude of the "advantage" he posits of dividend stocks vs. growth stocks is not all that great, one cannot have confidence that he has truly made his case.
That said, his advice is very useful for investors in tax sheltered 401Ks. Also, the new lower tax rate on dividends also helps lessen, though not eliminate, the effects of yearly taxation of dividends.
In addition to emphasizing the importance of the contribution of stock dividends to equity portfolio performance, this book also grapples with a perplexing challenge to Siegel's original stocks for the long run mantra, the much vexed question of what will happen if and when the populous Baby Boom generation attempts to cash in its stock and bond retirement portfolios by selling them to the smaller demographic of Gen X and Gen Y. An entire school of catastrophe futurologists, most notably Harry Dent, but also more mainstream voices like Peter G. Peterson (The Grey Wave) have warned that this so-called Age Wave is about to wreak havoc with stock market investments. In this book, Siegel does not dismiss this issue, but deals with it in a logical and generally less alarmist point of view. At the risk of oversimplifying a complex analysis, Siegel's bottom line is that while it is true that there are not enough younger generation Americans to absorb the Boomers stock and bond assets at current prices, investors in emerging countries, like China and India, will more than make up for that and will end up buying the Baby Boomer's paper assets as the Boomers sell them off to fund their retirements. The upshot is that foreigners will end up owning a lot of our companies by the year 2050. A potential snag, says Siegel, is whether America will be willing to let this happen, or will pass laws or adopt polices to discourage the transfer of US assets to foreign countries. This remains to be seen, but he is optimistic. On the other hand, the implications for the typical Baby Boomer's most important asset, his or her house, is rather dire, because homes can't be sold as readily to foreigners, for obvious reasons. Siegel doesn't provide an answer for the housing market, which is outside the scope of a book on stock investing in any event. Overall, this remains one of the best written and most sensible investment books available today, now offering a more nuanced and even more helpful sets of advice than the previous editions. With new information and analysis, this is well worth owning, even if you have a previous edition.
- Holding stocks for the long run is a totally sound idea -- as long as you get in at the right time! Buying stocks after the 1929 Wall Street Crash, holding them and reinvesting the dividends, would have been a great idea. Buying stocks immediately prior to the crash, and holding them all the way down, would not have been so smart. More recently: buying stocks in mid 2007, and particularly financial stocks that had apparently good fundamentals, and holding them through the massive decilnes would also not have been too smart. To be fair, this book does allude to the importance of timing in its talk of Raskob in Chapter 1 -- but then more-or-less dismisses it.
I'm interested in the value investing vs. market timing trade-off, and so I explored it myself using real data in Stock Fundamentals On Trial: Do Dividend Yield, P/E and PEG Really Work?. I took a much shorter (recent) timeline than Siegel, so a direct comparison is not valid. But I justify this because most investors, despite their best intentions, will not hold stocks that fall in price unless the fall is very temporary. So they're market timers after all: it's just that they time their exits (badly) and don't time their entries at all.
I agree with Siegel's charts that show how well stocks have performed over the decades. In fact, I included a chart (figure 38) in Financial Trading Patterns showing how a buy-and-hold approach would have beaten market timing over a 23-year span to October 2007. But my point is this:
If I had the data, I could perhaps draw a chart showing the continual rise of horse-and-cart production over hundereds of years. But it all came to a swift end when Henry Ford appeared on the scene. Holding Stocks for the Lun Run can work, and it has worked. But we can't guarantee that it always will; and it will take you a long time to find out either way. Or, you'll give up (when you have to) at exactly the wrong time.
Tony Loton, author --
Stock Fundamentals On Trial: Do Dividend Yield, P/E and PEG Really Work?
Financial Trading Patterns
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Posted in Industries and Professions (Friday, January 9, 2009)
Written by Stephen Fishman. By NOLO.
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5 comments about Deduct It! Lower Your Small Business Taxes.
- Great book. Just one comment. A lot of the text in this book is identical to the text in Tax Deductions for Professionals. You don't need both books; choose one.
- I read this book after forming a C-Corp in California (using the Nolo guide). Although I am familiar with many biz deductions, this book walks you through many examples of deductions you can take if you plan ahead. I really like the "Day in the Life of..." examples of how you can maximize legal deductions pertaining to mileage. There's an excellent section on home office deductions. My husband, a self-admitted dummy when it comes to expense reports, taxes, etc., picked up the book after I was done, and even he understands the concepts. Already he has found deductions for his sole proprietorship and non-reimbursed employee biz expenses. Great value and so easy to understand. Highly recommend.
- This book is a must small business owners because it can improve their bottom line. Although it provides fairly good overview of tax deudctions, it should not be used as a comprehensive reference for tax professionals.
The book is a relatively light read in a highly readable format. Each tax deduction has a good overview and a case example to boot. It isn't, however, an answer to complex tax questions which the book willingly acknowledges should be taken to a tax professional. For most business owners, this book should be sufficient for most of the tax deduction questions they may have. This book certainly answered all of mine.
The book provides valuable information on the probability of an IRS audit (don't form sole proprietorship if you want to avoid an audit) and how one can minimize one's chances of an audit.
- i just started (well just INCORPORATED) my catering business. i found this book to be written in an accessible and unintimidating style. Fishman goes to great lengths to give examples, cite external sources for additional information, and generally uncomplicates the IRS jargon. now only if i had read this 6 months ago, i would really be ahead of the game!
- We hear a lot about corporate taxes during this current political season. The average federal and state tax rate of small businesses is around 35%. But what is not generally known is that through the advantages of legal tax deductions most companies do not pay anywhere near that amount of tax assessment on their general revenues. Where it was once necessary to employ a top flight tax attorney, now anyone starting up an entrepreneurial venture in the form of a small business can take full and lawful advantage of all their tax deductions associates with start-up expenses, operating expenses, health and medical related expenditures, retirement commitments, as well as costs associated with entertainment, meals, travel, inventory, equipment, operating a home office, and so much more. They key to all this is "Deduct It!: Lower Your Small Business Taxes" by tax attorney and specialist Stephen Fishman. Now in a newly updated and expanded fourth edition, "Deduct It!" should be considered a thoroughly user friendly and instructive 'Tax Bible' for every small business owner wanting to steer clear of the IRS while taking full and legal advantage of every appropriate (and profitable) tax deduction allowed by law.
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Posted in Industries and Professions (Friday, January 9, 2009)
Written by Robert Libby and Patricia Libby and Daniel Short. By McGraw-Hill/Irwin.
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3 comments about Financial Accounting 6e with Annual Report.
- THE BOOK IS COOL. THE ONLY REASON I BOUGHT IT WAS BECAUSE I AM TAKING A CLASS ON ACCOUNTING. IT DOES HELP A LOT AND THE READING IS SIMPLE. SO BUY IT IF U LIKE ACCOUNTING!
- I needed to get this book for class. I am taking an Accounting class in pursuit of my MBA.
- this book makes dry information tolerable. it offers you many tools that aid in all different areas to do well in a basic financial accounting course. the explanations and examples it provides are thorough, and the open ended problems & questions they provide for each chapter are goal-driven and really aid in understanding the often difficult material.
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Posted in Industries and Professions (Friday, January 9, 2009)
Written by Jane Laudon and Kenneth Laudon. By Prentice Hall.
The regular list price is $153.33.
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4 comments about Management Information Systems: Managing the Digital Firm (10th Edition).
- Please do not purchase from this vendor. this vendor did not ship my item and i have made several attempts to contact the vendor with no answer. Do not take the chance.
- I purchased the text in the "used" section. The text was sent late and received almost three weeks after the order was placed. The book condition in the description was "excellent", but when received the text had damage on both of the outer covers as well as highlighting in every chapter. Be leary of the descriptions in the used book section.
- I have still not received this book. I have sent several email messages requesting my money back to no avail. I since have had to purchase this book elsewhere for my class so now I am out double the money. I will never again purchase from Amazon because there has been NO ONE willing to help me resolve this issue. I strongly advise to everyone out there never purchase from pirateheads....
- This book was an eyeopener into the world of how businesses use computers. There is more information in this book than can be absorbed in one semester and I will review it again and again in the future. A very thorough, detailed approach to how the computer is used in the economic world. I highly recommend it.
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Posted in Industries and Professions (Friday, January 9, 2009)
Written by Joe Ben Hoyle and Thomas Schaefer and Timothy Doupnik. By McGraw-Hill/Irwin.
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5 comments about Advanced Accounting.
- This is a popular university textbook. I know this because I called several universities for recommendations before purchasing. I've used this book as a professional reference. It is very current on recent pronouncements. The book is well organized, has good examples and it includes many "real world" examples as well
- The book came on time and in great condition. I am very happy with my purchase. Thank you!
- This book was delivered promptly. I had it in time for class to start. Very easy to follow and understand.
- The book was exactly what I was looking for. Arrived earlier that I expected also.
- Let's face it - nobody buys a textbook for fun. That being said, this book is well organized and thorough, which is substantially more than I can say for my professor
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Posted in Industries and Professions (Friday, January 9, 2009)
Written by Stan Weinstein. By McGraw-Hill.
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5 comments about Stan Weinstein's Secrets For Profiting in Bull and Bear Markets.
- This is an old book that was hard to find (I had a photocopied version). It has sompe personal experiences in stock trading. I was pleased to find it on Amazon.
- This book educated me on understanding how a stock moves. There is healthy movement, and there is UNhealthy movement. Stan teaches you to buy stocks that will move higher. I can't stress enough that you SHOULD READ THIS BOOK. I learned a lot, and "YES" I do consistently make money in the market using what I learned from this book. I have read lots of other investing books, and for me, this was the book that put me on the path to making money.
- Weinstein deals with breakout, realtive strenght and volume, has good suggestions for longterm / shortterm stop movement, while he is not interested in the quality of the company, it is a worthwhile read also because of his stock stages description that is also important for industry groups or the market in general.
If you want to make it much easier finding stocks that might advance big time I would suggest to also read O'Neils "How to make money in stocks..." and focus on top notch stocks. But the stock stages focus of Weinstein is great, as mentioned in O`Neils book on when to sell, the quality of the stock -e.g. stellar growth outlook- is not important only price/volume action - a hint for DISTRIBUTION, in the stock market the future is now
- While this book is insightful to individuals who have never utilized technicals for investing it is somewhat dated. Adjustments to the moving averages and use of various time frames would enhance its value.
- We are in deep crisis mode now. And when you read a book, what was written just after 1987 black Monday crash, and understand, that author has survived, and more importantly - predicted most of the crashes - and now listen - also the start of the bull markets, this book turns out to be invaluable.
And don't trust the reviews who say, it is outdated. Those are eternal truth and classics, that never will change.
Now, why you would this book especially now? First of all, you would not lost anything, if you would use the authors system - you would be out of market already in september 2008.
And more - now, once I am writing this, we are in stage 4, and the stage 1 is to come - I know 100 % - i will know exactly when is the time to buy, and there will be no emotions, or catching the falling knives - Weinstein tells it's all with a graphs, and easy examples.
After all - you will at least stop loose the money, if not earn, after you walk away with this book. A must read
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Posted in Industries and Professions (Friday, January 9, 2009)
Written by Peter Block. By Pfeiffer.
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5 comments about Flawless Consulting: A Guide to Getting Your Expertise Used.
- Block's book has been around awhile, and was the first purchase I made as I contemplated moving into the "independent consultant" game. Block's straightforward approach to dealing with each phase of the consulting engagement, and his insights on handling difficult situations in the business have been invaluable to me. Eight years and many client engagements later, I still find myself referring to it often, both as a refresher and as an inspiration, and I've purchased literally dozens of copies to give to colleagues and clients alike. Truly a classic, and a "must have" for anyone who consults, or who hires consultants.
- My husband has this book and we bought it for a friend who just retired and became a consultant. My husband thinks it is one of the best books on consulting that he's read.
- And it also one of my top 3 business problem solving books - and I've read a bunch of them.
I own and have read many books on management and project management, several on consulting specifically, and numerous books on problem solving and intelligence analysis. This is one of the few books I come back to, and it is definitely the one I come back to the most. It has the best information, it very well written, and it is a pleasure to read.
This book is the real deal. No silly platitudes or ideas, but a reality based approach and method. The issues in this book are the difference between success or failure as a consultant, and let me tell you a little secret......as a "manager" too.
This book assumes that you are already competent in your field of expertise. Beyond that, this is the stuff you won't learn in college or in most project management books, which emphasize "scheduling, monitoring and control" over commitment and cooperation, systems over people. Other books may tell you how important involvement, support and commitment are, but don't show you how to get it. I realize that Block makes a clear and proper distinction between consultant and manager, but I have worn both hats and can say without hesitation that an astute "manager" would find this book as valuable as a consultant.
Block gets at the heart of the matter. He deals with reality (people, politics, fear, resistance, etc.), not the ideal (whatever that may be), and he does this in a very positive manner. He tells you what to watch for, what it means, what is happening, how to respond. Some of his insights were truly eye opening; while others were things I knew, but not explicitly. Now I am consciously aware of them and use them more effectively. The questions and checklists he provides throughout the book are practically a book by themselves. They are very well designed and address the most important issues.
The few blasé reviews are most likely from people who are not actually in the position of a "consultant" as defined in this book. If you are not truly in this position, this book may appear a little too touchy-feely for your taste. If you work in a troubleshooting environment where the solution is usually a predetermined response to the diagnosis, this book will have limited value. However, if you work in an environment where you deal with organizational issues and problems that involve people and politics, this is the book you want.
I have seen perfectly capable and hard working engineers, contractors, consultants and managers go by the wayside because they were too aloof or did not understand their clients on the "affective" level. They thought their expertise alone would insure the acceptance of their ideas and secure their position with the client...it didn't.
I have stumbled into a few successes in my consulting career and can look back and see it is because I applied the concepts of this book - whether by design or accident. Conversely, I can also see some other situations where the application of these concepts would have been very useful.
Finally, this book is extremely well written and enjoyable to read. This is rare for many business and management books. He has an amazing way of getting to the root of every issue and expressing it in a most concise manner. Only on a few occasions does he use the jargon of the consulting profession, and even then it is perfectly appropriate. He does repeat some themes in this book, but he is showing you how and where those themes fit in with each step of the consulting process.
Again, this book is the real deal. He knows what he is talking about when it comes to organizations and the consulting process. There is no doubt you will be a much improved consultant or manager if you learn and apply the methods in the book.
- The book arrived promptly and would have been considered a brand new book with the exception of a tear on the paper cover that had been taped. Otherwise, the book itself is perfect.
- I have to admit that I really liked Peter Block's "Flawless Consulting". This book was originally written in 1978, and then revised in 1998. I expected the book to be dated and irrelevant, but it wasn't. The concepts that Block wrote about many years ago are still applicable today.
Block strikes a perfect balance between theory and execution. In fact, there is a lot of both. He backs up his theories with flowcharts, checklists, and even cartoons.
Until I read read this book, I thought that Alan Weiss's "Million Dollar Consulting" was the best consulting book out there. But Block's book ranks right up there with Weiss's.
This book has over 300 pages and is packed with information. The topics include 1) dealing with resistance, 2) getting the data, and 3) managing the feedback meeting.
If you are serious about your starting or improving your consulting business, then you really should read "Flawless Consulting".
Mitch Paioff, Author, Getting Started as an Independent Computer Consultant
Getting Started as an Independent Computer Consultant
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Posted in Industries and Professions (Friday, January 9, 2009)
Written by Eric Tyson and Jim Schell. By Wiley.
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5 comments about Small Business For Dummies (For Dummies (Business & Personal Finance)).
- I think that before anyone becomes an entrepreneur they should read this book.
It is filled with facts and evaluations to help you. There are also some very important things to take note of.
I especially like the definitions of a small business, and what we need to look out for when thinking of venturing into a small business.
Chapters one to three are very important reading material.
- This was my first order. The actual ordering was simple and easy...book was received as reported and was a complete pleasant experience. Thanks Amazon.
- Small Business for Dummies is an excellent resource for those getting into small business or testing the waters before making that decision. Lots of great information and written well.
- I've been dabbling with the idea of buying a small business for years. I purchased this book to help me get started. Like all "For Dummies" books, it's written in a way that makes the content very approachable. Every page contains good, solid advice that would cost thousands of dollars to get through a consultant.
- Loved this book. Actually used it to homeschool, since it's so simple and laid out nicely. I specialized in small business while I was in college, belonged to an entrepreneur group, and worked in a small business incubator for startups. It had a lot of nice tips and tricks for the real world. And I don't know too many small business people that have a lot of time to read, so this is convenient--easy to pick up and reference.
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Posted in Industries and Professions (Friday, January 9, 2009)
Written by Murray N. Rothbard. By Ludwig Von Mises Institute.
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5 comments about The Case Against the Fed.
- Rothbard repeatedly refers to the Federal Reserve as a "federal agency" when it's actually a private corporation. This fact alone condemns the fed more than any of the information in his pamphlet and he SOMEHOW LEAVES IT OUT! How can an author overlook such a simple fact? Seems to me this was written to confuse people about the true case against the fed - ITS NOT FEDERAL!
- This book is good overview of fractional reserve banking, the Fed, and their pernicious effects on the economy. With that said, the book is only 150 pages and those desiring a treatise on monetary policy should look elsewhere.
I love Rothbard's writing style. He combines humor with an unshakable search for truth, explaining difficult concepts clearly and thoroughly without belaboring the point.
Overall a great read!
- Does the excess of money worry you? Does the lack of money worry you? Were does money come from? Who owns this money? Most of all who creates this money? A plumber fixes your toilet or shower. He does not make money. A mechanic fixes your car. He does not make money. An accountant balances yours books but he does not make money so who does make money or better creates our money if these people do not and how? This book answers a lot of questions.
- A lucid and pithy explanation of how banking works--and doesn't. Somewhat of a thought experiment, since the Fed isn't going away, it's getting worse! Anyway, it's enough to make you want to borrow someone else's money, until your realize your borrowing your own!
- This is an excellent source of information on the federal Reserve. If you are interested in this subject, this book is a MUST. Very easy to follow and understand.
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