5 comments about Class Matters.

1. Heavy on the anecdotal but not on the philosophical, that is, where are we heading with the gross concentration of wealth in a few hands?



2. I read two of the articles in this book when they originally came out in the NY Times and I'm glad they are out in a book form so that they can be read by everyone. The sociologist James Loewen in his book, Lies My Teacher Taught Me, said that the way history is taught in American high schools makes us "stupider" about social class because the subject is entirely avoided. Many Americans think we live in a classless society, one big, happy middle class, though the contrary is true (look how suburban subdivisions are divided by house prices, even on signs: the 300-399K development, the 499 and up, the 899K and up, the 100-159 "starter homes", and so on). A strength of this book for the general reading public is that it approaches class divisions in a number of different ways (healthcare, education, etc) by examining the lives of real people. This is a sociology text that uses concrete instances to elucidate general themes.
   
   When I attended Haverford College in the late 1970s and early 1980s after having grown up in a poor, working class neighborhood, I was struck by encountering people who were far more urbane, well-traveled, well-spoken, and well-dressed than I was. It was intimidating, but I learned to be a member of this world (I chuckle now at how kids made fun of my "accent" and corrected my grammar while I was speaking to them) and for the rest of my life I've been going between worlds, conscious of how I speak and act in each (I've "escaped" the social class I grew up in). Because of these experiences this book really resonates with me and I'm sure it will resonate with people who have had similar experiences. For everyone else, it is a welcome introduction to what we Americans are "stupid" about: social stratification in American society and how it determines our behavior, our opportunities, and our health.



3. "Class Matters" is an insightful examination of our seemingly "classless" society, indeed.
   The authors do a thorough job of discussing how upbringing, education, race, and ethnicity can be determinants one's class standing as an adult. However, the authors fail to discuss a key element here: gender. Doesn't gender often determine class? Have the authors forgotten the age-old debate about men making more money than women in the U.S., and why this might be so?
   
   Just reading the responses of some of the (male) interviewees is an eye-opener with regard to this wage disparity between genders. According to the interviewees, a key criterion for one having "made it" is that his wife doesn't need to work. However, the authors never pursued this fact as being worthy of any discussion. For example, what problems do these middle class (male) values pose for females who are either single or the financial head of the household and who are also the counterparts of these men at their workplaces? Might it present of clash of values in the workplace?
   
   If these men who have "made it" don't like their women to be working outside of the home, how do their wives feel about staying at home, even though many of these wives are educated, some beyond the college level? We get a glimpse of one such wife in a chapter that highlights a family that falls into a particularly category: "transplant" (an upper-middle class family that moves around the country every few years to follow the ever-changing corporate career of, presumably, the head male of the family). The wives in these transplant families certainly not hold down paying jobs; instead, the spend their days shuffling their 2.5 children to and fro; searching for new properties and packing up their homes due to their husbands' new job transfer; feeding their families; and volunteering in their children's schools and/or in the community, etc. These wives are slaves to everyone's dreams but their own. What about their own educations? What type of subliminal message does this send to their children?
   
   And, finally, and sadly, there is the story of the African American single mother of six who pulled herself up from below the poverty line and into the middle class because she became a nurse--but she couldn't have done it without the help of several men along the way. In fact, the only time that this woman could attend her nursing courses is when she had a man around to pay for some of her expenses. In the end, her nursing dream nearly became a distant memory until she married a man who "rescued" her by giving her financial security, and then her seventh child.
   
   Perhaps this gender-class correlation had not gone unnoticed by these authors, but instead was simply too much of a painful, hopeless reality to face, and that's why they chose to keep it out of the book. But for me, a well-educated, single working woman, the message is obvious: American women, if you are not independently wealthy, then get yourself an educated man who will be your savior and secure your place in the middle classes because there is very little chance for you to do that on your own.



4. I really liked this book. It really gave me a new perspective on viewing class and wealth in a way that I hadn't thought of before. I wasn't aware that there was still such a distinction between "old money" and "new money". I really found the book easy to read with a lot of interesting information. I would recommend this book to everyone.



5. I read the articles from which the book comes. And they prove that your income, occupation, and personal financial resources have a major impact on the quality of your education, health care, housing and even your place of worship. It affects with whom you socialize. And this also has an impact on what class your child is likely to end up in when he or she graduates.

5 comments about A Year Without "Made in China": One Family's True Life Adventure in the Global Economy.

1. I really enjoyed reading abut this family's attempt to avoid buying from China. The way in which they approach the challenge was very realistic...the reluctant husband, the concerned, but not too "militant" wife, and the friends and relatives who were a mix of supportive and ridiculing. It was very eye-opening to see the different items they struggled with. I would recommend it to anyone who is trying to be a more conscious consumer.



2. This book is a lot of fun to read and really gets you to think about where things come from. My wife and I both read it. We agreed that she was pretty hard-core. We would not have lasted the whole year. If you've ever looked at the label to see where things come from, or if you have some concerns about our trade deficit with China, this book is one you would enjoy.



3. Boring after the first chapter.
   
   Assigned as a text for my International Business class, the students thought this was a light weight text with the main point established in the first 2 chapters. The rest of the book delves more into family details with more examples of the same.
   
   Save your money, look into your closet and document all the things you have purchased that are made in China. In so doing, you will understand the concept of this book. There are no prescriptions or solutions, just railing about the problem.
   
   Instead, the author should discuss the impact of Made in China:
   * Trade imbalances
   * Currency devaluation
   * Declining educational system
   * Bigger government
   
   Do not buy this book. It states the obvious without any solutions.



4. This book is light reading; with 227 pages it's a quick read and at times funny and insightful. However, I didn't get the point.
   
   The "rules" of living a year without felt flimsy; granted, it was a work in progress, but what's the point if you're going to keep breaking the rules? Example: the "gift" exception. You can always ask a relative to buy something you need that's made in China.
   
   If you're going to go a year without, * really * go a year without! Perhaps a better approach would have been to write a book titled "A Year of Made in the USA"... now that would have been tough! Here the writer goes to great lengths to buy items made from other countries.
   
   Personally I think the entire book could have / would have done well as a lengthy article, and I would have gained just as much insight. What the book lacks, and what others have mentioned, is a pairing of this family's decision with a discussion about China. The reader could have benefited from a historical explanation as to why China has infiltrated our economy, and why it's difficult to go without purchasing items made there. I actually consider this a disservice to the reader.
   
   Oh well... not a complete disappointment but it wasn't what I expected.



5. I would have appreciated more depth about the actual experience of seeking out products not made in China and fewer irrelevant tangents about the author and her family and friends. The tangents do make the book "read like a novel" but if you aren't after a novel then you may find it annoying to have to wade through the fluff in search of the interesting parts.

No comments about When Giants Fall: An Economic Roadmap for the End of the American Era.

5 comments about The Black Book of Outsourcing: How to Manage the Changes, Challenges, and Opportunities.

1. Outsourcing buyers, clients, advisors, analysts, investors, managers, executives and media all quote this book as the "bible of outsourcing"! We're looking forward to the 2008 edition which is coming out next year.



2. This book is excellent. It discusses why outsourcing is essential for doing business and the process requried to do so. It is straight forward, good for not only for Companies interested to outsource, but also anybody who is interested to learn about outsourcing.



3. The book successfully provides a 20,000 foot view of key aspects of outsourcing, including a deeper focus on Business process outsourcing. The content of the book is divided into three key parts
   * How to plan, lead and manage outsourcing initiatives
   I found this section really relevant to sourcing professionals, especially for those focused on `buy' side of sourcing
   * The indispensable guide to finding an outsourcing career
   This section is peppered with a few interesting ideas, especially for those in the west who are coming to grips with the Outsourcing elephant in the room
   * The indispensable guide for outsourcing entrepreneurs
   More of a Business 101 with a bit of sourcing focus
   
   The topics covered are vast so doing justice to every aspect of sourcing is hard. I only wish the authors had brought in further depth in a topics like Risks (with a capital R) Governance, SLAs and other operational challenges .
   
   Overall a good guide book for those looking for an overview on the topic.



4. This book was written by two outsourcing consultants. While it has some useful information, the sales pitch (hire a consultant, hire a consultant, hire a consultant) is too much. The authors should have hired an editor. I bought their book. I would not hire them as consultants.



5. God of a book of outsourcing..still half way..need to complete it,
   my profession is into this so it makes a lot of relevance Douglas Brown and Scott narration is awesome..
   
   will write more
   
   Sachith
   Recruise India Consulting
   Managing Director

5 comments about Adventure Capitalist: The Ultimate Road Trip.

1. I am quite impressed by this book and Jim Rogers trip. We all would like to do a tour of the world, but very few of us can spare the time or the money. Being a retired billionaire does help in that respect and if only because it gives the necessary funding to construct your own vehicle and do as you please. Jim Rogers does precisely that. In a way, we all ought to be jealous or make a killing money-wise and do it ourselves.
   
   I loved the description of his trip from Ireland to Tokyo and back to Ireland as well as his trip down and up through Africa. Jim Rogers being an investor he was bound to make all sorts of observations on the economies he traveled through. Some of these I found spot-on. I also agreed with his observation on foreign aid projects given that I have also seen them in action.
   
   The one disappointment for me were his travels from India to New Zealand and his trip through the American continent and largely because he describes it rather briefly. I think they would have deserved at least as much attention as Part One and Part Two of his trip.
   
   But apart from that, this is excellent stuff.



2. I read the book to hear of tales and experiences of traveling the world via automobile and that is what it delivered. This is not an investing book. Very fast read.



3. Mr. Rogers is dead-on right about many things, and there are things that he is wrong about. Being close to the ground before investing internationally is amazingly brave and smart. His claim that you can learn more about a country in 10 minutes speaking to a prositute than you can in 1 hour speaking to the country's head of state is a bold and funny claim, but I am certain there is truth to it.
   
   He picks investments based on a number of unorthodox factors. Reading some of these scathing reviews from fellow Amazon readers, I can't help but wonder what the reviewers' investment returns look like. Everyone's a critic, but who can back up what he/she says? I know Jim Rogers can, for if there's one thing you can't argue against Jim Rogers, it is the success of his investments.
   
   The book is very interesting, because even though it is autobiographical, it has the element of fiction: did that really happen, you're left wondering as he almost drove off a mountain in an Icelandic Blizzard before the trip even started. Did he really drive through the Sahara Desert behind a military convoy in a bright yellow Mercedes?? I could ask a million similar rhetorical questions, but if you're here reading my review, I would highly recommend reading the book instead.



4. This is probably the best book I've read this year so far. It's a great true story with solid business tips and great travel stories. I highly recommend it.



5. This book offers you an amazing learning experience from someone with a greater scope of knowledge and curiosity (could he possibly just sit still?) than just about anyone else I know. After finishing this book--I feel that I've absorbed the collective wisdom of 100's of people living over many centuries. Rogers sense of adventure and curiosity compares with that of Richard Feynman--and one should study his methods of thinking. The book is replete with lessons about history, politics, finance, love, and travel--and their interaction. The scope is comparable with War and Peace, Don Quixote, etc.. This book must assume a place on the pantheon of greatest investment books--including One Up on Wall Street and A Random Walk Down Wall Street. The book must also assume a place on the pantheon of greatest adventure stories.

5 comments about Globalization: A Very Short Introduction (Very Short Introductions).

1. Steger begins by defining the term "globalization": A "set of processes" (not a "condition") towards greater interdependence and integration among the various cultures of the world. He makes a point to emphasize that economics is only ONE aspect of globalization: there are also political, cultural and ideological aspects. Moreover, he dedicates one chapter to showing that globalization is by no means a NEW phenomenon: cultural exchanges can be traced back to the prehistoric period.
   
   I found the chapter on the economic aspects of globalization (chapter 3) very useful. It explains the history and role of the IMF, WTO and the World Bank in the global economy. It also discusses the West's transition from "controlled economies" to "free market capitalism." Arguing that globalization is an uneven process, the author shows how it is having very different effects on the various regions of the world. This gives us a clear vision of some of the negative impacts of the new world economy, such as a larger gap between rich and poor nations. His realistic view of globalization is a nice antidote to the cheerleading of hyperglobalizers like Thomas Friedman.
   
   The chapter on opposition to globalization (chapter 7) does an excellent job of explaining challenges that are coming from both the right and the left. The particularist protectionists (on the right) feel threatened by multiculturalism because they want to maintain a sort of cultural purity. This often leads to their rallying against immigration and appealing to nationalism. However, like the left, they also criticize the power of the corporate elite and the negative effects globalization is having on the average domestic worker (i.e., jobs going overseas, lower wages). In the US, Pat Buchanan is a good example of this view. The universalist protectionists (on the left) tend to criticize the poor working conditions of both domestic and foreign workers. In general, universalist protectionists "are concerned with protection of the environment, fair trade and international labor issues, human rights, and women's issues." Ralph Nader is an example of a universalist protectionst.
   
   Overall, an excellent introduction to the various facets of one of the most important issues of our time.



2. Book was informative, this is a text book. The last two sections give seemingly unsupported statements, but tries to be balanced.
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   



3. The book starts, ominously, with the author "deconstructing" (sic, comas and all) Bin Laden. It turns out the 9/11 attacks were all America's fault, for trying to force fed globalization into an unwanting world. The rest of the book continues in the same vein, with the author lambasting multinationals, neoliberals, the North, and above all evil Americans for all the worlds troubles. A mugshot of Bill Gates is included.
   
   Steger has no grasp of economics whatsoever, so all his economic assumptions about the effects of globalization are totally wrong. The classical example is trying to demonstrate the widening gap between rich and poor countries without taking account of countries population size or PPP. With China growing at a rate of 10% this looks specially silly.
   
   I strongly recommend Why Globalization Works (Yale Nota Bene) instead of this drivel.



4. The point of a "very short introduction" is to present a topic with a minimum of bias; then, if the reader wishes to delve deeper, s/he can do so.
   
   This book is unfortunately quite biased against globalization, the economic aspects of which are leading millions out of poverty (see India, China). Steger takes a typical Socialist view and runs with it.
   
   His multifaceted approach is quite commendable, however. His identification of the political, social, cultural, etc. aspects of globalization are too often ignored, although, again, I think he overstates the negatives.
   
   What I find most unfortunate is that the browsing book buyer might see this book and be inspired to learn something about an important topic. S/he will come away with a sadly jaundiced view of a process that has very much to commend. Steger the political scientist seems put off that economists get most of the globalization press (he sees politics as the driver behind everything, which is a suspect position IMO), and his use of "neoliberal" is seldom used in any positive sense even though classical liberalism has given Steger the very freedom to trash the "Global North" which he criticizes. It's too bad, really. The topic deserves better.



5. Manfred B. Steger's book Globalization is part of the Very Short Introductions series put out by Oxford University Press. The series is called that because each book in the series is a brief treatment of a particular topic, like Cosmology, Postmodernism, Intelligence, Drugs, or Animal Rights. In Globalization, Steger keeps his introduction to 147 pages, making it true to the series name.
   
   Steger has written Globalization with both erudition and clarity. Striking that balance between precision and perspicuity is no easy task, but Steger manages to succeed. In chapter 1, Steger decides not to protect the reader from the controversies surrounding the concept of globalization. He then takes his readers on a historical tour, showing how globalization has been happening in different ways ever since humans appeared on the scene (ch. 2). The meat of the book comes in chapters 3-5, where Steger expounds on the economic, political, and cultural dimensions of globalization. In chapter 6 Steger makes a careful distinction between globalization and globalism. The former, he explains, is a description of social processes, while the latter is an ideology endowed with neoliberal meanings and values. Earlier in the book Steger gave his readers another helpful distinction, separating globalization as social processes from globality as a social condition (p. 7). Chapter 7 highlights the recent key challenges to globalism in the form of particularist-protectionism and universalist-protectionism. Chapter 8, capping off the introduction, contains a brief assessment of the future of globalization.
   
   Although I had read about globalization before, and most of the concepts discussed inside are not new to me, Steger's volume on globalization has turned out to be the best introduction to the topic that I've come across

5 comments about Supercapitalism: The Transformation of Business, Democracy, and Everyday Life (Borzoi Books).

1. Reich breaks up the US economy, since the end of World War II, into two eras:
   
   The first is the 'Not Quite Golden Age', which ended in 1975. This era was marked by a shared gains across nearly all participants and stability. The problems were built in inefficiency and a stagnant mindset.
   
   The second era is 'Supercapitalism' and encompasses everything after 1975. This era was marked by extremely efficient markets, creative business and many options for investors. The problem is that while investors and consumers have benefited immensely under this system, workers have suffered, and Washington has wholly sold out.
   
   That's a very rough summary of what Reich details in perfectly concise and clear English. The argument he makes is one a great prosecutor makes on an open and shut case. Point by point he builds up to the conclusion, and it's nearly nearly indisputable when he arrives.
   
   The base Reich builds is my favorite part of this book. It gives the best explanation of the modern (and recently modern) economy that I've ever read.
   
   The base Reich builds is so solid, that the conclusions and summary just fall into place. If anything in the book is vague, it is in the conclusions and the author's recommendations.
   
   It could also be said that the recommendations are prescient given the market collapse since this was published. This book is essentially an argument for sensible regulation, even before the collapse over the last few months that made 'deregulation' a four letter word.



2. Lucid and compelling arguments are made. However, I would argue with the assumptions that anchor the arguments for Corporations.
   
   Corporations are supposedly only contracts, not real people. But if you take away the people, there is no corporation, because there is no agent who operates the said corporation within the real world with real actions. OK, first argument negated.
   
   He wants me to believe his thesis that Corporations have no moral duties or social responsibility. But if real people are carrying out the real actions in the name of a Corporation, then real people are dispensing with actions that are either moral or immoral behavior.
   
   Look, if the Nazi Party was only a corporate political organization that has no moral or social responsibility, then the individuals inside that organization, who gassed 6 million people, are not responsible for their actions. Right?
   
   I would rethink my idea of what a corporation is. A corporation is an organizational group of individuals which makes decisions and whose actions are carried out collectively as a group. It is still a real person, only now a group of them to be more precise.



3. Supercapitalism, written by Robert Reich, is an amazing book and should be read by every single American citizen.
   
   The book is a historical look at American Capitalism and Democracy and how they've been intertwined and even how they've diverged in recent years. This divergence, Reich argues, is due to Supercapitalism.
   
   What does this mean? It means that this country has moved past a mixture of democracy and capitalism into a new era of greed. Consumers love the cheap prices we find online and in discount stores but we get angry when jobs are sent overseas. Investors love the high returns that stocks have provided to us but we get upset when the companies we invest in cut costs be laying off there staff.
   
   Has anyone stopped to realize that the reason these jobs are going overseas is because we (as consumers) demand cheaper prices and we (as investors) are demanding higher returns?
   
   There is a lot of information in this book and much of it has opened my eyes to what Capitalism and Democracy in America used to mean....and what it means today.
   
   This is a great book that everyone should read.



4. Robert Reich blends the ideas that not only are companies but also citizens of America are to blame for the current economic crisis. He details the rise and ultimate fall of deregulation, the increased availability of resources and the somewhat new idea of fierce competition between deeply rooted and fledgling companies. Mr. Reich shows that corporations looking to increase their stock prices are hurting the economy by the ways they go about doing so.
   
   But the most telling aspect of the story is how we, as citizens of America, are allowing these corporations to continue their greedy ways and how we are almost of the same mindset.
   
   Definitely pick this item up if you want to understand how we can get out of the current mess and the history of it all.



5. Robert Reich's book is refreshing from a variety of perspectives. It is refreshing because he doesn't settle for cheap criticism or partisan sniping. It is refreshingly honest; he establishes a clear line of responsbility between citizen behavior and economic or social consequences, whether intended or unintended. His grasp of history and personal observations in government service are clearly stated and will, hopefully, serve as the basis for authentic dialogue. More important, Robert Reich challenges us to recognize that we are unlikely to evolve as individuals or as a nation unless we reclaim our role as citizen in a republic dedicated to the proposition that we are capable of governing ourselves.

4 comments about The Choice: A Fable of Free Trade and Protection (3rd Edition).

1. This is the third edition of Roberts' novel about the benefits of free trade, using "It's a Wonderful Life" as his template. David Ricardo "touches down" from heaven to earth (like Clarence), to help convince Ed (George Bailey) that he should not support protectionism. The previous versions focused more on threats that were perceived from Japan and Nafta. Here, Roberts uses India and China as his examples.
   
   To me, one of the most appealing things about Roberts' work is his honesty. He doesn't pretend that economic change doesn't hurt, but he also focuses on the benefits in the longer term. He writes in such a pleasant style that economics becomes accessible to people who are "math phobic."
   
   His other book, The Invisible Heart, is at least as good as this one.



2. I don't really consider this a work of fiction, and neither does the author. It is in a fiction format, but its primary purpose is to make the case against protectionism, and for free markets. Roberts does this beautifully, raising and dismissing almost every argument for protectionism, and doing this with charm, wit, and almost a complete lack of venom.
   
   The story follows the time-traveling journey and conversation of Ed Johnson (a businessman looking for protection form Japanese competition) and his guardian angle David Ricardo (modeled after the little-known economist.) Together they travel to the future, back to the past, and through alternate timelines to demonstrate Robert's point.
   
   Through this journey, Ricardo corrects some critical mistakes in economic theory; such as the `zero-sum theory', misconceptions on the nature of supply and demand, the role and meaning of wages and `real' wages, the mythical "dangers" of a trade deficit, what imports and exports really are, and most of all, dismisses the myth that trade with other countries hurts the American worker overall (which he admits, in a smaller sense, it sometimes does.)
   
   The book takes some leaps of logic, which the author fully admits in the back of the book; such as the town of Star (Ed's hometown) being unchanged in the `protectionist' universe. These little plot devices are not meant to represent reality, but demonstrate more abstract points, in that sense, it is more like a metaphor.
   
   Overall, the book makes one of the strongest cases ageists the practicality of protectionism that I have ever heard. He also fits some talk as to the moral case against it, that it is really an issue of freedom, and no one person has the right to force another in to a certain kind of behavior (A.K.A., buying American products) and that "America" is all about dreams and growth, something not very possible in the protectionist world
   
   My only complaint would be that I wanted more elaboration on some sections of the `conversation'; such as the `dumping' segment. Robert's makes a good case that dumping is not really practical for anybody, that the `dumper' would have to make up for lost profits from lowering their prices. What I don't understand is....what if a company could cover their lost profits in profits from another product, or section of their company (Such as a department store lowering prices on televisions and allowing the produce-department to cover the loss.) I wish Robert's would have gone in to slightly more detail.
   
   There are several section of the book like this; but I want to make clear is that Robert's never claims that this is the ultimate source for `anti-protectionist' arguments, he even suggests further reading in the back of the book, something all reasonable people should do if they are truly interested in understanding the complexities of economics.
   
   I love Robert's style of writing, his books are not just informative, but entertaining, something very hard to achieve for this subject matter. The book was good enough that I ordered His other book, The Invisible Heart, form Amazon. After seeing what he did to It's a Wonderful life, I can't wait to see what he does for a romance novel.



3. Russell Roberts has taken the concept of free trade and made it understandable. I originally purchased this book for my college International Economics class, but it would work for high school economics classes as well. It is easy to read and has well rounded characters. As a future educator I would certainly recommend this book.



4. Distraction 2/5,education 2/5,inspiration 2/5: The story of small town America,with and without free trade is moderately compelling. It is 120 pages long and gives less perspective than the Wikipedia entry on free trade. There is minimal discussion of the newer ideas of energy flow in economics. There is no concern for resource depletion and no mention of population problems. Lower environmental standards are alright for overseas infant industries(It's alright for a two year old to jab a sharp stick in my eye until she becomes more mature).
   It is good to specialize,good to consider opportunity costs,good to consider time as a resource. Was it good to export our oil at extremely low costs? Is it good to export our topsoil and the Ogallala aquifer in the form of grain? Wikipedia gives a briefer more balanced answer.

5 comments about Planet India: The Turbulent Rise of the Largest Democracy and the Future of Our World.

1. I have friends who immigrated from India, I read the Calcutta Times, and frankly, I looked forward to reading what Ms. Kamdar had to share about a culture that has always held my interest. Truly, the facts were enlightening. Perhaps if Ms. Kamdar had presented the information with a perspective sans a strident agenda, it would have been a wonderful book.
   
   Sadly, the rhetoric of: the US is on the descent, [insert country here] is on the rise, and further, the US must give us more money to see that this trend continues, is overused and no longer meaningful. We are tired of it. We are tired of being insulted and told to hand over money in the same breath. It breaches common decency, and it strains friendships.



2. Great info on India. First hand observations by a knowledgeable author. Read her "Motiba's Tattoos" too. [ASIN:1891620584 Motiba's Tattoos: A Granddaughter's Journey into her Indian Family's Past]] I thoroughly enjoyed Planet India and Motiba's Tattoo's. Terrific writer!



3. i left this book half way because i find it way too detailed and missing to show the bigger picture. I was expecting this book to be something which may explain things on a more macro level. more like why things are happening the way they are happening in india and not what all is happening india. For someone from india, its even less interesting as we know the current state of things in india, what we are trying to figure is how this all came to be and how are things looking 5-10 years down the line.



4. India isn't just a call center or somewhere far off and mystical anymore. Planet India shows the diversity of what India is today and reality how it will influence the rest of the world.



5. Mira Kamdar, author of Planet India: How the Fastest-Growing Democracy is Transforming America and the World, does an excellent job in tracing India's miraculous transformation from a developing country into a powerful global market force.
   
   The book has been translated and published in Hindi, Italian, French, Chinese, Dutch and Portuguese. The author, a native of Seattle, is a Senior Fellow at the World Policy Institute who has lived in India, Japan, France, and South Korea.
   
   With such a background, Kamdar also offers insights into India's recent emergence as an economic giant. And so we find that the book covers the good, the bad, and the ugly as well as hope for India's future. The author maintains that India must chart its own path and create its own paradigm for progress rather than embracing the American system. She provides a bright and colorful panoramic view of India, warts and all, through the lens of an American with a global perspective.
   
   By Gunjan Bagla
   Author of Doing Business in 21st Century India

5 comments about Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets.

1. Judging by the reviews here, you would think that you are buying the next great book in the mould of the 'Market Wizards' series by Jack Schwager. But, trust me, you will be sorely disappointed.
   
   Drobny is a good writer and does ask some good questions of his subjects. But this is definitely NOT a collection of 'top hedge fund managers' or a collection of some of the 'greatest minds in global macro investing'. In fact some, like Andreas Drobny and Sushil Wadhwani are not even hedge managers. They are just academics and central bankers, in the author's own words.
   
   Read it if you have been through most of the other good books out there and there are no other choices. The interviews with Jim Rogers (as always), Jim Leitner and Scott Bessent are entertaining. But there is nothing exceptional or eye-opening about any of these interviews. There is no shortage of hedge fund superstars in London or New York, so it would have been nice if Drobny had gotten access to some of them.
   
   In short, there is more hype than warranted with this book. Get it from a library if you can!



2. I am the trader who is managing EZ Stock Options . com. I have been researching, developing, backtesting, and improving winning trading strategies for the past 7 years. This book has no useful information for investors. It is just talking about how in general (no details at all about strategies) he has made money for Yale University by managing their fund. Don't waste your money and more importantly your time on this book.



3. As a professional in the ETF business I highly recommend this book. After I read this book I gave it to my son as he recently graduated college and is planning a career on Wall Street-- It's that kind of book. Steven is well connected in the Hedge Fund world and this book is a testament to that. If you buy it to just read Jim Rogers section - your money will be well spent.



4. Amazing to read, how differently managers actually approach what is basically the same job: Make money in capital markets. One cannot live without stop loss limits, while another dislikes them a lot. One is riding trends, another one is contrarian. one loves to read research and newspapers, and travel, another one finds none of that of any use. But all of them claim to be successful. How comes? I'm just halfway through, and have a couple of hypothesis. Keen to see, which can be tested and falsified in the course of the second half.
   Good inspiring read anyway for all with some knowledge of capital markets.



5. It's a pleasure to say it: "House" is a worthy successor to Jack Schwager's "Market Wizards" series. Having first read it a few years ago, it's a shame I'm only just getting off my duff to review it now - in October 2008 - after so much has happened.
   
   As of this writing, Wall Street as we know it has "ceased to exist" (according to the WSJ). The investment banking model has gone up in smoke. More than one featured player in "House" - like Dwight Anderson's Ospraie fund for example - has violently gone the way of the dodo. No doubt at least one or two more will be carried out in the ongoing carnage that has brought about the worst year for stocks (and perhaps commodities too) ever. Ever!
   
   Needless to say, I greatly anticipate Drobny's updated and appended version (due out Jan 2009)...
   
   Awe inspiring turmoil aside, it's a great book. And with the financial crisis sucking Wall Street into the vortex, it is perhaps instructive to note how the big hedge fund players have seemingly split into two camps.
   
   On the one hand you have those like Ospraie, who were too exposed to commodities, or illiquid capital commitments, or maybe just leverage in general, to survive. On the other hand you have the big players like Farallon and Perry Capital (neither mentioned in "House") where little leverage is used at all. While the now defunct houses of Lehman and Bear thought nothing of taking on risks that would make a gun-slinging futures trader blanch, the best of the hedge fund survivors played it very close to the vest.
   
   When the 2008 smoke clears - and the fires are still billowing at this point - the nearly $2 trillion hedge fund industry will look a lot different (and a lot smaller). But I imagine the bloodletting will work to the advantage of the survivors... the players who truly internalize the lessons in "House," as opposed to merely paying lip service to them.
   
   There is another subtle yet marked division that stands out to me among "House" participants: those who cut their teeth on the equity side, and those who cut their teeth on the futures side.
   
   The equity players, not to put too fine a point on it, are (or at least were) generally more fast and loose with risk. They seemed altogether more likely to double down on bets going against them, and to congratulate themselves on doing so. This was freshly highlighted for me in the Dwight Anderson interview (which I reread closely for "clues" after the widely reported Ospraie meltdown).
   
   Anderson did not radiate feverish waves of self-destructive tendency (as, say, Victor Niederhoffer did in "Education of a Speculator"). And yet, in talking about his training, Anderson favorably references an ingrained habit of his mentor, Julian Robertson: the willingness to "ignore" price action, obtusely so if need be, and to get aggressively "bigger" when one feels one is right.
   
   Anderson then references Paul Tudor Jones' mentality as a path not taken for Ospraie -- managing risk tightly via "technicals," something Robertson and cubs (Anderson included) chose not to do. Is it a truly big surprise, then, that Robertson's Tiger fund ultimately went under -- Anderson's too -- while PTJ is still around?
   
   The lessons in "House of Money" are rich and varied. If you are a trader or an aspiring fund manager, you will surely get some excellent ideas from this book... or at least be reminded of some key principles worth reconsidering.
   
   For me, the sad fate of Anderson (and others) serves as a clarion call warning against hubris. I have deep respect for fundamental traders, and a personal affinity for the virtues of value investing. And yet, perhaps befitting my early trading background, I ultimately prefer to "manage risk by technicals" as Jones does.
   
   At the end of the day, it's an odds game in which information is never perfect. As with poker, you can be 80 - 90% sure, but you are very rarely 100% sure. So why not hedge? Why take on risk you don't have to? I cannot help but think that some traders (a small handful) have some mysterious and ineffable connection with risk deep down in their souls. This theory argues that the true "lovers of risk" also have the deepest respect for what risk can do.
   
   Every one of the participants interviewed by Drobny is brilliant, no doubt excellent in their own way. In that they are like soldiers sent out to battle, or grizzled poker pros making their way through a giant tournament. Some will rise and fall on the sweep of serendipity alone... the panic of 2008, in particular, will slay virtuous and wicked alike. It doesn't make sense to lament this, though; the sweep of fate is just part of the deal. Fortuna will not be denied; excellence and dedication gets you a ticket to the dance, but it in no way guarantees a share of the prize.
   
   Those who wish to compete on talent and drive alone are no doubt put off by the fickleness of fate... as are those who got lucky early in life (right parents, right schools etc.) and want to freeze the status quo in place.
   
   But I take comfort in Fortuna's whims for a reason that might seem odd to some: She makes sure that the top spots are never permanently filled, and that hungry fighters always have a chance. There are always new stars rising as old ones fall from the firmament. (And sometimes, instead of falling, the "old" stars happily retire to their memoirs and their gardens.)
   
   And finally, the enthusiasm and diverse ideas in "House" reminded me of one more key truth in regard to markets, trading and investing: It's a truly beautiful game -- one worth playing for its own sake, even in light of horror shows like late 2008. Those who love to play for the sake of the game itself will find day-to-day reward in that, above and beyond the millions won or lost.