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September 30, 2008

Snowball or Avalanche?

Filed under: History and Biographies — Todd Sattersten @ 2:01 pm
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I am annoyed by the newswire stories that each day report causes for stock market fluctuations without any real substantiation.

I am surprise no one has connected some aspect of the 777 drop in the Dow Jones Industrial yesterday to the release of The Snowball, the new biography about Warren Buffet.

In writing about the new book, Marketwatch did manage to call out Buffet’s Goldman Sachs investment as an example of his prowess for finding bargains.

Should you have any attention left to devote to the coverage of the 976 page biography, The Financial Times and The New York Times both ran reviews over the weekend, complimentary of author Alice Schroeder and the work she did creating a portrait of the “Oracle of Omaha”.

I got my copy today (thanks John!) and will have more to say after I get done checking the latest from AP.

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Dave Eggers Weighs In On the Future of Reading

Filed under: Uncategorized — dylan @ 1:45 pm
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Esquire recently asked one of my publishing heroes, Dave Eggers, what he thinks of the future of reading. It’s an important and recurring concern for us here, and after so reading many doomsday scenarios for the publishing industry (like this one), Mr. Eggers vision is thankfully optimistic.

The truth is that American publishers put out 411,000 individual titles last year, an all-time record, and netted $25 billion–hardly a sagging industry. And those kids who have abandoned books for electronic media? Since 2002, juvenile book sales have shown compound annual growth of 4.6 percent for hardcover books and 2.1 percent for paperbacks.
Anecdotally, we know this. We know about Harry Potter, Lemony Snicket, Eldest–these juggernauts of contemporary youth literature–but still we cluck with acknowledgment when some pundit tells us that books are being crushed by an all-powerful digital junta. It must be true, we think–just yesterday I saw some kid on the bus, and he wasn’t reading a book!

In his response to the question, Eggers illustrates youth interest in literature by sharing a story from 826 Valencia, a non-profit he founded in San Francisco “dedicated to supporting students ages 6-18 with their writing skills, and to helping teachers get their students interested in the literary arts.” What he modestly doesn’t mention is that the organization has been so successful that centers have popped up in six other cities. There are now centers, under the 826 National umbrella, in New York, Los Angeles, Ann Arbor, Chicago, Seattle, and Boston. If you live in one of those cities, check out their website and mission. You may have children who would benefit from their programs, may be interested in donating some of your time, or may just love their brilliantly absurd (and profitable) storefronts.
Eggers was also one of 2008 TED Prize Winners. Each prize winner gets to share their “wish to change the world” at the conference. You can hear Dave Eggers’ wish here.

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A Thousand Things Matter

Filed under: Information Technology,Innovation — Todd Sattersten @ 1:32 pm
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“…products of true enduring quality are not those that do one thing 1000% better but rather those products that do 1000 things 1% better.”

-from The IBM Way by Buck Rodgers and Robert Shook [out of print]

[hat tip: PowerShell Team Blog]

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September 29, 2008

Business Books For The Current Credit Crunch

Filed under: Finance and Economics,History and Biographies — Todd Sattersten @ 9:59 am
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Shelf Awareness, a great site that follows the book trade, requested book suggestions that would help explain the current credit crisis.

On Friday, they ran the piece under the heading Meltdown Lit: Recommended Books for the Wall Street Debacle. Please go check out the whole piece. There are great suggestions.

Below is our original submission, which they used extensively for the article:

–The Subprime Solution by Robert Shiller

Shiller’s work on housing values is well-known and originally established in Irrational Exuberance. His latest book just released in August describes pretty clearly the mortgage crisis we are in and offers some solutions to get out.

–Essays on the Great Depression by Ben Bernanke

You want some insight into what the current Fed chairman is thinking, reading his perspective on the last event of this magnitude may help understand what he does in this one.

–The Age of Turbulence by Alan Greenspan

Hearing from the latest Fed Chairman might also be useful. Many are laying the blame at Mr. Greenspan’s feet. The paperback that was released on September 9th has a new chapter with his thoughts on the current credit crisis.

–When Genius Failed by Roger Lowenstein

This from a review I wrote:

“Throughout When Genius Failed, financial journalist Roger Lowenstein foreshadows the coming doom and so there is no surprise in how the story of Long-Term Capital Management ends. But what Lowenstein does best is show how blind arrogance brought down the company and almost the entire financial system. Building on the work of two Nobel Laureates and growing capabilities of computer technology, Long-Term Capital Management pushed academic theory further into real-world practice than had ever been done before, and becomes a case study for how markets defy formulaic explanation. Lowenstein’s narrative, while set in the complicated financial market of today, tells an ages-old story many will recognize.” (P.S. This was peanuts compared to the current crisis.)

–Smartest Guys In The Room by By Bethany McLean and Peter Elkind

This from a review Jack wrote:

“In my research, I have not found any evidence that anybody colluded to rob the place. Smart, rich, influential men do not deliberately destroy the source of their wealth and influence. Instead, they got trapped in a nightmare of their own creation, or perhaps their own ego. Enron’s failure was not deliberate; it was the result of a series of interconnected events. Can this happen again? Sure, when you have hubris at the CEO level, sales peoples’ compensation based on short term success, upper level people totally focused on growth to satisfy short term Wall Street success, an accounting system that supports this concept, and finally an accounting firm that doesn’t do a good job of oversight. Add to this a deregulated industry and watch what happens.” (this sounds familiar too).

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September 27, 2008

Taking the Show on The Road

Filed under: Publishing Industry — Todd Sattersten @ 3:28 pm
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800-CEO-READ is celebrating its 25th year this year and we have sold business books in almost every conceivable manner during that time. So, we thought it was time to share some of what we know with others.

Jack and I spoke on Thursday in St. Paul, Minnesota to the Midwest Booksellers Association and next week we are in Detroit giving a similar talk to the Great Lakes Independent Booksellers Association. The final trip for the fall is in a few weeks when we fly out to LA and talk to the Southern California Independent Booksellers Association.

The topic is how bookstores can sell more business books. This publishing sub-category has a number of unique aspects when compared to other parts of book publishing. We want to point those out clearly and give booksellers some ideas on how to make that uniqueness work for them.

If you are going to be at any of these upcoming events, we hope you’ll come sit in on our session. If you can’t see us live, we have an article on tap for next week, based on the speech we are giving, that we will post here.

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New Buffet Book Bought and Being Blogged

Filed under: History and Biographies — Todd Sattersten @ 2:08 pm
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At the Kempton Ideas Revolution blog, they have managed to get a copy of The Snowball: Warren Buffett and The Business of Life ahead of its Monday release date. It didn’t sound very hard: a call to the local bookstore and a trip over to pick it up.

The blogger is going through the book’s 62 chapters and posting their favorite quote. The quote comes with a photo of the page its on. You can find the flickr slideshow here.

As of this posting, they are four chapters into the book.

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September 26, 2008

Reviewing Reviews: Part II

Filed under: Book Reviews,Uncategorized — dylan @ 4:45 pm
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I have a few more links for you all before I leave for the weekend. There are only two actual reviews among them, but it’s the end of the day on a Friday afternoon, and I had to name this post something.
First up, BusinessWeek‘s Jessica Scanlon penned an interesting profile of the incomparable Seth Godin–maketing guru, friend of the company, and the man who just today taught me the difference between Stephen R. Covey and Stephen M.R. Covey. I still can’t believe I didn’t figure that one out on my own.
In case you missed it earlier this week, Daniel Akst wrote this glowing review of Billion Dollar Lessons in The Wall Street Journal. Ankst writes:

Billion-Dollar Lessons is an insightful and crisply written book, one that offers wisely chosen and well- narrated case studies but also good advice, such as urging companies to appoint an in-house “devil’s advocate” to challenge the unhealthy unanimity that accompanies many major decisions.

Guy Kawasaki (Art of the Start) has also interviewed one of the book’s coauthors, Chunka Mui, over at the American Express Open Forum blog. Two brilliant human beings in conversation… how could that not be worth your time?
Chris Erikson of The New York Post recently sat down with the author of The 4-Hour Work Week, Timothy Ferris, and got this job description from him:

I view my job these days as a sort of professional experimentalist. I experiment with things I think are interesting, including investing, and then report my findings, generally through the blog.

Sounds like a sweet gig. You can read the entire interview here.
For the second time today, I came across a reference to “Big Brother” in a review. This time, it was in the Economist’s review of Planet Google, and the language is remarkably similar to Roger Lowenstein’s review of The Numerati I linked to earlier today:

From books to health records and videos, from your friendships to your click patterns and physical location, Google wants to know. To some people this sounds uplifting, with promises of free access to knowledge and help in managing our daily lives. To others, it smacks of another Big Brother, no less frightening than its totalitarian ancestors for being in the private sector.

Finally, we have an opinion piece on the magic trick that is the American Dollar by James Grant. He is author of Mr. Market Miscalculates: The Bubble Years and Beyond, being published by Axios Press in November. His is one of many books due out this Fall on the financial crisis and its causes. Next week, we’ll take a closer look at some books that are already out on the topic and turn our eyes to some of the upcoming titles.
Have a great weekend everyone!

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Plastic Logic

Filed under: Uncategorized — dylan @ 4:31 pm
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Here is a sneak peak at a new electronic device designed specifically for business reading. It will be formally named and announced at the beginning of next year. For now, they’re calling it “Plastic Logic,” and you can hit it with a shoe.

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On a fictional note. Well, it's true. McSweeney's will be live on(line) air.

Filed under: Uncategorized — Kate @ 11:55 am
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With 800-CEO-READ having a sister that’s an independent bookstore, we hear about a fair amount of fiction titles. Some of those coming from McSweeney’s — a favorite independent publisher of many here.
On this day (Friday), one of our favorites will join another of our local favorites on a conversation (and possibly some music) revolving around McSweeney’s. Milwaukee’s independent radio station 91.7 WMSE is bringing in the McSweeney’s folks from 1:30 – 3:00PM CST.
Feel free to tune in via terrestrial signal or stream. You can find both links over on the left-hand side of the WMSE website.
And, if you’re in Milwaukee, McSweeney’s book editor Eli Horowitz will join McSweeney’s author Deb Olin Unferth over at our sister’s bookstore this evening.
And on to the weekend!

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Reviewing Reviews

Filed under: Uncategorized — dylan @ 11:30 am
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Heather Green has written a wonderful review of Jeff Howe’s Crowdsourcing: Why the Power of the Crowd is Driving the Future of Business for the September 29 issue of BusinessWeek. After observing that “Books about the crowd are becoming a crowd unto themselves,” Green writes:

What sets Howe’s book apart is his focus on business, an examination of different crowdsourcing models, and a deep dive into academic research to explain why people work together. It’s a welcome and well-written corporate playbook for confusing times…

In his most recent article for Portfolio, “In Praise of Big Brother,” Roger Lowenstein casts a somewhat leery eye at Stephen Baker’s The Numerati. He begins:

Stephen Baker envisions a world in which our email and blog postings, our credit-card and grocery purchases, our pulse rates and facial expressions, and even our physical movements (handily tracked by our cell phones) will be fed to a new Brahmin class of math geeks devoted to sending us customized shopping choices, targeted political ads, real-time medical alerts, and the names of potential dating partners, not to mention (lest we be shirking on the job or hiding an illness) alerts to our bosses and insurance companies.

While that sounds awfully scary to me, the author is of the mind that this technology will one day empower us. Regardless of how you feel about these issues, the book does seem very informative and worth a read. Lowenstein describes Baker a “charming writer,” and ends the review by calling the book “eye-popping and chilling.”
David K. Hurst reveiws four books in the Autumn issue of strategy + business‘s Books in Brief. The first, Richard Bookstaber’s Demon of Our Own Design, was awarded the top spot in the Finance & Economics category of our first annual book awards. The other three books are Stall Points: Most Companies Stop Growing–Yours Doesn’t Have To by Matthew Olson and Derek Van Bever, Michael O’Leary: A Life In Full Flight by Alan Ruddock, and Tad Waddington’s Lasting Contribution: How to Think, Plan, and Act to Accomplish Meaningful Work.
Fortune‘s Jia Lynn Yang has picked “eight volumes [that] belong in everyone’s briefcase.” Of course, Fortune doesn’t make this list available online, but the chosen titles are:
Birth of a Salesman: The Transformation of Selling in America by Walter A. Friedman
Presenting to Win: The Art of Telling Your Story by Jerry Weissman
Hug Your Customers: The Proven Way to Personalize Sales and Achieve Astounding Results by Jack Mitchell
Selling to Big Companies by Jill Konrath
The New Strategic Selling: The Unique Sales System Proven Successful by the World’s Best Companies by Robert B. Miller & Stephen E. Heiman
Getting to Yes: Negotiating Agreement Without Giving In by Roger Fisher & William Ury
Influence: The Psychology of Persuasion by Robert Cialdini
How to Win Friends and Influence People by Dale Carnegie
Rich Karlgaard has written an update to his “Books to Get Rich By” for Forbes. (You can find the original list of 53 books here.) The lists are broken up into six categories: History and Heroes, How Capitalism Works Today, Instructional Tips, Management Secrets, Food for the Soul, and Useful Entertainment. While the list is too long to list all of the titles, I have listed the entire “Management Secrets” section below.
Only the Paranoid Survive: How to Exploit the Crisis Points That Challenge Every Company by Andrew S. Grove
Killing Sacred Cows: Overcoming the Financial Myths That Are Destroying Your Property by Garret B. Gunderson
The 7 Habits of Highly Effective People by Stephen R. Covey
The Five Dysfunctions of a Team: A Leadership Fable by Patrick Lencioni
Getting to Yes: Negotiating Agreement Without Giving In by Roger Fisher, William Ury & Bruce Patton
What Got You Here Won’t Get You There: How Successful People Become Even More Successful by Marshall Goldsmith
Never Eat Alone: And Other Secrets to Success, One Relationship at a Time by Keith Ferrazzi
The Speed of Trust: The One Thing That Changes Everything by Stephen M.R. Covey with Rebecca M. Merrill
Did you notice that Stephen Covey picked up an initial sometime between 7 Habits and Speed of Trust? (edit: As the brilliant Seth Godin has pointed out in the comment section, Stephen M.R. Covey is the eldest son of Stephen R. Covey. I had not known this previously. Don’t let it be said business books aren’t a family business.) Notable titles from other sections are John Kao’s Innovation Nation and Fareed Zakaria’s Post American World from “How Capitalism Works Today,” Dan Pink’s Adventures of Johnny Bunko from “Instructional Tipps,” Randy Pausch’s Last Lecture form “Food for the Soul,” and Michael Lewis’s Blind Side from “Useful Entertainment.”

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