Personal Finance and Investing

May 8, 2006

WSJ's Five Best Rolls On

Filed under: General Management,Personal Finance and Investing — Todd Sattersten @ 2:44 pm

I continue to enjoy the Five Best feature in the Weekend Edition of the Wall Street Journal. A few weeks ago, they talked to their resident columnist Jonathan Clements about personal investing titles. He recommends the following:

Money Masters of Our Time by John Train (HarperCollins, 2000)
Capital Ideas by Peter Bernstein (Free Press, 1991)
Winning the Loser’s Game by Charles Ellis (McGraw-Hill, 2002)
The Four Pillars Of Investing by William Bernstein (McGraw-Hill, 2002)
Fooled by Randomness by Nassim Nicholas Taleb (Thomson Texere, 2004)

Read Clements’ commentary on each of the books at the WSJ site.

Stanley Bing provided his Five Best on Saturday. He recommended Art of War, The Prince, The Godfather, Emily Post’s The Etiquette Advantage in Business, and The Cat In The Hat. In this case, it is all about the commentary. Bing looks at the Dr. Suess tale as “a clever evocation of what happens to a corporation when a management consultant is hired by absent, clueless senior management to evaluate its organizational structure and to effect change.” As I said, I suggest the commentary.

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May 3, 2006

Chain of Links

Filed under: Big Ideas,Personal Finance and Investing,Retail — Todd Sattersten @ 9:06 am

Here is a dump of some of those links that have been building up in my bookmarks:

Charles Fishman walks around Wal-Mart with Washington Post reporter Bob Thompson and talks about The Wal-Mart Effect.
Andy Kessler reads alot of business books, but doesn’t know why because they mostly suck. He does see our view of the new business book as one that shows you a different way of viewing the world. He says Mr. China, Wisdom of Crowds, The Hypomanic Edge, and Everything Bad Is Good For You are examples of books that help you see into the future.
Biz Book Talk reviews Lee Eisenberg’s The Number.
Business Evolutionist gives his take on A Whole New Mind.

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April 21, 2006

Forbes' 20 Most Influential Business Books

Filed under: General Management,History and Biographies,Lists,Personal Finance and Investing — Todd Sattersten @ 8:52 am

In the Forbes’ article that Tom referred to yesterday, the writer Dan Ackman pointed to a list of business books the magazine put together in 2002. Forbes calls these The 20 Most Influential Business Books. As you look down the panel experts, you’ll notice our own Jack Covert was among those called to contribute. Since this was put together before the blog was born, I thought we should get it put up here.

In Search of Excellence by Tom Peters and Robert Waterman (1982)
Built to Last by Jim Collins and Jerry Porras (1994)
Reengineering the Corporation by Michael Hammer and Jim Champy (1993)
Barbarians at the Gate by Bryan Burrough and John Helyar (1993)
Competitive Advantage by Michael Porter (1998)
The Tipping Point by Malcolm Galdwell (2000)
Crossing the Chasm by Geoffrey Moore (1999)
The House of Morgan by Ron Chernow (1990)
The Six Sigma Way by Peter Pande et al (2000)
Seven Habits of Highly Effective People by Stephen Covey(1990)
Liar’s Poker by Michael Lewis (1989)
The Innovator’s Dilemma by Clayton Christensen (1997)
Japan Inc. by Shotaro Ishinomori (1988)
Den of Thieves by James Stewart (1991)
The Essential Drucker by Peter Drucker (2001)
Competing for the Future by Gary Hamel and C.K. Prahalad (1994)
The Warren Buffet Way by Robert Hagestrom (1991)
Jack: Straight from the Gut by Jack Welch with John Bryne (2001)
Good to Great by Jim Collins (2001)
The New New Thing by Michael Lewis (2000)

They also organized the books and you will find some good commentary under the topics of management, narrative, biography and investing.

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February 3, 2006

Meet The Bogleheads

Filed under: Personal Finance and Investing — Todd Sattersten @ 2:29 pm

We don’t do alot with personal finance here and more try to deal with the ups and down of business. I thought this was interesting though.

Wiley has published a book by three moderators from a Morningstar message board. The Diehards forum was started in 1998 and deals with the teachings of John Bogle, founder of Vanguard mutual funds. Their site brings in 25,000 people a day and can have hundreds of posts with people asking questions.

In The Bogleheads’ Guide to Investing, Taylor Larimore, Mel Lindauer, and Michael LeBeoeuf are about making it simple for beginners. You will find sections on making sure your savings enough, asset allocation, and taxes. John Bogle has even written the foreword to the book and we have posted it over on the excerpt blog.

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January 30, 2006

Books To Watch For – Spring '06

Filed under: Customer Service,General Management,Human Resources/Organizational Development,Leadership,Lists,Personal Finance and Investing — Todd Sattersten @ 2:58 pm

We did this last fall and thought you might enjoy another look at the season ahead.

So, here are the books we think you should be watching for in the first part of 2006.

The Number by Lee Eisenberg (1/06, Free Press) – If you have walked into any Barnes & Noble since New Year’s it would have been impossible to miss this book. We think it is a great book. Eisenberg takes Gladwell-like look at the complexities of retirement. As I said in my prior post, this one had me on an emotional rollercoaster. It is a great book and one everyone should read.
The Wal-Mart Effect by Charles Fishman – The long-time Fast Company editor writes an amazing book on what drives Wal-Mart and how that drives our economy. He has firsthand accounts from employees who started some of the company’s biggest businesses. He also talks with suppliers about what it is like to work with the retail giant. What Fishman does best is shed some light a company that the public really doesn’t know much about.
Silos, Politics, and Turf Wars by Pat Lencioni (2/06, Jossey-Bass) – We have just started reading this one, but it is hard to bet against this author after the classics of Death by Meeting and Five Dysfunctions of A Team.
The Ultimate Question by Fred Reichheld (3/06, Harvard Business School Press) – Reichheld has been writing books on customer loyalty for a number of years. He has done the research to show that you can ditch all the 47 question satisfaction surveys and ask your customers one simple question – “Would you recommend us to someone else?”
The Radical Edge by Steve Farber (4/06, Kaplan) – Jack just got done reading the manuscript and he says he may like it more than Radical Leap. Many of the familiar characters are back. This time, it is about taking personal responsibility and living life on your terms.
Questions of Character by Joseph Badaracco (4/06, Harvard Business School Press) – The subtitle says it all — “Illuminating the Heart of Leadership Through Literature”. The book is based on a class taught by the author at Harvard Business School. He says that fiction offers a unique way to teach leadership. It is possible to truly know what the characters are thinking, versus learning tools such as interviews and case studies. I think it is brilliant.

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New Year's Resolutions for Better Finances?

Filed under: Personal Finance and Investing — Todd Sattersten @ 12:19 pm

Richard Pachter of the Miami Herald reviews three personal finance books to get your finances in order for the New Year.

Smart and Simple Financial Strategies for Busy People by Jane Bryant Quinn.
The Wall Street Journal Complete Money and Investing Guide by Dave Kansas
The TurboTax 2006 Income Tax Handbook edited by Anna Isgro

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Tax Season Arrives Again

Filed under: Personal Finance and Investing — Todd Sattersten @ 12:04 pm

The Weekend Edition of the Wall Street Journal asked tax expert Randy Blaustein for good books on the IRS and your taxes.

The IRS Problem Solver by Daniel Pilla
Confessions of a Tax Collector by Richard Yancey
What The IRS Doesn’t Want You To Know by Martin Kaplan
Tax This! An Insider’s Guide to Standing Up To the IRS by Scott Estill
J.K. Lasser’s Your Income Tax 2006 by the J.K. Lasser Institute

Blaustein also has a book called How to Do Business With the IRS: The Complete Guide for Tax Professionals (out of print).

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January 9, 2006

Go Read The Number

Filed under: Personal Finance and Investing — Todd Sattersten @ 2:35 pm

I have a simple request: go read The Number, now.

We have seen this book coming ever since this summer. Free Press has gone to extreme lengths to make this a big book. We got the manuscript in July. Jack and I both read it. We thought it was brilliant.

The publisher printed 3,500 hardcover preview copies. That is unheard of. Publishers never want to spend this kind of money to promote a book. We used 100 copies of the special edition to spread to our movers and shakers.

This Saturday, I was in Barnes and Noble and the book was everywhere. It was on the front table. It was in personal finance section. There was even a special table sitting next to the checkout line with a sign asking “What is Your Number?”

Jeffrey Trachtenberg wrote a piece last month for the Wall Street Journal talking about all that Free Press has done to roll this book out. What is missing from the article is one thing — the book is really good and that is why it will do well. In three months, people will be talking about this book like they talk about Freakonomics.

Let’s get past the hype. This weekend, the book was reviewed in the Wall Street Journal by Glenn Ruffenach, editor for their retirement sections. Ruffenach’s biggest problem with the book is that Lee Eisenberg suggests tried and true methods for reaching retirement with the money you need. I have two responses:

Doctors tell people to eat right and exercise if they want better health. Yet, most people don’t want to follow the advice that has been confirmed in study after study. Savings of 10% to 15% of your paycheck and spreading your investments are also great ideas that people can’t seem to follow. People don’t need new ideas; they need to follow the ones that are already proven.
The reason that this book is going to strike a chord is because it is written in a wonderful narrative. Eisenberg has pulled together a wonderful set of stories that allow people to internalize the complexity of the topic. The stories stick with you. I don’t remember the last time I read a book that sent me on a emotional rollercoaster like The Number did. I was clinically depressed halfway through the book, but like any good writer Eisenberg brings you back and gives you hope.

I think the storytelling is going to help people appreciate the simple but tough things that they need to do to prepare for retirement.

One more time…just so I am clear- go read The Number.

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December 9, 2005

The Soul of Capitalism: John Bogle Interview

Filed under: Finance and Economics,Personal Finance and Investing — Tom Ehrenfeld @ 10:10 am

One of my favorite books this year is The Battle for the Soul of Capitalism: How the financial system undermined social ideals, damaged trust in the markets, robbed investors of millions—and what to do about it by John C. “Jack” Bogle, the founder of Vanguard (i.e. the pioneer of no-load index funds, which revolutionized the industry). This ambitious book requires your full attention. Bogle draws from his authority as a key player in the world of finance over the past 50 years, who has revolutionized the investment industry, witnessed huge changes, and never backed down from a fight. His book takes on the whole rotten system, and bears reading for a number of reasons.

Battle tackles the systematic rot gnawing at the effectiveness of large corporations, the power of small investors to beat the system, and the integrity of enterprise as many of us see it. Bogle cites isolates trends that other writers have noted, such as out-of-control CEO compensation, the dereliction of duty by boards, the systemic siphoning of profits away from investors by conglomerate-owned managed funds, and weaves them all together into a compelling overall argument. Not only that, but he writes wonderfully, to boot. It’s hard to argue with a book so smart and persuasive. The first chapter is available online as an excerpt. Here’s a nugget that I particularly enjoyed:

Over the past century, a gradual move from owner’s capitalism—providing the lion’s share of the rewards of the investment to those who put up the money and risk their own capital—has culminated in an extreme version of managers’ capitalism—providing vastly disproportionate rewards to those whom we have trusted to manage our enterprises in the interest of their owners. Managers’ capitalism is a betrayal of owners’ capitalism, a system that worked, albeit imperfectly, with remarkable effectiveness for the better part of the past two centuries, beginning with the Industrial Revolution as the eighteenth century turned to the nineteenth.

Earlier this fall I had the chance to do a question and answer with the man called Jack. Here’s what he said.

Q: Jack, you are one of the most influential investment figures of the past 50 years. Why have you written this book?

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November 11, 2005

Bestseller Brought Back

Filed under: Personal Development,Personal Finance and Investing — Todd Sattersten @ 8:52 am

One of the treasures we uncovered on our trip to New York was a new edition to Napolean Hill’s Think and Grow Rich from publisher Tarcher Penguin.

This is the grandfather of books on motivational thought. Hill was a journalist that Andrew Carnegie hired to find out what the formula of success was. In the 25 year journey to the answer, Hill interviewed 500 millionaires and published his finding in 1937. The book has sold over 15 million copies in its almost seven decade run.

There are several things I like about this new edition. This version was revised and updated by Arthur Pell. Some additional material uses more recent examples of Bill Gates and Michael Jordan to illustrate points. The packaging is well done with the rough cut pages and french covers (i.e. a soft cover with folded flaps to mimic a dust cover). And it’s only $10. You rarely see me mention price, but that is a great price point.

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