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The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash
We are living in the most reckless financial environment in recent history Arcane credit derivative bets are now well into the tens of trillions According to Charles R. Morris, the astronomical leverage at investment banks and their hedge fund and private equity clients virtually guarantees massive disruption in global markets. The crash, when it comes, will have no firebreaks. A quarter century of free-market zealotry that extolled asset stripping, abusive lending, and hedge fund secrecy will come crashing down with it. The Trillion Dollar Meltdown explains how we got here, and what is about to happen. After the crash our priorities will be quite different. But things are likely to get worse before they better. Whether you are an active investor, a homeowner, or a contributor to your 401(k) plan, The Trillion Dollar Meltdown will be indispensable to understanding the gross excess that has put the world economy on the brink—and what the new landscape will look like. .
Price: $13.70
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When Genius Failed: The Rise and Fall of Long-Term Capital Management
On September 23, 1998, the boardroom of the New York Fed was a tense place. Around the table sat the heads of every major Wall Street bank, the chairman of the New York Stock Exchange, and representatives from numerous European banks, each of whom had been summoned to discuss a highly unusual prospect: rescuing what had, until then, been the envy of them all, the extraordinarily successful bond-trading firm of Long-Term Capital Management. Roger Lowenstein's When Genius Failed is the gripping story of the Fed's unprecedented move, the incredible heights reached by LTCM, and the firm's eventual dramatic demise. Lowenstein, a financial journalist and author of Buffett: The Making of an American Capitalist, examines the personalities, academic experts, and professional relationships at LTCM and uncovers the layers of numbers behind its roller-coaster ride with the precision of a skilled surgeon. The fund's enigmatic founder, John Meriwether, spent almost 20 years at Salomon Brothers, where he formed its renowned Arbitrage Group by hiring academia's top financial economists. Though Meriwether left Salomon under a cloud of the SEC's wrath, he leapt into his next venture with ease and enticed most of his former Salomon hires--and eventually even David Mullins, the former vice chairman of the U.S. Federal Reserve--to join him in starting a hedge fund that would beat all hedge funds. LTCM began trading in 1994, after completing a road show that, despite the Ph.D.-touting partners' lack of social skills and their disdainful condescension of potential investors who couldn't rise to their intellectual level, netted a whopping $1.25 billion. The fund would seek to earn a tiny spread on thousands of trades, "as if it were vacuuming nickels that others couldn't see," in the words of one of its Nobel laureate partners, Myron Scholes. And nickels it found. In its first two years, LTCM earned $1.6 billion, profits that exceeded 40 percent even after the partners' hefty cuts. By the spring of 1996, it was holding $140 billion in assets. But the end was soon in sight, and Lowenstein's detailed account of each successively worse month of 1998, culminating in a disastrous August and the partners' subsequent panicked moves, is riveting. The arbitrageur's world is a complicated one, and it might have served Lowenstein well to slow down and explain in greater detail the complex terms of the more exotic species of investment flora that cram the book's pages. However, much of the intrigue of the Long-Term story lies in its dizzying pace (not to mention the dizzying amounts of money won and lost in the fund's short lifespan). Lowenstein's smooth, conversational but equally urgent tone carries it along well. The book is a compelling read for those who've always wondered what lay behind the Fed's controversial involvement with the LTCM hedge-fund debacle. --S. Ketchum.
Price: $8.16
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Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve
No matter who you are-investor, trader, homeowner, 401(k) holder, or CEO-you are bound to feel the impact of Alan Greenspan's “Age of Ignorance” for years to come. According to MSN Money columnist William A. Fleckenstein, Greenspan's nearly 19-year career as Federal Reserve Chairman is even worse than anyone imagined Labeled “Mr. Bubble” by the New York Times, Greenspan was nothing less than a serial bubble blower with a long history of bad decision-making. His famous “Greenspan Put” fueled the perception of a Goldilocks economy-but, as this explosive exposé reveals, the bear has finally caught up with Goldilocks. Using transcripts of Greenspan's FOMC meetings as well as testimony before Congress, this eye-opening book delivers a timeline of his most devastating mistakes and weaves together the connection between every economic calamity of the past 19 years: - The stock market crash of 1987
- The Savings & Loan crisis
- The collapse of Long Term Capital Management
- The tech bubble of 2000
- The feared Y2K disaster
- The credit bubble and real estate crisis of 2007
Fleckenstein explains just how far-reaching Greenspan's mess has been flung, and presents damning evidence that contradicts the former Fed chief's public naiveté concerning shifts in the market and economy. He also points to a disturbing fact, that throughout his career, Greenspan not only made costly mistakes, but made the same ones-over and over again. And not only was he never able to recognize or admit to those mistakes, he constantly rewrote his own history to justify them. Greenspan's Bubbles offers a lock-stock-and-barrel portrait of a flawed but fascinating man whose words and actions have led a whole generation astray, and whose legacy will continue to challenge us in the years ahead. .
Price: $11.95
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The Bogleheads' Guide to Investing
The Bogleheads’ Guide to Investing is a slightly irreverent, straightforward guide to investing for everyone The book offers sound, practical advice, no matter what your age or net worth. Bottomline, become a Boglehead and prosper! Originally just the chat-line ruminations of Boglehead founder Taylor Larimore, and Morningstar forum leading cohorts Mel Lindauer and Michael LeBoeuf, their trusted advice has been brewed and distilled into an easy-to-use, need-to-know, no frills guide to building up your own financial well-being – so you can worry less and profit more from the investments you make. Invest like a Boglehead, and let their grassroots investment wisdom guide you down the path of long-term wealth creation and happiness, without all the worries and fuss of stock pickers and day traders. If you face a financial crisis or problem, or simply want to know what is prudent to do with the money you save, the Bogleheads will have the answers you need to help you gain your financial footing and keep it..
Price: $9.46
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Bowling Alone : The Collapse and Revival of American Community
Few people outside certain scholarly circles had heard the name Robert D. Putnam before 1995. But then this self-described "obscure academic" hit a nerve with a journal article called "Bowling Alone." Suddenly he found himself invited to Camp David, his picture in People magazine, and his thesis at the center of a raging debate. In a nutshell, he argued that civil society was breaking down as Americans became more disconnected from their families, neighbors, communities, and the republic itself. The organizations that gave life to democracy were fraying. Bowling became his driving metaphor. Years ago, he wrote, thousands of people belonged to bowling leagues. Today, however, they're more likely to bowl alone: Television, two-career families, suburban sprawl, generational changes in values--these and other changes in American society have meant that fewer and fewer of us find that the League of Women Voters, or the United Way, or the Shriners, or the monthly bridge club, or even a Sunday picnic with friends fits the way we have come to live. Our growing social-capital deficit threatens educational performance, safe neighborhoods, equitable tax collection, democratic responsiveness, everyday honesty, and even our health and happiness. The conclusions reached in the book Bowling Alone rest on a mountain of data gathered by Putnam and a team of researchers since his original essay appeared. Its breadth of information is astounding--yes, he really has statistics showing people are less likely to take Sunday picnics nowadays. Dozens of charts and graphs track everything from trends in PTA participation to the number of times Americans say they give "the finger" to other drivers each year. If nothing else, Bowling Alone is a fascinating collection of factoids. Yet it does seem to provide an explanation for why "we tell pollsters that we wish we lived in a more civil, more trustworthy, more collectively caring community." What's more, writes Putnam, "Americans are right that the bonds of our communities have withered, and we are right to fear that this transformation has very real costs." Putnam takes a stab at suggesting how things might change, but the book's real strength is in its diagnosis rather than its proposed solutions. Bowling Alone won't make Putnam any less controversial, but it may come to be known as a path-breaking work of scholarship, one whose influence has a long reach into the 21st century. --John J. Miller.
Price: $4.95
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Term Sheets & Valuations - A Line by Line Look at the Intricacies of Venture Capital Term Sheets & Valuations (Bigwig Briefs)
Term Sheets & Valuations is the first ever in-depth look at the nuts and buts of terms sheets and valuations The book, written by leading venture capitalist Alexander Wilmerding of Boston Capital Ventures, covers topics such What is a Term Sheet, How to Examine a Term Sheet, A Section-by-Section View of a Term Sheet, Valuations, What Every Entrepreneur & Executive Needs to Know About Term Sheets, Valuation Parameters, and East Coast Versus West Coast Rules. In addition, the book includes an actual term sheet from a leading law firm with line by line descriptions of each clause, what can/should be negotiated, and the important points to pay attention to. A must have book for any executive, entrepreneur, or financial professional. Praise for Term Sheets & Valuations: "This primer should be required reading for every entrepreneur. It is short, authoritative and worth its weight in gold." - Murray Low, Executive Director, Columbia Business School, Eugene M. Lang Center for Entrepreneurship "An invaluable resource for executives and financial professionals." - Graham D.S. Anderson, General Partner, EuclidSR Partners "A valuable resource for entrepreneurs..." - Jeffrey Donohue, Esq..
Price: $10.46
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Effective Fundraising for Nonprofits: Real-World Strategies That Work
Getting tax-exempt status for your nonprofit organization is just the first step -- whether its mission will succeed depends entirely on your ability to raise money. Fortunately, Effective Fundraising for Nonprofits will show you how. Featuring advice and stories from over 40 experienced fundraisers, foundation staffers, journalists and more, Effective Fundraising for Nonprofits explains how to: work with individual donors plan special events solicit grants from foundations and corporations get media coverage use the Web to further fundraising goals start a side business to raise funds and much more The book also covers IRS rules and regulations, grassroots strategies for struggling nonprofits, the tools and staffing needed, and dozens of resources that you can take advantage of. Best of all, Effective Fundraising for Nonprofits is written in plain English, cutting out the jargon and "consultant speak" that's all too common in many nonprofit books. List of Forms Fundraising Worksheet 1: Sample Cost Analysis Fundraising Worksheet 2: Fundraising Assets Fundraising Worksheet 3: Fundraising Strategy Chart Fundraising Worksheet 4: Mailing Evaluation Fundraising Worksheet 5: Meeting Checklist Fundraising Worksheet 6: Projected Special Event Expenses Fundraising Worksheet 7: Projected Special Event Income Fundraising Worksheet 8: Grantseeking Chart Fundraising Worksheet 9: Grants Worksheet Fundraising Worksheet 10: Check Your Website's Fundraising Effectiveness Fundraising Worksheet 11: Press Release Template.
Price: $15.34
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Once You're Lucky, Twice You're Good: The Rebirth of Silicon Valley and the Rise of Web 2.0
The captivating story of the mavericks who emerged from the dotcom rubble to found the multibillion-dollar companies taking the Web into the twenty-first century Everyone has heard the story of the Internet Bubble. Beginning with Netscapes IPO in 1996, billions flowed into Internet startups, and companies with no revenues and shaky business plans earned sky-high valuations on Wall Street. It was the era of paper millionaires, $800 office chairs, and Super Bowl ads for dotcoms. Then in 2000 the Bubble burst, with the NASDAQ losing 75 percent of its value and hundreds of companies closing up shop. It was all written off to irrational exuberance, and everyone moved on. Once Youre Lucky, Twice Youre Good is the story of the entrepreneurs who learned their lesson from the bust and in recent years have created groundbreaking new Web companies. The second iteration of the dotcomsdubbed Web 2.0is all about bringing people together. Social networking sites such as Facebook and MySpace unite friends online; YouTube lets anyone posts videos for the world to see; Digg.com allows Internet users to vote on the most relevant news of the day; Six Apart sells software that enables bloggers to post their viewpoints online; and Slide helps people customize their virtual selves. Business reporter Sarah Lacy brings to light the entire Web 2.0 scene: the wide-eyed but wary entrepreneurs, the hated venture capitalists, the bloggers fueling the hype, the programmers coding through the night, the twenty-something millionaires, and the Internet fan boys eager for all the promises to come true..
Price: $17.16
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