Security Books

This book contains an excellent compilation of speeches that cover John Bogle's career and philosophy of investing. Investors at all levels will glean important information and motivation from his recommendations and thoughts on indexing. His thoughts give important ideas to keep financial information and markets in perspective. The only limit on the information in the book is that how much more global investing has become a part of the financial markets. However much valuable information is relevant and available which is key to effective investing.

The book has five parts - the first four are speeches, and the last is his famous thesis. Part I is Investment Strategies for the Intelligent Investor, Part II is Taking on the Mutual Fund Industry, Part III is Economics and Idealism: The Vanguard Experiment, Part IV is Personal Perspectives and Part V is John Bogle's famous Princeton Thesis: The Economic Role of the Investment Company. All speeches are well worth the read, however, the book lends itself to a good ability to pick and choose what you are interested in. A clear and interesting read from a brilliant investment strategist.

I thought I was out of luck to own the book with Bogle's thesis...I'm very happy!!

A good, practical, no-nonsense book on investing that emphasizes returning to basics and tried and true approaches that have always worked over the long term. This advice is especially timely coming as it does in the aftermath of the recent bear market. Bogle points out that it's important to implement an investment program that matches your needs and risk tolerance, perhaps the most important thing in an investing program, since if you can't sleep at night, you probably won't be able to maintain it over the long haul. He also emphasizes that investing needn't be, and perhaps shouldn't be, rocket science, and that you can do quite well in the market over the long term just by matching the performance of the market. As many people found out recently, pursuing a momentum strategy in an era of already overheated PE's and buying the latest hot story stock can be very risky. Following a value-oriented fundamental approach with at least part of your portfolio can be a useful way of reducing volatility and improving your performance even if you're a died-in-the-wool momentum investor.

The best to do this is by following a strategy of just investing in a fund that tracks the major indexes, which does two things. First, it minimizes costs, so you won't pay any management fees as you would for your typical mutual fund. Also, most investors don't realized such costs as advertising and sales expenses are minimal for an index, compared to other funds, and those are typically passed on to the investor in the load or management fee. But the most important reason is that 90% of fund managers fail to beat the averages over the long haul. Since there are now more mutual funds than there are stocks on the New York Stock Exchange (which is over 5000) and as I said, 90% of them fail to beat the indexes, it's hard to imagine a more sobering reason for making an index at least a part of your investing strategy. So overall, a good book on investing emphazing a no frills, common-sense, and back-to-basics approach.

A brief side note here. I noticed the forward is by Paul Volcker, the former Federal Reserve Chairman who was succeeded by the present Al Greenspan. Volcker went on to head up the World Bank after that job, and I was glad to see he's still around and working.

John Bugle, one of the brightest minds of our century raises some of the most important financial questions, of the last 50 years. Bogle on Great Ideas in Financing includes four criteria: 1. Simplicity - Buy the whole market haystack, an index capable of matching the market. 2. Focus (Seek the hard crusted but nutritious bagel of earnings, dividends, and interest yields rather than the sweet donut taste of price with its high price earning multiples) 3. Efficiency (minimize frictional costs of fees, commissions, and taxes with an Wilshire 5000 index). 4. Stewardship (keep the interest of the client first). Bogle's index was free of tax, include a small transactional fee, represented 8000 stocks in the market, and matched the market rate of return.

Mutual funds have become a vehicle for short-term speculation, a trend fostered in part by the industries focus on marketing. Today the average fund holds stock for 400 days compared to six years when Bogle graduated from Princeton. Most investors hold their mutual fund for 3 years rather than 15 years. Since 1980 - 2000 mutual fund assets have risen 70 fold from $100 billion to $6.5 trillion and assets of stock funds have risen 120 fold or $4.0 trillion. In a 15-year span there were 426 mutual fund boats and 113 sunken mutual fund boats. Survival was strong because of the generous returns of the market. However, Mutual fund efficiency was problem: 1. Sales tax, excessive fees, spending too much on marketing, failing to share economy of scale with the investors, and 90% turn over of the portfolio each year suggested one thing, "short term speculation" was becoming the norm. Mutual fund sites charge costs included a front-end sales commission of 6%; opportunity cost meaning held cash positions equal to 7% of assets with these asset earning smaller returns than available in stocks; a transactional cost of 1.7%; and operating cost equal to 1.2% per year.

Bogle's outlook of the stock market is brilliant. Bogle states: financial economist cannot predict the future. The DOW may hit 36,000 and it may not. Who can predict accurately what the market will do? The market is not a machine. The market is not an insurance actuaries spreadsheet. However, the market performed remarkable well with price gaining 17% a year and at this rate doubling every four years. To understand the market lets look first too dividend yield and earnings growth because these elements provide the steady underlying force over the long pull. For two decades dividend yield equaled 4.5% and earning growth paced at 5.9% producing a 10.9% return. In 1970, P/E fell 50% from 16 times to 7.3 and dividend yield equaled 3.4% and annual earnings equaled 9.9% producing a 10.4% investment return and Bogle preached "stay the course". By 2000, dividends equaled 1%, earning growth rate reached 8%, and P/E ratios top 30. Again, Bogle preached, "time, risk, and control" raising a cautious outlook and a cry for investors to return back to investor basics of earnings, dividends, and yields.

What were the factors associated with the 87 crash? 1. Stock prices were simply to high to the underlying earnings and dividends in comparison to higher yields available on fixed income securities. 2. Deterioration in economic outlook with no progress to reduce the federal deficit, no improvements in the trade imbalance, and inflation in the air. 3. Program trading in the futures market sparked massive computer driven sales. The impact being 35% of the equity traded out of the market. In 87, if you're a Contrarian, it is a good time to buy or hold.

Thinking about 2000, Bogle observed for growth to remain constant over the next ten years, the P/E ratio would need to move from 30 to 67 an unlikely possibility. If in 2000, the P/E ratio fell too 12 then the market level would be 580 rather than 1400 with a P/E of 30. If the P/E fell from 30 to 20 then market return would drop to 5.5% less than the percentage rate of high yield bonds and such an event would be the first in stock history. Is the market comfort zone, a P/E of 15.5 and this fact suggests the market has moved to a level of high risk and possible correction? Bogle states, "Looking back 70 years, major market highs were almost invariably signaled when the dividends yield on stocks fell below 3%, or price earnings rose much about 20 times earnings". The purpose of any stock investment is cash now with the expectation of future flows of cash. A high P/E ratio means investors are expecting a large flow of future cash. The high prices are based on speculation about the cash flow in the future. If the future cash flow expectations are not rational does this mean short-term profit taking is picking clean the amateur investor?


Bogle was left to reflect on two questions: 1. Will the bagel of investment fundamentals give us its usual sustenance? 2. And will the doughnut of speculation get even sweeter than it is today, or will it finally sour? Bogle concluded, "We are in a new era of investing".

Warren Buffet said, "The art of investing in public companies is ... simply to acquire, at a sensible price a business with excellent economies and able, honest management. Thereafter, you need only monitor whether these qualities are being preserved."

Bogle suggests two principles when dealing with risk 1. Get your asset allocation right, maintaining a long-term horizon, and stay the course. Bogle observed that the long term real return on stock is 7.5%. Assuming one has a million dollars that is $75,000 annual income. 2. Diversity some of the risk away by introducing equities with reliable different correlations with the U.S market. Maybe, we will see the creation of a worldwide index, 60/40 - 60 percent U.S stock and 40 percent other? Bogle stresses investors not too speculate, however, life is short and if one needs too speculate they should limit the amount too 5 percent in the gamble for higher profits. Bogle's is betting on the performance of the whole market index rather than one sector mutual fund. Bogle is saying the market price is too high and a risk at its current levels. Bogle thinks mutual funds should be able to buy bonds and other stable securities as a part of the mutual fund mix.

Thinking about bonds, bond yields drop as the economy moves to a recession because investor flee from stocks into bonds and since money is easy to acquire the rates drop. In this scenerio, short term traders buy bonds now with the anticipation the yields will drop more in the future and investor will pay more for these bonds with a higher yield. Again, a short-term speculation to capture a quick profit. However, if haystack of stocks continues producing 7.5% real returns then stay the course.

A good, practical, no-nonsense book on investing that emphasizes returning to basics and tried and true approaches that have always worked over the long term. He points out that investing needn't be, and perhaps shouldn't be, rocket science, and that you can do quite well in the market over the long term just by matching the performance of the market, and not trying to beat the market. As many people found out recently, pursuing a momentum strategy in an era of already overheated PE's and buying the latest hot story stock can be dangerous to your portfolio's health. Following a value-oriented fundamental approach with at least part of your portfolio can be a useful way of reducing volatility and improving your performance even if you're a died-in-the-wool momentum investor. This advice is especially timely coming as it does in the aftermath of the recent bear market. Another important point that many experts emphasize is that it's important to implement an investment program that matches your needs and risk tolerance, perhaps the most important thing in an investing program, since if you can't sleep at night, you probably won't be able to maintain it over the long haul.

As Bogle points out, since 90% of fund managers fail to beat the averages over the long haul, the best strategy is to buy a fund that tracks the major indexes, which does two things. First, it minimizes costs, so you won't pay any management fees as you would for your typical mutual fund. Also, most investors don't realize such costs as advertising and sales expenses are minimal for an index, compared to other funds, and those are typically passed on to the investor in the load or management fee. Since there are now more mutual funds than there are stocks on the New York Stock Exchange (which is over 5000) and as I said, 90% of them fail to beat the indexes, it's hard to imagine a more sobering reason for making an index at least a part of your investing strategy. So overall, a good book on investing emphazing a no frills, common-sense, and back-to-basics approach.

Although Bogle amply documents and demonstrates that most fund managers can't beat the averages over the long haul, and so the best way to invest in a mutual fund is to buy one that invests in the indexes and avoid the costs of managed funds, this doesn't mean a small investor can't beat the averages. The reason most funds don't is that most own so many stocks, as in the case of the Magellan fund, which used to own 1400 stocks, that they're forced to buy too many second and third tier stocks (or worse), which degrades their performance. The individual investor, however, can cherry-pick and do much better that way, assuming he's successful at it. But the point is that mutual funds have an inherent disadvantage in terms of owning a quality portfolio that inevitably stacks the odds against them, a limitation which small investor doesn't have.

A brief side note here. I noticed the forward is by Paul Volcker, the former Federal Reserve Chairman who was succeeded by the present Al Greenspan. Volcker went on to head up the World Bank after that job, and I was glad to see he's still around and working.

Author Nick Kotz brings out the personalities of the heavy hitters of the 1960's, especially President Lyndon Johnson and civil rights activist Martin Luther King, Jr. The book begins with the assassination of President Kennedy as Lyndon Johnson is then thrust into the presidency. Determined to carry out Kennedy's programs Johnson achieves initial success with his Civil Rights Act of 1964 and Equal Voting Rights Act of 1965. The author does a wonderful job characterizing Johnson's ability to give others the "Johnson treatment" in convincing them to go along with his programs. He has to deal with, not only conservative Democratic politicians determined to keep segregation permanent, but with diverse personalities such as Bobby Kennedy who felt Johnson was trying to "take over" too fast following his brother's assassination, F.B.I. Director J. Edgar Hoover who kept voluminous files on those he may need to blackmail at some time in the future, and Martin Luther King, Jr. who wanted to achieve equal rights through nonviolence. King realized, however, that he needed to wake up the country by having them see the physical violence his marchers were subjected to in the South. Vietnam put the kibosh on Johnson's Great Society program and War on Poverty to such an extent that he chose not to run for a second term in that horrendous year of 1968 which saw both Bobby Kennedy and Martin Luther King, Jr. assassinated, the Vietnam was spiraled out of control, cities continued to burn in rioting as they had in 1967, and Richard Nixon went on to become the next president. Whether you lived through these years or not they were historic times and this book is required reading for those wanting to learn about this period in history.

Though Kotz is writing about oft-covered material, this book comes across as a fresh and vital examination of the relationship of two of the most important figures of the previous century. He spends a lot of time going over well known facts but also highlights the personalities of these two men. The portraits that emerge are quite interesting. MLK comes across as a man committed to change and--despite minor flaws--as the hero he was.

More surprising is Kotz take on LBJ, who comes across as equally committed to change and righting wrongs. Kotz argues that LBJ always displayed a commitment to improving the lot of the poor. Though he does not explain LBJ's early votes against civil rights, he argues that his eventual support of major civil rights legislation had its roots in his desire to help the disadvantaged, like those he grew up with in the Hill Country of Texas.

While stressing that both men were brilliant leaders, Kotz does not shy away from their flaws--of which LBJ had many. Most interesting is his take that both hoped to accomplish significantly more in the realm of abolishing poverty when their efforts were cut short--LBJ's by the morass of Vietnam and MLK's by a bullet. Ultimately this was a great read and should serve to hold those readers over who are eagerly awaiting the years-away release of Robert Caro's next LBJ volume.

A few more pieces to the civil rights movement,very well written. there was new stuff here along with insight and some behind the story things I really liked. You should enjoy this one.

No need to be interested in Civil Rights to enjoy this book. If you aren't hooked after the first chapter, no need to continue.

Before reading this book my interest in the Civil Rights Era was probably at best a 4 on a scale of 1-10. After reading a few pages, I was instantly hooked. "Judgment Days" is easily one of the best-written books I've read in the last year (possibly only surpassed by "John Adams"). Nick Kotz does a wonderful job at making history read like a novel and despite the fact that someone completely unfamiliar with American history would still possess some basic knowledge of the subject matter: most Civil Rights legislation is passed, Vietnam is a quagmire, MLK is shot - I found myself unable to put this book down. Upon reading this book, I have a new-found respect for LBJ, view MLK in a different light, and my disdain for J. Edgar Hoover is even greater. This book should be a mandatory read for most US History and Civics classes. The struggle of the Civil Rights Era is only a generation removed for most of America's youth - yet is viewed as distant history. What MLK and others endured to ensure that the American Dream is possible for anyone provided that they want it, is eye opening (to say the least). The author does a great job of revealing how in the "land of the free" you were only truly free as long as your skin wasn't black. Nick Kotz deserves the Pulitzer for this book and it's also an excellent tie in to "The Years of Lyndon Johnson: Master of the Senate" by Robert A. Caro.

This book is informative, amusing and easy to read. I enjoyed it very much.

As a student of the economy and financial markets, I've long been an avid reader of Caroline Baum's columns. This book is a wonderful compilation of her best writing on the macroeconomy, bond market, interest rates, government policies, and related topics, about which only she would write.

Many of her columns are both timeless and timely. For instance, those wondering about the economic impact of Hurricane Katrina should read her column from Sep 16, 1999 on Pg. 40 titled, "Hurricane Sweeps Coast; Nonsense Sure to Follow." For those seeking a greater understanding of oil's economic impact, including why higher oil prices are really not like a tax, read her column on Pg. 80 and her chapter beginning on Pg. 201 titled, "Oil Things to Oil People."

Couple her plain speaking, common sense and didactic writing approach with her access to and relationships with many of the finest minds in economics and finance and the result is a very educational read for the economics student to the finance professional. She is the rare writer who is capable of explaining the complicated in a simple, interesting and often entertaining way.

By Caroline Baum, the Emily Dickenson of markets.

Every now and then you read a book like this that makes you want to stand up and cheer, and tell all your friends that this is the real McCoy, that Emerson or Emily Dickinson or Samuel Johnson is alive. That's the feeling I have while reading "Just What I Said" again. To see what I mean, consider this. The middle-of-the-road, mediocre, eponymous tennis player and economist Robert Samuelson says in a sap-filled sendup to his kids: "You've got to care more about the election, because it goes to the heart of who we are as a nation. The greatness of the United States is not McDonald's or Microsoft. It's our basic beliefs how how we should govern ourselves."

From long experience reading her columns I shudder when she quotes someone like this, especially the fake Dr. and poseur at the head of the Fed. She never lets them off easy and writes, " The greatness of the US, Mr. Samuelson is precisely
McDonald's and Microsoft. They are the product of how we govern ourselves They are symbols of liberty and democracy. If you tell that to your kids, they actually might come around. These companies identify a consumer need, conceive a product or service to satisfy it, and compete with other producers to deliver the best qualtiy at the lowest price."

My goodness, she sounds like ... one of my favorite personages.

The book is replete with poetic and poignant ways of looking at such important things as the yield curve, the Fed influence, the doomsdayist take on the stock market, first principles of economics, bureaucratic snafus in business and government and homely analogies of the kind that you'd expect a sagacious
all-knowing columnist to make. Some of my favorites in this regard are the lessons she learns from birds at her bird feeder about crowding and mobbing, the chapter that could have been entitled "I, Mop" about the nitty-gritty of what a mop
should do, the unhelpful help desks of the technology firms (never sell her a bad product if you dont want to be pantsed in front of the most knowing audience in the world).

One of my favorite examples of her insights is her use of the word McMuffin to hold up to ridicule "Dr." Greenspan's attempt to make Congress think he's much smarter than they are by trotting out one new indicator after another that one of his boys has developed and or researched for him recently.

The list of the great things she illuminates and the insights that you can get from this book is endless. Its a masterpiece that belongs in everyone's library. I have bought dozens of copies for my friends, and plan to buy more.

As an investment professional I have been reading Caroline Baum's articles for more than 15 years. Frequently, when one comes out I will receive a call or email from a friend telling me to read it! The reason is her insight, written in a pithy way makes you think. That is what we get paid for and how we make money for clients.
The way the book is laid out...by topic, chronologically...makes it a good reference to keep at hand when some topic comes up or just to read...if only one article.
It is particularly impressive to reread these articles years later and find they still make sense, a major accomplishment.
Think of it as economics without all those troublesome graphs.

"Just What I Said" will appeal to anyone who wants to learn how the real economy works, in easy to understand lessons cleverly disguised as light hearted articles. The book (broken out into 19 distinct recurring themes) is a collection of the best columns that she has written for Bloomberg over the past seven years, some 1300+ columns in total. The amazing thing is her columns are as pertinent today as when she originally wrote them. I give two thumbs up to the book.

This book lays out a foundation in income property brokerage. His new edition includes lots of internet and web based examples that were excellent. A very good book!

Jack Peckham shares so much valuable knowledge in this book you are crazy if you don't buy it. Jack is one of the special people in the commercial real estate industry. He is always trying to share his vast knowledge and skills to make people better. Thank you Jack.

There is no doubt that Jack knows commercial real estate and Jack knows the Internet. So if you want to improve your knowledge about Income Property Brokerage and Online Marketing, do not hesitate to buy this resource. When you can learn from someone who has walked the path before, you know you are getting valuable information directly from the horse's mouth. This is one of those rare events. Jack's steps and tips worked for him and they can work for you.

Stefan Swanepoel
Thirteen time author including
Real Estate confronts Reality (1997) Real Estate confronts the Future (2004) and Swanepoel Trends Report (2007)

Mr. Peckman methodically and clearly outlines the details and keys to make the move into Income Property Brokerage a success.

It's always nice when you learn from someone who has gone through the steps to reach success and isn't reluctant to share them with you and can do so in a mentoring kind of way.

Highly recommended.

I had the opportunity to preview this book just before its publication. If you are either running or starting a commercial real estate brokerage, this book is a must-have! I personally am using much of this book to take my relatively small real estate brokerage to a new level. Great ideas go along with many pragmatic and practical tips. I refer to this book often in my staff meetings.

You gotta love a guy who opens a book about part-time real estate investing with the information that he hasn't "had a real job in 15 years." Dan W. Blacharski then proceeds to explain in exhaustive detail how you, in 15 years (perhaps less), can write the same sentence.

Among the many things you'll learn from reading The Part-Time Real Estate Investor: How to Generate Huge Profits While Keeping Your Day Job is the fact that while the shortest distance between the two points (idea and success) isn't really all that long, the actual path can be long and winding and you should, first and foremost, prepare yourself for a less than instantaneous journey.

"There may well come a point when you will be working only a few hours a day and taking in millions," he writes, "but that point is not today. It will take a lot of hard work to get there."

You will also learn that in many ways, bankers and real estate agents are not going to be your best friends in this investment endeavor of yours. In fact, Blacharski will explain, they will often be at odds with your goals. Real estate agents earn commissions from the sale of a home and are likely, therefore, to view alternative methods of purchasing real estate with considerable skepticism. Banks are in business to make money. They are not in the business of making you money, so like the real estate agents, they will tend to view any creative financing ideas with the same sort of skepticism. Alternative methods of purchasing real estate and creative financing ideas are the backbone of the method(s) that Blacharski details in the book.

He walks you through it all, clearly and concisely, detailing all of the alternatives and creative financing arrangements that are available and desirable to the potential, part-time real estate investor. What seems clear is that many of the people who've trod this path (i.e., those who've made initial investments and parlayed the profits into millions) did so by using some combination of the techniques outlined in this book.

What is not so clear is whether you, dear reader, will be able to do the same thing, especially if the plan actually entails maintaining a full-time `day job' while you explore the possibilities inherent in real estate investment. To his credit, Blacharski makes no claim, offers no guarantee and doesn't climb on a media soapbox claiming that you're going to be a success through the simple application of the principles he outlines. He tells you upfront that it's going to be hard work and in many cases, will involve failure. He recommends that you absorb such failure and soldier on, using each instance of failure as a lesson learned, not to be repeated.

If there's a concern about how this information is laid out for you, it's that it has a tendency to come at you like a comfortable shower, which is all well and good, as long as you don't have to pay strict attention to and retain a specific memory for each drop of water that lands on you. It's just a lot to absorb in a single setting, or two even, or even the amount of time it would normally take you to read a book. Without a photogenic memory, you're going to have to go back and re-visit the concepts and specific details of each situation in order to effectively utilize the strategies and tactics that Blacharski has outlined in this book. Some of it, of course, will come with experience, but even initial experiences with this investment route will need to be supported by a strong knowledge base that can't realistically be learned simply by reading the book.

This is not necessarily a bad thing. The devil, as we all know, is in the details, which, no matter how clearly Blacharski outlines them (and he does do that), will still be your responsibility to execute. Bearing this in mind and being aware that this book is a blueprint, not the finished `building' of wealth that you, as a potential part-time real estate investor, are seeking, the 290 pages of clearly articulated and well-written information are well worth your time.

The Part-Time Real Estate Investor: How to Generate Huge Profits While Keeping Your Day Job, by Dan W. Blacharski, is a wonderful and inspiring book that is presented with humor, information and insight for the average American that is struggling, but that dreams of something better for their life. Blacharski begins the work by focusing on his own credit-worthy shortcomings in an entertaining method that millions of people can relate to and that serves to lay a foundation for the belief that anyone with the commitment to changing their life can do so through knowledge. That knowledge, in Blacharski's book, relates to the real estate market and how the acquisition of property can progressively provide a source of income for people that will lead to financial security and stability. This is not a guide that suggests that the reader will be rich overnight, but instead a guide that uses facts to support all of the information that is provided and that offers a step-by-step manner of approaching the topic. The writing is not only filled with the first hand knowledge of the author, it is engaging and inspiring. In a world in which most people are told that they have to accept whatever socioeconomic barriers that confront them, Blacharski is capable of opening his reader's eyes to the possibility that there is another path that can be taken and that, with a little determination and knowledge, anyone can do it.

I've read and reviewed a number of "how to make millions investing in real estate" type of books, and I didn't think I'd ever need to read another one, since they are mostly the same (in varying degrees of quality). However, I was attracted to the Part-Time Real Estate Investor precisely because of the humility of its title -- it seeks to help real people achieve real income from real estate while keeping their feet planted solidly on the ground. Since I know the realities of the current real-estate market precludes the possibility of doing it full time (at least from my starting position), I decided to take a gamble on this book, and I wasn't disappointed.

As with any "how-to" real-estate investment book, the Part-Time Real Estate Investor covers a lot of ground, and thus is skimpy on the details in some areas. Fortunately though, this book focuses on some areas that are ignored by the pie-in-the-sky type of investment books. For example, it spends ample time on subjects like "Buying Your First Home," buying a home with bad credit, "Land Contract and Lease Purchases," etc. The bad credit chapter was particularly informative, I thought, as it examines whether or not you should buy a home with below-average credit, given the higher interest rates you'll incur. Most books are simply rah-rah for homebuying (and selling), but this one is more sensitive to individual's situations.

There is no ONE book that will tell you everything you need to know about being a real-estate investor, but this one is a good place to start, particularly for people with realistic and modest goals. Others, like those from the Rich Dad series or by author William Bronchick, are also helpful, especially from a psychological perspective. But this book contains some of the best pure information of any I've read. I would advise others in my shoes to grab this book as well as two others I recently reviewed, Inspect Before You Buy (by Charlie Rose) and Your Real Estate Closing Explained Simply (by Michelle Blain), which go into those two areas in greater depth than this book is able to. No ONE book will teach you all you need to know, but these three books as a set come pretty close!

It is always easy to write a review on a book that appeals to you right from the beginning. And these words are heartfelt. Of course, to see whether this book is good or bad, in any sense, we have to read it. So pluck up your spirits and open it! Once you have done it, it is almost impossible to put the book down.
To better understand how the money world works you do not have to spend years of research and live your life in secret labs. Simply go out for it. Money world is around you, maybe even in your neighborhood. That is what Dan W. Blacharski, the author of the book, tries to explain. But do not get discouraged thinking that the author is going to give a lecture -- one of the many on `How to Get Rich in a Fortnight' we can attend any time in any city of the country. That is quite another story.

Holding in mind that there are still lots of things to learn, we are free to choose between seminars, real estate programs and the books on the corresponding topic. I am not sure of whether these seminars are useful, but I am pretty certain of the fact that Part-Time Real Estate Investor really inspires. I am not a real estate guru in terms of buying and selling, but I devoured this book within a single day. Moreover, next morning my first purchase was a newspaper with lots of real estate related materials. Am I going to be an investor? I am sure I am going to try.

The majority of people out there think starting their own business is a risk and even a waste of time. Let them think so. I am sure we are not this kind of men. Yes, there are some obstacles on your way to good money and even wealth. But they are nothing comparing with what you will get. Dan W. Blacharski gives compact and precise information on how the whole business works. Unlike the lecturers and tutors in a college, the author opens you the doors to the core of real estate business and quite clearly states that `there really are no secrets in real estate wealth building'.

The book is perfectly designed. The chapters consist of subtitles, which give you direct information on how this or that method/trick works or does not work. Then there are lots of myths of the trade that help you escape the reefs of the business. PART-TIME REAL ESTATE INVESTOR TIP is a common insertion where the author either summarizes the ideas of the chapter or provides examples of real estate routine work. Such notions as creative financing, REIT, tax deduction, promotion of homeownership are not just labels -- they are thoroughly explored and clearly explained by the author. A friend of mine, who is a teacher, said when she finished the book, "Well, this book sounds like Zero Conditional!" I could not have expressed myself better.

You know, after the first reading of Part-Time Real Estate Investor I was not satisfied. I realized I need a second reading. I was so much overwhelmed by the book having finished the last chapter that I was thinking of it the whole night. The whole business turns out to be quite a nice deal to try and there are no limitations! Real estate investors get to be rich by learning from their mistakes, and by not giving up after the first failure. Paraphrasing Margaret Thatcher's famous words, I want to say that you have to sell/buy a house more than one to get rich. And frankly, that seems not a very hard work to do...

Not only was this an enjoyable read, but also intriguing. I have always wondered how it would be to dabble in real estate. The Part-Time Real Estate Investor lets you see into this world, and actually see yourself in it. Mr. Blacharski gives all the detail a reader needs to jump in and invest in that first property. He outlines how to proceed slowly at first and become knowledgeable about your properties. Then take it to the next level to build a real estate portfolio. The information in this book will give you the confidence to delve into investing for yourself.

This book not only gives you solid advice and strategy, but also discusses and dispels many of the get rich quick schemes that have been so popular of late. You can not get something for nothing and the author explains exactly how the "no money down" schemes work. There are lots of easy to follow financial examples that demonstrate how to figure profits, expenses, closing costs and the like. When he talks about doing things that are risky, because nothing in this world is secure, it really hit's the mark with me. This book goes into detail about the confusing real estate world. It's really a no nonsense guide to real estate investing.


I would recommend this book to anyone - really! This may very well change your life.

This book can be summed up with one theme: defer paying taxes for as long as possible. One excellent point that this book does define for you though is how to choose your beneficiaries in the best possible way. As a financial planner this has become one of the most popular questions that I am asked from people whom I meet. This book is a great guide towards answering those questions.

Bravo!

This book is a must read if you're planning to retire wealthy, or at least securely.

And...

Every college student should be required to study this book carefully if they want to avoid all the common mistakes and money pitfalls that 98% of us fall into. I wish I had read this when I was in college... I would be $100,000 wealthier.

- Dave

James Lang has had so much excellent advice for my husband and me that we purchased 7 copies for our adult children and are hopeful they will benefit from the knowledge in the books and cds.

James Lange's Retire Secure, offers great techniques to help persons planning for retirement. He is on the right track - to postpone and minimize the impact of taxes - in order to maximize the retiree's money and extend the spendable income. This book makes a valuable contribution to the field of personal finance - for both the consumers and the professional advisors who serve them.

Reading "Retire Secure" will not alone make you rich. However, if you read and follow Mr. Lange's advice, you will build wealth and then protect it to the fullest extent possible. The book outlines a very clear path to maximize savings using the most effective vehicle available to you. Then it goes on to provide a thorough roadmap to minimizing your tax consequences and maximizing your after tax returns. Finally the book provides several different strategies for passing along wealth to your heirs while once again factoring in the greedy hands of Uncle Sam. The author not only provides you with the theory, as many financial planners do, but backs up his recommendations with solid proofs and confirms them with amusing case studies. Overall this book is an excellent source for information on the use of retirement funds for wealth building and hopefully inheritance to pass on.

This book has everything for those of us who are timid about investing. Ms. O'Shaughnessy shares insights and information which help both the novice and experienced investor navigate the world of stocks, bonds, and mutual funds. She uses anecdotal and even personal stories to inform and amuse throughout the book. There is an incredible amount of valuable information and tons of resources for the reader, and Ms. O'Shaughnessy covers the pros and cons of many investment topics. This user-friendly guide is a winner!

In the past, I've approached all investment primers with the same enthusiasm I reserve for visits to the dentist. But after my first half-hour with this one, I was happily hooked! Not only is the investment advice top-notch, but the method of delivery outstanding. O'Shaughnessy exhibits an amazing ability to make sophisticated concepts digestible. Her breezy writing style makes the advice seem like it's coming from a trusted friend, and her sense of humor keeps you smiling while you learn how to make that first -- or second -- million.

The Unofficial Guide to Investing is wonderful. If it wasn't, I wouldn't be dragging this fat book around in my brief case as I travel around the world on business. I'm too busy to spend a lot of time reading or even thinking about my own finances, which is why I especially like this book. It covers all the bases and the author writes in a style that is fun to read.

This book is engagingly written with wit & humor as well as lots of factual material and sound advice that you can actually use. Clear and straightforward for the novice, there is also lots of information and advice on on-line investing information and tools for the web-accessing sophisticated and savvy investor. Whether you are a novice or an experienced investor, Ms. O'Shaughnessy serves you up lots of good advice and information with respect and gentle humor. A good read, and a keeper for later reference with wonderful resource and reference material as a supplement at the back. - A San Diego cardiologist

Over the years, I've concluded that most financial books are unrealistic in the marching orders they give us, their poor readers. I'm a long-term investor (not a day trader!), so I don't appreciate a lot of fancy financial formulas that require a great deal of thought or time. Thank goodness the author of The Unofficial Guide to Investing understands that. She provides solid advice that makes an awful lot of sense to me. I also appreciate all the tips she sprinkles into the book's margins. For instance, I discovered how I could very easily determine how much my savings bonds are worth. I also learned the phone number to call to find out how much my Social Security benefits will be worth someday.

I purchased this title on the assumption that it will offer new trading strategies. However, it offers nothing new, some new approaches that I did not find helpful or practical. Fro example, it analyses smart volume by looking at each trading minute in the trading day. I find this approach unpractical ( to calculate minute by minute volume) and I am not sure the result will be different from what an automated system can already do.

Overall same ideas as the ones you can find any beginner's trading texts. definitely not worth the price.

This is one of the most innovative trading methods I have seen
in some time. The advent of complex trading algoritms have made following the "big money" difficult. Pascal Willlains book has
helped in adding a "real-time" rather than a post-mortem approach to
monitoring "large players".
The approach is unique and this book is a rewarding read for both pro and amateur traders. You will no doubt finding yourself reading this book again and again for valuable insights!

I've been looking forward to the publication of this book for months, ever since reading about the author's work in Dr. Elder's book. This book did not disappoint, it is something really rare and special in a couple of respects.

First of all, it offers something that is seldom seen in the world of technical analysis -- a way of extracting something new and valuable information from the same price and volume data we've all been looking at for years. It's so clever you wonder why no-one has thought of it before.

In principle, in some ways, the effective volume method reminds me a little of Edwin Land's Retinex algorithm for image processing, as used by NASA on satellites ... you just take the data and divide it into different layers, then compare the layers, and suddenly the picture becomes clearer. The active boundaries approach complements it nicely and is an interesting approach for those who use tools like Bollinger bands, etc.

Secondly, and just as importantly, the author's approach to sharing his method is highly refreshing. The fact that Mr. Willain is a good guy is the main reason we have access to something like this, which would otherwise go straight to the inner quant rooms at Goldman Sachs for big bucks. He is in favor of sharing the method widely and encourages the formation of a community of traders to be part of the process of improving it. Best of all, as the methods evolve, plugins are being made available for platforms like TradeStation, AmiBroker, etc., for a small contribution, and all contributions are being donated to a foundation that helps handicapped orphans around the world. What a great thing to do with your life, to come up with something like this and make it a contribution, to independent traders and to needy children around the world. Well done.

Pascal has written a very thorough, analytical work explaining new technical analysis methods, indicators, and techniques he has come up with -- most of these are for examining large money trading volume versus small money. He has done this away from the normal "Wall Street" world in Belgium, and has come up with indicators never seen before. Pascal's engineering background has served him well in applying a "scientific" approach to chart following. Most of the best technical indicators for trading are not widely followed, and it would be advisable to read this in-depth book to "stay ahead of the trading curve".

Moby Waller, Portfolio Manager, Advanced Options Strategies
BigTrends.com

I agree with earlier reviews that this book is a hidden treasure and worth its weight in gold. I came across Dr Elder's review on this book by chance while searching for trading books on volume. I was impressed by his glowing review (plus Tim Ord's review on the back cover) and ordered the book. Since then, other reviewers have rated this book highly as well.

The author certainly does not disappoint. Although the book is not easy to digest (at least for me), this is because he covers new concepts in analysing volume and trends, and new ways to track supply and demand in stocks and sectors. Each chapter is well-written and Willain's research on effective volume, active boundaries and divergence analysis is insightful. As the new indicators in his book are currently unavailable on most trading platforms, I have been using his free website to access those tools.

Overall, I am very satisfied with my purchase. I hope those who are contemplating to order this book have benefited from my review, as I have from Dr Elder's. I also appreciate Willain's sincere efforts to spread the message that new TA tools are required to improve our analysis and trading in the ever-changing market environments.

This was my first web application security book. I've been reading online blogs and web-sites about web security for a while, and I've been waiting for this book to come out. Because of the lack of web security books on the market. But I am impressed with this book. It covers just about everything and shows the reader how hackers exploit web applications in a multitude of ways. This will definately help me secure my own websites and I'm already practicing a lot of what I've learned in this book for security at my company.

I actually was able to log into my jobs intranet website as administrator using some of the techniques I learned from this book. Then I went to my boss and showed him how and then showed how we can prevent it. Short story short they were impressed.

This is an excellent book. Many books of this nature leave you wanting. They talk in complicated jargon, excite you about learning new concepts, and then leave you hanging with no real application of what you are learning. This is not the case with This book.

This book is excellent for both the beginner and the advanced! Plenty of real examples! Walks the beginner through the concepts of foot printing. It explains the technologies and then for the advanced it talks about creating custom code for each vulnerability.

This is a must have for any security professional's library! it was worth every penny!

This is the most important IT security title written in the past year or more. Why? Custom web applications offer more opportunities for exploitation than all of the publicized vulnerabilities your hear about combined. This book gives expert treatment to the subject. I found the writing to be very clear and concise in this 727 page volume. There is minimal fluff. While everything is clearly explained, this is not a beginners book. The authors assume that you can read html, JavaScript, etc... Usually with a book like this there are a few really good chapters and some so-so chapters, but that's not the case here. Chapters 3-18 in this book rock all the way through. Another huge plus is the tools in this book are free.

The first few chapters provide context and background information. Chapter 3 on Web Application Technologies provides particularly useful background info. The next 666 pages of the book are all about attacking the applications.

There next five chapters cover mapping application functionality, client side controls, authentication, sessions, and access controls. The coverage is comprehensive. I'm not new to these topics, but I learned so much in every chapter. The depth of coverage is amazing.

The next six chapters are the heart of this book. They cover injection, path traversal, application logic, XSS and related attacks, automating attacks, and information disclosure. You'll find full treatment of attacks we're all familiar with like SQL injection and cross site scripting as well as many that most of us haven't heard of before. The danger is real and these chapters need to be read.

The final next four chapters cover attacks against compiled applications, application architecture, web servers, and source code. The final two chapters are more useful as a quick reference. They provide an overview of the tools covered throughout the book and describe attack methodology discussed throughout the book for exploiting each technology.

This book scores five easily based on the relevance and value of the information.

This is a great read for anyone interested in the security of modern web applications. It covers the hacking process from mapping the attack surface to exploiting input validation, access control, session management, and authentication vulnerabilities using real-world examples and diagrams. There is an in-depth 100pg chapter on injecting code(e.g. SQL, OS, script, etc injection) and a 95pg chapter on attacking other users(e.g. XSS, request forgery, etc attacks). There is information about bypassing common sanitization techniques in cases where user input is sanitized. The book also covers how to write your own scripts to automate complex attacks. At the end of each section are the steps necessary to defend your application against the attacks that were described with an emphasis on "defense-in-depth"; an approach where one tries to prevent the compromise of the whole application even if one component of it is already compromised.

This book is extremely up to date with its coverage of new AJAX and XSS-type attacks while still covering the relatively old vulnerabilities like buffer overflows and sql injections.

The authors are both professional penetration testers which gives them credibility over the information they provide in this book, and one of them is the author of the excellent free web application hacking tool called Burp Suite.

I would recommend this book to anyone that has a basic knowledge of how the Web works (http, javascript, cookies, html, and basics of a programming language like php or java) although you could learn these technologies as you are reading the book which would take some more time.

If you do any type of professional Web Application Assessments then this is your bible. I have read many books on web app assessments and perform many Web Application Assessments for many large companies and government agencies and this is an excellent resource. I use Dafydd's Burp Suite and I can not say enough about it. If you are serious about Web Application security then this is a must read. Thanks to Dafydd and Marcus for a great book.

Kevin

Harlan Carvey's book, Windows Forensic Analyisis, is an invaluable resource in any computer forensic examination of a Windows based computer. In real-life experience, I had a case where I had to determine file use by a former employee. The company never took the computer out of service and continued to use the machine after the employee left the company. By using the information in Windows Forensic Analysis on system restore points and MRU registry entries, I was able to determine not only what files were used but on what days. This book is one of the first I look to when I have questions on examining Windows systems. If you only have one reference book for Windows examinations, this should be the one. A must-have for any computer forensic examiners library!!

Once again Harlan Carvey has provided a resource worth every penny. The chapters detailing registry and memory analysis alone were extremely valuable to me. The accompanying DVD provides countless Perl scripts to assist in the collection and sorting of data.

This book is essential for understanding how to analyze memory dumps, albeit many forensic investigators will usually turnoff a computer instead of getting a memory capture to do a more traditional analysis.

The included scripts are very helpful. This book unlike many other books in this genera is designed for the technical professional. Forensic analysis is often like a who done it mystery, and having some more tools in your toolkit will assist you in thinking outside the box. The registry analysis was thorough and essential for a recent project. The memory dump analysis scripts were helpful in a recent Defcon Capture the Flag Competition. A sample chapter is avaliable online.

I purchased this book a few days ago, and as soon as I read the first chapter, I realized that I needed to read the entire book as quickly as possible. This is a wonderful book, and parts of it truely invoked a state of "nerdvana" in me!

PRO's:

First, I will say that the information in this book is tightly packed. There is no unnecessary verbage, and the writing is direct, to the point and understandable. There is a high ratio of technical content to noise, and this greatly contributed to my enjoyment of the book. Even in the technical areas that I was already familiar with, I found the summary of the information to be precise, accurate and helpful. I can see keeping the book around as a reference guide for years to come. The general structure of the book, for example the sections in grey boxes with the [!] annotation, works well, and the end-of-chapter summary and review (particularly the Q&A) are good.

There were several sections, ones that I was personally weak in to start with, that I found particularly helpful, such as the sections on analyzing packed or compressed executables and malware. I had just never gotten around to reading the whitepapers on these, and I'm glad I didn't as those chapters of the book summarized in a few pages what would have taken many more to pick up by reading other original sources. I personally thought that the chapter-to-chapter flow of the narrative was fine for anyone who does incident response on a regular basis.

Through the years, Harlan Carvey has developed and made available his tools in an open (perl) format with no need for compensation. The tools on the DVD alone are worth the money of the book, and are a great addition to any IR toolkit. The references to third party tools, many of which I hadn't heard of, were also particularly helpful.

CON's:

If you are not very technical, or not very familiar with the Windows operating system, you may be overwhelmed by the level of technical detail. If you are an experienced administrator, however, you should be able to adapt what you know about other operating systems (e.g. file structures, process execution, etc.) fairly easily. There were a few typographical errors in the book that didn't detract from its readability or technical accuracy.

All in all, and excellent book, and a must-have for ANY windows incident responder.

Harlan poured his clear love of incident response and of the forensic profession into this book. Windows Forensic Analysis dives into many exceptional topics that are routinely overlooked in similar material. The entire book covers many novel analysis techniques and topics, the registry analysis chapter and the file analysis chapter discusses many detailed artifacts and areas of examination during forensics that up until this was published was only discussed deep inside forensic circles or discovered through hard earned on-the-ground experience. The book's only drawback is that it covers too many topics and the chapters do not flow together as well as I would have hoped. A single chapter is excellent, but in many cases it doesn't lead you to the next one. I also found that the entire book could have been written on just registry forensics. However, in order to create broad appeal, the registry section was probably shortened. You can tell Harlan has a lot more to tell. Finally, the CDROM companion could have had more polish to the file layout as finding some of the tools is slightly confusing upon initial glance. Even with these minor drawbacks, the information in each chapter is phenomenal. I recommend this book to anyone looking to advance their understanding of the Windows analysis environment.