Bernstein Books

Templeton was truly one of the greatest investors of all time. This book does give you insight into his thinking and methodology. So it should be a great book since there are very few books about him. However be warned the writing is just horrendous. I never cared about the writing style of a how to book, but this one is just terrible. Extremely hard to keep you interested, as if a 11 year old wrote this. It repeats the small irrelevant points as if it was the greatest discovery ever. It is just very annoying to read. Still I did learn from it. It explained that Templeton used bottom up approach to pick countries, if he found many companies to buy in Japan then he picked that country (He did not look at Macro factors and then decide to pick stock in that country)It gave good examples about how not to follow the crowd into hot markets and simple pointers like look for low P/E's, and use diversification unless you are right 100% of the time. But it was truly very hard to read.

I was very exited to find a Investment book on John Templeton investment strategies. But after reading this book I am very disappointed. This does not mean I disagree with John Templeton strategies. The main problem is with the structure of this book. To me, author seems to be very confused whether he wants to write Templeton biography, his strategies or history of countries which Templeton used to cover.

To give you an example, chapter 10 runs into 20 pages detailing China's economic and political events. It has got just three main messages. Buy stocks in countries 1) with high savings rate 2) trade surplus 3) and high profits attracts competition.

So If you have patience to read 268 pages, which could well be condensed into not more than 100 pages, this is a good book. I have given it two star, because I do not appreciate anything which waste time.

If you really want to read this book, borrow it from the library. It's not worth owning; frankly, it's not worth reading either.

It certainly does not compare to One Up on Wall Street or any of the offerings of Peter Lynch. The best part of this book is the foreword by John Templeton; however, there is truly nothing worth reading after that.

The style is engaging; the content is anemic. Sure, there are lots of anecdotes about the highly successful investing style of Sir John and his penurious predilection--nothing new there; his value investing style is well known and documented. There's nothing really valuable in the anecdotes that he provides. If what is written is novel, perhaps the ready shouldn't invest directly in common stock!

Overall, a disappointing book, but I am sure it was a nice present for Uncle John.

The Templeton Way is possibly the best book on stock investing that I've ever read. Between this and One up on Wall Street, one will receive the insights need to invest in stocks successfully. One thing that sticks out to me is the simplicity of thought and wisdom that comes from the pages. If you are serious about strengthening your skills as an investor, this book is for you.

I bought this book hoping to learn more about how to invest in foreign stocks since Templeton was known for that. Unfortunately other than a few simple things like checking to make sure a government's debt is no more than 25% of GDP, there were very few specifics. The author presents a couple of examples where "Uncle John" took advantage of distrust in foreign markets (like investing in South Korea during the Asian financial crises) to make great investments, but doesn't go enough into enough detail to be of any real benefit to anybody.

The book is more about the very basics of being a value investor and the attitudes needed to be successful in investing (ie, don't follow the crowd, buy low P/E or low PEG stocks, diversification). But even that is presented in somewhat of a haphazard way compared to other books, such as Peter Lynch's books or some of the books about Warren Buffet. Chapter 6, "No Trouble TO Short The Bubble", is not much more than a recount of the tech wreck and an admonishment to people who bought tech stocks at high P/Es. The main points of the book could have been made in half the pages. Only the last chapter on China was interesting.

I gave three stars because this would be an ok book for a beginning investor, but for an intermediate or advanced investor this in not much more than a rah-rah book about value investing and is more like one or two stars.

While I lived in Dallas, I read Bernstein's book around the same time time that filmmaker Oliver Stone was in town filming the movie "J.F.K.". I submitted Bernstein's book along with a detailed proposal that included optioning the book rights for a movie with actors Daniel J. Travanti as Lorenzo, Brian Dennehy as Charles Brian and Michael Douglas as Trustee Marty Shugrue. Stone responded 5 days later to me through his assistant Kristina Hare that while this was a meaty subject, the political bent of the book ran counter to his convictions. I found this response puzzling. The book details how Lorenzo, a brilliant financial manipulator, rose from Queens, New York to the heights of owning the world's largest commercial airline empire second only to Russia's Aeroflot. This book is clearly a portrayal of how Lorenzo's get tough tactics with Eastern's notoriously militant IAM led by Charles Bryan from 1980 forward led to a war with Texas Air Management. Lorenzo ended up dismantling the very asset he bought by striking blows against labor in a bitter showdown. Eastern under CEO Frank Borman had 43,000 employees. By the time the U.S. Bankruptcy Court in the Southern District of New York ousted Lorenzo as "incompetent to reorganize Eastern's estate", only 18,500 employees remained and over $700 million of assets were either sold or dubiously transferred at little or no cost to Texas Air's Continental Airlines. So, Oliver Stone's rationale is quite strange. He is pro-union and this book details how Lorenzo started an unnecessary war with Eastern's unions rather than allow a professional manager to run the airline. Bernstein had unprecedented access to Frank Lorenzo and former managers of Texas Air as he delivers a step by step cautionary tale of how a well educated albeit, a brutal minded executive became his own worst enemy. It is a well paced and well written book that should become required reading for any business school management class.

One of the most unfair treatments of the demise of Eastern Airlines ever written and the second worst book on the subject. Biased towards labor from the beginning, Bernstein paints Goya-like pictures of an evil Frank Lorenzo and his henchmen cackling over a cauldron late at night, thinking up ways to lie, cheat and steal Eastern away from the hearths of America. At the same time, Charlie Bryan is portrayed as some mythic hero who ". . .read Ghandi and Kahlil Gibran and even Sun-tzu. . .". Right. Bias shows in the fact that no Texas Air management are quoted; no personal attributes are ever given, making Lorenzo, Bakes et all appear as soulless corporate thugs, while the stalwart union defenders with defiant chins thrust forth, are given warm wonderful hearts and the purest of intentions. I'm surprised Bernstein didn't have pictures of Bryan petting a puppy and holding a baby. Of slight redeming value is the fact that the book does tell an accurate story. Eastern didn't have to die and maybe Lorenzo didn't have to kill it, but the interpretation and presentation are designed only to support an intransigent group of labor leaders in their refusal to see the reality of the world. This book is only marginally better than the worst book written about Eastern, "Freefall".

This is a study in an ego taken over. I view is that the games he played could almost be criminal. I would have liked more information for the company as the author does seem to set out to make Frank be the bad guy. I would also have liked more details on the business end of the airline industry. I thought the writing was above average, he moved the story along through some topics that could be considered dull, union negotiations etc. All and all not a bad book and if you find the airline industry interesting then you should read this book.

Excellent book, well researched and very well written. Accurately portrays the events that lead to Eastern's demise. I am no fan of unions. But, Lorenzo displayed a blatant calloused disregard for Eastern, it's people, and everything connected with it.

Overall this book gives an sufficent explantian on the events that led up to Eastern's Shutdown. However, it is bias toward the unions without exposing there arrogance. If you ignore this fact and simply rely on the facts given this is a fairly good book. And also, it ends before the shutdown of the company in January 1991. It does not show the final stage of the Eastern Airlines saga between where Frank Lorenzo loses power and the company shutsdown. 3 stars.

Gross is an excellent bond trader (and thats the key word, he actively trades, PIMCO trades) no doubt about it, but Middleton makes a read much like Bonners "Financial Reckoning Day" he just keeps repeating his mantra: Total Return.

In total honesty you could summarize this book in the following words: active buying and selling of bonds will give you "total return." What counts as total return is the coupon and the price you make from selling. There are no "secrets" as alleged on the slick paper wrapper and there is very little "Gross." Its all Middleton's fluff and it looks like he would do quite well in a prior era where people were paid by the word.

Even after 17 years as a financial journalist, I knew precious little about Bill Gross, one of this country's richest men and greatest investors. Yes, I knew that Gross was the acknowledged king of the bond market, the Warren Buffet of the fixed-income set. But I had little appreciation for the scope or scale of his accomplishments or the methodology behind them. Thanks to this entertaining book from Timothy Middleton, a former colleague of mine at Dow Jones, I now consider my education more complete. "The Bond King" is fun reading, and, for the value-conscious, three books in one: a lively personality profile that benefits from Middleton's behind-the-scenes access to Gross over the course of nine months of research, a primer on the bond market, and a how-to manual for anyone interested in trying to mimic Gross's success. For good measure, the book also includes portraits of three legendary investors who influenced Gross's career: speculators Jessie Livermore and Bernard Baruch, and financier J. Pierpont Morgan. While reading "The Bond King" may not make you an all-star bond investor--for that, you'd need not just Gross's recipe but also his genius--it will make you a better bond investor. And if you just want to know more about a man who will go down as one of the legendary investors of our era, "The Bond King" is a perfect read for the beach this summer.

If you really want to understand bill gross, this overly wordy substanceless book is the last place to go. Go to PIMCO's website and read through all of the past investment outlooks he has put out. This book promises something nuanced and wonderful and never delivers. Aside from some interesting biographical information about the man, there is nothing that will improve your mind in this book that you can't get out of a PIMCO prospectus. If you are a serious student of the market, you will be sorely disappointed.

Bill Gross it the Peter Lynch of the bond world. The PIMCO money manager has consistently outperformed his benchmarks over the last 20 years. Middleton attempts to provide an bird's eye view of Gross's personal life and uses those perspectives to discuss how he makes money in the bond world. In summary, the answer is total returns, return from the yield on the coupon (think mortgage rate, interest) as well as the pricing on the issue.

The author starts down the path of constructing bond portfolios that span the risk and reward spectrum, but does not provide any perspectives. The book converts to a PIMCO prospectus in the middle of the book and could have been chopped at the editor's desk without losing any of main points and saving the paper in the world.

For those who really want to understand Bill's view on the world, he writes a wonderful thought piece every month that summarizes his views in a very practical and easily readable form. Well worthing reading.

In summary, worth reading if you are a bond neophyte and want to understand how people make money in the bond markets.

Your total return seeking reviewer,
Fred "Govvies" Sanford

When you think of bond trading, what adjectives come to mind? Dull? Boring? Stagnant? All of the above? You're not alone. Stocks and, to a lesser degree, mutual funds tend to rule the roost as far as excitement is concerned in the world of investing. Your image of the dull bond market may change after reading this biography of the man who created the Pacific Investment Company, Bill Gross.

Bill Gross has become the most respected man in the bond market, probably the most famous bond trader to date. Not only will you get his philosophy on trading and the market, but you'll learn how he arrived where he is today. From a high school entrepreneur, a mechanical engineer, a writer of code for Lotus, a professional blackjack player, and a stint in the Navy -- it all makes for very fascinating reading.

After reading this, I have a new respect for the man and a new appreciation for the bond market. I'd recommend this to anyone interested in learning more about the financial markets, as well as insight into the mind of a financial genius. You'll never view the bond market the same way after reading this!

I had a friend tell me that he was going to start trading futures. After he told me how exciting it was, I needed to learn more. I knew nothing about futures trading. That same friend recommended three books by Jake Bernstein, How The Futures Markets Work, Strategies For The Electronic Futures Trader, and The Complete Day Trader II. I started my education with How The Futures Markets Work. This book gives an outstanding overall picture of the futures markets. Everything from the trading floor to the basics of technical analysis to the psychology of investing is covered in this one book. This is the introductory textbook for the amateur futures trader. If you're wondering where to begin, I highly recommend this book to be you're starting point.

I have read some nonsense in my time... Wha? But this book is just dreadful. Only a complete jackass would put this book on their X-mas list... Wha? My friend Celine who is a complete nerd... Wha? would love this book, but that is it... Wha?

I have read some nonsense in my time... Wha? But this book is just dreadful. Only a complete jackass would put this book on their X-mas list... Wha? My friend Celine who is a complete nerd... Wha? would love this book, but that is it... Wha?

"How The Futures Markets Work" is precise, honest, and informative. Consistent with other works by Jake Bernstein, this book is objective: written solely to educate and inform the reader.

This book does not attempt to convince an unsuspecting or uninformed reader to trade futures. Nor does it form an opinion about whether investment in the futures markets is "good" or "bad". Instead, it arms the reader with enough information to make an informed, intelligent decision about whether or not to trade futures.

This is a textbook. It provides an objective, base-level understanding of the futures markets, including: the history of the futures contract, the purpose of the Futures Exchange, how to chose a broker, market forces affecting futures prices, and trading strategies. You will not necessarily be able to jump right into futures trading after reading this book, but you will have acquired a firm foundation on which to become more informed should you wish to do so.

This book works towards leveling the playing field in the investment community, something much needed. Void of marketing and sales hype, this book provides a refreshing, candid, and honest description of what should be expected from trading futures, both from the market and from you as a futures trader.

The most important chapter in this book is chapter 9: "The Psychology of Investing". Mr. Bernstein makes it very clear, there is no quick way to achieving success as a futures trader and that success will most like be achieved based not on our trading system but rather by our ability - as people - to properly implement our trading system. This chapter alone makes the book a worthwhile purchase.

The problem with this book is that it adresses too many points, providing little or no detail on each of them. All the book does is merely tell you there is something like Fundamental Analysis, Technical Analysis, etc., but it is too shallow to really learn something useful about all these fields.

Personally, I ordered this book because I wanted to learn more about the inner workings and the behind-the-scenes aspect of the futures markets. However, despite the title, the book offers very little information about how the Futures markets actually work.

The above House reviewer writes, "Shortly afterwards Joe McCarthy's House Committee on Un-American Activities initiated its notorious witch-hunt for Reds in the government and, to garner publicity, in Hollywood, where Bernstein had become a writer for film and television."

This is not only a ridiculous statement. It is categorically untrue. Senator McCarthy was not in the House, and House members are not Senators. McCarthy also never called one Hollywood Commie or follow traveller before his Senate Committee.

Having met Walter Bernstein prior to finishing the book probably helped me in understanding his point of view about the Blacklist. I believe that the pain and betrayal of colleagues such as Elia Kazan are downplayed in the book when Mr. Bernstein could have really exacerbated them. It is not an expose - but his personal memoirs about a time in his life when he struggled to earn a living due to government paranoia. I don't think that Mr. Bernstein's reason for becoming a member of the communist party has any relevance, which is his point. It is not unlike the experiences that certain Americans are experiencing today based on their beliefs and backgrounds. I think this is an interesting and thought provoking story which should be shared and revived to remind us of the dangers of censorship and government control.

Inside Out claims to be a memoir of the blacklist and while the blacklist, HUAC and McCarthy trials are mentioned, it's mostly just a meandering autobiography. Bernstein needs an editor to shorten and break up these chapters to keep things more on topic. The first chapter is by far the best at covering the blacklist era and shows how it turned the film and television industry "inside out." The second and third chapters go back in time, covering in all of his childhood in one and all of World War Two in another. They also strive to build an explanation of why Bernstein chose to join the American Communist party but instead of presenting a well-thought and erudite discussion of third party politics, socialism and communism, he weakens his overall memoir with long winded, rambling tangents.

A very well-written memoir of the blacklist years. Bernstein is not vitriolic, vengeful. He is also not apologetic about the idealism that led him to the Communist Party. His times of despair also include not only acts of random kindness but a bonding with fellow blacklisted writers that resulted in their mutual support of each other in doing what they did best, writing, with a front, someone who agrees to have their name on the blacklisted writer's script. Bernstein does not shout but with his quiet dignity allows the readers to shake their heads as to how we allowed this hysteria to go on for so long. And how much we lost during this period when so many talented people were unable to do what they did best.

Just a fact check here. The House Unamerican Activities Committee was NEVER run by Senator McCarthy. In fact, he was never on the Committee. He was a first year senator on the Senate Housing Committee at the time that HUAC became active in 1947. McCarthy didn't begin his anti-communist efforts until 1950. I would think the editor would do some research before referring to "McCarthy's House Committe on Un-American Activities." Plus, HOUSE means House of Representatives. McCarthy was a Senator. He was, however, a member of the Senate Internal Security Subcommittee. Little different.

With respect to this book, I do agree that

1) momentum is a very important trading concept whilst MACD is a very useful oscillator type indicator to identify overbought and oversold situations, and thus change of s/t trend, a TA tool which helps traders not to buy high sell low, especially in a day trading environment.
2)the author had written a very easy reading book in a very friendly and understandable way.

However, I can hardly agree that:-

1) the author presented momentum as a surefire weapon in the highly volatile market and can be used alone
2) the author did keep it simple, but it's too simple all the way throughout the 180+ page content. He should go from simple concept to complicated application, and teach readers how to improve its accuracy with simultaneous usage of stochastics or RSI or...In fact, there are many examples/charts illustrated by the author which showed extended period of divergence with very unfavorable price moment that might have already kicked an investor out of his position, in case he/she did not have a strong conviction on his/her position but by sheer reliance on MACD.

As a professional trader, I cant recommend this book to anybody. The quality of this is far below the author's own classic "Investment Quotient" which the author's strength (trading behavioral psychology) rests solidly upon.

this is a good book and well written. very easy to read and understand.

however, it comes across as too simple. the methods that are discussed here does not really give you the confidence that they are sufficient for you to trade properly.

another book by this author on the psychology part of trading, 'IQ the investors quotient', is a much better and strongly recommended read. in terms of market momentum, martin pring's 'trading with oscillators' is more useful, and just as easy to read.

This book offers a simple but robust method of trading on stockmarkets. The presence of many many (sometimes too many) charts makes it possible to read on the beach, not just behind the computer.
The Momentum Stock Selection method is good. Bernstein claims that you can use the method on intraday basis. This is true, but not in the same simple way as he shows in the book, it takes a lot more interpretation and experiments (on paper first is my advice!!).
His rules on do's and don'ts in trading are absolutely valuable and true, and funny to read of you have done all the don'ts already in the past.

I enjoy how this book offers a highly robust, yet simple trading system, applicable to any market. I have used the Momentum Moving Average approach with great success. I have noticed that it often forecasts majors rallies and drops in a timely fashion. Apply these methods to your trading and you will see the profits!

As a stock trader your homework is all about studying and testing different market strategies that will help you take advantage of stocks and at the same time protect your gains.

Just always keep in mind that an effective trading strategy is simple and practical. Teaching your self to depend on to many technical and confusing indicators can make you slow in your decision making process or confuse you from the start.

The momentum approach showcased on this book covers bascially technical analysis. The stock market is always presenting us momentum opportunities that dont have anything to do with TA at all. Breakout opportunities occur every day. The trick is to know how to find them fast and approach them successfuly.

There are very good sites on the web where you can access momentum trading strategies that are far more practical to implement. One of those sites is Momentum Stock Trading ( MomentumStockTrading com)

In the end, momentum day trading is all about picking the best stock opportunities and following your buy and sell signals with ease and simplicity. Once you learn to master your momentum trading decisions, you can aspire to produce consistent profitable results.

A good book to examine a contrasting philosophy to the "rugged individualist" ideals. He does get into data and graphs, from a high level, but admits that there is much more detail to be explained and worked out to put these plans in action. The book makes a case for sharing risk, as a nation, in areas like health-care, helping those hurt by globalization by putting the excess labor to good use through smart government programs (infrastructure, energy independence)and making sure everyones wages rise as our productivity and GNP expands. He contends, and indeed shows, that even as we have become more productive and expanded our economy, wages for most have stagnated. He contends that the middle class is powerless to stop it because the people with the money make the rules to benefit themselves through lobbying the government. Where he falls down (almost to 3 stars) is in his inability to be a little less biased. Of course, in a political book, you expect some bias, but he's a little much at times. When talking about the decline in the power of unions, for instance, he neglects to mention the unions themselves as being partially responsible through corruption and the same arrogance that those now in power have. The auto industry being a perfect example of powerful unions exerting power while turing out garbage then claiming "buy American". His discourse on the Hurricane Katrina aftermath being created by "YOYO" (you're on your own) philosphy is also a stretch. That had much more to do with the magnitude of the disaster, political bickering, and plain old incompetence by democratic and republican officials. He also has too much disdain for his political rivals to see where his best chance of success is. Obviously, he'd like Republicans to just turn Democrat, but perhaps realizes that won't happen. He seems to realize that to achieve these goals, he needs to get Republicans to include these ideals in their platforms, then fails to see which Republicans are most likely to do this. His comment to forget the "I-don't-care-how-many-jobs-we-outsource-as-long-as-they-outlaw-abortion" people shows he does not understand where his allies on the republican side may be. There are people (your's truly) who will never vote for a pro-abortion candidate. But to say we don't care about other things is wrong. In fact, most people who are so strongly Pro-Life are also deeply religeous. These are the people who DO care about those less fortunate. These are also the people who make up part of the unshakable base of the Republican Party, whom the Repubs just take for granted to be there. They cannot win without them and they are the most likely to buy into "WITT" (we're in this together) principles. I'd love to have a candidate who was Pro-Life and had these items in their agenda. He misses that entirely.

The irony of the ambulance chasing, $800 coifed, Senator John Edwards's cover endorsement for Bernstein's book could only be lost on hard core Liberals. Edward's fortune was amassed through jury awards of lawsuits against doctors. A significant contributing factor to the high cost of health care in the U.S. This sort of screaming hypocrisy confronting the reader before they even open the book does not bode well for Bernstein's arguments or his intellectual honesty.

During an exchange between Stephen Moore, on NPR's Diane Rehm Show, Bernstein managed to contradict himself at the rate of four gaffs an hour. Moore challenged Bernstein about his contention that the slow down in the housing market has effected consumer spending at Home Depot,. When Moore reminded Bernstein that Loews had reported a huge increase in their quarterly statement. Bernstein, not one to acknowledge errors in his data, insisted that Loews must have a shortfall then in their previous quarterly statement. Unfortunately, for Bernstein, Loews previous statement did not indicate under performance.

Of course this sort of intransigent ideology is typical for a senior fellow of the ultra far-left Economic Policy Institute. A "non-profit" organization whose board of directors are predominately labor union officials. I wonder what the board thinks of Senator Edwards ringing endorsement of Bernstein's book. Especially since Edwards represented a right to work state.

Bernstein's attempt to provoke humor with his eidetic acronyms, YOYO's for Conservatives, and WITT's for Liberals, is a perfect example of why Air America went bankrupt. Liberal pundits invariably achieve petty puns when they aspire to pithy persiflage.

If you think personal responsibility and limited government is a good thing then this book will only upset you. I watch him on Kudlow and company debate Steve Moore and lose time and time again, but he seemed like a smart guy. In order to make an argument you must know the other side. I was very upset because although i disagree with everything in this book, there were no statistics to back up any of his points. Very few charts; very few analytical arguments; just a bunch of pandering to the liberal left that wants everything given to them. According to bernstein the government should play an integral part in your life. Privitized social security --- no way --- the gov't can get you a better return --- Universal health care is a must in his eyes---- i was shocked time and time again as i read this ---- I would not buy this if you actually think the money you earn would be better in your pocket instead being blown by our government on useless entitlement programs.

This book is fantastic!

In fact, this is the book that I've wanted to write for some time. Amidst, all the talk about 'framing', poll driven hand-wringing about progressives lacking vision, needing new ideas, etc., etc, this book cuts right to the chase and lays out a straitforward political vision (and by an economist, to boot!). It's well-written (with trademark Bernstein wit), simple and should be read by lots and lots of people. And this is the kind of book you can organize with. I could take this into any environment -- a union hall, church group, legislative session, even business groups -- and find heads nodding.

I'm going to make required reading and plan on distributing to many others.

With “All Together Now,” Jared Bernstein follows in the footsteps of Tom Paine’s “Common Sense.” Before the publication of Paine’s 1776 pamphlet, colonists either could not imagine a government other than monarchy, or considered such thought premature. Within after, the Declaration of Independence was composed and signed. Much as “Common Sense” encouraged people to think creatively about and act on the possibility of liberty and self-government, “All Together Now” does so for social policy. Then monarchy held people’s minds in a straightjacket. In our era it is the extreme version now current of those venerable American ideals, the free market and rugged individualism.

The book begins with a delightful parable illustrating the difference between heaven and hell. They are identical except that in one, everyone looks out only for number one, while in the other, everyone helps one another. This story deftly distinguishes between the prevailing ideology of the last quarter century -- You’re On Your Own or YOYO – and Bernstein’s alternative -- We’re In This Together or WITT. It is also characteristic of the book’s style: minimal reliance on charts and numbers and such things as make my eyes glaze over (thus no need to add MEGO to WITT or YOYO), and maximal reliance on a breezy style that is easy to read, understand and stay with.

At a very abstract level, the difference between the two ideologies, YOYO and WITT, is how much risk should individuals have to shoulder on their own, and how much should we share across all of us. Risk is not used in its every day sense, the chance of a bad thing happening. It is used in its economic sense, the possibility of different things happening, some good, some bad, but where individuals have little control over which one actually does happen. The risks range from natural disasters and medical misfortunes to the vagaries of the business cycle and accidents of birth.

Over the last century, the type of bone-breaking, life threatening poverty still common in much of the world has become vanishingly rare within the developed economies. Consequently, the problems associated with how society responds to risk have moved to the fore. With YOYO, it is every pot on its own bottom. With WITT, many risks are shared to varying degrees by many or all members of society. This risk sharing is part of the glue that binds society together.

YOYO has many problems, the most severe being its strong favoritism toward those with the very deepest pockets at the expense of everyone else. Also mentioned is the increasing degradation of society and deterioration of the economy as those who make up “everyone else” fall farther and farther behind in education, training, skills and wealth.

There are several standard objections to WITT. With an economy that is more and more globalized, and the concomitant rise in competition of firms for markets and countries for investment and employment, society cannot afford a WITT approach. The race to the bottom associated with globalization will cause a WITT society to fall farther and farther behind in the competitive race. Even without globalization, the loss in economic efficiency that WITT entails would eventually lead to declining living standards as society and the economy stagnate.

Before addressing these objections, “All Together Now” first documents how institutions have changed over the last generation so that types of risk that used to be small have grown, and risks that individuals used to share with many others they must now face increasingly on their own or with just their families. The next chapter, chapter two, examines the ideological roots of these developments. The ultimate villain in the piece is the field of economics. Bernstein not only concurs with the following assertion, but also makes a strong case for its accuracy, in this instance at least:

“The ideas of economists and political philosophers, both when they are right and when they are wrong,
are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men,
who believe themselves quite exempt from any intellectual influences, are usually the slaves of some
defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some
academic scribbler of a few years back.” (JMKeynes)

Unfortunately, many of the economists in question are not even yet defunct. Even worse, they are too often wrong. (According to one physicist, long defunct, “Science advances obituary by obituary.” Bernstein is apparently unwilling to wait.) After laying out the economic arguments for YOYO and against WITT, this chapter examines them and finds them wanting.

Chapter 3 lays out an alternative policy agenda, a WITT agenda, and whether it is economically feasible. The bulk of the chapter makes the case that it is, that it will not only not break the bank, but that some parts of it will make the economy more efficient and globally competitive than it currently is. For certain risks, including those associated with retirement, insuring bad outcomes is more efficient when ever larger numbers of people are pooled together than when each individual is treated in isolation from all others. Other risks, including those associated with health and medicine, are more efficiently addressed by a non-profit monopoly than by many, competing, for-profit firms. In each case the arguments in support of these assertions are based not only on logic, but also on experience in the U.S. and other developed countries. The author is careful to say that with one exception, it is not necessary that government’s share of the economy rise in the WITT approach, and provides numerous examples documenting this.


The one exception is health care. This would increase total government spending, but based on many other countries’ experience:

‒ total spending on health care (private + public) would fall

‒ the percentage of people covered would rise

‒ the average quality of health care delivered would rise

‒ average health outcomes (life expectancy, infant mortality, etc.)

‒ the competitive drag of health insurance would be shifted from individual firms to the government (imagine the price of a Ford or GM vehicle without the cost of health-care factored in. WITT may be the latest and last example of “What’s good for General Motors is good for the rest of America.”)

‒ with health insurance not tied to one’s job, people would be willing to take jobs that more closely match their skills and interests, and short term unemployment would not be so disastrous


Chapter 4, humorously titled “How to Talk to a YOYO” deals with the issue of the WITT agenda’s political feasibility. Drawing on polls, recent political developments, and analysis of election results, it presents an argument that a political opening exists to enact the WITT agenda. It exists because the shift of risk from government and large private institutions to families and individuals is pervasive, and has become terribly burdensome to all but the richest among us. To the extent that large private institutions have not succeeded in shifting risk off their shoulders, they are staggering under the burden and slowly sinking beneath the waves. (Why is this? The economy has become much more risky for Americans since the quarter century following WW2, now regarded as some kind of golden era.)

Thomas Paine’s argument that dependence on the monarchy enslaved the colonists, whether they were fisherman or planters, convinced this diverse set of people that they had interests in common. Very quickly they were moved to act. The problems associated with YOYO agenda afflict large numbers of people from all economic classes, and all regions of the country and without consideration of race, creed, religion, gender or sexual orientation. Bernstein believes that these problems can serve the same role as the dependency on the monarch once did. All that is needed is a match to set the tinder on fire.

How will that happen? Since it has not yet occurred in this country, Bernstein cannot say for certain. He points to an example in the UK. He points to leading politicians (John Edwards, Barack Obama and Tom Vilsack) who have been raising just these issues. And, finally, he points to grassroots and student organizations (in particular ACORN and the Roosevelt Institution) that have been pushing parts of the WITT agenda at the local level. It is just a matter of time before common sense prevails.

I enjoyed this book, which is a light easy read which shares the thoughts of the author as he trades ETFs each week for one year. Sadly, his performance for the year shows the weakness in his methods, which he reviews at the end of the book. (Which is good, and well worth studying). I professionally design sector rotation portfolios using ETFs, and will now require many of our staff to read this book so that they understand why we do what we do.

I was disapointed with the book. I was hoping for a varifiable process that I could follow and test. Instead I got guesses as to what happened to a market on each specific day. The usual kind of media invented stuff that you get when the pros can't figure out what really happened with the market. I got through about thirty days of the year and gave up[

Don't expect much from this book except a novices personal experience trying to do weekly trades

Interesting. I heard Bernstein talk at nyc ETF evolution 2007 on International Exposure and emerging markets and bought this book. Mostly a collection of what moved ETFs on a weekly basis in a particularly volatile year. Carbon based economy, geo-political, biotech, those kind of macro analytics. Only a small nod to quants. But with the world outlook as it is, it seems these kinds of issues may be driving things for awhile. I would have liked a lot more focus on the macro analysis than he fit in here, but then it would be an expensive textbook. The breakdown into macro-indicators by week is unique and could be a worthy tool if developed more.

"Sector Trading..." shows how selection of ETF baskets as an investment strategy works both in the short term and long term. By writing specifically and enthusiastically about ETFs, Bernstein throws light onto this newest investment mechanism that is increasingly popular, even among individual investors such as myself. I especially liked the connections made between ETF investing and financial sectors trading and daily news events on the world stage. The charts are also a significant new tool for me to try to use. Bravo.

This book was so boring. Instead of devoting the book entirely to Evil characters and NPCS they give a manual of pre-statted NPC's, and a few feats for vile characters.
Ok, had they made this essentially a monster manual well known D&D villins like Manshoon or Eli Tomerast this book would have rocked so hard.
The villains they offer are very plain, ordinary. They make we want to sleep.

There are, however, excellet rules for the Main villain level in relation to the parties. Rules for minion and lackeys, and different types of villains. This part of the book is the best. Sometimes I get caught up with the same type of villains and I need a little inspiration for something new.

To me, the Wizards of the Coast Dungeons & Dragons supplements fall into one of four classifications:

Core Books which are required for play

Books which are not core, but are so well designed as to be essentially core.

Non-core books which are entirely optional. They may be well designed but are fringe enough that you can get by without them no matter how good they are.

Non-essential books. Look lets face it...WOC puts out a lot of books that are simply too specialized and simply not necessary but they put them out because there are a lot of completists who will buy anything they out.

Exemplars of Evil (Examples of Evil?) falls into the third category. It's well designed and written and there are some great examples of evil villains provided but it's hardly required reading. I think most DMs revel in creating powerful and evil villains for their campaign and like to do them their way. But if one is in a pinch or is struggling to develop their villain, then this can be a useful book. The first 32 pages of the 160 page book contain the guidelines and concepts for creating truly rich and memorable villains.

The villains can be one of several archetypes (think framework or foundation). These can be the thoroughly wicked Disturbing Villain; the Faceless Villain who is hidden and yet everywhere at once; The Rival who is tied to a particular player character, ala The Joker tied to Batman (although I supposed the Joker could easily fit into the Disturbed Villain as well). These are just a few of the archetypes with which you can begin to construct your arch-baddie.

Once you've established your archetype foundation you need to figure out your villain's motivations. Does he seek wealth? Power? Immortality? Is he/she motivated by vengeance? Guilt? Madness? In other words, what makes him tick? You'll need to construct his personality and his psyche. Is your villain a megalomaniacal Nihilist? Is he vindictive or cruel? All of these traits or ones you might devise yourself go into the design of your villain. Various new feats and spells, specifically designed for villains are included to add even great depth to their character.

Now, the remainder of the book features eight different, and fully fleshed out examples of villains. These can be used solely as examples to show the DM how to go about creating a villain, or, they can be dragged and dropped right into a campaign because not only do you get a ready-to-play character, you also get a mini-adventure with a fully-mapped lair and encounters. The book even provides instruction on using these villains with either the Forgotten Realms or Eberron settings. My favorite example was Valbryn Morlydd, The Queen of the Fire Giants. This was interesting because you don't see a lot of great female villains in D&D. Her mountain stronghold, Gilgirn, is surrounded by a mote of molten lava. It's a nice, high-level adventure.

These examples are very well done and if one are going to use them directly in their own campaigns then you can get a lot out of the book. If you're comfortable with your own villain design then the book is probably not for you although it still may provide some interesting ideas.

I'm not sure what I was expecting here, but this book wasn't really it.

Chapter One provides 32 pages of rules and guidelines for creating villains, including villanous archetypes, plots, and schemes. It also provides the obligatory score of new feats (such as Evil Brand, which provides bonuses to negotiations with evil creatures, or Mask of Gentility, which makes it harder for the PCs to read the villain's true intent) and some new spells (such as Alibi, which plants a false memory of the villain, or Friendly Fire, which lets the caster redirect an incoming ranged attack). There were some interesting tidbits in this section, but nothing that really triggered an "Aha!" moment. I felt that a lot of this material was just filling out an outline, but that it wasn't given enough space or detail to fully develop.

The remaining eight chapters detail specific villains, complete with encounter locations, henchmen, allies, and so forth. If you've picked up any of the recent modules, you'll be familiar with the general format. There are brief descriptions (on the order of a few paragraphs) as to how to set each the villain into Eberron or Faerun. Some of the villains are interesting enough, though I think it would be a big stretch to see a given DM use even two of them, much less all of them. (And, after having read about Obould Many-Arrows in the the Hunter's Blades books, do I really need another smarter-than-your-average orc orc leader aspiring to create an empire?) I do see some value for new DMs just to see examples of fleshed-out bosses, just to demonstrate the concepts set out in the first chapter, but I doubt that an experienced DM is going to get a lot out of this book.

I think this was a surprisingly good book as I expected something much less interesting/creative. While I agree that new and/or limited-time-available DMs will get the most out of this book. I believe it has some very interesting ideas. I particularly like the villains that could tie into the upcoming Elder Evils book but even the others had interesting motivations such as the schizophrenic "drow" or the githyanki revolutionary.

Many villains in here are well detailed in terms of motivations such that I can see them becoming recurring villains that the PCs will be excited to not just fight but also learn the stories behind these fleshed out NPCs.

It's not the greatest D&D book ever made, but I think those who would find created villains useful will be happy with the purchase.

When i first heard about this product i was really looking forward to delving in and finding more out about some of the classic villains in dnd that i have never had a chance to really run a campaign with. However, upon purchasing this book i was surprised to find all original content without (strahd, lich queen. etc...). This was disappointing but since i already own the return to castle ravenloft and am hoping to end up with all of the redone classic return to... books it was not a product killer for me. There are 8 ready to run supervillians in this book that can be dropped into almost any campaign. Each one has a stronghold and various allies and minions. Overall this book should save me some time as i am usually too strapped to design all of my villains like i used to do. At the very least this might actually allow me to play a bit more often than i do and give the next campaign i run a villain worthy of a party of heroes. Anyway, i recommend the product for dms who are strapped with time or for any dm that needs a little creative kick in the behind. Its not a perfect book but it is a good one. However, pick it up used or at a discount price...like most wotc books its normal price tag of 29.95 is not worth it. I luckily was able to pick it up fairly cheap used.

Detailed, comprehensive review of basic and more advanced topics in accounting and finance. Best suited for graduate level studies, and for students completed the beginner-level classes in financial accounting.
This book is not self-explanatory and induces students to think analytically. It is not aimed at those who simply want to know, but those who try to understand, those who try to get to the root of the issues.
If you don't mind to read the same chapter a few times, and willing to spend long hours working on problems you will find this book very rewarding. It will not only provide you with current developments in accounting, but it will teach you to think like financial analyst.
I won't recommend using this book without an instructor, or at very least a solution's manual.

a good book...not for beginners...requires good fundamental understanding and appreciation of corporate finance.
Positives - good explanations of concepts; detailed examples; very good presentation
Deltas - cost;

Detailed, comprehensive review of basic and more advanced topics in accounting and financial analysis. Best suited for graduate level studies, and for students completed the beginner-level classes in financial accounting.
This book is not self-explanatory and induces students to think analytically. It is not aimed at those who simply want to know, but those who try to understand, those who try to get to the root of the issues.
If you don't mind to read the same chapter a few times, and willing to spend long hours working on problems you will find this book very rewarding. It will not only provide you with current developments in accounting, but it will teach you to think like a financial analyst.
I won't recommend using this book without an instructor, or at very least a solution's manual.

In my opinion this book does not provide any guidance or comprehension for the student. it is not easy to understand the complicated equations - most of which do not apply to companies in the Gulf. the chapters are long and useless in the course of understand the topics. the problems and exercises are comprehensive but there are no answers at the end of the book to guide the student to the right answer. Due to the fact that the professor doesn't find the book comprehendible he just read the slides to us and left our questions unattended. In conclusion, this book is worthless to any business student and doesn't even deserve a one-star rating.

This book is exactly what it is titled. It is written for the equity analyst, to educate on how to analyze sophisticated financial statements. It is not written for an average investor or anyone not in this line of work. It is a textbook, not a paperback "how to invest" publication. Students with minimal accounting and finance experience should stay away. If, however, you are a finance professional looking to improve your ability to interpret (not create) financial statements, this book is the best available that I have seen. It segregates analysis into areas such as short-term liquidity, cash flow (using FAS 95), capital structure, return on investment, asset utilization, operating performance, etc., -and- how to meld these areas of analysis to uncover strengths and red flags. Again, this book is not for amateurs or even accountants. It is for current or aspiring professional analysts.