Showing posts with label wall street. Show all posts
Showing posts with label wall street. Show all posts

The Bottom of the Sky Review

The Bottom of the Sky
Average Reviews:

(More customer reviews)
Are you looking to buy The Bottom of the Sky? Here is the right place to find the great deals. we can offer discounts of up to 90% on The Bottom of the Sky. Check out the link below:

>> Click Here to See Compare Prices and Get the Best Offers

The Bottom of the Sky Review"You think a family means more than people in it? If one might kill the other one, which one would you save, Geno?"
William Pack's novel, "The Bottom of the Sky" poses this question early on... ...and answers it in such a way--two ways, actually--that I am lost for the proper word. Brilliant? No. That's on the dust cover. `page turner?' No, that's on the dust cover too. Timely? Well, yeah, but that's on the dust cover. Powerful? Poignant? Naw. People in the know already said that and were stunned.
Stunned. That's it. That's me at the end.
Stunned. Stunning. Stunning. The thesaurus has no suitable synonym for that.
I lost count of the places I wanted to savor again. On page 314, nearly two thirds of the way through, I started taking notes: "... his guts were processing a ball of nails."
You don't get this kind of writing just anywhere; hardly ever in a debut novel.
Page 320: "...I lose this, I become them." Levi's struggle in six words. Page 346: "I don't want my world to contract until I'm all that counts to me." His fear. He was on the way, too. Almost becoming all that counts to himself--much, much earlier, in the parts before I started taking notes.
In chapter 41, I wanted to jump through the book so I could personally strangle Dierdre, whom I started thinking of as `Devildre' because she was so... so... evil.
So read the book. You're a fool if you don't.
You'll be a fool not because you'll miss the word-choices, the rich, rich language few novelists dream of on their best day, even if they have a superb editor like Pack does. Not because you won't find your guts processing nails. Not because you won't confront yourself where you don't want to go in the darkest region of your fear. Or your hopes either, for that matter. And by the way, not because you won't find out what's really, really important in life: It's not the corner office.
Read this book for the education you'll get while you're doing all that.
You'll learn what caused the sub-prime mortgage crisis. Sound familiar? Recent? I never really understood it until I read "The Bottom of the Sky." William Pack explains it all in terms that will make you seethe even if you think 'sub-prime' is some kind of meat.
Bernie Madoff-like shenanigans on Wall Street: You'll come to understand the culture that makes such things possible in the financial world. The culprits are all here, in "The Bottom of the Sky."
"The Bottom of The Sky" sort of begins and ends in Two Dot, Montana. It's a real place. I've been there. It has a bank, and a hardware store, both vacant, both ghosts of something that never should have been. And a few die-hard residents who don't realize that the whole damn town is a ghost. Two Dot, Montana. Look it up on Yahoo Maps or Google Earth. It's a real place, all right. Real close to the Crazy Mountains--the bottom of the sky.
Young Levi grows up in Roundup, Montana, which is just down the road a piece from Two Dot. His mother collects dryer lint. If you don't shed a tear when you find out what she does with it, you have no heart. Don't hold your breath. You won't find out until the end, nearly.
Levi's the sort of kid who visualizes answers to complex mathematical problems without working it out on paper. As a young man he takes this prodigy--and a wife--with him to the financial world where he works his way up in the mythical firm of Bookman Stuart Securities on the sheer strength of his intellect. Those closest to Levi love him for his honesty and integrity, but some of his Ivy League coworker-superiors-competitors hate his success even though it's making them rich too. Some of them want to stab him in the back for it and take it all for themselves.
Levi brings common sense and honor to his job, but he pays a heavy price. You'll have to read the book to find out just how heavy it really is.
If you do read it, you'll be rewarded by a new understanding of human nature, of human greed, of human love. On top of all that you'll understand what's going on in the financial world at this very moment in time. You'll get an education on that.
William Pack should know. He was there. In Two Dot, and on Wall Street.
"Kill the firm, save the planet." That's one of the answers. There's another. Maybe you'll find a superlative for 'stunning' and write your own review.
Get this book and read it. Then wait until William Pack comes up with another. It will be a blockbuster, because everyone will know him by then.
The Bottom of the Sky Overview

Want to learn more information about The Bottom of the Sky?

>> Click Here to See All Customer Reviews & Ratings Now
Read More...

The Complete Guide to Capital Markets for Quantitative Professionals (McGraw-Hill Library of Investment and Finance) Review

The Complete Guide to Capital Markets for Quantitative Professionals (McGraw-Hill Library of Investment and Finance)
Average Reviews:

(More customer reviews)
Are you looking to buy The Complete Guide to Capital Markets for Quantitative Professionals (McGraw-Hill Library of Investment and Finance)? Here is the right place to find the great deals. we can offer discounts of up to 90% on The Complete Guide to Capital Markets for Quantitative Professionals (McGraw-Hill Library of Investment and Finance). Check out the link below:

>> Click Here to See Compare Prices and Get the Best Offers

The Complete Guide to Capital Markets for Quantitative Professionals (McGraw-Hill Library of Investment and Finance) ReviewIt is crucial to the success of a technologist on Wall Street to have a fluent understanding of the traders they support: More focused feature sets are developed, faster communication with traders (they have about a 2-second attention span) and correct assumptions are made.
Unfortunately, working in technology tends to isolate oneself from the trading floor. This is not necessary. Although, there are plenty of classics out there (read Fabozzi), they don't target the technologist who hasn't grown up on the trading floor. They still don't answer the questions, "Why would you do that", "What's the purpose", "What's driving everything"
This book turns the whole model upside down. The author goes into a very detailed and interesting history of the markets first. Then goes into the main areas any financial group handles: Treasuries, Futures, Interest Rate, Agencies, Options, Corporates (We won't mention mortgage).
After reading just the Treasuries and Futures section, I IMMEDIATELY saw a difference in my ability to communicate with the desk. I was able to suggest alternative approaches concerning enhancements and features, understand when problems arose, plus I actually understood EVERYTHING the trader said.
If you work in technology, be it QA, Software Development or even technology management, this is a must read.
Best of all, it's a great read. I found myself looking forward to reading the book every single day.
EnjoyThe Complete Guide to Capital Markets for Quantitative Professionals (McGraw-Hill Library of Investment and Finance) Overview

Want to learn more information about The Complete Guide to Capital Markets for Quantitative Professionals (McGraw-Hill Library of Investment and Finance)?

>> Click Here to See All Customer Reviews & Ratings Now
Read More...

Suits: A Woman on Wall Street Review

Suits: A Woman on Wall Street
Average Reviews:

(More customer reviews)
Are you looking to buy Suits: A Woman on Wall Street? Here is the right place to find the great deals. we can offer discounts of up to 90% on Suits: A Woman on Wall Street. Check out the link below:

>> Click Here to See Compare Prices and Get the Best Offers

Suits: A Woman on Wall Street Review...a book that really "gets it". The answer to all of those b-school man-thrillers. This is the pioneering book that I've been seeking for over a decade-- that tells it like it really is for women trying to make an impact and yet maintain their sanity and femininity, too. Godiwalla's voice is clear, authentic and strong. And very necessary. A must-read on every business leader's bookshelf.Suits: A Woman on Wall Street Overview

Want to learn more information about Suits: A Woman on Wall Street?

>> Click Here to See All Customer Reviews & Ratings Now
Read More...

Investment Titans: Investment Insights from the Minds that Move Wall Street Review

Investment Titans: Investment Insights from the Minds that Move Wall Street
Average Reviews:

(More customer reviews)
Are you looking to buy Investment Titans: Investment Insights from the Minds that Move Wall Street? Here is the right place to find the great deals. we can offer discounts of up to 90% on Investment Titans: Investment Insights from the Minds that Move Wall Street. Check out the link below:

>> Click Here to See Compare Prices and Get the Best Offers

Investment Titans: Investment Insights from the Minds that Move Wall Street ReviewThis book is the nonmath, condensed books version of much of the financial theory written by academics about stock investing, plus some perspectives by outstanding practitioners. If you can understand the math, you will learn a lot more by reading the original works. If you cannot, these side-by-side comparisons are not examined in enough depth to help you understand who's right and who's out of date. The book is well written though, for what it is. The book's concept is simply mistargeted from what investors need to know.
Of the thinkers who were interviewed for this book, the most useful information comes from John Bogle, Gary Brinson, Richard Thaler, Joseph Lakonishok, and Jeremy Siegel. You can read any of several books by John Bogle that are more helpful than this book, such as Bogle on Mutual Funds or Common Sense about Mutual Funds. Jeremy Siegel's Stocks for the Long Run is a classic that anyone can learn from. The Lakonishok studies suggest lots of inefficiency in the markets that Brinson talks about. Thaler's work is cutting edge in helping people understand the systematic tendency for professional and amateur investors to make mistakes.
If you ignore the Markowitz, Samuelson, Bernstein, and Sharpe material in the book, you will have missed relatively little.
Modern financial practice has moved well beyond the original academic perspectives built around the theoretical assumption of a perfectly informed and rational market composed of identically-minded investors. Those useful research-based distinctions are not made here.
If you want to understand what you should be doing as an investor, I would suggest looking elsewhere. Depending on your goals and circumstances, different paths may make sense for you. If you are between 46 and 56, I suggest that you start with Charles Schwab's new book, You're 50 -- Now What?
Of the key lessons in the book, you should pay most attention to the advice to diversify, hold as much in common stocks as your risk profile allows you to do, stay invested all the time, keep costs down (taxes, fees, and trading charges), focus on indexes of sectors that have historically outperformed (such as small cap, value stocks), start investing as soon as you can, add to your investments as much as possible, and . . . leave well enough alone (forget about chasing the latest hot stock or manager to try to beat the averages -- past performance is not an indicator of what will come next).
If you do decide to read this book, check your behavior against the principles I have just listed above. Most people violate these concepts, and have missed the chance to make more money.
May you achieve all of your financial goals!Investment Titans: Investment Insights from the Minds that Move Wall Street Overview

Want to learn more information about Investment Titans: Investment Insights from the Minds that Move Wall Street?

>> Click Here to See All Customer Reviews & Ratings Now
Read More...

The Business of Investment Banking: A Comprehensive Overview Review

The Business of Investment Banking: A Comprehensive Overview
Average Reviews:

(More customer reviews)
Are you looking to buy The Business of Investment Banking: A Comprehensive Overview? Here is the right place to find the great deals. we can offer discounts of up to 90% on The Business of Investment Banking: A Comprehensive Overview. Check out the link below:

>> Click Here to See Compare Prices and Get the Best Offers

The Business of Investment Banking: A Comprehensive Overview ReviewThis is an excellent book for anyone wondering what Investment Banking is all about, but who doesn't want to learn how to price a company. It describes in sufficient detail, for the reader to understand, the concepts underlying Investment Banking and what they really do in the Investment Banking world as well as explaining in easy (relatively) terms the jargon that is used in the business.
If you want the theoretical underpinnings of the financial world, this book is not for you. If, on the other hand, you're an aspiring Investment Banker that wants to know what it is all abour or if you're just curious about what the Investment Banking business is about: buy this book as a primer/introduction and if you find it interesting, search for a more theoretical book.The Business of Investment Banking: A Comprehensive Overview Overview

Want to learn more information about The Business of Investment Banking: A Comprehensive Overview?

>> Click Here to See All Customer Reviews & Ratings Now
Read More...

Best Practices for Equity Research Analysts: Essentials for Buy-Side and Sell-Side Analysts Review

Best Practices for Equity Research Analysts:  Essentials for Buy-Side and Sell-Side Analysts
Average Reviews:

(More customer reviews)
Are you looking to buy Best Practices for Equity Research Analysts: Essentials for Buy-Side and Sell-Side Analysts? Here is the right place to find the great deals. we can offer discounts of up to 90% on Best Practices for Equity Research Analysts: Essentials for Buy-Side and Sell-Side Analysts. Check out the link below:

>> Click Here to See Compare Prices and Get the Best Offers

Best Practices for Equity Research Analysts: Essentials for Buy-Side and Sell-Side Analysts ReviewMy friend Tom Brakke, liked this book and said I would too. He was right, and soon afterward, I heard the author speak at the Baltimore CFA Society. Hearing James Valentine speak is an advantage here. He summarized what is most important, which if you are reading the book, it would be chapter 20 (out of 27). It is his FaVeS framework: Forecast, Valuation, and Sentiment, in that order of importance. Remember that as a key to the book if you read it; it tells you what to focus on as an analyst.
Another key, since the book is long, is to look at the shaded summaries which are usually at the back of each chapter. If stretched for time, read those first, and then read the chapter if you didn't get it.
This book aims to focus analysts on information that matters. Aim for information that makes a difference, and that few others have. Create an information web that maximizes the value of your time, and creates value for your research.
This book covers both the buy-side and the sell-side, telling each how to best use the other side. As a former buy-side analyst, to me it means fewer analyses, and better analyses. Aside from that, it is a game: buy-side: identify the better sell-side analysts and listen to them. Sell-side: identify clients that will generate commissions and market their best insights to them.
Regardless, analysts must identify the few factors that account for 80% of the performance in a given industry, and focus on those intensely. It helps to get into the industry organizations, which can help drive insight into the industry as a whole, and provide a backdrop for questions to ask when talking with executives in the industry.
Learning this will give an analyst a leg up on other analysts. Analysts should also understand the basic accounting structures of their industry so that they can identify companies that are not playing fair -- over-reporting income. I would add don't get negative too quickly. Frauds can develop a momentum of their own. Wait until the fraud gets large relative to the size of the industry before issuing a sell call -- wait for price momentum to go to zero. (Note: for investigative journalists, this does not apply. Jump on early, so that you can say that you warned everyone.)
Basic forensic accounting skills help, as do modeling skills, and basic statistical skills. I was surprised to learn a bunch of Excel shortcuts that I haven't seen elsewhere, and I have used Excel for nineteen years at a high level. The summary of accounting deviations is cogent, as well as pointing readers to Mulford and Schilit.
One idea that I heartily agree with: set up your spreadsheets to differentiate data and formulas. Cells with data series should only contain data. Formulas should have no numbers in them, unless they are trivial. This makes analysis a lot easier and cleaner in the long run.
The book also brings out the need to consider multiple scenarios, which help an analyst to flesh out his analysis. Being willing to consider what can go wrong, or right, richens an analysis. Also, the book warns against common pathologies that overcome analysts, notably -- Confirmation bias, overconfidence, Self-Attribution-bias, Optimism, Recency, Momentum, Heuristics, Familiarity, Snakebite (won't go back to one that hurt you), Falling in love, anxiety, over-reaction, loss-aversion, etc. I have experienced a few of those myself, and would have benefited from thinking these through before becoming an analyst.
Quibbles
I would warn any analyst trying to use simple or multiple regression that they are playing with fire, unless they understand the weaknesses of the data, and the limitations of the general linear model. In twelve-plus years working on Wall Street, I never saw regression used right once.
The author seems to favor DCF over multiples. Truth, neither works well, and one must live with the weaknesses of any approach. DCF embeds a lot of assumptions that are known, though some may be wrong -- multiples embed unknown assumptions.
The author does not like price-to-sales. For industrials and utilities I would say look at a chart of price versus price-to-sales. In most cases, they track, because sales don't vary that much in the short run. If you know the high and low P/S ratios for companies in an industry (P/B for financials) you have valuable information. It gives you boundaries to look at in buy and sell decisions.
I would also warn analysts against using Damodaran and those like him. I don't think his models are wrong so much as impractical. I would rather use a simple model that catches 80-90% of the action, versus one that catches 100% of the action, bet cannot practically be calculated.
Who would benefit from this book:
All equity analysts would benefit from this book. It is detailed, and yet practical. Some of our competitors will benefit from it, and if you don't read it, you will wonder why.Best Practices for Equity Research Analysts: Essentials for Buy-Side and Sell-Side Analysts Overview

Want to learn more information about Best Practices for Equity Research Analysts: Essentials for Buy-Side and Sell-Side Analysts?

>> Click Here to See All Customer Reviews & Ratings Now
Read More...