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Wow, the author needed 832 pages to say the same thing over and over again. Although I didn't find it as boring as the other reviewers, I still did not like it. I didn't really learn anything past the first couple of chapters.

There are much better books out there on this subject, so if you don't really need it for a class, go and buy something else. Especially if you're comfortable with auditing.

Definitely agree with other people here, this book is extremely boring. I bought it for one of my classes, the class was OK though.

There are so many more physically painful things I'd rather do than read this book. AIS is naturally boring...that's a given, but it takes it to a whole new level of boring. It could give you the no-nonsense technical and professional information, but it goes on and on where no comment is necessary. Sometimes saying things that a first grader would know. Don't buy this book if you can avoid it, and if you're a professor...please don't subject your students to this.

Boring book, you will always look to see how many pages are left before you complete the chapter. If you ask me with 100% hands down certainty the guys who wrote this book haven't been laid in over 6 yrs

Is this the world's most boring book ? Technically competent but painfully dry. A gift too insomniacs. Good luck on getting past page 1 !

This book is easy to read and covers a lot of different topics with ideas that can be put to practical use. I am on my second read and this book has motivated me to up my percentage going in to my 401k. So although there's not too much that I wasn't already aware of after reading this book, I feel that reinforcing principles is a good thing and if a book can motivate me enough to take positive action with my financial situation, then it's a book that is well worth reading!!!

The shelves are full of books on personal finance and retirement. Many cover a familiar list of sound principles: Save, get out of debt, pay down your mortgage, add to your retirement investments and live fully. However, getAbstract finds that David Bach's books are effective in their own distinctive way because of his emphasis on quality of life and simplicity (like using automatic deductions to meet your fiscal goals). Bach's bestsellers have developed a wide following. If he is your preferred financial guru, you will enjoy this guide to a better fiscal future.

This book has help me in many a different way. I am glad to have found this book in my late twenties. All I want to say is thank you for a wonderful book.

Hello everyone, first off i have read David's "Automatic Millionaire" and if you want a good book to get you hyped about investing I would read that one first. I just started reading this one and it has some of the same principles except it's guided to accelerating the investing process incase you started investing later on in your life. My personal recommendation is if your kind of interested in investing or you're looking to know the big picture of the different types of investing then David Bach's books are a solid choice for easy reading and comprehension.

David Bach is one of the more successful personal finance gurus who pumps out shelves of books, sells seats at seminars, and so on. He is a brand as much as he is an author. This book focuses on the financial requirements of those who realize they need to get ready for retirement, but they let the clock get too far ahead of them. They are like a batter who falls behind the pitcher, 0-2 and still want to get on base. This book provides a practical and good natured guide and how you can get to retirement somehow, someway, if you are willing to do what is necessary.

Bach presents his material in 23 chapters divided into five parts. He is very clear that Living Rich is more about quality of life than just having more money that you have to be miserable to acquire and never get to use in ways that have any personal meaning for you.

Part One focuses on why you need to start now and why freedom is more important than mere money. Part Two talks about how you can spend less. You know you have to, so why not give you your daily $5 latte and brew your own cup of Joe? He also provides a good system for paying off your credit cards and how to negotiate with your bank and credit card company to lower interest rates and penalties. He also provides sound warnings about those credit counseling companies. Basically, stay away from them. He does provide info on good financial counseling resources and how you can check on them.

Now that you have stopped the bleeding you can go on to Part Three and learn ways to Save More. Bach provides good methods to help you pay yourself first by automatically saving and explains why boring investments are much better than exciting ones when it comes to your financial future. Still, you ability to save is limited by your income, so Part Four helps you focus on a number of ways to make more at your job, at part time opportunities or side businesses that allow you to keep your job, but provide valuable supplementary income.

Part Five is about your quality of life and why your money is really about serving this purpose. Bach also explains why giving and blessing the lives of others is a great way to enhance the quality of your own life.

Reviewed by Craig Matteson, Ann Arbor, MI

The book is very good and gives a lot of ideas to improve our lives and our planet in the process.

This book lists 50 ways you can make your life greener. Readers who are already convinced of the need to act ecologically will be its best audience. The ideas are useful, if not deeply innovative. Most of them will indeed help the environment and save you money. And that's a good thing. However, author David Bach (writing with Hillary Rosner) uses many semi-statistical claims without giving enough data or context to lend meaning to his numbers, though they may still encourage true environmental action believers. Some of the book's statistical conclusions are based on fairly unrealistic extrapolations of averages. For example, saying that the average family works two to four months out of the year to drive, insure, fuel and maintain its cars does not seem to capture the fiscal realities and practical options truly available to such families. Bach's real message, of course, is to drive thoughtfully, save money and go easy on the planet, so getAbstract suggests focusing on the good to be done, and being a little forgiving about the math.

Easy and quick to read. Simple to follow. Read a page or two a day and implement these ideas. I have shared this book with others and they have appreciated it as well. This book has many wonderful ideas on how to help our amazing planet and this is something we all need to do NOW. Let's Save Our Earth!

Many tips fall under the category of obvious, such as maintaining your home and automobile to save money and resources. This wouldn't be too bad on its own, but many of the extreme green tips are questionable in practicality or point. For example, Bach suggests taking your home off the grid by going completely solar without any mention of what to do at night when the sun doesn't shine. The silliest suggestion is using recycled toilet paper instead of the soft stuff made from "virgin fiber" that comes from "old growth trees, and entire forests of them are clear-cut in order to produce it". This forty year old argument is just plain wrong considering that the forest community plants over 1.5 billion trees a year in the US and forests are growing at rate faster than they are harvested according to [...]. Overall the book is disappointing compared to Bach's previous works. I was really hoping for some innovative, practical, and well researched ideas. It seemed like if an organization said something was green then it made it in the book regardless of what more thorough research might have said.

In an entertaining way, David Bach gets listeners thinking green and making choices that are good for their wallets and the planet. While everyone knows about hybrid cars, most people don't realize that your home contributes more greenhouse gases, and Bach will show you tons of ways to make your home more energy efficient and less wasteful. You will be horrified by his statistics on the amount of waste generated by something as small as buying a cup of coffee to-go. His statistics are quite interesting even for those who already feel they make green choices. Who knew that plasma TVs use twice as much electricity? I was especially pleased to see that Bach had a lengthy section on biodiesel. With so many green ideas offered, any listener will find something in this book that they can incorporate into their lives.

This is a very successful non-fiction book in audio format. Each chapter is broken down into separate tracks titled 1a, 1b, 1c so the information is easily referenced. Bach details the environmental problem, then discusses how consumers can solve the problem, and follows up with "go green action steps". Listeners will want to go back and reference the action steps and this is easily done since they are on separate tracks. Go Green, Live Rich is a non fiction book that is as easily used in audio format as in the print edition. This is an excellent production and worthwhile material.

After reading Rich Dad Poor Dad, I bought this for my 12 year old nephew who is a real "idea man". Before giving it to him, I read it and gave it to my 17 year old nephew to read. It's essentially like re-reading Rich Dad Poor Dad, but it stops periodically to ask questions of the reader, and my 17 year old nephew really thought about what was being asked.

Rich Dad Poor Dad for Teens gets the reader thinking about himself/herself, where they "fit", what special gifts or talents they may have, and what they might need to improve on. Anyone with teenagers knows kids are all about themselves at this age, so this approach really seemed to strike a chord. The kids could relate.

This is an excellent place for kids to start, but keep in mind that after the book has been read through, that's all you've done - start. You've peaked their interest. Without some sort of follow through and guidance, kids probably won't know where to go from here.

If you want to introduce your teens to some of the inspirational ideas in Rich Dad Poor Dad, if you want to get them thinking about who they are, what there strengths are and get them started thinking about money, assets vs liabilities, saving vs investing, etc., this is a great place to start.

Bought this as a followup for my daughter after letting her read "Rich Dad Poor Dad." She is highly-motivated to save and invest. We try really hard to teach our kids about not getting sucked in to all the "stuff." This gives some good reasons in black and white(that aren't coming from mom and dad) to do so, and how it can really pay off in the future.

I'm 16 and I've read many books about finance and investing including Rich Dad Poor Dad but this book is just to simple it's just a cut down version from the original book if you want to read a Kiyosaki book just get Rich Dad Poor Dad

I really enjoyed Rich Dad, Poor Dad (the original) and since I'm 17, I thought I'd read this book because it might be easier to understand and more applicable to me. It is that and really got me started thinking about my financial future etc... But most of his insight I had already read in Rich Dad, Poor Dad, but if you're a teen or pre-teen this is a good book to read if you want to get ideas on what you can do now to get a head start. The information is a little simplistic and vague, however, and I am now going to start reading Robert Kiyosaki's other books for adults. Most of the stuff he covered in this book I already knew or heard before to some extent, so no new info here, but it is a great read for teens that don't think about financial matters AT ALL, or for kids. If anything, it'll get you thinking. Great book! I recommend using a notebook to take notes during your reading of the book; it really helps!

The "Rich Dad, Poor Dad" series has been enormously popular on the lecture circuit and in book stores. Authors Robert Kiyosaki and Sharon Lechter have distilled a fair amount of useful financial advice using the medium of Kiyosaki's autobiographical remembrances of the lessons his two 'Dads' taught him. In brief, one father (his biological father) is a teacher who stresses education and finding a 'good' job, while his other father (actually the father of his best friend Michael) taught him how to manage money, seize opportunities, and build financial independence. Like many other self help financial books, this series has a good mix of practical advice and a fair amount of platitudes designed to give readers confidence in themselves so they will take some risks in the pursuit of their dreams.

I was expecting a slightly easier to read version of the same message from this book. My wife asked that I skim it to see if it was appropriate for her grandchild. I was pleasantly surprised, however, to find that this book was not just a easier to read version of the original 'Rich Dad, Poor Dad.' Instead, Kiyosaki and Lechter have moved beyond the usual boundaries of the financial self help guide to discuss multiple intelligences and (surprise) the value of education in all its forms. Of course, the best of the advice found in 'Rich Dad, Poor Dad' is repeated here as well. You should buy assets, not liabilities. Debt is a tool for developing assets, not means to purchase the latest gizmo that you absolutely have to have right now. But the authors also talk extensively about Gardner's theory of Multiple Intelligences. They correctly recognize that kids (indeed, all of us) have certain innate intelligences not all of which are developed in a traditional classroom setting. They encourage young people to develop and use their own talents and gifts in pursuit of a financial education. They rightly remind their readers that all of them are born geniuses.

In conclusion I liked this book considerably more than the original volume of the 'Rich Dad, Poor Dad' series. In that volume, Kiyosaki concluded that he learned from both of his Dads, but the Rich Dad gets a far more positive portrayal. The teacher father comes up short in many ways. But in this book, education is correctly seen as one form of wealth. It is not the only form, despite what many of my colleagues in the teaching profession might say. But it is one form. A life with great books and music is also wealth. And so is financial independence. Indeed, without the latter, it is difficult to appreciate the former. And I think the authors give both forms of wealth their due in this book. That is a good message for teens to read.

As a professional in the ETF business I highly recommend this book. After I read this book I gave it to my son as he recently graduated college and is planning a career on Wall Street-- It's that kind of book. Steven is well connected in the Hedge Fund world and this book is a testament to that. If you buy it to just read Jim Rogers section - your money will be well spent.

Drobny provides a broad overview of global macro investing through these diverse interviews of participants. Their diverse time frames (daily trades versus multi-year, and everything inbetween) instruments (equities, debt, currencies, domestic, international) and employers (banks, hedge funds, family home offices) demonstrate the breadth that is global macro. The book provides a great introduction to "What is this fuss about global macro investing all about?" as well as various insights into "How's it changing?" and "Is it getting too crowded?"

The market insights are particularly relevant as many of the investors foresaw the 2007 market challenges. The Jim Rogers interview is especially relevant, given his recent resurgence.

Definitely a great overview. Enjoy!

I am the trader who is managing EZ Stock Options . com. I have been researching, developing, backtesting, and improving winning trading strategies for the past 7 years. This book has no useful information for investors. It is just talking about how in general (no details at all about strategies) he has made money for Yale University by managing their fund. Don't waste your money and more importantly your time on this book.

Judging by the reviews here, you would think that you are buying the next great book in the mould of the 'Market Wizards' series by Jack Schwager. But, trust me, you will be sorely disappointed.

Drobny is a good writer and does ask some good questions of his subjects. But this is definitely NOT a collection of 'top hedge fund managers' or a collection of some of the 'greatest minds in global macro investing'. In fact some, like Andreas Drobny and Sushil Wadhwani are not even hedge managers. They are just academics and central bankers, in the author's own words.

Read it if you have been through most of the other good books out there and there are no other choices. The interviews with Jim Rogers (as always), Jim Leitner and Scott Bessent are entertaining. But there is nothing exceptional or eye-opening about any of these interviews. There is no shortage of hedge fund superstars in London or New York, so it would have been nice if Drobny had gotten access to some of them.

In short, there is more hype than warranted with this book. Get it from a library if you can!

MY RATING SYSTEM:

* - if you have to chose between torture and reading this book, then you might want to consider reading the book - although it depends on just how severe the torture would be.

** - if you've lost your job and have quite a bit of free time on your hands, and don't have anything else better to do, then you might want to consider reading this book; don't expect to learn much or really be entertained. It will however, help you pass the time until your death.

*** - meh...I'm indifferent. Reading this book will not alter your life in any significant way, yet it is not so horrendously dreadful that your taking the time to read it will be a complete waste of time.

**** - Good book to great book zone here. You should probably read this book if you have some spare time. This book could be interesting, entertaining, or informative.

***** - Outstanding book! Make time to read this book - you'll learn or be entertained or intrigued. The book might even be good enough to provide original or helpful insights into the world that we live in.

REVIEW:

Overall, while I found Inside the House of Money to be, at times, an interesting and engaging read, I did find that my perception of the value or interest of each of the interviews varied greatly throughout the book. I have not read the Market Wizards series or any of the other trader interview books that some other reviewers have mentioned as being superior to this book, so I can't really compare.

For me, the highlight of the book was quite likely the interview with Jim Leitner, with the interviews with Jim Rogers, Dwight Anderson and Scott Bessent also catching my interest. These interviews seemed to be more transparent in their discussions, more accessible, and more thought provoking than some of the others.

Generally, each of the interviews tends to hit on a few main areas: (a) how their careers developed and how they got into the industry; (b) that their main strategy is and some examples of good and bad trades they made; (c) some discussion of how they obtain/analyze information; (d) risk management/portfolio construction; (e) general views on the markets and areas they like/don't like; and (f) their thoughts on global macro as a strategy. There are a variety of different perspectives presented throughout the book, and while a couple of the interviews contained some basic technical finance lingo, most of the interviews should be easily understandable by readers with an understanding of economics and financial markets. Where is jargon, the author does a good job on including explanation boxes that clarify key terms and events to provide the reader with some background that helps clarify or put the interviewee's comments in context.

One of the interesting things that I picked up throughout the book is that there are a variety of different styles and techniques that are employed by these traders, and all are able to employ them in a way that achieves success. For example, some of the traders get research from investment banking research and sales groups while others avoid it. Some traders like to take vacations to clear their heads, others don't. Some traders find it valuable to visit the markets they are considering investing in, others find that doing so might make you more subject to making decisions based on anecdotal evidence.

I also enjoyed a couple tidbits that I picked up along the way. One trader mentioned the idea that being right at the wrong time is still being wrong. Also, the discussions of cost/benefit of managing money for others once you've established your skills and have accumulated enough of your own capital that you can trade for your own account.

In conclusion, I found the book interesting, but not captivating. I would have liked to have had more consistency in interview quality (some of the interviews didn't really seem to be that thought provoking or communicate that much of value to me). A decent read, but I'll take a look at some of the other trader books before I consider increasing my rating.

Harris has written a book which is scholarly yet highly entertaining. A crystal clear, in depth ,and accurate explanation of the Federal Reserve and its Chairman.Also included are numerous short anecdotes
and clever comments from Fed history.

William Bernstein has written an excellent book on Asset Allocation. I was first introduced to the book at a local chapter of AAII. It was highly recommended by all the members who had read it.I found the book to be an easy read and held my interest all the way through.I can't say that about many books on financial subjects.His research along with the data presented as tables and graphs was easy to follow and understand.It was well worth the time and money spent.

He tries to simplify the math. Result: Unclear explanations.
He mentions Markowitz allocation and says that the portfolio projected using historical parameters did poorly. Then what do you do? His equal part allocation?

He apparently strongly support indexing based on poor mutual fund performance. Later he says the title of the book is in honor of Benjamin Graham. Graham taught how to choose stocks based on fundamentals.
So what? Indexing or stock picking?

Frankly, I found the book a bit confuse because of he did not clearly answer the above questions.

From the title "How to Build Your Portfolio to Maximize Returns and Minimize Risk". The book fell short, by quite a large margin.

The book is a quick read and that was a bad thing. I was looking for an in depth explanation on how to build a good asset allocation. The math for pick two asset classes is explained and how those asset classes, when picked correctly, can actually decrease risk and increase performance to better either one held individually. This all makes sense and was nothing too to me, but a topic that must be covered in a book on this topic.

The problem is, there is not a systematic way to calculate the optimal risk reward profile for an entire basket of asset classes explained in the book. When the book get into explaining multiple asset classes, the explanation on how to arrive at which asset classes and what percentages of each gets wishy washy. They do provide templates asset classes you can use, but so does everyone free on the internet.

I finished this book sorely disappointed that I did not learn anything new to help build an intelligently allocated portfolio.

This book is great from the perspective that it gives you a detailed look at historical returns using different investing methods and different asset classes. It takes you on a walk using statistics that leads you to the conclusion that getting into the market, staying in the market with a low cost (Trading fees and other cost associated with maintaining a portfolio) and properly allocated portfolio is the only time tested way to maximize your returns over the long term. While " A Random Walk Down Wall Street" is a great book and I recommend it as well, this book is better written with detailed reviews and supporting data.

I would say that some Excel and statistical knowledge is very helpful, but not required to understand, appreciate and utilize this book.

I bought this book two years ago and read it several times (As the writer suggest). As a result I re-allocated my portfolios and the results are great in two respects. I have smooth out volatility by using beta / Standard Deviation and improved my returns on average with proper allocation methods. Even in this crazy market of 2007 / 2008 I'm up 13%, 25% and 33% is various portfolios that I have. The methods and thought perspectives really work for the long-term investors. Highly recommended for the serious long term investor.

My broker never told me what an "efficient frontier" was. Maybe he didn't know. Or maybe he thought I was too dull to know what it was. In any case, the author of this book does a good job of explaining how to set up a portfolio of different asset classes in index funds, and makes it understandable to a liberal-arts major like me. I especially like the analogy of the uncle's coin-toss retirement plan in the first chapter. Very engaging. I learned a lot of statistics theory from that simple yet profound example. Don't be intimidated by this book's title. It's a wonderful book for anyone interested in minimizing risk while maximizing return.

I got this book from Amazon several years ago, have read it several times and applied it to my own investing. It is not for beginners, but does not require a Phd either. The authors present a rational philosophy and a unique, detailed method that will help you to really estimate the intrinsic value of a share of stock, and then they walk you through actual examples. The writing is interesting, concise, well organized, and clear. The book provides a backgroud of traditional value investing methods, and then introduces a model which builds upon and advances the body of value investing knowledge. I have read many books on value investing, and this is probably the best. Some of the material is difficult, but even if you don't get everything you will still profit from the book and find it interesting and thought provoking. The second half of the book, from Chapter 9 to the end, profiles various professional value investors, their philosophies and methods. This part of the book was probably included mostly to provide filler, but it is easy reading and contains some useful information.

While reading Graham himself is invaluable, this book is an excellent contribution to the field of value investing in its own right, and brings modern techniques that have been employed in this field for finding value. In addition, the author does an excellent job at qualifying Graham's valuation techniques over DCF valuation. Value investors do not disagree with DCF in principle, but its reliability, based on countless assumptions may not produce consistent results that align a firm's current reality and strategy with its intrinsic value. The latter part of the book discusses techniques of well known value investors and innovations to the field that they have brought to the table. Gabelli's private market value and control premium concept, as well as Seth Klarman's theme of looking for forced sellers are some of the highlights in this section.

Fantastic summary of modern value investing. Greenwald looks at the discipline with the critical eye of a professor, making it more informative than many other books about the subject. Even seasoned value investors will learn from this book.

This book is not about value investing, it is about modern security analysis, which is exactly what Graham warned against. It places an emphasis on growth over actual value. One of Graham's fundamental principles was that future growth is completely unreliable and any analysis based on it is just a speculator's way of justifying his gamble. While I liked the book's coverage on franchises and competitive advantage it highlights the fact that fundamentals weren't discussed at all.

Here is the biggest example of why this book is so far off the mark. It highlights Intel as a value investment. The stock currently has a P/E of 25x and has always been over priced from a valuation standpoint. Not only that but Intel's only possible competitive advantage is size. Yes modern value investors look for good companies with long term competitive advantage but not at a high cost. Buffett was famous for sitting out the dotcom boom because they were not value investments.

The only reason this book was not a one star book were the biographies of value investors in the second half of the book.

The authors announce their intention to bravely go "beyond" Graham and Buffet. I found their effort extraordinarily interesting. Not because it brings new ideas from the frontiers of Value Investing; but rather because it forced me to revalidate old ones.

Written mainly by academics, the book attempts - with undeniable clarity - to provide a simple framework for valuation of a firm using Value Investment principles. First, three sources of value are defined: Asset Value; Earnings Power Value; and Value of Growth. Second, some conceptual tricks are employed to link them in a theoretical structure capable of supporting hours of animated tutorial discussion.

The importance of Asset Value in the scheme derives from the idea that if a firm that has no defenses against competitors it is worth no more, or less, than the replacement value of the assets necessary to set up a similar business.

To illustrate, imagine a defenseless firm that is worth 2x on the stockmarket while its productive assets are worth only 1x. Attracted by the absence of barriers to entry and by the high market value achievable with a substantially lower investment, enterprising businessmen set up similar businesses.

As the new capacity comes on stream the market is inundated with products of the same type and prices and profits consequently fall. The process only ends when the market value of all the firms has fallen to the value of their assets, thus eliminating the differential that attracted new market entrants in the first place.

For this to happen we must have an idealized market of perfect competition: lots of buyers and sellers, undifferentiated products, no barriers to entry, perfect information, etc. In practice, however, a dozen firms with similar assets will generate a dozen different levels of profit. And in the end, as the book admits, it is profit expectations, not assets, that determine the value of an on-going business.

I wondered if Graham and his associates ever subscribed to this concept. In my 5th edition of "Security Analysis" I found the ambiguous comment: "ECONOMISTS believe that high returns on capital attract competition which ultimately forces down the rate of profit" (my capitalization). This same edition affirms that it is "The earning power of the assets in use (that) determines their investment value" (rather than the replacement value of these assets). I could find no evidence that the notion formed a key part of the valuation process described in the value-investing classic.

Moving on, We are told that the major difference between Earnings Power Value and Value of Growth, when used to estimate intrinsic value, is the confidence we can place on the result. It is notable, however, that both definitions of value exist in the same continuum. To calculate Earnings Power Value we can simply assume growth to be zero in the traditional Discounted Cashflow formula for estimating intrinsic value.

Beyond a certain point it is reasonable to suppose that the degree of confidence we can put on an intrinsic value calculation falls with the size of profit growth projected. How much faith would we have in a value based on a growth projection of 30% per annum, for example? But why should zero growth produce an intrinsic value closer to the truth than 5% per annum? Is one really inherently safer than the other? What about the risk of deceleration in the case of an assumption of zero growth? Conservatism does not mean ignoring reality.

Once again it all seems part of a jolly academic game. The questionable differentiation between Earnings Power Value and Value of Growth allows the authors to find a role for another element: the franchise - the defenses the firm possesses against competition. They thus arrive at a tidy little conceptual framework. If a firm has no franchise then its intrinsic value is represented by its Asset Value. If the franchise is weak then we base our estimate on its Earnings Power Value. And if it has a rock-solid franchise we might just be able to introduce the Value of Growth. Does all this have any useful meaning in the real world?

Aside from these conceptual questions I found the book exceptionally practical in describing the details of how to value the assets and evaluate the franchise of a firm. On the other hand I found the profiles of eight value investors rather tedious.

John Maynard Keynes is the collectivist's savior. Finally, the welfare statist thinks, someone who actually makes my ideas sound good to economists. Unfortunately, Keynes's theory is nothing new. It should be incredibly obvious to any non-professional that if a large entity (government) decides to spend a lot of money over a short period of time, then in the short term there will be very pleasurable effects. In the long term, however, a large sum of money spent by the government will have very harmful effects, distorting the price system and creating inflation, whereas a large sum of money spent by a private entity will have a sustained benefit on the economy.

One sometimes hears that money is the root of all evil. Keynes would agree, but not because of any animosity towards the profit motive (Keynes was definitely not a socialist and he even agreed with and endorsed Hayek's "The Road to Serfdom"), but because in an economy using money imbalances between the value in any currency of demand and the value of supply are possible.

Virtually all economists accept the price mechanism which speedily reconciles any imbalance between supply and demand. The macroeconomy is the sum of all markets and should therefore be more or less in equilibrium. The great French economist Jean-Baptiste Say formulated this in one of the rare laws in economics : every aggregate supply creates a corresponding aggregate demand. The law definitely holds in a barter economy, because even if products or services are not consumed they are lent out to others who will use them. Hoarding purchasing power by keeping money to put under the matress is impossible... without money.

Money makes it possible to have leakages of purchasing power because money received by selling goods or services is not spent. If money earned is not consumed it is by definition saved. Usually this would mean that these sums are made available to individuals or companies in need of capital so that savings are equal to investment. Any imbalance would be readjusted by a change in the interest rate.

Keynes pointed out that saving is not necessarily synonimous with investment viz. that savings can be hoarded as money and that there are good reasons for doing so.

A classic, definitely not an easy read. Keynes brings his economic phillosphies into the light. Not the kindest author but his chapter The Marginal Efficiency of Capital is epic and relivent today. Published in 1936, this book stands the test of time and allows you to develop a mental model of numerous business cycles. Who's reading Keynes? Warren Buffet, he quotes Keynes like everyone else quotes Shakespeare.

You must all please remember that Keynes was first-and-foremost a socialist. His overall goal in creating his theories was to "prove" that socialist economic theories could function in the world of the early 20th century. Read Keynes thru this screen, and you'll understand what he's attempting (unsuccessfully) to do.

I gave this book a 5 star rating for the following reason: if you can overcome it's dryness and reliance on theories of little substance, you will see that socialism at large is truely bunk. (having been educated formally in Keynsian theory, disproving it, and all it's socialist correlaries, is a passion of mine) Please remember as you read this; if socialism and Keynesian economics was a viable theory for governments to function, the governments of the entire old eastern communist block would still be alive and functioning in their pre-1992 forms, and quasi-socialist countries the world over would be growing ever larger than the US economy once they've moved out of their manufacturing based economies and joined us in competing with other service based economies. (They have not been able to effectively compete beyond certain stages of growth)

Keynes' theory doesn't work. His own writings are more theory and fantasy than reality.

Keynes presented a generalization of neoclassical theory.Keynes starts the GT in chapter 2 where he analyzes the neoclassical theory of the labor market.He notes that the most advanced technical treatmant was presented by Pigou in his 1933 book,The Theory of Unemployment.Keynes demonstrates in the appendix to chapter 19 that Pigou's model of his theory is a special case of Keynes's general model developed in chapters 20 and 21.The primary result of neoclassical theory is that an optimum result (full employment)is obtained in the aggregate labor market if the aggregated real wage(w/p) equals the marginal product of labor(mpl) derived from an aggregated production function(O= phi(N)).This is expressed as w/p=mpl,where w is the money wage,p is the price level,and mpl is the aggregated marginal product of labor.In chapters 20 and 21 Keynes presented his mathematical analysis.This leads to his generalization of the quantity theory's equation of exchange,MV=PO,to incorporate uncertainty and the speculative demand for money besides risk and the transactions demand for money.There are two such generalizations.Chapter 20 analyzes the labor market and the commodity market.Mathematically,there are two ways of expressing Keynes's first generalization in chapter 20-w/p=mpl/ep or the more convenient w/p=mpl/(mpc+mpi).Unless the elasticity ep=1(ep can range from 0 to 1) or the mpc + mpi=<1,the RHS of both equations will rise .This requires that the money wage also rise.Neoclassical theory requires that the money wage fall.The condition that the elasticity ep equal 1 means the economy is operating on the boundary of the aggregate production possibilities function curve because the labor market clearing condition,w/p=mpl, is an economically efficient outcome.It is thus allocatively efficient and productively efficient.





In chapter 21,Keynes presents his generalization of the neoclassical equation of exchange with the money market added to the labor and commodity markets.The mathematical generalization now becomes w/p=mpl/e,where e is the elasticity that"... measures the response of money prices to the quantity of money in an aggregated economy"(GT,p.305-306).Unless e=1,where e can range between 0 and 1 ,as implicitly assumed by neoclassical economists,the RHS of the above equation will rise and it will be impossible for labor,in the aggregate, to cut its money wage as claimed by neoclassical theory in order to reduce unemployment.Again,the money wage will have to rise.



The final point that needs to be cleared up is that Keynes's aggregate supply function is correctly specified and analyzed mathematically in chapter 20 on p.283 and in a footnote on pp.55-56 of the GT.The reader must be able to apply simple integration to Keynes's derivatives.I give the steps below:



Go to footnote 1 on p.283 of the GT.Keynes defined P to be expected economic profit.The second line from the bottom of this footnote reads as " = delta P ", which is the same as" = dP".That should actually be " = delta P w subscript" due to either (a) a typographical error made by the printer in the GT or (b) because Keynes felt that it was obvious,since he divided D=Z through by w,to get Dw subscript = Zw subscript,which means that you must divide P by w.P is AUTOMATICALLY DEFINED IN TERMS OF WAGE UNITS.Pw subscript is equal to Dw subscript-N.Thus dP(or dPw subscript)=d(Dw subscript - N) =dDw subscript -dN.Simple integration gives the following result- Pw subscript=Dw subscript-N .Divide through by w and you obtain P=D-wN.Add wN to both sides.You get P+wN=D=pO or Z =D.Z=P+wN.w is the money wage.N is aggregate employment.p is the expected price level.O is real output,which is a function of N.D,the expected aggregate demand function,is thus equal to expected total revenue.Z,the expected aggregate supply function,is equal to total variable cost plus expected economic profit.

The same analysis and result is contained in footnote 2 on pp.55-56 of the GT.Keynes defines the derivative dZw subscript/dN=dphi(N)/dN =phi'(N)=1,where you use "d" instead of " delta " notation used by Keynes.Integrate to obtain Z=wN + C,where C is a constant of integration,after you divide through by w.We know that D=Z by definition and that D=pO from chapter 20.We get wN +C=pO or C=pO-wN once we subtract wN from both sides.By definition,C must be equal to actual profit if p is an actual price and expected profit if p is an expected price.Of course,if P=0,then you get Z=wN = total variable cost.(This is the case of constant returns to labor.Note that Keynes covered this case explicitly at the top of p.284, as well as on p.306 of the GT ,in chapter 21.)This,of course is the mistake that Don Patinkin made continuously from 1976-1989 in 3 books and 5 articles-failing to consider that Z is linear in both the diminishing returns and constant returns to labor cases.Of course,in the case of constant returns to labor,you would get a linear 45 degree cross representing the aggregate supply curve.The same mistake is made by all Post Keynesian economists like Sydney Weintraub, Paul Davidson,Douglas Vickers,Jan Kregel, Victoria Chick,Nevile,Skott and Dutt,etc.They fail to consider that Keynes worked with both cases, diminishing returns to labor as well as constant returns to labor,in his microeconomic analysis contained in chapters 20 and 21 of the GT.It is not surprising that the Post Keynesians can not deal with the technical analysis contained in chapters 20 and 21 of the GT and expressed by Keynes in the form of elasticities.Instead,they build their analysis on the claims of a mathematically illiterate economist named Dennis Robertson.It was Robertson who claimed that Keynes's theory of effective demand(D-Z analysis)was contained in chapter 3 of the GT.All Post Keynesians base their work on the assumption that Robertson was correct.Post Keynesians also confuse the D=Z locus,the aggregate supply curve,with Z,the aggregate supply function.All of these errors can be traced back to the original errors made by Dennis Robertson in correspondence with Keynes in Feb.-Mar.,1935 about the first 17 chapters of the GT.Keynes told Robertson very clearly that the anaysis of his D-Z model was in a chapter called the Employment Function.Chapter 20 of the GT is titled," The Employment Function ".After seventy years it is time for economists to read this chapter upon which KEYNES SAID EVERYTHING DEPENDS.
The reason why ed <1 ep <1,e <1, and mpc+mpi<=1 is that the decision to invest in long lived durable capital goods ,within an economic environment of technological and financial change,advance,and innovation,thus creating the problem of technological obsolescence,is made under conditions of Keynesian uncertainty or Ellsbergian ambiguity.Neoclassical theory postulates that there is no uncertainty or ambiguity,only risk ,which is universally represented as the standard deviation of a normal probability distribution.This means that aggregate investment expenditure will not be erratic,unstable,and insufficient over time.Involuntary unemployment can't result
Keynes argues,as does Daniel Ellsberg implicitly,that the assumption of normality is a special case.Hence ,Keynes's generalization that covers ambiguity and/or uncertainty.This means that aggregate investment will be erratic,unstable,unpredictable,and insufficient over time.Involuntary unemployment will result.

Putting myself in the place of a customer, I felt strong resistance to Ziglar's closing techniques. His closing techniques seemed offensive to me, especially when ending his closing questions with "wouldn't you?" My feeling was almost always, "Well, maybe I would or I wouldn't, but I have to reflect on it. Truth isn't always so black and white. Stop treating me like I'm a checker on a checkerboard, as if you know the big picture, and I don't. You don't know what I think or feel."

When he gives examples of trying to sell cookware, I was thinking, "I could buy cookware at Goodwill that will work just fine for a few bucks, and you know it, and you aren't saying it. Why don't you take your closing technique of figuring out how much your cookware costs per day, and apply it to buying good second-hand cookware?"

Also, there was no mention of the role of the internet in selling. That is a hugely important thing to discuss that wasn't brought up in his 25th anniversary edition book.

For example, when he recounts buying a new Cadillac from a seasoned Cadillac salesperson, I recoiled! I thought, "Get real. I wouldn't consider stepping on that sales lot until I knew how much that Cadillac cost the sales lot to buy, and without finding customer's opinions of the salesperson," etc. And I am not a car guy or a salesperson -- this is just common sense in the age of the internet.

I also was turned off at the transparent BS of the salesperson who sold Ziglar the Cadillac. I thought, "This Cadillac salesguy can't be serious. He can't actually think I think it's 'Good news' that my offer of $7,000 was rejected and that only $7,200 was acceptable. He's just lying. What a manipulator. I'm out of here." (This was a salesperson that Ziglar was presenting as being recommended for his great integrity.)

On the upside, I commend Ziglar for his extreme emphasis on the need to believe in what you sell. This is what integrity is all about. He points out that if you really believe in what you sell, you might do quite well even with knowing few closing techniques.

Also good is how Ziglar educates the reader about the indispensability of the the salesperson to a strong society. Without salespeople, how are citizens to know what's available? How are companies going to get their products to the hands of those in need? Salespeople are crucial for moving goods, just like the heart is crucial for circulating blood in the body.

There are many other good practices that Ziglar promotes, such as exercising daily, and so forth.

Ziglar would earn a much higher integrity rating from me if he had put in bold letters on the front of his book: "Buy this used from Amazon and save HUGE." But, he did not. He would prefer that you pay full freight, even though I all-but-guarantee you, he doesn't need the money. He says he cares about the customer, number one. If he really cared about the customer and in the extreme importance of his information to society, he would follow philanthropists' leads and disseminate the info at very low cost.

If you are in the sales profession, there comes a time where the sale needs to be closed. Unfortunately, your customers won't always easily make the decision to buy. At those times you need some insight and some tools to bring value to the sales process so you can make the sale. This book is full of practical tools for closing the sale. Every salesperson wants more ideas to assist them when they need it and this book can help you with that.

Mark Tewart - author of "How To Be A Sales Superstar"
[...]

Zig Zigglar is a bit of a legend in the sales industry for his depth of selling knowledge as well as being a powerful motivational speaker and writer. This book is motivating and has an enormous number of excellent ideas for selling.

Just a few of the topics covered are: The Right Mental Attitude, Your Attitude Towards Others, Everybody is a Salesperson and Everything is Selling, Using Objects to Close the Sale and more.

One of Zig Zigglar's most famous quotes does a great job of summing up his thoughts on how to be successful at sales:

"You can have everything in life you want, if you will just help other people get what they want!"

This is an exceptional book for anyone who wants to be successful in working with others...salespeople and anyone else!

The Re-Discovery of Common Sense: A Guide to: The Lost Art of Critical Thinking

This is the first book I read on sales and will always be one of my favorites. Zig is a great story teller and sales person. This book is more about the psychology of sales than the a selling system, but will start people with the right mindset (which more than half of success).

I have read a few of Zigs books and always come away satisfied and educated. This book should be required reading if you are in sales, and I would even recommend it if you are not in sales. The reason a non-sales person could profit from this book are manifold. This book teaches more than selling, it teaches how to deal with people. If you understand how a person thinks, or understand what they mean as opposed to what they are saying, you can steer them where you need them. You can connect to them. thats a great thing on many levels.

As you read this book you will keep thinking to yourself "thats a great idea" or "thats a good point". After reading this book and using what Zig teaches, you will look at your sales calls in a different light. You will go into every meeting with the expectation that you will sell your product or service, it will help your prospect, and there is no way they will not see the value of what you are offering. Its that simple. If you believe you are there to help this person, it comes through in your words and actions.

Zig has an excellent technique to teaching, he tells stories. That works great for me because I can easily remember more and it quickly comes to mind when I hear an objection or question from a prospect. I am then able to quickly word it in a way that helps the prospect.

"Failure to hit the bullseye is never the fault of the target and failure to close the sale is never the fault of the prospect". You need to be better to help more prospects buy your product or service. This book will help you in that goal.

Another classic addition to your sales library should be How to Master the Art of Selling by Tom Hopkins.