Any Happy Returns is a sister book to The Long Good Buy, focused on longer term secular trends in economies and markets, the factors that drive them and their influence on prospective returns, for example de-globalisation, higher cost of capital, demographics, geo-politics, etc.
On title page, the letter 'i' in the word crises is represented by an exclamation point.
PRAISE FOR THE CREDIT INVESTOR'S HANDBOOK "Credit analysis is an underappreciated skill that is essential for investing a cross all asset classes, private and public. Michael's book is an incredibly detailed, step-by-step 'how-to' manual for analyzing credit investments, from performing to distressed, and understanding the complexities of the bankruptcy process." --Joyce Chang, Chair of Global Research, JP Morgan "While there are many books on investing in equities, until now, there were virtually no comprehensive books on investing in debt. The Credit Investor's Handbook fills this gap. While the book is focused on the debt markets, its analytical approach is extremely relevant to equities investors. Furthermore, Michael's use of real-life examples and humor make it an enjoyable read. The Credit Investor's Handbook is a 'must-read'for anyone pursuing a career in research, investment banking, capital allocation, and, most importantly, investing in an ever-evolving global marketplace." --Mario Gabelli, Chairman and Chief Executive Officer of Gabelli Funds "The Credit Investor's Handbook is an extraordinarily comprehensive look at credit investment strategies. It is chock full of rich examples that are bound to be useful in assessing the credit excesses that will undoubtedly unravel in the years ahead. I wish someone had handed me a copy when I came into the business." --Seth A. Klarman, CEO and Portfolio Manager, The Baupost Group "When I got my pre-publication copy of The Credit Investor's Handbook, I turned first to the chapters on distressed debt investing. I found a very helpful, logically organized introduction to the process and some fascinating 'warstories.'Like all good investment books, The Handbook doesn't purport to be a how-to that will yield easy profits, but it does a great job of explaining the elements that must be mastered." --Howard Marks, Co-Chairman, Oaktree Capital Management "Michael's excellent book, The Credit Investor's Handbook, is like a traditional bank's training program on steroids. It offers the same kind of detailed, real-life grounding in financial analysis that was critical to my early success on Wall Street. The book teaches you the practical skills needed to succeed and steers you away from academic theories that don't work in the real world of credit markets. Michael is a great teacher with the unique ability to breakdown complex analysis into simple steps, making it easy to learn. He also brings the same passion and terrific sense of humor he uses in his classroom to the pages of this textbook. I highly recommend it as a 'must-read'for all up-and-coming credit analysts." --Harvey Schwartz, CEO of the Carlyle Group
New York Times BestsellerNew York Times reporter and “Corner Office” columnist David Gelles reveals legendary GE CEO Jack Welch to be the root of all that’s wrong with capitalism today and offers advice on how we might right those wrongs.
The classic guide to constructing a solid portfoliöwithout a financial advisor!First published two decades ago, The Four Pillars of Investing has been the go-to resource for an entire generation of investors. This updated edition of the investing classic provides the foundational knowledge you need to avoid the most common pitfalls and build a portfolio in today's roller-coaster world of investing.Retired neurologist and master investor William J. Bernstein has seen it all throughout his career. Buying investments with borrowed money. Chasing past performance. Overestimating one's own risk tolerance. Listening to cable news. These are just a few of the many mistakes he has witnessed smart, serious investors make, to the peril of their portfolios. Add to these behavioral errors such economic factors as deflation, sudden stock declines, soaring inflation, and the like-and investing can seem like something to be avoided at all costs. But with the right discipline and knowledge, you can build and manage an impressive portfolio. It all comes down to understanding four key pillars:Theory: Risk and return go hand in hand-you can't make money without riskHistory: Understand past markets to understand today's marketsPsychology: Avoid the most common behavioral mistakes that tank portfoliosBusiness: The cost of investment services can be high-unreasonably highAfter taking you on a deep dive into each of these topics, Bernstein walks you through the process of designing and maintaining a powerful portfolio.Times have changed. Economies have changed. And markets are ever-changing. But sound investing principles haven't changed. Use The Four Pillars of Investing to stay a step ahead of your investing peers and build a portfolio to be proud of.
All organizations are becoming service organizations. But most weren't built to deliver services successfully end-to-end, and the human, operational and financial impacts are abundantly clear. In the digital era the stakes are even higher, given how rapidly services change. Yet default working practices (governance, planning, funding, leadership, reporting, programme and team structures) inside large organizations haven't changed. Rather than modernize just one service at a time, it's the underlying organizational conditions that need to be transformed -- anything less is futile. The Service Organization is the result of years of research and consulting, as well as dozens of interviews with executives. It explores significant challenges that leaders will recognize, and turns them into solvable puzzles by providing practical advice and tools that reimagine what the organization does from the perspective of its customers -- and it organizes the activity needed to deliver the best outcomes. This book is for everyone involved, from designers to technologists and from operational staff to policymakers and leaders. It includes surprisingly simple and doable, but non-obvious, steps that don't depend on seniority or pay band and that are typically overlooked by even the most progressive professions, teams and companies. Kate Tarling sets a bold, ambitious and practical agenda for all service organizations. Her book is full of behind-the-scenes examples from the global companies, public sector bodies and non-profits that are now delivering and leading successful services. It shows how to reinvent organizations so they rely not just on 'transforming technology' but on putting the success of their services at the heart of how they operate.
A FINANCIAL TIMES BOOK OF THE YEARA call to action for the creative class and labour movement to rally against the power of Big Tech and Big Media.Corporate concentration has breached the stratosphere, as have corporate profits. An ever-expanding constellation of industries are now monopolies (where sellers have excessive power over buyers) or monopsonies (where buyers hold the whip hand over sellers) - or both.Scholar Rebecca Giblin and writer and activist Cory Doctorow argue we're in a new era of 'chokepoint capitalism', with exploitative businesses creating insurmountable barriers to competition that enable them to capture value that should rightfully go to others. All workers are weakened by this, but the problem is especially well illustrated by the plight of creative workers. From Amazon's use of digital rights management and bundling to radically change the economics of book publishing, to Google and Facebook's siphoning away of ad revenues from news media, and the Big Three record labels' use of inordinately long contracts to up their own margins at the cost of artists, chokepoints are everywhere.By analysing book publishing and news, live music and music streaming, screenwriting, radio, and more, Giblin and Doctorow deftly show how powerful corporations construct 'anti-competitive flywheels' designed to lock in users and suppliers, make their markets hostile to new entrants, and then force workers and suppliers to accept unfairly low prices.Chokepoint Capitalism is a call to workers of all sectors to unite to help smash these chokepoints and take back the power and profit that's being heisted away - before it's too late.
The Wealth of Nations offers one of the first collected descriptions of what builds nations' wealth, and is a fundamental work in classical economics. Smith explores such broad topics as the division of labour, productivity, and free markets.
Why an organization's response to digital disruption should focus on people and processes and not necessarily on technology.
During the '80s, Michael Milken at Drexel Burnham created the corporate raiders. He was the billionaire Junk Bond King. But, in the corner stood the U.S. District Attorney waiting to file criminal and racketeering charges.
This book provides a thorough overview of Bitcoin, cryptocurrencies, and digital assets and their impact on the future of money and finance. It provides a 360-degree practical, concise, and engaging overview of all the topics that one interested about digital assets needs to know including how Bitcoin and Ethereum work, an overview of the most important digital assets in the market, and deep dives into the various types of digital assets including cryptocurrencies, stable coins, CBDCs, utility tokens, security tokens, NFTs, and many others. The book also covers all the essentials including DeFi, crypto mining, crypto regulations, crypto investors, crypto exchanges, and other ecosystem players as well as some of the latest global crypto trends from Web 3.0 and the Metaverse to DAOs and quantum computing. Written by a leading industry expert and thought leader who advises some of the leading organisations in the digital assets space globally, this book is ideal foranyone looking to acquire a solid foundational knowledge base of this fast-growing field and understand its potential impact on the future of money.
We need to break free from the capitalist economy. Degrowth gives us the tools to bend its bars.
How you compensate people is one of the most important strategic decisions your company will make - but few "get it right and out of sight." Nail it and you can add hundreds of percentage points to the bottom line while driving up the energy in the organization. Make the wrong call (or piecemeal the decision together), and the results will create needless drama throughout the organization. Do any of these challenges sound familiar? ¿ "I gave a star performer a raise, and now everyone else is marching into my office, demanding one, too." ¿ "If anyone looked closely at our payroll, it would be hard to rationalize why we're paying certain people what we do." ¿ "I'm tired of losing our best people to the Googles of the world because we can't match their salaries." Compensation is one of your largest expenses, one you can turn it into a strategic advantage in attracting, retaining, and motivating talent (or not accidentally demotivating them). In this highly practical book, the authors share 5 principles for designing effective compensation systems along with plenty of examples from leading small, medium, and large firms across various industries. You'll learn: 1. The #1 mistake business leaders make in setting up their compensation plans 2. The psychological aspects of compensation underpinning successful plans 3. How individual bonuses can backfire 4. The power of gamifying gains to drive up energy and engagement 5. Whether you want to be queen/king or rich!
The seventh edition of The Economics of European Integration provides students with an accessible presentation of the facts, theories and controversies that are driving rapid change at the heart of Europe. This new edition covers crucial updates on the impact of Brexit and Covid-19 and offers an expert analysis of the contemporary status of integration within the European Union.Key Features and Updates.Wide range of learning features including boxed examples and illustrations, end of chapter summaries, self-assessment questions and essay questions..Fully updated to include new discussions and examples such as the new budget which has significant implications on European bonds, immigration, and climate change..Two new chapters highlighting the impact of both Brexit and Covid-19 on the EU..An Online Learning Centre with Lecture Outlines, PowerPoint Presentations, and an Image Library.Richard Baldwin is Professor of International Economics at the Graduate Institute, Geneva, having been a visiting professor at Oxford and MIT. He is Editor-in-Chief and founder of VoxEU.org since 2007 and he advises governments around the world on globalisation and integration issues having served in the Bush (Sr) White House in 1990-91. Charles Wyplosz is Professor Emeritus of International Economics at the Graduate Institute in Geneva where he also served as Director of the International Centre for Money and Banking Studies. He is a Fellow of CEPR and of the European Economic Association, as well as a Founding Managing Editor of the Economic Policy journal.
For Rupert Russell, the shock of the Trump-Brexit victories was only the latest in a decade full of them: the unstoppable war in Syria, huge migrant flows into Europe, beheadings in Iraq, children caged at the US border. In Price Wars he sets out on an improbable journey to investigate what caused the wave of chaos that consumed the world in the 2010s.Armed with a notebook, flak jacket and pink socks, Russell travels to modern apocalypses across five continents, embedding with separatist soldiers in the trenches of Eastern Ukraine, gangs of street kids battling over garbage in Caracas, the UN bomb disposal squad in Iraq and cattle raiders in Northern Kenya. He traces the origins of these conflicts back to dramatic and mysterious swings in the prices of essential commodities. He meets with commodity speculators who describe the inner workings of these volatile markets, explaining how food prices can spike even in years of abundant harvests, causing bread riots and revolutions. Oil prices can surge on rumours, enriching and emboldening dictators and terrorists alike. These price shocks, and many others across the decade, triggered local disasters that became global catastrophes. It is chaotic prices, Russell learned, fuelled by banks and hedge funds in New York and London, that have toppled regimes and fractured the West.Price Wars is a page-turning chronicle of discovery and a ground-breaking expose of the power of price to devastate the world.
'It's often said that books are compulsory reading, but this book really is compulsory. You cannot understand slavery, or British Empire, without it' Sathnam Sanghera Arguing that the slave trade was at the heart of Britain's economic progress, Eric Williams's landmark 1944 study revealed the connections between capitalism and racism, and has influenced generations of historians ever since.Williams traces the rise and fall of the Atlantic slave trade through the eighteenth and nineteenth centuries to show how it laid the foundations of the Industrial Revolution, and how racism arose as a means of rationalising an economic decision. Most significantly, he showed how slavery was only abolished when it ceased to become financially viable, exploding the myth of emancipation as a mark of Britain's moral progress.'Its thesis is a starting point for a new generation of scholarship' New Yorker
Packed with charts and real-world trading examples Translate candlestick patterns and use them to predict market behavior Want to gain a trading edge with candlestick charts, but find them confusing? No worries -- this friendly, practical guide explains candlestick charting and technical analysis in plain English.
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