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Author: Jim Paul Publisher: Columbia University Press ISBN: 0231164688 Category : Business & Economics Languages : en Pages : 192
Book Description
Jim Paul's meteoric rise took him from a small town in Northern Kentucky to governor of the Chicago Mercantile Exchange, yet he lost it all--his fortune, his reputation, and his job--in one fatal attack of excessive economic hubris. In this honest, frank analysis, Paul and Brendan Moynihan revisit the events that led to Paul's disastrous decision and examine the psychological factors behind bad financial practices in several economic sectors. This book--winner of a 2014 Axiom Business Book award gold medal--begins with the unbroken string of successes that helped Paul achieve a jet-setting lifestyle and land a key spot with the Chicago Mercantile Exchange. It then describes the circumstances leading up to Paul's $1.6 million loss and the essential lessons he learned from it--primarily that, although there are as many ways to make money in the markets as there are people participating in them, all losses come from the same few sources. Investors lose money in the markets either because of errors in their analysis or because of psychological barriers preventing the application of analysis. While all analytical methods have some validity and make allowances for instances in which they do not work, psychological factors can keep an investor in a losing position, causing him to abandon one method for another in order to rationalize the decisions already made. Paul and Moynihan's cautionary tale includes strategies for avoiding loss tied to a simple framework for understanding, accepting, and dodging the dangers of investing, trading, and speculating.
Author: Jim Paul Publisher: Columbia University Press ISBN: 0231164688 Category : Business & Economics Languages : en Pages : 192
Book Description
Jim Paul's meteoric rise took him from a small town in Northern Kentucky to governor of the Chicago Mercantile Exchange, yet he lost it all--his fortune, his reputation, and his job--in one fatal attack of excessive economic hubris. In this honest, frank analysis, Paul and Brendan Moynihan revisit the events that led to Paul's disastrous decision and examine the psychological factors behind bad financial practices in several economic sectors. This book--winner of a 2014 Axiom Business Book award gold medal--begins with the unbroken string of successes that helped Paul achieve a jet-setting lifestyle and land a key spot with the Chicago Mercantile Exchange. It then describes the circumstances leading up to Paul's $1.6 million loss and the essential lessons he learned from it--primarily that, although there are as many ways to make money in the markets as there are people participating in them, all losses come from the same few sources. Investors lose money in the markets either because of errors in their analysis or because of psychological barriers preventing the application of analysis. While all analytical methods have some validity and make allowances for instances in which they do not work, psychological factors can keep an investor in a losing position, causing him to abandon one method for another in order to rationalize the decisions already made. Paul and Moynihan's cautionary tale includes strategies for avoiding loss tied to a simple framework for understanding, accepting, and dodging the dangers of investing, trading, and speculating.
Author: Brendan Moynihan Publisher: John Wiley & Sons ISBN: 111803032X Category : Business & Economics Languages : en Pages : 154
Book Description
An in-depth look at the failure of Wall Street's "proven" financial models Origami is the Japanese art of folding paper into intricate and aesthetically attractive shapes. As such, it is the perfect metaphor for the Wall Street financial engineering model, which ultimately proved to be the underlying cause of the 2008 financial crisis. In Financial Origami, Brendan Moynihan describes how the Wall Street business model evolved from a method to transfer risk into a method for manufacturing risk. Along the way, this timely book skillfully dissects financial engineering and addresses how it's often a mechanism to evade regulatory constraints, provide institutional investors with customized products, and, of course, generate revenue for financial engineers. Reveals how Wall Street's financial engineering business model morphed into something destructive Highlights how the origami model worked well in the comparatively stable years of the early 2000s, when there was less risk to transfer Discusses how Wall Street began manufacturing risk by creating products that multiplied risk exposures and encouraged subprime lending With the collapse of Lehman Brother the Wall Street business model effectively broke. But there are many lessons to be learned from what has transpired, and Financial Origami will show you what they are.
Author: Les Leopold Publisher: Turner Publishing Company ISBN: 1118438116 Category : Political Science Languages : en Pages : 205
Book Description
How hedge funds make money by taking it from the rest of us?and how you can join them! Top hedge fund managers make more than Oprah, Rupert Murdoch, and A-Rod combined?but they aren't running news and entertainment empires or playing baseball for the New York Yankees. Aren't you curious about how these hedge fund dudes make so much doing who knows what? You may even wonder if you can get there, too. After all, this is America! This book gives you the answers in a twelve-step guide to accumulating vast riches the way hedge fund managers do?by playing trillion-dollar poker with a marked deck. Through each easy step, you'll learn the sleight of hand and disregard for basic morality you'll need to move from making tens of dollars an hour to millions an hour! Along the way, you'll also question whether these hedge fund moguls make markets work better?as they and their apologists insist?or cause instability, siphon off capital, and destroy value without adding so much as a single widget to the economy. Takes a fascinating tour of the wild side of fantasy finance to explain just how hedge fund managers make so much money?and whether or not the million-an-hour crowd produces anything positive for society and the economy Teaches you hedge fund secrets that make it possible to pull down astounding sums in the space of minutes?from rigging your bets to milking millions in special tax breaks?if you're willing to bankrupt your morality for the cash Counters many of the most common arguments about why speculating in financial markets is somehow "worth more" than creating entertainment, electronics, or consumer goods that consumers want Written by Les Leopold, the popular AlterNet writer and author of The Looting of America
Author: Charles Schwab Publisher: Currency ISBN: 1984822543 Category : Biography & Autobiography Languages : en Pages : 377
Book Description
“To say Charles Schwab is an entrepreneur is actually an understatement. He really is a revolutionary.”—Phil Knight, co-founder of Nike, author of Shoe Dog The founder of The Charles Schwab Corporation recounts his ups and downs as he made stock investing, once the expensive and clubby reserve of the few, accessible to ordinary Americans. In this deeply personal memoir, Schwab describes his passion to have Main Street participate in the growing economy as investors and owners, not only earners. Schwab opens up about his dyslexia and how he worked around and ultimately embraced it, and about the challenges he faced while starting his fledgling company in the 1970s. A year into his grand experiment in discounted stock trading, living in a small apartment in Sausalito with his wife, Helen, and new baby, he carried a six-figure debt and a pocketful of personal loans. As it turned out, customers flocked to Schwab, leaving his small team scrambling with scarce resources and no road map to manage the company’s growth. He recounts the company’s game-changing sale to Bank of America—and how, in the end, the merger almost doomed his organization. We learn about the clever and timely leveraged buyout he crafted to regain independence; the crushing stock market collapse of 1987, just weeks after the company had gone public; the dot-com meltdown of 2000 and its reverberating aftermath of economic stagnation, layoffs, and the company’s eventual reinvention; and how the company’s focus on managing risk protected it and its clients during the financial crisis in 2008, propelling its growth. A remarkable story of a company succeeding by challenging norms and conventions through decades of change, Invested also offers unique insights and lifelong principles for readers—the values that Schwab has lived and worked by that have made him one of the most successful entrepreneurs of our time. Today, his eponymous company is one of the leading financial services firms in the world. Advance praise for Invested “I’ve admired Chuck Schwab for a long time. When you read this book, you’ll understand why.”—Warren E. Buffett “This is a fascinating story that teaches you about the never-ending evolution of an entrepreneurial company, but even more about personal learning from that experience. So read, learn how to learn from experience, and enjoy.”—George P. Shultz, former secretary of Labor, Treasury, and State
Author: Nick Maggiulli Publisher: Harriman House Limited ISBN: 0857199269 Category : Business & Economics Languages : en Pages : 232
Book Description
Everyone faces big questions when it comes to money: questions about saving, investing, and whether you’re getting it right with your finances. Unfortunately, many of the answers provided by the financial industry have been based on belief and conjecture rather than data and evidence—until now. In Just Keep Buying, hugely popular finance blogger Nick Maggiulli crunches the numbers to answer the biggest questions in personal finance and investing, while providing you with proven ways to build your wealth right away. You will learn why you need to save less than you think; why saving up cash to buy market dips isn’t a good idea; how to survive (and thrive) during a market crash; and much more. By following the strategies revealed here, you can act smarter and live richer each and every day. It’s time to take the next step in your wealth-building journey. It’s time to Just Keep Buying.
Author: James J. Cramer Publisher: Simon and Schuster ISBN: 9780743224888 Category : Biography & Autobiography Languages : en Pages : 356
Book Description
Cramer takes readers on a no-holds-barred tour of life on Wall Street--revealing how the game is played, who breaks the rules, and who gets hurt.
Author: Alexander Elder Publisher: John Wiley & Sons ISBN: 1118963679 Category : Business & Economics Languages : en Pages : 304
Book Description
The best-selling trading book of all time—updated for the new era The New Trading for a Living updates a modern classic, popular worldwide among both private and institutional traders. This revised and expanded edition brings time-tested concepts in gear with today's fast-moving markets, adding new studies and techniques for the modern trader. This classic guide teaches a calm and disciplined approach to the markets. It emphasizes risk management along with self-management and provides clear rules for both. The New Trading for a Living includes templates for rating stock picks, creating trade plans, and rating your own readiness to trade. It provides the knowledge, perspective, and tools for developing your own effective trading system. All charts in this book are new and in full color, with clear comments on rules and techniques. The clarity of this book's language, its practical illustrations and generous sharing of the essential skills have made it a model for the industry—often imitated but never duplicated. Both new and experienced traders will appreciate its insights and the calm, systematic approach to modern markets. The New Trading for a Living will become an even more valuable resource than the author's previous books: Overcome barriers to success and develop stronger discipline Identify asymmetrical market zones, where rewards are higher and risks lower Master money management as you set entries, targets and stops Use a record-keeping system that will make you into your own teacher Successful trading is based on knowledge, focus, and discipline. The New Trading for a Living will lift your trading to a higher level by sharing classic wisdom along with modern market tools.
Author: Elaine Pofeldt Publisher: Lorena Jones Books ISBN: 0399578978 Category : Business & Economics Languages : en Pages : 274
Book Description
The self-employment revolution is here. Learn the latest pioneering tactics from real people who are bringing in $1 million a year on their own terms. Join the record number of people who have ended their dependence on traditional employment and embraced entrepreneurship as the ultimate way to control their futures. Determine when, where, and how much you work, and by what values. With up-to-date advice and more real-life success stories, this revised edition of The Million-Dollar, One-Person Business shows the latest strategies you can apply from everyday people who--on their own--are bringing in $1 million a year to live exactly how they want.
Author: Maria Konnikova Publisher: Penguin ISBN: 0525522646 Category : Psychology Languages : en Pages : 369
Book Description
A New York Times bestseller • A New York Times Notable Book “The tale of how Konnikova followed a story about poker players and wound up becoming a story herself will have you riveted, first as you learn about her big winnings, and then as she conveys the lessons she learned both about human nature and herself.” —The Washington Post It's true that Maria Konnikova had never actually played poker before and didn't even know the rules when she approached Erik Seidel, Poker Hall of Fame inductee and winner of tens of millions of dollars in earnings, and convinced him to be her mentor. But she knew her man: a famously thoughtful and broad-minded player, he was intrigued by her pitch that she wasn't interested in making money so much as learning about life. She had faced a stretch of personal bad luck, and her reflections on the role of chance had led her to a giant of game theory, who pointed her to poker as the ultimate master class in learning to distinguish between what can be controlled and what can't. And she certainly brought something to the table, including a Ph.D. in psychology and an acclaimed and growing body of work on human behavior and how to hack it. So Seidel was in, and soon she was down the rabbit hole with him, into the wild, fiercely competitive, overwhelmingly masculine world of high-stakes Texas Hold'em, their initial end point the following year's World Series of Poker. But then something extraordinary happened. Under Seidel's guidance, Konnikova did have many epiphanies about life that derived from her new pursuit, including how to better read, not just her opponents but far more importantly herself; how to identify what tilted her into an emotional state that got in the way of good decisions; and how to get to a place where she could accept luck for what it was, and what it wasn't. But she also began to win. And win. In a little over a year, she began making earnest money from tournaments, ultimately totaling hundreds of thousands of dollars. She won a major title, got a sponsor, and got used to being on television, and to headlines like "How one writer's book deal turned her into a professional poker player." She even learned to like Las Vegas. But in the end, Maria Konnikova is a writer and student of human behavior, and ultimately the point was to render her incredible journey into a container for its invaluable lessons. The biggest bluff of all, she learned, is that skill is enough. Bad cards will come our way, but keeping our focus on how we play them and not on the outcome will keep us moving through many a dark patch, until the luck once again breaks our way.
Author: Jim Paul
Author: Jim Paul
Author: Brendan Moynihan
Author: Les Leopold
Author: Charles Schwab
Author: Nick Maggiulli
Author: James J. Cramer
Author: Alexander Elder
Author: Elaine Pofeldt
Author: Maria Konnikova
Author: James McKenna