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I think the intention of this book is to give insight into what is available where... then select the relevant lonely planet guide for the area that most interests you.
A lot of people don't know what is where in Aus, as an outline to learn... I think this book serves anyone very very well.
It's much cheaper to buy this book.. and choose where you want to find out more about... than buying the complete series of lonely planet guides in the Australia range.
Maybe I should look for the purely intellectual interest, I don't know. My best advice is this: if you read to find recipes, read something else. Read this only out of curiosity.
And yet again, I was just curious about the US Army chapter but got little out of it - gruelling experience, after-action review, and all that - we did it in volleyball and basket training twenty years ago ... what's the big deal?
I think there are plenty of great lessons within the book. Its not only a book about strategy, but a new framework to think in terms of. The world has changed greatly in the last 20 years and a lot of the old management frameworks have less significance. Complexity science is the new way to think and this book does a fantastic job of relating the "complex" topic to business. And the rules apply to all areas of the organization: strategy, organizational design, etc. If you want to be prepared to lead the complex globlal organizations of tomorrow, then this is a must read.
The authors do an excellent job of contrasting their approach (adaptive leadership) with more traditional reorganization (operational leadership). But refreshingly, they also acknowledge that in some cases, the more traditional approach might be more appropriate. There are many interesting concepts being developed by complexity theorists and this book manages to capture many, if not most, of them.
They show repeatedly the need to increase the stress on an organization in order to break past patterns of behavior. Their use of fitness landscapes (the idea that a successful company rests on a peak, and that in order to reach a new higher peak, often you must go down into the valley) is very powerful and at least partially explains why so many successful companies subsequently struggle, or fail, to adapt. Importantly though, the authors also spend a great deal of time talking about the unintended (or second and third order) effects of change. The point is not that you will be able to predict all of them (which is what chaos theory explicity says you cannot do), but rather that you must be flexible enough to roll with those unanticipated consequences.
Does that mean that every idea in this book is new? Of course not, but to be successful, a new theory often must combine the old with the new. And this book does a masterful of applying the ideas of Chaos/Complexity theory to business, of providing a new framework to think about both old and new problems. You may not agree with everything that appears in this book, but you will certainly come away with much food for thought.
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Over all this book needs to be re-thought out. A poor choise for instructors wanting their students to get a solid base so as to takle more advaced math classes.
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You may also find the tone of the book annoying - "look how clever I am".
Like most of finance, the math is not very interesting in itself, nor is it very accurate in describing the real world e.g. the Black-Scholes option pricing model.
If you are reasonably good at math and know little or nothing about finance you may enjoy the book. Otherwise a standard text on investment management would be better.
Siegel's Paradox is based on the fact that the average of a random variable differs from the inverse of the average of the same variable. He applies this to exchange rates with the question whether the difference is economically relevant.
In Liklihood of Loss the nonuniqueness of liklihood of loss is discussed. The result is used to criticize the idea of using social security funds to place bets in the stock market. Lognormal returns, which are incorrect especially for large returns, are assumed throughout the book.
In Time Diversification he addresses the interesting question whether agents should be more risk-tolerant with long rather than short time horizons. The conventional wisdom assumes the former, but he discusses a solution by Samuelson that contradicts this viewpoint. Samuelson's solution is, of course, based on an expected utility, which is arbitrary.
Why the Expected Return is Not to be Expected. Kritzman argues that the expected return has less than 50% probability of occuring.
Half the Stocks All the Time or All the Stocks Half the Time? Should an agent switch or balance? The balanced strategy has lower risk. Again, expected utility is referred to, but this time after the fact.
The Irrelevance of the Expected Return for Option Valuation. This chapter extols the use of the riskless return in the delta hedge strategy, an idea much beloved of theorists and ignored by traders. In this chapter, I am irritated that everyone under the sun (including Einstein and Wiener) gets credit for the background necessary for the Black-Scholes equation while Osborne, who introduced the lognormal distribution into finance in 1958, is completely ignored. The main point, however, is that the famous (anti-) arbitrage argument leading to a riskless hedge is wrong on two counts {1}, another example of how the economists' 'equilibrium' idea does not apply to reality. As we point out in our new stochastic theory of returns, volatility and option pricing, why would a trader go to the trouble to construct a complicated hedge that must be updated continually only to get the same return he'd get by letting his money rest in a CD or money market fund? Clearly, such a trader would not be intelligent.
Credit is given incorrectly to Einstein for his solution of a heat transfer problem whereas in reality all that was/is needed in order to solve the Black-Scholes equation (after a simple transformation) is the Green function for the diffusion equaion written down by Einstein, Bachelier and others. Also repeated is the irritating claim that CAPM is an 'equilibrium' model, which it patently is not {1}.
References
1. J. L. McCauley and Gemunu H. Gunaratne, An Empirical Model for Volatility of Returns and Option Pricing, submitted (2002).
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There was also some padding to make the book bigger. When the author tells you to make a list to compare brokerages, he includes the list three times so you can compare three brokers!
My guess is, that in the future, the author will write a better, more in depth book about real estate. He knows the business and has been very successful. In the meantime, "Your First Year in Real Estate," by Dirk Zeller, is a better introduction to the profession.
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The remaining 10% of the book is remarkably good, with innovative ideas on how to approach problems. But Charles River Media decided to lengthen the book with such trivialities as how to use the C++ Standard Library and using Direct3D. Most of the material in the GPG series is covered better, and in more depth in other books which don't have the word "game" in their title.
But in this third installment they continued this ... practice and even worsened it. A game programmer is BY DEFINITION a more-or-less competent general-purpose programmer, and so a massive inclusion of programming banalities can have no explanation other than blatant, in your face attempts to fatten the book in order to jack up the price. And I'm not even a game programmer, I don't care for games and never written one, nor do I plan to, I buy these game books because they contain examples of PROBLEM-ORIENTED, applied programming, most of which is either directly applicable in a much larger than just games area, or, at least, is inspirational, skill-improving and mind-stimulating, which is better than your typical bland and closed-end language or technology tutorials; neither are they academic, all math and no code. I like these books because they offer this somewhat popperian approach to acquiring knowledge. With that in view, why do they stuff these thick tomes with absolute minutiae?
Not all is bad even in that volume, but! Buyer beware, definitely peruse this book before buying, these guys are just squeezing out of you whatever money you're still willing to pay for this kind of literature based on previously-built expectations or simply hype.
One thing to note: I've heard claims (regarding this and previous books in the series) that these books are simply pre-existing articles pulled from the web and other sources and packed into a collection to be resold. This is nonsense - every article in the book was submitted by programmers, and was exclusively commissioned and paid for by the publisher for use in this series. You won't find these articles floating around on the net. Moreover, because these articles are commissioned, peer-reviewed, and professional edited, the overall quality is much higher than random articles found on the net.
Overall, this book, and the entire series for that matter, gets my highest recommendation. You're naturally not going to find every article or topic useful or relevant, but if you're actually in the trenches, the likelyhood of finding at least one article that really helps you out is likely high. In my experience, simply finding one really valuable article is worth the price of the book alone.
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I would suggest checking out John Hollander's excellent short work "Rhyme's Reason". He goes over more forms and in a better style than in this book. If you are a poet yourself, definitely you should choose Hollander's book over this one. However, if you want an easy and light read, maybe this book is better, since it provides longer "readings" of certain poems. But if that's what you're after, you'd be better served by Harold Bloom's "How to Read and Why", a very good book written by a top scholar and yet readable by virtually anyone interested in literature.
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The book provides ANSWERS. It does not provide any how-to; it does not provide any Excel formulas/etc. But is does provide the answers to all of the even-numbers problems in the companion text book. That's the only reason it got as much as a "3 stars" rating from me -- it was helpful for feedback.
I like Lonely Planet and its guides, but I think that it is time for them to either abandon or change the focus of this country-wide guide. In the meantime, I am relying on their series of Australian State guides for my next trip.