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For years, we have been deluged with repetitive texts on how to become a millionaire like your neighbor. Isn't it better to have a manual on how to emulate the titans? There's an old saying in the school yard that if you are going to cheat on an exam, copy off the person who gets the A+, not the C students. Nikki Ross' book has been sorely needed and will prove just as pertinent today as it will in 20 years -- when the memories of these legends grow more faint.
What I liked most about Nikki's work is its translation value -- her ability to condense the lingering, sometimes philosophical synapses of these great men into lingo that lay investors can use practically. She avoids the temptation of delving at length into their biographies (which are rich enough and worthy of a sequel) and instead presents us with step-by-step instructions (almost as if she was taking dictation from Fisher and Buffett themselves).
A savvy stock-picker will quickly pick out the common threads that run throughout the book. All of these titans boiled down investing to a few core principles:
1) They view stocks as pieces of businesses and put all their efforts into determining the value of their prospective purchases. 2) They focus on price but understand that the real value of an investment is procured over time as the company grows. 3) They shun convention and believe today's dissertations on portfolio modeling are recipes for mediocrity. 4) They don't give a hoot about day-to-day fluctuations in the stock market. 5) They are all humble men who delighted in increasing clients' net worth just for the sake of proving it was possible.
It helps that Ms. Ross is a certified financial planner and a columnist. Her experience in giving real-world advice to individual investors lent itself to an easy-to-read, well planned book that any investor -- sophisticated or otherwise -- can use to their advantage. This book successfully bridges the gap between stock-picking and financial planning without coming off as self-serving, as many financial planning books are.
The first step is gathering the information. She shows where the information can be gathered using Internet resources (over twenty-five are listed), SEC reports, annual reports, magazines, and newspapers.
The second step is the evaluation process. Here she brings to life some of the insightful questions applied by Warren Buffett, Benjamin Graham, Phil Fisher, T.Rowe Price, and John Templeton. The quantitative aspects of the evaluation are addressed (such as the company's sales, profit margins, and earnings). In addition the qualitative aspects (the company management's abilities, products and policies, market position, and company life cycle) become part of the investigation that leads to the third step, making a decision. In reading Nikki Ross' "Lessons from the Legends of Wall Street" I found questions of these legends most valuable and applicable in the evaluation of my own portfolio.
The third step, making the decision, requires that the investment meet a personal set of criteria before making a purchase. This also would be applied when making the decision to hold or sell the investment.
Nikki Ross presents these same strategies of the legends (that are used even today by mutual fund managers, money managers, and investment counselors) in an useable format that can be applied by the reader. In comparison to some other investment type books, this one cuts through the complex theory and offers common sense strategies for investing.
This interesting book is well written and timely. I would recommend this book for reading to help develop a solid investment strategy.
Philip Boudreaux, MBA
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I suggest to all the kennedy fans to buy it.
The one down side to Robert Kennedy's efforts is that he often sublimated his own identity, interests and needs so as to promote his brother. It is only in the tragic aftermath of President Kennedy's death does Robert Kennedy fully emerge as his own person. The same hard work ethic he applied behind the scenes is shown to the public at large. Robert Kennedy does indeed find his voice and his forte, which is commanding the interest and attention of his public. The man who would be president in 1968 becomes a symbol of hope -- he is the voice representing the disenfranchised, the minorities and those living in poverty. He is the man who becomes personally involved with a large segment of the population that had, up until recent history been excluded from many public fora. It is to Robert Kennedy's credit that he makes himself aware of such issues. Indeed, this book treats the brothers with respect and as with any work about Robert Kennedy, one is always left with the question of what would have been had this man lived to be elected president in 1968.
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Abby Cable, after being accused of "hugging vegstibles" flees to Gotham City. There she is picked up again and put on trial. Swamp things returns from the "American Gothic" tour and looks everywhere for his beloved. When he finds out she's in jail in Gotham needless to say he's [angry] and rips Gotham a new one. Now Swamp Thing is the agressor terrorizing all those innocent mortals untill he gets his love back and not even Batman can stop him (Yeah, Batman can kick anyone ..., but swampy is now on a God level. He turns Gotham into a jungle on a whim)
Trying not to give too much away my favorite Swamp thing story in the book (Perhaps the whole series) is "My Blue Heaven". It's a beautiful, exotic, weird and engrossing tale. It's about the human condition set in a weird alien world. Jonathan Lethem would be impressed. He's the writer of "Girl in Landscape" and "Amnisia Moon". Check him out too.
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These four novels, each written a different decade (50s, 60s, 70s, 80s) do more than capture the spirit of their era. They mark the changes in our neighborhoods, politics, entertainment and sports.
At the center is Harry Angstrom, a high school basketball star who never finds his niche in life. Harry is selfish, insensitive, yet also heart-breakingly sincere and a kind of protypical American romantic.
These books also are quite [nice] and have some of the best descriptions of sex I have read. And people have this picture of Updike as some boring WASP writer. Nothing could be further from the truth.
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