List price: $49.95 (that's 30% off!)
List price: $24.95 (that's 30% off!)
Fred Siegel is president of an investment management firm in New Orleans, widely respected for knowing the investment field very well. In addition to running his advisory firm, Siegel also runs The Siegel Group International, providing financial news analysis to broadcast media in the United States and other countries. He has been on the air continually since 1984, broadcasting from WWL-TV and WWL radio in New Orleans. His advice is heard far and wide-and can now be read in a fun sort of book.
Fun? Investing? Chickens? Scary. The book is written in a light vein so it's easy to move through. The type is large, so that readers don't have to squint to get his message. There are several unusual features in the book-like red and black ink on the pages. Illustrations of chickens abound. There are lots of call-outs and sidebars, including testimonial quotes from his clients. The book is almost too self-serving in that regard, but one might expect a talk-show personality to be a bit self-promoting.
The book is organized into twelve chapters, dealing with the stock market, jargon, and then the focus on chicken stocks. Siegel makes his point that buying particular types of stocks is wiser than buying others, and explains. He doesn't like mutual funds, but talks about them, trusts, bonds, and annuities. Even on-line investing is covered for the reader.
As you might suspect, this book is going to give you a "once over lightly." It's not really deep, nor does it need to be. It meets its design of giving chicken investors enough knowledge to feel comfortable looking more deeply into the opportunities. As with any investment advisor, it's smart to take the advice carefully and understand that biases are present and influential. Whether you agree with everything Siegel says or not, you will have a broader understanding of the world of investing after reading this book.
Siegel's publisher would have done good to convince his author to adopt a more conciliatory tone. This book is angry, and the author's anger perhaps serves a dual purpose- to showcase how angry moderate, suburban Democrats (such as this reviewer) are at how urban liberals led the party astray, and to mirror the anger and contempt these liberals felt towards their critics.
Good message. Uneven delivery.
Another reviewer rightly says that this concept of riot ideology is reminiscent of Edward Banfield and his cultural basis for urban behavior as argued in THE UNHEAVENLY CITY; I think the argument here is less focused on culture but more simply on discipline in economics and morals. It is certainly more plausible that what was offered by Banfield. The riot idelogy has caused an explosion in urban crime and a huge increase in government expenses, and concomitantly an increase in taxes; all of which have driven private industry out of the city and contributed to fiscal chaos.
This argument is not originally Mr Siegels', nor is it new; it however remains controversial. William Julius Wilson in THE TRULY DISADVANTAGED, years ago similarly argued that the liberal creators of the Great Society programs were wrong headed for believing that simply providing welfare programs would cause poverty to shrink; reduction of poverty is influenced much more by economic growth. Both authors in stressing the role of the economy have been heavily criticized by the left. Neither book however is partisan and Mr Siegel certainly is critical of conservative politicians, who with their anti-urban bias, use the inner city poor as whipping boys for the cultural forces that so scare suburban and rural voters.
While Mr Siegel is lucid and certainly vocal in ascribing blame, if there is a weakness in the book, it is with solutions. In contrast to THE TRULY DISADVANTAGED, Mr Siegel is rather silent on what to do about the inner city poor. Certainly fiscal and moral discipline, economic growth, and private sector initiatives are fine but that is broad based. At the individual level it still comes down to people. Hopefully Mr Siegel's silence here does not mean that in the end he supports the view that all that the poor need to do is change their culture and get a job. After all is said and done, the dire situation that the inner city poor still find themselves in requires government assistance; the debate is really about what forms and level this should be.