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This book was a real thriller.It kept me on the edge every step of the way!!
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To make the task nearly impossible, the author, James Morton, included me in the list of young portfolio managers he wanted to interview.
The process was remarkably straightforward. He did a pile of reading - I write a fair amount, got up to speed on what we we're trying to do at MetaMarkets.com, and then hopped on a plane from London to Boston. We spoke for a few hours in the lobby of the Boston Marriot, and I never really thought about it again.
What James captured is a portrait of youth in a bull market. The bear market had yet to enter the picture and start grinding us all down, inch by inch. The dreams we dreamt were grand. The air was intoxicating. Nothing seemed impossible.
At times I find the chapter about MetaMarkets.com and my role here hard to read. I wax poetic for half a page about the fabulous innovation engine known as Lucent. Lucent! For Pete's sake! To be fair, I also opine on the virtues of Qualcomm and Home Depot, two companies I continue to believe are long term winners. It's the tone that's striking - the arrogance. Investing is an inherently hubristic endeavour. Whether you are in a bull market or a bear market, active investing is standing on a constant promontory in the middle of a raging sea, screaming at the top of your lungs that you know better than the market. During bear markets, this shouting can take the tone of a plea. In bull markets, it comes across as arrogance. But ultimately, it's the standing out their on the promontory at all that counts.
In the end, I think it's a book worth reading. It's worth reading to recognize those parts of the New Economy paradigm that are in fact still intact, albeit tested and bruised. We are indeed still citizens of a day trader nation - one that changes tick by tick whether we personally choose to react or not. We are still all venture capitalists to a degree never before experienced in the history of commerce. Companies at the forefront of information technology, pure innovation, and corporate tribalism still drive us forward, even in these hard times.
Perhaps the lesson is that yes, Virgnia, it is a New Economy. But "New" does not mean "Perfect".
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Good Luck to James and Paula.
As Madison firmly believed, his record as a statesman should be a record of public deeds, not gossipy tale of ambitions, achievements, disappointments and revelations. Madison took care in to preserve his political papers as well as to ensure that the details of his private life would remain forever hidden from posterity.
Thus, it was only in the conduct of public affairs that his deepest talents and interests found expression. Madison was a political thinker of his generation... in the task of creating the extended national republic of the United States, he had many partners but very few equals. Madison played a key roll in every significant development in national politics: efforts to ratify and amend the Articles of Confederation, the adoption and ratification of the Federal Constitution, the framing of he first amendments, the organization of the first opposition party, the initial controversies over constitutional interpretation, and the long diplomatic and military struggle that ended with the War of 1812.
Madison's distinctive contributions to the American constitutional tradition were first and foremost a reflection of his remarkable capacity to reason abstractly about funamental problems of political life on the basis of lessions drawn from experience. We see the author taking Madison and showing us how ideas that began with books were shaped and elaborated and reconsidered through the experience of revolutionary, republican, and constitutional politics.
James Madison does not resonate nearly as deeply in our historical memory. Yet his lasting achievements are arguably no less important. As Madison deepest legacy for the American constitutional tradition, he helped to create the understanding of these two distinct problems of majority power and minority rights.
This is an excellent book and it really gets into the conscience of Madison and it gives the reader some analysis of the potent legacy for the statesman named James Madison.
I would like to talk a little about chapter 9 - 'Barriers to Understanding the Kids Market'. Dr. McNeal points out two caricatures of marketers targeting kids : The "WIWAKs" and the "Marents". The "WIWAKs" exemplify the "When I Was A Kid" approach to kids market strategy. Marents - on the other hand - base their kids market strategy on the fact that they are both marketers and parents. This supposedly gives them a special insight into the kids market.
Dr. McNeal then goes on to give a real gem of a formula: "C=f(P,E); that is, Children = function of (Parents, Environment). In long form, what children are, how they think and act ,are a function of both parental and environmental forces constantly at work, even before they were born." (pg. 111)
This is why the "Marent" approach to marketing is so potentially misleading. A marketers children are often more likely to reflect their parents' values than a true sense of the kids market.
This formula also points out the implicit need for accurate research and product testing to avoid basic marketing blunders such as: "Targeting all kids aged 2 - 12 with one ad message on one TV program, packaging salty snacks for kids in packages that don't cater to their limited dexterity, concept testing a product only among parents, offering premiums whose use requires adult supervision, and displaying product for kids in stores well above their eye level." (pg. 111)
In conclusion 'The Kids Market: Myths and Realities' is a must read for anyone interested in reaching the kids market. You can test your own knowledge by comparing your understanding of the kids market to the 27 myths and realities as presented by Dr. McNeal in this well researched and wonderfully presented book.
You also get lots of pie chart type marketing data research and charming drawing by children about their perceptions of the shopping experience. Dr. James U McNeal is a Professor of Marketing at Texas A&M University where he teaches courses in marketing and consumer behavior. He is also the author of 'Children as Consumers' and 'Kids as Customers'.
Marketers to the Kids Marketplace will find this book invaluable.
I hope you enjoy it as much as I have, Judith Judith A. Jewer - KidsMarketing.com