A realistic guide to retirement planning.

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A Good Financial Advisor Will Tell You...

EVERYTHING YOU NEED TO KNOW ABOUT RETIREMENT, GENERATING LIFETIME INCOME, AND PLANNING YOUR LEGACY

A reasoned approach to making long-term decisions about money and investing.

In this debut personal finance guide, Luna and Kisner, co-workers in a financial management practice, present cogent, practicable advice for the average investor. The bulk of the book focuses on long-term retirement planning, from the effective use of Social Security distributions to the value of insurance. (A brief section addresses saving for education expenses.) Throughout, Luna and Kisner emphasize the risks that average investors run when they attempt to outsmart financial markets, or place too high a value on their own knowledge: “The human mind so desperately wants to believe that you can reduce complex, random, and sometimes irrational markets into a pattern recognition system that follows simple moving averages.” The book opens with a review of the inherent biases (such as confirmation bias, recency bias and so on) that drive individuals to invent logical explanations for random actions. At several points, the authors turn to behavioral studies to support their contention that people are rarely the best custodians of their own investments. They urge readers to work with financial professionals who are able to devote sufficient attention to the movements of individual investments and respond accordingly. However, they don’t blindly endorse their own profession (“One of the biggest mistakes financial advisors make is they are afraid to disagree with you”), but instead provide guidance for choosing a financial planner. The majority of the book is concerned with providing readers with a basic understanding of the tools and techniques to plan for a reliable income stream after retirement. At the same time, the authors embrace the emotional aspects of personal finance, and stress that any understanding of returns and payments should take a back seat to living an enjoyable life.

A realistic guide to retirement planning.

Pub Date: Dec. 8, 2011

ISBN: 978-1935586494

Page Count: 200

Publisher: Aviva Publishing

Review Posted Online: June 4, 2014

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Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...

THINKING, FAST AND SLOW

A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.

The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.

Pub Date: Nov. 1, 2011

ISBN: 978-0-374-27563-1

Page Count: 512

Publisher: Farrar, Straus and Giroux

Review Posted Online: Sept. 4, 2011

Kirkus Reviews Issue: Sept. 15, 2011

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A deftly argued case for a new kind of socialism that, while sure to inspire controversy, bears widespread discussion.

CAPITAL AND IDEOLOGY

A massive investigation of economic history in the service of proposing a political order to overcome inequality.

Readers who like their political manifestoes in manageable sizes, à la Common Sense or The Communist Manifesto, may be overwhelmed by the latest from famed French economist Piketty (Top Incomes in France in the Twentieth Century: Inequality and Redistribution, 1901-1998, 2014, etc.), but it’s a significant work. The author interrogates the principal forms of economic organization over time, from slavery to “non-European trifunctional societies,” Chinese-style communism, and “hypercapitalist” orders, in order to examine relative levels of inequality and its evolution. Each system is founded on an ideology, and “every ideology, no matter how extreme it may seem in its defense of inequality, expresses a certain idea of social justice.” In the present era, at least in the U.S., that idea of social justice would seem to be only that the big ones eat the little ones, the principal justification being that the wealthiest people became rich because they are “the most enterprising, deserving, and useful.” In fact, as Piketty demonstrates, there’s more to inequality than the mere “size of the income gap.” Contrary to hypercapitalist ideology and its defenders, the playing field is not level, the market is not self-regulating, and access is not evenly distributed. Against this, Piketty arrives at a proposed system that, among other things, would redistribute wealth across societies by heavy taxation, especially of inheritances, to create a “participatory socialism” in which power is widely shared and trade across nations is truly free. The word “socialism,” he allows, is a kind of Pandora’s box that can scare people off—and, he further acknowledges, “the Russian and Czech oligarchs who buy athletic teams and newspapers may not be the most savory characters, but the Soviet system was a nightmare and had to go.” Yet so, too, writes the author, is a capitalism that rewards so few at the expense of so many.

A deftly argued case for a new kind of socialism that, while sure to inspire controversy, bears widespread discussion.

Pub Date: March 10, 2020

ISBN: 978-0-674-98082-2

Page Count: 976

Publisher: Belknap/Harvard Univ.

Review Posted Online: Dec. 22, 2019

Kirkus Reviews Issue: Jan. 15, 2020

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