The author of The Warren Buffet Way turns his sights on another successful financial colossus, the National Association of Stock Car Automobile Racers, better known as NASCAR. Looking to add holdings to a mutual fund he manages, Hagstrom first approached NASCAR as he would any other industry. Before long, however, he found the sport's appeal infectious. Although it operates primarily in the deep South and traditionally draws on rural southerners for its fan base, NASCAR, specifically its Winston Cup Series, is one of the most lucrative and stable professional sporting enterprises in the world. According to Hagstrom, NASCAR succeeds because its ``financial house is in order,'' with three primary sources of income: the fans, who are deep-pocketed and fiercely loyal to drivers and to the products of their team sponsors; television-- all 31 races are broadcast nationally; and high-profile corporate sponsors, which spend hundreds of millions of dollars annually to reach race attendees and television viewers alike. Added to these elements is the fact that NASCAR is privately held, its owners the descendents of the organization's founder, Bill France Sr. This combination of stable ownership and steady revenues, Hagstrom contends, makes NASCAR a standout among big-money sports leagues, such as the NBA and NFL. He therefore advocates investing in firms that own NASCAR race tracks or teams, or both, as a virtual permit to mint money. Is this sound advice? According to a marketing executive for a prominent sports-drink manufacturer that counts Michael Jordan among its paid endorsers, ``If I had an additional marketing dollar to allocate, I would spend it on NASCAR.'' Hagstrom, in his admiration for NASCAR, occasionally glosses over some things, for instance, that it's alienating some fans by abandoning its small-track, small-team, small-town roots. Nevertheless, this book is a novel and notable examination of sports from a purely mercantilist angle.