Perhaps too mercenary for some, but when implemented properly, the mostly sound principles can lead to financial stability...

SUN TZU: THE ART OF MAKING MONEY

STRATEGIES FOR GETTING THROUGH A TOUGH ECONOMY

Using the principles of Sun Tzu, the ancient general and military tactician, Cheung draws parallels between military and financial strategies.

Selected excerpts and quotes attributed to Sun Tzu provide the basis of Cheung’s suggested strategies for financial success. Just as a military leader must observe the cycles of heaven and Earth, so should the financial planner observe economic cycles and plan accordingly. The end result is a presentation of conventional wisdoms offered from an unconventional point of view which briefly covers a wide range of some well-known, basic financial skills: Don’t spend more than you earn; don’t accumulate debt; try to do work that you love; invest wisely and plan ahead for retirement. Some strategies relate to personal finances, such as building individual savings, choosing individual investments, and completing a personal analysis of Strengths, Weaknesses, Opportunities and Threats (SWOT). Other strategies are used to discuss finances at a higher level, such as getting to know the strengths and weaknesses of business competitors and using them to an advantage. Some of the relationships between Sun Tzu’s principles and finance aren’t clearly made; for instance, Sun Tzu advised that “All conflicts are based on deception,” but for Cheung, deception “often involves possessing an asset your competition lacks and using it in surprising ways.” Examples include the protection of intellectual property and proprietary information, which might better be categorized as defense against industrial piracy rather than deceit. Other pieces of advice drawn from war-based parallels may not sit well with everyone, such as the section devoted to the use of spies and the advice to cultivate relationships with a competitor’s administrative assistants in order to gain access to information and the competitor’s leadership. While the generally sound strategies follow tried-and-true methods for achieving success, the challenge is often in the details, which are sometimes left unaddressed. Diversifying skills is always good advice, but the suggestion to “go back to school…or begin a new career” may come across as blithe and superficial to someone who can’t pay for classes.

Perhaps too mercenary for some, but when implemented properly, the mostly sound principles can lead to financial stability and success.

Pub Date: Oct. 25, 2012

ISBN: 978-1480089006

Page Count: 212

Publisher: CreateSpace

Review Posted Online: Jan. 20, 2013

Kirkus Reviews Issue: March 1, 2013

Did you like this book?

No Comments Yet

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

Did you like this book?

Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.

GOOD ECONOMICS FOR HARD TIMES

“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.

It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.

Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.

Pub Date: Nov. 12, 2019

ISBN: 978-1-61039-950-0

Page Count: 432

Publisher: PublicAffairs

Review Posted Online: Aug. 29, 2019

Kirkus Reviews Issue: Sept. 15, 2019

Did you like this book?

more