A lean and immensely informative handbook for investing.
Hunter presents a guide for achieving greater success in personal investing.
After years of working as an investment consultant, the now-retired author has written a concise and densely packed instruction manual for investing, distilling what he’s learned over a career spent dealing with money and the markets. Modern portfolio theory, Hunter writes, assumes that the markets are efficient, that every element involved in any given trade is known, and, perhaps most crucially, that investors act rationally. “That set of assumptions,” he asserts, “simply is not supported by the reality of human and market behavior.” The author posits that three courses are open to investors dealing with the fluctuations of the market: ignore them, take advantage of them, or get caught up in them. About the third option, he writes simply, “Danger lies this way.” Hunter proposes three steps to picking stocks that will help readers avoid getting swept up in the frenzy: Make a written statement of investment objectives, work out a plan and a timetable for those objectives, and create that path to achieving those goals with an investment policy statement. The statement must be simple, diversified, and low-maintenance (scheduled over four quarterly cycles). Over 90% of private investors underperform in general market returns, he contends, and his guidelines are aimed at helping readers avoid such a fate. Throughout the guide, the author is a cool, authoritative adviser who hews closely to a line he relates from economist John Maynard Keynes: “It’s better to fail conventionally than succeed unconventionally.” Hunter writes clearly and concisely, defining investment terms and reminding readers of the importance of understanding their own motivations and goals. “You need to determine if your glass is half full or your glass is half empty,” he writes. “Hence the beginning of the counsel of this book: First and foremost, know yourself.”
A lean and immensely informative handbook for investing.Pub Date: June 17, 2024
ISBN: N/A
Page Count: -
Publisher: N/A
Review Posted Online: April 8, 2024
Review Program: Kirkus Indie
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
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. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
IN THE NEWS
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
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