by Scott Fearon with Jesse Powell ‧ RELEASE DATE: Jan. 6, 2015
Sharp insights into human fallibility as a potential source of moneymaking opportunity.
Hedge fund owner/manager Fearon contrasts the methods of Wall Street experts and gurus, and the self-deception and illusions of many business managers, with his own ability to profit from such vulnerabilities.
The author has ridden the roller coaster of finance and investment since the collapse of the Texas oil patch in the 1980s. Along the way, he became a successful investor by shorting the stock of companies destined to fail, and he founded his own hedge fund in 1991 and continues to run it. Fearon passed through a succession of investing styles as he worked to understand how self-delusions, obsessions and manias obstruct business success. Insights assimilated from his own failures—like the gumbo restaurant he located amid a non-Southern, spicy food–eating demographic, among others—were fuel for his subsequent successes. Number-crunching analysis, writes the author, doesn't function on its own, and he includes stories and incidents derived from thousands of interviews conducted with the leaders of companies to illustrate the methods that have worked for him. The author uses Ron Johnson, who was put in charge of J.C. Penney, as an example. He lost $1 billion eliminating popular coupon programs, replacing discount products with upscale goods and dropping the use of Spanish in states like Texas. Johnson wanted to build a company where he and his friends could shop, but J.C. Penney's customer base refused to go along. During his research, site visits and interviews helped Fearon probe beneath the rationalizations for failure. When managers blame external factors and refuse to consider the possibility of internal problems, it’s another sure sign of trouble. Thus, when earnings are falling or nonexistent and liabilities are increasing, bankruptcy is at hand. The author also discusses successful investments, like International Game Technology which can make more money more quickly than the best shorts.
Sharp insights into human fallibility as a potential source of moneymaking opportunity.Pub Date: Jan. 6, 2015
ISBN: 978-1137279644
Page Count: 256
Publisher: Palgrave Macmillan
Review Posted Online: Oct. 22, 2014
Kirkus Reviews Issue: Nov. 1, 2014
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by Abhijit V. Banerjee & Esther Duflo ‧ RELEASE DATE: Nov. 12, 2019
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“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. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
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More About This Book
SEEN & HEARD
by Enrico Moretti ‧ RELEASE DATE: May 5, 2012
A welcome contribution from a newcomer who provides both a different view and balance in addressing one of the country's...
A fresh, provocative analysis of the debate on education and employment.
Up-and-coming economist Moretti (Economics/Univ. of California, Berkeley) takes issue with the “[w]idespread misconception…that the problem of inequality in the United States is all about the gap between the top one percent and the remaining 99 percent.” The most important aspect of inequality today, he writes, is the widening gap between the 45 million workers with college degrees and the 80 million without—a difference he claims affects every area of peoples' lives. The college-educated part of the population underpins the growth of America's economy of innovation in life sciences, information technology, media and other areas of globally leading research work. Moretti studies the relationship among geographic concentration, innovation and workplace education levels to identify the direct and indirect benefits. He shows that this clustering favors the promotion of self-feeding processes of growth, directly affecting wage levels, both in the innovative industries as well as the sectors that service them. Indirect benefits also accrue from knowledge and other spillovers, which accompany clustering in innovation hubs. Moretti presents research-based evidence supporting his view that the public and private economic benefits of education and research are such that increased federal subsidies would more than pay for themselves. The author fears the development of geographic segregation and Balkanization along education lines if these issues of long-term economic benefits are left inadequately addressed.
A welcome contribution from a newcomer who provides both a different view and balance in addressing one of the country's more profound problems.Pub Date: May 5, 2012
ISBN: 978-0-547-75011-8
Page Count: 304
Publisher: Houghton Mifflin Harcourt
Review Posted Online: April 3, 2012
Kirkus Reviews Issue: April 15, 2012
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