The Entrepreneur’s Faces: How Makers, Visionaries and Outsiders Succeed

by Fred Fuld III

The book, The Entrepreneur’s Faces: How Makers, Visionaries and Outsiders Succeed, by Jonathan Littman and Susanna Camp, is a great resource for aspiring and existing entrepreneurs.

The authors break down the phases needed for success into seven steps:

  • The Awakening
  • The Shift
  • The Place
  • The Launch
  • The Money
  • The Test
  • The Scale

There is a chapter covering each one of stages, and within each chapter, the authors give real life example of various types of entrepreneurs, and how they succeeded.

As a matter of fact you can find out what type of entrepreneurial archetype you are and what other types you need to bring on board to round out the organization, by going to a free online quiz, which can be found at the following link:

susannacamp.typeform.com/to/pPYSe5pb

For those who are planning on starting their own business or just getting started, I suggest you check out The Entrepreneur’s Faces.

 

 

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Investment Books Recommended by Warren Buffett

Warren Buffett, head of Berkshire Hathaway (BRKA) (BRKB), really came out with a list of books that he recommends on how to invest.

At last year’s Berkshire Hathaway annual meeting, Buffett actually provided such a list. The books he recommended about himself can be found here and here.

However, if you are interested in reading books about how to invest, that are recommended by Warren Buffett, they can be found on the list below:

Business Adventures Twelve Classic Tales from the World of Wall Street

Common Sense on Mutual Funds: Fully Updated 10th Anniversary Edition

The Great Crash 1929

The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition)

Investing Between the Lines: How to Make Smarter Decisions By Decoding CEO Communications

Happy Reading!

 

 

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Winning Now, Winning Later: How Companies Can Succeed in the Short Term While Investing for the Long Term

by Fred Fuld III

When I first got the book Winning Now, Winning Later: How Companies Can Succeed in the Short Term While Investing for the Long Term, the first thing that caught my eye was the list of successful people who gave it endorsements, including Bob Iger, Executive Chairman of Disney, Hank Paulson, former U.S. Secretary of the Treasury, Marc Benioff, Co-CEO of Salesforce, and Indra Nooyi, former CEO of PepsiCo.

The author, David M. Cote, was the CEO behind the enormous success of Honeywell. He covers, in great detail, the process for successfully achieving both short-term goals and long-term goals for your company. Every chapter has a summary at the end called Questions to Ask yourself.

The book includes many informative and sometimes amusing anecdotes, which help to explain his process for business success for both a short term and long term basis.

I found Chapter 4 Focus on Process, to be the most important. It explains how it is imperative to get employees involved in improving company processes, and the utilization of phases to improve success.

Whether you are the head of a large publicly traded corporation, the CEO  of a mid-size business, or managing a fast growing startup, I recommend that you read Winning Now, Winning Later as you will find extensive advice and information that will help your organization.

 

 

 

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Books that Warren Buffett Recommends about Himself Part 2

Vlast month, we published a list of books that Warren Buffett recommends about himself.

At last year’s Berkshire Hathaway annual meeting, Buffett actually provided such a list. Here are more books that he recommends about himself.

My Warren Buffett Bible: A Short and Simple Guide to Rational Investing: 284 Quotes from the World’s Most Successful Investor

 

The Oracle & Omaha, How Warren Buffet and His Hometown Shaped Each Other

 

Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2013

 

Warren Buffett on Business: Principles from the Sage of Omaha

 

Warren Buffett’s Ground Rules: Words of Wisdom from the Partnership Letters of the World’s Greatest Investor

Warren Buffett Speaks: Wit and Wisdom from the World’s Greatest Investor

Enjoy your summer reading!!!

Do You Have Trouble Remembering Passwords?

by Fred Fuld III

If you are like me, you have hundreds of different passwords, and if you are doing what you are supposed to for protecting your accounts, those passwords should all be different.

Just as one example, I have 31 different accounts that just begin with the letter A, including Amazon, AT&T, American Stock Transfer, AAA, American Express, Apple, and many others. I have even more accounts that begin with the letter C.

I used to write down all the passwords on a list but with hundreds of passwords, it took forever to find the one I want. In addition, I never wanted to type my passwords on a file on my computer, in the event the computer got hacked. I figured writing them down would be easier.

Now I have a book called Email and Website Password Logbook which is set up in sections by letters of the alphabet. In other words, all the accounts with the letter A, all the accounts with the letter B, and so forth, making it easier to find the password I am looking for. It is much easier than looking down a list where everything is scrambled in terms of the alphabet.

The Email and Website Password Logbook is currently available on Amazon for less than $7, and I highly recommend it.

 

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Classic Historical Books About Wall Street and the Stock Market

by Fred Fuld III

Sometimes history repeats itself. Sometimes it pays to look at the past to get perspective about the present and the future. Sometimes it’s just fun and fascinating to read about what was going on in the investment market years ago.

Here is a list of stock market and Wall Street books written a long time ago, one of which is from the 1800’s. With the quarantine in place, you probably have a lot more reading time. Here is a refreshing change from the “get rich quick in the stock market” books.

Reminiscences of a Stock Operator – first published in 1923
by Edwin Lefevre
This is the classic book on investing, trading, market timing, and crowd psychology, just as true today as it was almost a century ago. It is based on the life of top notorious trader, Jesse Livermore.

My Adventures with Your Money – first published in 1911
by George Graham Rice
About a conman who make money off the early gold mining stock boom.

The PLUNGERS and the PEACOCKS. 150 years of Wall Street – published in 1967
by Dana L. Thomas
Written during the bull market of the 1960s, it provides an entertaining history of the stock market.

Den of Thieves – published in 1991
by James B. Stewart
The “newest” of these old books, it covers the insider trading scandals involving Ivan Boesky, Michael Milken, and other Wall Street financiers  during the 1980s.

Storming The Magic Kingdom – published in 1987
by John Taylor
A must read book about the fight for control of one of America’s most famous companies.

Extraordinary Popular Delusions and the Madness of Crowds (1841) by Charles Mackay included as part of Stock Market Trivia Volume 2 (2014)
The Extraordinary Popular Delusions book was written in the mid-1800s. It has many chapters, but most are unrelated to investing, such as alchemy, witches, haunted houses, etc. However, three of the chapters have extensive and entertaining information about three of the largest investment bubbles in history: the Mississippi Scheme, the South Sea Bubble, and the Tulip Mania. These three chapters are included as the last half of the  Stock Market  Trivia Volume 2 book. (In interest of full disclosure, I wrote the Stock Market Trivia 2 book.) In addition, the trivia book includes such things as the chocolate chip cookie/stock market correlation, celebrity stock indices, weird stock certificates, and more.

Happy reading.

 

 

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Startup Myths and Models: What You Won’t Learn in Business School

by Fred Fuld III

The book, Startup Myths and Models: What You Won’t Learn in Business School, by Rizwan Virk is a great resource for those who are considering launching a startup nd those who have already established their startup.

Virk uses an interesting approach to provide advice to startupers, by listing over 20 myths, including bonus myths, relating to startups, and why those myths are wrong, and provides advice relating to these issues and misconceptions.

Just a few of the myths are:

  • You have to be first to market
  • A great product and a big market are the most important things
  • Talk to as many investors as you can
  • Hire the most experienced people you can find
  • and many more

My two favorite chapters (myths) were There is No Such Thing as Bad Publicity (a very short but important section) and Startups Are Hard Work.

The author includes numerous real life examples and anecdotes to get his points across.

If you have any interest in creating your own startup, or if you are in the beginning or middle stages of your startup, I highly recommend that you read Startup Myths and Models.

 

The Retirement Remix: A Modern Solution to an Old School Problem

by Fred Fuld III

The book, The Retirement Remix: A Modern Solution to an Old School Problem, by Chip Munn, offers a new approach to retirement planning. He describes how you shouldn’t have to slave away at a job you hate, socking away as much money as you possibly can and avoiding spending on yourself.

Munn came up with a more modern way to plan for your retirement, without making it a drudgery. He includes several real life examples.

The book goes into detail about changing your mindset, with regard to saving, investing, and retiring. One of the more interesting chapters is Take Your Retirement for a Test Drive.

If you have concerns about retirement, you should read  The Retirement Remix.

Books About Investment Scams

Now that you don’t have to commute during the shelter-in-place, you can use some of that freed up time to do a little reading. Here are a few books about investment scams that are both entertaining and educational.

Wolf Books

The Wolf of Wall Street
by Jordan Belfort
This is the autobiographical story about the guy who made hundreds of millions of dollars by pumping and dumping low priced and penny stocks. The book is filled with sex and drugs and every other kind of decadence.  A Martin Scorsese movie starring Leonardo DiCaprio was made from this story. Be forewarned: the chapter that took place in the hospital gave me nightmares for a couple weeks.

Catching the Wolf of Wall Street: More Incredible True Stories of Fortunes, Schemes, Parties, and Prison
by Jordan Belfort
This is the followup to the previous book. What happens when Belfort is arrested, how a case was built against him, and what happens after prison.

Madoff Books

No One Would Listen: A True Financial Thriller
by Harry Markopolos
A New York Times bestseller about how Markopolos uncovered Madoff’s scam.

The Wizard of Lies: Bernie Madoff and the Death of Trust
by Diana B. Henriques
All about how Madoff pulled off the biggest Ponzi scheme in history. Over 130 five star ratings on Amazon.

The End of Normal: A Wife’s Anguish, A Widow’s New Life
by Stephanie Madoff Mack
An inside look at the Madoff family written by the widow of Mark Madoff and the daughter-in-law of Bernard Madoff.Over 200 five star ratings.

Betrayal: The Life and Lies of Bernie Madoff
by Andrew Kirtzman
An in-depth look at Madoff and his victims.

Theranos Books

Bad Blood: Secrets and Lies in a Silicon Valley Startup
by John Carreyrou
Named one of the best books of the year by NPR, The New York Times Book Review, Time, Wall Street Journal, and the Washington Post. An in-depth look at Theranos and Elizabeth Holmes. Over 2,600 five star ratings.

Billion Dollar Facade: The Rise And Fall Of Theranos And Elizabeth Holmes
by Phil C. Senior
Short 140 page summary of the Theranos scam.

Books about Scams

Scam Me If You Can: Simple Strategies to Outsmart Today’s Rip-off Artists
by Frank W. Abagnale
Abagnale was the guy who wrote the book on scamming, Catch Me If You Can, which was made into a major motion picture.

How to Smell a Rat: The Five Signs of Financial Fraud
by Ken Fisher
How investment fraudsters operate and how to avoid them. Written my billionaire money manager and former long time Forbes columnist Ken Fisher.

Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World
by Tom Wright & Bradley Hope
Named a Best Book of 2018 by the Financial Times and Fortune, it is about the man who swindles $5 billion with the help of Goldman Sachs.

Happy reading!

 

 

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Why I Won’t Review Your Book

by Fred Fuld III
Every month, I get many emails from authors, publicists, and publishers, asking if I would like to review their book. On some days, I get as many as two or three requests. Back in 2006, when I first started blogging, and received my first review request, I thought “Great, I get a free book.” Now, I’m just overwhelmed and I turn down a huge percentage of the requests.

I have books stacked up all over the place. On my nightstand, I have three piles of books, each stacked up over two feet high. I have books on the floor next to my bed, the coffee table in the family room has three piles of books stacked up, and all the bookshelves are two rows of books deep with books stacked on top of the rows.

So besides lack of space, there are a lot of reasons why I might not review your book.

1. The book has nothing to do with business or investments
I’ve been asked to review all kinds of books, everything from cookbooks to children’s books. They may be great books but not a fit for Wall Street News Network.

2. The book is outside my area of expertise
Occasionally, I get a request to review an investment book that I have little knowledge of, for example commodities trading, which I feel I couldn’t give a fair evaluation due to my lack of familiarity.

3. The book is a blatant sales pitch
Many authors have a business or website that they are involved in, and they mention it in the book. I see no problem with this as I mention my web sites in a couple of my books. However, when a book puts at the end of each and every chapter, “Please call us at our 800 number to set up an appointment to discuss your financial situation,” then that is going way overboard. I actually received a book that did just that, so I didn’t even waste my time to review it. It’s too bad because the content of the book was pretty good.

4. The book is just too basic
I sometimes receive a book about finances and investing that is really simplistic. In other words, they include such recommendations as “Pay off your credit cards at the end of each month,” “Set aside some of your paycheck into an investing program,” etc. There is nothing wrong with this information, but the market for this type of advice is not the same audience that reads this blog.

5. The book is not my cup of tea
Every once in a while, I will read a book that I just don’t like. The book may not necessarily be bad, it’s just not for me, and it could be for one of many reasons. Others may really enjoy it. I just don’t want to write a bad review. As an author of a few books, I know the incredible time and energy that goes into writing a book. So instead of criticizing the book, I just won’t write anything, since I don’t want to deter another reader who may find the book to be just what they are looking for.

6. The book’s trading technique is too simplistic and not backed up with long term research
I received a stock trading book years ago, and it arrived a few months after the 2008 market crash. The book must have been published right around the peak of the the market. The technique could be boiled down to one sentence. Buy a good stock and sell it as soon as you have a slight profit. The rest of the book was filled with extraneous information about the stock market in general, which although somewhat interesting, did not relate to the trading technique. That wasn’t a major issue as many other books do that.
However, although a claim was made that the technique could be used in any market, the author used the results of a personal portfolio going back just two and a half years and ending just before the market crash. Looking at the current ‘holds’ in the portfolio at the end of the ‘study’ and comparing them to current stock prices at the time I finally read the book, it looked like the author would be holding most of those stocks for a long, long time (and it did take years for some to recover). A couple  of the stocks went out of business, wiping out most of the trading profits that the author had made for the last couple of years.
I think that if an author claims that a trading technique can be used in any type of stock market, the research must be done over periods that include bear markets, and definitely longer than two and a half years ending at a market top.

7. I just don’t have the time
At this time, I have many books that I agreed to review, that I still need to get around to. Who knows when I will get through the list. So if I respond that I just don’t have the time to review it at this time, I mean it.

One other thing relating to Advanced Reader Copies.

I receive over 100 books a year for review, and since I don’t have the space to keep all of them, I gift, give away, and use as contest prizes the lightly-read books in conjunction with the blog.

Unfortunately, an Advanced Reader Copy or an Advance Uncorrected Proof is awkward to give away as a gift and really isn’t the real book. Often, they have missing page numbers in the Table of Contents and Index, many typos, and other errors and misinformation. .

Even my library system won’t accept a donation of ARC books.

Therefore, in order to cut down on the number of submissions and to receive a book that can be offered to my readers, I will no longer be accepting books if the review copy designation is printed on the cover or stamped in the book. Any such books will be discarded, unread, and unreviewed.

This policy is similar to other major reviewers such as Midwest Book Review.

Anyway, I’ve written many book reviews during the last few months, and hopefully you will find one of them interesting. And if you’ve written a book, maybe it will meet all my criteria and hopefully I will have time to read it.