Tailored Wealth Management

by Fred Fuld III

The book, Tailored Wealth Management: Exploring the Cause and Effect of Financial Success by Niall J. Gannon is a guide for those who are interested in increasing their wealth, especially young people who can get a significant mathematical head start.

One of the most interesting chapters was Chapter 2 Average Americans: Stories of “Ordinary” Success, where Gannon gives real life examples of those who started with moderate incomes, such as a janitor, and eventually became multi-millionaires.

Chapter 6 covers the factors that can reduce wealth, and what you can do to avoid those factors.

The book has extensive easy-to-understand tables and graphs as backups for the many theories and recommendations that are discussed in the book.

I recommend Tailored Wealth Management to investors, especially young investors, who are looking to grow their net worth  and achieve their financial goals.

Factfulness: Ten Reasons Why We’re Wrong About the World – and Why Things Are Better Than You Think

by Fred Fuld III

I was having a discussion with a friend of mine who was complaining about how bad the world is today, and I kept telling him that he needs to get some perspective. I told him to compare how things are to how they were ten, twenty, fifty, and one hundred years ago. Unfortunately, I didn’t have all my facts at the time. Now I do.

It was by chance that I came across the book, Factfulness: Ten Reasons Why We’re Wrong About the World – and Why Things Are Better Than You Think by Hans Rosling, which is extremely eye opening.

Rosling was an advisor to the World Health Organization and UNICEF, along with being a medical doctor and professor. He has stated that it is amazing how much people in general and people in power specifically, don’t know the real facts.

As a matter of fact, Rosling came up with a set of 13 fact questions, and has shown that a group of chimpanzees could answer the questions better than groups of people. Even top business and political leaders at the World Economic Forum in Davos couldn’t get two out of three questions right. This in spite of the fact that they all should have had this data at their fingertips or the top of their heads.

What questions, you might be wondering. Here is one example. How many of the worlds one year old children have been vaccinated against some disease? 20%, 50%, or 80%? If you guessed 20% or 50%, you would be wrong. The real fact is 80%.

Here’s another one. In the last 20 years, the proportion of the world population living in extreme poverty has, either almost doubled, remained the same, or almost halved. The answer is almost halved.

One more. In all low income countries across the world, how many girls finish primary school? 20%, 40% or 60%? It is 60%.

Chapter 2, The Negativity Instinct, has a whole section on how the world is getting better.

  • Extreme poverty has dropped from 50% in 1966 to 9% in 2016
  • Life expectancy worldwide has gone from around 45 years in 1950 to 72 years in 2017
  • Oil spills have dropped from 636 in 1979 to 6 in 2016
  • The percentage of children dying before their fifth birthday fell from 44% to 4% (worldwide)
  • Plane crash deaths per 10 billion passenger miles have dropped from 2100 to one
  • Ozone depletion of 1000 tons of ozone depleting substances used from 1,663 to 22
  • and so on with many more examples.

Those are just some of the bad things decreasing. He also provides facts on good things increasing, such a worldwide literacy rising from 10% to 86%, and child cancer survival rising from 58% to 80%.

My favorite chart that he provides showing, in his opinion, culture and freedom, is the number of guitars per million people, rising from 200 in 1962 to 11,000 in 2014.

I have barely touched the surface about what is covered in this book. It is filled with anecdotes, graphs, and pictures, and is easy to read and understand.

I highly recommend Factfulness. After you read it, you will be amazed what you learn and what you didn’t know.

 

Crack the Funding Code: How Investors Think and What They Need to Hear to Fund Your Startup

by Fred Fuld III

The book, Crack the Funding Code: How Investors Think and What They Need to Hear to Fund Your Startup, by Judy Robinett, is a very extensive but easy to read and understand guide on raising money for your startup.

The book covers everything, from finding the right investors, to knowing what investors are looking for, to closing the deal. Probably the most important chapter is Your Funding Roadmap, which covers finding and reaching the people who can help you. The steps pointed out in that chapter are clear and concise.

Robinett even covers such topics as what to include in a pitch deck, covered in Chapter 8. There is even a successful pitch deck example shown in the appendix.

If you are starting a startup, or need to raise money for an existing startup, I highly recommend that you read Crack the Funding Code.

 

Bedtime Stories for Managers: Farewell, Lofty Leadership . . . Welcome, Engaging Management

by Fred Fuld III

The book, Bedtime Stories for Managers: Farewell, Lofty Leadership . . . Welcome, Engaging Management, by Henry Mintzberg, is a great compendium of short essays that gives managers numerous ideas on how to be better leaders.

The book is filled with anecdotes, humor, and even pictures.

In Chapter 1, the author provides a blurb called “Five Day Steps for Managing without Soul,” and in Chapter 4, there is another blurb “Rules for Being a Lofty Leader.” Both of these show clearly what a manager should NOT do.

Mintzberg has a unique take on leadership and management. For example, did you know that Eastern Airlines went bankrupt because of scrambled eggs?

The book will be available in a little over a month on February 5. If you are a manager, I highly recommend that you pre-order Bedtime Stories for Managers.

Top Stock Trading Books for the Holidays

Are you looking f0r some reading material for the holidays? Are you looking to improve your stock trading skills? Then you should consider reading some of the following books.

These books are all about day trading and swing trading stocks and all have an average of four or more stars on Amazon.

How to Day Trade for a Living: A Beginners Guide to Trading Tools and Tactics, Money Management
by Andrew Aziz

How to Make Money in Stocks: A Winning System in Good Times and Bad
by William J. O’Neil

Stock Trading: THE BIBLE This Book Includes: The beginners Guide + The Crash Course + The Best Techniques + Tips and Tricks + The Advanced Guide  Immediate Cash With Stock Trading
by Samuel Rees

A Beginner’s Guide To Day Trading Online 2nd Edition
by Toni Turner

The 1 Hour Trade: Make Money With One Simple Strategy, One Hour Daily 
by Brian P Anderson

Happy reading and happy trading!

The Order of Time (A Brain Stretching Book: Reading Material for the Holidays)

The Order Of Time CoverWhat do you plan on doing with your spare time during the holidays. Watch useless drivel on television? Or reading a good book?

If you chose a good book, are you tired of all the mysteries/crime novels/political dramas/[fill in the blank] or whatever you usually read?

If so, here is a book that will make you think, and think hard, and is probably different from any other book you have read. It is called The Order of Time by Carlo Rovelli.

In case you haven’t guessed what the book is about, it’s about time (no pun intended). Do you know what time really is?

Here is some interesting information about time. Did you know that people that live in the mountains age faster than those who live in the plains, because time runs faster at higher elevations.

Rovelli says that the difference can be noticed when the watch of a friend who has just flown on a plane will be slightly different from the watch you are wearing on the ground. Even at smaller distances,, such as between a table and a floor, time changes.

The author of this Number 1 Best Seller on Amazon, Rovelli is a theoretical physicist, and one of the founders of loop quantum gravity. He is also a science historian and a science philosopher.

i never cared for physics in high school or college, yet I found this book to be riveting. I consider myself lucky that I even stumbled across it.

Therefore, if you are looking for an interesting non-fiction book that will open and expand your mind, that is easy reading and even entertaining, which will provide numerous facts you would previously never have believed and will never after forget, then I highly recommend that you read The Order of Time.

 

book review by Fred Fuld III

Mastering the Market Cycle: Getting the Odds on Your Side

by Fred Fuld III

The book, Mastering the Market Cycle: Getting the Odds on Your Side, is a very thorough  analysis and review of all major financial cycles, including economic cycles, stock market cycles, and real estate cycles.

The book is written by Howard Marks, the cofounder and co-chairman of Oaktree Capital Management, which has $120 billion management.

My favorite chapter was Chapter VII: The Pendulum of Investor Psychology, where he discusses the nine elements which swings the pendulum from one direction to another. The same chapter provides the interesting concept of how stocks move no matter what the news, if investors are feeling good.

For  example, if there is strong data, the economy is strengthening and stocks go up. If data is weak, the Fed will probably ease so stocks go up. If the price of oil goes up, it means a growing global economy so stocks go up. If oil drops in price, the consumer has more spending power so stocks go up. He also describes how the reverse can happen when investors’ feelings are negative.

If you want to learn more about market cycles, you should check out  Mastering the Market Cycle.

Brother John: A Monk, a Pilgrim and the Purpose of Life by Templeton Foundation Winner

If you aren’t familiar with Sir John Templeton, he is the founder of the Templeton Growth Fund, a top performing international mutual fund. Money magazine called him “arguably the greatest global stock picker of the century.” His family of mutual funds was merged with Franklin Resources to become Franklin Templeton Funds.

Templeton was a billionaire and philanthropist who donated over a billion dollars to charitable causes. He also established the John Templeton Foundation and the Templeton Prize, which is given to a person who “has made an exceptional contribution to affirming life’s spiritual dimension, whether through insight, discovery, or practical works.”

One of the winners of the prize is August Turak, author of the recently published book, Brother John: A Monk, a Pilgrim and the Purpose of Life. The book is about a man going through a mid-life crisis who meets an umbrella-wielding Trappist monk on Christmas Eve, and how it changes his life.

The book also includes over twenty pages of multi-color paintings by the award winning painter, Glenn Harrington.

Brother John is a well-written book about life, beautifully illustrated, and would make a great gift.

 

The Pan-Industrial Revolution: How New Manufacturing Titans will Transform the World

by Fred Fuld III

The book, The Pan-Industrial Revolution: How New Manufacturing Titans will Transform the World, by Richard D’Aveni, is about how the manufacturing industry is changing dramatically due to the major advances in 3D technology.

The proliferation of 3D technology, now often referred to as additive manufacturing, is ubiquitous but hidden. Many of the largest companies in the United States, and for that matter, the world, are actively pursuing the 3D tech manufacturing process. D’Aveni brings this secret world to light.

The author also describes how this major change in manufacturing affects the earnings of companies, jobs, and the economy in general.

My favorite chapter was “Chapter 3: Making More, Faster and Cheaper” and not just because of the pictures (yes the book even has pictures), in which he talks about the enormous advantages of both economies of scale and economies of scope with additive manufacturing.

I even got a couple of investment ideas from the book.

Whether you are familiar with 3D printing or not, The Pan-Industrial Revolution will open your eyes to the future of manufacturing and business.

Transforming Nokia: The Power of Paranoid Optimism to Lead Through Colossal Change

by Fred Fuld III

The average investor may not be aware of this but Nokia was a major turnaround situation. The book, Transforming Nokia: The Power of Paranoid Optimism to Lead Through Colossal Change, by Risto Siilasmaa, goes into extensive detail about how this transformation took place.

Between 2008 and 2012, Nokia almost went bankrupt, dropping in value by over 90%, primarily due to competition from Apple (AAPL). At that time, Risto Siilasmaa too over and saved the company.

But the book is more than that. The author provides ways, base on his experience, the you can use in your business to deal with business struggles and major changes.

Chapter 10, “The Golden Rules,” is an important one where he covers the principles that should be applied in any business. My favorite is number 8 which relates to formality and substance relating to meetings, in which he writes “Any meeting where we don’t laugh out loud is a miserable failure!”

I also liked Chapter 11 in which he emphasizes the importance of using scenario mapping. The chapter is called “Plan B … and Plan C and Plan D.”

If you own your own business or are the head of a company,  Transforming Nokia is a book you need to read.