Business Management Books

The Black Swan: The Impact of the Highly Improbable

Nassim Nicholas Taleb

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Total reviews: 353 Average rating: 3.5 of 5

Editorial Review:

Bestselling author Nassim Nicholas Taleb continues his exploration of randomness in his fascinating new book, The Black Swan, in which he examines the influence of highly improbable and unpredictable events that have massive impact. Engaging and enlightening, The Black Swan is a book that may change the way you think about the world, a book that Chris Anderson calls, "a delightful romp through history, economics, and the frailties of human nature." See Anderson's entire guest review below.

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Guest Reviewer: Chris Anderson

Chris Anderson is editor-in-chief of Wired magazine and the author of The Long Tail: Why the Future of Business Is Selling Less of More.

Four hundred years ago, Francis Bacon warned that our minds are wired to deceive us. "Beware the fallacies into which undisciplined thinkers most easily fall--they are the real distorting prisms of human nature." Chief among them: "Assuming more order than exists in chaotic nature." Now consider the typical stock market report: "Today investors bid shares down out of concern over Iranian oil production." Sigh. We're still doing it.

Our brains are wired for narrative, not statistical uncertainty. And so we tell ourselves simple stories to explain complex thing we don't--and, most importantly, can't--know. The truth is that we have no idea why stock markets go up or down on any given day, and whatever reason we give is sure to be grossly simplified, if not flat out wrong.

Nassim Nicholas Taleb first made this argument in Fooled by Randomness, an engaging look at the history and reasons for our predilection for self-deception when it comes to statistics. Now, in The Black Swan: the Impact of the Highly Improbable, he focuses on that most dismal of sciences, predicting the future. Forecasting is not just at the heart of Wall Street, but it’s something each of us does every time we make an insurance payment or strap on a seat belt.

The problem, Nassim explains, is that we place too much weight on the odds that past events will repeat (diligently trying to follow the path of the "millionaire next door," when unrepeatable chance is a better explanation). Instead, the really important events are rare and unpredictable. He calls them Black Swans, which is a reference to a 17th century philosophical thought experiment. In Europe all anyone had ever seen were white swans; indeed, "all swans are white" had long been used as the standard example of a scientific truth. So what was the chance of seeing a black one? Impossible to calculate, or at least they were until 1697, when explorers found Cygnus atratus in Australia.

Nassim argues that most of the really big events in our world are rare and unpredictable, and thus trying to extract generalizable stories to explain them may be emotionally satisfying, but it's practically useless. September 11th is one such example, and stock market crashes are another. Or, as he puts it, "History does not crawl, it jumps." Our assumptions grow out of the bell-curve predictability of what he calls "Mediocristan," while our world is really shaped by the wild powerlaw swings of "Extremistan."

In full disclosure, I'm a long admirer of Taleb's work and a few of my comments on drafts found their way into the book. I, too, look at the world through the powerlaw lens, and I too find that it reveals how many of our assumptions are wrong. But Taleb takes this to a new level with a delightful romp through history, economics, and the frailties of human nature. --Chris Anderson

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StrengthsFinder 2.0: A New and Upgraded Edition of the Online Test from Gallup's Now, Discover Your Strengths

Tom Rath

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DO YOU HAVE THE OPPORTUNITY TO DO WHAT YOU DO BEST EVERY DAY?

Chances are, you don't. All too often, our natural talents go untapped. From the cradle to the cubicle, we devote more time to fixing our shortcomings than to developing our strengths.

To help people uncover their talents, Gallup introduced the first version of its online assessment, StrengthsFinder, in the 2001 management book Now, Discover Your Strengths. The book spent more than five years on the bestseller lists and ignited a global conversation, while StrengthsFinder helped millions to discover their top five talents.

In its latest national bestseller, StrengthsFinder 2.0, Gallup unveils the new and improved version of its popular assessment, language of 34 themes, and much more (see below for details). While you can read this book in one sitting, you'll use it as a reference for decades.

Loaded with hundreds of strategies for applying your strengths, this new book and accompanying website will change the way you look at yourself -- and the world around you -- forever.

AVAILABLE EXCLUSIVELY IN THE NEW & UPGRADED EDITION OF STRENGTHSFINDER 2.0
(using the unique access code included with each book)

* A new and upgraded edition of the StrengthsFinder assessment

* A personalized Strengths Discovery and Action-Planning Guide for applying your strengths in the next week, month, and year

* A more customized version of your top five theme report

* 50 Ideas for Action (10 strategies for building on each of your top five themes)

* The more user-friendly StrengthsFinder 2.0 companion website, with a strengths community area, library of downloadable discussion guides and activities, a strengths screensaver, and a program for creating display cards of your top five themes

Good to Great: Why Some Companies Make the Leap... and Others Don't

Jim Collins

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Total reviews: 705 Average rating: 4.5 of 5

Editorial Review:

Five years ago, Jim Collins asked the question, "Can a good company become a great company and if so, how?" In Good to Great Collins, the author of Built to Last, concludes that it is possible, but finds there are no silver bullets. Collins and his team of researchers began their quest by sorting through a list of 1,435 companies, looking for those that made substantial improvements in their performance over time. They finally settled on 11--including Fannie Mae, Gillette, Walgreens, and Wells Fargo--and discovered common traits that challenged many of the conventional notions of corporate success. Making the transition from good to great doesn't require a high-profile CEO, the latest technology, innovative change management, or even a fine-tuned business strategy. At the heart of those rare and truly great companies was a corporate culture that rigorously found and promoted disciplined people to think and act in a disciplined manner. Peppered with dozens of stories and examples from the great and not so great, the book offers a well-reasoned road map to excellence that any organization would do well to consider. Like Built to Last, Good to Great is one of those books that managers and CEOs will be reading and rereading for years to come. --Harry C. Edwards

Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books)

Peter D. Schiff, John Downes

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Subjects -> Business & Investing -> Investing -> Introduction

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Total reviews: 259 Average rating: 4.5 of 5

Editorial Review:

The economic tipping point for the United States is no longer theoretical. It is a reality today. The country has gone from the world's largest creditor to its greatest debtor; the value of the dollar is sinking; domestic manufacturing is winding down - and these trends don't seem to be slowing. Peter Schiff casts a sharp, clear-sighted eye on these factors and explains what the possible effects may be and how investors can protect themselves. For more than a decade, Schiff has not only observed the U.S. economy, but also helped his clients reposition their portfolios to reflect his outlook. What he sees is a nation facing an economic storm brought on by growing federal, personal, and corporate debt, too-little savings, a declining dollar, and lack of domestic manufacturing.
Crash-Proof is an informed and informative warning of a looming period marked by sizeable tax hikes, loss of retirement benefits, double digit inflation, even - as happened recently in Argentina - the possible collapse of the middle class. However, Schiff does have a survival plan that can provide the protection that readers will need in the coming years.

A Whole New Mind: Why Right-Brainers Will Rule the Future

Daniel H. Pink

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Total reviews: 202 Average rating: 4.5 of 5

A hole in the mind 2 out of 5 stars.
3 of 4 people found this review helpful.

Pink starts with the inarguable premise that we live in a changing economy. The smokestack industries moved overseas long since, and white-collar jobs are fast following. Countries with low labor costs, compared to the West, have growing pools of highly skilled technical workers. As a result, things like programming, accounting, and circuit design have changed from specialty skills to commodity tasks, just as happened with material goods like toasters, toys, and sneakers. Pink declares that the new differentiators include aesthetics, design, and the human experience. His examples include car manufacture considered as an art form, holistic legal services, and the medical value of doctors' empathy.

Although I agree with many of Pink's points, the logical, left-brained underpinnings of his argument just aren't strong enough to support the weight of warm feelings piled onto them. For example, he notes that good product design has value to the product owner. Then, as a counter example, this book's front cover includes a die-cut that leaves little tongues of paper pointed out into the cut's opening. Those tongues catch on things, fray, and even tear into the cover around them. Mr. Pink: good design does not unintentionally self-destruct.

Elsewhere, Pink notes the established fact that mothers commonly carry infants in their left arms. Because of a crossover in neural wiring, Pink asserts that this puts the child in contact with the woman's right brain. Well, maybe. It also frees the mother's right hand to stir the pot or do other work at the same time as kid care. Even left-handed mothers often carry their children on the left side, possibly because the heart is on the left and its rhythm tends to soothe the child. But no, Pink has taken the right-brain bit between his teeth and runs with it. As a result, he gently sweeps aside little things like the basic fact that right/left brain duality has always been stronger in men than in women, and that Asian researcher sometimes have trouble reproducing the results at all. It might, in fact, just be an artifact of Western males.

I have an engineering degree, but art school training as well. At least one of the algorithms I developed was hard to describe, but physically obvious once my listener experienced it in her own hands - leaving her with the problem of explaining it to others. I understand the importance of the human terms in engineering equations. Unlike Pink, I also know that science and engineering are intuitive practices, and expressions of deep human feeling in themselves. I actually agree with Pink on many points. I just don't agree with his one-sided approach to two-sided problems, with his selectivity about facts friendly to his case, or with his weak logic in making the case that we need more than just logic.

-- wiredweird

Editorial Review:

The future belongs to a different kind of person with a different kind of mind: artists, inventors, storytellers-creative and holistic "right-brain" thinkers whose abilities mark the fault line between who gets ahead and who doesn't. Drawing on research from around the world, Pink outlines the six fundamentally human abilities that are absolute essentials for professional success and personal fulfillment-and reveals how to master them. A Whole New Mind takes readers to a daring new place, and a provocative and necessary new way of thinking about a future that's already here.

The Tipping Point: How Little Things Can Make a Big Difference

Malcolm Gladwell

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Total reviews: 940 Average rating: 4.0 of 5

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"The best way to understand the dramatic transformation of unknown books into bestsellers, or the rise of teenage smoking, or the phenomena of word of mouth or any number of the other mysterious changes that mark everyday life," writes Malcolm Gladwell, "is to think of them as epidemics. Ideas and products and messages and behaviors spread just like viruses do." Although anyone familiar with the theory of memetics will recognize this concept, Gladwell's The Tipping Point has quite a few interesting twists on the subject.

For example, Paul Revere was able to galvanize the forces of resistance so effectively in part because he was what Gladwell calls a "Connector": he knew just about everybody, particularly the revolutionary leaders in each of the towns that he rode through. But Revere "wasn't just the man with the biggest Rolodex in colonial Boston," he was also a "Maven" who gathered extensive information about the British. He knew what was going on and he knew exactly whom to tell. The phenomenon continues to this day--think of how often you've received information in an e-mail message that had been forwarded at least half a dozen times before reaching you.

Gladwell develops these and other concepts (such as the "stickiness" of ideas or the effect of population size on information dispersal) through simple, clear explanations and entertainingly illustrative anecdotes, such as comparing the pedagogical methods of Sesame Street and Blue's Clues, or explaining why it would be even easier to play Six Degrees of Kevin Bacon with the actor Rod Steiger. Although some readers may find the transitional passages between chapters hold their hands a little too tightly, and Gladwell's closing invocation of the possibilities of social engineering sketchy, even chilling, The Tipping Point is one of the most effective books on science for a general audience in ages. It seems inevitable that "tipping point," like "future shock" or "chaos theory," will soon become one of those ideas that everybody knows--or at least knows by name. --Ron Hogan

The Great Crash of 1929

John Kenneth Galbraith

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Total reviews: 48 Average rating: 4.0 of 5

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Rampant speculation. Record trading volumes. Assets bought not because of their value but because the buyer believes he can sell them for more in a day or two, or an hour or two. Welcome to the late 1920s. There are obvious and absolute parallels to the great bull market of the late 1990s, writes Galbraith in a new introduction dated 1997. Of course, Galbraith notes, every financial bubble since 1929 has been compared to the Great Crash, which is why this book has never been out of print since it became a bestseller in 1955.

Galbraith writes with great wit and erudition about the perilous actions of investors, and the curious inaction of the government. He notes that the problem wasn't a scarcity of securities to buy and sell; "the ingenuity and zeal with which companies were devised in which securities might be sold was as remarkable as anything." Those words become strikingly relevant in light of revenue-negative start-up companies coming into the market each week in the 1990s, along with fragmented pieces of established companies, like real estate and bottling plants. Of course, the 1920s were different from the 1990s. There was no safety net below citizens, no unemployment insurance or Social Security. And today we don't have the creepy investment trusts--in which shares of companies that held some stocks and bonds were sold for several times the assets' market value. But, boy, are the similarities spooky, particularly the prevailing trend at the time toward corporate mergers and industry consolidations--not to mention all the partially informed people who imagined themselves to be financial geniuses because the shares of stock they bought kept going up. --Lou Schuler

Predictably Irrational: The Hidden Forces That Shape Our Decisions

Dan Ariely

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• Why do our headaches persist after taking a one-cent aspirin but disappear when we take a 50-cent aspirin?
• Why does recalling the Ten Commandments reduce our tendency to lie, even when we couldn't possibly be caught?
• Why do we splurge on a lavish meal but cut coupons to save twenty-five cents on a can of soup?
• Why do we go back for second helpings at the unlimited buffet, even when our stomachs are already full?
• And how did we ever start spending $4.15 on a cup of coffee when, just a few years ago, we used to pay less than a dollar?

When it comes to making decisions in our lives, we think we're in control. We think we're making smart, rational choices. But are we?

In a series of illuminating, often surprising experiments, MIT behavioral economist Dan Ariely refutes the common assumption that we behave in fundamentally rational ways. Blending everyday experience with groundbreaking research, Ariely explains how expectations, emotions, social norms, and other invisible, seemingly illogical forces skew our reasoning abilities.

Not only do we make astonishingly simple mistakes every day, but we make the same types of mistakes, Ariely discovers. We consistently overpay, underestimate, and procrastinate. We fail to understand the profound effects of our emotions on what we want, and we overvalue what we already own. Yet these misguided behaviors are neither random nor senseless. They're systematic and predictable—making us predictably irrational.

From drinking coffee to losing weight, from buying a car to choosing a romantic partner, Ariely explains how to break through these systematic patterns of thought to make better decisions. Predictably Irrational will change the way we interact with the world—one small decision at a time.

Tribes: We Need You to Lead Us

Seth Godin

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Total reviews: 43 Average rating: 4.5 of 5

Editorial Review:

A tribe is any group of people, large or small, who are connected to one another, a leader, and an idea. For millions of years, humans have been seeking out tribes, be they religious, ethnic, economic, political, or even musical (think of the Deadheads). It’s our nature.

Now the Internet has eliminated the barriers of geography, cost, and time. All those blogs and social networking sites are helping existing tribes get bigger. But more important, they’re enabling countless new tribes to be born—groups of ten or ten thousand or ten million who care about their iPhones, or a political campaign, or a new way to fight global warming.

And so the key question: Who is going to lead us?

The Web can do amazing things, but it can’t provide leadership. That still has to come from individuals— people just like you who have passion about something. The explosion in tribes means that anyone who wants to make a difference now has the tools at her fingertips.

If you think leadership is for other people, think again—leaders come in surprising packages. Consider Joel Spolsky and his international tribe of scary-smart software engineers. Or Gary Vaynerhuck, a wine expert with a devoted following of enthusiasts. Chris Sharma leads a tribe of rock climbers up impossible cliff faces, while Mich Mathews, a VP at Microsoft, runs her internal tribe of marketers from her cube in Seattle. All they have in common is the desire to change things, the ability to connect a tribe, and the willingness to lead.

If you ignore this opportunity, you risk turning into a “sheepwalker”—someone who fights to protect the status quo at all costs, never asking if obedience is doing you (or your organization) any good. Sheepwalkers don’t do very well these days.

Tribes will make you think (really think) about the opportunities in leading your fellow employees, customers, investors, believers, hobbyists, or readers. . . . It’s not easy, but it’s easier than you think.

Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not!

Robert T. Kiyosaki, Sharon L. Lechter

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Customer Reviews:
Total reviews: 2199 Average rating: 4.0 of 5

Don't bother. Seriously. 1 out of 5 stars.
2 of 3 people found this review helpful.

This book is all cliche and lies.

1. The author recommends that people join MLM to become "better salespeople".

2. The author shows a strong distaste to basic education. (He was held back sophomore year in high school.)

3. The author shows a lack of respect for his real father (poor Dad)

4. The author shows a way too basic math to demonstrate his profits.

5. The author makes recommendations that are flat out illegal (such as writing off vacations on the corporation...aka, tax fraud.)

So, don't bother reading it. You want the basics of the book? Here....

1. People work for money because they are in fear.
2. Rich people horde their money because they are in fear of losing it.
3. Schools don't teach people about money.
4. People who don't know about money will always be poor.
5. He will not show you how to make money, nor will he show you how to make money work for you. He'll give a couple examples that have mathematical and legal errors with regards to taxes.
6. He preaches to use corporations to save on paying taxes....news flash: corporations have double taxation. That's the price of the legal protections.

Anyway, there's the gist of the book. The only money that Robert Kiyosaki has ever made is from this book...it's motivational, but financially irrelevant. This book started it's circulation through Amway...think about that. He is speaking about money and recommends MLM...was this book designed to make the Amway people feel better about their decision to join MLM?

Think before you buy. And hopefully you'll put your money away.

Editorial Review:

Robert Kiyosaki reveals how he developed his unique economic perspective from his two fathers: his real father, who was highly educated but fiscally poor; and the father of his best friend - an eighth-grade drop-out who became a self-made multi-millionaire. The lifelong monetary problems experienced by his "poor dad" pounded home the counterpoint communicated by his "rich dad". Taking that message to heart, Kiyosaki was able to retire at the age of 47. This book lays out his philosophy and aims to open readers eyes by: exploding the myth that you need to earn a high income to be rich; challenging the belief that your house is an asset; showing parents why they can't rely on schools to teach their children about money; defining once and for all an asset versus a liability; and explaining what to teach your children about money for their future financial success.