Recommended Reading:
Wealth Management & Investing
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Wealth Management
- Family Business Ownership: How to Be an Effective Shareholder
- By Craig E. Aronoff and John L. Ward
- Family Enterprise Publishing,
- 2001
This excellent book addresses the owner of a family business, and its lessons are applicable regardless of the size of the business or the number of shareholders. As everyone knows, owning a family business can be fulfilling and rewarding - and can also be fraught with conflict. Aronoff and Ward discuss the roles and responsibilities of shareholders, managers, and board members; the key business information every shareholder should know; generational transitions and leadership development, stewardship and other ownership attitudes.
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- Fooled by Randomness: The Hidden Role of Chance in the Markets and in Life
- By Nassim Nicholas Taleb
- Texere,
- 2004
In this fascinating, accessible and yes, even funny, book, Nassim Nicholas Taleb, a professional trader and mathematics professor, examines what randomness means and why we human beings are so prone to mistake dumb luck for consummate skill. Taleb makes complicated mathematical concepts comprehensible and relevant to understanding stock markets and business success.
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- More Than You Know: Finding Financial Wisdom in Unconventional Places
- By Michael Mauboussin
- Columbia University Press,
- 2006
Mauboussin, a Wall Street equity analyst, has written an easy to read, exceptionally well researched book in which he describes scientific findings and applies then to personal investing. His essays, which include discussions of animal behavior, psychology, philosophy of science, among other scientific disciplines, provide a unique perspective on investment theory. For example, in "Survival of the Fittest," Mauboussin introduces the notion of fitness landscapes (evolutionary biology), then explains why strong centralized management works best for commodity-producers, while technology investors should look for flexible, innovative companies.
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- The Millionaire Next Door: The Surprising Secrets of America's Wealthy
- By Thomas J. Stanley and William D. Danko
- Pocket Books, Simon & Schuster,
- 2006
Authors Danko and Stanley surveyed and interviewed more than 1000 millionaires for this eye-opening portrait of millionaires in America. Their insights about the behavior and values of wealthy individuals are thought-provoking and well worth a read. Did you know that 80% of millionaires in the US are first-generation? And that the majority of them live well within their means?
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- Wealth: Grow It, Protect It, Spend It and Share It
- By Stuart E. Lucas
- Wharton School Publishing,
- 2006
What can we say? We are biased!
Wealth helps you to integrate the financial and family aspects of wealth management into an actionable, coherent whole; provides the tools and information you need to take charge of your wealth, so that your advisors and your money are working toward achieving your goals; and addresses family relationships and values, preparing your children for affluence, the motives of advisors, spending, philanthropy, taxes, estate planning, investment strategies, and more.
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Investment Management
- Creating and Growing Real Estate Wealth: The 4 Stages to a Lifetime of Success
- By William J. Poorvu
- FT Press,
- 2008
Bill Poorvu, a Harvard Business School emeritus professor, has written an excellent book advising people who want to invest or build careers in real estate, and gives advice on how to make and grow profitable real estate investments. The book is well-organized and easy to navigate, and his vignettes about peoples' career experiences are engaging and practical.
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- Hedge Funds: Risk and Return
- By Burton G. Malkiel and Atanu Saha
- Financial Analysts Journal, Volume 61, CFA Institute,
- 2005
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- In Investing, You Get What You Don't Pay For
- Bogle Financial Markets Research Center,
- 2005
Remarks by John C. Bogle
This brief article is an excellent summary of the value of low-cost index investing for most investors.
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- Investor and Industry Perspectives on Investment Advisers and Broker-Dealers, LRN-RAND
- Center for Corporate Ethics, Law, and Governance within the RAND Institute for Civil Justice, commissioned by the U.S. Securities and Exchange Commission (SEC),
- 2008
The evolution of the financial service industry has blurred traditional distinctions between broker-dealers and investment advisers and made it difficult to design appropriate regulatory schemes for their professional services. To better understand the industry's dynamics and its effects on individual investors, the U.S. Securities and Exchange Commission (SEC) commissioned RAND to conduct a study of broker-dealers and investment advisers from two perspectives: (1) examine investment advisers' and broker-dealers' practices in marketing and providing financial products and services to individual investors; and (2) evaluate investors' understanding of the differences between investment advisers' and broker-dealers' financial products, services, duties, and obligations.
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- Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment
- By David F. Swensen
- The Free Press,
- 2000
This is the seminal book on portfolio management and endowment-style investing, and a critical read for anyone who is serious about investing. David Swensen, Chief Investment Officer at Yale University, has been responsible for managing and investing Yale's endowment since 1985 (at its peak, the endowment totaled about $22 billion).
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- Private Equity Performance: Returns, Persistence and Capital Flows
- By Steven N. Kaplan and Antoinette Schoar
- Journal of Finance,
- 2005
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- Tax Efficient Investing is Easier Said Than Done.
- By Robert H. Jeffrey
- The Journal Of Wealth Management,
- 2001
- Read full article >
- The Black Swan: The Impact of the Highly Improbable
- By Nassim Nicholas Taleb
- Random House,
- 2007
Clearly, we are Nassim Nicholas Taleb fans. The Black Swan continues his exploration of randomness, this time focusing on our ability to forecast the future and examining the influence of highly unlikely, completely unpredictable, but massively influential events. Once again, Taleb's treatment of this complicated subject is accessible and entertaining.
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- The Four Pillars of Investing: Lessons for Building a Winning Portfolio
- By William J. Bernstein
- McGraw-Hill,
- 2002
Dr Bernstein is the author of several important books on investing. Here, he explains the theory, history, psychology, and business of investing and shows how independent investors can use this knowledge to construct a superior investment portfolio. His straight-forward, pithy style makes this material accessible and usable.
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- When Genius Failed: The Rise and Fall of Long-Term Capital Management
- By Roger Lowenstein
- Random House,
- 2000
Among Business Week's best business books of 2000, When Genius Failed tells the story of Long Term Capital Management (LTCM), a hedge fund which at its peak in the 1990s managed more than $100 billion. LTCM's principals included numerous luminary academics, including a Nobel Prize-winning economist. The firm was spectacularly successful and then failed catastrophically. In the end, the Federal Reserve Bank of New York bailed out the major banks put at risk by LTCM's implosion. This is a well-written, compelling account of the events and personalities involved in LTCM's rise and fall.
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- Winning the Loser's Game: Timeless Strategies for Successful Investing
- By Charles D. Ellis
- McGraw-Hill,
- 1998
This investment guide was written in 1998, but is still indispensable. Charlie Ellis, one of the most insightful, thoughtful financial minds around asks: How can an individual invest successfully when the majority always fails? He has updated the book to include ways to escape the ravages of tax and inflation, effective estate planning, and strategies to avoid common investing mistakes.
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Press Coverage
Hey, Big Spender
It takes more than a higher income to end up truly wealthy. While most people earn and spend, the wealthy...