This work contains chapters, data, and research that reveal contemporary shenanigans that have been known to fool even veteran researchers.

    Short sell Allied Capital. At the time, Allied was a leader in the private financing industry. Einhorn claimed Allied was using questionable accounting practices to prop itself up. Sound familiar? At the time of the original version of "Fooling Some of the People All of the Time: A Long Short Story" the outcome of his advice was unknown. Now, the story is complete and we know Einhorn was right. In 2008, Einhorn advised the same conference to short sell Lehman Brothers. And had the market been more open to his warnings, yes, the market meltdown might have been avoided, or at least minimized.Details the gripping battle between Allied Capital and Einhorn's Greenlight CapitalIlluminates how questionable company practices are maintained and, at times, even protected by Wall StreetDescribes the failings of investment banks, analysts, journalists, and government regulatorsDescribes how many parts of the Allied Capital story were replayed in the debate over Lehman Brothers"Fooling Some of the People All of the Time" is an important call for effective government regulation, free speech, and fair play.

    The original and bestselling 2000 edition of Irrational Exuberance evoked Alan Greenspan’s infamous 1996 use of that phrase to explain the alternately soaring and declining stock market. It predicted the collapse of the tech stock bubble through an analysis of the structural, cultural, and psychological factors behind levels of price growth not reflected in any other sector of the economy. In the second edition (2005), Shiller folded real estate into his analysis of market volatility, marshalling evidence that housing prices were dangerously inflated as well, a bubble that could soon burst, leading to a “string of bankruptcies” and a “worldwide recession.” That indeed came to pass, with consequences that the 2009 preface to this edition deals with. Irrational Exuberance is more than ever a cogent, chilling, and astonishingly far-seeing analytical work that no one with any money in any market anywhere can afford not to read–and heed.

    Peter Bernstein has written a comprehensive history of man's efforts to understand risk and probability, beginning with early gamblers in ancient Greece, continuing through the 17th-century French mathematicians Pascal and Fermat and up to modern chaos theory. Along the way he demonstrates that understanding risk underlies everything from game theory to bridge-building to winemaking.

    Mandelbrot, one of the century's most influential mathematicians, is world-famous for making mathematical sense of a fact everybody knows but that geometers from Euclid on down had never assimilated: Clouds are not round, mountains are not cones, coastlines are not smooth. To these classic lines we can now add another example: Markets are not the safe bet your broker may claim. In his first book for a general audience, Mandelbrot, with co-author Richard L. Hudson, shows how the dominant way of thinking about the behavior of markets-a set of mathematical assumptions a century old and still learned by every MBA and financier in the world-simply does not work. As he did for the physical world in his classic The Fractal Geometry of Nature, Mandelbrot here uses fractal geometry to propose a new, more accurate way of describing market behavior. The complex gyrations of IBM's stock price and the dollar-euro exchange rate can now be reduced to straightforward formulae that yield a far better model of how risky they are. With his fractal tools, Mandelbrot has gotten to the bottom of how financial markets really work, and in doing so, he describes the volatile, dangerous (and strangely beautiful) properties that financial experts have never before accounted for. The result is no less than the foundation for a new science of finance.

    Using the endowment Policy Portfolios as a guide, the authors illustrate how an investor can develop a strategic asset allocation using an ETF-based investment approach."The Ivy Portfolio" also reveals a novel method for investors to reduce their risk through a tactical asset allocation strategy to protect them from bear markets. The book will also showcase a method to follow the smart money and piggyback the top hedge funds and their stock-picking abilities. With readable, straightforward advice, "The Ivy Portfolio" will show investors exactly how this can be accomplished--and allow them to achieve an unparalleled level of investment success in the process.With all of the uncertainty in the markets today, "The Ivy Portfolio" helps the reader answer the most often asked question in investing today - "What do I do"?

    Written by that publication's managing editor and inspired by its mission to serve as an "idea funnel" for the world's top money managers, this book introduces you to a proven, proprietary framework for finding, researching, analyzing, and implementing the best value investing opportunities. The next best thing to taking a peek under the hoods of some of the most prodigious brains in the business, it gives you uniquely direct access to the thought processes and investment strategies of such super value investors as Warren Buffett, Seth Klarman, Glenn Greenberg, Guy Spier and Joel Greenblatt.Written by the team behind one of the most read and talked-about sources of research and value investing ideas Reviews more than twenty pre-qualified investment ideas and provides an original ranking methodology to help you zero-in on the three to five most compelling investments Delivers a finely-tuned, proprietary investment framework, previously available only to an elite group of TMI subscribers Step-by-step, it walks you through a proven, rigorous approach to finding, researching, analyzing, and implementing worthy ideas

    This book relies on data and historical facts. It argues that successful investors avoid short-term traps to concentrate on long-term strategies that allow time, compounding, and the natural ebbs and flows of the markets to work.

    Buffett Praise for Common Sense on Mutual Funds "Invoking both Thomas Paine and Benjamin Graham, Jack Bogle outlines a supremely logical plan not only to better investors' returns, but to improve the whole fund industry. This isn't just the best book yet by Bogle, it may well be the best book ever on mutual funds." -DON PHILLIPS, President & CEO, Morningstar, Inc. "Buffett cannot teach you or me how to become a Warren Buffett. Bogle's reasoned precepts can enable a few million of us savers to become in twenty years the envy of our suburban neighbors-while at the same time we have slept well in these eventful times."-PAUL A. SAMUELSON, Massachusetts Institute of Technology Department of Economics "After a lifetime of picking stocks, I have to admit that Bogle's arguments in favor of the index fund have me thinking of joining him rather than trying to beat him. Bogle's wisdom and his commonsense way of explaining things make this book indispensable reading for anyone trying to figure out how to invest in this crazy stock market."-JAMES J. CRAMER, Money Manager and Senior Columnist for TheStreet.com "Written in his characteristic forthright and visionary style, Bogle penetrates the myths and jargon to shed a powerful light on the central issues that confront every investor, no matter what their level of experience or sophistication." -MARTIN L. LEIBOWITZ, Vice Chairman and Chief Investment Officer, TIAA-CREF "Jack Bogle is one of the great pioneer/visionaries of the investment business. In this book, he shares his knowledge, experience, and judgment to enable us to become better investors. The final philosophical chapters provide insights that may help some of us become better people." -BYRON R. WIEN, Chief U.S. Investment Strategist Morgan Stanley Dean Witter

    If you planned to become a great golfer, you might look to Arnold Palmer or Jack Nicklaus.So, if your goals are to outperform other investors and achieve your life's financial goals, what should you do?Think, act, and invest like the best investor out there: Warren Buffett. While you can't invest exactly like he does, Think, Act, and Invest Like Warren Buffett provides a solid, sensible investing approach based on Buffett's advice regarding investment strategies.When it comes to investing, Director of Research for the BAM Alliance and CBS News blogger Larry Swedroe has pretty much seen it all--and he's come to the conclusion that simple is better, that adopting basic investing principles always increases an investor's chance of success, and that Buffett is an excellent model for such investing.In Think, Act, and Invest Like Warren Buffett, Swedroe provides the foundational knowledge you need to:Develop a financial plan to help you make rational decisions on a consistent basisDetermine the level of risk that's right for you, and allocate your assets accordinglyBuild a low-cost, tax-efficient, globally diversified portfolioManage your portfolio by rebalancing periodically to maintain proper risk levelsThe beauty of the Buffett approach is its profound simplicity: follow the basics, keep your cool, and have a sense of humor and humility.The market volatility of recent years has ushered in armies of economists, forecasters, and other so-called experts whose job it is to explain how everything works. Somehow, they have managed to muddy the waters even more.The truth is, investing is easier than you think--even in today's economy. Complex problems can have simple solutions, Swedroe writes. Think, Act, and Invest Like Warren Buffett helps you go back to the basics--so you can leap in front of the investing pack.Praise for Think, Act, and Invest Like Warren Buffett A valuable addition to the growing library of books for investors wanting to successfully launch their own portfolio. Sticking to the core principles of this book will go a long way in preparing investors for their eventual retirement years. -- SeekingAlpha.com"A book that offers excellent pointers on planning for retirement, creating a disciplined investment strategy, and constructing a portfolio." -- Barron'sIf you've been wondering why you've had such a hard time investing well, Think, Act, and Invest Like Warren Buffett will diagnose your ills and treat them in this delightful short book. -- William Bernstein, Author, A Splendid Exchange and The Investor's ManifestoFollow the investment strategy advocated by Larry Swedroe, and free yourself to spend your time on life's treasures--like your family and friends! -- William Reichenstein, Professor, Baylor UniversityLarry Swedroe is the undisputed expert in helping investors manage portfolios the smart way. His new book, Think, Act, and Invest Like Warren Buffett, combines all facets of wealth management in an inspiring and powerful manner. -- Bill Schultheis, Author, The New Coffeehouse Investor"This book, which covers the whys and hows of successful investing, was written for those investors who just can't (or won't) read a 300-page investing book. Swedroe's set of 30 rules is an education in itself. It's a small book with a big message." -- Mel Lindauer, Forbes.com columnist and co-author, The Bogleheads' Guide to Investing and The Bogleheads' Guide to Retirement Planning"You could not spend a more profitable hour than reading Larry Swedroe's wise and lucid hundred page investment guide." -- Burton G. Malkiel, Author of A Random Walk Down Wall Street"Larry Swedroe is the Mark Twain of the investment aphorism. This concise book builds to a conclusion that features thirty of his pithy truths. My favorites include: 'Never work with a commission-based advisor.' 'If it sounds too good to be true, it is.' 'The more complex the investment, the faster you should run away.'" -- Ed Tower, Professor of Economics at Duke University"Larry's book is about how to be successful in investing and in life. But, who would believe this involves understanding 'Big Rocks'? I now understand their importance and so should you! -- John A. Haslem, Professor Emeritus of Finance, University of Maryland, and author of Mutual Funds"Larry Swedroe's latest book shows you how to succeed at investing with simple yet powerful guidance that's backed by the financial sciences. Add it to your 'must-read' list." -- Steve Vernon, author of Money for Life: Turn Your IRA and 401(k) Into a Lifetime Retirement Paycheck"This book is a quick and thorough read of the passive approach to investing in as few pages as possible. As someone who teaches a college investments course that deals extensively with this topic, I would not have thought it possible to do what he has done in such a short concise book. Kudos to Larry for continuing in his quest to educate investors and save them as Larry says 'one investor at a time' from a financial services industry whose primary goal is largely to enrich themselves." -- Edward R. Wolfe, Professor of Finance, Western Kentucky University"Because common sense isn't so common, thank goodness Larry Swedroe provides his readers with this magnificent book. With well-founded actionable advice, his readers can insure that they enrich their lives not Wall Street's bank accounts." -- Harold Evensky, President, Evensky & Katz"Larry doesn't tell you how to do what Warren Buffett does as much as avoid what Warren Buffett avoids, which turns out to be exceptionally important and doable for any investor. He tells you to avoid a few things I would tell you to embrace, like some hedged strategies, but that is because Wall Street typically overcharges you for these, so even here Larry is on the side of the angels. Every investor can benefit immensely from this book." -- Cliff Asness, Founding and Managing Principal, AQR Capital ManagementMany investment books adopt an adversarial tone--urging us to achieve success by somehow outwitting the market. Larry Swedroe explains why following such a strategy often diminishes our financial as well as our spiritual wealth--and shows us how a holistic approach to money, markets, and human behavior provides the most rewarding path to follow. -- Weston Wellington, Vice President, Dimensio

    The myriad approaches they adopt offer little or no real prospect for long-term success and invariably run the risk of considerable economic loss - they resemble speculation or outright gambling, not a coherent investment program. But value investing - the strategy of investing in securities trading at an appreciable discount from underlying value - has a long history - has a long history of delivering excellent investment results with limited downside risk. Taking its title from Benjamin Graham's often-repeated admonition to invest always with a margin of safety, Klarman's 'Margin of Safety' explains the philosophy of value investing, and perhaps more importantly, the logic behind it, demonstrating why it succeeds while other approaches fail. The blueprint that Klarman offers, if carefully followed, offers the investor the strong possibility of investment success with limited risk. 'Margin of Safety' shows you not just how to invest but how to think deeply about investing - to understand the rationale behind the rules to appreciate why they work when they work, and why they don't when they don't.

    A lively, original, and challenging history of stock market speculation from the 17th century to present day.Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? How has the psychology of investing changed--and not changed--over the last five hundred years? In Devil Take the Hindmost, Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world: from the tulip scandal of 1630s Holland, to "stockjobbing" in London's Exchange Alley, to the infamous South Sea Bubble of 1720, which prompted Sir Isaac Newton to comment, "I can calculate the motion of heavenly bodies, but not the madness of people."Here are brokers underwriting risks that included highway robbery and the "assurance of female chastity"; credit notes and lottery tickets circulating as money; wise and unwise investors from Alexander Pope and Benjamin Disraeli to Ivan Boesky and Hillary Rodham Clinton.From the Gilded Age to the Roaring Twenties, from the nineteenth century railway mania to the crash of 1929, from junk bonds and the Japanese bubble economy to the day-traders of the Information Era, Devil Take the Hindmost tells a fascinating story of human dreams and folly through the ages.

    They may make a lucky bet, realize a sizable profit, and find themselves full of confidence. Their next high-stakes gamble might backfire, not only hitting them in the balance sheet but also taking a mental and emotional toll. Even veteran investors can be caught off guard: a news item may suddenly cause havoc for an industry they've invested in; crowd mentality among fellow investors may skew the market; a CEO may turn out to be unprepared to effectively guide a company. How can one stay focused in such a volatile profession? If you can't trust your past successes to plan and predict, how can you avoid risky situations in the future?In Big Money Thinks Small, veteran fund manager Joel Tillinghast shows investors how to avoid making these mistakes. He offers a set of simple but crucial steps to successful investing, including: - Know yourself, how you arrive at decisions, and how you might be susceptible to self-deception.- Make decisions based on your own expertise, and do not invest in what you don't understand.- Select only trustworthy and capable colleagues and collaborators.- Learn how to identify and avoid investments with inherent flaws.- Always search for bargains, and never forget that the first responsibility of an investor is to identify mispriced stocks.Patience and methodical planning will pay far greater dividends than flashy investments. Tillinghast teaches readers how to learn from their mistakes--and his own, giving investors the tools to ask the right questions in any situation and to think objectively and generatively about portfolio management.

    What market inefficiencies will I try to exploit? How will I generate ideas? What will be my geographic focus? What analytical edge will I hope to have? What valuation methodologies will I use? What time horizon will I typically employ? How many stocks will I own? How specifically will I decide to buy or sell? Will I hedge, and how? How will I keep my emotions from getting the best of me?Authors Tilson and Heins have delegated the task of providing answers to such questions to the experts: the market-beating money managers to whom they’ve had unparalleled access as the co-founders of leading investment newsletter Value Investor Insight. That includes such hedgefund superstars as Julian Robertson, Seth Klarman, Leon Cooperman, David Einhorn, Bill Ackman and Joel Greenblatt, as well as mutual-fund luminaries including Marty Whitman, Mason Hawkins, Jean-Marie Eveillard, Bill Nygren and Bruce Berkowitz.Who should read The Art of Value Investing? It is as vital a resource for the just-starting-out investor as for the sophisticated professional one. The former will find a comprehensive guidebook for defining a sound investment strategy from A-to-Z; the latter will find all aspects of his or her existing strategy challenged or reconfirmed by the provocative thinking of their most-successful peers. It also is a must-read for any investor – institutional or individual – charged with choosing the best managers for the money they are allocating to equities. Choosing the right managers requires knowing all the right questions to ask as well as the answers worthy of respect and attention – both of which are delivered in The Art of Value Investing.

    The daughter of a successful investor and bestselling financial author of Rule #1, Phil Town, she spent most of her adult life avoiding investing—until she realized that her time-consuming career as lawyer was making her feel anything but in control of her life or her money. Determined to regain her freedom, vote for her values with her money, and deal with her fear of the unpredictable stock market, she turned to her father, Phil, to help her take charge of her life and her future through Warren Buffett-style value investing. Over the course of a year, Danielle went from avoiding everything to do with the financial industrial complex to knowing exactly how and when to invest in wonderful companies.In Invested, Danielle shows you how to do the same: how to take command of your own life and finances by choosing companies with missions that match your values, using the same gold standard strategies that have catapulted Warren Buffett and Charlie Munger to the top of the Forbes 400. Avoiding complex math and obsolete financial models, she turns her father’s investing knowledge into twelve easy-to understand lessons.In each chapter, Danielle examines the investment strategies she mastered as her increasing know-how deepens the trust between her and her father. Throughout, she streamlines the process of making wise financial decisions and shows you just how easy—and profitable—investing can be.Capturing a warm, charming, and down-to-earth give and take between a headstrong daughter and her mostly patient dad, Invested makes the complex world of investing simple, straightforward, and approachable, and will help you formulate your own investment plan—and foster the confidence to put it into action.