The Investor´s Dilemma:How Mutual Funds Are Betraying Your Trust And What To Do About It Louis Lowenstein
The incredible true story of a group of elite investors who believed they could beat the market and, like alchemists, create limitless wealth for themselves and their partners. In fact, they created a trillion-dollar hole in the international banking system.
Since its hardcover publication in August of 1995, Buffett has appeared on the Wall Street Journal, New York Times, San Francisco Chronicle, Los Angeles Times, Seattle Times, Newsday and Business Week bestseller lists. Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the twentieth century-an astounding net worth of $10 billion, and counting. His awesome investment record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle, a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street, a brilliant dealmaker who cultivates a homespun aura. Journalist Roger Lowenstein draws on three years of unprecedented access to Buffett´s family, friends, and colleagues to provide the first definitive, inside account of the life and career of this American original. Buffett explains Buffett´s investment strategy-a long-term philosophy grounded in buying stock in companies that are undervalued on the market and hanging on until their worth invariably surfaces-and shows how it is a reflection of his inner self.
The roots of the mortgage bubble and the story of the Wall Street collapse - and the government´s unprecedented response - from our most trusted business journalist.The End of Wall Street is a blow-by-blow account of America´s biggest financial collapse since the Great Depression. Drawing on 180 interviews, including sit-downs with top government officials and Wall Street CEOs, Lowenstein tells, with grace, wit, and razor-sharp understanding, the full story of the end of Wall Street as we knew it. Displaying the qualities that made When Genius Failed a timeless classic of Wall Street, his sixth sense for narrative drama, and his unmatched ability to tell complicated financial stories in ways that resonate with ordinary readers and listeners, Roger Lowenstein weaves a financial, economic, and sociological thriller that indicts America for succumbing to the siren song of easy debt and speculative mortgages.The End of Wall Street is rife with historical lessons and bursting with fast-paced action. Lowenstein introduces his story with precisely etched, laserlike profiles of Angelo Mozilo, the Johnny Appleseed of subprime mortgages, who spreads toxic loans across the landscape like wild crabapples, and moves to a damning explication of how rating agencies helped gift wrap faulty loans in the guise of triple-A paper and a takedown of the academic formulas that - once again - proved the ruin of investors and banks.Lowenstein excels with a series of searing profiles of banking CEOs, such as the ferretlike Dick Fuld of Lehman and the bloodless Jamie Dimon of JP Morgan, and of government officials, from the restless, deal-obsessed Hank Paulson and the overmatched Tim Geithner to the cerebral academic Ben Bernanke, who sought to avoid a repeat of the one crisis he spent a lifetime trying to understand: the Great Depression.Finally, we come to understand the majesty of Lowenstein´s theme of liquidity and capital, 1. Language: English. Narrator: Erik Synnestvedt. Audio sample: http://samples.audible.de/bk/peng/001456/bk_peng_001456_sample.mp3. Digital audiobook in aax.
John Meriwether, a famously successful Wall Street trader, spent the 1980s as a partner at Salomon Brothers, establishing the best - and the brainiest - bond arbitrage group in the world. In 1991, in the wake of a scandal involving one of his traders, Meriwether abruptly resigned. For two years, his fiercely loyal team - convinced that the chief had been unfairly victimized - plotted their boss´ return. In 1993, Meriwether gathered together his former disciples and a handful of supereconomists and proposed that they become partners in a new hedge fund different from any Wall Street had ever seen. And so Long-Term Capital Management was born. Meriwether & Co. truly believed that their finely tuned computer models had tamed the genie of risk, and would allow them to bet on the future with near mathematical certainty. Thanks to their cast - which included a pair of future Nobel Prize winners - investors believed them. Four years later, when a default in Russia set off a global storm that Long-Term´s models hadn´t anticipated, its supposedly safe portfolios imploded. In five weeks, the professors went from mega-rich geniuses to discredited failures. The firm´s staggering $100 billion balance sheet threatened to drag down markets around the world. At the eleventh hour, fearing that the financial system of the world was in peril, the Federal Reserve hastily summoned Wall Street´s leading banks to underwrite a bailout. Best selling author Roger Lowenstein captures Long-Term´s roller-coaster ride in gripping detail. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein crafts a story that reads like a first-rate thriller from beginning to end. He explains not just how the fund made and lost its money, but what it was about the personalities of Long-Term´s partners, the arrogance of their mathematical certainties, and the late-90s culture of Wall Street that made it all possible. 1. Language: English. Narrator: Roger Lowenstein. Audio sample: http://samples.audible.de/bk/rhau/000060/bk_rhau_000060_sample.mp3. Digital audiobook in aax.
Welcome to Forbes for December 10th, 2012 from Audible. This edition contains seven feature articles. In the cover story, ´´Inside the Koch Empire: How the Brothers Plan to Reshape America” – They control one of the world´s great companies, which they´re using to reshape capitalism, and politics, in their image. Liberals (and competitors) may hope they go away, but Charles Koch and his brother David are just getting started. Also, ´´Biotech´s Comeback Kid” – In his two years at Biogen, George Scangos has cut costs, and redirected money into smarter marketing and leaner research and development. Result: trailing 12-month sales are up 19% to $5.4 billion, and the share price has increased 212%. We´ll also tell you about, ´´Bad News Bear Grantham the Grim” – Investors hire Jeremy Grantham to spot irrational exuberance and bet against it. His firm, Grantham, Mayo, Van Otterloo, is entrusted to manage $100 billion. Now let’s pray Grantham is wrong—very, very wrong. Next, ´´From Pop Star to Startup Boss: The Story of Stageit´s Evan Lowenstein” – Former pop star Evan Lowenstein aims to build the YouTube of live music. First, he´ll have to break into the black. Then, ´´Kicking the Can: Campbell´s CEO Bets on Soup-in-a-Bag for 20-Somethings” – Will pouches of soup save 143-year-old Campbell´s? New CEO Denise Morrison certainly hopes so. She´s betting the company on it. Followed by, ´´Meet the Digital Upstart that Thinks Millions of Rowdy Fans Are the Future of the Web” – What do you get when you mix a firebrand political blogger, an Internet innovator and a few million rabid sports fans? A valuable startup. And in our final story . . . ´´Click Here for a Better Christmas” – ´Tis the season for giving the wrong thing in the wrong size to the wrong person. Facebook and a handful of startups aim to solve the gift problem. 1. Language: English. Narrator: Ken Borgers. Audio sample: http://samples.audible.de/pe/forb/121210/pe_forb_121210_sample.mp3. Digital audiobook in aax.
´´A road map for investing that I have now been following for 57 years.´´ --From the Foreword by Warren E. Buffett First published in 1934, Security Analysis is one of the most influential financial books ever written. Selling more than one million copies through five editions, it has provided generations of investors with the timeless value investing philosophy and techniques of Benjamin Graham and David L. Dodd. As relevant today as when they first appeared nearly 75 years ago, the teachings of Benjamin Graham, ´´the father of value investing,´´ have withstood the test of time across a wide diversity of market conditions, countries, and asset classes. This new sixth edition, based on the classic 1940 version, is enhanced with 200 additional pages of commentary from some of today´s leading Wall Street money managers. These masters of value investing explain why the principles and techniques of Graham and Dodd are still highly relevant even in today´s vastly different markets. The contributor list includes: Seth A. Klarman, president of The Baupost Group, L.L.C. and author of Margin of Safety James Grant, founder of Grant´s Interest Rate Observer , general partner of Nippon Partners Jeffrey M. Laderman, twenty-five year veteran of BusinessWeek Roger Lowenstein , author of Buffett: The Making of an American Capitalist and When America Aged and Outside Director, Sequoia Fund Howard S. Marks, CFA, Chairman and Co-Founder, Oaktree Capital Management L.P. J. Ezra Merkin, Managing Partner, Gabriel Capital Group . Bruce Berkowitz, Founder, Fairholme Capital Management. Glenn H. Greenberg, Co-Founder and Managing Director, Chieftain Capital Management Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School David Abrams, Managing Member, Abrams Capital Featuring a foreword by Warren E. Buffett (in which he reveals that he has read the 1940 masterwork ´´at least four times´´), this new edition of Security Analysis will reacquaint you with the foundations of value investing-more relevant than ever in the tumultuous 21st century markets.