Business, Finance & Law Books

Book SynopsisIn 1998, and following 17 years in the army, Wang Jianlin formed a property company in the north-eastern Chinese city of Dalian using a loan of $80,000. Today, Dalian Wanda is China's largest private property developer, generating revenues of $40 billion globally, and owning some 9-million square metres of investment property. In 2012, Wanda became the world's largest theatre owner when it acquired AMC Theatres, with a view to becoming a global entertainment colossus. Wang himself has become Asia's richest man. This book, by its founder and Chairman, provides unprecedented insight into the ethos and activities that have created the extraordinary business success that is the Wanda empire. Wang describes his managerial philosophy and the essence of his business ideas to "make Wanda a brand like Walmart or IBM or Google - a brand known by everyone in the world", and that led The Economist to call him "a man of Napoleonic ambition". As China's influence in the world economy grows led by companies such as Wanda, this book is both timely and relevant.Table of ContentsPreface 1 by Pedro Nueno 7Preface 2 by John A. Quelch 11Foreword: Wang Jianlin's Biography 21CHAPTER 1: Perseverance 35CHAPTER 2: Determination 57CHAPTER 3: Execution 83CHAPTER 4: Innovation 111CHAPTER 5: Internationalization 143CHAPTER 6: Entertainment 167CHAPTER 7: O2O Online-to-Offline 193CHAPTER 8: Responsibility 207CHAPTER 9: Culture 215CHAPTER 10: Asset-Light 247CHAPTER 11: Transformation 263CHAPTER 12: Going Global I 279CHAPTER 13: Going Global II 299

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Book SynopsisThe luxury market has long been the exception. Protected for decades - and even centuries - from swings in economic fate and taste by consumers with money and demands for something extraordinary. But the world is changing, and those changes have already initiated some of the first-ever structural changes to the once-untouchable luxury market.This essential book paints a roadmap for the future of marketing to the rich and super-wealthy. Written by experts in the sector, the book combines broad strategic knowledge with probing sector research. It couples scientific research documenting the transformation with exclusive insider information. Case studies highlight what works now and what's likely to continue working in the future. This important work will become the handbook of how to win the attention of affluent consumers and ignite their passion for rare and bespoke products.The luxury market remains significant - the ideas and insights in this book is essential reading for the sector.

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Book SynopsisValued at $25 billion following its IPO in 2014, JD.com (Jingdong) is China's second largest e-commerce company (behind its rival Alibaba) and leads the way in sales of consumer electronics and books. Through unprecedented access to the inner-workings of JD.com and its founder, Richard Liu, and other main players, this book offers the most detailed examination of the success behind one of China's most successful companies of recent times. Founded in 1998 as an online magneto-optical store, the company evolved into selling books, CDs, videos and consumer electronics online on an enormous scale. In 2014, Asia's largest Internet company, Tencent, acquired a 20% stake in JD.com, which made the company the No.2 online retailer in China, and thus triggering a fierce battle with Alibaba for dominance in the China market. The story of JD.com's growth, and the strategies and philosophy of its charismatic founder, is featured in this fascinating book.

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Book SynopsisHuman creativity has been one of the fundamental drivers of civilization and progress - solving immense problems, creating opportunities and overcoming enemies like no other force. Often it has baffled its sceptics by finding new and better resources, unexpected environmental technologies and genuinely amazing products that no one had predicted. However, like so many before it, Western civilization is now suffering from serious internal decay with its bloated public sectors, punitive taxes, over-regulation, marginalized citizens, stagnation, debt, unemployment and pessimism. This important and fascinating book explains why internal decay is normal. But it also shows how and why solutions can be found by countries and companies, enabling more creativity and adaptability than ever before. It's through the power of creativity that society and business can overcome the challenges and crises of today.Trade ReviewAn engaging and highly readable synthesis of history, science and social science that places itself on par with the greatest interdisciplinary writing of recent years. If you enjoyed Steven Pinker's The Better Angels of Our Nature, Niall Ferguson's Civilization, Fukuyamas The Origins of Political Order or Matt Ridley's The Rational Optimist, then this book is for you. --Ryan Smith, senior book editor at the Centre for Political Studie: The creative Society is a book that the reader cannot put down until you have reached the last page. It is simply exciting and fascinating. --Berlingske Tided: Lars Tvede's The Creative Society is a superb analysis of why different civilizations have lost momentum (...) Without a doubt one of the most important contributions to the public debate over the last decade. Read it and understand how we can create a prosperous future. --Brian Mikkelsen, chairman of the Danish political party The Conservatives

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Book SynopsisIn her powerful debut work Lean Out, acclaimed journalist Dawn Foster unpicks how the purportedly feminist message of Sandberg's book neatly exempts patriarchy, capitalism and business from any responsibility for changing the position of women in contemporary culture. It looks at the rise of a corporate '1% feminism', and at how feminism has been defanged and depoliticised at a time when women have borne the brunt of the financial crash and the gap between rich and poor is widening faster than ever. Surveying business, media, culture and politics, Foster asks whether this 'trickledown' feminism offers any material gain for women collectively, or acts as mere window-dressing PR for the corporations who caused the financial crash. She concludes that 'leaning out' of the corporate model is a more effective way of securing change than leaning in.Trade Review“Rarely does ‘essential reading’ really mean that you urgently need to read a book. But Lean Out is different: the argument that a society that promotes ‘aspiration’ must rely on outliers is just one of its many gems. There is a danger that corporate feminism will enter academia and will not be recognised for the aberration that it is.Lean Out is the antidote. Just 87 pages long, it is well worth the many hours it takes to read and absorb.”- Danny Dorling, Halford Mackinder professor of geography, University of Oxford"A very important, much-needed and well-researched book that isn’t afraid to ask the right questions and demand answers. It is a straight-talking, timely call to arms” - Independent on Sunday "Vigorous…trenchant…a robust critique…it’s conclusion is both inevitable and startling” - Shahidha Bari, Times Higher Education “Excellent…forward-looking” - Sarah Leonard, Bookforum “...much more than just a riposte to the popular business manifesto for women. Fascinating, thought-provoking and at times outrage-inducing, Lean Out elucidates the many ways in which women are being subjugated by corporations and the government, and encourages us to take direct action to address these inequalities.” - Ariane Sherine, Huffington Post

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Book SynopsisContends that the people and companies harnessing the word-of-mouth power provided by multiplatform media - those that can shift their outlook and operations to be more customer-aware and fan-friendly - can pull away from the pack and profit in markets.

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Book SynopsisFor decades fruit growers have sprayed their trees with toxic chemicals in an attempt to control a range of insect and fungal pests. Yet it is possible to grow apples responsibly, by applying the intuitive knowledge of our great-grandparents with the fruits of modern scientific research and innovation. Since The Apple Grower first appeared in 1998, orchardist Michael Phillips has continued his research with apples, which have been called "organic's final frontier." In this new edition of his widely acclaimed work, Phillips delves even deeper into the mysteries of growing good fruit with minimal inputs. Some of the cutting-edge topics he explores include: The use of kaolin clay as an effective strategy against curculio and borers, as well as its limitations Creating a diverse, healthy orchard ecosystem through understory management of plants, nutrients, and beneficial microorganisms How to make a small apple business viable by focusing on heritage and regional varieties, value-added products, and the "community orchard" model The author's personal voice and clear-eyed advice have already made The Apple Grower a classic among small-scale growers and home orchardists. In fact, anyone serious about succeeding with apples needs to have this updated edition on their bookshelf.Trade ReviewNorthern Woodlands (Review)- As anyone who has ever planted a few apple trees knows all too well, growing apples can be a perplexing and frustrating endeavor. The trouble is that apples are very attractive to many of nature's creatures besides humans. And at least one of these creatures, from deer to apple maggot flies, and from the roundheaded apple tree borer to mice (not to mention the long list of diseases that also affect apples), is sure to be working for its share of the fruit (and in some cases the tree) every day of the year. But if you've ever baked a pie made from your own apples, or pressed a batch of cider from them, the trials and tribulations all seem worth it with that first bite or sip. Michael Phillips' revised The Apple Grower has as much help as you'll find anywhere to get you to that first bite of pie or sip of cider. The previous edition, published in 1998, was the bible for many backyard orchardists and commercial organic growers. The new edition, boasting color photos and expanded and better-organized chapters, is a real treat for anyone interested in apples. The new edition's chapter on diseases and pests will be helpful to those left scratching their head about who or what is eating the apples or trees they are trying to grow. Phillips sprinkles tributes to other apple growers throughout the text. These persistent and dedicated souls, along with Phillips, are exploring uncharted territory: they are trying, without the use of traditional pesticides and chemicals, to keep ever-evolving pests and diseases away from trees that are themselves not evolving. All named apple varieties are genetic dead ends. A Macintosh today is genetically identical to a Macintosh from a century ago, but the bugs and diseases have spent that time evolving to break through the trees' defenses. Phillips presents intriguing ideas about orchard soils. Since people started growing apples in orchards, those orchard soils have largely been bacterially based, meaning that fertility has been maintained by the addition of bacteria-laden manure. Sheep and cattle were allowed to graze the grass and eat dropped apples, adding manure to the soils, and often the orchard was formerly pasture or hayfield, where manure was regularly added to maintain fertility. Bacteria-based soils are great for grasses and hay crops, but not necessarily for trees. Phillips argues that apple trees are still, well, trees, and like other trees, they prefer forest soils, which rely mainly on fungi to break down organic matter such as bark, wood, and other plant matter to maintain soil fertility. Phillips believes that this soil is what apple trees naturally want, and that it makes them healthier and better able to deal with pests and diseases. He has been experimenting with using fast-growing comfrey in his orchard, cutting it down to add rotting plant matter and to stifle the growth of grass, which can rob an apple tree's surface feeder roots of nutrients. He advocates adding composted branches, bark, wood chips, and even excess chunks of sheetrock to your orchard to promote the fungi in the soil and deter grasses. Phillips' style is more writerly than reference. His homespun stories about his many years of trying to outwit and outmaneuver the legions of apple-loving creatures are both entertaining and packed with tips. Phillips' extremely handy compendium of orchard tasks has always served as my basic plan of attack for what to do in my orchard, and the revised and expanded edition will be a welcome addition to my library. I have no doubt that over time it will take on the grimy, thumbed-through, and well-used look of my copy of the first edition of The Apple Grower. -- by Carl Demrow"A must read for anyone who grows apples or is contemplating doing so."--Lee A. Reich, garden author and Associated Press syndicated columnistNorthern Woodlands- “Michael Phillips’ revised The Apple Grower has as much help as you’ll find anywhere to get you to that first bite of pie or sip of cider. The previous edition, published in 1998, was the bible for many backyard orchardists and commercial organic growers. The new edition, boasting color photos and expanded and better-organized chapters, is a real treat for anyone interested in apples. The new edition’s chapter on diseases and pests will be helpful to those left scratching their head about who or what is eating the apples or trees they are trying to grow. Phillips’ style is more writerly than reference. His homespun stories about his many years of trying to outwit and outmaneuver the legions of apple-loving creatures are both entertaining and packed with tips. Phillips’ extremely handy compendium of orchard tasks has always served as my basic plan of attack for what to do in my orchard, and the revised and expanded edition will be a welcome addition to my library. I have no doubt that over time it will take on the grimy, thumbed-through, and well-used look of my copy of the first edition of The Apple Grower.”Table of ContentsAcknowledgments Introduction Chapter One Growing Apples Locally Apple Growing a Hundred Years Ago Today's Integrated Pest Management Bringing It All Together Conventional Wisdom The Small Commercial Orchard in Context Chapter Two The Orchard Site and Its Climate Sacred Slopes The Four Points of the Compass Dry Ground Zone Hardiness Windbreaks Biodiversity in a Fruit Orchard Proximity to Markets Chapter Three The Enriching of Fruit Lands The Living Soil Compost Forever Soil Amendments Foliar Feeding Biodynamic Teachings Cover Cropping Ponderable Mulch Soil Tests and Leaf Analysis Trace Minerals for Every Tree Chapter Four The Trees and the Planting Cultivar Selection Rootstocks and Tree Spacing Nursery Sources and Varietal Collectors Grafting and Propagation The Setting of the Trees Orchard Size and Layout High-Density Plantings Down to the Nitty-Gritty Chapter Five Care of the Orchard Intuitive Pruning Training the Apple Tree Pollination and Fruit Set Frost Protection Thinning the Fruit The Great Grass Debate Mowing Options Summer Care Preparing for Winter Restoring Neglected Orchards Chapter Six Apple Pests and Diseases The Beginning of Understanding Good-bye, Foliar Pests Insect Identification Bug-by-Bug Profiles Beneficial Insects Good Sanitation Fungal Diseases Other Diseases of the Apple Four-Legged Considerations Chapter Seven Spraying for Balance The Complexities of Nature All the Answers Aren't Known, but We're Gaining Timing Is Everything The Orchard Calendar Botanicals, Elementals, and Forbidden Fruit Gentler Sprays Spray Equipment for the Small Commercial Orchard Matters of Concern Chapter Eight Reaping the Harvest When to Pick Harvest Equipment The Apple Picker's Reel Hiring Help Windfalls and Fat Sheep From Orchard to Packing Shed Grading Revisited Cider Making The Juice of the Apple Apple Storage Chapter Nine Marketing in the Local Economy Getting a Fair Price Apple Economics Niche Marketing Value-Added Products Organic Certification Advertising Marketing Innovations Long-Term Vision Chapter Ten The Last Organic Frontier The Sustainable Orchard Tree Spirit, Community Spirit Organic Perseverance Here We Come a-Wassailing Esopus Spitzenberg and a Better Tomorrow Appendix I Compendium of Orchard Tasks Appendix 2 Apple Grower's Source List Appendix 3 Lost Nation Apple Recipes Appendix 4 Bibliography Index

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Book Synopsis''Steeped in glory, loved by players for his light touch, he is probably the most coveted coach in the world.'' - Financial Times''a treasury of anecdote and insight'' - The Guardian ''Quiet Leadership contains page upon page of insight into his methods from Cristiano Ronaldo, Zlatan Ibrahimovic, John Terry and more''. - Sport MagazineCarlo Ancelotti is one of the greatest managers of all time, with five Champions League titles to his name. Yet his approach could not be further from the aggressive theatricals favoured by many of his rivals. His understated style has earned him the fierce loyalty of players like David Beckham, Zlatan Ibrahimovic and Cristiano Ronaldo. In Quiet Leadership, Ancelotti reveals the full, riveting story of his managerial career - his methods, mentors, mistakes and triumphs - and takes us inside the dressing room to trace the characters, challenges and decisions that have shaped him. The result is both a scintillating memoir and a rare insight into the business of leadership.Trade ReviewA treasury of anecdote and insight * The Guardian *He's a great coach and an amazing person -- Cristiano RonaldoThere is nobody better than this international crisis manager to explain how to handle superstar players (Cristiano Ronaldo and Gareth Bale), difficult club presidents (Silvio Berlusconi and Roman Abramovich) and hysterical media -- Simon Kuper * Financial Times *Ancelotti is Europe's greatest manager -- Paul Hayward * Telegraph *enjoyable and insightful * Financial Times Review *Steeped in glory, loved by players for his light touch, he is probably the most coveted coach in the world. * Lunch with the FT *Page upon page of insight * Sport *

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Book Synopsis**Now on Netflix as The Call to Courage**''She''s so good, Brené Brown, at finding the language to articulate collective feeling'' Dolly Alderton Every time we are faced with change, no matter how great or small, we also face risk. We feel uncertain and exposed. We feel vulnerable. Most of us try to fight those feelings - or feel guilt for feeling them in the first place. In a powerful new vision Dr Brené Brown challenges everything we think we know about vulnerability, and dispels the widely accepted myth that it''s a weakness. She argues that, in truth, vulnerability is strength and when we shut ourselves off from vulnerability - from revealing our true selves - we distance ourselves from the experiences that bring purpose and meaning to our lives.Daring Greatly is the culmination of 12 years of groundbreaking social research, across every area of our lives including home, relationships, work, and parenting. It is an invitation to be courageous; to show up and let ourselves be seen, even when there are no guarantees.This is vulnerability. This is daring greatly.Trade ReviewA wonderful book: urgent, essential and fun to read. I couldn't put it down, and it continues to resonate with me' -- Seth Godin, author of LinchpinIt's thought-provoking stuff * Stella Magazine, The Sunday Telegraph *Brené writes with wisdom, wit, candor and a deep sense of humanity. You should read this book. I double dare you -- Sir Ken RobinsonThe brilliantly insightful Brené draws upon extensive research and personal experience to explore the paradoxes of courage. I can't stop thinking about this book -- Gretchen Rubin, author of The Happiness ProjectIn an age of constant pressure to conform and pretend, Daring Greatly offers a compelling alternative. Dare to read this book! -- Chris Guillebeau, author of The $100 StartupThe world needs more guides like her who are showing us a wiser way to our inner world. Daring Greatly is all the navigation you'll need -- Maria Shriver

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Book SynopsisTHE classic work about improving creativity from world-renowned writer and philosopher Edward de BonoIn schools we are taught to meet problems head-on: what Edward de Bono calls ''vertical thinking''. This works well in simple situations - but we are at a loss when this approach fails. What then?Lateral thinking is all about freeing up your imagination. Through a series of special techniques, in groups or working alone, Edward de Bono shows how to stimulate the mind in new and exciting ways. Soon you will be looking at problems from a variety of angles and offering up solutions that are as ingenious as they are effective. You will become much more productive and a formidable thinker in your own right.Trade ReviewIf more bankers and traders had read Lateral Thinking and applied the ideas of Edward de Bono to their own narrow definitions of risk, reward and human expectations, I suspect we would be in much better shape than we are. Sir Richard Branson

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Book SynopsisWhy do we do what we do? Why do we exist? Learning to ask these questions can unlock the secret to inspirational business. This title explains what it truly takes to lead and inspire and how you can learn how to do it.Trade ReviewThis book is so impactful, I consider it required reading -- Tony Robbins, bestselling author of Awaken The Giant WithinA deep, abiding understanding of what you want to inspire, and how you want to lead is the basis of this inspirational book * Forbes *One of the most useful and powerful books I have read in years. Simple and elegant, it shows us how leaders should lead -- William Ury, co-author of Getting to YesA powerful and penetrating exploration of what separates great companies and great leaders from the rest

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Book SynopsisNEW YORK TIMES BESTSELLERMastering the Market Cycle is a must-read Ray DalioWhen I see memos from Howard Marks in my mail, they''re the first thing I open and read Warren BuffettHoward is a legendary investor Tony RobbinsEconomies, companies and markets operate in accordance with patterns which are influenced by naturally occurring events combined with human psychology and behaviour. The wisest investors learn to appreciate these rhythms and identify the best opportunities to take actions which will transform their finances for the better. This insightful, practical guide to understanding and responding to cycles - by a world-leading investor - is your key to unlocking a better and more privileged appreciation of how to make the markets work for you and make your money multiply.Trade ReviewMastering the Market Cycle is a must-read -- Ray Dalio, author of 'Principles'Howard Marks's Mastering the Market Cycle is a must-read, because the cycles covered in this book are important and because Howard is one of the investing greats of his generation. -- Ray Dalio, Co-Chief Investment Officer and Co-Chairman, Bridgewater Associates, author of PrinciplesI always say, 'There's no better teacher than history in determining the future.' Howard's book tells us how to learn from history . . . and thus get a better idea of what the future holds. -- Charlie Munger, Vice Chairman, Berkshire HathawayHoward Marks, among the world's most successful investment managers as well as an intellectual leader of the profession [has written a new book]. Mastering the Market Cycle is...wise...A careful reading can make us better investors and protect us from the all too frequent errors that ruin investment results. * Wall Street Journal *While most investment professionals take the standard out - that 'you can't time the market' - in Mastering the Market Cycle Howard Marks, a living investment legend, takes the contrarian point of view that not only can you time markets, but it's imperative that you do so. -- Bill Gurley, General Partner, BenchmarkMastering the Market Cycle reveals how cycles not only coincide with, but also cause, financial market risk and opportunity. Written in plain English, Howard Marks's hard-earned wisdom will help readers tilt the odds in their favor. -- Jeffrey Gundlach, Founder, DoubleLine CapitalIf you're uncertain as to whether there will be a correction in the market - or if you think there's no reason to worry because 'it's different this time' - you have to read this book before you make a move. -- Carl C. Icahn, Chairman, Icahn Enterprises

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Book SynopsisIn many ways, success at networking is the uncommon application of common knowledge. Most people understand that networking is important to their success -- they just lack a step-by-step process to get the results they want. Almost no one really implements a comprehensive methodology that will build a business through networking. Thus, the need to network is 'common knowledge', and the development of the methodology required to be successful at it is the 'uncommon application'. By reading this book, you will experience the true essence and meaning of networking. "The 29% Solution" gives you the answers to two conflicting questions that a business owner or salesperson faces every day: How can I tend to my existing clients while at the same time network for new business? and, should I place higher value on my current clients or on new clients?Trade ReviewThis is an incredible book! It shows sales professionals and business owners how to get more and better customers, faster and easier, than in any other way. The practical, proven strategies for sales and business growth you learn can save you months and years of hard work. -- Brian Tracy "author of 'The Way to Wealth'"

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Book SynopsisPresents the philosophy of "value investing", which helps protect investors against the areas of possible substantial error and teaches them to develop long-term strategies with which they will be comfortable down the road. This book enables you to make the right decisions to protect your investments and make them a success.Trade Review"By far the best book on investing ever written." -- Warren Buffett "If you read just one book on investing during your lifetime, make it this one" -- Fortune "The wider Mr. Graham's gospel spreads, the more fairly the market will deal with its public." -- Barron's

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Book SynopsisThis book introduces the critical concepts and debates that are shaping the emerging field of game studies. Exploring games in the context of cultural studies and media studies, it analyses computer games as the most popular contemporary form of new media production and consumption. The book: Argues for the centrality of play in redefining reading, consuming and creating culture Offers detailed research into the political economy of games to generate a model of new media production Examines the dynamics of power in relation to both the production and consumption of computer games This is key reading for students, academics and industry practitioners in the fields of cultural studies, new media, media studies and game studies, as well as human-computer interaction and cyberculture.Table of ContentsIntroduction: Computer Games as New MediaThe Ludological Turn: What Play Theory Brings to the Analysis of New Media Why We Get the Games We Get: The Political Economy of GamesNetworks Of TechnicityUnderstanding Games as ‘Texts’Cyborg Spectatorship: Untying the Knots of GameplayInterventions and Recuperations

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Book SynopsisThe foreign exchange market is the largest and most liquid financial market in the world. In recent years its volatility has been especially pronounced, which has posed problems for investors, companies and governments attempting to manage their economies. The management of exchange rates has become integral to economic performance and to the political landscape. 'Foreign Exchange, The Complete Deal', part of Harriman House's Applied Essentials series, is a comprehensive guide to this broad and exciting market, and how it is traded. James Sharpe, a foreign exchange practitioner with more than 30 years' experience, unravels the important features of the Forex market to give a clear understanding of the issues and processes involved in foreign exchange transactions. This book begins with an exploration of the historical and theoretical background to the markets as they exist today. The transition from a fixed exchange rate system to a floating system is examined and insight is given on the processes that determine exchange rates and how the system employed impacts government policy.There is also a detailed section about the influence interventions by central banks have on the market.The focus then moves to foreign exchange in practice, the core of the book. Topics covered include: - The range of foreign exchange transactions available - including spot, forward, broken date, non-deliverable forwards (NDFs), swaps and options - and how they can be used, with clear worked examples - How foreign exchange prices are quoted; bid-offer spreads; pips - How foreign exposures are hedged - How banks and dealers cover their exposure in the market and make profits - A discussion of tools that are used to analyse the market, including technical analysis - Factors that influence foreign exchange prices on a daily basis including a detailed look at liquidity - How professional traders analyse markets and provide a blueprint for professional trading - How best to choose and manage the relationship with foreign exchange providers This is an indispensable guide for those who need to understand more about the commercial realities of currency trading and hedging, providing a clear and thorough explanation of the complete world of foreign exchange.Table of ContentsPreface 1. Exchange Rate Systems: From Fixed to Floating, and Chaos - Fixed exchange rates - Floating exchange rates - Conclusion - Foreign exchange and the UK - 1960 to the 2000s 2. Central Banks and Foreign Exchange Intervention - What is foreign exchange intervention? - Intervention and monetary policy - The efficacy of intervention - Conclusion 3. The Basics of Foreign Exchange - A definition of foreign exchange - The foreign exchange market 4. The Theory of Foreign Exchange: How Exchange Rates are Determined - Exchange rates and supply and demand - The effect of exchange rates on an economy - Interest rate parity (IRP) - Purchasing power parity (PPP) - Currencies overshooting their expected levels - Rudiger Dornbusch 5. Foreign Exchange in Practice - Price quotations - How dealers cover their exposure - Orders - How to calculate trading profits and losses - Recording a trade - Rules when making foreign exchange transactions 6. Types of Foreign Exchange Transactions 1. Spot 2. Forward outright 3. Broken date contracts 4. Non-deliverable forward (NDF) 5. Swap 6. Forward/forwards 7. Algorithmic trading 8. Options 7. Predicting the Future: Technical Analysis and FX Forecasting - Technical analysis and the foreign exchange markets - Forecasting the foreign exchange markets 8. Psychology and Foreign Exchange - Group behaviour - Overconfidence - Overreaction - Attitude to risk - Attitude to rules 9. Influences on Foreign Exchange Markets - Economic data - Impact of central bank intervention - Breach of technical levels - Seasonal price analysis - Dramatic events - Market intelligence 10. A Blueprint for Trading - Before, during and after the trade - Managing losses - Investment vs. Speculation 11. Liquidity - Assessing liquidity - When liquidity disappears - The carry trade and Torschlusspanik (door shut panic) 12. Hedging Currency Exposure - Overview of hedging - Sources of exposure - The hedging process - Impact of hedging - Currency overlay - Conclusion 13. The Management of Dealing - Risks - Dealing limits at banks - Monitoring forward foreign exchange exposure 14. Dealing with Banks and Financial Institutions - The provider should be financially strong - The provider should be operationally strong - Check the bank can supply the product and service you require - Dealing mandate - Foreign exchange limits - Understanding what is on offer - Agreements - Banks dealing with customers Afterword Appendices Appendix 1. Foreign exchange solutions in brief Appendix 2. A simple guide to technical analysis Glossary Bibliography Index

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Book SynopsisFrom the bestselling author of The Art of Travel comes a wittily intriguing exploration of the strange non-place that he believes is the imaginative center of our civilization.Given unprecedented access to one of the world’s busiest airports as a “writer-in-residence,” Alain de Botton found it to be a showcase for many of the major crosscurrents of the modern world—from our faith in technology to our destruction of nature, from our global interconnectedness to our romanticizing of the exotic. He met travelers from all over and spoke with everyone from baggage handlers to pilots to the airport chaplain. Weaving together these conversations and his own observations—of everything from the poetry of room service menus to the eerie silence in the middle of the runway at midnight—de Botton has produced an extraordinary meditation on a place that most of us never slow down enough to see clearly. Lavishly illustrated in color by renowned photo

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Book SynopsisA news-breaking account of the global stock market's subterranean battles, Dark Pools portrays the rise of the bots--artificially intelligent systems that execute trades in milliseconds and use the cover of darkness to out-maneuver the humans who've created them.In the beginning was Josh Levine, an idealistic programming genius who dreamed of wresting control of the market from the big exchanges that, again and again, gave the giant institutions an advantage over the little guy. Levine created a computerized trading hub named Island where small traders swapped stocks, and over time his invention morphed into a global electronic stock market that sent trillions in capital through a vast jungle of fiber-optic cables.  By then, the market that Levine had sought to fix had turned upside down, birthing secretive exchanges called dark pools and a new species of trading machines that could think, and that seemed, ominously, to be slipping the control of their human

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Book SynopsisAn accessible guide to effectively operating in the hedge fund arena Hedge funds are now in the news more than a thousand times a day and yet it is hard to find clear, factual information about how they operate, raise capital, and invest.Table of ContentsPreface xi My Story xii Disclosure of Financial Interests xiii Acknowledgments xv Introduction 1 Chapter 1 Hedge Fund Fundamentals 5 Hedge Fund Mechanics and Statistics 6 History of Hedge Funds 8 Media Portrayal of Hedge Funds 9 Hedge Fund Ecosystem 10 Future of the Hedge Fund Industry 13 Chapter Summary 13 Review Questions 14 Chapter 2 Institutionalization and Operations 17 Stephen Abrahams, Vice President of Marketing for a London-Based Hedge Fund 18 Bob Pardo, CEO and President, Pardo Capital Limited 19 Vinod Paul, Managing Director of Service and Business Development, Eze Castle Integration 21 Nakul Nayyar, Quantitative Trading/Support, Quad Capital 24 Hendrik Klein, CEO, Da Vinci Invest Ltd. 26 Sheri Kanesaka, Associate, Michelman & Robinson, LLP 29 Eric Warshal, CEO, Fund Associates 30 Lance Baraker and William Katts, Senior Managing Directors, TradeStation Prime 32 Chapter Summary 36 Review Questions 36 Chapter 3 Hedge Fund Marketing Pro 39 Bad News 40 Public Relations Management 41 Educational Marketing 42 Forget about Contacting More Investors 43 E-Mail Marketing Best Practices 45 Copy Writing 49 Case Profile 50 Stephen Abrahams, Vice President of Marketing for a London-Based Hedge Fund 54 Pratik Sharma, Managing Director, Atyant Capital 55 Hendrik Klein, CEO, Da Vinci Invest Ltd. 59 Chapter Summary 60 Review Questions 61 Chapter 4 The Shooting Star 63 18 Lessons from Shooting Star Hedge Funds 63 Rick Nummi, Partner and General Counsel, Accounting and Compliance International (ACI) 65 Thomas Powell, Chief Executive Officer, ELP Capital 72 Chapter Summary 74 Review Questions 74 Chapter 5 Hedge Fund Start-Up Guru 77 Top Five Tips for Starting a Hedge Fund 78 Hedge Fund Pitch Book Creation 80 Syed Ali, CEO, Saturn Partners, LLC 81 Nakul Nayyar, Quantitative Trading/Support, Quad Capital 86 Chapter Summary 89 Review Questions 90 Chapter 6 Dedicated to Due Diligence 93 Scott Freund, President, GCC Family Wealth Management 94 Brian Reich, President and Founder, Atrato Advisors LLC 95 Richard Wilson, Hedge Fund Group, CHP Designation, HedgeFundBlogger.com 98 Due Diligence Effects on Hedge Funds 102 Chapter Summary 105 Review Questions 106 Chapter 7 Giant Hedge Funds 109 Best Practices from $1 Billion-Plus Hedge Funds 109 Richard Zahm, Portfolio Manager, Second Angel Fund 111 Scott Cohen, President and CEO, Hedge Solutions 117 Chapter Summary 119 Review Questions 120 Chapter 8 Governance Best Practices 123 Andrew Main, Managing Partner, Stratton Street Capital LLP 124 David R. Koenig, CEO of the Governance Fund, LLC 130 Chapter Summary 134 Review Questions 134 Chapter 9 Frequently Asked Hedge Fund Questions 137 Hedge Funds 101 137 Hedge Fund Operations 139 Hedge Fund Marketing and Sales 142 Hedge Fund Careers 156 Appendix A Bonuses of $1,779 169 Appendix B Example Due Diligence Questions 171 Questionnaire 171 Appendix C Top Hedge Fund Web Sites 177 Glossary 179 About the Author 185 Index 187

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Book SynopsisTrader Peter Brandt will take readers inside the trading process by revealing how he trades in a diary of his 2009 trades. A long-time successful trader, Brandt will explain his thinking as he searches for trading opportunities and executes his trades throughout the year.Table of ContentsAcknowledgments xiii Part I Foundations of Successful Trading 1 Introduction 3 The Invention of a Commodity Trader 3 Why I Wrote This Book 7 This Book’s Audience 9 The Book’s Road Map 14 Chapter 1 The History and Theory of Classical Charting Principles 19 My Perspective of the Principles 20 Three Limitations of the Principles 21 Summary 22 Part II Characteristics of a Successful Trading Plan 23 Chapter 2 Building a Trading Plan 25 Trader Personality and Temperament 25 Adequate Capitalization 29 Overall Risk Management 30 Points to Remember 32 Chapter 3 Identifying the Trades and the Trading Vocabulary 33 Trade Identification 35 Vocabulary of the Factor Trading Plan 35 Points to Remember 54 Chapter 4 Ideal Chart Patterns 55 Reversal H&S Pattern in Copper 56 Reversal Rising Wedge in AUD/USD 56 Continuation Wedge and Reversal Failure Top in Soybean Oil 57 Reversal Triangle Bottom in Sugar 58 Continuation and Pyramid Patterns in USD/CAD 58 Reversal Top in Silver 59 Continuation H&S Pattern in the Russell 1000 Index 60 Continuation Rectangle in Kansas City Wheat 61 Continuation Rectangle and Pyramid Triangle in Crude Oil 61 Continuation H&S Top in the Dow Utilities 63 Continuation Triangle, Reversal M Top, and Flag in the EUR/USD 63 H&S Reversal Top and Three Continuation Patterns in the GBP/JPY 65 A Reversal Symmetrical Triangle in the AUD/JPY 66 Two Continuation Patterns in GBP/CHF 67 A Triangle and Running Wedge in Sugar 67 An H&S Bottom in Apple Computer 68 A Major Continuation H&S and Symmetrical Triangle in Gold 68 A Series of Bullish Patterns in Copper 70 A Failed Ascending Triangle in the USD/CAD Crossrate 71 A 12-Week Rectangle in the Dow Jones Transport Index 72 A Rare Horn in Brent Sea Oil 72 An H&S Bottom Launches the 2009 Bull Market in the S&Ps 73 Summary 74 Points to Remember 74 Chapter 5 How the Factor Trading Plan Works 75 Trade Identification 75 Trade Entry 84 Trade Risk Management 85 Trade Order Management 86 Points to Remember 89 Chapter 6 Three Case Studies Using the Factor Trading Plan 91 A Remarkable Technical Event in the Dow Jones 92 A Year Trading Gold 94 A Year Trading Sugar 104 Points to Remember 113 Chapter 7 Characteristics of a Successful Trader 115 Intimate Knowledge of Trading Signals 116 Discipline and Patience 117 Analysis of Self and of the Trading Plan 117 It Takes a Leap of Faith 120 Points to Remember 121 Part III A Five-Month Trading Diary: Let The Journey Begin 123 Chapter 8 Month One: December 2009 127 Trading Record 129 Summary 143 Chapter 9 Month Two: January 2010 145 Identifying Trading Opportunities 146 Amending the Plan 151 Trading Record 152 Summary 170 Chapter 10 Month Three: February 2010 171 Sticking to the Plan in Choppy Markets 171 Trading Record 173 Summary 187 Chapter 11 Month Four: March 2010 189 Trading Record 190 Summary 201 Chapter 12 Month Five: April 2010 203 Relying on Classical Charting Principles 204 Trading Record 205 Outlook for the Future 210 Summary 214 Part IV The Wrap-Up 215 Chapter 13 Analysis of Trading Performance 217 How the Trading Plan Performed 221 How the Plan (and the Trader) Evolved 227 Summary: Best Practices Going Forward 228 Chapter 14 The Best Dressed List 231 A Seven-Month Double Bottom in AUD/USD 231 A 14-Month Coil and Nine-Month Descending Triangle in EUR/CHF 233 A Six-Month Wedge in EUR/USD 234 A 16-Week Horn in GBP/USD 235 A Four-Month H&S in Bottom NZD/USD 236 A Six-Month Ascending Triangle Failure in USD/CAD 237 An Eight-Month H&S Bottom in the S&Ps 238 A 14-Month Symmetrical Triangle in Sugar 239 A Seven-Month Triangle in Gold 240 A Series of Continuation Patterns in Copper 242 An H&S Bottom in Crude Oil 243 Summary 243 Postscript 245 Appendix A Factor Trading Plan Signals 249 Appendix B Quick Reference to Charts 257 Appendix C Recommended Resources 269 Author’s Note 271 Index 275

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Book SynopsisThe S&P futures pit is the ultimate arena for traders. It is a place where trading titans make split-second decisions on huge amounts of money, and fortunes appear and vanish with the blink of an eye. Successful day traders are brilliant, aggressive-and lucky. Lewis J. Borsellino is all three. And now he is telling his story. The nation''s top S&P futures trader, Borsellino takes you inside the world of the day trader. Chronicling Borsellino''s incredible run on the floor of the Chicago Mercantile Exchange, The Day Trader offers a rare behind-the-scenes look at his everyday strategies and tactics. Raised to be a fierce and fearless competitor, Borsellino felt at home the first day he walked into the chaos and excitement of the Merc. In The Day Trader, he offers both a compelling story as well as an inside look at day trading and the S&P market. Borsellino outlines exactly what contributed to his unparalleled success-a rare blend of discipline, drive, intelligence, and an uncanTrade Review"A legendary S&P floor trader has written a powerful, brutally honest chronicle of his determined rise to the top of his profession. Touching and insightful, this riveting account is one of the best trading memoirs ever." -Nelson Freeburg, Publisher, Formula Research "The Day Trader provides a rare look into the events that shaped the extraordinary character of one of the most unique people to ever put on a trading jacket. Most compelling are the glimpses into Borsellino's Italian-American upbringing. It comes as no surprise that Borsellino places himself at the center of the maelstrom surrounding electronic trading versus open outcry and provides a truly balanced, intelligent, and unemotional view of the momentous transformation occurring in the financial markets. It is imperative that anyone involved in trading the markets - either traditionally or electronically - read this story and benefit from the insights of one of the great traders of our lifetime."-Mario Alberico, Former Senior Vice President, Electronic Trading, Chicago Mercantile Exchange "The Day Trader is must reading for anyone in the market. Lewis Borsellino is an Italian American hero who climbed the mountain with guts and honor." -Dominic Di Frisco, President Emeritus, Joint Civic Committee of Italian-Americans "...the most honest road map to a succesful trading career ever written....generously salted with genuine insight into the workings of the market."-Worth MagazineTable of ContentsPreface. Acknowledgments. High Times. The Trading Life. Combat. A Competitor's Heart. The Down Times. The Sting. The Metamorphosis. Trading Goes Electronic. Politics, Trading, and the Futures Exchange. From Grassroots to the Global Economy. From the Pit to the PC.

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Book SynopsisBusiness Professor and strategy consultant Rob Adams shows you how to make sure you hit your target market before you spend a lot of money. Adams outlines a simple and effective market validation and testing strategy that is proven, giving entrepreneurs and managers the ability to dramatically improve the prospect of product success.Table of ContentsIntroduction Market Validation: Why Ready, Aim, Fire Beats Ready, Fire, Fire, Fire, Aim 1 Step 1 Ready—Could This Idea Fly? Chapter One Ready: The Overview 35 Chapter Two Domain Knowledge: Where Did You Get Your Idea? 39 Chapter Three The Market: How Big is It, and How Fast is It Growing? 45 Chapter Four Lifecycles and Trends: How are These Affecting Your Market? 51 Chapter Five Your Competitors: What are They Doing? 71 Chapter Six The Experts: What Do They Say? 81 Chapter Seven The Ready Checklist 89 Step 2 Aim—What Do Your Future Customers Think? Chapter Eight Aim: The Overview 95 Chapter Nine Research: Learning What You Really Need to Know 99 Chapter Ten Interviews: Getting to the Market Pain 113 Chapter Eleven Who are You After? Finding Your Target Audience 127 Chapter Twelve Turning Data into Results: How to Practically Apply All That You’ve Learned 137 Chapter Thirteen Outside Help: Using Research Professionals 143 Chapter Fourteen Countdown: Preparing the Market for Your Product 145 Chapter Fifteen The Aim Checklist 147 Step 3 Fire—Blasting into the Market Chapter Sixteen Fire: The Overview 153 Chapter Seventeen Sales and Marketing: Budget for It 159 Chapter Eighteen The Details: Write Product Specs and Schedules 163 Chapter Nineteen Fast to Market: Get a Market-Oriented Product Out Quickly 171 Chapter Twenty Early Customers: Recruit Design Partners and Advisory Boards 179 Chapter Twenty-One Showtime: Launch, Market, and Sell the Product 189 Chapter Twenty-Two The Fire Checklist 195 About the Author 199 Index 201

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Book SynopsisIn The Little Book of Big Dividends, dividend stock expert Chuck Carlson presents an action plan for dividend-hungry investors. You'll learn about the pitfalls, how to find the opportunities, and will learn how to construct a portfolio that generates big, safe dividends easily through the BSD (Big, Safe Dividends) formula.Trade Review‘…presents an action plan for dividend-hungry investors…’ (The Star.my, September 2010). "This is a book aimed at serious investors who want to shore up their portfolios with a time-tested stock asset. Carlso is a clear writer [and] makes his case very well for the power of dividends.". (SmartMoney.com) “Provides excellent analysis. . . should be an important component of a private wealth adviser’s discussion with clients about sources of long-term investment return and the critical importance of reinvestment in building wealth. Carlson addresses portfolio diversification and risk management in an accessible way. Readers will appreciate the manner in which he ‘names names’ to paint a clear picture of how excess returns can be achieved through a simple and time-tested investment formula. He also underscores the need to supplement selection formulas with fundamental research in order to make optimal investment decisions.” (Financial Analysts Journal)Table of ContentsForeword xi Introduction xv Chapter One The Check Is in the Mail 1 Chapter Two Super Size Me, without the Heartburn 21 Chapter Three If Einstein Was a Dividend Investor 33 Chapter Four The World Is Your Oyster 45 Chapter Five It Pays to Be Direct 61 Chapter Six Postcards from the Hedge 79 Chapter Seven Lifeguard on Duty 93 Chapter Eight Juice Your Portfolio without Striking Out 105 Chapter Nine When DRIPs Become Floods 127 Chapter Ten If You Build It, Dividends Will Come 147 Appendix A Advanced BSD Formula 161 Appendix B The Ultimate Big, Safe Dividend Portfolio 169 Acknowledgments 173

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Book SynopsisA test-preparation guide for The American Institute of Professional Bookkeepers' (AIPB) bookkeeping certification test. It covers various bookkeeping basics, from setting up a company's books and recording transactions to managing employee payroll, handling government paperwork, and closing out the books.Table of ContentsIntroduction 1 Part I: Exploring Bookkeeping Basics 5 Chapter 1: Deciphering the Basics 7 Chapter 2: Designing Your Bookkeeping System 19 Chapter 3: Sorting Out Your Business Road Map 33 Part II: Putting it All on Paper 47 Chapter 4: Looking at the Big Picture 49 Chapter 5: Journaling — The Devil’s in the Details 63 Chapter 6: Designing Controls for Your Books, Your Records, and Your Money 79 Part III: Tracking Day-to-Day Business Operations with Your Books 91 Chapter 7: Purchasing Goods and Tracking Your Purchases 93 Chapter 8: Calculating and Monitoring Sales 103 Chapter 9: Paying Your Employees 127 Chapter 10: Paying Employer Taxes and Completing Related Government Reports 141 Part IV: Getting Ready for Year’s (Or Month’s) End 149 Chapter 11: Depreciating Your Assets 151 Chapter 12: Paying and Collecting Interest 161 Chapter 13: Proving Out Your Books 173 Chapter 14: Checking and Correcting Your Books 185 Part V: Putting on Your Best Financial Face 201 Chapter 15: Showing Everything’s in Balance 203 Chapter 16: Proving Your Profits 221 Chapter 17: Doing Your Business Taxes 233 Chapter 18: Getting Ready for a New Bookkeeping Year 241 Part VI: The Part of Tens 249 Chapter 19: Top Ten Checklist for Managing Your Cash 251 Chapter 20: Top Ten Accounts You Should Monitor 255 Chapter 21: Top Ten Problems You Should Practice 259 Index 261

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Book SynopsisTompkins/White/Bozer/Tanchoco is the leading facilities planning book on the market, today. Its blending of breadth and depth of coverage are unmatched. Thousands of engineering students and practitioners have used the book to prepare them to design new facilities and expand or renovate existing facilities. The book combines applied aspects with proven quantitative methodologies. It carries the reader through the entire process of planning facilities, regardless of the application settings for the facilities.Table of ContentsPart One DEFINING REQUIREMENTS 1 Chapter One INTRODUCTION 3 1.1 Facilities Planning Defined 3 1.2 Significance of Facilities Planning 9 1.3 Objectives of Facilities Planning 12 1.4 Facilities Planning Process 13 1.5 Strategic Facilities Planning 18 1.6 Developing Facilities Planning Strategies 21 1.7 Examples of Inadequate Planning 24 1.8 Summary 26 References 27 Problems 28 Chapter Two PRODUCT, PROCESS, AND SCHEDULE DESIGN 30 2.1 Introduction 30 2.2 Product Design 32 2.3 Process Design 36 2.4 Schedule Design 47 2.5 Facilities Design 63 2.6 Summary 70 References 72 Problems 74 Chapter Three FLOW SYSTEMS, ACTIVITY RELATIONSHIPS, AND SPACE REQUIREMENTS 83 3.1 Introduction 83 3.2 Flow Systems 84 3.3 Material Flow System 88 3.4 Departmental Planning 97 3.5 Activity Relationships 113 3.6 Space Requirements 119 3.7 Summary 129 References 129 Problems 131 Chapter Four PERSONNEL REQUIREMENTS 137 4.1 Introduction 137 4.2 The Employee–Facility Interface 138 4.3 Restrooms 146 4.4 Food Services 151 4.5 Health Services 156 4.6 Barrier-Free Compliance 157 4.7 Office Facility Planning 160 4.8 Summary 170 References 170 Problems 171 Part Two DEVELOPING ALTERNATIVES: CONCEPTS AND TECHNIQUES 173 Chapter Five MATERIAL HANDLING 175 5.1 Introduction 175 5.2 Scope and Definitions of Material Handling 176 5.3 Material Handling Principles 179 5.4 Designing Material Handling Systems 181 5.5 Unit Load Design 186 5.6 Material Handling Equipment 204 5.7 Estimating Material Handling Costs 209 5.8 Safety Considerations 210 5.9 Summary 212 References 212 Problems 213 Appendix 5B Material Handling Equipment 215 Chapter Six LAYOUT PLANNING MODELS AND DESIGN ALGORITHMS 292 6.1 Introduction 292 6.2 Basic Layout Types 294 6.3 Layout Procedures 296 6.4 Algorithmic Approaches 302 6.5 Department Shapes and Mail Aisles 342 6.6 Simulated Annealing and Genetic Algorithms 344 6.7 Multi-Floor Facility Layout 351 6.8 Commercial Facility Layout Packages 354 6.9 The Impact of Change 355 6.10 Developing Layout Alternatives 362 6.11 Summary 363 References 366 Problems 369 Part Three FACILITY DESIGN FOR VARIOUS FACILITIES FUNCTIONS 383 Chapter Seven WAREHOUSE OPERATIONS 385 7.1 Introduction 385 7.2 Missions of a Warehouse 387 7.3 Functions in the Warehouse 389 7.4 Receiving and Shipping Operations 391 7.5 Dock Locations 414 7.6 Storage Operations 415 7.7 Order Picking Operations 432 7.8 Summary 443 References 443 Problems 444 Chapter Eight MANUFACTURING SYSTEMS 448 8.1 Introduction 448 8.2 Fixed Automation Systems 451 8.3 Flexible Manufacturing Systems 453 8.4 Single-Stage Multimachine Systems 456 8.5 Reduction in Work-in-Process 458 8.6 Just-in-Time Manufacturing 459 8.7 Facilities Planning Trends 467 8.8 Summary 468 References 469 Problems 470 Chapter Nine FACILITIES SYSTEMS 473 9.1 Introduction 473 9.2 Structural System Performance 474 9.3 Enclosure Systems 477 9.4 Atmospheric Systems 481 9.5 Electrical and Lighting Systems 490 9.6 Life Safety Systems 500 9.7 Sanitation Systems 505 9.8 Building Automation Systems 508 9.9 Facilities Maintenance Management Systems 510 9.10 Summary 510 References 511 Problems 511 Part Four DEVELOPING ALTERNATIVES: QUANTITATIVE APPROACHES 515 Chapter Ten QUANTITATIVE FACILITIES PLANNING MODELS 517 10.1 Introduction 517 10.2 Facility Location Models 518 10.3 Special Facility Layout Models 569 10.4 Machine Layout Models 577 10.5 Conventional Storage Models 580 10.6 Automated Storage and Retrieval Systems 608 10.7 Order Picking Systems 627 10.8 Fixed-Path Material Handling Models 642 10.9 Waiting Line Models 671 10.10 Simulation Models 701 10.11 Summary 705 References 705 Problems 709 Part Five EVALUATING, SELECTING, PREPARING, PRESENTING, IMPLEMENTING, AND MAINTAINING 743 Chapter Eleven EVALUATING AND SELECTING THE FACILITIES PLAN 745 11.1 Introduction 745 11.2 Evaluating Facilities Plans 748 11.3 Selecting the Facilities Plan 802 11.4 Summary 803 References 803 Problems 804 Chapter Twelve PREPARING, PRESENTING, IMPLEMENTING, AND MAINTAINING THE FACILITIES PLAN 807 12.1 Introduction 807 12.2 Preparing the Facilities Plan 807 12.3 Presenting the Facilities Plan 831 12.4 Implementing the Facilities Plan 834 12.5 Maintaining the Facilities Plan 836 12.6 Summary 839 References 839 Problems 840 INDEX 841

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Book SynopsisThis book provides a thorough introduction to the business and valuation of biotechnology stocks for investors. It offers a brief history of the biotechnology industry and the investment waves and dips over the last 30 years of the industry. It examines both the U.S.Table of ContentsAcknowledgements xi 1 Introduction 1 Biotechnology Background 5 2 Traditional Valuation Methods 11 The Value of a Company 11 Accounts – Providing the Data for Valuation Analysis 12 The Income Statement 13 Balance Sheet 17 Cash Flow Statement 20 Income Statement Multiples 22 Balance Sheet Multiples 26 Summary 27 Discounted Cash Flow Analysis 27 Net Present Value 27 Constructing the DCF 28 Projecting the Cash Flow Stream 29 Choosing a Discount Rate 30 Other Thoughts 37 3 The Drug Development Process 39 The Drug Development Process 40 Drug Discovery and Research 44 Pre-Clinical Development 44 Clinical Trials 48 What Investors Should Look For When Analysing Clinical Trials 56 Conclusion 59 The Regulatory Process 59 Regulation in the US 60 Regulation in Europe 63 The Label 64 Timelines for Approval 65 Post Approval 65 Investment Lessons 66 Case Study # 1 66 4 Biotechnology Company Valuation 69 Data Collation 71 NPV of the Pipeline 75 Calculations 80 Sensitivity Analyses 86 DCF of Whole Company 92 EBIT DCF of Products 97 Comparables Valuation 99 NPVs are Additive 101 Using all the Tools Available to Reach a Valuation Conclusion 101 Market Models 104 Conclusion 105 Appendix 1 106 Example 1 106 Example 2 108 Example 3 108 Appendix 2 116 Biosimilar Update 116 5 Decision Trees and Real Options 119 Decision Trees 120 Discount Rate 124 Deriving Scenarios 125 Conclusion 125 Decision Tree Example 126 Real Options 126 Valuing Options 129 Estimation of the Input Variables 138 Conclusions 139 6 Biotechnology Investing 141 Types of Healthcare Investment 141 Biotechnology Sector Evolution 143 Biotechnology Investment Cycles 145 Biotechnology Business Models 152 Focus on People 154 Cash 155 Product Pipeline 155 Commercial Risks 156 Newsflow 158 Lessons from Biotech Investing 160 7 Early-stage Valuation 161 Private Valuation 162 Discounted Cash Flow Method 166 Comparable Valuation 168 Venture Capital Method 170 Discount Rates 173 Conclusion 173 Glossary 175 References 189 Index 193

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Book SynopsisThis must-have reference covers all of the major areas of cost accounting and analysis including product costing, relevant costs, cost-volume analysis, performance evaluation, transfer pricing, and capital budgeting. Includes methods of reorganizing, classifying, allocating, aggregating, and reporting actual costs and comparing them with standard costs. Equips experienced cost accountants with a reference tool and students with a thorough textbook. Provides numerous examples, succinct language, chapter review, glossary, and appendices. Includes an abundance of exercises, many of which are based on exam questions from the CPA and CMA exams. Table of ContentsPreface xv About the Authors xix CHAPTER 1 The Changing Role of the CFO: From Accounting to Accountable 1 SOX Act of 2002 and the CFO 2 Expanded Responsibilities of the CFO 6 Our Agenda 14 Part One Funding 15 CHAPTER 2 Capital Structure Decisions 17 Debt versus Equity 18 Concept of Leverage 21 Capital Structure and Financial Leverage 25 Financial Leverage and Risk 29 Capital Structure and Taxes 31 Capital Structure and Financial Distress 37 Cost of Capital 41 Agency Relationship 43 Optimal Capital Structure: Theory and Practice 47 A Capital Structure Prescription 51 Bottom Line 52 Appendix: Capital Structure Theory—The Modigliani-Miller Theory and Beyond 53 CHAPTER 3 Types of Debt Financing 63 General Features of Debt Obligations 64 Term Loans 65 Syndicated Bank Loans 69 Notes and Bonds 71 Short-Term Financing 86 Off-Balance-Sheet Financing 93 Bottom Line 95 CHAPTER 4 Equity Funding 99 Common Stock 100 Preferred Stock 115 Bottom Line 121 CHAPTER 5 Structured Financing: Asset Securitization and Structured Notes 123 Asset Securitization 124 Structured Notes 139 Bottom Line 149 Part Two Strategy, Taxes, and Risk Management 151 CHAPTER 6 Strategy and Financial Planning 153 Strategy and Value 155 Financial Planning and Budgeting 158 Importance of Financial Planning 158 Budgeting Process 160 Sales Forecasting 161 Seasonal Considerations 163 Budgeting 165 Pro Forma Financial Statements 172 Long-Term Financial Planning 179 Financial Modeling 179 Performance Evaluation 183 Strategy and Value Creation 191 Bottom Line 195 CHAPTER 7 Basics of Corporate Taxes and Tax Risk Management 197 Tax Management 199 Tax Risk 200 U.S. Tax Law and Taxation of Corporations 205 State and Local Taxes 218 Non-U.S. Taxes 218 Bottom Line 224 CHAPTER 8 Corporate Risk Management 227 Risk Defined 228 Enterprise Risk Management 230 Managing Risks 235 Risk Transfer 237 Bottom Line 255 Part Three Performance Evaluation 259 CHAPTER 9 Financial Ratio Analysis 261 Ratios and Their Classification 262 Return-on-Investment Ratios 264 Liquidity 271 Profitability Ratios 279 Activity Ratios 282 Financial Leverage Ratios 284 Common-Size Analysis 289 Using Financial Ratio Analysis 290 Illustration: Pfizer, Inc., 1990–2005 292 Bottom Line 307 CHAPTER 10 Cash Flow Analysis 309 Difficulties with Measuring Cash Flow 309 Cash Flows and the Statement of Cash Flows 311 Free Cash Flow 316 Calculating Free Cash Flow 318 Net Free Cash Flow 320 Usefulness of Cash Flows in Financial Analysis 322 Bottom Line 327 CHAPTER 11 Decentralized Operations and Responsibility Accounting 329 Organization Structures and Concepts 330 Examples of Types of Organization Structure and Resposibility Reporting 331 Decentralization Problems 337 Responsibility Accounting 338 Controllable Costs 345 Costs of Service Departments 346 Executive Incentive Compensation Plans and Dysfunctional Decision Making 347 Bottom Line 351 CHAPTER 12 Responsibility Center Performance Evaluation 353 Basis for Comparison 354 Cost Center Performance Evaluation 356 Profit Center Performance Evaluation 364 Profit Center Decision Making 372 Investment Center Performance Evaluation 373 Bottom Line 394 Appendix: Gross Profit Analysis 394 CHAPTER 13 Transfer Pricing 405 Transfer Pricing Methods 407 Dual Transfer Pricing System 418 International Transfer Pricing 419 Bottom Line 424 Part Four Asset Management 427 CHAPTER 14 Capital Budgeting and Cash Flow Analysis 429 The Investment Problem 430 Capital Budgeting 432 Cash Flow from Investments 437 Bottom Line 454 Appendix 14.A: Expected Cash Flows from the Disposition of an Asset 455 Appendix 14.B: Expansion of the Williams 5 & 10 457 CHAPTER 15 Capital Budgeting Techniques 463 Evaluation Techniques 464 Net Present Value 466 Profitability Index 471 Internal Rate of Return 472 Modified Internal Rate of Return 477 Payback Period 480 Discounted Payback Period 482 Issues in Capital Budgeting 483 Comparing Techniques 486 Capital Budgeting Techniques in Practice 489 Conflicts with Responsibility Center Performance Evaluation Measures 490 Capital Budgeting and the Justification of New Technology 491 Bottom Line 495 CHAPTER 16 Capital Budgeting and Risk 497 Project Risk 498 Measurement of Project Risk 500 Measuring a Project’s Market Risk 505 Incorporating Risk in the Capital Budgeting Decision 514 Real Options 518 Certainty Equivalents 525 Assessment of Project Risk in Practice 526 Bottom Line 528 CHAPTER 17 Leasing 531 How Leasing Works 532 Types of Equipment Leases 533 Full-Payout Leases versus Operating Leases 535 Reasons for Leasing 536 Types of Lessors 541 Lease Brokers and Financial Advisers 541 Lease Programs 542 Financial Reporting of Lease Transactions by Lessees 543 Leveraged Lease Fundamentals 546 Federal Income Tax Requirements for True Lease Transactions 556 Synthetic Leases 558 Valuing a Lease: The Lease or Borrow-to-Buy Decision 560 Bottom Line 574 CHAPTER 18 Managing Short-Term Assets 579 Cash Management 581 Marketable Securities 589 Receivables Management 591 Inventory Management 601 Bottom Line 607 Part Five Cost and Managerial Accounting 609 CHAPTER 19 Classifying Costs 611 Elements of a Product 612 Relationship to Production 615 Relationship to Volume 616 Ability to Trace 622 Department Where Incurred 623 Functional Areas 624 Period Charge in Income 625 Relationship to Planning, Controlling, and Decision Making 626 Techniques for New Product Cost Estimation 629 Bottom Line 633 CHAPTER 20 Costing and Control of Materials, Labor, and Factory Overhead 635 Materials (Stores) 636 Labor 641 Factory Overhead Costs 646 Activity-Based Costing 660 Bottom Line 664 CHAPTER 21 Job Order and Process Costing 667 Comparison of Job Order and Process Cost Accumulation Systems 668 Job Order Costing 669 Operation Costing 673 Project Costing 674 Process Costing 676 Backflush Costing 694 Bottom Line 695 Appendix: Spoiled Units, Defective Units, Scrap Material, and Waste Material in Job Order and Process Costing Systems 697 CHAPTER 22 Joint Product and By-Product Costing 703 Joint Products 703 By-Products 711 Effects of Joint Cost Allocation upon Decision Making 715 Bottom Line 716 CHAPTER 23 Master Budget 719 Conventional Master Budget System 721 Budgeted Schedules 723 Budgeted Summaries 740 Bottom Line 744 CHAPTER 24 Standard Costing 749 Actual, Normal, and Standard Costing 750 Uses of Standard Costs 751 Types of Standards 752 Establishment of Standards 753 Just-in-Time Philosophy and Cost Accounting 764 Variance Analysis 769 Disposition of All Variances 786 Bottom Line 788 CHAPTER 25 Direct and Absorption Costing 791 Meaning of Direct Costing 791 Direct Costing versus Absorption Costing 792 Advantages of Direct Costing 802 Disadvantages of Direct Costing 805 Adjusting Financial Statements for External Reports 807 Bottom Line 807 Index 809

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Book SynopsisA market master details his proven and profitable approach to trading High Probability Trading Strategies teaches traders step by step a unique and practical approach to analyzing market behavior, identifying profitable trade setups, and executing and managing trades from entry to exit in a way that both preserves and grows one's capital.Trade Review'...teaches in a practical step-by-step manner...skilfully outlines every aspect of a practical trading plan .' (Traders, November 2010).Table of ContentsForeword ix Preface xi PART ONE High Probability Trading Strategies for Any Market and Any Time Frame 1 CHAPTER 1 High Probability Trade Strategies for Any Market and Any Time Frame 3 Any Market, Any Time Frame 4 Conditions with a High Probability Outcome 4 Leading and Lagging Indicators 5 What You Will Learn in This Book and CD 6 Let’s Get Started 8 CHAPTER 2 Multiple Time Frame Momentum Strategy 9 What Is Momentum? 11 Multiple Time Frame Momentum Strategies 12 The Basic Dual Time Frame Momentum Strategy 12 Momentum Reversals 14 Most Price Indicators Represent Rate-of-Change 15 Momentum and Price Trends Often Diverge 16 How Dual Time Frame Momentum Strategies Work 19 Which Indicators to Use for Multiple Time Frame Momentum Strategies 31 What Are the Best Indicator Settings to Use? 36 Dual Time Frame Momentum Strategy Rules 43 Dual Time Frame Momentum Strategy Trade Filter 46 CHAPTER 3 Practical Pattern Recognition for Trends and Corrections 49 Why Is It Important to Identify a Trend or Correction? 50 Simple Pattern Recognition Based On Elliott Wave 52 Trend or Correction: The Overlap Guideline 52 ABC and Away We Go 58 Complex Corrections 64 Overlap Is the Key to Identify a Correction 66 Trends and Five-Wave Patterns 67 Greater in Time and Price 75 Fifth Waves Are the Key 77 Momentum and Pattern Position 79 Momentum and Pattern Not Enough 82 CHAPTER 4 Beyond Fib Retracements 83 Internal Retracements and Corrections 84 Alternate Price Projections Qualify Internal Retracements 89 More Alternate Price Projections 92 External Retracements Help Identify the Final Section of a Trend or Correction 96 Pattern Price Targets 99 Price, Pattern, and Momentum 106 No Excuse 108 CHAPTER 5 Beyond Traditional Cycles 111 Time Retracements and Corrections 112 Alternate Time Projections Narrow the Time Retracement Range 114 More Time Factors 117 The Time Target Zone 118 Time Bands 128 More Time Factors 135 Conclusion 137 CHAPTER 6 Entry Strategies and Position Size 139 Entry Strategy 1: Trailing One-Bar Entry and Stop 140 Entry Strategy 2: Swing Entry and Stop 150 Position Size 158 Conclusion 162 CHAPTER 7 Exit Strategies and Trade Management 163 Multiple-Unit Trading 164 Risk/Reward Ratios 165 Exit Strategies 166 Trade Management 168 Trade Only the High Probability, Optimum Setups 197 PART TWO Trading the Plan 199 CHAPTER 8 Real Traders, Real Time 201 Adam Sowinski (Slorzewo, Poland) 202 Jagir Singh (London, United Kingdom) 206 Cees Van Hasselt (Breda, The Netherlands) 214 Kerry Szymanski (Tucson, Arizona) 218 Derrik Hobbs (Warsaw, Indiana) 222 Carolyn Boroden (Scottsdale, Arizona) 227 Jaime Johnson (Encinitas, California, and Bogata, Columbia) 231 Chapter Summary 234 CHAPTER 9 The Business of Trading and Other Matters 237 Routines and Trading Records 237 Why Traders Win or Lose 239 Technology, Trading Time Frames, Markets to Trade, and Leverage 242 Trade for Points, Not for Ticks 244 You Can’t Buy Success 244 You CAN Be a Successful Trader 245 More Bar-by-Bar Entry to Exit Trade Examples 247 Glossary 249 Bibliography 261 About the Author 263 Index 265

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Book SynopsisA comprehensive guide to distress investing around the world Increasingly, corporate rehabilitation is more interesting than corporate liquidation to governments and capital markets. Following this trend, a mezzanine industry of mutual funds, hedge funds, and private investors has stepped up to fill the role of the traditional corporate lender.Trade Review“…this is the best book that I have read since The Black Swan…do yourself a favor and pick up a copy; you'd be crazy not to.” (SeekingAlpha.com, June 11, 2009)Table of ContentsForeword xiii Preface xv Acknowledgments xxii Part One The General Landscape Of Distress Investing Chapter 1 The Changed Environment 3 Trends in Corporate Debt Growth and Leverage before the Financial Meltdown of 2007–2008 4 Junk Bonds and the Levering-Up Period 6 The Syndicated Loan Market and Leveraged Loans 12 Financial Meltdown of 2007–2008 16 Principal Provisions of the 2005 Bankruptcy Act as They Affect Chapter 11 Reorganizations of Businesses 22 Chapter 2 The Theoretical Underpinning 27 What Market? 27 Toward a General Theory of Market Efficiency 29 External Forces Influencing Markets Explained 32 What Risk? 34 Capital Structure and Credit Risk 38 Valuation 39 The Company as a Stand-Alone Entity 41 Control and Its Vital Importance 42 Chapter 3 The Causes of Financial Distress 43 Lack of Access to Capital Markets 44 Deterioration of Operating Performance 46 Deterioration of GAAP Performance 48 Large Off-Balance-Sheet Contingent Liabilities 51 Chapter 4 Deal Expenses and Who Bears Them 53 Attorneys and Financial Advisers’ Compensation Structure and the Distribution of the Fee Pie 54 Time in Chapter 11 and Number of Legal Firms Retained 66 Determinants of Legal Fees and Expenses 67 Determinants of Financial Advisers’ Fees and Expenses 68 Can Professional Costs Be Excessive? 68 Appendix 69 Chapter 5 Other Important Issues 71 Management Compensation and Entrenchment 71 Tax and Political Disadvantages 73 Chapter 6 The Five Basic Truths of Distress Investing 77 Truth 1: No One Can Take Away a Corporate Creditor’s Right to a Money Payment Outside of Chapter 11 or Chapter 7 78 Truth 2: Chapter 11 Rules Influence All Reorganizations 82 Truth 3: Substantive Characteristics of Securities 84 Truth 4: Restructurings Are Costly for Creditors 86 Truth 5: Creditors Have Only Contractual Rights 87 Part Two Restructuring Troubled Issuers Chapter 7 Voluntary Exchanges 91 Problems with Voluntary Exchanges 92 The Holdout Problem Illustrated 93 Making a Voluntary Exchange Work 94 Tax Disadvantages of a Voluntary Exchange versus Chapter 11 Reorganization 95 Chapter 8 A Brief Review of Chapter 11 99 Liquidations and Reorganizations 100 Starting a Case: Voluntary versus Involuntary Petitions 100 Forum Shopping 101 Parties in a Chapter 11 Case 101 Administration of a Chapter 11 Case 103 The Chapter 11 Plan 109 Chapter 9 The Workout Process 117 Parties and Their Differing Needs and Desires 117 Types of Chapter 11 Cases 120 Leverage Factors in Chapter 11 125 Part Three The Investment Process Chapter 10 How to Analyze: Valuation 133 Strict Going Concern Valuation 134 Resource Conversion Valuation 146 Liquidation Valuations 148 Chapter 11 Due Diligence for Distressed Issues 151 Chapter 12 Distress Investing Risks 157 Risks Associated with the Alteration of Priorities 158 Risks Associated with Collateral or Enterprise Valuation 165 Reorganization Risks 168 Other Risks 168 Chapter 13 Form of Consideration Versus Amount Of Consideration 171 Part Four Cases and Implications for Public Policy Chapter 14 Brief Case Studies of Distressed Securities, 2008–2009 177 Performing Loans Likely to Remain Performing Loans 178 Small Cases 182 Large Cases 184 Capital Infusions into Troubled Companies 184 Chapter 15 A Small Case : Home Products International 187 The Early Years 188 Growth by Acquisitions 189 Retail Industry Woes 192 The Fight for Control 195 Amendment of Indenture and Event of Default 196 The Decision: Prepackaged Chapter 11 197 Treatment of Impaired Classes under the Plan 198 Financial Means for Implementation of the Plan 199 Going-Concern and Liquidation Valuations 199 Chapter 16 A Large Reorganization Case: Kmart Corporation 203 Landlords and Unexpired Leases 204 Vendors and Critical Vendor Motions 206 Management and KERPs Pre-2005 BAPCPA 208 Fraudulent Transfers 209 Subsidiary Guarantees and Substantive Consolidation 210 Chapter 11 Committees and Out-of-Control Professional Costs 211 Blocking Positions 211 Buying Claims in Chapter 11 214 Debtor-in-Possession Financing 215 Kmart’s Plan of Reorganization and Plan Investors 218 Investment Performance 222 Chapter 17 An Ideal Restructuring System 225 Feasibility and Cash Bailouts 226 Good Enough Rather Than Ideal 226 Highly Beneficial Elements in the U.S. Restructuring System 226 Goals of an Ideal Restructuring System 228 Suggested Reforms 229 Notes 233 About the Authors 238 Index 239

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Book SynopsisOffers guidance on various aspects of global strategic sourcing - including environmental and international issues. This title covers various trends and advanced processes in global strategic sourcing, including supply management, sustainability, financial decisions, risk management, and international strategies.Table of ContentsPreface ix CHAPTER 1 An Overview of Global Strategic Sourcing 1 The Strategic Sourcing Plan 2 Operational Sourcing Strategy 10 Summary 17 CHAPTER 2 Operational Alignment with Sourcing Strategy 21 Understanding Requirements 21 Opportunity Analysis 28 Category Segmentation 35 Summary 37 CHAPTER 3 Source to Settle (S2S) 39 Why Source to Settle? 39 Implementing an S2S Process 47 Managing the S2S Process 53 Outsourcing the S2S Process 54 Summary 54 CHAPTER 4 Cultural Considerations for Global Sourcing 57 Conducting Business in Other Nations 58 Cultural Values 58 Sourcing Challenges 66 Summary 70 CHAPTER 5 Supplier Research and Market Analysis 71 Conducting Supplier Research 71 Conducting Market Analysis 81 Summary 85 CHAPTER 6 Solicitation of Bids and Proposals 87 Solicitation Planning 87 Solicitation Methods 96 Summary 99 CHAPTER 7 Supplier Evaluation and Selection 101 Evaluation Criteria 101 Summary 123 CHAPTER 8 Negotiation Revisited 125 The Nature of Negotiation 125 Negotiation Strategy 126 Negotiation Planning 129 Developing a Negotiation Plan 130 Exception Conditions 135 Summary 138 CHAPTER 9 Supplier Diversity 139 Diversity Programs 139 The Business Case for Diversity 142 Supplier Diversity Best Practices 144 Global Supplier Diversity 147 Diversity Advocacy Organizations 148 Summary 151 CHAPTER 10 Sustainability 153 Issues in Sustainability 154 Guidelines 163 Criteria for Supplier Evaluation 167 Summary 169 CHAPTER 11 Risk 171 The Nature of Risk 171 Why Is Understanding Risk Important? 172 Risk Management Principles 172 Summary 181 CHAPTER 12 Global Sourcing 183 Developing a Global Sourcing Strategy 184 International Trade Requirements 188 Summary 195 Glossary 197 Suggested Reading 207 About the Authors 215 Index 217

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Book SynopsisA serious source of information for those looking to reverse engineer business deals It's clear from the current turbulence on Wall Street that the inner workings of its most complex transactions are poorly understood. Wall Street deals parse risk using intricate legal terminology that is difficult to translate into an analytical model. Reverse Engineering Deals on Wall Street: A Step-By-Step Guide takes readers through a detailed methodology of deconstructing the public deal documentation of a modern Wall Street transaction and applying the deconstructed elements to create a fully dynamic model that can be used for risk and investment analysis. Appropriate for the current market climate, an actual residential mortgage backed security (RMBS) transaction is taken from prospectus to model by the end of the book. Step by step, Allman walks the reader through the reversing process with textual excerpts from the prospectus and discussions on how it directly transferTable of ContentsPreface. Acknowledgments. About the Author. CHAPTER 1: Introduction. The Transaction. The Documents. The Process. How This Book Works. CHAPTER 2: Determining Dates and Setting Up Timing. Differences in Timing Approaches. A First Look at the Prospectus. Important Dates. Transforming Dates and Timing from Words to a Model. Model Builder 2.1: Reversing Dates and Timing. Conclusion of Dates and Timing. CHAPTER 3: Creating Asset Cash Flow from Prospectus Data. It’s All in the Prospectus Supplement. The Basics of Amortization. Performance and the Prospectus Supplement. Delinquency. Loss. Prepayment. Recovery. Creating Cash Flow. A Complex Implementation. Model Builder 3.1: Entering in the Raw Asset Information. Model Builder 3.2: Entering in the Default and Prepayment Assumptions. Model Builder 3.3: Interest Rates and Additional Asset Amortization Inputs. Model Builder 3.4: Introducing VBA and Moving Data In and Out of the Model. Model Builder 3.5: Loading Loan Performance Assumptions into VBA. Model Builder 3.6: Global Functions. Model Builder 3.7: Loan-Level Asset Amortization. CHAPTER 4: Setting Up Liability Assumptions, Paying Fees, and Distributing Interest. Identifying the Offered Securities. Model Builder 4.1: Transferring the Liability Information to a Consolidated Sheet. The Liability Waterfall: A System of Priority. Model Builder 4.2: Starting the Waterfall with Fees. Interest: No Financing Is Free. Model Builder 4.3: Continuing the Waterfall with Interest Paid to the Certificate Holders. More on Waterfalls and Wall Street’s Risk Parsing. Model Builder 4.4: Mezzanine Interest. Continuing the Waterfall: It Only Gets More Complicated. CHAPTER 5: Principal Repayment and the Shifting Nature of a Wall Street Deal. Model Builder 5.1: The Deal State and Senior Principal. Mezzanine Principal Returns. Model Builder 5.2: The Mezzanine Certificates’ Priority of Payments. Number Games or Risk Parsing? CHAPTER 6: Credit Enhancement Mechanisms to Mitigate Loss. Model Builder 6.1: Excess Spread, Overcollateralization, and Credit Enhancement. CHAPTER 7: Auditing the Model. Model Builder 7.1. CHAPTER 8: Conclusion of Example Transaction and Final Thoughts on Reverse Engineering. Mortgage Insurance and Servicer Advances. Reverse Engineering in the Current and Future Market. Appendix. Automatic Range Naming. About the CD-ROM. Index.

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Book SynopsisIn Volatility and Correlation 2nd edition: The Perfect Hedger and the Fox, Rebonato looks at derivatives pricing from the angle of volatility and correlation.Table of ContentsPreface xxi 0.1 Why a Second Edition? xxi 0.2 What This Book Is Not About xxiii 0.3 Structure of the Book xxiv 0.4 The New Subtitle xxiv Acknowledgements xxvii I Foundations 1 1 Theory and Practice of Option Modelling 3 1.1 The Role of Models in Derivatives Pricing 3 1.2 The Efficient Market Hypothesis and Why It Matters for Option Pricing 9 1.3 Market Practice 14 1.4 The Calibration Debate 17 1.5 Across-Markets Comparison of Pricing and Modelling Practices 27 1.6 Using Models 30 2 Option Replication 31 2.1 The Bedrock of Option Pricing 31 2.2 The Analytic (PDE) Approach 32 2.3 Binomial Replication 38 2.4 Justifying the Two-State Branching Procedure 65 2.5 The Nature of the Transformation between Measures: Girsanov’s Theorem 69 2.6 Switching Between the PDE, the Expectation and the Binomial Replication Approaches 73 3 The Building Blocks 75 3.1 Introduction and Plan of the Chapter 75 3.2 Definition of Market Terms 75 3.3 Hedging Forward Contracts Using Spot Quantities 77 3.4 Hedging Options: Volatility of Spot and Forward Processes 80 3.5 The Link Between Root-Mean-Squared Volatilities and the Time-Dependence of Volatility 84 3.6 Admissibility of a Series of Root-Mean-Squared Volatilities 85 3.7 Summary of the Definitions So Far 87 3.8 Hedging an Option with a Forward-Setting Strike 89 3.9 Quadratic Variation: First Approach 95 4 Variance and Mean Reversion in the Real and the Risk-Adjusted Worlds 101 4.1 Introduction and Plan of the Chapter 101 4.2 Hedging a Plain-Vanilla Option: General Framework 102 4.3 Hedging Plain-Vanilla Options: Constant Volatility 106 4.4 Hedging Plain-Vanilla Options: Time-Dependent Volatility 116 4.5 Hedging Behaviour In Practice 121 4.6 Robustness of the Black-and-Scholes Model 127 4.7 Is the Total Variance All That Matters? 130 4.8 Hedging Plain-Vanilla Options: Mean-Reverting Real-World Drift 131 4.9 Hedging Plain-Vanilla Options: Finite Re-Hedging Intervals Again 135 5 Instantaneous and Terminal Correlation 141 5.1 Correlation, Co-Integration and Multi-Factor Models 141 5.2 The Stochastic Evolution of Imperfectly Correlated Variables 146 5.3 The Role of Terminal Correlation in the Joint Evolution of Stochastic Variables 151 5.4 Generalizing the Results 162 5.5 Moving Ahead 164 II Smiles – Equity and FX 165 6 Pricing Options in the Presence of Smiles 167 6.1 Plan of the Chapter 167 6.2 Background and Definition of the Smile 168 6.3 Hedging with a Compensated Process: Plain-Vanilla and Binary Options 169 6.4 Hedge Ratios for Plain-Vanilla Options in the Presence of Smiles 173 6.5 Smile Tale 1: ‘Sticky’ Smiles 180 6.6 Smile Tale 2: ‘Floating’ Smiles 182 6.7 When Does Risk Aversion Make a Difference? 184 7 Empirical Facts About Smiles 201 7.1 What is this Chapter About? 201 7.2 Market Information About Smiles 203 7.3 Equities 206 7.4 Interest Rates 222 7.5 FX Rates 227 7.6 Conclusions 235 8 General Features of Smile-Modelling Approaches 237 8.1 Fully-Stochastic-Volatility Models 237 8.2 Local-Volatility (Restricted-Stochastic-Volatility) Models 239 8.3 Jump–Diffusion Models 241 8.4 Variance–Gamma Models 243 8.5 Mixing Processes 243 8.6 Other Approaches 245 8.7 The Importance of the Quadratic Variation (Take 2) 246 9 The Input Data: Fitting an Exogenous Smile Surface 249 9.1 What is This Chapter About? 249 9.2 Analytic Expressions for Calls vs Process Specification 249 9.3 Direct Use of Market Prices: Pros and Cons 250 9.4 Statement of the Problem 251 9.5 Fitting Prices 252 9.6 Fitting Transformed Prices 254 9.7 Fitting the Implied Volatilities 255 9.8 Fitting the Risk-Neutral Density Function – General 256 9.9 Fitting the Risk-Neutral Density Function: Mixture of Normals 259 9.10 Numerical Results 265 9.11 Is the Term ∂C/∂S Really a Delta? 275 9.12 Fitting the Risk-Neutral Density Function: The Generalized-Beta Approach 277 10 Quadratic Variation and Smiles 293 10.1 Why This Approach Is Interesting 293 10.2 The BJN Framework for Bounding Option Prices 293 10.3 The BJN Approach – Theoretical Development 294 10.4 The BJN Approach: Numerical Implementation 300 10.5 Discussion of the Results 312 10.6 Conclusions (or, Limitations of Quadratic Variation) 316 11 Local-Volatility Models: the Derman-and-Kani Approach 319 11.1 General Considerations on Stochastic-Volatility Models 319 11.2 Special Cases of Restricted-Stochastic-Volatility Models 321 11.3 The Dupire, Rubinstein and Derman-and-Kani Approaches 321 11.4 Green’s Functions (Arrow–Debreu Prices) in the DK Construction 322 11.5 The Derman-and-Kani Tree Construction 326 11.6 Numerical Aspects of the Implementation of the DK Construction 331 11.7 Implementation Results 334 11.8 Estimating Instantaneous Volatilities from Prices as an Inverse Problem 343 12 Extracting the Local Volatility from Option Prices 345 12.1 Introduction 345 12.2 The Modelling Framework 347 12.3 A Computational Method 349 12.4 Computational Results 355 12.5 The Link Between Implied and Local-Volatility Surfaces 357 12.6 Gaining an Intuitive Understanding 368 12.7 What Local-Volatility Models Imply about Sticky and Floating Smiles 373 12.8 No-Arbitrage Conditions on the Current Implied Volatility Smile Surface 375 12.9 Empirical Performance 385 12.10 Appendix I: Proof that ∂2Call(St, K, T, t)/∂k2 = φ(ST)|K 386 13 Stochastic-Volatility Processes 389 13.1 Plan of the Chapter 389 13.2 Portfolio Replication in the Presence of Stochastic Volatility 389 13.3 Mean-Reverting Stochastic Volatility 401 13.4 Qualitative Features of Stochastic-Volatility Smiles 405 13.5 The Relation Between Future Smiles and Future Stock Price Levels 416 13.6 Portfolio Replication in Practice: The Stochastic-Volatility Case 418 13.7 Actual Fitting to Market Data 427 13.8 Conclusions 436 14 Jump–Diffusion Processes 439 14.1 Introduction 439 14.2 The Financial Model: Smile Tale 2 Revisited 441 14.3 Hedging and Replicability in the Presence of Jumps: First Considerations 444 14.4 Analytic Description of Jump–Diffusions 449 14.5 Hedging with Jump–Diffusion Processes 455 14.6 The Pricing Formula for Log-Normal Amplitude Ratios 470 14.7 The Pricing Formula in the Finite-Amplitude-Ratio Case 472 14.8 The Link Between the Price Density and the Smile Shape 485 14.9 Qualitative Features of Jump–Diffusion Smiles 494 14.10 Jump–Diffusion Processes and Market Completeness Revisited 500 14.11 Portfolio Replication in Practice: The Jump–Diffusion Case 502 15 Variance–Gamma 511 15.1 Who Can Make Best Use of the Variance–Gamma Approach? 511 15.2 The Variance–Gamma Process 513 15.3 Statistical Properties of the Price Distribution 522 15.4 Features of the Smile 523 15.5 Conclusions 527 16 Displaced Diffusions and Generalizations 529 16.1 Introduction 529 16.2 Gaining Intuition 530 16.3 Evolving the Underlying with Displaced Diffusions 531 16.4 Option Prices with Displaced Diffusions 532 16.5 Matching At-The-Money Prices with Displaced Diffusions 533 16.6 The Smile Produced by Displaced Diffusions 553 16.7 Extension to Other Processes 560 17 No-Arbitrage Restrictions on the Dynamics of Smile Surfaces 563 17.1 A Worked-Out Example: Pricing Continuous Double Barriers 564 17.2 Analysis of the Cost of Unwinding 571 17.3 The Trader’s Dream 575 17.4 Plan of the Remainder of the Chapter 581 17.5 Conditions of No-Arbitrage for the Stochastic Evolution of Future Smile Surfaces 582 17.6 Deterministic Smile Surfaces 585 17.7 Stochastic Smiles 593 17.8 The Strength of the Assumptions 597 17.9 Limitations and Conclusions 598 III Interest Rates – Deterministic Volatilities 601 18 Mean Reversion in Interest-Rate Models 603 18.1 Introduction and Plan of the Chapter 603 18.2 Why Mean Reversion Matters in the Case of Interest-Rate Models 604 18.3 A Common Fallacy Regarding Mean Reversion 608 18.4 The BDT Mean-Reversion Paradox 610 18.5 The Unconditional Variance of the Short Rate in BDT – the Discrete Case 612 18.6 The Unconditional Variance of the Short Rate in BDT–the Continuous-Time Equivalent 616 18.7 Mean Reversion in Short-Rate Lattices: Recombining vs Bushy Trees 617 18.8 Extension to More General Interest-Rate Models 620 18.9 Appendix I: Evaluation of the Variance of the Logarithm of the Instantaneous Short Rate 622 19 Volatility and Correlation in the LIBOR Market Model 625 19.1 Introduction 625 19.2 Specifying the Forward-Rate Dynamics in the LIBOR Market Model 626 19.3 Link with the Principal Component Analysis 631 19.4 Worked-Out Example 1: Caplets and a Two-Period Swaption 632 19.5 Worked-Out Example 2: Serial Options 635 19.6 Plan of the Work Ahead 636 20 Calibration Strategies for the LIBOR Market Model 639 20.1 Plan of the Chapter 639 20.2 The Setting 639 20.3 Fitting an Exogenous Correlation Function 643 20.4 Numerical Results 646 20.5 Analytic Expressions to Link Swaption and Caplet Volatilities 659 20.6 Optimal Calibration to Co-Terminal Swaptions 662 21 Specifying the Instantaneous Volatility of Forward Rates 667 21.1 Introduction and Motivation 667 21.2 The Link between Instantaneous Volatilities and the Future Term Structure of Volatilities 668 21.3 A Functional Form for the Instantaneous Volatility Function 671 21.4 Ensuring Correct Caplet Pricing 673 21.5 Fitting the Instantaneous Volatility Function: Imposing Time Homogeneity of the Term Structure of Volatilities 677 21.6 Is a Time-Homogeneous Solution Always Possible? 679 21.7 Fitting the Instantaneous Volatility Function: The Information from the Swaption Market 680 21.8 Conclusions 686 22 Specifying the Instantaneous Correlation Among Forward Rates 687 22.1 Why Is Estimating Correlation So Difficult? 687 22.2 What Shape Should We Expect for the Correlation Surface? 688 22.3 Features of the Simple Exponential Correlation Function 689 22.4 Features of the Modified Exponential Correlation Function 691 22.5 Features of the Square-Root Exponential Correlation Function 694 22.6 Further Comparisons of Correlation Models 697 22.7 Features of the Schonmakers–Coffey Approach 697 22.8 Does It Make a Difference (and When)? 698 IV Interest Rates – Smiles 701 23 How to Model Interest-Rate Smiles 703 23.1 What Do We Want to Capture? A Hierarchy of Smile-Producing Mechanisms 703 23.2 Are Log-Normal Co-Ordinates the Most Appropriate? 704 23.3 Description of the Market Data 706 23.4 Empirical Study I: Transforming the Log-Normal Co-ordinates 715 23.5 The Computational Experiments 718 23.6 The Computational Results 719 23.7 Empirical Study II: The Log-Linear Exponent 721 23.8 Combining the Theoretical and Experimental Results 725 23.9 Where Do We Go From Here? 725 24 (CEV) Processes in the Context of the LMM 729 24.1 Introduction and Financial Motivation 729 24.2 Analytical Characterization of CEV Processes 730 24.3 Financial Desirability of CEV Processes 732 24.4 Numerical Problems with CEV Processes 734 24.5 Approximate Numerical Solutions 735 24.6 Problems with the Predictor–Corrector Approximation for the LMM 747 25 Stochastic-Volatility Extensions of the LMM 751 25.1 Plan of the Chapter 751 25.2 What is the Dog and What is the Tail? 753 25.3 Displaced Diffusion vs CEV 754 25.4 The Approach 754 25.5 Implementing and Calibrating the Stochastic-Volatility LMM 756 25.6 Suggestions and Plan of the Work Ahead 764 26 The Dynamics of the Swaption Matrix 765 26.1 Plan of the Chapter 765 26.2 Assessing the Quality of a Model 766 26.3 The Empirical Analysis 767 26.4 Extracting the Model-Implied Principal Components 776 26.5 Discussion, Conclusions and Suggestions for Future Work 781 27 Stochastic-Volatility Extension of the LMM: Two-Regime Instantaneous Volatility 783 27.1 The Relevance of the Proposed Approach 783 27.2 The Proposed Extension 783 27.3 An Aside: Some Simple Properties of Markov Chains 785 27.4 Empirical Tests 788 27.5 How Important Is the Two-Regime Feature? 798 27.6 Conclusions 801 Bibliography 805 Index 813

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Book Synopsis2008 American Publishers Awards for Professional and Scholarly Excellence (The PROSE Awards) Finalist/Honorable mention, Business, Finance & Management. The Fundamental Index examines a new approach to indexing that can overcome the structural return drag created by traditional capitalization-based indexing strategies, and in so doing, enhance the performance of your portfolio. Throughout this book, Robert Arnott and his colleagues outline this breakthrough strategy and explain how it can be used to improve investment returns, typically at lower risk and lower cost than most conventional investments.Trade Review2008 American Publishers Awards for Professional and Scholarly Excellence (The PROSE Awards) Finalist/Honorable mention, Business, Finance & Management. In The Fundamental Index, the leading industry thinker, Rob Arnott and his colleagues, present a new indexing method that captures more return for equity investors. In this important new book, the authors explain how passive, market-capitalization-weighted index investing falls short and fails to serve investors by investing too much in overpriced stocks and too little in underpriced shares. In short, Arnott et al.’s innovative and straightforward strategy provides investors with a new tool for achieving excess returns in a projected low-return environment while preserving the many positive attributes of index fund investing.- Financial Markets and Portfolio Management "Rob Arnott and his colleagues have, in The Fundamental Index, produced one of the most controversial books in years in the investment world…Investment professionals would be very well advised to read it."- Financial Times "...one of the most controversial books in years...Investment professionals would be very well advised to read it." (Financial Times, September 15, 2008)Table of ContentsForeword. Preface. Chapter 1. Efficient Indexing for an Inefficient Market. Evidence of Market Efficiency. The Case for Indexing. Evidence of Market Inefficiency. Conclusion. Chapter 2. Origins of the Fundamental Index Concept. The Origins of Research Affiliates Fundamental Index (RAFI). A Series of Aha! Moments Research Affiliates Fundamental Index. Fundamental Index Performance. Concluding Thoughts: A Better Way to Invest. Chapter 3. Investors Greatest Errors. Negative Alpha. Practicing What We Preach. Conclusion. Chapter 4. The Virtues of Index Funds. The Appeal of Equity Investing. Equity Investing Choices. The One Guarantee in Investments—Costs Matter. Index Fund Advantages. Avoiding the Performance Game. Concluding Point. Chapter 5. The Index Fund's Achilles Heel. Market Efficiency: Two Interpretations. Constructing a Well-Functioning Index. The Achilles Heel of Cap-Weighting. The Problems with Equal Weighting. Concluding Thoughts. Chapter 6. A Fundamental(ly) Better Index. Building the Fundamental Index. Adjustments for non-dividend-paying companies. Why Multiple Measures of Company Size? Advantages of a Composite Measure. An Index of the Broad Economy. Capacity and Liquidity. Reconstituting the Fundamental Index: Keeping Turnover Low. Concluding Comments. Chapter 7. Fundamental Index Performance in U.S. Stocks. RAFI US Large Company Performance. Digging Deeper across Market Cycles. Digging Deeper into Different Time Periods. An Equal Comparison: Fundamental Index vs. Equal Weighting. Out-of-Sample Results: Small Companies. Using the Fundamental Index with Style: Growth and Value Applications. Narrowing the Focus: NASDAQ. Narrowing the Focus: REITs. Narrowing the Focus: Sector Performance. Extending the Analysis Back in Time. Conclusion. Chapter 8. Beyond Borders: Fundamental Index Performance in Global Markets. Fundamental Index Performance in Global Markets. Multicountry Portfolios. Emerging Markets. Consistency Counts. Concluding Comments: Lessons Learned From the Global Markets. Chapter 9. Has Theory Led the Profession Astray? Will the Real Active Strategy Please Step Forward? The Origins of Cap Weighting. Apparent Validation of Cap Weighting by Theory. Forty Years Later: Empirical Results of the CAPM. Ockham's Razor Applied. Concluding Comments: Theory and the Profession. Chapter10. The Basic Criticism: Our Style and Size Tilt. Merely a Value Tilt. Small-Cap Bias. Fama and French Factors. Some Big Surprises in Small Companies. Conclusion. Chapter 11. Other Common Critiques: Hits and Misses. Mining the Data? Costs. Is It an Index? Do We Know Which Stocks Are Overvalued? How Long Can It Last? Conclusion. Chapter 12. Why Trust the Fundamental Index Concept? Stock Logic. The Present vs. the Future: How Often Is Wall Street Right? Why Does Wall Street Get It Wrong? Dynamic Style and Size Exposures: When Do We Want Value and Small Cap? Show Me the Numbers. Fundamental Index Strategy vs. the Crystal Ball. Does the Fundamental Index Concept work in Bonds? Conclusion. Chapter 13. The Future for the Fundamental Index: Secular Market Considerations. What Can We (Rationally) Expect from Our Investments? Forecasting Bond Returns. Forecasting Stock Returns. The Fundamental Index Strategy in a Low-Return Environment. The Outlook for Pricing Errors. Could Pricing Errors Actually Increase? Conclusion. Chapter 14. Using the Fundamental Index. Asset Allocation and the Fundamental Index Strategy. Should We Change Our Benchmark? Diversifying the Passive Allocation. Different Markets, Different Investors, Different Needs. Conclusion. Appendix. Notes. References. Index.

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Book SynopsisDriving Results Through Social Networks shows executives and managers how to obtain substantial performance and innovation impact by better leveraging these traditionally invisible assets. For the past decade, Rob Cross and Robert J. Thomas have worked closely with executives from over a hundred top-level companies and government agencies.Trade Review"...shows executive managers how to obtain substantial performance and innovation impact by better leveraging these traditionally invisible assets." (PublicNet.co.uk, January 22nd 2009)Table of ContentsPreface ix Acknowledgments xv Introduction xvii Part One: Alignment 1 1. Aligning Networks with Strategic Value Propositions 3 2. Working Through Networks to Align Culture and Strategy 23 Part Two: Execution 41 3. Managing Rapid Innovation Through Effective Networks 43 4. Driving Financial Return Through Network Investments 69 5. Delivering Results Through Process Networks 91 6. Delivering Results Through Project-Based Networks 107 Part Three: Adaptation 129 7. Driving Performance by Replicating High Performers' Networks 131 8. Speeding Productivity in Newcomers and Avoiding Knowledge Drain 159 9. The Road Ahead: Emerging Opportunities for the Network Perspective 181 About the Authors 193 Notes 195 Index 211

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Book SynopsisIf you''re a working woman who wants to get ahead, S.K.I.R.T.S. in the Boardroom will equip you with the strategies you need to combine confidence and compassion, style and substance, and beauty and brains for professional success. It will help you navigate the male-dominated corporate world and keep you inspired when you''re unmotivated and unsatisfied with your career. A must for any woman who wants to maximize her professional potential, this book offers sensible, straightforward, and long-overdue advice.Trade ReviewSisterhood, Knowledge, Integrity, Respect, Tenacity and Substance = SKIRTS. Marshawn's all-woman entrepreneurial team won Season Four on The Apprentice . Her advice here is promoted as "savvy, shrewd, and straightforward" for "today's sassy yet sensible modern woman." The chapters themselves each start with a c-word, such as Confidence, Class, Captivation, and offer their own subcategories of acronym-based advice, all of which may crowd the reader with too many disparate concepts, from "The Four Ds of Branding Mistakes" to "T.A.G.S. #1: Target Your TALENTS" and "Lessons for ME (Motivations & Empowerment)." Readers who absorb the book in small portions may find just the advice they seek for a specific challenge. (Library Journal, December 15, 2008)Table of ContentsAcknowledgments. Introduction: Not S.K.I.R.T.ing the Issue Anymore. Part One: From Chef to Chief Executive: The Difference is a Little “I”. Chapter 1: Confidence: The Problem with Fake Eyelashes. Chapter 2: Class: Attitude, Mixed with a Pinch of Allure, Determines Your Altitude. Chapter 3: Course: Women Are Better Drivers. Chapter 4: Commitment: No Substitute is as Sweet as Real Sugar. Part Two: Serving Up Some Homemade Style and Substance. Chapter 5: Communication: If You've Got It, Flaunt It. Chapter 6: Connections: Do Shorter Skirts Ever Hurt? Chapter 7: Creativity: Show ‘Em Your Assets. Chapter 8: Captivation: Get Their Attention with Your Own Personal Brand. Part Three: Skirt or No Skirt: That Is the Question. Chapter 9: Command: L.E.A.D.ership Is in Our DNA. Chapter 10: Clarity: Vision Will Take You Where No Man Has Gone Before. Bonus Chapter: What's Next? How to Work Your S.K.I.R.T. Recommended Resources: ME Unlimited Programs. About the Author.

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Book SynopsisSo, you need to create an advertising campaign that brings in more customers, adds more dollars to your bottom line, and validates all the reasons you went into business in the first place. But how can you make your ad look and sound like champagne if your budget can only afford beer? Are you wasting your time trying to sell ice to an Eskimo? The world of advertising can seem like a daunting placebut it doesn't have to be. Advertising for Dummies coaches you through the process and shows you how to: Identify and reach your target audience Define and position your message Get the most bang for your buck Produce great ads for every medium Buy the different media Create buzz and use publicity Research and evaluate your competition Advertising for Dummies offers newbies a real-world look at the ins and outs of advertisingfrom online and print to TV, radio, and outdoor formatsto showTable of ContentsIntroduction 1 About This Book 1 Conventions Used in This Book 2 What You’re Not to Read 2 Foolish Assumptions 2 How This Book Is Organized 3 Part I: Advertising 101 3 Part II: Creating Great Ads for Every Medium 3 Part III: Buying the Different Media 4 Part IV: Beyond the Basics: Creating Buzz and Using Publicity 4 Part V: The Part of Tens 4 Icons Used in This Book 5 Where to Go from Here 5 Part I: Advertising 101 7 Chapter 1: Advertising: Mastering the Art of Promotion 9 Making Advertising Work 10 Getting to Know Your Media Options 11 Regarding radio 11 Rating TV 12 Contemplating print 12 Musing upon direct mail 13 Scrutinizing outdoor advertising 14 Ogling online ads 14 Poring over publicity 14 Lessons from the Legends: Figuring Out Your Advertising Needs 15 David Ogilvy 16 Bill Bernbach 17 Wieden and Kennedy 18 Chapter 2: Setting and Working within Your Advertising Budget 19 Determining How Much You Can Afford to Spend 20 Developing an Advertising Strategy and a Tactical Plan 22 Researching and evaluating your competition 22 Identifying your target market 23 Knowing your product’s appeal 24 Maximizing Your Budget 24 Getting the most out of your creative and production 25 Using media you can afford 26 Chapter 3: Boosting Your Budget with Co-Op Programs 33 Knowing Who Uses Co-Op Funds 33 Finding Out Which of Your Suppliers Have Co-Op Funds Available 35 Knowing who to talk to 36 You’ve found your funds, now how do you get the dough? 37 Understanding the Rules, Regulations, and Restrictions 37 Getting your ads preapproved 38 Obtaining proof of performance 39 Submitting your co-op claims package 40 Chapter 4: Defining and Positioning Your Message 41 Understanding Why People Choose One Product or Service over Another 42 Image is everything 42 You’ve got personality! 42 Convenience: More than location 43 Don’t sacrifice service! 44 Let ’em know your uniqueness 45 The price is right 45 Researching and Assessing Your Competition: What Sets Your Product Apart? 46 Developing a Strategy for Your Advertising Campaign 48 Case Study: Advertising a Chain of Women’s Plus-Size Clothing Stores 49 Identifying the USP: The unique selling proposition 50 Knowing the budget — and staying within its limits 50 Shooting the ads 51 Selecting the right media 51 Applying these ideas to your ad campaign 52 Chapter 5: Forming an Effective Ad Campaign 53 Identifying and Targeting Your Audience 54 Focus on your primary market 55 Research your market 55 Checking Out Your Competition’s Ads so You Can Differentiate Yours 56 Focusing on Ads That You Respond to Most 57 Concocting a Creative Hook to Get Your Audience’s Attention 59 Creative brainstorming 60 Creative example: Developing a campaign for a community college 62 Incorporating Your Creative Message into an Overall Media Ad Campaign 65 Ensuring consistency of your message in all media you choose 66 Keeping your message simple 66 Using words that sell 67 Delivering your message with clarity 69 Part II: Creating Great Ads for Every Medium 71 Chapter 6: Online Advertising: Maximizing the Enormous Reach of the Internet 73 Measuring the Pros and Cons of Online Advertising 74 Creating Your Own Web Site 76 Deciding on your Web site goals 77 Choosing an effective domain name 78 Saving money (or your sanity): Your Web design 78 Designing a strong Web site 79 Promoting Your Site 83 Setting Goals for Online Ads 85 Ads that build awareness 86 Ads that encourage click-through 86 Ads that encourage sales 87 Choosing Among Online Ad Formats 87 Creating banner ads 88 Doing e-mail advertising 92 Chapter 7: Using Print Ads: Small Spaces with Big Audiences 95 Exploring the Advantages of Print 95 Recognizing What Makes a Print Ad Successful 96 Writing and Designing an Eye-Catching Print Ad 99 Hammering out your headline 99 Shaping your subheads 101 Building your body copy 101 Generating your graphics 102 Don’t forget the layout! 103 Chapter 8: Radio: Effective, Affordable, and Fun 107 Summarizing Your Business in 60 Seconds 107 Who are you? 108 What are you selling? 108 When do you want consumers to act? 109 How can customers get in touch with you? 109 Why should customers hire or buy from you? 110 Deciding on the Format for Your Ad 112 Talking it up: Dialogue 112 Amusing (and schmoozing) the masses: Comedy 113 Giving just the facts: A straight read 114 Determining Who Should Read the Script 115 Doing it yourself 115 Using a studio announcer 118 Hiring a professional voice talent 118 Setting It All in Motion: How to Get Your Ad on the Radio 120 Chapter 9: Demystifying TV Commercials: They Don’t Have to Win Awards to Be Effective 123 Designing Your TV Commercial in Layers 124 Audio 124 Video 125 Computer graphics 125 Bringing the Audio and Visual Together 126 Deciding What to Feature in Your Commercial 129 Appearing in your own commercial 129 Promoting with a professional 130 Highlighting your place of business 130 Focusing the camera on your product or service 131 Figuring Out Where to Shoot 131 On location 131 In the studio 134 Producing Your Commercial 135 Using the TV station’s production department 135 Hiring an independent production house 137 Editing Your Commercial 137 Chapter 10: Collateral Advertising and Direct Mail: Brochures, Flyers, Newsletters, and More 139 First Things First: Planning Your Collateral Campaign 140 Watching Out for Collateral Budget Busters 141 Adding a little (or a lot) of color 142 Printing cheap: No such thing? 142 Designing the Best Collateral Ads for Your Business 145 Striving for a simple design and clear copy 146 Deciding what to include in your ad 147 Getting help with your design 151 Handing Off the Dirty Work: Direct-Mail Houses 154 Asking the direct-mail provider some important questions 154 Planning your postage 157 Chapter 11: Opting for Outdoor Ads: Billboards, Posters, Ads on Buses, and Other Signage 159 Recognizing the Advantages of Outdoor Advertising 160 Measuring the Effectiveness of Outdoor Ads 162 Choosing Among Your Outdoor Advertising Options 163 Designing Memorable Outdoor Advertising 166 Pursuing potential customers 167 Making your ad readable 168 Keeping your ad clear 169 Making it worth remembering 169 Looking at a Success Story: Chick-fil-A’s Billboard Campaign 170 Aiming for the target audience 171 Setting up the marketing strategy 171 Capitalizing on the creative strategy 171 Reaping the results 171 Part III: Buying the Different Media 173 Chapter 12: Investing in Internet Advertising 175 Hiring Someone to Create Your Business Web Site 176 Choosing a Web designer worthy of your hard-earned dollars 176 Contracting with and paying a Web designer 178 Finding an ISP to Run Your Site 179 Ranking Your Site: Purchasing Key Words on Search Engines 181 Buying Banner Ads on Other Web Sites 181 Using ad networks 181 Placing your online ads yourself 182 Online advertising via affiliate programs 182 Finding out whether your banner is working 183 Assessing the Cost-Effectiveness of E-Mail Advertising 184 Chapter 13: Buying Ad Space in Print Media 187 Choosing the Right Publication for Your Print Ad 188 Calculating Your Print Ad’s Cost 189 Finding a Good Sales Rep 191 Cold-calling a publication: Don’t do it! 191 Going straight to the top: Call the sales manager 192 Asking for referrals 192 Becoming a Formidable Ad Buyer 193 Acting as though you’re reluctant 193 Making your sales rep think she’s got competition 195 Complaining when the time is right 196 Chapter 14: Purchasing Ad Time on the Radio 199 Determining the Best Radio Station for Your Ads 200 Specifying which demographic you’re after 201 Doing your homework 202 Buying the station 204 Talking the Talk of Radio Advertising 205 Cume 206 Ranker 206 Dayparts 207 Reading the Fine Print 207 Hammering out the details 207 Holding ’em to it 209 Waiting Patiently for the Results 210 Giving your audience time to respond 210 Buying radio time: Too little, too much? 211 Evaluating your radio ads from time to time 211 Taking Advantage of Seasonal Incentives to Reduce Your Costs 212 Chapter 15: Getting Your Ads on Television 215 Buying the Programming, Not the Station 216 Comparing TV Stations: Request Media Kits 217 Ready to Negotiate? Better Know Your TV Marketing Terms First! 218 Understanding timing and sweeps 219 Measuring ratings and market shares 219 Working with a Sales Rep 221 Talkin’ the talk: Negotiating successfully 223 Is Cable Advertising Right for You? 226 Working effectively with a cable sales rep 227 Hitting the bull’s-eye with cable ads 229 Doing the math: Cable TV market penetration 229 Chapter 16: Deciding Whether to Hire an Ad Agency 233 Determining When You May Need to Hire an Agency 234 Finding the Right Agency for Your Business 236 Getting to Know the People Handling Your Account 237 Compensating Your Agency 238 Media commissions 239 Creative and production charges 240 Markups 241 Retainers 241 Working with Your Agency to Get What You Need 242 Part IV: Beyond the Basics: Creating Buzz and Using Publicity 245 Chapter 17: Creating Buzz and Word-of-Mouth Advertising 247 Getting the Terminology Straight 247 Seeing the Power of Word of Mouth 248 Examining word-of-mouth marketing success stories 249 Beware of negative buzz! 250 Tips and Techniques on Generating Buzz 251 Coining a great new phrase 251 Hiring beautiful people to promote your product 251 Taking advantage of celebrity endorsements 252 Throwing a party 253 Hitting the streets 253 Figuring out where to find your big mouths 254 Creating a blog about your business 254 Chapter 18: Leveraging Your Advertising with Public Relations, Publicity, Specialty Items, and Events 257 Starting a Public Relations Campaign 258 Understanding How Publicity Can Bring Customers 259 Writing an effective press release 260 Getting the story to the right media 263 Advertising on Specialty Items 266 Recognizing the advantages of specialty advertising 267 Selecting specialty items with a purpose 269 Keep the copy simple on a specialty item 271 Generating Traffic: Promotional Events 271 Radio: The promotions king 272 Other promotional opportunities 275 Participating in Sponsored Events 275 Determining whether you can staff the event 276 Calculating the costs: A valuable investment? 277 Deciding which events are worthwhile 277 Finding sponsored events that work for your business 278 Part V: The Part of Tens 279 Chapter 19: Ten Secrets for Writing Memorable Advertising 281 Ignoring the Rules of Grammar 281 Making Your Ads Effective 282 Knowing Why People Buy Your Products 282 Finding a Creative Hook 283 Remembering That Creativity Is Hard Work 284 Letting Your Creative Hook Dictate Your Media Buy 284 Considering Your Budget 285 Striving for Continuity 285 Keeping It Simple 286 Being Clear in Your Message 286 Chapter 20: (Almost) Ten Ways to Know It’s Time to Hire an Agency 287 Your Ad Budget Has Become Substantial 287 You Need the Expertise of a Professional Media Buyer 288 Your Creative Light Bulb Has Burned Out 288 You’re Overwhelmed by the Demands of Production 289 You’re Having Trouble Keeping Up with the Bookkeeping 289 You’re Leaving Co-Op Funds on the Table 289 Your Time Is Being Taken Up by Media Reps 290 You’re Running Faster to Stay in the Same Place 290 You Want a Bunch of Free Stuff 291 Glossary 293 Index 297

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Book SynopsisIn praise of Charlie D. "Falloon's eloquent explication of the life of the legendary Charlie D delivers a good read while exposing that most under-publicized commodity of them all-a mega-trader with a low public profile whose superhuman trading abilities were exceeded by only one thing-the extended reach of his heart and soul. " -Patrick H.Table of ContentsCigar Smoke. Larger than Life. Unstung by the Sting. Lotto. Caddyshack. God Doesn't Trade Bonds. Super Bowl MVPs. Atlas Shrugged. The Other Side of Vegas. 308 East Roberta. Full Throttle. Bozo Bonds. Epilogue. Acknowledgments. Permissions Acknowledgments.

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