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Every new project (or career or relationship) starts out exciting and fun. Then it gets harder and less fun, until it hits a low point - really hard, really not fun. At this point you might be in a Dip, which will get better if you keep pushing, or a Cul-de-Sac, which will never get better no matter how hard you try. The hard part is knowing the difference and acting on it. According to marketing guru and best-selling author Seth Godin, what sets successful entrepreneurs (and pop stars and weight lifters and car salesmen) apart from everyone else is their ability to give up on Cul-de-Sacs while staying motivated in Dips. Winners quit fast, quit often and quit without guilt - until they commit to beating the right Dip for the right reasons. You'll never be number one at anything without picking your shots very carefully. The Dip is a short, entertaining book that helps you do just that. It will forever alter the way you think about success.
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'We fed the monster until it blew up ...'
While Wall Street was busy creating the biggest credit bubble of all time, a few renegade investors saw it was about to burst, bet against the banking system - and made a fortune.
From the jungles of the trading floor to the casinos of Las Vegas, this is the outrageous story of the misfits, mavericks and geniuses who, against all odds, made the greatest financial killing in history.
Most startups fail. But many of those failures are preventable. The Lean Startup is a new approach being adopted across the globe, changing the way companies are built and new products are launched. Eric Ries defines a startup as an organization dedicated to creating something new under conditions of extreme uncertainty. This is just as true for one person in a garage or a group of seasoned professionals in a Fortune 500 boardroom. What they have in common is a mission to penetrate that fog of uncertainty to discover a successful path to a sustainable business. The Lean Startup approach fosters companies that are both more capital efficient and that leverage human creativity more effectively. Inspired by lessons from lean manufacturing, it relies on “validated learning,” rapid scientific experimentation, as well as a number of counter-intuitive practices that shorten product development cycles, measure actual progress without resorting to vanity metrics, and learn what customers really want. It enables a company to shift directions with agility, altering plans inch by inch, minute by minute. Rather than wasting time creating elaborate business plans, The Lean Startup offers entrepreneurs - in companies of all sizes - a way to test their vision continuously, to adapt and adjust before it’s too late. Ries provides a scientific approach to creating and managing successful startups in a age when companies need o innovate more than ever.
In 2006, while travelling in Argentina, young entrepreneur Blake Mycoskie encountered children too poor to afford shoes, who developed injuries on their feet that often led to serious health problems. Blake knew he wanted to help, but rather than start a charity, he went against conventional wisdom and created a for profit business to help the children who he met. With the help of a local shoemaker, Blake struck out to merge activism and fashion in the form of a local canvas shoe worn by farmers and gauchos alike, called the alpargata. Blake called his creation TOMS Shoes (which stands for "Tomorrow's Shoes") and promised to give a pair of new shoes to a child in need for every pair that he sold. Starting with only two hundred pairs of handmade shoes, optimism, and entrepreneurial charisma, Blake successfully launched TOMS into the high fashion world. They can now be seen adorning the feet of celebrities such as Keira Knightley, Scarlett Johansson, and Tobey Maguire.
Blake's mission is to prove that you can achieve financial success and make the world a better place at the same time. In this book, he shares the six counterintuitive principles that have guided the growth of TOMS for the past three years:
Make business personal Be resourceful without resources Reverse retirement Keep it simple Stay humble Give more, advertise less
The result is an inspiring account of a young man whose entrepreneurial spirit was able to affect change in the world, and a call to others to be inspired to do the same.
As part of the One for One initiative, Random House will provide a new book to a child in need with every copy of Start Something That Matters purchased.
In The Five Dysfunctions of a Team Patrick Lencioni once again offers a leadership fable that is as enthralling and instructive as his first two best-selling books, The Five Temptations of a CEO and The Four Obsessions of an Extraordinary Executive. This time, he turns his keen intellect and storytelling power to the fascinating, complex world of teams. Kathryn Petersen, Decision Tech's CEO, faces the ultimate leadership crisis: Uniting a team in such disarray that it threatens to bring down the entire company. Will she succeed? Will she be fired? Will the company fail? Lencioni's utterly gripping tale serves as a timeless reminder that leadership requires as much courage as it does insight. Throughout the story, Lencioni reveals the five dysfunctions which go to the very heart of why teams even the best ones-often struggle. He outlines a powerful model and actionable steps that can be used to overcome these common hurdles and build a cohesive, effective team. Just as with his other books, Lencioni has written a compelling fable with a powerful yet deceptively simple message for all those who strive to be exceptional team leaders.
What went wrong with American business at the end of the 20th century?
Until the spring of 2001, Enron epitomized the triumph of the New Economy. Feared by rivals, worshipped by investors, Enron seemingly could do no wrong. Its profits rose every year; its stock price surged ever upward; its leaders were hailed as visionaries.
Then a young Fortune writer, Bethany McLean, wrote an article posing a simple question - how, exactly, does Enron make its money?
Within a year Enron was facing humiliation and bankruptcy, the largest in US history, which caused Americans to lose faith in a system that rewarded top insiders with millions of dollars, while small investors lost everything. It was revealed that Enron was a company whose business was an illusion, an illusion that Wall Street was willing to accept even though they knew what the real truth was. This book - fully updated for the paperback - tells the extraordinary story of Enron's fall.
This is a complete guide to the pricing and risk management of convertible bond portfolios. Convertible bonds can be complex because they have both equity and debt like features and new market entrants will usually find that they have either a knowledge of fixed income mathematics or of equity derivatives and therefore have no idea how to incorporate credit and equity together into their existing pricing tools.
Part I of the book covers the impact that the 2008 credit crunch has had on the markets, it then shows how to build up a convertible bond and introduces the reader to the traditional convertible vocabulary of yield to put, premium, conversion ratio, delta, gamma, vega and parity. The market of stock borrowing and lending will also be covered in detail. Using an intuitive approach based on the Jensen inequality, the authors will also show the advantages of using a hybrid to add value - pre 2008, many investors labelled convertible bonds as 'investing with no downside', there are of course plenty of 2008 examples to prove that they were wrong. The authors then go onto give a complete explanation of the different features that can be embedded in convertible bond.
Part II shows readers how to price convertibles. It covers the different parameters used in valuation models: credit spreads, volatility, interest rates and borrow fees and Maturity.
Part III covers investment strategies for equity, fixed income and hedge fund investors and includes dynamic hedging and convertible arbitrage.
Part IV explains the all important risk management part of the process in detail.
This is a highly practical book, all products priced are real world examples and numerical examples are not limited to hypothetical convertibles. It is a must read for anyone wanting to safely get into this highly liquid, high return market.
Hugely popular market guru updates his popular trading strategy for a post-crisis world
From Larry Williams—one of the most popular and respected technical analysts of the past four decades—Long-Term Secrets to Short-Term Trading, Second Edition provides the blueprint necessary for sound and profitable short-term trading in a post-market meltdown economy. In this updated edition of the evergreen trading book, Williams shares his years of experience as a highly successful short-term trader, while highlighting the advantages and disadvantages of what can be a very fruitful yet potentially dangerous endeavor.
Short-term trading offers tremendous upside. At the same time, the practice is also extremely risky. Minimize your risk and maximize your opportunities for success with Larry Williams's Long-Term Secrets to Short-Term Trading, Second Edition.
A must-read book on the quantitative value investment strategy
Warren Buffett and Ed Thorp represent two spectrums of investing: one value driven, one quantitative. Where they align is in their belief that the market is beatable. This book seeks to take the best aspects of value investing and quantitative investing as disciplines and apply them to a completely unique approach to stock selection. Such an approach has several advantages over pure value or pure quantitative investing. This new investing strategy framed by the book is known as quantitative value, a superior, market-beating method to investing in stocks.
Quantitative Value provides practical insights into an investment strategy that links the fundamental value investing philosophy of Warren Buffett with the quantitative value approach of Ed Thorp. It skillfully combines the best of Buffett and Ed Thorp—weaving their investment philosophies into a winning, market-beating investment strategy.
If you're looking to make the most of your time in today's markets, look no further than Quantitative Value.