Name a Book that DRAMATICALLY CHANGED the way you THINK
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Damn. I left a reply in this and only put Think and Grow Rich.
BOOTSTRAPPING YOUR BUSINESS! get this book if you haven't already. I've read it twice. One full day and I read the whole book. then read it again over the next few days. I have a 70 page spiral notebook full of notes and ideas from the second time I read it.
BOOTSTRAPPING YOUR BUSINESS! get this book if you haven't already. I've read it twice. One full day and I read the whole book. then read it again over the next few days. I have a 70 page spiral notebook full of notes and ideas from the second time I read it.
Very good books. Do you see Google as the next LTCM? Have you read Monkey Business... that was funny about IB associates.
Unlimited Power by Anthony Robbins (my very first motivational book!!)
Think and Grow Rich by Napolean Hill (must have classic ! , all newer motivational books more or less follow his concept)
Rich Dad Poor Dad --> Cashflow Quadrant --> Guide to Investing by Robert Kiyosaki (have to read these 3 books in this sequence to fully understand the importance of Cashflow, in business and in life)
Automatic Wealth --> Seven Years to Seven Figure by Michael Masterson (secret of all successful men: early to bed, early to raise.....although seem extreme hard to me to do so...)
I LOVE BOOKS!!!!!!!!!!!!!!!!!!!!
Think and Grow Rich by Napolean Hill (must have classic ! , all newer motivational books more or less follow his concept)
Rich Dad Poor Dad --> Cashflow Quadrant --> Guide to Investing by Robert Kiyosaki (have to read these 3 books in this sequence to fully understand the importance of Cashflow, in business and in life)
Automatic Wealth --> Seven Years to Seven Figure by Michael Masterson (secret of all successful men: early to bed, early to raise.....although seem extreme hard to me to do so...)
I LOVE BOOKS!!!!!!!!!!!!!!!!!!!!
Engaged - how the heck is Google the next LTCM? I dont really see the connection?
LTCM bought illiquid bonds of maturities that were not actively traded and then sold the more liquid 30 year bonds against them. Trying to capture a few basis points in interest arbitrage. The flaw was the extreme leverage and the fact that nothing made the markets converge, despite every logical reason that they should.
Not sure how Google is similar. The stock price might be a little rich, but it is not like this is a company that is going to implode overnight and threaten an entire industry the way LTCM did. They have real earnings with real profits. As long as I continue to make margins, I will continue to spend my $100k+ every single day with Google.
Sure, someone might come along and steal marketshare, but that is going to happen slowly, not overnight.
As for what books made a difference in the way I think -
Liar's Poker by Michael Lewis (in fact just about anything by Michael Lewis is worth a read) about Bond trading at Salomon.
Options Pricing and Volatility by Sheldon Natenberg - required reading for derivatives traders, but it taught me how to think about risk.
The Long Tail by Chris Anderson - if you are marketing on the internet you need to read and grasp these concepts.
LTCM bought illiquid bonds of maturities that were not actively traded and then sold the more liquid 30 year bonds against them. Trying to capture a few basis points in interest arbitrage. The flaw was the extreme leverage and the fact that nothing made the markets converge, despite every logical reason that they should.
Not sure how Google is similar. The stock price might be a little rich, but it is not like this is a company that is going to implode overnight and threaten an entire industry the way LTCM did. They have real earnings with real profits. As long as I continue to make margins, I will continue to spend my $100k+ every single day with Google.
Sure, someone might come along and steal marketshare, but that is going to happen slowly, not overnight.
As for what books made a difference in the way I think -
Liar's Poker by Michael Lewis (in fact just about anything by Michael Lewis is worth a read) about Bond trading at Salomon.
Options Pricing and Volatility by Sheldon Natenberg - required reading for derivatives traders, but it taught me how to think about risk.
The Long Tail by Chris Anderson - if you are marketing on the internet you need to read and grasp these concepts.
Small is the new big - Seth Godin (a fascinating compilation of market godinisms from his clever blog)
The Sedona method - Hale Dwoskin (how to grow up, lighten up and let go)
Business at the speed of thought - Bill Gates (frictionless e-commerce)
The Sedona method - Hale Dwoskin (how to grow up, lighten up and let go)
Business at the speed of thought - Bill Gates (frictionless e-commerce)
I dont think google has any kind of risk exposure that would put it in a position to threaten the banking system...I havent read Monkey Business yet, I have it but just havent gotten around to reading it.
The connection between Google & LTCM is the total blackbox that is AdWords/AdSense.... 1 main revenue stream and a bunch of PhD's that seem to me to be quite arrogant. Yes, they won't kill an entire economy, but I wouldn't be suprised if they fell 10% in one day sometime in the future.
Ouch...Imagine the net revenue impact for advertosers if adwords got hacked or shut down for a whole day. It would impact our business significantly. Billions in revenues would disappear for companies.
Google Terrorism could have a huge impact on the US economy.... I can only see the raft of bankruptcies blaming the Google effect, ala 9/11.
I still dont see a strong correlation between LTCM and their nobel laureates and Google. Smart people with a black box is about where the similarities end for me...
That's where they being for me. They have some powerful Kool-Aid there and their arrogance is coming out with the recent North Carolina pay-no-taxes and sign NDA stuff.
Google terrorism could crush them though. They go down for a day from a very well done DDOS and wow, imagine their stock falling...
If you like to find out more about the world of finance and learn it in a narrative story format, i like:
* liar's poker (where they covered the BSDs (big swinging dicks) at salomon brothers, of which Michael Bloomberg was one of the orig (i think it was five) BSDs)
* monkey business: about the adventures of 2 investment bankers at credit suisse first boston, including how they bullshit their way through the interviews to get in, and subsequently hire expensive escourts, have sex and live it up.
* bombardiers by po bronson: good insight into the world of junk bond trading (i think they made a movie out of it too).
* po bronson has to be among my favourite finance/tech writers. he also did "the first $20m is always the hardest" (about tech startups, with a company which closely resembles AMD), "what should i do with my life" (about the seach for personal meaning, and careers), "the nudist on the night shift" (a chronicle about the dotcom days).
i'd agree that some of the pop/pulpy stuff like kiyosaki, anthony robbins, dale carnegie are written in an entertaining manner, but a lot of them are very derivative... they were based or rehashed from other source books. if you can access or read those original books, the knowledge you'll get, will make you realize than many of these guys were just touching the tip of the iceberg.
for NLP/hypnosis stuff, you gotta look at richard bandler (father of NLP's) stuff, cos once you see it, you'll realize that tony robbins is just 'nlp lite"
LTCM and Google: LTCM was saying the black-scholes formula to successfully dominante a global market of which they were a major player.
in google's case, they are the perceived as the market maker in a market where they have the greatest mindshare now.
LTCM's products were not deemed to be a must have for fund managers, but in the case of doing PPC, you can do without adwords, but you would be missing a lot of traffic.
* liar's poker (where they covered the BSDs (big swinging dicks) at salomon brothers, of which Michael Bloomberg was one of the orig (i think it was five) BSDs)
* monkey business: about the adventures of 2 investment bankers at credit suisse first boston, including how they bullshit their way through the interviews to get in, and subsequently hire expensive escourts, have sex and live it up.
* bombardiers by po bronson: good insight into the world of junk bond trading (i think they made a movie out of it too).
* po bronson has to be among my favourite finance/tech writers. he also did "the first $20m is always the hardest" (about tech startups, with a company which closely resembles AMD), "what should i do with my life" (about the seach for personal meaning, and careers), "the nudist on the night shift" (a chronicle about the dotcom days).
i'd agree that some of the pop/pulpy stuff like kiyosaki, anthony robbins, dale carnegie are written in an entertaining manner, but a lot of them are very derivative... they were based or rehashed from other source books. if you can access or read those original books, the knowledge you'll get, will make you realize than many of these guys were just touching the tip of the iceberg.
for NLP/hypnosis stuff, you gotta look at richard bandler (father of NLP's) stuff, cos once you see it, you'll realize that tony robbins is just 'nlp lite"
LTCM and Google: LTCM was saying the black-scholes formula to successfully dominante a global market of which they were a major player.
in google's case, they are the perceived as the market maker in a market where they have the greatest mindshare now.
LTCM's products were not deemed to be a must have for fund managers, but in the case of doing PPC, you can do without adwords, but you would be missing a lot of traffic.
Positioning, the battle for the mind. One of the greatest business books I have ever read. Worth about 2 years of an undergrad in business.
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