How Futures Trading Changed Bitcoin Prices PDF Summary

How Futures Trading Changed Bitcoin Prices PDFSome hail it as the future; others warn that it may be the newest economic bubble.

Either way, few people haven’t heard of bitcoin by now.

In this May 2008 FRBSF Economic Report, authors Galina Hale, Arvind Krishnamurthy, Marianna Kudlyak and Patrick Shultz take a careful look at “How Futures Trading Changed Bitcoin Prices.”

Who Should Read “How Futures Trading Changed Bitcoin Prices”? And Why?

“How Futures Trading Changed Bitcoin Prices” is not exactly an article for people who have been, are, or are planning to trade with bitcoins or bitcoin futures.

Simply put, there isn’t any investment advice here – especially not in relation to Bitcoin.

However, there is an interesting conclusion concerning the relation of price dynamics and futures trading in general.

Which should make this article interesting for any future investor or trader.

About Galina Hale, Arvind Krishnamurthy, Marianna Kudlyak and Patrick Shultz

Galina B. Hale Galina B. Hale is a research advisor in the Economic Research Department of the Federal Reserve Bank of San Francisco.

Arvind KrishnamurthyArvind Krishnamurthy is a Professor of Finance at the Stanford Graduate School of Business, with a Ph.D. in Financial Economics from MIT.

Marianna Kudlyak and Patrick Shultz are both research advisors in the Economic Research Department of the Federal Reserve Bank of San Francisco.  

“How Futures Trading Changed Bitcoin Prices PDF Summary”

Nobody knows who Satoshi Nakamoto is, or even if it is one person for that matter.

But many people know that, almost a decade ago, he/she/they developed the bitcoin and devised the first blockchain database.

The first decentralized digital currency, bitcoin was hailed by the leaders of the bitcoin movement as “inherently anti-establishment, anti-system, and anti-state,” not to mention “fundamentally humanitarian.”

Now, between January 2009 and February 22, 2017, bitcoin’s price never exceeded $1,150.

And, then it suddenly started skyrocketing, reaching $19,511 on December 17, 2017.

Coincidentally, the day bitcoin reached its peak was the very same day the Chicago Mercantile Exchange (CME) opened up a futures market for the cryptocurrency.

In barely a month, bitcoin’s price fell to half of its peak price and is currently at half of that, selling at about $6,000 per bitcoin.

So, you can’t blame the authors of “How Futures Trading Changed Bitcoin Prices” for seeing much more than just a coincidence between bitcoin’s fall and the opening of the futures market for bitcoins.

Even less so if you take into consideration that the same happened in the home financing market in the 2000s, when “financial innovations in securitization and groupings of bonds” attracted optimistic investors, before instruments were created which “allowed pessimistic investors to bet against the housing market.”

Similarly, the advent of blockchain introduced a new financial instrument, bitcoin, which optimistic investors bid up, until the launch of bitcoin futures allowed pessimists to enter the market, which contributed to the reversal of the bitcoin price dynamics.

Simply put, before December 17, 2017, there was no way for pessimists to bet on the decline in bitcoin prices.

The only ones who traded were optimists who, by buying bitcoins, were betting on the rise of bitcoin.

It’s always easier to bet on the rise because all you need to do is just buy a bitcoin.

However, once CME futures trading for bitcoin was launched, pessimists entered the equation.

Now, they could finally bet on the bitcoin prices going down, by short selling the digital currency.

The prophecy was, once again, self-fulfilling: as many people took short positions on the digital currency, its price started falling, and this triggered even more pessimism.

According to the authors, this pricing dynamic happens over and over again:

Once derivatives markets become sufficiently deep, short-selling pressure from pessimists leads to a sharp decline in value.

Now, the only question left is: do we know the real price of bitcoin?

Of course, this is not an easy question to answer.

However, in time, by analyzing some fundamentals such as mining costs, transactional demand, regulatory governance and the use and benefits of rival cryptocurrencies, investors will reach a clearer picture of bitcoin’s value.

By then – it’s all a speculation.

Key Lessons from “How Futures Trading Changed Bitcoin Prices”

1.      Bitcoin Was the First Decentralized Digital Currency
2.      Bitcoin’s Decline Coincided with the CME’s Opening of a Futures Market for the Cryptocurrency
3.      In the Future, Sell Before the Futures

Bitcoin Was the First Decentralized Digital Currency

Bitcoin is a cryptocurrency, i.e., a digital currency not backed by any asset of intrinsic value.

Launched in 2009, it was the first decentralized digital currency since its system was designed to work without administrators or a central bank.

Bitcoin’s Decline Coincided with the CME’s Opening of a Futures Market for the Cryptocurrency

Between 2009 and February 22, 2017, bitcoin’s price was relatively steady, never passing the $1,150 threshold.

However, during the next 11 months, it skyrocketed, and on December 17, 2017, one bitcoin was selling at a price of nearly $20,000.

That very same day, the Chicago Mercantile Exchange opened the futures market for bitcoin.

This provided pessimists with a mechanism to express their opinion about bitcoin by short selling. In merely a month, the price of bitcoin halved, and half a year after that, it revolves in the realm of $6,000 per bitcoin.

In the Future, Sell Before the Futures

“How Futures Trading Changed Bitcoin Prices” argues that Bitcoin’s price volatility is consistent with the rise and collapse of the home financing market of the 2000s, i.e., that, once again, the price dynamics was reversed once futures were launched.

If the logic of the authors is sound, be sure to sell before the futures start trading during the next investing craze.

Like this summary? We’d like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.

“How Futures Trading Changed Bitcoin Prices Quotes”

The launch of bitcoin futures allowed pessimists to enter the market, which contributed to the reversal of the bitcoin price dynamics. Click To Tweet

The rapid run-up and subsequent fall in price after the introduction of futures does not appear to be a coincidence. Click To Tweet

As speculative dynamics disappear from the bitcoin market, the transactional benefits are likely to be the factor that will drive valuation. Click To Tweet

Optimists bid up the price before financial instruments are available to short the market. Click To Tweet

Once derivatives markets become sufficiently deep, short-selling pressure from pessimists leads to a sharp decline in value. Click To Tweet

Our Critical Review

“How Futures Trading Change Bitcoin” is a well-written, tightly-structured, thought-provoking analysis of a hotly debated topic. Highly recommended.

www.pdf24.org    Take this summary with you and read anywhere! Download PDF:   

The Accidental Investment Banker PDF Summary

The Accidental Investment Banker PDFInside the Decade that Transformed Wall Street

Want to learn more about investment banking?

Interested to find out more about its fabulous past and its speculative present?

Then delve inside the decade that transformed Wall Street – the 1990s.

With Jonathan A. Knee, the “The Accidental Investment Banker.”

Who Should Read “The Accidental Investment Banker”? And Why?

“The New York Times” has described “The Accidental Investment Banker” as “a rare, ringside seat inside the madcap and often egomaniacal world of Wall Street’s Masters of the Universe” adding that for would-be bankers, the book is an excellent primer on what it’s really like; for current bankers it will be a guilty pleasure.

And even if you are neither, we truly believe that you’ll find a lot of enjoyment in peeking behind the curtain and seeing what’s really happening on the fabulous stage of Wall Street.

General readers will marvel, noted “The Wall Street Journal.”

Jonathan A. KneeJonathan A. Knee

Jonathan A. Knee is the Michael T. Fries Professor of Professional Practice of Media and Technology at Columbia Business School and a Senior Advisor at Evercore Partners.

He has earned a BA from Boston University, MSc from Trinity in Dublin, MBA from Stanford and JD from Yale. Before joining Evercore Partners, Knee was a Publishing Sector Head in the Communications, Media and Entertainment Group at Goldman Sachs and, then, a Managing Director and Co-head of Morgan Stanley’s Media Group.

In addition to “The Accidental Investment Banker,” he has authored one more book, “Class Clowns,” and co-authored another, “The Curse of the Mogul.”

“The Accidental Investment Banker PDF Summary”

Before we delve briefly into the quiet beginnings and the wild decades of investment banking, it’s only appropriate to explain what an investment bank actually is.

By strict definition, an investment bank is usually a private company which provides various financial (and finance-related) services to individuals, corporations, and even governments.

Mostly these all boil down to two primary functions: corporate finance and sales and trading.

Corporate finance is what investment banks traditionally do (and have done for centuries).

In a nutshell, it means helping customers raise funds (via mutual funds, pension funds, etc.) so that they can develop new capabilities or purchase new assets.

In the latter case – i.e., mergers and acquisitions (M&A) – investment banks can also give advisory services to companies on how to best consolidate the new assets under one entity.

In its sales and trading function, an investment bank basically serves as the middleman, buying and selling securities on behalf of itself and its clients, earning some percent of the funds it raises.

On IPOs, for example, an investment bank’s “spread” can be up to 7% of the raised finances!

Now, even though investment banking began with the activities of the Dutch East India Company a few centuries ago, it actually became something big in the United States in the early 20th century.

More or less just as today, the leading investment banking houses at the time were Morgan Stanley and Goldman Sachs, closely followed by Merrill Lynch.

Behind them, four investment banks which, for one reason or another, don’t exist anymore: First Boston, Lehman Brothers, Donaldson, Lufkin & Jenrette (DLJ), and Salomon Brothers.

After the Great Depression of 1929, investment banks entered a golden era.

How could they not?

In a world practically bereaved of financial euphoria, the investment banks of the time were all but the only model financial institutions, so everybody respected them as such.

Loyal to their customers and as conservative as possible, the investment banks of this period prized integrity above all and didn’t want to blow their own horns that much:

With roots going back over a century, the major investment banking houses largely eschewed publicity and had developed their own idiosyncratic cultures built on notions of exclusivity, integrity and conservatism.

And if there is one man who embodies golden-era investment banking, then that man is certainly Goldman Sachs’ long-time leader, Sidney Weinberg, Mr. Wall Street himself.

Widely respected, Weinberg was both a shrewd and an honest man, with a keen eye for business, but also with the integrity to stay away from speculative businesses; for example, he refused to underwrite gambling-related businesses.

However, soon after Weinberg’s death in 1969, views such as these became not only outdated but also a competitive disadvantage.

And the relatively humble white-shoe conservative investment banker of the war years morphed into the unorthodox M&A rock star with a lavish lifestyle and a six-figure paycheck.

J.P. Morgan Jr. may have advised doing “first-class business in a first-class way,” but the Wall Street motto of the 1990s spelled anything but: “IBG-YBG” (i.e., “I’ll be gone, you’ll be gone.”) meant that “short-term thinking,” was now the only valid way to run an investment bank.

And, as usual, short-term thinking resulted in a disaster in the long run.

Investment banks did rebound a few years after the crash of 2000 rattled the industry, but, expectedly, they never regained their reputation of the golden-era Weinberg years.

Key Lessons from “The Accidental Investment Banker”

1.      The Two Primary Functions of Investment Banks
2.      The Golden Era of Investment Banking
3.      The Boom and the Bust of the 1990s

The Two Primary Functions of Investment Banks

Investment banks have two primary functions: corporate finance and sales and trading.

The corporate finance function includes raising funds for their clients, be they individuals, corporations, or governments. It also incorporates giving valuable advice concerning mergers and acquisitions (M&A).

The sales and trading function means underwriting the clients’ assets, i.e., buying and selling securities, and earning a percentage of it.

The Golden Era of Investment Banking

After the Great Depression, investment banks were conservative institutions, mostly interested in long-term plans and staying away from speculations.

Sidney Weinberg – Goldman Sachs’ CEO from 1930 to his death in 1969 – typified the era: an honest and reliable man, he stayed away from hostile takeover bids and refused to underwrite gambling businesses.

Most investment banks followed suit, making them the most reliable financial institutions of the war (Second World War, Cold War) years.

The Boom and the Bust of the 1990s

However, the 1980s infamously turned Wall Street into a den of thieves, and during the 1990s things really spiraled out of control.

First – for the better; and then – for the worse:

Just as the investment banks were ill-prepared to deal with the boom of the 1990s, they had no road map to manage the bust of the new millennium.

Unsurprisingly, investment banks haven’t recovered their golden-era reputation of trusted, loyal advisers.

In fact, nowadays, there’s “an unprecedented level of cynicism, suspicion, and distrust of investment banks” among CEOs.

Probably for a very good reason.

Like this summary? We’d like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.

“The Accidental Investment Banker Quotes”

What sends an investment banking firm into decline is typically a major scandal, a capital crisis, a mass exodus of productive partners, or usually some combination of the three. Click To Tweet

Investment banks and investment bankers had always thought of themselves as providing a highly differentiated value-added service – strategic advice selected based on quality. Click To Tweet

Investment banking, at bottom, is a sales job. Click To Tweet

The ‘spin’ involved in any sales job has a comic aspect that takes on an even more absurd quality when the financial stakes are as high as in investment banking. Click To Tweet

Our Critical Review

“The Accidental Investment Banker” is, by all accounts, a rare book: an insider’s look into the world of investment banking.

Written by someone who has worked at both Goldman Sachs and Morgan Stanley, the book chronicles the madness of the boom and the bust of the 1990s with appropriate flair and panache and abounds with engaging intrigues and memorable anecdotes.

To quote “Fortune” magazine, “For anyone who remembers the crazy boom times, and the even crazier bust, Jonathan A. Knee’s ‘The Accidental Investment Banker’ is a must.”

www.pdf24.org    Take this summary with you and read anywhere! Download PDF:   

The Truth About Your Future PDF Summary

The Truth About Your Future PDFThe Money Guide You Need Now, Later, and Much Later

Work now, money later, right? Well, not quite! The future is not so predictable anymore.

The exponential concept is really threatening to destroy different mindsets and notions collected through the ages.

In this book summary, you’ll get introduced to a relatively new set of ideas that may shift your perception about the future.  

Who Should Read “The Truth About Your Future”? And Why?

Unless you are Bruce Almighty, predicting the future is not as easy as you might have thought. Nonetheless, not trying to anticipate possible outcomes can lead to unrecoverable consequences.

According to us, “The Truth About Your Future” is like a waiter that serves everyone an equally well-prepared meal. In other words, we prescribe it to all people who want to look deeper into the cave of wonders brought to you by forthcoming events.

About Ric Edelman

Ric EdelmanDespite being the author of several prominent books, Ric Edelman is the chairman of Edelman Financial Services.

His company offers financial consulting services to companies in need of guidance.

“The Truth About Your Future PDF Summary”

Nobody knows what the future has in store for us. The more we observe it, the more a sense of overwhelming fear takes over us. If you are serious in your intention to prosper perhaps, you need a few life-altering tips that can lend you a hand in the digital madness.

Nowadays changing careers is like changing your socks each day. The more you fight the frantic tempo, the more it sucks you in. The bottom line is – you can’t take a glimpse at your great “tomorrow” unless you agree to turn the switch button On!

9/10 people argue that progress is a steady process, without too many sudden shifts and unexpected turns. Such beliefs fly in the face of the age of rapid change, and the person adopting them risks further breakdowns.

Anyway, the goal is to endorse and fully embrace the “exponential” mindset. What does Exponentiality refer to? – Its purest growth signifies how each penny can be transformed into a $1 million. The growth curve could then reach a staggering 90 degrees trajectory.

Financial Cutting-Edge Technology

Let’s recall some innovative breakthroughs which contribute to a worldwide revolution like M-Pesa. These sites or companies which tend to serve lenders have changed the financial systems.

In the newly-established economy, individuals learned how to absorb incomes from various channels by utilizing the availability of resources. Such a lifestyle was interpreted with skepticism, but the sharing economy decided to take over and swept the world.

Is there a person who hasn’t heard anything regarding the cryptocurrency expansion? We highly doubt that! Bitcoin, as the most prestigious cryptocurrency – is developed on the grounds of blockchain technology. It all started in 2009 when these new assets were introduced to the market.

The governments didn’t interfere in trying to put these fluctuating means under control. In the shortest time-span, the blockchain technology broke into the financial systems and changed its course.

Transactions relying on authenticity started investing in these assets, making the growth unquestionable.

As you know, there are two sides to each story. The other one explains why cybercrime and internet fraud is gradually becoming the embodiment of a new era which also represents an opportunity for some groups to flourish.

The Internet can be labeled as the modern culprit for making these deceptions spiraling out of control.

Big brand such as Facebook, was accused of leaking information on 87 million users in April 2018. The main point is that keeping your data safe is proving to be a “backbreaking” work!

Privacy advocates find the availability of so much information very disturbing. To them I say, You’ve already lost the war.

The process of living a bit longer

Times have changed, for the better or the worst – you be the judge. Take into account your financial possibilities and settle somewhere. A significant portion of Americans chooses to live in natural surroundings, which helps them to accrue the benefits of retirement.

Out of those who do decide to take their marriage and life to the coastline, many retirees immediately experience the effects of living longer.

You are going to live not just another 20 or 40 years but perhaps 50 or 100 more.

Taking walks in the early mornings, and using self-driven cars are just a few of the advantages you should keep an eye on. On top of that, you should always be on the lookout for a cheaper solution!

Medical Care is taken over by Exponentiality

The exponentiality is taking over the medical world as well. Retirement facilities and nursing homes will no longer be in need, and people could eventually take care of themselves.

On the other end, financial professionals all around the world are still trying to revolutionize the car-insurance process. They strive for a long-term policy, which can carry much greater benefits than short-term mechanism.

Conduct Personal Finance and Investing Plans

Without a strategy, your exponential future is at stake. The main thing is trying to anticipate any possible threats that may befall you. Expect a longer lifespan and prepare a short medium and long-term plan!

Your job is to safeguard your interests and maintain stability on all fronts including finance, legal, identity, and others. Your plan should be comprehensive and encompass the future you wish to emerge, as well as your children’s financial balance and health care.

Key Lessons from “The Truth About Your Future”

1.      Play smart and don’t be afraid of defeat
2.      Evaluate your financial capabilities and then make up your mind
3.      New times, new measures

Play smart and don’t be afraid of defeat

Acting with caution can reduce the risk of being a victim of credit card theft or internet fraud. Don’t forget, oscillating digital currency prices also pose a threat to your capital and carry other dangers.

This enormous change in the financial world has left many experts worried about what’s to follow!

Evaluate your financial capabilities and then make up your mind

These communities and shared housing are proving to be an excellent opportunity for those intend to explore some other unorthodox methods.

By doing so, these tenants or residents split the costs, making life much more financially bearable.

New times, new measures

For those in need of change, Ric advises that opting for “hybrid policies” with fixed premiums can be of particular use to you.

These assets offer the best value by considering the impact of all factors including legal. Such an orientation can give you the edge in managing your finances.

Like this summary? We’d Like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.

“The Truth About Your Future Quotes”

Any useful statement about the future should appear to be ridiculous. Click To Tweet By rejecting innovation, Luddites interfere with others’ lives. They delay access to improvements that can vastly enhance the individual experience, society at large and the planet as a whole. Click To Tweet If we can…select the sex of our baby, how long will it be before we…choose our baby’s height, weight, left or right-handedness, hair color, athleticism, intelligence and sexual orientation? Click To Tweet Exponential growth is how the 2016 iPad Mini was able to have 50,000 times more computing power than the 1986 space shuttle. Click To Tweet Workers must move from a focus of having a job that makes me money to having skills that make me money... we’re moving from ownership of jobs to access to jobs. Click To Tweet

https://blog.12min.com/subscribe/

Our Critical Review

We have been waiting for a long time for someone to come along and tell us the future. Oh no, wait – that’s not the right way!

This is not a book with futuristic insights, but a guide to keep your financial future safe and sound.

Think about it!

www.pdf24.org    Take this summary with you and read anywhere! Download PDF:   

Green to Gold PDF Summary

Green to Gold PDFHow Smart Companies Use Environmental Strategy to Innovate, Create Value, and Build Competitive Advantage

Most start-ups face difficulties early on. Creating value in an overly-competitive market is not as simple as ABC.

Although building awareness is not child’s play, there is always something that you can do.

In this book summary, we try to put the essential ingredients together and focus on mixing it up.

Who Should Read “Green to Gold”? And Why?

To be honest, we had a hard time trying to put a label on this process. Anyway, the transition from Green to Gold is not a piece of cake.

Even if you possess the means, but lack the support, you can’t merely get to the top. Sometimes it’s hard for logic to prevail over emotion, and that’s why this book is best suited for sharp thinkers.

In other words, we recommend it to those who know the meaning of critical-thinking and understand how to apply it on a daily basis.

About Daniel C. Esty and Andrew S. Winston

Daniel C. EstyDaniel C. Esty is an American lawyer, policymaker and a Hillhouse Professor of Environmental Law and Policy at Yale University. He is also the author of several books.

Andrew S. Winston currently works as the Director of the Corporate Environmental Strategy Project.

“Green to Gold PDF Summary”

Companies are aware that going green is not accomplishable without hitting a few rocks down the road. In particular, the authors outline two kinds of pressure that most firms can’t withstand:

  • From the world with various sorts of needs
  • From the stakeholders who try to influence the organization

So, how to comply the company’s policies with the physical world? First and foremost, you have to understand the nature of decision-making. Without the physical presence of certain individuals and their freedom to leverage economic capabilities, you can’t make any difference.

Indeed, all businesses are strongly dependent on resources, which affect the performance of the company. Airline industry requires kerosene; freight forwarding companies need trucks and load, etc. Despite all these individual requirements, almost the entire economy succumbs to ten environmental factors that obstruct the operating activities:

  • Climate change
  • Toxic substances and chemicals
  • Waste management
  • Diversity in finding energy sources
  • The availability of water
  • Biodiversity
  • Air pollution
  • Ozone depletion, ocean health, and deforestation.

As a company owner, you have to be knowledgeable about the effects these factors produce, and how to resists them!

This list is backed by overwhelming evidence that shows clearly why many experts in the field choose to attach weight to the data. Even if you are not entirely sure in the accuracy of the information presented, you can still rely on the trust put up by these specialists.

By doing so, you’ll be one step ahead of any environmental issue that may befall on your company. In addition, strong feelings tend to be a potent asset in pushing the stakeholders to draw conclusions to catch the much-talked-about “Green Wave.”

To better understand their rule over an organization, let’s divide them into five broad subcategories or groups:

  • Rule-makers and watchdogs” – In other words, this group represents government regulators and nongovernmental institutions.
  • Idea generators and opinion leaders” – As the name implies, this group symbolize the power of media and academics.
  • Business partners and competitors” – Mostly B2B customers as well as Industry associations accompanied by suppliers.
  • Consumers and community” – Mainly officials, and the general public which includes activists and representatives of local communities.
  • Investors and risk assessors” – The last spot is reserved for broking firms, bankers, and stock market analysts.

How did Ford lose $25 million when it decided to give their contribution to the project of creating Conservation International’s Center for Environmental Leadership in Business? The officials didn’t realize that NGO places emphasis on tropical biodiversity, a global issue that has nothing to do with Ford’s operating activities and manufacturing processes.

Let’s get this straight – nobody denies the positive effects of biodiversity. Nonetheless, Ford in trying to accomplish something missed out on everything that’s going on in front of them.

Here are a dozen other mistakes you should avoid:

  • Misjudging the needs of the market
  • Expecting a price premium
  • Misunderstanding customers
  • Eco-isolation” – Enforce green mentality in the company. It’s not advisable to create a separate green group whose action will be ignored.
  • Middle-management strain
  • Silo thinking
  • Inertia
  • Claims outpacing actions – Stroll the talk.
  • Embrace Surprises – Anticipate possible twists, and plan with caution.
  • Making the perfect the enemy of the good – Don’t be rigid. Trade-offs must be held as an option at all times because being second-best is not the worst that can happen.
  • Ignoring the needs of the stakeholders
  • Unwilling to tell the whole story

Key Lessons from “Green to Gold”

1.      Target influential people
2.      Understand the process of going green
3.      Get the big picture of downside and upside plays

Target influential people

Roll in and discuss the idea of a partnership with influential people who could then put in a good word. These initiatives are vital for reaching a stage where you can actually discuss the notion of expansion.

These charismatic leaders are the bridge you need to cross to succeed.

Understand the process of going green

Anyway, these pressures are not something you should feel a lump in the throat for. In fact, you should be thankful for the opportunity provided to compete and handle challenges.

How is that even possible? Green-plays is expanding on the global arena because of the alignment with the practices of best-in-the-industry companies such as Wal-Mart, Toyota, DuPont, etc.

Get the big picture of downside and upside plays

From this standpoint, having these eight plays at your disposal can be of huge difference and relevance to either the downside or the upside.

First of all, it’s self-explanatory why the downside plays cut costs and handle regulatory hurdles. The upside plays, on the other hand, are introducing new green tangible/intangible commodities to the market and emphasizes brand awareness.

Like this summary? We’d Like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.

“Green to Gold Quotes”

In the very near future, no company will be positioned for industry leadership and sustained profitability without factoring environmental issues into its strategy. Click To Tweet If the facts don't square with green claims, charges of greenwashing are sure to follow. Click To Tweet Greener products often cost more up front, for instance, but end up saving the customer money down the road. Salespeople need to understand this positioning. Click To Tweet Solo environmental champions almost always fail. Successful corporate environmental strategies build on thinking from across the company. Click To Tweet Yes, it helps if a belief in stewardship is built into a company's history. But any company can make the commitment and find innovative ways to follow through on it. Click To Tweet

Our Critical Review

Having the opportunities right in front of you doesn’t serve as a guarantee for success. This book gives a review of what’s needs to be implemented in the process from “rags to riches.”

Take a quick scan, and you’ll see that it is worth the effort!

www.pdf24.org    Take this summary with you and read anywhere! Download PDF:   

The Science of Getting Rich PDF Summary

The Science of Getting Rich PDFYour Master Key to Success

Are you a left-winger or a right-winger? Regardless of your social views, earning money as a result of a service rendered is the only way of making an honest living in the digital age.

In this book summary, we try to deliver one tiny portion of that magic presented by Wallace all those years ago.

Stick for a while to learn what stops you from making a fortune!

Who Should Read “The Science of Getting Rich”? And Why?

This book has 17 short chapters, and each one tackles a specific problem that troubles the wider audience. Thinking in a certain way it’s not an easy task, but it’s doable!

The Science of Getting Rich is written for the general audience, without specific categorization and separation. As a unique masterpiece, we highly recommend it to all individuals who want more from this life.

Get the idea? – Dive right into it!

About Wallace D. Wattles

Wallace D. WattlesWallace D. Wattles was a notable character in the late 19th century and early 20th in America. His writing and quotes remain deeply embedded into the souls of millions, due to its ambiguous message and actionable pieces of advice.

He wrote several books out of which “The Science of Getting Rich” still holds the trophy – as his best work.

“The Science of Getting Rich PDF Summary”

People interpret richness in a billion ways; in most cases, this concept extends one degree beyond the material side of things. Indeed, whatever works for one person, must undoubtedly be applicable to the entire world!

What stops us from embracing success? If your strategy or plan hasn’t lived up to its expectations, you might want to question your attitude first, before you move on.

The societal hierarchy and processes instigate an every-man-for-himself kind of view, which places emphasis on getting rich quickly without necessarily create value for others.

It’s been proven, even if someone gives you a $1 million and you don’t how to manage your financial resources, sooner or later you’ll find yourself at the bottom. The art of getting rich involves a mix of facets that you must take into account.

According to the author, the very idea of becoming wealthy is something similar to a mathematical calculation. In other words, it tests your capabilities through a system of algorithms that gauge your chances of a possible grand slam home run.

There is no reason for worry about financial affairs. Every person who wills to do so may rise above his want, have all he needs, and become rich.

There are certain ground rules or laws, that can give you the upper hand in the battle against your mindset. So the question is – Can everyone get rich?

Yes! That’s the scary part because most people choose fear as a defense mechanism that distances them from their life-given opportunity. Your political, social or religious background don’t hinder the process of applying these laws on a regular basis, so stop making excuses.

What is the core and substance of this existence? – Is it the well-being of a person, or its belongings, or could it possibly be its innate sense of self? – What we are trying to say is that without knowing your originality you merely can’t instill a dose of freshness into someone’s life, including yours.

This central aura lays down the foundation of what can be known as successful or mediocre way of living. Wattles used this enigmatic approach to deliver a message, which can be misleading to more ignorant circles.

Do all the work you can do, every day, and do each piece of work in a perfectly successful manner; put the power of success, and the purpose to get rich, into everything that you do.

Wattles didn’t hesitate to put this approach on the map, and used it on numerous occasions, despite its tricky background. From a religious point of view, we call it God or the Universe, but you can give it thousands of names without ever absorbing at least one small element of its ever-lasting effects.  

Finding this flow can represent a bridge between success and failure. It doesn’t require support from any other aspect, because it crashes the restrictions and imaginary boundaries we have in our heads. It pushes you to take gigantic strides towards unraveling this mystery!

What acts as the main trigger? – Thoughts and other sensations! This mental chatter leaves a mark on how we interpret this Source, and whether we genuinely acknowledge its power. Finding the light at the of the tunnel consists of endless striving which is heavily linked to the idea of having the adequate mindset.

There is no right or wrong, except in our heads. Humans or the whole humankind is subjected to constant changes and these “thinking centers” must adapt to the new reality as well.

Once we are exposed to some information, our minds create or form an opinion about the topic – sometimes even on unreliable sources.

Such outcome sets the process of creation in full motion – triggered by one concept known as “Thought.” In the same manner, you can get rich quickly, if you are aware of these tendencies. The invisible mind shapes your decision-making and allows/disallows you to take precautions.

Take action and gain high merit for your involvement in solving other people’s problems. As a result, you’ll crack the code and become rich.

Think about it!

Key Lessons from “The Science of Getting Rich”

1.      Don’t be deceived and be wise
2.      Don’t fight the life-current, just go with the flow
3.      Execute all tasks and don’t deviate

Don’t be deceived and become wise

Fasten your seatbelts because soon you’ll get introduced to the biggest lie in the world! People see wealth as something controlled by others, something far from their reach.

So, instead of creating value, they compete with their own social category – an approach that leaves them trapped in mediocrity.

Don’t fight the life-current, just go with the flow

The highest form of acceptance derives soon after you’ve developed a sense of gratitude from within. Once you lean on a higher source of power, the fruits will begin to emerge.

So, having faith in attaining good outcome can signify a full-scale victory for your cause.

Execute all tasks and don’t deviate

Visualize and then materialize. Indeed, without a sharp mental picture of where you see yourself in the upcoming period, you can’t possibly arrive at the desired destination.

Success doesn’t just fall of the sky, and you need to do your part because not always logic prevails over emotion.

Like this summary? We’d Like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.

“The Science of Getting Rich Quotes”

The very best thing you can do for the whole world is to make the most of yourself. Click To Tweet There are three motives for which we live; we live for the body, we live for the mind, we live for the soul. No one of these is better or holier than the other; all are alike desirable, and no one of the three—body, mind, or soul—can live… Click To Tweet By thought, the thing you want is brought to you; by action you receive it. Click To Tweet You can serve God and man in no more effective way than by getting rich; that is, if you get rich by the creative method and not by the competitive one. Click To Tweet The purpose of life for man is growth, just as the purpose of life for trees and plants is growth. Click To Tweet

Our Critical Review

For a book written more than a century ago, it sure does manifests the magnitude of the problems we are facing today.

Such evergreen content and ideas are always getting well-deserved praise throughout history.

We share the same notion and challenge you to analyze this masterpiece.

www.pdf24.org    Take this summary with you and read anywhere! Download PDF:   

Retire Inspired PDF Summary

Retire Inspired PDFIt’s Not an Age; It’s a Financial Number

When are you planning to retire?

At the age of 66, of course – that’s what the law says!

Well, Chris Hogan says something else:

Retire Inspired” – when you like.

Who Should Read “Retire Inspired”? And Why?

If you want to retire earlier and you want to retire with more money – you need to have a proper plan.

In that case, Chris Hogan’s book is just the right one for you: it is certainly one of the best on the topic, if not the very best.

As Hogan says: “You are the CEO of your own retirement.”

And this book will tell you how to execute the hell out of it!

Chris HoganAbout Chris Hogan

Chris Hogan is a former All-American football player, a popular motivational speaker, a best-selling author and, quite probably, “America’s leading voice on retirement.”

Published in 2016, Hogan’s “Retire Inspired” instantly rose to the top of many bestseller lists, and his eponymous podcast has millions of downloads.

Hogan is a regular contributor to the EntreLeadership podcast and constantly works with numerous leaders, athletes, and entertainers.

Find out more at https://www.chrishogan360.com/

“Retire Inspired PDF Summary”

Let’s start our summary with the subtitle of Chris Hogan’s book.

Spoiler alert: we’ll end it with its title!

So, according to Chris Hogan, retirement is not an age, but a financial number.

But, of course it is an age, you say, since lawfully I can’t really retire before the age of 62 even if I want an early pension plan.

And the last time I read the normal retirement age in the United States was 66 – and should be 67 by 2027!

And that’s where it already gets suspicious!

Namely, just like our 8-hour workday or our 5-day work week, these numbers are merely provisional and, what’s more, are a remnant of an age past which shouldn’t concern you!

In the United States (and, more or less, the world) pension laws are merely a century old, going back to the Sherwood Act of 1912 when the Government decided that all veterans of the U.S.-Mexican War and Union veterans of the Civil War are entitled to a pension once they reach the age of 62.

Two decades later, and the Social Security Act of 1935 established (among other things) a system of old-age benefits for workers, which stated that anyone over the age of 65 is entitled to a pension from the state.

But, why 65?

Well, to understand this we must go back a bit and cross over the Atlantic.

Namely, in the second half of the 19th century, Communists were threatening to take control of Germany, so, in an attempt to outwit them and stifle their pleas for the workers, the German Chancellor Otto von Bismarck practically invented retirement, announcing that he will pay a pension to any nonworking German over the age of 65.

However, there was a catch!

And what a catch, Mr. Otto!

You see, before people invented penicillin and stuff, not many people made it to 65!

And even after that, when Roosevelt staked his reputation on the Social Security Act of 1935, the average life expectancy in the U.S. was no more than 60!

So, in other words, it was no problem for Social Security to satisfy the needs of the retired population, for the simple reason that there was barely any!

Fast forward eighty years and the world’s average life expectancy is above 70 and America’s almost 80!

So, now you see the problem!

And you can understand why many people – including us – are afraid that Social Security won’t be around for them when they retire.

Not that it makes much of a difference that it is there now!

Namely, since the sheer number of people who retire is way bigger than before, and since most of them take pensions for a lot longer than ever expected, the amount they take gets smaller and smaller by the year.

Two frightening statistics:

The average payment for social security is $1,194 a month!

One in three Americans relies solely on it!

Hence the 401(k) and your duty to save yourself enough money for your old age.

And hence the subtitle of Hogan’s book: retire not when the law says you should depending on the age, but when you calculate that you’ve saved enough money so that you can see Social Security as nothing more but an icing on the cake:

It is time that we started reclaiming the idea of retirement. Retirement is not the finish line; it is the new beginning. Retirement is not your last paragraph; it is the long, rich, rewarding final chapters of your own book—as many pages as you can dream up. Retirement is not the end of your life; it is the beginning of the best years of your life!

Be aware that you’ll face four obstacles along the way. Hopefully, we’ve already helped you to conquer the first two: misunderstanding what “retirement” means and depending on Social Security alone.

The other two are people’s tendency to act like sheep and their lack of planning capabilities.

This book helps to overcome both with a ton of good advices.

So that you can finally – retire inspired.

Key Lessons from “Retire Inspired”

1.      The Invention of Retirement
2.      The Four Obstacles to Retiring Inspired
3.      The Five Fundamentals of Inspired Retirement

The Invention of Retirement

Retirement is not an old phenomenon.

In fact, it was first introduced by German Chancellor Otto von Bismarck in 1883 in an attempt to thwart Communist efforts to take control of the Government.

And when he proclaimed that he would pay money to every nonworking individual over 65, Bismarck had a somewhat sinister plan.

Because, you see, the average life expectancy at the time in Germany was below 60!

Today, it’s way over 70 when the whole world is taken into account!

And it’s almost 80 in the United States.

So, you really think that Social Security can keep up the pace?

The Four Obstacles to Retiring Inspired

Retiring at the age of 65 – or 62, or 67 – is a social construct, one that has nothing to do with reality for decades.

The point:

Retire when you earn enough money to retire, not when you get to a certain age.

However, you need to overcome the four obstacles to retiring inspired:

Obstacle #1: Misunderstanding “Retirement”
Obstacle #2: Depending on Social Security
Obstacle #3: Acting Like Sheep
Obstacle #4: Not Having a Plan

The Five Fundamentals of Inspired Retirement

Chris Hogan’s retirement plan is based on five fundamental premises.

First of all, dreaming – but in a specific, detailed way which will motivate you and help you commit to a long-term plan.

Of course, you need to execute that plan and never back away from it for a second, which means that you should need to be vigilant all the time.

Like this summary? We’d like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.

“Retire Inspired Quotes”

For I know the plans I have for you… plans to give you hope and a future. (Jeremiah 29:11) Click To Tweet

In my opinion, Chris Hogan is the voice of retirement in America today. (Via Dave Ramsey) Click To Tweet

We need to start by getting rid of all the negative feelings and assumptions we have attached to the word ‘retirement’: ‘dried up,’ ‘end of life,’ ‘insecure,’ ‘winding down,’ ‘broke,’ ‘disengaged,’ ‘worst years of my life,’ ‘afraid.’ Click To Tweet

It’s hard to live your dream in your golden years when you’re trying to make it on an income that’s actually below the poverty line. Click To Tweet

Studies have shown that half of 401(k) participants have less than $10,000 saved for retirement – and those are the people who are actually doing something! Click To Tweet

Our Critical Review

Chris Hogan is a protegee of Dave Ramsey, and we don’t need to tell you who Dave Ramsey is.

But, basically, when it comes to money, if Dave Ramsey approves of a book, you’re going to need a lot of arguments to say otherwise.

And we have none.

Because, even though it’s true that many books may improve your life, this one can do that literally.

And, what’s more, dramatically.

www.pdf24.org    Take this summary with you and read anywhere! Download PDF:   

Angel PDF Summary – Jason Calacanis

Angel PDFHow to Invest in Technology Startups

Do you have any doubts regarding the procedure to invest in a technological start-up?

Perhaps it’s time to remove the reluctance on the ground that you can’t cope with the financial weight.  

We encapsulate Jason’s fundamental beliefs and concepts, in which he presents his position.

Who Should Read “Angel”? And Why?

This book is best-equipped for those, who believe that they are destined to be a failure, underachievers, mediocre employees and so forth.

Angel will remove your self-imposed boundaries and put you in a better mood. Another key point worth mentioning is Jason’s controversial and yet practical approach.

On the negative side is his overly expressed “combativeness” and on the positive side is that fighting spirit that he nurtures.

About Jason Calacanis

Jason CalacanisJason Calacanis is lauded as one of America greatest Internet entrepreneurs, born on November 28, 1970. Before creating Weblogs and selling it to AOL, he was the CEO of Rising Tide Studios.

His ventures in the dot-com era made him the person he is today, an individual who possesses the skills to capitalize on any business adequately.

“Angel PDF Summary”

We can’t do anything else but endorse the fact that Jason Calacanis didn’t receive enough credit for his actions and achievements. On top of that, his practices also were the subject of many ongoing debates. Even so, he summoned up the courage to dove into the world of angel investing.

Indeed, Calacanis don’t have “noble” origins, instead, he grew up in a middle-class family. What comes as a surprise to anyone, is the ability to develop into a real “medalist” who beat the odds and set new boundaries.

During his college years, he went from underdog to superdog; a student who broke the ice with a rocket ship.

In the internet era, he grabbed success by the scruff of its neck. As the founder of Weblogs, he managed to launch a series of operations, which eventually increased the value of the firm.

Only 18 months later, AOL purchased the company, leaving Jason exposed to angel investing – and that’s what he did.

Angel – investing accentuating the whole broader look of how to allocate your capital. This book doesn’t put a strain on the process and invites you to indulge in risky moves and adventures. Your background or current position doesn’t serve as an excuse to go into hiding.

Calacanis’ framework of success, includes the ability to gauge the competitiveness, evaluate the intensity of deals, and to provide a backup solution. In essence, Jason advocates for finding ways to optimize the ROI, and thus reach a higher value.

Let’s say that you are not comfortable with the idea of making big decisions. Angel, understands your perspective and presents many ways to overcome that investing hesitance and awkwardness.

Even if all these big financial terms seem vague; Angel is not an ambiguous book, and its strategy is designed in compliance with the needs of ordinary people.

Jason “floods” the market with an abundance of metrics and tips on how to make trade-offs between risk and success. This prompts you to take a closer look at Angel’s paradigms, and as a “rookie” in the realm of investments, you need a guiding hand to help you get to the top.  

The primary emphasis falls on reaching deals, and the prowess on the investment arena. If you think you’ve got what it takes to set a new mentality in motion, this book comes as a blessing to you.

Then again, it’s not about being mistakeless, but about having and finding that adventurousness to cope with big challenges.

When it comes to the end goal – Jason Calacanis makes it crystal clear that without criteria and metrics, it’s literally impossible to evaluate or measure the successiveness of your endeavors.

Calacanis once again places in the spotlight the smaller players and jumps on the bandwagon himself. He campaigns for granting access to investors in terms of deals and data so that they too can fully exploit the investment capabilities on the market today.

In addition, the author puts an accent on diversification, as the most critical tool for avoiding financial breakdown.

Calacanis is not the type of guy that is likable by the vast majority of people. His aggressiveness on the “field” makes him a marksman, who is launching the arrow to hit the target. He allows the arrow to slip through his fingers gently.

The idea is don’t be too weak because you’ll never reach the desired destination, nor too strong, that way you’ll break the arrow.

Whether you like him or not, he has got a point. We, on the other hand, close your eyes to the window of endless opportunities, due to fear, superstition, regret, etc.

Key Lessons from “Angel”

1.      Accept change as an integral part of the growth
2.      Design a blueprint and don’t deviate from it
3.      Read and learn

Accept change as an integral part of the growth

The progressive society is prone to change, and doing something other than embracing that inconsistency, is a one-way ticket to imminent disaster.

Your job would be to find that aggression that can only be matched by a dose of superiority! Be flexible about the methods and embroil in rivalries.

Design a blueprint and don’t deviate from it

What generally matters is the skill to identify which securities are worth investing in. Do you have any plan, if you don’t why is that? You determine your status; don’t take no for an answer!

Understanding how the market works is a long and exhausting process, which can only be achieved through practice and experience.

Read and learn

If at some point, you think that you know it all, be prepared for an instant crash.

You have to be eager to expand your horizons, to broaden your understanding, and to embark on new missions to find hidden gems of knowledge.

Like this summary? We’d Like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.

“Angel Quotes”

Airbnb is a much more effective protest than shutting down the Brooklyn Bridge. Click To Tweet These days, headlines are trying to get you to click. Click To Tweet Near-death experiences give you balance. You become worldlier. Your ideas become bigger. Click To Tweet

Our Critical Review

The book is filled with insights and tips, that can convert any knowledgeable person into an all-around decision-maker.

As such, Jason makes sure that all pieces of advice are applicable and most importantly effective.

www.pdf24.org    Take this summary with you and read anywhere! Download PDF:   

The Essays of Warren Buffett PDF Summary

The Essays of Warren Buffett PDFLessons for Corporate America

Are you an investor or a manager?

Want some tips on how to get rich?

Here they are, as simple as they get, and straight from the horse’s mouth!

We present to you the best of “The Essays of Warren Buffett.”

Who Should Read “The Essays of Warren Buffett”? And Why?

If you are an investor or a manager – or have any interest in Wall Street whatsoever, Warren Buffett is probably to you the same Jehovah is to the Jews: a God.

So far, we’ve introduced you to his ways via a proxy.

And it’s not that Robert P. Miles’ “The Warren Buffett CEO,” Alice Schroeder’s “The Snowball,” or Robert Hagstrom’s “The Warren Buffett Way” are not exceptional books, or that these essays offer an earth-shatteringly different Buffett from the one you can infer from those three books.

But it’s a bit different when you hear it from the man himself.

Warren BuffettAbout Warren Buffett

Warren Edward Buffett is an American investor, business magnate, and philanthropist, the chairman and CEO of Berkshire Hathaway and the third richest person in the world.

Born in Omaha, Nebraska, Buffett graduated from Columbia Business School, where, influenced by the philosophy of his mentor, Benjamin Graham, he first became interested in value investing.

Soon he teamed up with Charlie Munger and, after they acquired the textile manufacturing firm, Berkshire Hathaway, they started trading on Wall Street.

The rest, as they say, is history, that can be neatly summed up in the monikers Buffett has earned due to his financial successes: “The Wizard,” “The Oracle,” “The Sage.”

Having pledged to give all but 1% of his fortune to charitable causes, by sheer numbers, Buffett is quite probably the greatest philanthropist in the history of humanity.

“The Essays of Warren Buffett PDF Summary”

About a decade ago, an article in “USA Today” noted a staggering fact: that there are 47 books in print that have Buffett’s name in the title, and that “no other living person, aside from U.S. presidents or other major world political figures, is named in so many titles, except the Dalai Lama.”

Even so, “The Essays of Warren Buffett” is, basically, the only one Buffett’s name is also listed under the author.

Needless to add, it’s also Buffett’s favorite one.

Described by the Wizard himself as “a coherent rearrangement of ideas from my annual report letters,” “The Essays of Warren Buffett” is actually a carefully edited and organized selection of Buffett’s letters to the shareholders of Berkshire.

In the words of the editor – the American scholar Lawrence Cunningham –

The letters distill in plain words all the basic principles of sound business practices. On selecting managers and investments, valuing businesses, and using financial information profitably, the writings are broad in scope, and long on wisdom.

The central point of Buffett is always the same: investors should ignore the market, focusing all of their energy on identifying good businesses and buying them at a good price.

Time will do the rest.

Why shouldn’t it?

If it doesn’t, then the basic premise of capitalism – Adam Smith’s “invisible hand of the market” – is, more or less, wrong.

To sum this up in a more memorable way: market prices don’t express business values but should eventually. Mr. Market is a volatile, manic-depressive fellow and you can’t trust him in the short run. In the long run, he will come to his senses – if you don’t lose yours in the meantime.

Good investors are those who can isolate themselves from the fluctuations of the market and assess businesses based on their inherent value:

So smile when you read a headline that says ‘Investors lose as market falls.’ Edit it in your mind to ‘Disinvestors lose as market falls—but investors gain.’ Though writers often forget this truism, there is a buyer for every seller and what hurts one necessarily helps the other. (As they say in golf matches: ‘Every putt makes someone happy.’)

Buffett was never interested in running businesses: he made his fortune by purchasing promising businesses and assigning talented managers to operate them.

Even so, he was only buying all – or significant portions – of businesses he understood, continuously emphasizing that, essentially, there’s no difference between buying a business and investing in one.

Diversification is pointless: you should only focus on investing in businesses you actually understand.

During the 1980s – Buffett points out – it’s exactly because of the fact that people ignored this advice that Wall Street got both its junk bond kings and paupers.

Don’t doubt for a second that you’ll probably end up being a part of the latter group since when there are manias, the ratio between success and failure stories tends to rise exponentially to the detriment of the majority.

And you, unfortunately, are usually the rule – not the exception.

Key Lessons from “The Essays of Warren Buffett”

1.      Investors Rarely Lose When Market Fails
2.      There’s No Difference Between Investing and Buying
3.      Like Investor Like Manager

Investors Rarely Lose When Market Fails

Markets fail.

Everybody knows that.

If you try to answer yourself the questions “why” and “how” you’ll probably end up with an investment strategy very similar to the one Warren Buffett strictly adheres to for decades.

Namely, markets fail because, at a certain point, the discrepancy between the inherent value of a company and its stock prices is just too enormous to hold up.

You can try to be a maverick and base your investment strategy on profiting from these discrepancies in the short run, but, as history has taught us, you’re bound to make a mistake or two eventually – some of which may be very costly.

Warren Buffett’s commonsense strategy is much safer: only buy shares in companies which have an inherent value and expect returns in the long run.

Mr. Market is a manic-depressive guy, but, he eventually comes to his senses.

Don’t lose yours by trying to understand him.

There’s No Difference Between Investing and Buying

In essence, Warren Buffett says, there’s no difference between buying a stock in a company and buying the company itself.

In other words – you will certainly hesitate a lot before buying a company you know nothing about, based on its market value alone.

Then, why would you invest in one?

Aren’t you merely trying your luck?

Like Investor Like Manager

Buffett’s investment strategies are deeply rooted within a personalized philosophy of honesty.

Well, so are his managerial advices.

In his opinion, Berkshire’s shares must maintain a close relationship with the company’s intrinsic value, so that shareholders receive real profits which represent the company’s results over the period of the shareholders’ holdings.

Unfortunately, the pressures to report a profit and the focus of companies on their stock prices have resulted in numerous accounting manipulations, which, in Buffett’s opinion, are everything that’s wrong with society.

Honesty has always been the best politics in both investing and business, says Buffett.

And we must try – for the sake of humanity – to keep this truism alive.

Like this summary? We’d like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.

“The Essays of Warren Buffett Quotes”

A horse that can count to ten is a remarkable horse—not a remarkable mathematician. Click To Tweet

As happens in Wall Street all too often, what the wise do in the beginning, fools do in the end. Click To Tweet

Having first-rate people on the team is more important than designing hierarchies and clarifying who reports to whom. Click To Tweet

I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful. Click To Tweet

The requisites for board membership should be business savvy, interest in the job, and owner-orientation. Click To Tweet

Our Critical Review

“The Essays of Warren Buffett” is described, in the blurb of its fourth edition, as “the gold standard of its genre.”

And when we included in our list of “Top Finance and Investing Books” in history, we noted that this is Buffett’s most autographed book.

So, in other words, he approves its message.

We’ll be mad not to.

www.pdf24.org    Take this summary with you and read anywhere! Download PDF:   

One Up on Wall Street PDF Summary

One Up on Wall Street PDFHow to Use What You Already Know to Make Money in the Market

“Leave it to the pros” is the one advice Peter Lynch will never give you when it comes to investing.

In his dictionary, “professional investor” is an oxymoron.

And a well-prepared amateur investor is next decade’s millionaire.

So, what are you waiting for?

This book’s stocks are rising by the minute.

Learn immediately how to always be “One Up on Wall Street.”

Who Should Read “One Up on Wall Street”? And Why?

Peter Lynch, Warren Buffett, and Charlie Munger are widely revered as possibly the best investors in history, nothing short of titans in the field, wizards with investment records which comfortably put them in a league of their own.

And it’s no coincidence that all three of them are proponents of the same philosophy.

Namely, Benjamin Graham’s value investing, which is based on the premise that your only interest should be undervalued companies with inherent worth, which, in turn, you can only know if you research them well.

In other words – as the subtitle of this book says – use what you already know to make money in the market, not the market fluctuations.

This book should be all but a gospel for those who want to learn how.

Peter LynchAbout Peter Lynch

Peter Lynch is an American mutual fund manager, investor, and philanthropist.

He graduated from Boston College and earned an MBA from Wharton. In the meantime, Lynch got a job as an intern with Fidelity Investments, mainly because he was caddying for D. George Sullivan, Fidelity’s President.

In 1977, he was named the head of the Magellan Fund which was worth $18 million in assets. During his 13-year tenure, Lynch consistently more than doubled the S&P 500 market index, averaging almost 30% annual return.

By the time he resigned in 1990, Magellan Fund had grown to more than $14 billion in assets, becoming perhaps the world’s best-known actively managed mutual fund.

Lynch has so far published three books, all co-written with the freelance financial writer, John Rothchild: “One Up on Wall Street,” “Beating the Street,” and “Learn to Earn.”

“One Up on Wall Street PDF Summary”

Whether it’s a 508-point day or a 108-point day,” writes Peter Lynch in the “Prologue” to “One Up on Wall Street,” in the end, superior companies will succeed, and mediocre companies will fail, and investors in each will be rewarded accordingly.

The point being:

The manic-depressive Mr. Market isn’t your friend and trying to earn your money by attempting to predict his behavior is one of the worst things you can do.

But, wait a second, you say! If so, what about all those people working on Wall Street whose job is basically that: predicting the market?

What about Lynch himself and all the other MBAs from Wharton?

Is Lynch seriously saying that their degrees and the millions of dollars they are currently earning are just a fluff and a façade?

If you are expecting some twist at this point, you’re about to be disappointed.

Lynch’s answer to your question is a resounding “yes”:

Stop listening to professionals! Twenty years in this business convinces me that any normal person using the customary three percent of the brain can pick stocks just as well, if not better, than the average Wall Street expert.

“Nothing has occurred to shake my conviction that the typical amateur has advantages over the typical professional fund jockey” – he adds in the introduction to the millennium edition.

In fact, in Lynch’s opinion, “professional investing” is an oxymoron on par with phrases such as “deafening silence” and “military intelligence.”

In other words – there’s no such thing.

So, when E.F. Hutton talks, contrary to the popular dictum, everybody is not supposed to be listening, but, instead, everybody ought to be trying to fall asleep:

When it comes to predicting the market, the important skill here is not listening, it’s snoring. The trick is not to learn to trust your gut feelings, but rather to discipline yourself to ignore them.

What does this mean in practice?

Well, it means that you should never invest in any company before you’ve done your homework on the said company.

This means: research its earnings prospects, find out everything you can about its financial condition and competitive position, spend some time studying its vision and plans for expansion, and so on and so forth.

Because only by doing this you can be sure that you’re not buying a lottery ticket, but a company.

As Warren Buffett says, in essence, buying a stock is not much different from buying a whole company, and we’re pretty sure that you would think twice before buying a company judging solely on the current market trends.

Speaking of which –

In Peter Lynch’s typology, there are six different types of companies – learn to differentiate them, so that you should know when and how much to invest, in addition to what kind of return you can expect and in how many years you should expect it.

Slow growers are usually “large and aging companies” which “are expected to grow slightly faster than the gross national product.”

Stalwarts grow a bit faster, but, even so, you can’t expect them to be agile. Since, after all, these are the heavyweights such as “Coca-Cola, Bristol-Myers, Procter and Gamble, the Bell telephone sisters, Hershey’s, Ralston Purina, and Colgate-Palmolive.”

The fast growers are “small, aggressive new enterprises that grow at 20 to 25 percent a year.” Obviously, these are among Lynch’s favorite investments. “If you choose wisely,” writes Lynch, “this is the land of the 10-to 40-baggers, and even the 200-baggers.”

Cyclicals usually follow a rise-fall-rise pattern, rising and falling in a more predictable manner than the rest of the companies. “The autos and the airlines, the tire companies, steel companies, and chemical companies are all cyclicals.”

Turnarounds are “no growers” which, from time to time, are capable of rebounding. Since they are all but Chapter 11 signoffs before that, turnarounds are some of the most exciting companies to look out for. Lynch made a lot of money from Chrysler.

Asset plays are companies which have been overlooked by Wall Street – Lynch says that Wall Street overlooks asset plays constantly – even though they sit on assets you know have some inherent value.

This categorization is not final, notes Lynch. Companies constantly switch between categories, and your job is to research when and how.

So that you know how much to invest.

Key Lessons from “One Up on Wall Street”

1.      Determining the Company You’ll Invest In: The 6 Types of Companies
2.      The 13 Traits of a Company Which Make It an Attractive Investment
3.      Signals to Tell You Which Companies to Shun

Determining the Company You’ll Invest In: The 6 Types of Companies

Before investing in a company, be sure to discover its why and its story.

Afterward, determine its category.

It can belong to one of these six: slow growers, fast growers, stalwarts, cyclicals, turnarounds, and asset plays.

Turnarounds and fast growers offer the best opportunities but be wary of miscuing your investment on the cyclicals.

The 13 Traits of a Company Which Make It an Attractive Investment

Once you realize a company has a product which guarantees it’s going to be a success even if an idiot runs it, then you’ve found your investment.

However, there are 13 additional traits which may further direct your decision.

These are all good signs:

#1. It sounds dull – or, even better, ridiculous.
#2. It does something dull.
#3. It does something disagreeable.
#4. It’s a spinoff.
#5. The institutions don’t own it, and the analysts don’t follow it.
#6. There’s something depressing about it.
#7. The rumors abound: it’s involved with toxic waste and/or the Mafia.
#8. It’s a no-growth industry.
#9. It’s got a niche.
#10. People have to keep buying it.
#11. It’s a user of technology.
#12. The insiders are buyers.
#13. The company is buying back shares.

Signals to Tell You Which Companies to Shun

Just as there are signals to tell you which companies are good investments, there are signals which may suggest the opposite.

For example, it’s never a good idea to buy “the next big something” or to invest money in “the stock with the exciting name.”

In addition, don’t buy stocks which people lower their voices to share with you. These are “the whisper stocks,” “the whiz-bang stories,” the long shots.

Beware middleman companies as well, i.e., companies which cell 25 to 50 percent of its products to a single customer.

Finally, avoid diworseifications, which is a too good a word to require further explanation.

Like this summary? We’d like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.

“One Up on Wall Street Quotes”

The odds against making a living in the day-trading business are about the same as the odds against making a living at racetracks, blackjack tables or video poker. In fact, I think of day trading as at-home casino care. Click To Tweet

The basic story remains simple and never-ending. Stocks aren’t lottery tickets. There’s a company attached to every share. Click To Tweet

It’s impossible to distinguish cod from shrimp when your mutual fund has lost the equivalent of the GNP of a small, seagoing nation. Click To Tweet

But rule number one, in my book, is: Stop listening to professionals. Click To Tweet

Success is one thing, but it’s more important not to look bad if you fail. There’s an unwritten rule on Wall Street: ’You’ll never lose your job losing your client’s money on IBM.’ Click To Tweet

Our Critical Review

When we were making our picks for our “Top Finance and Investing Books” list some time ago, one of the first things we decided upon was the inclusion of both “One Up on Wall Street” and “Beating the Street.”

Not only because of the fact that reading Peter Lynch is extremely fun and enjoyable. But because following his advices may make you rich.

www.pdf24.org    Take this summary with you and read anywhere! Download PDF:   

Beating the Street PDF Summary – Peter Lynch

Beating the Street PDFAs the manager of the Magellan Fund, he averaged 29.2% annual return during a period of thirteen years.

No wonder they call him a legend.

Ladies and gentlemen, let us introduce to you Peter Lynch, explaining the art of “Beating the Street.”

Who Should Read “Beating the Street”? And Why?

If we’re asked to compare them, we’ll probably have to say that as much as “One Up on Wall Street” serves as Peter Lynch’s investing theoretical framework, “Beating the Street” demonstrates this theory in practice.

If you have the time and you’re serious about investing, then read them both.

If not – then we guess it’s sounder that you start with “One Up on Wall Street,” and then move on to “Beating the Street.”

However, if you are younger, you have an even better option than the two: buy Lynch’s “Learn to Earn,” appropriately titled “A Beginner’s Guide to the Basics of Investing and Business.”

Peter LynchAbout Peter Lynch

Peter Lynch is an American investor and mutual fund manager, who currently spends a great deal of his time mentoring young analysts and giving away some of his money to charity.

After graduating from Boston College and earning an MBA from the Wharton School, Lynch got a job with Fidelity Investments.

In 1977, he was named the head of the then-obscure $18 million worth Magellan Fund. When Lynch resigned from his position thirteen years later, the fund was worth more than $14 billion in assets.

In fact, during his tenure, the Magellan Fund averaged a 29.2% return, the best in the world and in history – to this day.

Lynch has co-written few books – including this one – with John Rothchild, a freelance writer who has authored few financial books on his own as well, such as “A Fool and His Money” and “Going for Broke.”

“Beating the Street PDF Summary”

Let us start our summary the way Peter Lynch starts his book – with a tale.

Back in 1990, Joan Morrissey, a teacher at St. Agnes School (a Boston area parochial school), was inspired to test the theory that you don’t need a Wharton or a Quotron MBA to excel in equities with her seventh-graders.

So, she tasked them with making mock investments.

The only rules of the game: they have to research their choices and explain to their classmates the reasons behind their investments.

The result?

The seventh-graders beat the S&P 500 index by a significant margin, their portfolio returning 69.6 as opposed to the S&P 500 total return performance of 26.08 for the period between January 1, 1990, to December 31, 1991.

The lesson?

Know your investments and try not getting too fancy: the stock-picking methods of the successful investors are usually “much simpler and generally more rewarding than many of the more baroque techniques used by highly paid fund managers.”

Speaking of stocks – Lynch is very adamant that bonds and certificates of deposit are never the right way to go, since carefully chosen stocks with dividends pay returns and, over a lengthy period, will almost certainly increase substantially.

Chapter 3 – titled “A Tour of the Fund House” – is the one many may be tempted to read first, since in it Lynch explains, for the first time, how to devise a mutual fund strategy, comprehensively and in detail.

The next three chapters are, as Lynch says, a “three-part retrospective: how I managed Magellan during 13 years and 9 major corrections.”

In them, Lynch analyzes the factors which ultimately contributed to his successes, concentrating on the methodology behind his decisions, and steering away from “idle reminiscence.”

Lynch explains why he chose certain stocks – Philip Morris, GM, Ford, Chrysler, Volvo, General Electric, and Fannie Mae – and how the investments paid off, transforming the small, closed Magellan fund from a $100 million obscure fund to a $10 billion giant.

Most of the book – from Chapter 7 to Chapter 20 – chronicles Peter Lynch’s way of choosing the 21 stocks he recommended in the 1992 Barron’s.

Now, you know that if you had bought many of these 21 stocks, you would have probably been a millionaire.

If you didn’t do that – or haven’t had a chance to – these chapters demonstrate how thoroughly you should research something before finally making a buy.

After all, the length of this section proves this.

For Lynch, the most natural place to start is to look for stocks in the retail sector, since people will always eat and, consequently, shop there.

Next, you should conduct a research on the depressed industries, since there you’ll find the most undervalued stocks on the market.

Lynch proves this by showing how digging deeper into the problems of the real estate market of the early 1990s revealed that there was no problem at all and that it was a minor hiccup: the inherent value of some companies promised big in the long run.

A well-run company in a depressed industry may emerge stronger and victorious in more than one sense, using the circumstances to swallow some of its competitors.

When the economy is stagnating, Lynch goes on, “the professional money manager begins to think about investing in the cyclicals.”

Some industries – “aluminums, steels, paper producers, auto manufacturers, chemicals, and airlines” – are always stuck in cycles, following a pattern of boom and recession and then boom again.

These are called cyclicals, and Lynch explains how you can profit from this, concluding his book with a recommendation that you need to do a reevaluation of your investment strategies every six months – since a healthy portfolio – just like a healthy man – requires a regular checkup.

Key Lessons from “Beating the Street”

1.      Know What You Buy: There’s No Other Formula
2.      Peter’s 21 Principles
3.      Peter’s 25 Golden Rules

Know What You Buy: There’s No Other Formula

I have no pat formulas to offer,” writes Peter Lynch at the end of the “introduction” to “Beating the Street.”

So, why should you bother reading this book?

Well, because the best way to learn where and how to invest is by reading.

And because even though “there are no bells that ring when you’ve bought the right stock, and no matter how much you know about a company you can never be certain that it will reward you for investing in it,” you can improve your odds if you know the factors that make a bank or a retailer or an automaker profitable or unprofitable.

“Beating the Street” certainly lays out these factors.

Peter’s 21 Principles

Throughout this book, at various places, Peter Lynch presents his 21 principles (both funny and enlightening) – things he learned from his experience, which, as he says is always the most expensive teacher.

So, you owe him.

And because we’ve handpicked the best of them – you owe us also, by proxy:

#2. Gentlemen who prefer bonds don’t know what they’re missing.
#6. As long as you’re picking a fund, you might as well pick a good one.
#8. When yields on long-term government bonds exceed the dividend yield of the S&P 500 by 6 percent or more, sell your stocks and buy bonds.
#11. The best stock to buy may be the one you already own.
#14. If you like the store, chances are you’ll love the stock.
#15. When insiders are buying, it’s a good sign—unless they happen to be New England bankers.
#16. In business, competition is never as healthy as total domination.
#17. All else being equal, invest in the company with the fewest color photographs in the annual report.
#18. When even the analysts are bored, it’s time to start buying.
#19. Unless you’re a short seller or a poet looking for a wealthy spouse, it never pays to be pessimistic.

Peter’s 25 Golden Rules (Or 8, If You’d Like)

The last chapter of “Beating the Street” is titled 25 Golden Rules – and it summarizes the most important lessons Peter Lynch has learned during his illustrious career.

In a checklist he distributes to young investors, Lynch has further trimmed these 25 golden rules to eight.

And here they are:

#1. Know what you own.
#2. It’s futile to predict the economy and interest rates.
#3. You have plenty of time to identify and recognize exceptional companies.
#4. Avoid long shots.
#5. Good management is very important – buy good businesses.
#6. Be flexible and humble, and learn from mistakes.
#7. Before you make a purchase, you should be able to explain why you’re buying.
#8. There’s always something to worry about.

Like this summary? We’d like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.

“Beating the Street Quotes”

This is one of the keys to successful investing: focus on the companies, not on the stocks. Click To Tweet

The popular theory that small growth stocks were the major factor in Magellan’s success falls wide of the mark. Click To Tweet

Corporations, like people, change their names for one of two reasons: either they’ve gotten married, or they’ve been involved in some fiasco that they hope the public will forget. Click To Tweet

The extravagance of any corporate office is directly proportional to management’s reluctance to reward the shareholders. Click To Tweet

In business, competition is never as healthy as total domination. Click To Tweet

Our Critical Review

In our opinion, “Beating the Street” is one of the “Top Finance and Investing Books” ever written. Which, in other words, means that you can’t afford not to read it – especially not if you are planning to become a successful investor.

www.pdf24.org    Take this summary with you and read anywhere! Download PDF: