I have always been curious about why societies develop, which is why I was drawn to the social sciences as a student. I first encountered attempts to explain development in economics, but found that mainstream models were too neat and abstract to account for my everyday observations. Why are there no entrepreneurs in the models, and why do most economists assume that property rights are unambiguous? I eventually discovered that non-mainstream economic theories and some of the other social sciences are more concerned with reality. Eventually I developed an eclectic framework with a focus on entrepreneurship, institutions, and spatial agglomerations as factors that shape socio-economic development.
No author has had a greater impact on my thinking about entrepreneurship than Frank Knight.
He explained that entrepreneurs do not maximize anything, since the future is uncertain in a non-probabilistic sense. Instead they exercise judgment while facing an unknown future.
This book is divided into three parts. The first two parts read like a conventional economics textbook, but the third part is phenomenal. He explains why risk and uncertainty are different, which is a lesson that many economists and other social scientists still disregard.
Risk, Uncertainty, and Profit is a groundbreaking work of economic theory, distinguishing between risk, which is by nature measurable and quantifiable, and uncertainty, which can be neither be measured nor quantified.
We begin with an analysis of the functions of profit, risk and uncertainty in the economy. Frank H. Knight introduces his work with a discussion on profit and how there are conflicts about its nature between various economic theorists. As the title implies, the author's chief concern is the interplay between making a profit, incurring risk, and determining if there is uncertainty.
After specializing in minimalism and zero/low-waste in luxury residential design, Lori Dennis Inc. was tapped to author two books on Green Interior Design. The mission is to make sustainable design and living fun and accessible. Both Lori Dennis and Courtney Porter discovered their passions for design at an early age, spawned from resourcefulness and creative resstaint. Having lived in NYC and LA, Lori and Courtney have a love of cities, community, and the great outdoors.
Disposable City takes a look at the effects of climate change on the coastal city of Miami from a journalistic perspective. It’s a zoomed-out, eagle-eye perspective examining how the intersection of natural disasters, politics, and cultures affect the way cities are shaped. This book makes the list because it reminds us that our everyday choices have a rippling effect outside our own four walls.
Miami, Florida, is likely to be entirely underwater by the end of this century. Residents are already starting to see the effects of sea level rise today. From sunny day flooding caused by higher tides to a sewer system on the brink of total collapse, the city undeniably lives in a climate changed world. In Disposable City, Miami resident Mario Alejandro Ariza shows us not only what climate change looks like on the ground today, but also what Miami will look like 100 years from now, and how that future has been shaped by the city's racist past and present.…
I
often wondered who and when indexed investing was invented. This work discusses
the history of investing and how indexing came to be. Turns out there were many
people working independently initially, just like many other inventions earlier
in the 20th Century.
Who
knew the latter half of the 20th Century saw technology as well
as a lot of academics come to bear on making investing for people easier and
less expensive. Out of all random events and experiences different players had,
Vanguard and Dimensional were born.
I’m
a history nut as well as being concerned about our personal finances. This work
hit all cylinders on both those accounts. It’s important to understand history
and where things come from to better understand how it properly applies to
yourself.
'Grab some popcorn and take a front row seat, because Robin Wigglesworth has an astonishing story to tell you' Tim Harford, author of How to Make the World Add Up
'A fascinating account of an investment revolution' Ian Fraser, Literary Review
'A magisterial, delightfully written history offering up portraits of the academic scribblers and entrepreneurial practitioners who created the index-fund revolution' The Wall Street Journal
'Wigglesworth has written an important book' Patrick Hosking, Financial Editor, The Times
'A terrific read' Gregory Zuckerman, author of The Man Who Solved the Market
I went to Afghanistan under the first Taliban government as a humanitarian aid worker. During the following decade, I experienced inadequate emotional, mental, and theological support from those who had sent me out. I began to research the field of risk and found a wealth of literature on how humans make decisions, how we see (or don’t see) danger, how to manage risk and fear, and more. We ignore the best practices and common sense of these fields to our peril. I am passionate about helping people not feel isolated and alone when they choose to serve in dangerous situations.
What I loved about this book is that Norman Marks, a global expert on risk, wrote about the complex field of risk management in an accessible (lay) voice. I loved that, as a contributor to the ISO standards, he then pointed out the imperfections in the standards he had contributed to.
Intellectual humility is not often seen. I appreciated the way he explained world-class management as if he were having a conversation with the major risk management theories, pointing out strengths and weaknesses and boldly stating what he disagrees with or doesn’t actually work. I loved hearing his voice: “If I ruled the world, [I’d do it this way…].” Of course, I was curious to keep reading.
What is world-class risk management? Why do so many top executives and board members have difficulty seeing how enterprise risk management makes a positive contribution to the success of the organization?
Norman Marks is recognized as a global thought leader in risk management. He is an Honorary Fellow of the Institute of Risk Management and a Fellow of the Open Compliance and Ethics Group. A prolific blogger, author of three previous books and multiple award-winning articles, and a speaker at conferences and seminars around the world, Norman Marks is an original thinker with a business rather than a technical risk…
When I was growing up, I saw family members and friends, who were otherwise smart people who could master other aspects of their lives, have difficulty with personal finance decisions and investing. When my dad was laid off during a recession, he had some retirement money distributed to him, and I got interested in investing as he researched and tried with difficulty to handle this money himself. In my young adult years, I was a sponge to learn as much as I could about personal finance.
I loved this book because it is well-written and presents 200+ years of stock market history in a clear and compelling fashion.
This book helped me to understand the value of buying and holding stocks for the long term. I appreciated the thoroughness and objectivity that the professor who wrote this book brings to the table.
The stock-investing classic--UPDATED TO HELP YOU WIN IN TODAY'S CHAOTIC GLOBAL ECONOMY
Much has changed since the last edition of Stocks for the Long Run. The financial crisis, the deepest bear market since the Great Depression, and the continued growth of the emerging markets are just some of the contingencies directly affecting every portfolio inthe world.
To help you navigate markets and make the best investment decisions, Jeremy Siegel has updated his bestselling guide to stock market investing.
This new edition of Stocks for the Long Run answers all the important questions of today: How did the crisis alter the…
I’m a CPA with nearly 20 years of experience in the accounting profession and I provide continuing education to CPA firms in the area of accounting and auditing. One of my areas of specialization is government and nonprofit accounting. I serve on the Financial Accounting Standards Board (FASB’s) Not-for-Profit Advisory Committee and the AICPA’s Governing Council. I am passionate about the standard setting process and ensuring financial reporting is accurate and presented in a way to help the user make financial decisions. I have a BSBA from Georgetown University with a concentration in Accounting and International Business.
This book builds on the information provided by The Little Book of Boards by going into more details into the nitty gritty. This book addresses the legal responsibilities of the board risk management and ethics. It also has a chapter on financial statements and internal controls. Each chapter provides just enough details that the reader can start to get a great understanding of the big picture of a board member’s responsibilities. The book closes with a focus on change management and useful case studies to get the reader thinking about their responsibilities for the nonprofit organization. I’d definitely recommend reading this after the Little Book of Boards to continue to grow the knowledge base without getting overwhelmed.
Nonprofit organizations boards are justifiably passionate about their causes and eager to help their organizations. However, in today s increasingly regulated climate, board members, who come from diverse backgrounds and may have little financial expertise, can feel overwhelmed by the regulations that are their duty to follow. The Best of Boards: Sound Governance and Leadership for Nonprofit Organizations provides not-for-profit board members and financial managers with the essential fiduciary knowledge and indispensable leadership guidance that they need to meet the challenges of the current not-for-profit environment. This book contains: * Financial and ethical guidance for real-life situations * Practical leadership…
My entire career has been spent in finance. From life insurance to central banks, from stock exchanges to post-trade clearing and settlement, this is all I’ve ever done. My college degrees include BSBA in Business/Marketing, MBA in Management, and PhD in Economics. In addition to knowing what a lot of people know about finance, I also worked inside the “black box” of the Federal Reserve System and depository trust and clearing corporations (in 4 cities, on 2 continents). Therefore, I know more about the plumbing of stock market infrastructure than most people who have careers (and education) as long as mine.
I started working at Depository Trust Company in New York in September 1987 – a month later the “Black Monday” stock market crash happened! At the time, it was very difficult to see exactly what caused it. “When you are up to your neck in alligators, it is hard to remember why you drained the swamp!” This book explains how Wall Street banks hatched all those alligator eggs by hiring MIT math-whizz-kids and turning them loose without explaining the simplest thing about the stock market to them. One of the errors in their models was that they did not take bank holidays into account when calculating the time value of stocks and option prices.
Inside markets, innovation, and risk Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street-from Morgan Stanley to Salomon and Citigroup-and a member of some of the world's largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. From the…
I’ve been working in machine learning for about a decade. I’ve always been more interested in applied than theoretical problems and while blogs and MOOCs (Massive Online Open Courses) are a great way to learn, for certain deep topics only a book would do. I also teach at University of Oxford, University of Birmingham, and various FTSE100 companies. My machine learning has exposed me to many fascinating problems—from leading my own ML-focused startup through Y Combinator—to working at various companies as a consultant. I think there is currently no great curriculum for the practitioners really wanting to apply deep learning in practical cases, so I have given it my best shot.
While technically not about deep learning, this book is fantastic for those interested in pursuing applied or practical machine learning problems. While the central thesis of a topic can be reduced to “Frequently, models are valuable simply by reducing uncertainty,” it is definitely worth a read as there’s a lot of deep thinking in this book!
Now updated with new measurement methods and new examples, How to Measure Anything shows managers how to inform themselves in order to make less risky, more profitable business decisions This insightful and eloquent book will show you how to measure those things in your own business, government agency or other organization that, until now, you may have considered "immeasurable," including customer satisfaction, organizational flexibility, technology risk, and technology ROI. * Adds new measurement methods, showing how they can be applied to a variety of areas such as risk management and customer satisfaction * Simplifies overall content while still making the…
I’m an economist who started out in stockbroking. But that felt like an exploitative industry and, looking for a more positive role, I moved to the consumer organisation Which? There, I cut my teeth helping people make the most of their money and then started my own freelance business. Along the way, I’ve worked with many clients (including financial regulators and the Open University where I now also teach), taken some of the exams financial advisers do and written 30 or so books on personal finance. The constant in my work is trying to empower individuals in the face of markets and systems that are often skewed against them.
US economist Frank Knight is credited with distinguishing uncertainty from risk back in 1921. Yet the two are often conflated.
Kay (an eminent economist) and King (a former Governor of the Bank of England) argue powerfully that the distinction does matter. They range widely across macroeconomics, politics, and consumer choices to show why reducing the future to a set of numbers (probabilities) creates a false – and often disastrous – illusion of power over future outcomes.
They argue that instead we should aim to make decisions that stand a reasonable chance of being robust against unknowable, as well as forecastable, paths that the future might take. That’s very much the ethos of my own books: building in resilience is a key part of successful personal financial planning.
Some uncertainties are resolvable. The insurance industry's actuarial tables and the gambler's roulette wheel both yield to the tools of probability theory. Most situations in life, however, involve a deeper kind of uncertainty, a radical uncertainty for which historical data provide no useful guidance to future outcomes. Radical uncertainty concerns events whose determinants are insufficiently understood for probabilities to be known or forecasting possible. Before President Barack Obama made the fateful decision to send in the Navy Seals, his advisers offered him wildly divergent estimates of the odds that Osama bin Laden would be in the Abbottabad compound. In 2000,…
Richard L. Weissman is one of the world’s foremost authorities and thought leaders in the fields of derivatives, risk management and technical analysis. He is the author of two books: Mechanical Trading Systems: Pairing Trader Psychology with Technical Analysis (Wiley, 2004) and Trade Like a Casino: Find Your Edge, Manage Risk and Win Like the House (Wiley, 2011) which was a finalist for the 2012 Technical Analyst Book of the Year Award. Mr. Weissman has over thirty years experience as a derivatives trader and has provided training and consultation services to traders and risk managers at investment banks, hedge funds, energy, and agricultural companies for over twenty years.
Traders often ask me for a book that will teach them the nuts and bolts (pricing models, volatility, the Greeks, spread strategies, etc.,) of options and I always recommend this book. When I was learning options, the Natenberg book hadn’t been written and although there were “good” books on the topic, Natenberg is truly the gold standard for options traders.
WHAT EVERY OPTION TRADER NEEDS TO KNOW. THE ONE BOOK EVERY TRADER SHOULD OWN.
The bestselling Option Volatility & Pricing has made Sheldon Natenberg a widely recognized authority in the option industry. At firms around the world, the text is often the first book that new professional traders aregiven to learn the trading strategies and risk management techniques required for success in option markets.
Now, in this revised, updated, and expanded second edition, this thirty-year trading professional presents the most comprehensive guide to advanced trading strategies and techniques now in print. Covering a wide range of topics as diverse and…
