Howard Marks is an American investor and writer. In the 2017 Forbes rankings of the wealthiest Americans, Marks was ranked the #374 richest person in the United States, with a net worth of $1.91 billion.
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A Short History of Financial Euphoria
The world-renowned economist offers “dourly irreverent analyses of financial debacle from the tulip craze of the seventeenth century to the recent plague of junk bonds.”???The Atlantic.
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Against the Gods
With the stock market breaking records almost daily, leaving longtime market analysts shaking their heads and revising their forecasts, a study of the concept of risk seems quite timely. Peter Bernstein has written a comprehensive history of man’s efforts to understand risk and probability, beginning with early gamblers in ancient Greece, continuing through the 17th-century French mathematicians Pascal and Fermat and up to modern chaos theory. Along the way he demonstrates that understanding risk underlies everything from game theory to bridge-building to winemaking.
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Bringing Down the House
An exclusive blackjack club came up with a system to take the worldUs most sophisticated casinos for all they were worth. In two years, this ring of card savants earned more than three million dollars. Filled with tense action and incredibly close calls, this is a real-life adventure that could have stepped straight out of a Hollywood film.
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Factfulness
Factfulness: The stress-reducing habit of only carrying opinions for which you have strong supporting facts.,When asked simple questions about global trends – why the world’s population is increasing; how many young women go to school; how many of us live in poverty – we systematically get the answers wrong. So wrong that a chimpanzee choosing answers at random will consistently outguess journalists, Nobel laureates, and investment bankers.,In ,, Professor of International Health and a man who can make data sing, Hans Rosling, together with his two long-time collaborators Anna and Ola, offers a radical new explanation of why this happens, and reveals the ten instincts that distort our perspective.,It turns out that the world, for all its imperfections, is in a much better state than we might think. But when we worry about everything all the time instead of embracing a worldview based on facts, we can lose our ability to focus on the things that threaten us most.,Inspiring and revelatory, filled with lively anecdotes and moving stories, , is an urgent and essential book that will change the way you see the world.
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Fooled by Randomness
is a standalone book in Nassim Nicholas Taleb???s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don???t understand. The other books in the series are ,and ,., is the word-of-mouth sensation that will change the way you think about business and the world. Nassim Nicholas Taleb???veteran trader, renowned risk expert, polymathic scholar, erudite raconteur, and , bestselling author of ,???has written a modern classic that turns on its head what we believe about luck and skill.,This book is about luck???or more precisely, about how we perceive and deal with luck in life and business. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill???the world of trading???, provides captivating insight into one of the least understood factors in all our lives. Writing in an entertaining narrative style, the author tackles major intellectual issues related to the underestimation of the influence of happenstance on our lives.,The book is populated with an array of characters, some of whom have grasped, in their own way, the significance of chance: the baseball legend Yogi Berra; the philosopher of knowledge Karl Popper; the ancient world???s wisest man, Solon; the modern financier George Soros; and the Greek voyager Odysseus. We also meet the fictional Nero, who seems to understand the role of randomness in his professional life but falls victim to his own superstitious foolishness.,However, the most recognizable character of all remains unnamed???the lucky fool who happens to be in the right place at the right time???he embodies the ???survival of the least fit.??? Such individuals attract devoted followers who believe in their guru???s insights and methods. But no one can replicate what is obtained by chance.,Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? It may be impossible to guard ourselves against the vagaries of the goddess Fortuna, but after reading , we can be a little better prepared.,Named by Fortune One of the Smartest Books of All Time,A Financial Times Best Business Book of the Year
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Principles
1 New York Times Bestseller.,???Significant…The book is both instructive and surprisingly moving.??? ???The New York Times,Ray Dalio, one of the world???s most successful investors and entrepreneurs, shares the unconventional principles that he???s developed, refined, and used over the past forty years to create unique results in both life and business???and which any person or organization can adopt to help achieve their goals.,In Principles, Dalio shares what he???s learned over the course of his remarkable career. He argues that life, management, economics, and investing can all be systemized into rules and understood like machines. The book???s hundreds of practical lessons, which are built around his cornerstones of ???radical truth??? and ???radical transparency,??? include Dalio laying out the most effective ways for individuals and organizations to make decisions, approach challenges, and build strong teams. He also describes the innovative tools the firm uses to bring an idea meritocracy to life, such as creating ???baseball cards??? for all employees that distill their strengths and weaknesses, and employing computerized decision-making systems to make believability-weighted decisions. While the book brims with novel ideas for organizations and institutions, Principles also offers a clear, straightforward approach to decision-making that Dalio believes anyone can apply, no matter what they???re seeking to achieve.,Here, from a man who has been called both ???the Steve Jobs of investing??? and ???the philosopher king of the financial universe??? (CIO magazine), is a rare opportunity to gain proven advice unlike anything you???ll find in the conventional business press.
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The Warren Buffett Way
Warren Buffett is the most famous investor of all time and one of today???s most admired business leaders. He became a billionaire and investment sage by looking at companies as businesses rather than prices on a stock screen. The first two editions of The Warren Buffett Way gave investors their first in-depth look at the innovative investment and business strategies behind Buffett???s spectacular success. The new edition updates readers on the latest investments by Buffett. And, more importantly, it draws on the new field of behavioral finance to explain how investors can overcome the common obstacles that prevent them from investing like Buffett. ,New material includes: ,The greatest challenge to emulating Buffett is not in the selection of the right stocks, Hagstrom writes, but in having the fortitude to stick with sound investments in the face of economic and market uncertainty. The new edition explains the psychological foundations of Buffett???s approach, thus giving readers the best roadmap yet for mastering both the principles and behaviors that have made Buffett the greatest investor of our generation.