An analysis of the investment approach of the world's top investors, showing how to achieve market-beating returns It is possible to beat the market. Taking this as a starting point, Excess Returns sets out to explore how exactly the most famous investors in the world have done it, year after year, sometimes by huge margins. Excess Returns is not a superficial survey of what investors have said about what they do. Rather, Frederik Vanhaverbeke applies a forensic analysis to hundreds of books, articles, letters and speeches made by dozens of top investors over the last century and synthesises his findings into a definitive blueprint of how exactly these investment legends have gone about their work. Among the legends whose work has been studied are Warren Buffett, Benjamin Graham, Anthony Bolton, Peter Lynch, Charles Munger, Joel Greenblatt, Seth Klarman, David Einhorn, Daniel Loeb, Lou Simpson, Prem Watsa and many more. Among the revealing insights, you will learn of the striking similarities in the craft of great investors, crucial subtleties in their methods that are ignored by many, and the unconscious errors investors commonly make and how these are counter to successful investing. Special attention is given to two often overlooked areas: effective investment philosophy and investment intelligence. The investing essentials covered include: - Finding bargain shares - Making a quantitative and qualitative business analysis - Valuation methods - Investing throughout the business cycle - Timing buy and sell decisions - And much, much more! Excess Returns is full of timeless and practical insights, presented in a unique style, to help investors focus on the most promising opportunities and lead the way to beating the market.
Murray Rothbard was known as the state's greatest living enemy, and this book is his most powerful statement on the topic. He explains what a state is and what it is not. He shows how it is an institution that violates all that we hold as honest and moral, and how it operates under a false cover. He shows how the state wrecks freedom, destroys civilization, and threatens all lives and property and social well being, all under the veneer of "good intentions."
A trio of experts on high-tech business strategy and innovation reveal the principles that have made platform businesses the most valuable firms in the world and the first trillion-dollar companies. Managers and entrepreneurs in the digital era must learn to live in two worlds the conventional economy and the platform economy. Platforms that operate for business purposes usually exist at the level of an industry or ecosystem, bringing together individuals and organizations so they can innovate and interact in ways not otherwise possible. Platforms create economic value far beyond what we see in conventional companies. The Business of Platforms is an invaluable, in-depth look at platform strategy and digital innovation. Cusumano, Gawer, and Yoffie address how a small number of companies have come to exert extraordinary influence over every dimension of our personal, professional, and political lives. They explain how these new entities differ from the powerful corporations of the past. They also question whether there are limits to the market dominance and expansion of these digital juggernauts. Finally, they discuss the role governments should play in rethinking data privacy laws, antitrust, and other regulations that could reign in abuses from these powerful businesses. Their goal is to help managers and entrepreneurs build platform businesses that can stand the test of time and win their share of battles with both digital and conventional competitors. As experts who have studied and worked with these firms for some thirty years, this book is the most authoritative and timely investigation yet of the powerful economic and technological forces that make platform businesses, from Amazon and Apple to Microsoft, Facebook, and Google all dominant players in shaping the global economy, the future of work, and the political world we now face. Supplemental enhancement PDF accompanies the audiobook.
In responding to the financial crash of 2008, both the Bush Administration and the Obama Administration have relied on prescriptions developed by John Maynard Keynes, the most important economist since Marx. But should we be relying on Keynes? What did Keynes actually say? Did he make his case? Hunter Lewis concludes that he did not. If Keynes was wrong then so are the economic policies of virtually all world governments today.
NEW YORK TIMES BESTSELLER * MORE THAN ONE MILLION COPIES SOLD “A provocative read...There are few tomes that coherently map such broad economic histories as well as Mr. Dalio’s. Perhaps more unusually, Mr. Dalio has managed to identify metrics from that history that can be applied to understand today.” —Andrew Ross Sorkin, The New York Times From legendary investor Ray Dalio, author of the #1 New York Times bestseller Principles, who has spent half a century studying global economies and markets, Principles for Dealing with the Changing World Order examines history’s most turbulent economic and political periods to reveal why the times ahead will likely be radically different from those we’ve experienced in our lifetimes—and to offer practical advice on how to navigate them well. A few years ago, Ray Dalio noticed a confluence of political and economic conditions he hadn’t encountered before. They included huge debts and zero or near-zero interest rates that led to massive printing of money in the world’s three major reserve currencies; big political and social conflicts within countries, especially the US, due to the largest wealth, political, and values disparities in more than 100 years; and the rising of a world power (China) to challenge the existing world power (US) and the existing world order. The last time that this confluence occurred was between 1930 and 1945. This realization sent Dalio on a search for the repeating patterns and cause/effect relationships underlying all major changes in wealth and power over the last 500 years. In this remarkable and timely addition to his Principles series, Dalio brings readers along for his study of the major empires—including the Dutch, the British, and the American—putting into perspective the “Big Cycle” that has driven the successes and failures of all the world’s major countries throughout history. He reveals the timeless and universal forces behind these shifts and uses them to look into the future, offering practical principles for positioning oneself for what’s ahead.
An eccentric classic of Zen poetry When Zen master Ikkyu Sojun (1394-1481) was appointed headmaster of the great temple at Kyoto, he lasted nine days before denouncing the rampant hypocrisy he saw among the monks there. He in turn invited them to look for him in the sake parlors of the Pleasure Quarters. A Zen monk-poet-calligrapher-musician, he dared to write about the joys of erotic love, along with more traditional Zen themes. He was an eccentric and genius who dared to defy authority and despised corruption. Although he lived during times plagued by war, famine, rioting, and religious upheaval, his writing and music prevailed, influencing Japanese culture to this day. "Ikkyu scandalized the Zen community of his day and is likely to scandalize some readers even nowhis short poems are simultaneously bawdy, abrupt, vulgar, and reverential... It is impossible not to love the velocity and variety of his verse."The Philadelphia Inquirer "Stephen Berg is exactly the right poet to have translated these poems."Hayden Carruth, The Hudson Review "A deeply sensual man, Ikkyu had little patience for the fussiness of monastic life and ritual... What is especially appealing about Ikkyu's poetry is the way his sensuality infuses his Zen sensibility."American Book Review Stephen Berg (1934-2014) was the founder and editor of American Poetry Review. Also available by Stephen Berg Steel Cricket PB $16.00, 1-55659-075-X CUSA New & Selected Poems PB $12.00, 1-55659-043-1 CUSA
Some things change life as we know it forever. This is the book that caused a sensation when originally published in Spanish in 2022 (as La Filosofia de Bitcoin) for its novel exploration of why Bitcoin is a creative disruption to civilization comparable to gunpowder, the stirrup, or the internet. Now available in translation for English readers, The Philosophy of Bitcoin explores, from a philosophical point of view, the nature of Bitcoin, its political implications, and its relationship with the State. Based on an analysis of its innovations, the author explains what and why institutions are put in crisis as a result of Bitcoin, and why it is stoking the crucible of disruption like nothing else for a very long time. "Álvaro D. María’s book does an excellent job of breaking down the nuance between money’s relationship with the State. Bitcoin’s emergence will transform the State because the very concept of money has been redefined. In fact, you could say this transformation has already begun with the wave of nation-state Bitcoin adoption currently making its way across the world. D. María deftly navigates this transformation in his book, covering topics such as the emergence of new social contracts and the coming change in both economics and politics." —Samson Mow, JAN3 CEO "This book ignites the critical thinking of all kinds of readers; it is accessible to beginners seeking a gateway to Bitcoin and stimulating for experts reimagining the matter. Álvaro D. María commands the art of explaining complex social and economic processes in simple terms. He can relevantly quote from Greek philosophers, Golden Age poets, Nobel laureates, or even Shrek to welcome each of us, “newbies” and “original gangsters” alike, into this bottom-up grassroot revolution." —Gabriel Kurman, founder of Rootstock; CEO, Koibanx "As we search for reasons to say “yes” to Bitcoin, we often look into the economic sphere, finding motives in the Fiat model or Executive Order 6102. We also look for arguments in the lack of freedoms, censorship, or the prevailing KYC. But what about the reasons of political philosophy, and the reasons that are anchored to the most radical changes that man has experienced and that involve centuries or millennia? The Philosophy of Bitcoinby Álvaro D. María makes you understand where we are and shows you why Bitcoin and cyberspace are the beginning of the crumbling of the state absolutism in which we live. Few books deserve a 10 out of 10." —Lunaticoin "The Philosophy of Bitcoin is a book that had to exist. It is not only because of how D. María managed to synthesize the historical discussion of power and state in 100 pages, but also because, in Spanish, there was a huge philosophical gap in the analysis of Bitcoin. The book is a contribution at all levels: for those who are just starting to learn about Bitcoin, for those who are already users, or for those who have become Bitcoiners. The book is definitely a philosophical revelation about Bitcoin, available to everyone." —Javier Bastardo, author of Satoshi in Venezuela "The Philosophy of Bitcoin provides insightful guidance to explore the deeper implications of Bitcoin beyond its role as a currency. The book recognizes Bitcoin as a transformative breakthrough for humanity, and Álvaro D. María expertly analyzes its impact on the relationship between money and the State. He skillfully navigates this transformation, exploring topics such as the emergence of new social contracts, changes in economics and politics, and the redefinition of property rights. A must read for anyone interested in Bitcoin and Austrian economics." —Prince Philip of Serbia Álvaro D. María holds double degrees in law and philosophy. When he wrote and published this book in Spanish in 2022 it was an instant success. This edition marks the debute of his work in English.
Bitcoin is one of the most transformative technologies in history, but at the same time it's dismissed as useless or only seen as a speculative vehicle. Why Cryptocurrencies? will dispel that myth by exploring real use-cases and show how cryptocurrencies are uniquely positioned to revolutionize the way we use money today. Can you afford to miss out? What makes this book special? * Gives you the important conceptual ideas. It's all too easy to get bogged down with technical details; the high-level concepts are what's truly important. * Easy to read. The book is beginner-friendly and doesn't require any prior knowledge. * Focused on utility. The focus is on concrete use-cases, instead of the more seductive speculative approach. * It's bigger than Bitcoin. There are many more cryptocurrencies other than Bitcoin. The focus is on the general cryptocurrency concept and it's potential, instead of on a single implementation. * Visits a wide variety of topics. This isn't only about cryptocurrencies. It's also about money, censorship, our financial system, and the dark secrets that Chelsea Manning and Edward Snowden revealed. * The order doesn't matter. Chapters are self-contained, so you can jump around and read the sections you're interested in.
- HONEST. Eris 3.5BT near field studio monitors deliver studio-quality, accurate sound perfect for music production, hi-fi audio listening, or multimedia reference. - EXPRESSIVE. Clear, accurate audio with a big low end — Eris 3.5BT's woven-composite woofers’ weave and nature result in tight bass that you can feel, as well as cleaner overall sound. - POWERFUL. Compact speakers that pack a punch — 50 Watts of Class AB dual amplification (25W per side) provide all the volume and loudness you want without sacrificing tonal balance or audio clarity. - BLUETOOTH 5.0 WIRELESS CONNECTIVITY. Ultra-reliable Bluetooth 5.0 delivers seamless integration with your other devices while flexible wired connection options ensure easy compatibility with virtually any monitoring setup – so you can plug in, pair up, and get to work without missing a beat. - ULTRA-WIDE LISTENING SWEET SPOT. The natural high-frequency response of the 1-inch low-mass, silk-dome transducers (tweeters) provide superior stereo imaging from nearly any listening angle. - ALL THE CONNECTIONS YOU NEED. ¼-inch TRS balanced inputs on the back panel for professional audio devices, unbalanced RCA inputs for consumer electronics, plus a convenient front-panel ⅛-inch TRS stereo aux input for your phone. - PRECISION-TUNE TO YOUR ROOM. High- and low-frequency tuning controls allow you to customize your audio output for your ears, room size, and speaker orientation. Whether on a desk, bookshelf, or next to a turntable or record player, Eris 3.5BT's produce clear, room-filling sound. - QUICK-SWITCH TO HEADPHONES. The easy-access front panel headphone output and built-in headphone amplifier allow for plug-and-play headphone media reference when needed. - ADD MORE LOW END. The 50W, 8-inch companion Eris Sub 8BT studio subwoofer delivers a massive low-frequency boost and Bluetooth connectivity to your Eris 3.5BT’s, creating a powerful 2.1 speaker system. - POWER SAVER MODE. Power-saving mode auto engages after 40 minutes of idle time.
Size: 3.5" BT Gen 2 Color: Black
- HONEST. The Eris Sub 8BT compact 8-inch, front-firing studio subwoofer with Bluetooth wireless delivers studio-quality, accurate sound perfect for music production, hi-fi audio listening, or multimedia reference. - EXPRESSIVE. Clear, accurate audio with a big low end – Eris Sub 8BT's woven-composite woofers’ weave and nature result in tight bass that you can feel, as well as cleaner overall sound. - POWERFUL. The surprisingly loud, 100 watt Eris Sub 8BT drops down to a molar-rattling 30 Hz, so you'll hear the full sonic spectrum and produce better mixes. - BLUETOOTH 5.0 WIRELESS CONNECTIVITY. Ultra-reliable Bluetooth 5.0 delivers seamless integration with your other devices while flexible wired connection options ensure easy compatibility with virtually any monitoring setup – so you can plug in, pair up, and get to work without missing a beat. - ULTRA-WIDE LISTENING SWEET SPOT. Highpass filter and lowpass filter (crossover) controls ensure the Eris Sub 8BT starts working at the precise frequency where your main monitors stop, avoiding the flabby, smudged, low-end mess that occurs without a crossover. - ALL THE CONNECTIONS YOU NEED. ¼-inch TRS balanced inputs on the back panel for professional audio devices, unbalanced RCA inputs for consumer electronics, plus a convenient front-panel ⅛-inch TRS stereo aux input for your phone. - PRECISION-TUNE TO YOUR ROOM. High- and low-frequency tuning controls allow you to customize your audio output for your ears, room size, and speaker orientation. - QUICK-SWITCH TO HEADPHONES. The easy-access front panel headphone output and built-in headphone amplifier allow for plug-and-play headphone media reference when needed. - FULL-FREQUENCY SOUND. Although compatible with a variety of full-range studio monitors, the Eris Sub 8BT compact studio subwoofer was designed to complement the voicing and frequency response of the full range of compact Eris studio monitors, from the ultra-affordable Eris 3.5 to the Eris 5. - POWER SAVER MODE. Power-saving mode auto engages after 40 minutes of idle time.
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The Art of War is a renowned ancient Chinese military treatise written by Sun Tzu, a military strategist and philosopher. Composed around the fifth century BC, it provides valuable insights into warfare and strategy. The book emphasizes the importance of careful planning, understanding the enemy, exploiting weaknesses, and employing tactics to achieve victory. It covers various aspects of warfare, including tactics, intelligence gathering, leadership, and the importance of adaptability. It continues to be studied and applied in various fields beyond the military, including business and politics. Strategy. Strength. Supreme success. * Insights into strategy and warfare. * Provides valuable insights into navigating dynamic and unpredictable environments in various domains. * Delves into the qualities of successful leaders. * Offers practical advice on how to gain advantages and outmanoeuvre opponents. * Emphasizes the importance of strategic thinking and planning.
Legal Foundations of a Free Society is an updated selection of articles published over three decades dealing with a variety of issues in libertarian rights and legal theory, including the nature and foundations of libertarianism, rights and punishment theory, causation and responsibility, contract theory, and intellectual property. The chapters have been significantly revised and updated and integrated with each other with extensive cross-references, and with an extensive bibliography and index. “… more than 40 years after the first publication of Rothbard’s Ethics of Liberty and characterized by much practical disappointment and increasing theoretical confusion, the publication of Stephan Kinsella’s present work must be considered a most welcome sign of renewed hope and new, refreshing intellectual inspiration. Indeed, with this work, that has been in the making for more than two decades, Kinsella has produced no less than an intellectual landmark, establishing himself as the leading legal theorist and the foremost libertarian thinker of his generation. While following in Rothbard’s footsteps, Kinsella’s work does not merely rehash what has been said or written before. Rather, having absorbed as well all of the relevant literature that has appeared during the last few decades since Rothbard’s passing, Kinsella in the following offers some fresh perspectives and an innovative approach to the age-old quest for justice, and he adds several highly significant refinements and improvements and some centrally important new insights to the theories of personhood, property and contract, most famously some radical criticism and rejection of the idea of ‘intellectual property’ and ‘intellectual property rights.’ … Henceforth, then, all essential studies in the philosophy of law and the field of legal theory will have to take full account of the theories and criticisms expounded by Kinsella.” —From the Foreword, by Hans-Hermann Hoppe