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|The Great Unraveling: Losing Our Way in the New Century
by Paul Krugman
|The Four Pillars of Investing : Lessons for Building a Winning Portfolio
by William J. Bernstein.
Explains how to construct an investment portfolio that will let you sleep at night, give you a return on your investment, and protect you from the sharks of the financial community.
Review of The Four Pillars of Investing.
|The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk
by William J. Bernstein
The Great Unraveling is well researched and well written, a selection of New York Times op-eds (written 2000-2003) by economist Paul Krugman. His essays intertwine interests in business, economics, and politics. It reports on the executive work of George W. Bush as "bad economics wrapped in the flag" and "blatantly based on bogus arithmetic."
Paul Krugman shows how and why he blames many financial problems on the Bush administration, which he sees as a "revolutionary power ... a movement whose leaders do not accept the legitimacy of our current political system." He questions the administration's motives on taxation and Social Security, and explores corporate wrong-doing, the recent stock market bubble, and the federal budget.
Krugman tells how the United States has lost its way, and how to get the country back.
The Power of Gold tells the history of gold from Midas and Moses to the present obsessions with its glitter and its symbolism for wealth.
Against the Gods by Peter L. Bernstein is a fascinating history of "bringing risk under control [as] ... one of the central ideas that distinguishes modern times from the more distant past."
It is indeed, "a richly woven tale of Greek philosophers and Arab mathematicians [such as Omar Khayyam], merchants [such as John Graunt who compiled and interpreted birth and deaths in London from 1604 to 1661] and scientists [such as physicist John van Neumann], gamblers [such as sixteenth century physician and gambling addict Girolamo Cardano] and philosophers."
Its concepts include alphabetically:
"We are never certain; we are always ignorant to some degree.
Much of the information we have is either incorrect or incomplete."
"Under conditions of uncertainty, the choice is not between rejecting a hypothesis and accepting it,
but between reject and non-reject.
You can decide that the probability that you are wrong is so large that you should reject the hypothesis.
But with any probability short of zero that you are wrong . . . you cannot accept a hypothesis."
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