MUSTS…
# ‘Fooled by randomness’ by Nassim Nicholas Taleb
Taleb covers vast range of subjects in an engrossing fashion: statistical theory, economics, philosophy, human psychology and history - and the fact that investors never learn from history. Taleb has written the books based on his own experience as a trader in financial markets and has described the nuances of how the human mind functions in various conditions. He analyses how we react differently when presented the same fact in different ways. He provides a fascinating description of how human mind underestimates risks. The message for investors is to be wary of being over dependent on statistical models in making investing decisions and to be aware of events that have a low probability of occurrence, but which can have disastrous consequences if they do happen. These are what Taleb calls ‘black-swan’ events. A single ‘Black swan’ occurrence is enough to drive one to bankruptcy.
An essential reading for people who want to actively trade in the financial markets.
# "Competitive Strategy" by Michael Porter
If you boil business down to its essence, you are left with two key elements--strategy and execution. Strategy is deciding what direction to go, and execution is how to get there.
Strategy is about competition, and prior to the book's 1980 publication, competition was defined as other companies operating in the same industry. Porter's five forces model created a much richer view, adding suppliers, buyers, substitutes, and new players to the definition.
These added dimensions made Porter's work ground-breaking. Without Porters' model, it is hard to see how PC manufacturers' margins quickly shrank in the 1990's. The cause was not competition among industry players, but the superior bargaining power of their two primary suppliers--Intel and Microsoft.
Shouldn’t miss it. Really !
# "Execution" by Larry Bossidy, Ram Charan, and Charles Burck
In their book, Bossidy, who spent 40 years running industrial conglomerates, Charan, who provides insights as a guru to Fortune 500 CEOs, and writer and editor Burck mapped out "a system for getting things done through questioning, analysis, and follow-through."
Identifying and developing leadership talent lies at the core with the goal not to evaluate people for what they are doing today, but for the positions they will hold tomorrow.
Organizations that understand execution inject a healthy dose of realism into their culture through open, informal dialogue to eliminate false consensus and by making needed changes today rather than waiting for tomorrow for things to get better.
Read. If you want to optimize…
# ‘Fooled by randomness’ by Nassim Nicholas Taleb
Taleb covers vast range of subjects in an engrossing fashion: statistical theory, economics, philosophy, human psychology and history - and the fact that investors never learn from history. Taleb has written the books based on his own experience as a trader in financial markets and has described the nuances of how the human mind functions in various conditions. He analyses how we react differently when presented the same fact in different ways. He provides a fascinating description of how human mind underestimates risks. The message for investors is to be wary of being over dependent on statistical models in making investing decisions and to be aware of events that have a low probability of occurrence, but which can have disastrous consequences if they do happen. These are what Taleb calls ‘black-swan’ events. A single ‘Black swan’ occurrence is enough to drive one to bankruptcy.
An essential reading for people who want to actively trade in the financial markets.
# "Competitive Strategy" by Michael Porter
If you boil business down to its essence, you are left with two key elements--strategy and execution. Strategy is deciding what direction to go, and execution is how to get there.
Strategy is about competition, and prior to the book's 1980 publication, competition was defined as other companies operating in the same industry. Porter's five forces model created a much richer view, adding suppliers, buyers, substitutes, and new players to the definition.
These added dimensions made Porter's work ground-breaking. Without Porters' model, it is hard to see how PC manufacturers' margins quickly shrank in the 1990's. The cause was not competition among industry players, but the superior bargaining power of their two primary suppliers--Intel and Microsoft.
Shouldn’t miss it. Really !
# "Execution" by Larry Bossidy, Ram Charan, and Charles Burck
In their book, Bossidy, who spent 40 years running industrial conglomerates, Charan, who provides insights as a guru to Fortune 500 CEOs, and writer and editor Burck mapped out "a system for getting things done through questioning, analysis, and follow-through."
Identifying and developing leadership talent lies at the core with the goal not to evaluate people for what they are doing today, but for the positions they will hold tomorrow.
Organizations that understand execution inject a healthy dose of realism into their culture through open, informal dialogue to eliminate false consensus and by making needed changes today rather than waiting for tomorrow for things to get better.
Read. If you want to optimize…
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