Title: Investing under fire
Strategist and global market expert Ackerman aims to create a portrait of the current environment for professional and individual investors in this collection of 29 essays. But like the times, the book is often confusing and contradictory. Ackerman organizes the pieces into thematic sections, examining the stock market in general, niche investments (e.g., gold, oil, bonds, and biotech), research and analysis tools, business models successful businesses and unstable geopolitical prospects. The contributors to the first three sections are impressive, but the quality of the essays varies. John Bogle of the Vanguard Group offers one of the best with his summary of 50 years in the mutual fund industry. Has it been good for investors? “The answer is a resounding no,” he wrote. Morning Star’s Brian Portnoy provides insightful analysis of mutual fund fees. His conclusion:
“When you pay more, chances are you’ll get less.” Less helpfully, Value Line’s Jean Bernhard Buttner only offers a narrative of his firm’s services, and most niche investment advisers are unconvincing as they pump their own specialties. The section on successful business models features essays written by executives from Toyota, Starbucks, Washington Mutual and Lightspan who are plugging their own businesses. The real revelations are in the last section of the book. Events have already surpassed many of these essays, but Jules Kroll’s description of the still gaping holes in our security and Harvard professor Graham Allison’s warning that terrorists will soon have nuclear weapons should be enough to give even the optimistic investors. His conclusion: “When you pay more, chances are you’ll get less.” Less helpfully, Value Line’s Jean Bernhard Buttner only offers a narrative of his firm’s services, and most niche investment advisers are unconvincing as they pump their own specialties. “Investing under fire”
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