This is the true story behind Wall Street legend Richard Dennis, his disciples, the Turtles, and the trading techniques that made them millionaires. What happens when ordinary people are taught a system to make extraordinary money? Richard Dennis made a fortune on Wall Street by investing according to a few simple rules. Convinced that great trading was a skill that could be taught to anyone, he made a bet with his partner and ran a classified ad in the Wall Street Journal looking for novices to train. His recruits, later known as the Turtles, had anything but traditional Wall Street backgrounds; they included a professional blackjack player, a pianist, and a fantasy game designer. For two weeks, Dennis taught them his investment rules and philosophy, and set them loose to start trading, each with a million dollars of his money. By the time the experiment ended, Dennis had made $100,000,000 from his Turtles and created one killer Wall Street legend. In The Complete Turtle Trader, Michael W. Covel, best-selling author of Trend Following and managing editor of TurtleTrader.com, the leading website on the Turtles, tells their riveting story with the first ever on-the-record interviews with individual Turtles. He describes how Dennis interviewed and selected his students, details their education and experiences while working for him, and breaks down the Turtle system and rules in full. He reveals how they made astounding fortunes, and follows their lives from the original experiment to the present day. Some have grown even wealthier than ever, and include some of today's top hedge fund managers. Equally important are those who passed along their approach to a second generation of Turtles, proving that the Turtles' system truly is reproducible, and that anyone with the discipline and the desire to succeed can do as well as - or even better than - Wall Street's top hedge fund wizards. These rules worked - and still work today - for everyone. PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your My Library section along with the audio. Read more

A primer for families of high net worth on how to manage their qualitative and financial wealth for generationsThe second edition of this foundational work, Complete Family Wealth: Wealth as Well-Being provides proven tools and best practices for families of means to use in maturing, maintaining, and managing personal and legacy wealth long into the future. The book is divided into three parts: the "what"―what is meant by family, wealth, and enterprise; the "who"―the persons crucial to family enterprise flourishing; and the "how"―specific practices families can use to enhance and grow family wealth. The second edition of this work places the health and well-being of the individual members of the family unit at the forefront of every aspect detailed within the book. A natural product of this focus is an increased awareness of the social complexities of wealth that have come to the fore in recent years, and the team of expert authors here address the responsibility of private wealth to the public good. In addition, Complete Family Wealth's second edition provides readers with: A new chapter on "the big reveal," suggesting ways to encourage positive, life-affirming reception of the revelation of present or future wealthAn additional chapter on preserving the beloved family vacation homeTwo new appendices: "Fiduciary Course Curriculum," dedicated to enhancing the education of trustees and beneficiaries; and "Key Practices for Families During Challenging Times," a response to the pandemic but relevant to all trying periods for familiesExamples that make these practices accessible to a broad audience across the wealth spectrum.Having shaped the language used by families and their advisors with the first edition, Complete Family Wealth's second edition is essential reading for families of high net worth and their financial advisors. It will also be of interest to family offices, fund managers, as well as private investors. Read more

The Instant New York Times Bestseller“Engaging and entertaining… a glimpse of the economy of the future.” —Tim Wu, New York Times Book ReviewFrom the New York Times bestselling author of The Signal and the Noise,the definitive guide to our era of risk—and the players raising the stakes   In the bestselling The Signal and the Noise, Nate Silver showed how forecasting would define the age of Big Data. Now, in this timely and riveting new book, Silver investigates “the River,” the community of like-minded people whose mastery of risk allows them to shape—and dominate—so much of modern life. These professional risk-takers—poker players and hedge fund managers, crypto true believers and blue-chip art collectors—can teach us much about navigating the uncertainty of the twenty-first century. By immersing himself in the worlds of Doyle Brunson, Peter Thiel, Sam Bankman-Fried, Sam Altman, and many others, Silver offers insight into a range of issues that affect us all, from the frontiers of finance to the future of AI. Most of us don’t have traits commonly found in the River: high tolerance for risk, appreciation of uncertainty, affinity for numbers—paired with an instinctive distrust of conventional wisdom and a competitive drive so intense it can border on irrational. For those in the River, complexity is baked in, and the work is how to navigate it. People in the River have increasing amounts of wealth and power in our society, and understanding their mindset—and the flaws in their thinking— is key to understanding what drives technology and the global economy today. Taking us behind the scenes from casinos to venture capital firms, and from the FTX inner sanctum to meetings of the effective altruism movement, On the Edge is a deeply reported, all-access journey into a hidden world of power bro­kers and risk-takers. Read more

With the prevailing wisdom changing on an almost daily basis, Burton G. Malkiel’s reassuring and vastly informative volume remains the best investment guide money can buy.In a time of increasing inequality, when high-frequency traders and hedge-fund managers seem to tower over the average investor, Burton G. Malkiel’s classic and gimmick-free investment guide is now more necessary than ever. Rather than tricks, what you’ll find here is a time-tested and thoroughly research-based strategy for your portfolio. Whether you’re considering your first 401k contribution or contemplating retirement, this fully-updated edition of A Random Walk Down Wall Street should be the first book on your reading list.In A Random Walk Down Wall Street you’ll learn the basic terminology of "the Street" and how to navigate it with the help of a user-friendly, long-range investment strategy that really works. Drawing on his own varied experience as an economist, financial adviser, and successful investor, Malkiel shows why an individual who buys over time and holds a low-cost, internationally diversified index of securities is still likely to exceed the performance of portfolios carefully picked by professionals using sophisticated analytical techniques. In this new edition, Malkiel provides a brand-new section on the recent bubble in cryptocurrencies like Bitcoin, as well as valuable new material on “tax-loss harvesting”―the crown jewel of tax management. He also presents a critical analysis of two recently popular investment-management techniques: factor investing and risk parity.On top of all this, the book’s classic lifecycle guide to investing, which tailors strategies to investors of any age, will help you plan confidently for the future. You’ll learn how to analyze the potential returns, not only for basic stocks and bonds but for the full range of investment opportunities―from money market accounts and real estate investment trusts to insurance, home ownership, and tangible assets like gold and collectibles. Individual investors of every level of experience and risk tolerance will find throughout the book the critical facts and step-by-step guidance they need to protect and grow their hard-earned dollars.

An astonishing - and astonishingly entertaining - behind-the-curtain history of Hollywood's transformation over the past five decades as seen through the agency at the heart of it all, from the number-one best-selling author of Live from New York and Those Guys Have All the Fun. In 1975, five young employees of a sclerotic William Morris agency left to start their own strikingly innovative talent agency. In the years to come, Creative Artists Agency would vault from its origins in a tiny office on the last block of Beverly Hills to become the largest and most imperial, groundbreaking, and star-studded agency Hollywood has ever seen - a company whose tentacles now spread throughout the world of movies, music, television, technology, advertising, sports, and investment banking far more than previously imagined. Powerhouse is the fascinating, no-holds-barred saga of that hot-blooded ascent. Drawing on unprecedented and exclusive access to the men and women who built and battled CAA as well as financial information never before made public, acclaimed author James Andrew Miller spins a tale of boundless ambition, ruthless egomania, ceaseless empire building, drugs, sex, greed, and personal betrayal. Powerhouse is also a story of prophetic brilliance, magnificent artistry, singular genius, entrepreneurial courage, strategic daring, foxhole brotherhood, and how one firm utterly transformed the entertainment business. Here are the real Star Wars - complete with a Death Star - told through the voices of those who were actually there. Packed with scores of stars from movies, television, music, and sports as well as a tremendously compelling cast of agents, studio executives, network chiefs, league commissioners, hedge fund managers, tech CEOs, and media tycoons, Powerhouse is itself a Hollywood blockbuster of the most spectacular sort. Read more

A scathing portrait of an urgent new American crisis. Over the last two decades, America has been falling deeper and deeper into a statistical mystery: Poverty goes up. Crime goes down. The prison population doubles. Fraud by the rich wipes out 40 percent of the world’s wealth. The rich get massively richer. No one goes to jail. In search of a solution, journalist Matt Taibbi discovered the Divide, the seam in American life where our two most troubling trends - growing wealth inequality and mass incarceration - come together, driven by a dramatic shift in American citizenship: Our basic rights are now determined by our wealth or poverty. The Divide is what allows massively destructive fraud by the hyperwealthy to go unpunished, while turning poverty itself into a crime - but it’s impossible to see until you look at these two alarming trends side by side. In The Divide, Matt Taibbi takes readers on a galvanizing journey through both sides of our new system of justice - the fun-house-mirror worlds of the untouchably wealthy and the criminalized poor. He uncovers the startling looting that preceded the financial collapse; a wild conspiracy of billionaire hedge fund managers to destroy a company through dirty tricks; and the story of a whistleblower who gets in the way of the largest banks in America, only to find herself in the crosshairs. On the other side of the Divide, Taibbi takes us to the front lines of the immigrant dragnet; into the newly punitive welfare system which treats its beneficiaries as thieves; and deep inside the stop-and-frisk world, where standing in front of your own home has become an arrestable offense. As he narrates these incredible stories, he draws out and analyzes their common source: a perverse new standard of justice, based on a radical, disturbing new vision of civil rights. Through astonishing - and enraging - accounts of the high-stakes capers of the wealthy and nightmare stories of regular people caught in the Divide’s punishing logic, Taibbi lays bare one of the greatest challenges we face in contemporary American life: surviving a system that devours the lives of the poor, turns a blind eye to the destructive crimes of the wealthy, and implicates us all.

PrivateEquity is the single most important source of twenty-first-century wealth creation; many billionaires can trace their fortunes directly back to Private Equity. The best-known are those associated with Blackstone Group's Stephen Schwarzman and KKR's Henry Kravis and George Roberts. The co-founders at Carlyle are led by David Rubenstein, William Conway, and Daniel D'Aniello, while Apollo Global Management has Leon Black.The Forbes Billionaire list is cluttered with individuals with backgrounds in Private Equity or fortunes tied to Private Equity. Despite such an impact on the Global economy and the markets, Private Equity functions behind closed doors.The Mechanics of Private Equity aims to offer practical advice and closely examine the inner workings of a clandestine and lucrative asset class.As part of "The Mechanics of Private Equity Advantage," you will be granted access to all the Leverage Buyout (LBO) Excel Models created within this title to enhance your learning experience.This title suits any finance enthusiast, rookie investment banker, founder, or business owner. Its concept combines theoretical knowledge and hands-on experience through multiple case studies tailored to varied skill sets with detailed Excel Models.In this book, you will learn:Basic Principles of Private Equity - Learn the bare essentials of what you need to know to talk with confidence about Private EquitySourcing Deals - Understand how private equity funds source deals for proprietary and process-driven deals.Executing investments - Obtain information about the investment process in new private equity fund deals.Portfolio Management - Explain how private equity funds generate value from their portfolio.Exit Investments - Use specific examples to show how private equity funds sell their investments and book the associated profit.Private Equity Fund Considerations - Learn the basic principles of how funds are managed and should be benchmarkedBreaking into Private Equity: Learn the strategies already known to improve your chances of being hired in the private equity industry.This title will help you develop a robust understanding of leveraged buyouts through practical exercises and Excel models. It will also shed light on the complexity of LBO deals through various financial instruments, covenants, and structures.You will learn how to respond to practical questions like maximum debt capacity, lenders in an LBO, and types of value creation LBO strategies.Deep-diving into the following case study - Dell's legendary LBO deal, known as the "Deal of the Century."Carry out two in-depth Leveraged Buyout case studies to give firsthand skills, such as "hands-on skills," and bridge the apparent gaps between theoretical principles and their realizations.Napkin LBO, Master of the art of putting together a Simplified One-Page Financial Model, is commonly used in investment banking interviews; hence, it is excellent for beginners to get their basics right.Sophisticated LBO Modeling Practical Case Study (Excel Models Included) - Develop detailed financial models, including transaction costs, goodwill, fixed asset roll forward, P&L, balance sheet, cash flow, Equity, and debt schedules.Enhancing your financial modeling skills while executing an involved, multi-layered LBO valuation is what distinguishes players in this intensely competitive field known as finance.I'm ecstatic to introduce you to “The Mechanics of Private Equity.” Join me today to uncover the "Private Equity" World of Opportunity for your Professional and Business Growth. Read more

How to make money in stocks?First step: don't trade stocks. In a radical departure from most investment books, a former day trader demonstrates how a simple asset allocation strategy that 'adapts' to changing market conditions has delivered a 12% average annual return over the past 10 years.What does 12% mean?If you're familiar with investing basics, you'll know that figure comes close to doubling the average return of the benchmark S&P 500. It also outperforms 99% of all mutual funds.But what's outperformance without protection? When the S&P 500 crashed in 2008 and lost 37% of its value, this plan actually returned +10.9%.Beat the market with this unique ETF trading system.Beat The Street and build long-term wealth in the stock market with this simple ETF rotation strategy that automates decision making, reduces risk and volatility in your portfolio, and lets you sleep soundly at night without worries of market bears or bursting bubbles.A trading strategy that’s not pie-in-the-sky and not just a bunch of theory, but rather a systematic plan employing index fund ETFs and backed up with real numbers. A trading plan that’s understandable, repeatable, that works and works simply.Anyone can do this.Whether you're new to stock market investing, or a stock trading veteran grown wary of Wall Street gurus with subpar track records touting the latest hot stock that underperforms the minute you buy it, this will make sense.In easy-to-understand language, you’ll discover...The six index fund ETFs that power the strategy, and why.The simple technique for identifying which of those ETFs to buy, and which to sell -- and most importantly, when.How $5,000 can end up $1,000,000 in your retirement portfolio.How to protect your portfolio during market downturns with a simple cash trigger.In short, how to earn an average of 12% annually in the stock market with minimal trading, less volatility, and less risk.Make money trading without obsessing.If you have 20 minutes a month and a computer, you can turn any investment amount into a steadily growing compounding machine that will make you the envy of Mad Money’s Jim Cramer and 99% of all mutual fund managers.Make just 2-4 trades one day a month. The strategy tells you what ETFs to buy and what to sell. That’s it. Then turn off the computer and go live your life.Start Making Your 12% Today.Scroll to the top of the page and select the “Buy Now” button. Read more

PrivateEquity is the single most important source of twenty-first-century wealth creation; many billionaires can trace their fortunes directly back to Private Equity. The best-known are those associated with Blackstone Group's Stephen Schwarzman and KKR's Henry Kravis and George Roberts. The co-founders at Carlyle are led by David Rubenstein, William Conway, and Daniel D'Aniello, while Apollo Global Management has Leon Black.The Forbes Billionaire list is cluttered with individuals with backgrounds in Private Equity or fortunes tied to Private Equity. Despite such an impact on the Global economy and the markets, Private Equity functions behind closed doors.The Mechanics of Private Equity aims to offer practical advice and closely examine the inner workings of a clandestine and lucrative asset class.As part of "The Mechanics of Private Equity Advantage," you will be granted access to all the Leverage Buyout (LBO) Excel Models created within this title to enhance your learning experience. This title suits any finance enthusiast, rookie investment banker, founder, or business owner. Its concept combines theoretical knowledge and hands-on experience through multiple case studies tailored to varied skill sets with detailed Excel Models.In this book, you will learn:Basic Principles of Private Equity - Learn the bare essentials of what you need to know to talk with confidence about Private EquitySourcing Deals - Understand how private equity funds source deals for proprietary and process-driven deals.Executing investments - Obtain information about the investment process in new private equity fund deals.Portfolio Management - Explain how private equity funds generate value from their portfolio.Exit Investments - Use specific examples to show how private equity funds sell their investments and book the associated profit.Private Equity Fund Considerations - Learn the basic principles of how funds are managed and should be benchmarkedBreaking into Private Equity: Learn the strategies already known to improve your chances of being hired in the private equity industry.This title will help you develop a robust understanding of leveraged buyouts through practical exercises and Excel models. It will also shed light on the complexity of LBO deals through various financial instruments, covenants, and structures.You will learn how to respond to practical questions like maximum debt capacity, lenders in an LBO, and types of value creation LBO strategies.Deep-diving into the following case study - Dell's legendary LBO deal, known as the "Deal of the Century." Carry out two in-depth Leveraged Buyout case studies to give firsthand skills, such as "hands-on skills," and bridge the apparent gaps between theoretical principles and their realizations.Napkin LBO, Master of the art of putting together a Simplified One-Page Financial Model, is commonly used in investment banking interviews; hence, it is excellent for beginners to get their basics right.Sophisticated LBO Modeling Practical Case Study (Excel Models Included) - Develop detailed financial models, including transaction costs, goodwill, fixed asset roll forward, P&L, balance sheet, cash flow, Equity, and debt schedules.Enhancing your financial modeling skills while executing an involved, multi-layered LBO valuation is what distinguishes players in this intensely competitive field known as finance.I'm ecstatic to introduce you to “The Mechanics of Private Equity.” Join me today to uncover the "Private Equity" World of Opportunity for your Professional and Business Growth. Read more

Some people will stop at nothing to make a killing.You know how they’re always telling us to pay attention to our pensions? Well, some ex-employees of the US government are really taking that advice to heart by using their mayhem-creating abilities to maximise their investments. When one of their fund managers has a momentary crisis of conscience and confesses all to a woman he hardly knows, they will stop at nothing to deal with the problem. All Bunny McGarry wants is a spot of breakfast and a decent cup of tea. So imagine how annoyed he gets when two masked men attempt to rob the New York diner he is in? Unfortunately, dealing with that problem just leads to a whole lot more. One of the other customers isn’t who she appears to be, and without his help, the odds aren’t great that she will live to see another breakfast. Amy Daniels is in big trouble and the only thing keeping her alive is a man who is supposed to be dead.Disaster Inc is the first book in a new series featuring Bunny McGarry, beloved by those who enjoyed the critically-acclaimed Dublin Trilogy of books. It melds high-octane action with a distinctly Irish acerbic wit. Read more

How to overcome barriers to the long-term investments that are essential for solving the world’s biggest problemsThere has never been a greater need for long-term investments to tackle the world’s most difficult problems, such as climate change and decaying infrastructure. And it is increasingly unlikely that the public sector will be willing or able to fill this gap. If these critical needs are to be met, the major pools of long-term, patient capital―including pensions, sovereign wealth funds, university endowments, and wealthy individuals and families―will have to play a large role. In this accessible and authoritative account of long-term capital investment, two leading experts on the subject, Harvard Business School professors Victoria Ivashina and Josh Lerner, highlight the significant hurdles facing long-term investors and propose concrete ways to overcome these difficulties.Presenting the best evidence in an engaging way by using memorable stories and examples, Patient Capital describes how large investors increasingly want and need long-run investments that have the potential to deliver greater returns than those in the public markets. Yet success in such investments has been the exception. Performance has suffered from both the limitations of investors and the internal structure of their fund managers, often resulting in the wrong incentives and a lack of long-term planning.Yet the challenges facing long-term investors can be surmounted and the rewards are potentially large, both for investors and society as a whole. Patient Capital shows how to make long-term investment work better for everyone.

The bestselling author of Pioneering Portfolio Management, the definitive template for institutional fund management, returns with a book that shows individual investors how to manage their financial assets.In Unconventional Success, investment legend David F. Swensen offers incontrovertible evidence that the for-profit mutual fund industry consistently fails the average investor. From excessive management fees to the frequent "churning" of portfolios, the relentless pursuit of profits by mutual fund management companies harms individual clients. Perhaps most destructive of all are the hidden schemes that limit investor choice and reduce returns, including "pay-to-play" product-placement fees, stale-price trading scams, soft-dollar kickbacks, and 12b-1 distribution charges. Even if investors manage to emerge unscathed from an encounter with the profit-seeking mutual fund industry, individuals face the likelihood of self-inflicted pain. The common practice of selling losers and buying winners (and doing both too often) damages portfolio returns and increases tax liabilities, delivering a one-two punch to investor aspirations. In short: Nearly insurmountable hurdles confront ordinary investors. Swensen's solution? A contrarian investment alternative that promotes well-diversified, equity-oriented, "market-mimicking" portfolios that reward investors who exhibit the courage to stay the course. Swensen suggests implementing his nonconformist proposal with investor-friendly, not-for-profit investment companies such as Vanguard and TIAA-CREF. By avoiding actively managed funds and employing client-oriented mutual fund managers, investors create the preconditions for investment success. Bottom line? Unconventional Success provides the guidance and financial know-how for improving the personal investor's financial future. Read more

At the heart of Investment Banking and Finance Fundamentals is the realm of Private Equity Financing. This is how most Wall Street Investors and CEOs of Enterprises make Millions of Dollars every year. I've watched principles leave with hundreds of millions of dollars in transactions.If you're interested in learning about Finance Fundamentals or considering a job in Investment Banking or Private Equity, are an Entrepreneur or a Startup Founder; this is a subject you must Master!The goal of this "Private Equity Finance Made Easy" book is to offer you a deeper understanding of what private equity is all about!Here’s a bullet point list of everything that’s covered in “Private Equity Finance Made Easy”Learn about the necessary competencies required of any Wall Street analyst in the field of private equityAllow me to explain to you how Private Equity funds workUse the Detailed Glossary of Terms and Definitions to help you learn the terminologyWe've published a list of the Top Private Equity Firm CharacteristicsWe'll also show you how to pick the right private equity firm for your businessWe go over how private equity firms evaluate acquisitions on their ownThis book will walk you through the process of structuring private equity acquisitionsDeal Value Generation and Key Performance Indicators in Private Equity Finance EvaluationKnow what EBITDA stands for and how to calculate itRecognize the distinctions between a Leveraged Buyout (LBO) and a Management Buyout (MBO)Learn how to walk through the private equity deal process from start to finishAll of this and more is covered in our thorough section on LBO Models, which also includes a section on Due Diligence in Private Equity DealsWe'll look at the risks and benefits of Private EquityPrivate Equity portfolio companies' strategic exit options are discussedWe examine trade sales and mergers and acquisitions in the context of private equity exits, as well as initial public offerings (IPOs)We discuss the drawbacks of liquidation and delve deeper into the topic of "Why Do Startups Fail?"Finally, we'll look at how to compute a private equity fund's returnsDon't show up unprepared for your interview! To ensure that you are fully ready, read and finish this book.I'm ecstatic to introduce you to “Private Equity Finance Made Easy”.Join me today to uncover the "Private Equity Finance" World of opportunity for both your Professional and Business Growth. Read more

What Hedge Funds Do provides a needed complement to journalistic accounts of the hedge fund industry, to deepen the understanding of non-specialist readers such as policymakers, journalists, and individual investors.What do hedge funds really do? These lightly-regulated funds continually innovate new investing and trading strategies to take advantage of temporary mispricing of assets (when their market price deviates from their intrinsic value). These techniques are shrouded in mystery, which permits hedge fund managers to charge exceptionally high fees.While the details of each funds' approach are carefully guarded trade secrets, this book draws the curtain back on the core building blocks of many hedge fund strategies Beyond the book's instructional goals, What Hedge Funds Do provides a needed complement to journalistic accounts of the hedge fund industry, to deepen the understanding of non-specialist readers such as policymakers, journalists, and individual investors. It is written by a fund practitioner and computer scientist (Balch), in collaboration with a public policy economist and finance academic (Romero).

Private Equity Mini - Dictionary: Unlock the Language of Private Equity and Master the IndustryThe Ultimate Guide to Key Terms, Strategies, and Financial ConceptsAre you looking to break into private equity, venture capital, or investment banking? Do you need a clear and concise reference guide to navigate the industry's complex terminology? Look no further!📖 Private Equity Dictionary is the ultimate resource for professionals, students, and investors seeking to understand and master the language of private markets. Whether you're a seasoned investor or just starting your journey, this book provides 250 essential terms and definitions that will help you speak the language of private equity with confidence.What You’ll Find Inside:✅ Comprehensive Coverage – Over 250 private equity terms, explained in clear and simple language.✅ Financial Metrics & Valuation – Understand key metrics like IRR, MOIC, EBITDA, and enterprise value.✅ Investment Strategies – Learn the difference between leveraged buyouts (LBOs), venture capital, growth equity, and secondaries.✅ Fund Structures & Deal Terms – Get familiar with carried interest, hurdle rates, clawback provisions, and capital calls.✅ Emerging Trends – Stay ahead of the curve with ESG investing, SPACs, AI-driven deal sourcing, and more.Who Is This Book For?💼 Aspiring & Current Private Equity Professionals – Perfect for analysts, associates, and fund managers looking to refine their knowledge.🎓 Students & Job Seekers – A must-have for MBA students, CFA candidates, and professionals preparing for interviews.📊 Entrepreneurs & Business Owners – Learn the terms and concepts that investors use when evaluating businesses.📈 Investors & Financial Enthusiasts – Expand your knowledge and stay informed about private equity and venture capital.Why This Dictionary?Easy-to-Understand Definitions – No complex jargon or overly technical explanations.Organized Alphabetically – Quickly find and reference terms when you need them.Built for Practical Use – Designed for real-world application, not just theory.Take Your Private Equity Knowledge to the Next Level! Read more

If economics is about the allocation of resources, then what is the most precious resource in our new information economy? Certainly not information, for we are drowning in it. No, what we are short of is the attention to make sense of that information. With all the verve and erudition that have established his earlier books as classics, Richard A. Lanham here traces our epochal move from an economy of things and objects to an economy of attention. According to Lanham, the central commodity in our new age of information is not stuff but style, for style is what competes for our attention amidst the din and deluge of new media. In such a world, intellectual property will become more central to the economy than real property, while the arts and letters will grow to be more crucial than engineering, the physical sciences, and indeed economics as conventionally practiced. The new attention economy, therefore, will anoint a new set of moguls in the business world—not the CEOs or fund managers of yesteryear, but new masters of attention with a grounding in the humanities and liberal arts.  “I personally find this head-smackingly insightful. Of course! Money may make the world go ‘round, but it’s attention that we increasingly sell, hoard, compete for and fuss over. . . . The real news is that just about all of us—whether we participate in the market as producers or consumers—live increasingly in the attention economy as well.”—Andrew Cassel, Philadelphia Inquirer Read more

A team of scholars with backgrounds in criminology, sociology, economics, business, government regulation, and law examine the historical, social, and cultural causes of the 2008 economic crisis. Essays probe the workings of the toxic subprime loan industry, the role of external auditors, the consequences of Wall Street deregulation, the manipulations of alpha hedge fund managers, and the "Ponzi-like" culture of contemporary capitalism. They unravel modern finance's complex schematics and highlight their susceptibility to corruption, fraud, and outright racketeering. They examine the involvement of enablers, including accountants, lawyers, credit rating agencies, and regulatory workers, who failed to protect the public interest and enforce existing checks and balances. While the United States was "ground zero" of the meltdown, the financial crimes of other countries intensified the disaster. Internationally-focused essays consider bad practices in China and the European property markets and draw attention to the far-reaching consequences of transnational money laundering and tax evasion schemes. By approaching the 2008 crisis from the perspective of white collar criminology, contributors build a more general understanding of the collapse and crystallize the multiple human and institutional factors preventing capture of even the worst offenders. Read more

This is the inside story of private equity dealmaking.

Over the last 40 years, LBO fund managers have demonstrated that they are good at making money for themselves and their investors. But when one looks beneath the surface of the transactions they engineer, it is apparent that these deals can, at times, go spectacularly wrong.

Through 14 business stories, all emanating from the noughties' credit bubble and including headline-grabbing names like Caesars, Debenhams, EMI, Hertz, Seat Pagine Gialle and TXU, The Debt Trap shows how, via controversial practices like quick flips, repeat dividend recaps, heavy cost-cutting and asset-stripping, leveraged buyouts changed, for better or for worse, the way private companies are financed and managed today.

From technological disruption in the worlds of music recording and business-directory publishing to economic turbulence in the gambling, real estate and energy sectors, highly levered corporations are often incapable of handling market corrections when debt commitments start piling up. Behind the historical events and the financial empires erected by some of the elite private equity specialists, these 14 in-depth case studies examine how value-maximising techniques and a short-cut mentality can impact investment returns and portfolio assets.

Whether you are a PE practitioner, investor, business manager, academic or business student, you will find The Debt Trap to be an authoritative and fascinating account. Read more

A fascinating investigation into how people around the globe are cashing in on a warming worldMcKenzie Funk has spent the last six years reporting around the world on how we are preparing for a warmer planet. Funk shows us that the best way to understand the catastrophe of global warming is to see it through the eyes of those who see it most clearly—as a market opportunity.Global warming’s physical impacts can be separated into three broad categories: melt, drought, and deluge. Funk travels to two dozen countries to profile entrepreneurial people who see in each of these forces a potential windfall.The melt is a boon for newly arable, mineral-rich regions of the Arctic, such as Greenland—and for the surprising kings of the manmade snow trade, the Israelis. The process of desalination, vital to Israel’s survival, can produce a snowlike by-product that alpine countries use to prolong their ski season.Drought creates opportunities for private firefighters working for insurance companies in California as well as for fund managers backing south Sudanese warlords who control local farmland. As droughts raise food prices globally, there is no more precious asset.The deluge—the rising seas, surging rivers, and superstorms that will threaten island nations and coastal cities—has been our most distant concern, but after Hurricane Sandy and failure after failure to cut global carbon emissions, it is not so distant. For Dutch architects designing floating cities and American scientists patenting hurricane defenses, the race is on. For low-lying countries like Bangladesh, the coming deluge presents an existential threat.Funk visits the front lines of the melt, the drought, and the deluge to make a human accounting of the booming business of global warming. By letting climate change continue unchecked, we are choosing to adapt to a warming world. Containing the resulting surge will be big business; some will benefit, but much of the planet will suffer. McKenzie Funk has investigated both sides, and what he has found will shock us all. To understand how the world is preparing to warm, Windfall follows the money. Read more

Now in its third edition, The Law of Private Investment Funds provides the clearest and most concise dual US/UK and pan-asset analysis available on the legal and regulatory issues that arise in connection with private investment funds. The book advises legal practitioners on the structuring, formation, and operation of a range of asset classes, including hedge funds, private equity funds, real estate funds, and other non-retail collective investment vehicles. This edition has been thoroughly revised to reflect the numerous and significant developments in financial services regulation on both sides of the Atlantic since the publication of the second edition. More elements of the Dodd Frank financial regulatory reforms, which increased the scope and reach of regulation applicable to private funds, have been implemented and commented on in this edition. In relation to European regulation, the impact of the commencement of the Alternative Investment Fund Manager Directive (AIFMD) has also now been analysed. The US/UK approach is maintained, but this edition now also includes consideration of third countries, particularly the Middle East and Asia. An entirely new chapter is dedicated to litigation and regulatory enforcement, and significant treatment is given to the effects of the Global Financial Crisis, in particular the regulatory response and the changes to negotiating leverage of fund managers and fund investors. The potential impact of 'Brexit' on the United Kingdom private funds industry and the future of the AIMFD and European private funds is also examined. Read more

How vermin went from being part of everyone's life to a mark of disease, filth, and lower status.For most of our time on this planet, vermin were considered humanity's common inheritance. Fleas, lice, bedbugs, and rats were universal scourges, as pervasive as hunger or cold, at home in both palaces and hovels. But with the spread of microscopic close-ups of these creatures, the beginnings of sanitary standards, and the rising belief that cleanliness equaled class, vermin began to provide a way to scratch a different itch: the need to feel superior, and to justify the exploitation of those pronounced ethnically―and entomologically―inferior. In Getting Under Our Skin, Lisa T. Sarasohn tells the fascinating story of how vermin came to signify the individuals and classes that society impugns and ostracizes. How did these creatures go from annoyance to social stigma? And how did people thought verminous become considered almost a species of vermin themselves? Focusing on Great Britain and North America, Sarasohn explains how the label "vermin" makes dehumanization and violence possible. She describes how Cromwellians in Ireland and US cavalry on the American frontier both justified slaughter by warning "Nits grow into lice." Nazis not only labeled Jews as vermin, they used insecticides in the gas chambers to kill them during the Holocaust.Concentrating on the insects living in our bodies, clothes, and beds, Sarasohn also looks at rats and their social impact. Besides their powerful symbolic status in all cultures, rats' endurance challenges all human pretentions. From eighteenth-century London merchants anointing their carved bedsteads with roasted cat to repel bedbugs to modern-day hedge fund managers hoping neighbors won't notice exterminators in their penthouses, the studies in this book reveal that vermin continue to fuel our prejudices and threaten our status. Getting Under Our Skin will appeal to cultural historians, naturalists, and to anyone who has ever scratched―and then gazed in horror. Read more