Rabu, 26 September 2012

[V797.Ebook] Download Supply Chain Strategy, by Edward Frazelle

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Supply Chain Strategy, by Edward Frazelle

This book provides high-tech and high-touch logistics solutions for supply chain challenges. In today's fast-paced and customer-oriented business environment, superior supply chain performance is a prerequisite to getting and staying competitive. "Supply Chain Strategy" is based on world-class logistics practices in place in successful supply chain organizations, the latest academic breakthroughs in logistics system design, and the logic of logistics. It presents the proven pillars of success in logistics and supply chain management. Part of McGraw-Hill's "Logistics Management Library", "Supply Chain Strategy" is organized according to author Dr. Ed Frazelle's breakthrough logistics master planning methodology. The methodology leads to metrics, process designs, system designs, and organizational strategies for total supply chain management, total logistics management, customer response, inventory planning and management, supply, transportation, and warehousing.Concise yet complete, Dr. Frazelle's book shows how to develop a comprehensive logistics and supply chain strategy, one that will both complement and support a company's strategic objectives and long-term success. Logistics - the flow of material, information, and money between consumers and suppliers - has become a key boardroom topic. It is the subject of cover features in business publications from "Wall Street Journal" to "BusinessWeek". Annual global logistics expenditures exceed $3.5 trillion, nearly 20 percent of the world's GDP, making logistics perhaps the last frontier for major corporations to significantly increase shareholder and customer value. And at the heart of every effort to improve organizational logistics performance? Supply chain efficiency. "Supply Chain Strategy" is today's most comprehensive resource for up-to-the-minute thinking and practices on developing supply chain strategies that support a company's overall objectives.Covering world-class practices and systems, taken from the files of Coca-Cola, Wal-Mart, General Electric, and other companies, it covers essential supply chain subjects including: logistics data mining - for identifying the root cause of material and information flow problems, pinpointing opportunities for process improvements, and providing an objective basis for project-team decision making; and, inventory planning and management - presenting metrics, processes, and systems for forecasting, demand planning, and inventory control, yielding lower inventory levels and improved customer service. It also covers: logistics information systems and Web-based logistics - helping to substitute information for inventory and work content; transportation and distribution - for connecting sourcing locations with customers at the lowest cost by, among other things, leveraging private and third-party transportation systems; and, logistics organization development - including the seven disciplines that link enterprises across the supply chain, as well as logistics activities within those enterprises."Supply Chain Strategy" explains and demonstrates how decision makers can use today's technology to enhance key logistics systems at every point in the supply chain, from the time an idea or product is conceived through its delivery to the final user. It describes the major steps in developing an effective, workable logistics management program - one that will reduce operating expenses, minimize capital investment, and improve overall customer service and satisfaction.

  • Sales Rank: #1076991 in Books
  • Published on: 2001-09-15
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.10" h x 1.32" w x 6.10" l,
  • Binding: Hardcover
  • 357 pages

From the Back Cover

High-Tech and High-Touch Logistics Solutions for Supply Chain Challenges

In today's fast-paced and customer-oriented business environment, superior supply chain performance is a prerequisite to getting and staying competitive. Supply Chain Strategy is based on world-class logistics practices in place in successful supply chain organizations, the latest academic breakthroughs in logistics system design, and the logic of logistics. It presents the proven pillars of success in logistics and supply chain management.

Part of McGraw-Hill's Logistics Management Library, Supply Chain Strategy is organized according to author Dr. Ed Frazelle's breakthrough logistics master planning methodology. The methodology leads to metrics, process designs, system designs, and organizational strategies for total supply chain management, total logistics management, customer response, inventory planning and management, supply, transportation, and warehousing. Concise yet complete, Dr. Frazelle's book shows how to develop a comprehensive logistics and supply chain strategy, one that will both complement and support a company's strategic objectives and long-term success.

Logistics��the flow of material, information, and money between consumers and suppliers��has become a key boardroom topic. It is the subject of cover features in business publications from Wall Street Journal to BusinessWeek. Annual global logistics expenditures exceed $3.5 trillion, nearly 20 percent of the world's GDP, making logistics perhaps the last frontier for major corporations to significantly increase shareholder and customer value. And at the heart of every effort to improve organizational logistics performance?

Supply chain efficiency.

Supply Chain Strategy is today's most comprehensive resource for up-to-the-minute thinking and practices on developing supply chain strategies that support a company's overall objectives. Covering world-class practices and systems, taken from the files of Coca-Cola, Wal-Mart, General Electric, and other companies, it covers essential supply chain subjects including:

  • Logistics data mining��for identifying the root cause of material and information flow problems, pinpointing opportunities for process improvements, and providing an objective basis for project-team decision making
  • Inventory planning and management��presenting metrics, processes, and systems for forecasting, demand planning, and inventory control, yielding lower inventory levels and improved customer service
  • Logistics information systems and Web-based logistics��helping to substitute information for inventory and work content
  • Transportation and distribution��for connecting sourcing locations with customers at the lowest cost by, among other things, leveraging private and third-party transportation systems
  • Logistics organization development��including the seven disciplines that link enterprises across the supply chain, as well as logistics activities within those enterprises

Supply Chain Strategy explains and demonstrates how decision makers can use today's technology to enhance key logistics systems at every point in the supply chain, from the time an idea or product is conceived through its delivery to the final user. It describes the major steps in developing an effective, workable logistics management program��one that will reduce operating expenses, minimize capital investment, and improve overall customer service and satisfaction.

About the Author

Edward Frazelle, Ph.D., is president and CEO of Logistics Resources International, founder of The Logistics Institute at Georgia Tech, and director of the school's Logistic Management Series. The former president of the International Material Management Society and a pioneer in today's logistics movement, Dr. Frazelle has trained more than 50,000 logistics professionals and helped more than 100 corporations and government agencies in theUnited States, Asia, Europe, and Latin America pursue and achieve logistics excellence. He has written or coauthored seven books, including World-Class Warehousing and Material Handling, and numerous articles on logistics. His Web site��www.LRILogistics.com��is recognized as one of today's most comprehensive and valuable resources for logistics information and instructional materials.

Most helpful customer reviews

3 of 3 people found the following review helpful.
Best Practical Reference
By Amazon Customer
This book simply rules the subject area! If you are a practitioner looking for hands-on advice and solid methodology, this is your blueprint. It will jump-start and carry through your Supply Chain/Logistics activities. One of the best Supply Chain books I have encountered. It has a spot on my desk (as opposed to the library).
Academicians, people wanting to broaden horizons, and undergrad students will find this too technical/practical, hard-to-relate, and difficult to pad out their term papers.

6 of 6 people found the following review helpful.
Supply Chain Strategy - Classes and Book
By Michael J. Jadis
The classes at Georgia Tech were fantastic and I have been reading the book since I have returned home.
It is the best book on the subject that I have ever read and I will keep it on my book shelf right next to Gordon Garham's Inventory Management for future reference. I don't want to sound stupid but I like tech books that have a lot of pictures. Dr. Ed Frazelle is a great teacher and I give both the classes and the book my most enthusiastic recommendation.

6 of 7 people found the following review helpful.
Typos Galore
By A Customer
This is a comprehensive high-level book for someone who is familiar with, but needs more information on supply chain. It covers the major areas with a good level of detail.
HOWEVER, there are numerous typos and misspellings. For example, a major table on p.36 has its headings transposed, which leaves the readers trying to guess what the author had in mind. If I'm paying $40-50 for a book, I expect that it would be well-edited.

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Selasa, 25 September 2012

[N788.Ebook] Get Free Ebook The Scientist - Coldplay - SATB - SATB - Sheet Music, by Coldplay

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The Scientist - Coldplay - SATB - SATB - Sheet Music, by Coldplay

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  • Sales Rank: #4455315 in Books
  • Published on: 2013
  • Binding: Sheet music

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Senin, 24 September 2012

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Magenta Gets Glasses! (Blues Clues #10), by Deborah Reber

Magenta has to get glasses, and she's very nervous! Will the eye doctor's office be scary? What will the eye exam be like? Come along and find out!

  • Sales Rank: #1430255 in Books
  • Brand: Simon Spotlight/Nickelodeon
  • Published on: 2002-05-01
  • Released on: 2002-05-01
  • Original language: English
  • Number of items: 1
  • Dimensions: .9" h x 7.54" w x 7.58" l, .16 pounds
  • Binding: Paperback
  • 24 pages
Features
  • Used Book in Good Condition

Most helpful customer reviews

13 of 14 people found the following review helpful.
So sweet and so helpful!
By Amaran
In this book, Magenta gets glasses. This involves a trip to the eye doctor. Of course, Steve and Blue go along for moral support. Magenta gets to tell the doctor which items are bigger, more in focus, and so on. Then she gets to pick out her own frames (purple of course!) and have the glasses fitted.

This book parallels the Blue's Clues TV episode of the same name. In the TV episode, Sherry Stringer (of ER fame - Susan) does the voice for the eye doctor.

Both the episode and the book adequately prepare a child for the experience of getting glasses. My two year old was so excited about this book (she hadn't seen the episode, although she will, via Tivo). It's precious and helpful in a stressful situation. My daughter picked out purple frames, in order to be like Magenta.

7 of 7 people found the following review helpful.
Good Book without name calling
By Book Mama
Finally, a book without the negative name-calling i have seen in multiple other books! It just states that Magenta see's blurry, goes for an exam and tells of how she discovers all of the things she couldnt see before like the bird in the tree. It also emphasizes that she can pick out her own pair of frames for her glasses making her seem "cool." I highly recommend it for the preschooler-Kindergartner who is going to get glasses or just did. My 4 year old liked it and his teacher read it to the class.

5 of 5 people found the following review helpful.
"I Was Scared They Were The Only Pair"
By George Buttner
"But now I have lots of friends who see like me / My glasses are so cool!"

That's from the television episode. It's not in this book, but that doesn't stop this book from being an excellent adaptation of the television story.

In this book, the readers follow from Magenta's perspective as she goes to get glasses. We get to "hear" Magenta's thoughts basically, as she worries the glasses will be too heavy and then later realizes how much the glasses are helping her. Magenta wanted to see a butterfly and with her new glasses, she finally can.

Anyone who's ever needed to get glasses will be able to identify with what happens in this story.

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Senin, 17 September 2012

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Japanization: What the World Can Learn from Japan's Lost Decades (Bloomberg), by William Pesek

An in-depth look at Japan's economic malaise and the steps it must take to compete globally

In Japanization, Bloomberg columnist William Pesek—based in Tokyo—presents a detailed look at Japan's continuing twenty-year economic slow-down, the political and economic reasons behind it, and the policies it could and should undertake to return to growth and influence. Despite new Prime Minister Shinzo Abe's promise of economic revitalization, investor optimism about the future, and plenty of potential, Japanization reveals why things are unlikely to change any time soon.

Pesek argues that "Abenomics," as the new policies are popularly referred to, is nothing more than a dressed-up version of the same old fiscal and monetary policies that have left Japan with crippling debt, interest rates at zero, and constant deflation. He explores the ten forces that are stunting Japan's growth and offers prescriptions for fixing each one.

  • Offers a skeptical counterpoint to the popular rosy narrative on the economic outlook for Japan
  • Gives investors practical and detailed insight on the real condition of Japan's economy
  • Reveals ten factors stunting Japan's growth and why they are unlikely to be solved any time soon
  • Explains why most of what readers believe they know about Japan's economy is wrong
  • Includes case studies of some of the biggest Japanese companies, including Olympus, Japan Airlines, Sony, and Toyota, among others

For many investors, businesspeople, and economists, Japan's long economic struggle is difficult to comprehend, particularly given the economic advantages it appears to have over its neighbors. Japanization offers a ground-level look at why its problems continue and what it can do to change course.

  • Sales Rank: #895191 in Books
  • Published on: 2014-06-03
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.40" h x .75" w x 6.40" l, 1.11 pounds
  • Binding: Hardcover
  • 256 pages

From the Inside Flap

Japan is the world’s third-largest economy, Asia’s only Group of Seven nation, and printer of one of the three truly international currencies — so why can’t it emerge from a 20-year economic malaise? Financial columnist William Pesek knows. In Japanization: What the World Can Learn from Japan’s Lost Decades, Pesek examines the various factors that contribute to Japan’s economic stagnation, and presents the solutions that can overcome the major forces stunting its growth.

While the infiltration of certain cultural traditions into the financial sphere has been responsible for some major issues, Pesek also delves into the impact stodginess and stubbornness can have when they become engrained, referring to Japan as “the economy that time forgot.” In the book, Pesek explores the result of Japan’s tendency to apply regulatory “Band-Aids” to staunch the economic bleeding from wounds that run much deeper within the economy’s structure. Pesek also describes how many of these wounds are self-inflicted, and details ways in which other countries can avoid making the same mistakes.

The book uses case studies from major corporations including Olympus, Sony, and Toyota to illustrate the complex scenarios at work, and touches on the thoughts of Nobel Prize winners, respected social thinkers, and well-known investors. What happens in Japan affects markets the world over, so business professionals everywhere have a vested interest in reversing the current Japanese economic climate.

Governments and corporations around the world fear the spread of “Japanization” and the deflation and economic weakness it implies, but this book contains the critical information the business world needs to recognize the early warning signs and steer the market back toward positive growth. For business professionals on the global stage, Japanization: What the World Can Learn from Japan’s Lost Decades contains key information that can immediately impact the global financial trajectory.

From the Back Cover

Nouriel Roubini, Roubini Global Economics LLC and New York University: “When policy makers contemplate the lessons from Japan, their first impulse is to say ‘it can’t happen here.’ Well, it can and much easier than everyone thinks. William Pesek offers a timely blueprint for what not to do that should be required reading from Washington to Beijing.”

Tony Fernandes, founder of AirAsia: “Pesek really captures how the vast potential of Japan bumps up against a system that stands in the way of achieving it. As an executive determined to tap that potential, I can relate to a lot of what’s in these pages.”

Mohamed A. El-Erian, former CEO, Pacific Asset Management: “In this well written volume, William Pesek provides us with an authoritative analysis of lessons from Japan’s lost decades. Through a powerful multi-cultural perspective and expert analyses, Pesek provides a cautionary tale for many—from those who believe that Abenomics is Japan’s magical solution to those who argue that Japanization could not occur in other advanced countries. This is an extremely engaging book that economists, policy makers and investors will find highly insightful and thought provoking.”

Stephen Roach, Yale University professor and former chairman for Morgan Stanley Asia: “Japan and its lost decade is turning out to be the proto-type for the rest of the post-crisis world. Pesek makes a convincing case that we ignore these risks at great peril. Written by one of Asia’s most perceptive insiders, Japanization lays bare a treacherous policy trap that could ensnare others if they don�t study the lessons of Japan very carefully.”

Marc Faber, publisher of the Gloom, Boom & Doom report: Japanization by star columnist William Pesek, is a fascinating book. Not only does Pesek command deep knowledge about Asian economic and financial trends but his work also raises serious questions about the effectiveness of government interventions with fiscal and monetary policies into the free market. I find Pesek’s book to be highly readable and whereas it was not intended to be a textbook, in reality it is an excellent textbook about “how not to run economic policies.”

Barry Eichengreen, University of California, Berekley: In this much-needed book, William Pesek separates the policy wheat from the rhetorical chaff. Readers who want to know the real lessons of recent Japanese economic history will want to start here, but they will not be reassured.”

About the Author

WILLIAM PESEK is a Bloomberg columnist in Tokyo. He provides opinions and commentary on economics, business, markets, and politics throughout Asia. His columns routinely appear in publications around the globe. Previously, he was a columnist for Barron’s, writing about global economics, politics, and financial markets. William was the winner of the Society of American Business Editors and Writers (SABEW)’s 2010 award for commentary.

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3 of 3 people found the following review helpful.
Informative journalism but recommendations fall short
By Jeff Donnelly
“I think I’m turning Japanese, I think I’m turning Japanese, I really think so,” a band called the Vapors sang in 1980, two years after Japan became the world’s second largest economy and was on its way to global domination, inspiring bestselling books such as ‘Japan as Number One’ by Ezra F. Vogel and ‘Trading Places – How We Are Giving Our Future to Japan’ by Clyde Prestowitz. Unfortunately for Japan, that story did not play out. In 1990 the Japanese real estate and stock market bubble burst, and since then Japan has suffered over twenty years of economic stagnation and is now faced with challenges that the rest of the world will have to confront in the coming decades, including an aging population, a declining workforce, continuing globalization and the increasing pace of technological change.

William Pesek’s ‘Japanization – What the World Can Learn from Japan’s Lost Decades’ examines the reasons for Japan’s decline and provides prescriptions for what Japan should do. However, although Pesek is an experienced journalist with the ‘Bloomberg View’ based in Tokyo and uses examples and anecdotes to illustrate his ideas, he ultimately fails to adequately answer the question implied by the title. Other than a brief reference to China and a few comparisons of Japan and the US, the author does little to connect what’s happening in Japan to situations elsewhere.

Pesek defines Japanization as, “This noxious mix of trifling growth, high debt, falling consumer prices, waning confidence, and political dysfunction...” He attempts to connect these conditions to China by saying it should worry China that “experts on this dreaded scenario are turning their attention to Beijing.” He goes on to describe six failures of Japan’s political and economic systems: the use of monetary and fiscal policy to paper over economic issues, sexism, massive government debt, cronyism, isolationism and amateurish diplomacy. He follows this with an indictment of “Abenomics”, the economic stimulus and reform programs of the current Prime Minister, as being ineffective, but he doesn’t follow through with detailed analysis.

One of the best descriptions of Japan’s problems is taken directly taken from another author, Brian Reading, the ‘Lombard’ economist and former editor of ‘The Economist’, who described Japan as “communism with beauty spots, not capitalism with warts.” Pesek summarizes Reading’s view that, “…the mechanics of Japan Inc. have long been rigged in labyrinthine ways to thwart the forces of capitalism. The core of this system is often referred to as Japan’s ‘iron triangle’ of politicians, bureaucrats, and big business, each occupying a corner. Each facilitates the others in achieving their goals and aspirations— rising status for politicians, power for bureaucrats, and riches for corporate chieftains.”

Japanization is an informative piece of journalism that addresses a globally important subject, and William Pesek does a credible job illustrating the challenges Japan faces. Unfortunately, his recommendations, including “lower trade barriers, less regulation, and a greater embrace of free-market principles” and for Prime Minister Abe to “break with the half measures of the past and focus all his energy on creating a whole new generation of innovators” fall short of providing any substantive new ideas to the debate on what Japan should actually do and what its struggles mean for the rest of the world.

0 of 0 people found the following review helpful.
japanization
By Yotam
great book for those who want to understand what is going on in japanese economy and society. even goes beyond japan and telling useful tales on the eastern asia region.
informative and serves a complete and objective point of view regarding the good, bad and mediocre of this important and fascinating country.

lost a star for lack of charts and illustrations specially in the macroeconomic texts.

0 of 0 people found the following review helpful.
good book but too theorical
By daniel lo
good book but too theorical. should present it to more easy understanding and more figures and pictures or photo provided

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Jumat, 07 September 2012

[B533.Ebook] Free PDF Wish Upon A Duke (The Dukes' Club Book 3), by Eva Devon

Free PDF Wish Upon A Duke (The Dukes' Club Book 3), by Eva Devon

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Wish Upon A Duke (The Dukes' Club Book 3), by Eva Devon

Wish Upon A Duke (The Dukes' Club Book 3), by Eva Devon



Wish Upon A Duke (The Dukes' Club Book 3), by Eva Devon

Free PDF Wish Upon A Duke (The Dukes' Club Book 3), by Eva Devon

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Wish Upon A Duke (The Dukes' Club Book 3), by Eva Devon

A Widow Who Knows What She Wants:

Lady Imogen Cavendish loves making merry. After surviving years of marriage to an old man, having seized her freedom seems the only intelligent thing to have done. Even so, years of dancing her way through parties has lost its’ luster and all she wants now is to spend most of the year on the small estate she’s purchased in Scotland. There’s just one thing. Her neighbor is an infuriating, superior, and exceptionally handsome duke!

An Arrogant Duke Who Knows It All:

Duncan Hamish Fergus, Tenth Duke of Blackburn, does everything right. Duty might as well be his middle name. After his father very nearly ruined his mother and sister’s life, Duncan is determined to never let the family name be tarnished again. Sacrificing his own pleasure seems a small price to pay until he meets the mad capped English woman, Lady Cavendish. In all his years on the path of righteous, no woman has ever tempted him to stray into sin, but no woman has ever been as mischievous or voluptuous as his saucy sassenach neighbor.

Can Imogen teach the oh so proper duke how to have a little fun or will two hearts be broken by propriety?

  • Sales Rank: #14020 in eBooks
  • Published on: 2015-02-23
  • Released on: 2015-02-23
  • Format: Kindle eBook

Review
Positively delightful and superbly sexy!~ Award Winning Author�Katharine AsheA rollicking romp from start to finish!�Author�ValerieBowman�Laugh out loud funny, and oh so sexy, Once Upon a Duke will keep you up all night!�NYT Best Selling Author�Jennifer McQuistonTurn up the air conditioner and sit back with a nice chilled glass of wine. . . prepare yourself for an amorous adventure that will warm your heart and steam up your reading glasses!� Reviewer�Be My Bard Reviews

From the Author
Get notice the day of release for a fabulous deal!�facebook.com/pages/Eva-Devon/1464806663776356?id=1464806663776356&sk=app_208195102528120Follow me:Twitter: @evadevonauthorFacebook:�facebook.com/pages/Eva-Devon/1464806663776356?ref_type=bookmark

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3 of 3 people found the following review helpful.
An Enjoyable Read.
By Spot The Borg Cat
Book 3 of the Duke's Club series, was available free, but was so much fun to read, I would have paid for it.
The Hero is an arse, with a temper. In the beginning of the story, he is easily manipulated by his man of business, into believing that his English neighbor is trespassing and poaching his grouse. ( The Author never does have this powerful Duke confront the liar).
The Hero, of course ends up eating humble pie so often throughout the story, it's a wonder he doesn't end up ill.
The Heroine is intelligent and funny with an odd past, that I would have liked to have seen filled out more.
There are a few parts in the last half of the book that dragged for me. But that's just my taste in stories. I prefer a little more ' whodunit ' and less hand wringing soul searching.
Overall, I liked the story. And would recommend it.

2 of 2 people found the following review helpful.
Another great book in the Duke's Club Series
By Jaci
Eva Devon has done it again!!! Another great book in the Duke's Club Series. I love these characters and the way that they meet for the first time. They actually run into each other and Lady Imogen winds up on the ground with a magnificent Highlander wearing a Kilt on top of her. How delightful!!!

Duncan Hamish Fergus, the tenth Duke of Blackburn is a man who has brought his estate and his family's name back from the brink of ruin and wants to keep it that way. Lady Imogen is a merry widow who loves life and lives it to the fullest. They are instantly attracted to each other. Imogen wants him but Duncan will resist her Siren call if it kills him, and he thinks it probably will. These two are funny, sweet, kind, and made for each other. Imogen just has to convince him. I love the way Eva writes, her style is lyrical, sensual, humorous and she keeps you enthralled You have to read this series and this book...If you love Historical Romance you will love Eva Devon.

Received this ARC for an Honest Review.

1 of 1 people found the following review helpful.
Merry Widow and an Uptight Lord
By Callie
I have read all the books in the series and the author does not disappoint again. Lady Imogene Cavendish had been married to a much older husband. She had been making merry and enjoying life after his death. She had gone to Scotland to her home there. Duncan the Duke of Blackburn was her neighbor. He did everything by the book he did not want to be like his father who did everything for his pleasure no matter how bad it was. Imogene and he collided and he fell on top of her when she first returned to Scotland. She and Duncan's next encounter did not go well he blamed her for her guests hunting on his land. He had to apologize for this it was not so. He had to apologize numerous times for his uptight behavior causing problems.She is very attracted to him and he tries to fight it she is just not duchess material to him. I thought at times this book had a lot of fun moments. Duncan did hurt Imogene very badly later in the book . He gets advice from drunken friends what he should do to get her back. You hope that Duncan can get over his ideas of how life should be lived. And they will get the HEA they are so right for each other. You will meet people from the other books. I am eagerly waiting for the next book.

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Kamis, 06 September 2012

[V617.Ebook] Free PDF Stocks for the Long Run 5/E: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies, by Jeremy J. Siegel

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Stocks for the Long Run 5/E: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies, by Jeremy J. Siegel



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Stocks for the Long Run 5/E:  The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies, by Jeremy J. Siegel

The stock-investing classic--UPDATED TO HELP YOU WIN IN TODAY'S CHAOTIC GLOBAL ECONOMY

Much has changed since the last edition of Stocks for the Long Run. The financial crisis, the deepest bear market since the Great Depression, and the continued growth of the emerging markets are just some of the contingencies directly affecting every portfolio in the world.

To help you navigate markets and make the best investment decisions, Jeremy Siegel has updated his bestselling guide to stock market investing.

This new edition of Stocks for the Long Run answers all the important questions of today: How did the crisis alter the fi nancial markets and the future of stock returns? What are the sources of long-term economic growth? How does the Fed really impact investing decisions? Should you hedge against currency instability?

Stocks for the Long Run, Fifth Edition, includes brand-new coverage of:

THE FINANCIAL CRISIS
Siegel provides an expert’s analysis of the most important factors behind the crisis; the state of current stability/instability of the financial system and where the stock market fits in; and the viability of value investing as a long-term strategy.

CHINA AND INDIA
The economies of these nations are more than one-third larger than they were before the 2008 financial crisis; you'll get the information you need to earn long-term profits in this new environment.

GLOBAL MARKETS
Learn all there is to know about the nature, size, and role of diversifi cation in today’s global economy; Siegel extends his projections of the global economy until the end of this century.

MARKET VALUATION
Can stocks still provide 6 to 7 percent per year after inflation? This edition forecasts future stock returns and shows how to determine whether the market is overvalued or not.

Essential reading for every investor and advisor who wants to fully understand the forces that move today's markets, Stocks for the Long Run provides the most complete summary available of historical trends that will help you develop a sound and profitable long-term portfolio.

PRAISE FOR STOCKS FOR THE LONG RUN:

“Jeremy Siegel is one of the great ones.” ―JIM CRAMER, CNBC’s Mad Money

“[Jeremy Siegel’s] contributions to finance and investing are of such signifi cance as to change the direction of the profession.” ―THE FINANCIAL ANALYST INSTITUTE

“A simply great book.” ―FORBES

“One of the top ten business books of the year.” ―BUSINESSWEEK

“Should command a central place on the desk of any ‘amateur’ investor or beginning professional.” ―BARRON’S

“Siegel’s case for stocks is unbridled and compelling.” ―USA TODAY

“A clearly written, neatly organized, highly persuasive exposition that lifts the veil of mystery from investing.” ―JOHN C. BOGLE, founder and former Chairman, The Vanguard Group

"A book that all investors―nervous Nellies in particular―should read." ―Investing.com

  • Sales Rank: #22560 in Books
  • Brand: Siegel, Jeremy J.
  • Published on: 2014-01-07
  • Original language: English
  • Number of items: 1
  • Dimensions: 10.00" h x 8.00" w x 1.50" l, 1.94 pounds
  • Binding: Hardcover
  • 448 pages

Review
"[A] heavily researched book that cites historic and contemporary sources to support [its] thesis, but it is accessible to the average person." Chicago Tribune 20140109

About the Author
Jeremy J. Siegel is a professor of finance at the Wharton School of the University of Pennsylvania. Professor Siegel received his Ph.D. from M.I.T. and taught for four years at the University of Chicago before joining the Wharton faculty in 1976. He has written and lectured extensively about the economy and financial markets, monetary policy and interest rates, and stock and bond returns. Along with heading the macroeconomics module of the Morgan Bank Finance Program in New York, he is the academic director of the U.S. Securities Industry Institute and is on the Advisory Board of the Asian Securities Industry Association. Professor Siegel is courted by nearly every Wall Street firm as a consultant and lecturer and has appeared on CNBC, PBS, Wall Street Week, and NPR.

Most helpful customer reviews

97 of 102 people found the following review helpful.
The One Best Book On Stocks Since Graham
By gary alan chamberlain
The basic theme throughout is simply that stock returns (in all developed nations, though at differing slopes, pp. 88-90) regress to a mean, as bonds, and all other investment alternatives, do not. That’s one point. By taking the long historical view (from the dawn of the American republic), Siegel also demonstrates (Chapter 6, pp. 93-103) that in this country over periods of five years and longer, real stock returns (after inflation) stray from our mean return (6.5%) less and less, until at thirty years the observed deviations are half what standard statistics expect. So stocks are both much more volatile short-term—cf. Mandelbrot and Hudson, The (mis)Behavior of Markets—and much less volatile long-term, than Modern Portfolio Theory says they should be. That’s point #2. And, his third crucial point, value strategies (Chapter 12, pp. 173-193, on low-P/E, high-dividend stocks) consistently surpass the market indices by 2% or more in annual compounded returns. I know of no other book which has made any one of these three points so clearly and demonstrated them so forcefully with historical data and mathematical analysis. Ben Graham, to be sure, made the case for value investing decades ago, and does a better job of understanding and presenting the process than anyone else before or since, but of course he couldn’t come close to the range and depth of modern databases and computing power to undergird his argument. Siegel has written the one book since Graham’s Intelligent Investor that everyone should read and re-read before presuming to buy any security other than an index fund.

So, for instance, I needed to know that stocks have never failed to offer a positive real return over any period of seventeen years or more. Long-term bonds, in contrast, since the Civil War have outperformed stocks in just one 30-year period (by a minuscule .05% per year!), as interest rates fell from 16% in late 1981 to 2% in 2011—but the real return on these “safe” investments was negative for the entire post-war period before that, and likely will be for years to come. And Siegel repeatedly makes the point that especially when we think about retirement the only safety that matters is the assurance of rising purchasing-power over spans of decades.

The book is not without its limitations. I don’t think Siegel understands options or other derivatives; his faulty discussion of stock index options in the 4th edition has been abbreviated, but his remaining remarks are misleading at best. Consequently the major new sections in this edition, which deal with the recent financial crisis, while fairly sound (e.g. showing how slight a role Fannie and Freddy played), understate the impact of synthetic credit default swaps, which by the time the fever broke had made the subprime mortgage market five times larger than the mess the bankers and mortgage brokers had created in the first place. Hence next to no one had any idea how immense the problem really was, though a few (see M. Lewis, The Big Short) saw enough to profit hugely.

Other material in Siegel’s 378 pages adequately and sensibly covers major areas of historical interest (the primary stock indices, money, monetary policy and the gold standard), analyzes other financial and economic crises, surveys current issues (the business cycle, market responses to current events) and concerns (the developed world’s retirement “crisis”, on which he is quite optimistic), and I could cavil here and there or suggest other specialized treatments. But what he has to say on these topics is sufficient (and his history of the S&P 500 is excellent) for firmly embedding the three points with which I began, which are points every investor should ponder long and hard.

But how many of us will profit from them? On p. 97 he mentions the allure of “safer” alternatives which do after all outperform stocks, over periods of one or two years, nearly 40% of the time. I don’t know that he sees how deep the pain goes for individuals watching dollars vaporize by the thousands, dollars which a bank account would at least have preserved and guaranteed. Nor, I think, does he see how hard it would be for asset managers to follow his principles when markets soar and “irrational exuberance" reigns triumphant; sticking to a long-term strategy is impossible when benchmark risk means your assets are marching out the door. Siegel’s work will most benefit those who know not just the concepts but themselves. It hurts to play from behind, alone, trusting the odds, trying to trust yourself. Long-term investment is a discipline less of intellect than of temperament and character. But the discipline of study and thought is still part of it, and Siegel’s history and mathematics keep me mindful of what the true odds are. In this and earlier editions, Stocks for the Long Run is one of just six books (cf. my review of M. Mauboussin More Than You Know) which have decisively shaped how I think about what I do.

36 of 36 people found the following review helpful.
Still a Classic, but Added some Garbage and Omitted some Great Stuff from the 3rd Edition
By Tom
As an experienced investor who has read over a hundred investment books, Stocks for the Long run has always been in my top 5. Eager for updated data and analysis, I read the new 5th edition, but sadly, it added some uninsightful reviews of the credit crisis and took out some really good stuff, including data on returns following high sentiment, fed cuts, and economic cycles. One of my favorite items omitted was about the justified PE on the nifty fifty and what growth rates justify stock stock prices. Still a great book, but I think the 3rd edition is much better.

50 of 54 people found the following review helpful.
Historical Investing Information for Quantitative Thinkers
By Donald Mitchell
Psychologically, almost every human being believes that he or she is potentially able to outperform every other human being. This optimism is a useful quality for spurring people on to strive for better results. When it comes to investing, it can lead to harmful results, however. Too much risk can lead to too little reward.
This book is the best summary of the historical data on investing. Some of the data go back to 1802.
Rather than summarize everything the book shows, let me focus in on a few key points that might slip past you. These are contrary to the conventional wisdom in some cases, and different from what you will hear on television. I suggest you pay careful heed.
(1) Diversification and historical data suggest that you should be sure to invest outside of the United States with part of your financial assets. Currently, for many people, this should be up to 25 percent of the total portfolio in international stocks. These stocks should be equally weighted between Europe, Asia, and emerging countries.
(2) Written in 1997 for this edition when the Dow was 7400, nothing in the book justifies a Dow of 11,000. If you look at the long-term chart of stock-price multiples, there has been a severe downdraft after the two other times when multiples expanded so much. This suggests caution.
(3) Small cap value stocks provided superior returns historically, and those returns were highly concentrated in January of each year. This suggests a potential trading strategy opportunity of owning those stocks in January and shifting into other stocks at the end of January, depending on the 200 day moving average trends.
(4) Almost no professional investors keep up with the market averages over 10 years. Although he doesn't express it, individual investors tend to do worse. Why will it be different for you over the next 10 years? Therein lies the case for index funds and the Dow 10 strategy (buy the 10 highest yielding Dow Industrial stocks each January).
(5) The main cause of more rapid stock price growth in the last 30 years was the ending of the gold standard. Central banks pump up the money supply after gold is taken away, which expands multiples. Over time, this also drives up inflation, which is brutal on stock-price multiples. Alan Greenspan is very aggressive in building up the money supply, even when he is raising interest rates. All of that money eventually causes prices to rise. This will probably happen in this country as the growth in the baby boom population reaching 45 slows. Companies eventually overcome inflation, but the near-term losses can be large. Witness the fact that many Internet stocks are down over 80 percent in the last year.
Whether you agree with these perspectives or not, you should be aware of them. Professor Siegel has done us a service by making the information available. On the other hand, this book needs a third edition to update the data to reflect on the current multiples.
If you are not a quantitative thinker, you will not like this book. Just read my comments and think about them.
If you are a quantitative thinker, you will get many new and important perspectives from this work which suggests that it's not a random walk after all.
Good luck with your investing. Before taking any large risks, be sure you know what the risks are and think through how you will handle them if they turn out to be irresistible forces pushing you in the wrong direction.

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