Debut authors Higgins and Hajek propose a boldly different investment strategy.
Financial planner Higgins and CPA Hajek have combined to craft a book designed to upend the investing apple cart. Claiming that the conventional balanced portfolio of 60 percent stocks and 40 percent bonds is outdated and impractical, they urge readers to “step outside-the-box and consider some different ideas and insights.” They begin by questioning conventional investing, exploring investment psychology and exploding common myths. The authors then lay a foundation for unconventional thinking with a highly informative discussion of five key issues investors must first understand: debt, deficits, quantitative easing, inflation and rising rates. Particularly compelling are their discussions of “the 401(k) handcuff” and “the inherent flaws embedded within the increasingly popular target date retirement funds.” In the appealing second half of the book, Higgins and Hajek explain in considerable detail five specific unconventional strategies. One of the more dramatic aspects of this section is the statistical evidence they offer: The “classic” (60/40) portfolio shows a 15-year annualized return of 5.65 percent, while their new “7Twelve Balanced Portfolio” (“twelve selected funds within seven core asset classes”) reaps a 15-year annualized return of 8.44 percent. This is only part of the story; the authors go far beyond investing in stocks alone, discussing a broad range of investments from gold to real estate investment trusts. While Higgins and Hajek claim they wrote this book for the ordinary investor rather than a financial professional, the average reader might be somewhat overwhelmed by the detailed analysis shown in examples, charts and graphs. Still, the well-written material supports the authors’ contention that less traditional investment vehicles may be better bets. In the end, Higgins and Hajek advocate being open to other investment options and taking personal control of one’s investment strategy—sound advice for any investor who wants to maximize returns.
Wise, authoritative and carefully documented; should stimulate deep thought in those who are willing to break free of the conventional investing mode.
Pub Date: June 8, 2014
ISBN: 978-1492105954
Page Count: 274
Publisher: CreateSpace
Review Posted Online: Aug. 21, 2014
Review Program: Kirkus Indie
BOOK REVIEW
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
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