Friday, April 26, 2013

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Does economic inequality in one generation lead to inequality of opportunity in the next? In From Parents to Children, an esteemed international group of scholars investigates this question using data from ten countries with differing levels of inequality. The book compares whether and how parents' resources transmit advantage to their children at different stages of development and sheds light on the structural differences among countries that may influence intergenerational mobility.

How and why is economic mobility higher in some countries than in others? The contributors find that inequality in mobility-relevant skills emerges early in childhood in all of the countries studied. Bruce Bradbury and his coauthors focus on learning readiness among young children and show that as early as age five, large disparities in cognitive and other mobility-relevant skills develop between low- and high-income kids, particularly in the United States and the United Kingdom. Such disparities may be mitigated by investments in early childhood education, as Christelle Dumas and Arnaud Lefranc demonstrate. They find that universal pre-school education in France lessens the negative effect of low parental SES and gives low-income children a greater shot at social mobility. Katherine Magnuson, Jane Waldfogel, and Elizabeth Washbrook find that income-based gaps in cognitive achievement in the United States and the United Kingdom widen as children reach adolescence. Robert Haveman and his coauthors show that the effect of parental income on test scores increases as children age; and in both the United States and Canada, having parents with a higher income betters the chances that a child will enroll in college.

As economic inequality in the United States continues to rise, the national policy conversation will not only need to address the devastating effects of rising inequality in this generation but also the potential consequences of the decline in mobility from one generation to the next. Drawing on unparalleled international datasets, From Parents to Children provides an important first step.

  • Sales Rank: #2200247 in Books
  • Published on: 2012-05-01
  • Original language: English
  • Number of items: 1
  • Dimensions: 8.90" h x 1.50" w x 6.10" l, 1.70 pounds
  • Binding: Paperback
  • 524 pages

About the Author

JOHN ERMISCH is professor of family demography at Oxford University.

MARKUS J�NTTI is professor of economics at the Swedish Institute for Social Research, Stockholm University.

TIMOTHY M. SMEEDING is director of the Institute for Research on Poverty, University of Wisconsin-Madison.

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Wednesday, April 24, 2013

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  • Published on: 1707
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Monday, April 15, 2013

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The most-trusted literature anthology of all time, now in its 50th year.

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  • Sales Rank: #102555 in Books
  • Brand: Brand: W. W. Norton Company
  • Published on: 2012-02-08
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.20" h x 1.30" w x 6.00" l, 1.95 pounds
  • Binding: Paperback
  • 1104 pages
Features
  • Used Book in Good Condition

About the Author
Stephen Greenblatt (Ph.D. Yale) is Cogan University Professor of the Humanities at Harvard University. Also General Editor of The Norton Anthology of English Literature, he is the author of eleven books, including The Swerve: How the World Became Modern (winner of the 2011 National Book Award and the 2012 Pulitzer Prize); Shakespeare's Freedom; Will in the World: How Shakespeare Became Shakespeare; Hamlet in Purgatory; Marvelous Possessions: The Wonder of the New World; Learning to Curse: Essays in Early Modern Culture; and Renaissance Self-Fashioning: From More to Shakespeare. He has edited seven collections of criticism, including Cultural Mobility: A Manifesto, and is a founding coeditor of the journal Representations. His honors include the MLA’s James Russell Lowell Prize, for both Shakespearean Negotiations: The Circulation of Social Energy in Renaissance England and The Swerve, the Sapegno Prize, the Distinguished Humanist Award from the Mellon Foundation, the Wilbur Cross Medal from the Yale University Graduate School, the William Shakespeare Award for Classical Theatre, the Erasmus Institute Prize, two Guggenheim Fellowships, and the Distinguished Teaching Award from the University of California, Berkeley. He was president of the Modern Language Association of America and is a fellow of the American Academy of Arts and Sciences, the American Philosophical Society, and the American Academy of Arts and Letters.

Carol T. Christ (Ph.D. Yale) is Professor Emeritus of English at the University of California, Berkeley, and President of Smith College. She is the author of The Finer Optic: The Aesthetic of Particularity and Victorian Poetry and Victorian and Modern Poetics and editor of the Norton Critical Edition of The Mill on the Floss and, with John Jordan, Victorian Literature and the Victorian Visual Imagination. She is the recipient of an NEH Fellowship and a member of the American Academy of Arts and Sciences.

Alfred David (Ph.D. Harvard) is Professor of English Emeritus at Indiana University. He is the author of The Strumpet Muse: Art and Morals in Chaucer’s Poetry, and editor of the "Romaunt of the Rose" in The Riverside Chaucer and, with George B. Pace, "Chaucer’s Minor Poems I" in The Variorum Chaucer. He is the recipient of a Sheldon Travelling Fellowship and Guggenheim and Fulbright Research fellowships and past president of the New Chaucer Society.

Barbara K. Lewalski (Ph.D. Chicago) is William R. Kenan Professor of English and of History and Literature at Harvard University. She is the recipient of the MLA’s James Russell Lowell Prize for Protestant Poetics and the Seventeenth-Century Religious Lyric and the Explicator Prize for Donne’s Anniversaries and the Poetry of Praise. Her other books include Paradise Lost and the Rhetoric of Literary Forms, Writing Women in Jacobean England, Milton: A Critical Biography, and The Polemics and Poems of Rachel Speght (editor). Lewalski is the recipient of Guggenheim and NEH Senior fellowships and is a fellow of the American Academy of Arts and Sciences and Honored Scholar of the Milton Society.

Lawrence Lipking (Ph.D. Cornell) is Professor of English and Chester D. Tripp Professor of Humanities at Northwestern University. He received the Phi Beta Kappa Christian Gauss Prize for The Life of the Poet. He is also the author of The Ordering of the Arts in Eighteenth-Century England; Abandoned Women and Poetic Tradition; and Samuel Johnson: The Life of an Author and editor of High Romantic Argument. Lipking is the recipient of Guggenheim, ACLS, Newberry Library, Wilson International Center for Scholars, and NEH Senior fellowships and is a fellow of the American Academy of Arts and Sciences.

George M. Logan�(Ph.D. Harvard) is a Senior Fellow of Massey College in the University of Toronto and the James Cappon Professor of English Emeritus at Queen’s University, Canada, where he was head of the English Department for nine years and an award-winning teacher. He is the author of The Meaning of More’s Utopia and principal editor of the Cambridge edition of Utopia (Latin and English), editor of the Norton Critical Edition of Utopia (3rd edition), More’s History of King Richard the Third, and The Cambridge Companion to Thomas More, and coeditor, with Gordon Teskey, of Unfolded Tales: Essays on Renaissance Romance; he has also written a history of the Indiana University School of Music.

Deidre Shauna Lynch is Chancellor Jackman Professor and Associate Professor of English at the University of Toronto. She is the author of The Economy of Character, which was awarded the MLA’s Prize for a First Book, and editor of Janeites: Austen’s Disciples and Devotees and, with William B. Warner, Cultural Institutions of the Novel. She is also an editor of The Norton Anthology of English Literature. She is the recipient of fellowships from the National Humanities Center and the John Simon Guggenheim Memorial Foundation, of the State University of New York Chancellor’s Award for Excellence in Teaching, and of the Northeast Association of Graduate Schools’ Graduate Faculty Teaching Award.

Katharine Eisaman Maus (Ph.D. Johns Hopkins) is James Branch Cabell Professor of English at the University of Virginia. She is the author of Being and Having in Shakespeare; Inwardness and Theater in the English Renaissance; and Ben Jonson and the Roman Frame of Mind; editor of a volume of Renaissance tragedies; and coeditor of English Renaissance Drama: A Norton Anthology, The Norton Anthology of English Literature, and a collection of criticism on seventeenth-century English poetry. She has been awarded Guggenheim, Leverhulme, NEH, and ACLS fellowships, and the Roland Bainton Prize for Inwardness and Theater.

James Noggle�(Ph.D. UC Berkeley) is Professor of English at Wellesley College. He is author of The Skeptical Sublime: Aesthetic Ideology in Pope and the Tory Satirists; his second book, The Temporality of Taste in Eighteenth-Century British Writing, is forthcoming from Oxford. He is the recipient of fellowships from the American Council of Learned Societies and the American Philosophical Society.

Jahan Ramazani�(Ph.D. Yale and M.Phil. Oxford) is Edgar F. Shannon Professor of English at the University of Virginia, previously the Mayo NEH Distinguished Teaching Professor. He is the author of Transnational Poetics, which won the Harry Levin Prize of the American Comparative Literature Association, and of Poetry of Mourning: The Modern Elegy from Hardy to Heaney, which was a finalist for the National Book Critics Circle Award. He is also the author of The Hybrid Muse: Postcolonial Poetry in English and Yeats and the Poetry of Death: Elegy, Self-Elegy, and the Sublime. He is coeditor of The Norton Anthology of Modern and Contemporary Poetry. Ramazani is the recipient of a Guggenheim Fellowship, a National Endowment for the Humanities Fellowship, a Rhodes Scholarship, and the William Riley Parker Prize of the Modern Language Association.

Catherine Robson�(Ph.D. UC Berkeley) is Associate Professor of English at New York University and a faculty member of the Dickens Project. She is the author of Men in Wonderland: The Lost Girlhood of the Victorian Gentleman and Heart Beats: Everyday Life and the Memorized Poem (forthcoming), and has received fellowships from the NEH, the Guggenheim Foundation, the University of California, and the Wissenschaftskolleg zu Berlin.

James Simpson (Ph.D. Cambridge) is Douglas P. and Katherine B. Loker Professor of English at Harvard University and former Chair of Medieval and Renaissance English at the University of Cambridge. An Honorary Fellow of the Australian Academy of the Humanities, he is the author of Piers Plowman: An Introduction to the B-Text (1990); Sciences and the Self in Medieval Poetry (1995); Reform and Cultural Revolution, 1350–1547; Volume 2 of The Oxford English Literary History (2002); Burning to Read: English Fundamentalism and Its Reformation Opponents (2007); and Under the Hammer: Iconoclasm in the Anglo-American Tradition (2010).

Jon Stallworthy (M.A. and B.Litt. Oxford) is Senior Research Fellow at Wolfson College of Oxford University, where he is an Emeritus Professor of English Literature. He is also former John Wendell Anderson Professor at Cornell, where he taught after a career at Oxford University Press. His biography of Wilfred Owen won the Duff Cooper Memorial Prize, the W. H. Smith Literary Award, and the E. M. Forster Award of the American Academy of Arts and Letters. His biography of Louis MacNeice won the Southern Arts Literary Prize. He is also the author of Rounding the Horn: Collected Poems and Singing School: The Making of a Poet, and editor of the definitive edition of Wilfred Owen’s poetry, The Complete Poems and Fragments; The Penguin Book of Love Poetry; The Oxford Book of War Poetry; and coeditor of The Norton Anthology of Poetry. Stallworthy has received a Guggenheim Fellowship and is a Fellow of the British Academy and the Royal Society of Literature.

Jack Stillinger (Ph.D. Harvard) is Center for Advanced Study Professor of English Emeritus at the University of Illinois. He is the author of The Hoodwinking of Madeline and Other Essays on Keats’s Poems, The Texts of Keats’s Poems, the standard edition of The Poems of John Keats; Multiple Authorship and the Myth of Solitary Genius; Coleridge and Textual Instability; and Reading "The Eve of St. Agnes." He is the recipient of Guggenheim and Woodrow Wilson fellowships and is a fellow of the American Academy of Arts and Sciences.

M. H. Abrams (1912―2015) was Class of 1916 Professor of English, Emeritus at Cornell University. He received the Phi Beta Kappa Christian Gauss Prize for The Mirror and the Lamp and the MLA's James Russell Lowell Prize for Natural Supernaturalism. He is also the author of The Milk of Paradise, A Glossary of Literary Terms, The Correspondent Breeze, and Doing Things with Texts. He is the recipient of Guggenheim, Ford Foundation, and Rockefeller Postwar fellowships, the Award in Humanistic Studies from the Academy of Arts and Sciences (1984), the Distinguished Scholar Award by the Keats-Shelley Society (1987), and the Award for Literature by the American Academy of Arts and Letters (1990). In 1999 The Mirror and the Lamp was ranked twenty-fifth among the Modern Library's "100 best nonfiction books written in English during the twentieth century."

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Leave my wallet alone Norton!!
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I'm not a fan of Norton and their overpriced textbooks but this one had a pretty interesting selection.

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Five Stars
By Melissa Owen
Excellent condition and price

1 of 2 people found the following review helpful.
Can Not Go Wrong with Greenblatt
By Veronica J. Barnard
I adore Greenblatt and the whole Norton Anthology collection of English Literature. This edition is another literary success.

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Sunday, April 14, 2013

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The Art of Execution: How the world's best investors get it wrong and still make millions, by Lee Freeman-Shor

Over seven years, 45 of the world's top investors were given between $25m and $150m to invest by fund manager Lee Freeman-Shor. His instructions were simple. There was only one rule. They could only invest in their ten best ideas to make money.

It seemed like a foolproof plan to make a lot of money. What could possibly go wrong? These were some of the greatest minds at work in the markets today - from top European hedge fund managers to Wall Street legends.

But most of the investors' great ideas actually lost money. Shockingly, a toss of a coin would have been a better method of choosing whether or not to invest in a stock.

Nevertheless, despite being wrong most of the time, many of these investors still ended up making a lot of money.

How could they be wrong most of the time and still be profitable?

The answer lay in their hidden habits of execution, which until now have only been guessed at from the outside world.

This book lays bare those secret habits for the first time, explaining them with real-life data, case studies and stories taken from Freeman-Shor's unique position of managing these investors on a day-to-day basis.

A riveting read for investors of every level, this book shows you exactly what to do and what not to do when your big idea is losing or winning - and demonstrates conclusively why the most important thing about investing is always the art of execution.

  • Sales Rank: #854966 in Books
  • Published on: 2015-09-14
  • Original language: English
  • Number of items: 1
  • Dimensions: 8.50" h x .47" w x 5.50" l, .73 pounds
  • Binding: Paperback
  • 208 pages

Review
"This book isn't really about investing, instead it's more of an exploration of human behaviour under different types of stress, and this is what makes the book fascinating...This book is written to appeal to all kinds of investors, and is bound to appeal to both the author's peers and to the inexperienced investor." - Owen Jones, Fidelity Personal Investing "I think that you make a very good point, which is that there are many styles to investing as there are ways to go through life, but the person who knows his character, and is knowing of his environment and his investment horse, is the one that wins over the long term, provided that he is asked to make defined decisions, which strip the investor of his natural inclination to hedge his bets." - Crispin Odey, hedge fund manager and founding partner of Odey Asset Management "I am often asked by graduate students what books I have read that I could recommend they read to make the students better investors. My answer generally is that the student should read the Intelligent Investor and the Reminiscences of a Stock Operator; I will now add your book to the short list for students to read...I wish I had read this book thirty years ago!" - Dennis M. Bryan, Partner at FPA and a legendary investor in the USA "As investors we all know that we should let the winners run and cut the losers. The question is how this works in practice in investment management. Freeman-Shor provides a comprehensive framework how to deal with losing positions and how to make winning positions have a big positive impact on your portfolio returns. A great read for investment novices and professionals alike." - Dirk Enderlein, partner and fund manager at Wellington "With a unique insight into the day to day behaviours of some of the world's best fund managers Lee Freeman-Shor draws out some invaluable lessons for both the private and professional investor and lays bare the behavioural pitfalls we are all subject to in executing our investment ideas" - James Inglis-Jones, fund manager at Liontrust "I truly enjoyed reading your book. Not often I read a book that has so many relevant real-life examples. I also enjoyed reading the quotes very appropriate. You summarize a winning strategy in a very concise manner while backing it up with both examples and data. It is a must read for all managers and allocators. I will order my copy right away and will send some to our clients." - Arik Ahitov, Managing Director and fund manager at FPA "I really enjoyed reading it, although I have to say it was in some respects a chastening experience as - in spite of best efforts - there are times when I lapse into some of the negative behaviours you identify. I think the insights are terrific though and it will serve as an 'internal voice of conscience' forcing me to scrutinise execution and timing more thoroughly" - Daniel Nickols, fund manager and Head of UK Small and Mid-Cap equities at Old Mutual Global Investors "An enjoyable and thought provoking read, from somebody with the real life evidence to back up the findings. An easy to read and enlightening study of behavioural finance, brought to life with real life experiences" - Kevin Lilley, Europe ex UK fund manager, Old Mutual global Investors "It is an interesting and easy read with useful insights for the private investor." - Jeremy Prescott, Private Investor

Review
"This book isn't really about investing, instead it's more of an exploration of human behaviour under different types of stress, and this is what makes the book fascinating...This book is written to appeal to all kinds of investors, and is bound to appeal to both the author's peers and to the inexperienced investor."
- Owen Jones, Fidelity Personal Investing

"I think that you make a very good point, which is that there are many styles to investing as there are ways to go through life, but the person who knows his character, and is knowing of his environment and his investment horse, is the one that wins over the long term, provided that he is asked to make defined decisions, which strip the investor of his natural inclination to hedge his bets."
- Crispin Odey, hedge fund manager and founding partner of Odey Asset Management

"I am often asked by graduate students what books I have read that I could recommend they read to make the students better investors. My answer generally is that the student should read the Intelligent Investor and the Reminiscences of a Stock Operator; I will now add your book to the short list for students to read...I wish I had read this book thirty years ago!"
- Dennis M. Bryan, Partner at FPA and a legendary investor in the USA

"As investors we all know that we should let the winners run and cut the losers. The question is how this works in practice in investment management. Freeman-Shor provides a comprehensive framework how to deal with losing positions and how to make winning positions have a big positive impact on your portfolio returns. A great read for investment novices and professionals alike."
- Dirk Enderlein, partner and fund manager at Wellington

"With a unique insight into the day to day behaviours of some of the world's best fund managers Lee Freeman-Shor draws out some invaluable lessons for both the private and professional investor and lays bare the behavioural pitfalls we are all subject to in executing our investment ideas"
- James Inglis-Jones, fund manager at Liontrust

"I truly enjoyed reading your book. Not often I read a book that has so many relevant real-life examples. I also enjoyed reading the quotes very appropriate. You summarize a winning strategy in a very concise manner while backing it up with both examples and data. It is a must read for all managers and allocators. I will order my copy right away and will send some to our clients."
- Arik Ahitov, Managing Director and fund manager at FPA

"I really enjoyed reading it, although I have to say it was in some respects a chastening experience as - in spite of best efforts - there are times when I lapse into some of the negative behaviours you identify. I think the insights are terrific though and it will serve as an 'internal voice of conscience' forcing me to scrutinise execution and timing more thoroughly"
- Daniel Nickols, fund manager and Head of UK Small and Mid-Cap equities at Old Mutual Global Investors

"An enjoyable and thought provoking read, from somebody with the real life evidence to back up the findings. An easy to read and enlightening study of behavioural finance, brought to life with real life experiences"
- Kevin Lilley, Europe ex UK fund manager, Old Mutual global Investors

"It is an interesting and easy read with useful insights for the private investor."
- Jeremy Prescott, Private Investor

About the Author
Lee Freeman-Shor currently manages over $1bn in High Alpha and Multi-Asset strategies. Lee was ranked as one of the world's top fund managers in Citywire 1000 in 2012. He has been AAA rated by Citywire, Gold rated by S&P Capital IQ fund research and is Bronze rated by MorningstarOBSR. He has been at Old Mutual Global Investors since October 2005 and was previously Co-Head of Equity Research. Prior to joining Old Mutual Global Investors Lee worked for Schroders, Winterthur and in private client wealth management and has over 16 years investment experience. Lee holds the Investment Management Certificate and has an LL.B (Hons) law degree From Nottingham Trent University. He currently lives in Maidenhead, England with his wife Michal and their son Adam. In his spare time he enjoys going to the movies and having fun with his family.

Most helpful customer reviews

14 of 14 people found the following review helpful.
Can save your bacon
By investingbythebooks
I’m a terrible snob when it comes to investment literature. Books written for private investors rarely interest me. This is different. This might be the most important book on investments that a private investor can read – if he can gather the discipline to follow the advice. It might actually save quite a few professional portfolio managers’ bacon as well.

Lee Freeman-Shor is the PM of Old Mutual’s Best Ideas Fund. The fund’s strategy is to select the 45 best investors they can find and let them invest in 10 stocks each. The aggregate of the underlying positions makes up the fund. The interesting thing from the perspective of the reader of this book is that this has given the author an unprecedented real time access to analyze and learn from the best during a long stretch of years. It turns out that less than half of the PMs’ positions were profitable. Some PMs lost money on as much as 2/3rds of their positions. And still, on average these elite investors generated good or even great overall investment results. How this could be is the content of this book. The short answer is so called money management.

The author first analyzed how the PMs acted when it came to their loosing positions, dividing them into three groups according to their behaviour. The Rabbits that didn’t handle loosing positions well and the Assassins and the Hunters who had two different profitable methods to turn losses around. Then Freeman-Lee looked to the opposite – how the PMs handle winning positions. They are now sorted into the unsuccessful Raiders and the top performing Connoisseurs. For each investor type the author analyzes their behavioural biases and discusses what could be learnt from what they are doing wrong and what they are doing right. A bit like The Little Book of Behavioural Investing by James Montier, but for the private investor and with a money management touch.

The thing with losses is that they become disproportionally harder to come back from the larger they get. If a stock goes down 25 percent it has to go up 33 percent to get even. If it goes down 50 percent it has to go up 100 percent and if it goes down 75 percent it has to go up 300 percent. The one thing you cannot do when experiencing losses is nothing. This is what the Rabbits did and they ended up in rabbit holes that were so deep that they couldn’t come back from the losses. Two things work – either you sell or you buy. The Assassins used stop-losses that gave them a fair amount of small losses but never the big ones that were impossible to turn around to profits. This is the typical trend following investor. The Hunters instead waited a little longer and then they doubled down by adding to the position. By doing this they lowered their average purchase price to something that was possible to make a profit from when the stock turned up again. This is the typical value investor.

The loosing habit in handling profits was taking profits too early. High returns are built “through preservation of capital and home runs” as Stanley Druckenmiller put it. A successful portfolio’s return is disproportionally created by a few very successful holdings. By selling as soon as a nice profit was at hand the Raiders effectively closed down their chance of home runs. Don’t.

This is a book written for private investors so it is very simple. Take away the case studies and use normal size font and it could be 70 pages. For its stated audience it is great. There is a fine balance in writing about a specialist area to the broader public. The good author writes for an intelligent person who doesn’t know much about the subject. The bad treats his readers like children. Freeman-Shor is in the good camp. I also like that he, in contrast to trading literature, gives a fuller range of money management options suited to both trend following investors and value investors.

The professional investor will not be surprised by anything in this book. Yet his performance could be vastly improved if he followed the advice. Simple but not easy.

18 of 24 people found the following review helpful.
Another Book Review From The Aleph Blog
By David Merkel
Some books are better in concept than they are in execution. Ironically, that is true of “The Art of Execution.”

The core idea of the book is that most great investors get more stocks wrong than they get right, but they make money because they let their winners run, and either cut their losses short or reinvest in their losers at much lower prices than their initial purchase price. From that, the author gets the idea that the buy and sell disciplines of the investors are the main key to their success.

I know this is a book review, and book reviews are not supposed to be about me. I include the next two paragraphs to explain why I think the author is wrong, at least in the eyes of most investment managers that I know.

From my practical experience as an investment manager, I can tell you that your strategy for buying and selling is a part of the investment process, but it is not the main one. Like the author, I also have hired managers to run a billion-plus dollars of money for a series of multiple manager funds. I did it for the pension division of mutual life insurer that no longer exists back in the 1990s. It was an interesting time in my career, and I never got the opportunity again. In the process, I interviewed a large number of the top long-only money managers in the US. Idea generation was the core concept for almost all of the managers. Many talked about their buy disciplines at length, but not as a concept separate from the hardest part of being a manager — finding the right assets to buy.

Sell disciplines received far less emphasis, and for most managers, were kind of an afterthought. If you have good ideas, selling assets is an easy thing — if your ideas aren’t good, it’s hard. But then you wouldn’t be getting a lot of assets to manage, so it wouldn’t matter much.

Much of the analysis of the author stems from the way he had managers run money for him — he asked them to invest on in their ten best ideas. That’s a concentrated portfolio indeed, and makes sense if you are almost certain in your analysis of the stocks that you invest in. As such, the book spends a lot of time on how the managers traded single ideas as separate from the management of the portfolio as a whole. As such, a number of examples that he brought out as bad management by one set of managers sound really bad, until you realize one thing: they were all part of a broader portfolio. As managers, they might not have made significant adjustments to a losing position because they were occupied with other more consequential positions that were doing better. After all, losses on a stock are capped at 100%, while gains are theoretically infinite. As a stock falls in price, if you don’t add to the position, the risk to the portfolio as a whole gets less and less.

Thus, as you read through the book, you get a collection of anecdotes to illustrate good and bad position and money management. Any one of these might sound bright or dumb, but they don’t mean a lot if the rest of the portfolio is doing something different.

This is a short book. The pages are small, and white space is liberally interspersed. If this had been a regular-sized book, with white space reduced, it might have taken up 80-90 pages. There’s not a lot here, and given the anecdotal nature of what was written, it is not much more than the author’s opinions. (There are three pages citing an academic paper, but they exist as an afterthought in a chapter on one class of investors. It has the unsurprising result that positions that managers weight heavily do better than those with lower weights.) As such, I don’t recommend the book, and I can’t think of a subset of people that could benefit from it, aside from managers that want to be employed by this guy, in order to butter him up.

Quibbles

The end of the book mentions liquidity as a positive factor in asset selection, but most research on the topic gives a premium return to illiquid stocks. Also, if the manager has concentrated positions in the stocks that he owns, his positions will prove to be less liquid than less concentrated positions in stocks with similar tradable float.

Summary / Who Would Benefit from this Book

Don’t buy this book.

3 of 3 people found the following review helpful.
Good summary of behavior and value investing ideas; comes with a free eBook copy!
By Taylor
Note: I received a promotional copy of this book from the publisher in exchange for sharing my thoughts AFTER reading it.

Professor Failure

What can we learn from failure? Aside from the fact that there’s an entire industry of business literature fetishizing the idea that it has much to teach us (as a kind of doppelg�nger to the decades of success literature that took a person or business’s success as given and tried to look backward for an unmistakeable pattern that could’ve predicted it) I’m personally skeptical of what failure might teach. Life is complex and there is often little to separate the failure and the success but timing and luck in certain endeavors.

So, I approached Freeman-Shors book with some trepidation as the subtitle of the book suggests this is a study of failure. Au contraire, what we have here is actually a psychological or behavioral study, somewhat in the vein of Benjamin “you are your own worst enemy in investing” Graham, which studies not failure per se, but rather how investors respond differently to failure and thereby either seal their fate or redeem themselves.

A Behavioral Typology

The book recounts the investment results of several different groups of portfolio managers who were categorized, ex post facto, into various groups based upon how they reacted to adverse market conditions for stocks they invested in. The Rabbits rode most of their failed investments down to near-zero before bailing out and taking the loss. The Assassins had a prescribed set of rules for terminating a losing position (either a % stop-loss, or a maximum time duration spent in the investment such as a year or a quarter). The Hunters kept powder dry and determined ahead of time to buy more shares on a pullback (ie, planned dollar-cost averaging).

While I am suspicious of backward-looking rule fitting, I do think the author’s logic makes sense. What it boils down to is having a plan ahead of time for how you’d react to failure. The Rabbits biggest mistake is they had none whatsoever, while the Assassins managed to protect themselves from total drawdowns but perhaps missed opportunities to profit on volatility rebounds. The author seems most impressed with the Hunters, who habitually started at a less than 100% commitment of funds to a planned position and then added to their investment at lower prices when the market gave them an opportunity to do so.

Freeman-Shor’s point is that when the price falls on your investment you need to decide that something material has changed in the story or facts and you sell, or else you need to be ready to buy more (because if it was a good buy at $10, it’s a great buy at $5, etc.) but you can not just hang tight. That isn’t an investment strategy. This is why I put this book in the Benjamin Graham fold, the message is all about being rational ahead of time about how you’d react to the volatility of the market which is for all intents and purposes a given of the investing landscape.

Learning From Success, Too

The author goes over a couple other behavioral typologies, Raiders and Connoisseurs. I won’t spoil the whole book, it suffices to say that this section is worth studying as well because it can be just as nerve-wracking to try to figure out whether to take some profit or let a winner ride when you have one. Freeman-Shor gives some more thoughts based on his empirical observations of other money managers who have worked for him on when it’s best to do one or the other.

More helpfully, he summarizes the book with a winner’s and loser’s checklist.

The Winner’s Checklist includes:

-Best ideas only
-Position size matters
-Be greedy when winning
-Materially adapt when losing
-Only invest in liquid stocks

The last bit is probably most vital for a fund manager with redeemable capital.

The Loser’s Checklist includes:

-Invest in lots of ideas
-Invest a small amount in each idea
-Take small profits
-Stay in an investment idea and refuse to adapt when wrong
-Do not consider liquidity

Free e-Book With Purchase!

It is hard for me to decide in my own mind if this book is a 3.5 or a 4 on a 5-point scale. I think of a 5 as a classic, to be read over and over again, gleaning something new each time. This would be a book like Security Analysis: Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions) or The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) (Collins Business Essentials). A 4 is a good book with a lot of value and a high likelihood of being referenced in the future, but not something I expect to get a new appreciation for each and every time I read it. A 3 is a book that may have been enjoyable overall and provided some new ideas but was overall not as interesting or recommendable.

While I enjoyed this book and did gain some insight from it, and I think the editorial choices in the book were bold, it’s closer to a 3 in my mind than a 4 just in terms of the writing and the ideas. I’ve found a lot of the content in other venues and might’ve rated it higher on my epiphany scale if this was one of the first investment books I ever read.

But something that really blew me away is that the publisher, Harriman House, seems to have figured out that people who buy paper books definitely appreciate having an e-Book copy for various reasons and decided to include a copy for free download (DRM-free!!) in the jacket of the book. This is huge. I read my copy on a recent cross-country flight and was really agonizing about which books from my reading stack wouldn’t make the trip for carry-on space reasons and then realized I could take this one with me on my iPad and preserve the space for something else. That’s a big value so I am going with a 4 as a result.

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Saturday, April 13, 2013

[I110.Ebook] Ebook Free All Who Go Do Not Return: A Memoir, by Shulem Deen

Ebook Free All Who Go Do Not Return: A Memoir, by Shulem Deen

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All Who Go Do Not Return: A Memoir, by Shulem Deen

All Who Go Do Not Return: A Memoir, by Shulem Deen



All Who Go Do Not Return: A Memoir, by Shulem Deen

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All Who Go Do Not Return: A Memoir, by Shulem Deen

Named one of "forty-two books to read before you die" by the Independent (UK)
2015 National Jewish Book Award Winner 
2016 Winner of the GLCA New Writers Award in Nonfiction
One of Star Magazine's "Fab 5 Can't-Miss Entertainment Picks"

A moving and revealing exploration of Hasidic life, and one man's struggles with faith, family, and community

Shulem Deen was raised to believe that questions are dangerous. As a member of the Skverers, one of the most insular Hasidic sects in the US, he knows little about the outside world--only that it is to be shunned. His marriage at eighteen is arranged and several children soon follow. Deen's first transgression--turning on the radio--is small, but his curiosity leads him to the library, and later the Internet. Soon he begins a feverish inquiry into the tenets of his religious beliefs, until, several years later, his faith unravels entirely.

Now a heretic, he fears being discovered and ostracized from the only world he knows. His relationship with his family at stake, he is forced into a life of deception, and begins a long struggle to hold on to those he loves most: his five children. In All Who Go Do Not Return, Deen bravely traces his harrowing loss of faith, while offering an illuminating look at a highly secretive world.

  • Sales Rank: #68688 in Books
  • Brand: Graywolf Press
  • Published on: 2015-03-24
  • Released on: 2015-03-24
  • Original language: English
  • Number of items: 1
  • Dimensions: .33" h x .95" w x 5.56" l, 1.00 pounds
  • Binding: Paperback
  • 288 pages
Features
  • Graywolf Press

Review

Named one of "forty-two books to read before you die" by the Independent (UK)
2015 National Jewish Book Award Winner
2016 Winner of the GLCA New Writers Award in Nonfiction
One of Star Magazine's “Fab 5 Can't-Miss Entertainment Picks”

“Astonishing. . . . Deen's harrowing story . . . is also an indictment of those who are standing by and allowing it to be.” ―The Washington Post

“With this book Deen has laid to rest the idea that a Hasid from New Square could never become a great writer in English, or an articulate chronicler of his own experiences.” ―The New Republic

“All Who Go Do Not Return is an extraordinary memoir. The writing is beautiful. The journey it chronicles is poignant, relatable-and also unlike anything most readers will ever have experienced. . . . His voice is an important one in our generation.” ―ZEEK

“A heartbreaking read as Deen fights to reconcile his identity and love for his family with his loss of faith in God. But it is also one of great courage and hope as Deen aspires to live openly and without fear for the first time.” ―Publishers Weekly

“In this moving book, Deen lays bare his difficult, muddled wrestling with his faith, the challenges it posed to everything he thought he knew about himself, and the hard-won redemption he eventually found.” ―Library Journal

“A clash of cultures made fascinating and personal.” ―Booklist

“I understand that even if I did visit New Square I would have no greater access to Hasidic life than my occasional walk through Williamsburg, where I can see but can't penetrate its appeal, or its secrets. Deen's memoir, however, does grant me that access. It is the book's ticket to mass appeal as well as the seat of his disquiet in its writing.Though he writes because he has a story to tell, Deen's work, especially in his memoir, is clearly crafted to benefit others dealing with a wavering faith.” ―Tablet Magazine

“Shulem Deen has a fascinating story to tell, and he tells it with exquisite sensitivity. All Who Go Do Not Return gives us not only an insider's glimpse into a shrouded world few outsiders get to see, but also a movingly told narrative of one man's struggle toward intellectual integrity. The setting may be the world of Hasidic Judaism, but the drama and the insights are universal.” ―Rebecca Newberger Goldstein, 36 Arguments for the Existence of God: A Work of Fiction

“All Who Go Do Not Return is a deeply honest and moving story about a man's decision to do something both so simple and so radical - to live in accordance with his own beliefs. Shulem Deen has written an enormously powerful and important memoir about faith, doubt and freedom.” ―Tova Mirvis

“On the eve of his marriage, at eighteen, Shulem Deen knew how to slaughter an ox in Jerusalem's ancient temple, but he knew less than most seven-year-olds do about sex and movies and technology and literature--about the world that lay only miles away from him. Among the Skver Hasids, all who go do not return, but in writing this memoir, Deen has returned, and brought us, his lucky readers, with him. This is a heartbreaking book, and an important one, about the consequences of being true to yourself, and about a world and a community few of us know.” ―Joshua Henkin

About the Author
Shulem Deen is a former Skverer Hasid, and the founding editor of Unpious. His work has appeared in the The Jewish Daily Forward, Tablet, and Salon. He lives in Brooklyn, New York.

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222 of 238 people found the following review helpful.
Round peg in a Skverer hole
By Jojoleb
[SPOILER ALERT: I found it difficult to write this review without discussing some of the major aspects and events of the book. I don't think that these are exactly spoilers: we know from the jacket cover and picture of the now clean-shaven author that he ends up leaving a Chassidic sect and the book opens with the author and his family getting ousted from the New Square community. I refer to most specific events in general terms but, even so, I just wanted to give readers the heads up.]

Shulem Deen's All Who Go Do Not Return is the author's memoir of leaving an Orthodox Chassidic sect. I was riveted from start to finish. This is a powerfully written book that is even more gripping because it is not fiction. Moreover, it has intrinsic interest because it opens the door to the inner sanctum of the insular, Skverer Chassidic community located in New Square, New York.

However, I found the book equally intriguing as it was disturbing to me. I am not Hasidic, but I am an observant Jew. Although I hate labels, Deen would probably peg me as 'Modern Orthodox.' (For those who are not in the know, this moniker cuts a large swath, describing anyone from the most liberal Jewish Orthodoxy--just to the right of Conservative--to a graduate of Yeshiva University's rabbinical school. If this is the range, I would definitely fall right of center.)

As such, I am familiar with Hasidim and Hasidic communities. I have not lived in such a community nor am I drawn to do so. But just as I am able to appreciate the authenticity of Deen's point of view, I also have a great respect for and know many Hasidim who are, indeed, pious and live rewarding and productive lives within communities that are similar to New Square.

Nevertheless, that does not mean that everyone who is born within a Hasidic enclave will fit in. For most of us that live in the United States, we tend to think of communities like New Square as quaint, anachronistic, recreations of the Eastern European shtetl. A sort of Fiddler-on-the-Roof, Anatevka experience, where the citizens live beatific, humble, dedicated lives and perhaps break out into song in full colorful costume when the moment strikes them.

Of course, we know that this is not true. Any community, no matter how religious, how small, or how insular, is rooted in the real world. Hasidim who live in places like New Square, the Amish, the Hutterites, and other similar types of communities have their joys but also have their strife. They have their celebrations but they also have their own internal politics.

Those who live this life may seem constrained to us, but having strict guidelines in life may give them a sense of purpose or godliness that we may lack with all of our freedoms. As we see with Deen's account, however, there is little wiggle room and those who do not fit in are destined suffer a life of repression or need to leave.

The author's break from the Skverer community began with disillusionment. Starting off as an ardent adherent, Deen starts to question his insular world when he reaches the age of 19, and there is undue social pressure for him to get married. At first he cannot understand why he needs to get married at such a young age. Deen doesn't feel ready to get married and also quibbles with the way his bride is selected. As is the tradition, he gets married after meeting the bride only once.

Once married and after having a number of children, the world starts to crack around him. Deen finds it more and more difficult to keep his family financially afloat and finds the Skverer community lacking in terms of support.

Deen had somehow felt that as he reached each expected step of his rabbinic education, things would all just work out. Instead he finds a world of debt, food stamps, community food vouchers, and not even being able to live check to check. In desperation, he resorts to moonlighting as an elementary school teacher and a tutor, jobs where it is expected to falsify documents so that he will get a paycheck cut by the government. He even makes a vain attempt to start a business.

Deen finds the Skverer Rebbe to be a distant figure who doesn't care about his followers and doesn't take Deen's plight seriously. Deen starts thinking about New Square as a kind of pyramid scheme, with Deen suffering at the very bottom while the Rebbe (and the Rebbe's cadre) benefiting enormously at the top.

As he tries to hold his family together, Deen finds himself in search of something outside the pale. He buys a computer for work, cracking open the door to the outside after he discovers chat rooms of the internet. He buys a car for a job and finds himself enjoying the forbidden radio and driving outside of New Square, exploring a vast new world. He finds a friend who has partially 'escaped' who gets him hooked on movies. The pull of the outside world exceeds the ties that bind him to Skver and Deen loses his faith in the Skverer community and his faith in God.

Deen describes his remarkable emergence from the Skverer community as one would describe time travel. This is not an exaggeration. Although Deen is becoming a Talmudic scholar, he has poor command of the English language (his first language is Yiddish), he has maybe a fifth grade secular education, and he has never watched TV or seen a movie. He has had glimpses of the outside world, but has lived within the Hasidic community and is unacquainted with modern American social conventions and culture.

Deen's 1800s, Eastern European persona is not ready for the 20th Century. And his exploration of the outside world and subsequent loss of faith separate Deen from his family and his community. All this happens more quickly than Deen expects and in ways that he is not fully prepared for. Deen's wife, Gitty, makes a valiant attempt to stay loyal to her husband but she is too moored in the Skverer community to embrace a larger world. Both try to keep the family unit intact, but it is apparent even from the beginning that this is doomed.

Deen is unprepared for the greater world practically, educationally, and emotionally. This basic lack of knowledge and social tools is an invisible barrier that he has to overcome before he can leave New Square. The fallout of losing his family scars him. Deen is deeply wounded by the hydraulic, social pressure from the Skverer community on his children to separate themselves from him and is blind-sided by the legal machinations of the Skverer community that physically alienate Deen from his family.

Deen has a knack for being simultaneously heartbreaking and humorous. The account of his wedding night, where as a student he was learned in the Jewish laws of intimacy but completely ignorant of the actual physics of the act, is a perfect example of this. His writing is engaging and he is an excellent story teller. His goal is simply to tell his story the way he sees it, and he mostly succeeds.

Of course, if Deen's ex-wife was writing the book, the narrative might have been completely different. But it is the veracity of Deen's narrative that rings throughout. Deen is always conscious that he is telling his version of the truth. Because of this, he makes his best effort to tell the unvarnished story, even if this means highlighting his personal failures.

Nevertheless, even though Deen takes great pains to describe his experience in a distanced, journalistic way, he is unable to completely do so. Memoirs, of course, are always written from the point of view of the author and this one is no exception. The wounds are still too raw, and even Deen knows that he cannot be completely objective.

This is, perhaps, the greatest strength of the book and the thing that makes it stand out from the crowd in what appears to be a new genre of non-fiction describing an authors 'escape' from ultra-orthodoxy. Books by Deborah Feldman and Leah Vincent, for example, describe similar trials and tribulations. Deen's circumstances, however, are less outrageous and more relatable. Some have questioned the truth of some of the claims in Feldman's book and Vincent actually came from a far less insular brand of Orthodoxy than Deen. Moreover, the other books are chock full of bitterness--an emotion that is understandably present but that does not dominate Deen's memoir.

The danger of Deen's book, I suppose, is that some may see it as demonization of Hasidism, Judaism, or religion in general. Those who have a drum to beat on these issues will use the book as a way to reinforce their negative stereotypes of Hasidism and by extension Orthodox Judaism. Moreover, there are those in the Jewish community who will see Deen's book as just another in a series that shamefully disparages Orthodox Jewish practice to a wider audience.

Deen instinctively tries to steer away from this, but, even as he strives to be even handed, he still can't help taking a few pot shots. For example, he is repeatedly dismissive of what he considers the triviality of Talmud study--for example having in depth knowledge of just exactly how to write a legally binding contract in 5th century Babylonia. The Talmud does contain instruction and arguments regarding very minute points of Jewish law. However, the purpose of Talmud study, and the reason the arguments therein were written down for posterity, was not only to elucidate the specifics of Jewish law but to demonstrate the analytics involved in reconciling real-world problems using Jewish law.

Deen decries the perfunctory experience of ritual, law, and prayer in Judaism. Some may experience things this way, but part of appreciating the deeper meaning of an Orthodox Jewish life has to come from within. At times he invokes the old saw (brought up many times by others, such as Bill Maher), that there could be no divinity to the Five Books of Moses because the character of God therein is too ruthless and cruel. Religious people, of course, interpret the Torah in a different way. These points are sometimes a distraction from the narrative, but they are not the purpose of the book.

One odd reference was his interpretation of a story referred to in the Talmud of the four rabbis who entered the garden ('pardes' in Hebrew), where only one--Rabbi Akiva--emerged unscathed. Deen states that this was an admonishment against studying Filosofia (philosophy), whereas the standard interpretation is that the story is a warning against studying Kabalah (Jewish mysticism) when one is unprepared. Another interpretation, closely aligned to this, would be an admonishment against using one of the secret names of God to elevate one's soul to a higher level than one is able to tolerate. It makes sense that a more modern interpretation might be used as leverage to deter people from secular culture or philosophy, but that seems far flung from the original meaning of the story. However, I can easily imagine that Deen might have learned this interpretation by his Skverer rebbes.

Of course, given that Deen felt forced to adhere to Jewish law and tradition, he did lead a perfunctory existence that lacked any real soul. Nevertheless, just because a Hasidic life lacks meaning for Deen personally, this doesn't mean that it isn't meaningful for those who live it every day. He mentions the portrayals of Hasidim by Martin Buber, Abraham Joshua Heschel, and Elie Wiesel and 'wincing' at how these authors 'romanticized' Hassidic life. Not having lived among the Skverers, I can't comment on what life is like in that community. I will say that there is acknowledgement that there is an overabundance of stress on ritual and law rather than spirituality in greater Orthodoxy.

It is ironic that such a problem exists within Hasidus today: that specific branch of Judaism was started in the late 1700s by Rabbi Yisroel ben Eliezer (known as the Baal Shem Tov or 'Good Master of the Name') specifically as a spiritualist backlash against the rationalist brand of Judaism practiced in Eastern Europe at the time.

Remarkably, the rabbinical school of Yeshiva University--a non-Hasidic Jewish institution of Jewish higher learning that is an extension of the Eastern European rationalist tradition--is now actually teaching courses in what they call 'neo-Chassidus.' Through neo-Chassidus, Yeshiva University is trying to reintroduce the mystical and spiritual aspects of Hasidus back into Jewish life; to bring the 'inner light' back into daily religious practice and the study of Torah. I believe that this is the inspired approach to Judaism that Buber, Heschel, and Wiesel were referring to. More remarkably, one of the course directors of the neo-Chassidus program at Yeshiva University has stated that Hasidim often attend his classes to rekindle the fire of the Baal Shem Tov, because Hasidus for them had become a way of life, not a fire.

The purpose of Deen's book seems twofold. First, writing the book was almost certainly a catharsis for him. Second, he wants to make sure that those who take the same journey as he did know that others came before them and that they can seek solace in knowing that they are not alone and have support.

There are those in the Orthodox Jewish community who will want to censure Deen and will decry his book, but I think that this would be a grave mistake. The issues that Deen has brought up in his book are real issues that matter. Those issues will not go away if you ignore them. If we want to keep our children within the fold, we have to realize that Judaism is not a cookie cutter religion. There is real flexibility, we just have to own up to it. The fact that someone is not cut out for life in a small, insular, Jewish community doesn't mean that they have to leave their faith behind altogether. There are plenty of options--yes, even within Orthodoxy--that allow you to interact with the 'outside' world. Losing faith in 'ultra-orthodoxy' does not necessarily mean that you have to leave Judaism altogether.

This is one of those books that is not only a great read but sticks with you long after you read it. It is not one of those true-life stories that ends with an all-out victory, but it is a gripping memoir that will keep you reading until you finish it. And when you're done, you will still have a lot to think about. Recommended.

6 of 6 people found the following review helpful.
Memorable moment, authentic and real
By Joel B. Gordon
I was first attracted to "All Who Go" by an excerpt in "The Forward" which related Shulem Deen's experiences as a teacher. I am a teacher, and his account rang true, an uncommon experience for me. I am well educated in Jewish life and texts, and I was delighted, charmed and enveloped by the story of Shulem's youth and young adult years in New Square. The scenes were so vivid and authentic, nuanced and accessible to this non-Hassidic reader. I have read so many pieces on Hassidic life that were patently dishonest or shallow; this was spot-on!
Deen is a very adept storyteller, and the book would not let me put it down. The little crises of marriage, child-rearing, struggling with faith, rebelling — all of the challenges captured my imagination, as I followed young Shulem working through problem after problem. He was indomitable.
Until he wasn't. I did not expect the narrative to progress as it did. I don't want to spoil it for you, but understand that a clever, enticing little book developes layers and layers of thoughtful struggles and profound inner pain and potential. The Shulem Deen of the last chapter is much less entertaining, and much more important, than the pleasant fellow who welcomes you into his memoir.

4 of 4 people found the following review helpful.
Shulem Deen was determined to find the Truth, and not live a lie. A Triumphant and Heartbreaking journey
By Gina C. Moss
All Who Go Do Not Return: A Memoir, is a Memoir like none I have ever read. It concerns the religious, spiritual and community-wide struggle of the writer, Shulem Deen. He was raised and he lived in an insular, Orthodox Jewish life. Starting as a child, he challenged authority, questioned unproven "truth", and resented the constant scrutiny and control inside the small world in which he felt trapped. We come to know his childhood and parents in flash backs. As the book begins Deen is being matched with a bride. He will only meet her for a few minutes before they become joined for life. Deen carefully, and I believe fairly describes the life he led and what began to tear down the wall of fear and threats. He dares to go to a library! Listen to the radio, and other forbidden activities. I found the story so upsetting at parts, I kept setting the book aside and declaring to my husband that I would not read anymore!! And yet, I was draw back, again, to find out how our main character was surviving the disaster he had made of his life. Only when my husband told me the conclusion, would I dare to finish the story. Shulem Deen's life is a brilliant, brave, and yet tragic human journey. But it is one we must all take, when we are determined to live the truth, and not live a lie.

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