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This text is a classic in probability, statistics, and estimation and in the application of these fields to modern engineering problems. Probability, Random Variables, and Stochastic Processes assumes a strong college mathematics background. The first half of the text develops the basic machinery of probability and statistics from first principles while the second half develops applications of the basic theory. Topics in the first section include probability distributions and densities, random variables and vectors, expectations, covariance, correlations, functions of random variables and vectors, and conditional distributions and densities. In this third edition of the text, the second half of the book has been substantially updated and expanded to include new or revised discussions of the following topics: mean square estimation, likelihood tests, maximum entropy methods, Monte Carlo techniques, spectral representations and estimation, sampling theory, bispectra and system identification, cyclostationary processes, deterministic signals in noise, and the Wiener and Kalman filters. Probability, Random Variables, and Stochastic Processes covers a remarkable density of material and the clarity of both presentation and notation make this book invaluable as a text and a reference.
Book Description
The fourth edition of Probability, Random Variables and Stochastic Processes has been updated significantly from the previous edition, and it now includes co-author S. Unnikrishna Pillai of Polytechnic University. The book is intended for a senior/graduate level course in probability and is aimed at students in electrical engineering, math, and physics departments. The authors' approach is to develop the subject of probability theory and stochastic processes as a deductive discipline and to illustrate the theory with basic applications of engineering interest. Approximately 1/3 of the text is new material--this material maintains the style and spirit of previous editions. In order to bridge the gap between concepts and applications, a number of additional examples have been added for further clarity, as well as several new topics.
Customer Reviews:
Papoulis should never be allowed to write a book again.......2006-11-29
Absolutely fails as a text book. This book offers absolutely no flow whatsoever for a student to follow. Papoulis didn't write this book for a student, he wrote it for a peer to discuss over tea to showcase how much he can squeeze into 800 pages. Apprently, quality over quantity means absolutely nothing to this guy.
If you want a good textbook on random variables, try Peebles. Each topic in Peebles is coherently presented followed by a numerical example that's easily understood.
Yes this book covers alot of ground, but it does a horrible job explaining just about everything it covers.
Not for the beginner.......2006-09-09
I bought this book because it is a classic. It is hard reading, the style is dry and somewhat bloated, a combination that makes you dislike the author immediately. That is a shame, for the author is clearly very knowledgeable. If only he had tried to be a bit friendlier, try to TEACH instead of PREACH...
Definitely NOT for beginners, not even for intermediate level readers.
Very formal treatment, use this if you also have a tutor / professor.......2006-03-20
Im writing this review because I felt most of the other reviews here were unfair. If you are not interested in the subject, you'll find any text on random processes bad!
Anyway, the text book is a very formal treatment of the subject - and is a good accompaniment if you have access to a professor or tutor you can discuss things over with. If you are planning to read this up on your own, it's hard. The exercises are good and must be attempted to understand the subject. Get a solutions manual from somewhere to verify your work.
I hate probability now; don't even mention random variables.......2006-02-13
Oh my goodness, what did I get myself into. I had taken a statistics and probability class before and breezed through it no problem. A+ for the class, and I even missed some classes. So I decided I should take a higher level course in probability and random variables. Numbers are fun, right? WRONG. This book will completely turn you off to anything related to probability and random variables, if you are a beginner. If you don't have an intrinsic love for probability and random variables already, then I recommend choosing another book. Basically what is wrong with this book has already been outlined by the reviewers that gave this one 1 or 2 stars. Difficulty in comprehending mainly because:
1) Barely any practical applications (e.g. number examples) A lot of the examples in the book and even the problems will present you a "general" problem to solve, meaning no numerical values, but 'k' and 'n' and such. Very abstract!
2) Errors. I didn't even know there were errors in this book until my instructor pointed them out. Heck, how are you supposed to learn if you don't spot the errors and take them as truth!
3) Pre-bed time reading material. Very boring and dry like another reviewer has said. I cannot fathom anyone enjoying a page of this book. Dictionaries are more fun to read; at least I would take something with me. My own eagerness to do well in class is stifled by this book, making me ask myself why I must endure this torture.
This book is too advanced for beginners, and will not promote healthy learning of the material. Please read a few of the low star reviews for better alternatives. If you must take a class that uses this book, I suggest paying attention 100% in class and prayer. My instructor uses slides from Pillai, and even those had errors in it. I am glad to hear I am not alone on this one.
Choose another book.......2005-10-26
Very poorly written unless you already understand the topic.
Book is heavy on poorly explained theory and provides very little in the way of practical applications or examples.
Far too many errors that even the errata card doesn't address.
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Natural Hazards and Disasters, 2005 Hurricane Edition (with Errata Table of Contents and Index)
Donald Hyndman , and
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ASIN: 0495393266 |
Book Description
Natural disasters are a terrible reality of our world. But with the latest scientific research you can at least be better prepared. NATURAL HAZARDS AND DISASTERS, 2005 HURRICANE EDITION walks you through the major earth and atmospheric hazards that can appear suddenly, helping you be informed and make smart choices. And, with loads of illustrations, diagrams, and photos, this disasters textbook has all the resources to master the material and succeed in the course.
Book Description
George Steiner, one of the great literary minds of our century, here relates the story of his own life and the ways that people, places, and events have colored the central ideas and themes of his work. Brilliant and witty, his memoir reveals Steiner`s thoughts on the meaning of the western tradition and its philosophic and religious premises.
Customer Reviews:
Dense, Typically Provocative, Worthwhile.......2003-07-03
Lovers of intellectual autobiography, pounce. True examples of this genre are scarce, certainly among living writers. And Steiner's insistence on concision assures that this slim volume won't waste your time. Typically, even when a theory or two seems wrong (as with his on the underpinnings of anti-Semitism), it can test your own, or stimulate you to more plausible ideas not otherwise occasioned.
The relative dearth of this genre among professions other than the writer's own stuffy vocation is annoying--I treasure Agnes Martin's "Writings" for that reason--but Steiner's eloquence, not to mention the intensity of his passions, overcomes the familiarity of his perspective. As has been pointed out in the editorial reviews here, Steiner does not emerge as particularly sympathetic, but then I would rather read him than meet him at a cocktail party, in any case.
Pundit worries.......2003-04-14
Errata is a collection of "articles", offering meditations on cultural history, art, language, antisemitism, the fate of religion in our age - all more or less linked to a limited number of autobiographical anecdotes. As an intellectual biography it is not really satisfying, because the "articles" differ in tone and in the way intellectual matter gets linked to personal memories. The section on "silence", for instance, is very impressionistic, whereas the (more interesting) part on teachers is a true gallery of portraits.
In this work Steiner re-emphasizes what we all knew, that he is a devotee of High Culture. He even says that Great Minds like Goethe, Mozart or Dante could redeem the numerous atrocities that litter the history of the Western World. This "high culture" is consistently opposed to "popular culture", the main target being pop music with Madonna nevertheless being mentioned in the index. The voluminous presence of pop music, football, topless bars, noise in general, television in our world today - Steiner believes, tend to wash away the serenity high culture could inspire.
I have always great problems digesting this contrast. High culture very often seems to be embedded in authentic life-experience which more than touches the areas in which low entertainment finds home. In Milos Forman's Amadeus we find Mozart himself enjoying a vaudeville performance in its own right. And there is quite some "low entertainment" in the Shakespeare files.
George Steiner surely has problems establishing this lifeline between memories from the body in all its banality and the astral regions of cultural accomplishment. Errata is a failed attempt at self-examinition, which is nevertheless quite revealing. The passage on Philonenko, on his making the distinction between true original minds firstly, great and loyal interpreters secondly, and, thirdly, the wishwash of article writers and essayists - somehow scourges the tense and high self-esteem George Steiner has to live with. Steiner admits himself, rightly, to be just an essayist.
Most revealing is also Steiner's treatment of Freud's Oedipus conflict. It was Steiner's own dear father who made him kneel for the cultural coryphees. Steiner almost suggests that he kneeled too obediently, that his devotion always threatens him to get out of touch with Western Culture as it happens today. And this is one of his unnamed passions - to keep in touch.
And so, hesitatingly, surreptitiously, Errata talks about a sense a failure. Being both priviliged and successful, being able to look back on a life filled with numerous brilliant contacts, reviewing a life that many would experience as highly fulfilling - the atmosphere of Steiner's self-assessment is rather depressing. It is not easy not to be a Mozart.
At the top of western culture.......2002-02-19
To me, Erata is a display of the best qualities of Western culture. Steiner is as knowledgable in European cultural Classic as there is. He is in love with European classical music, with European literature - ancient and new, with philosophy, poetry and more. He loves Western cultural achievements without showing any disrespect for Asian, African or other non-European cultures. Of these he has some superficial knowledge - but he does not pretend otherwise.
Steiner's attempts to define in words the importance of art is illuminating. This is especially true in his discourses on the essence of music - he knows it can not be defined in words, but his words did contribute to my perceptions and did have their own positive effect.
Throughout - Erata shines with humanism and love (are they not the same after all ?). It is not really an autobiography - it is more of a story someone tells of the things he feels have made his life worthwhile.
I know a few people that read Erata - they all took something from the book - each according to his/her own needs and circumstances. Therefore I feel safe to recommend it to anyone who loves life.
Errata: the unexamined manuscript.......2000-09-27
This book is a series of autobiographical essays, by the ultra-conservative American journalist George Steiner (who hates America so much that he pretends to be English). You are supposed to be amazed, impressed, overawed by the author's brilliant intellect, all the people he has met, and his privileged life.
But looking beneath his thick prose (given, George Steiner has just about the thickest prose around, so reading and understanding what he is saying is not the easist thing in the world) the picture he gives you is utterly self-indulgent.
I mean, his only regret is not taking LSD? We are supposed to think, what a fun, interesting guy, oh my, what connections he has. But who cares! That event was not an event in his emotional, social, or intellectual development.
In fact, the only anecdotes we see are what he allows us to see. Here is a partial list of what I would have liked to see, but didn't: What about that time he slept with someone, or slighted one of his students. When he was humiliated, when he felt that he had grown, what were some big moments when he was raising his children.
You don't see any of this! Reading this book, except for a few biographical facts here and there, does not tell you anything REAL about this journalist. The whole point of the book is that the great George Steiner wrote it. You buy it because he is so amazing that you want to hear every detail about his life.
But guess what... He is not a great mind; just a great ego and an equally great voice. If you buy this book, you are a sucker, and he is that much richer.
See my review for No Passion Spent.
a profound, passionate and humane thinker.......2000-08-12
First off, I should mention that I'm new to the work of George Steiner and this review will perhaps be most helpful to other newcomers. Having spent the better part of the past 20 years immersing myself in music ( of varying types ) I've recently found myself being drawn to the world of literature. Although by no means ignorant of the basic literary "classics" ( Bible, Homer, Shakespeare, Dostoevsky, etc ), I make these prefatory comments only to point out that I am certainly NOT an exceptionally well-read person and don't wish to imply my thoughts should count for more than what they are; namely, those of an interested "common reader".
My interest in George Steiner stems from reading several of his essays. Moved by his graceful and substantive style, I set out upon his recent "ERRATA", which, although it contains threads of an autobiographical nature, seems to me to be just a more personal interweaving of the themes he plays with in his essays. Steiner, while an immensely well-read and cultured man ( fluent in at least 5 languages ), displays a knack for a mellifluous prose which neither condescends for the "benefit" of the less knowledgeable reader nor imposes a convolution of word jumbling just for the sake of being clever. He is passionately interested in the "what, how and why" of life, not just in dusting off a corner of literary history ( though he certainly would be capable of spinning a monograph on any one of dozens of literary/philosophical figures from the past 3000 years of human history ). A palpable humility coupled with a thirst for knowledge and "transcendence" shines through "ERRATA". One learns of the event which proved to be the decisive moment setting Steiner on the path to teaching- an all night "study session" in which Steiner, as an undergraduate at the University of Chicago in the late 1940's, read and expounded upon Joyce's "The Dead" to an emotionally moved audience made up of people 5 to 10 years older than him. His 16 page chapter ( 6 ) on music is, from my perspective as a person obsessed with music, one of the finest pieces I've ever read on the "poetics" of music, whether by musician or non-musician. The following chapter on language is equally profound. I have no idea what people immersed in scholarly fields would think of his work. From where I stand, his perspectives shed light, expand the mind and renew one's commitment to pursue those aspects of humanity which remains its greatest hope.
I sincerely hope Mr. Steiner continues to share his thoughts. His profound and passionate insights, so beautifully imprinted in "ERRATA", are needed as we live through an era all too often emphasizing media-driven glamour and technological innovation at the expense of aesthetic and spiritual substance.
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Stigmata Errata Etcetera (Artist/Poet Collaboration)
Bill Knott , and
Mark Doty
Manufacturer: Saturnalia Books
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The Collected Poems: 1956-1998
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ASIN: 0975499041
Release Date: 2007-01-01 |
Product Description
Mark Doty introduces this stunning new collection, the third in Saturnalia Books new Artist/Poet Collaboration series. Bill Knott has to be the only poet who can claim to have been for nearly forty years now at the head of both the avant-garde and the rear-garde of American poetry. Meticulous and formal, yet wildly inventive, Knott is among the very finest poets living today. Paired perfectly with his poems is the surreal and oddly beautiful world of Star Black s collages. Stigmata Errata Etcetera is a book that brings absurdity and wit into clear focus, reverberating with Knott s unique blend of heartrending humor and Black s playful and passionate imagery. As Doty writes, These two not-so-different sorts of creation together point back to the mystery of origins: the new arises, out of its polyglot beginnings, one unlikely thing rubbing up against another. Found things, assembled with the strange freshness of the ordering eye or ear, bring new and distinct presences into the world.
Customer Reviews:
How to be agood manager.......2007-05-27
This book is good for those student who wants to develop a manager career. It gives basic knoweledge and concepts. It can be used to prepare the first level of management in a university catedra.
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MORE ERRATA
Entwhistle
Manufacturer: Simon & Schuster Children's Publishing
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ASIN: 068980170X |
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ANATOMY ERRATA (OSU JOURNAL AWARD POETRY)
JUDITH HALL
Manufacturer: Ohio State University Press
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ASIN: 0814207650 |
Customer Reviews:
Incredible!! 10 Stars!.......1999-03-08
Judith Hall manages to deal with some unpretty topics (anorexia, cancer) with amazing smoothness and grace. "Monarch's Birthmark" is the most endearing and precious piece that I have come across in a long while; "The Other Girls in Lettuce," a startling and complex one that I have read so many times I might be able to recite it. A must read for anyone who loves poetry or for anyone who is looking to improve their own writing.
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At Crystal Palace
Erase Errata Cdtrbm 00119
Manufacturer: TROUBLEMAN
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Book Description
John Bogle on Investing is the first comprehensive review of the career and contributions of this dynamic investing icon. From Jack Bogle's never-before-published 1951 Princeton thesis to more than two dozen essays covering five decades of investing, it is a 50-year compendium of the work and wisdom of one of the world's most important financial figures.
Investors at all levels will profit from insights including:
- Recommendations for ensuring 100% of market returns
- Thoughts on indexingfrom the "Father of the Index Fund"
- Ways to keep today's turbulent markets in perspective
Praise for the International Bestseller Bogle on Mutual Funds:
"Any investor who owns or is thinking of owning shares in a fund should read this book cover to cover."
Warren Buffett, Chairman, Berkshire Hathaway Inc.
"This book sets the ultimate benchmark for all how-to-invest books."
Peter L. Bernstein, Economic Consultant, Author, Against the Gods
"A long-time student of the mutual fund industry, Bogle is both its harshest critic and its greatest friend. He is, in effect, the conscience of the industry..."
Don Phillips, CEO, Morningstar
Download Description
John Bogle on Investing is the first comprehensive review of the career and contributions of this dynamic investing icon.
Customer Reviews:
Great book.......2007-03-08
I thought I was out of luck to own the book with Bogle's thesis...I'm very happy!!
John Bugle, one of the brightest minds of our century.......2005-05-10
John Bugle, one of the brightest minds of our century raises some of the most important financial questions, of the last 50 years. Bogle on Great Ideas in Financing includes four criteria: 1. Simplicity - Buy the whole market haystack, an index capable of matching the market. 2. Focus (Seek the hard crusted but nutritious bagel of earnings, dividends, and interest yields rather than the sweet donut taste of price with its high price earning multiples) 3. Efficiency (minimize frictional costs of fees, commissions, and taxes with an Wilshire 5000 index). 4. Stewardship (keep the interest of the client first). Bogle's index was free of tax, include a small transactional fee, represented 8000 stocks in the market, and matched the market rate of return.
Mutual funds have become a vehicle for short-term speculation, a trend fostered in part by the industries focus on marketing. Today the average fund holds stock for 400 days compared to six years when Bogle graduated from Princeton. Most investors hold their mutual fund for 3 years rather than 15 years. Since 1980 - 2000 mutual fund assets have risen 70 fold from $100 billion to $6.5 trillion and assets of stock funds have risen 120 fold or $4.0 trillion. In a 15-year span there were 426 mutual fund boats and 113 sunken mutual fund boats. Survival was strong because of the generous returns of the market. However, Mutual fund efficiency was problem: 1. Sales tax, excessive fees, spending too much on marketing, failing to share economy of scale with the investors, and 90% turn over of the portfolio each year suggested one thing, "short term speculation" was becoming the norm. Mutual fund sites charge costs included a front-end sales commission of 6%; opportunity cost meaning held cash positions equal to 7% of assets with these asset earning smaller returns than available in stocks; a transactional cost of 1.7%; and operating cost equal to 1.2% per year.
Bogle's outlook of the stock market is brilliant. Bogle states: financial economist cannot predict the future. The DOW may hit 36,000 and it may not. Who can predict accurately what the market will do? The market is not a machine. The market is not an insurance actuaries spreadsheet. However, the market performed remarkable well with price gaining 17% a year and at this rate doubling every four years. To understand the market lets look first too dividend yield and earnings growth because these elements provide the steady underlying force over the long pull. For two decades dividend yield equaled 4.5% and earning growth paced at 5.9% producing a 10.9% return. In 1970, P/E fell 50% from 16 times to 7.3 and dividend yield equaled 3.4% and annual earnings equaled 9.9% producing a 10.4% investment return and Bogle preached "stay the course". By 2000, dividends equaled 1%, earning growth rate reached 8%, and P/E ratios top 30. Again, Bogle preached, "time, risk, and control" raising a cautious outlook and a cry for investors to return back to investor basics of earnings, dividends, and yields.
What were the factors associated with the 87 crash? 1. Stock prices were simply to high to the underlying earnings and dividends in comparison to higher yields available on fixed income securities. 2. Deterioration in economic outlook with no progress to reduce the federal deficit, no improvements in the trade imbalance, and inflation in the air. 3. Program trading in the futures market sparked massive computer driven sales. The impact being 35% of the equity traded out of the market. In 87, if you're a Contrarian, it is a good time to buy or hold.
Thinking about 2000, Bogle observed for growth to remain constant over the next ten years, the P/E ratio would need to move from 30 to 67 an unlikely possibility. If in 2000, the P/E ratio fell too 12 then the market level would be 580 rather than 1400 with a P/E of 30. If the P/E fell from 30 to 20 then market return would drop to 5.5% less than the percentage rate of high yield bonds and such an event would be the first in stock history. Is the market comfort zone, a P/E of 15.5 and this fact suggests the market has moved to a level of high risk and possible correction? Bogle states, "Looking back 70 years, major market highs were almost invariably signaled when the dividends yield on stocks fell below 3%, or price earnings rose much about 20 times earnings". The purpose of any stock investment is cash now with the expectation of future flows of cash. A high P/E ratio means investors are expecting a large flow of future cash. The high prices are based on speculation about the cash flow in the future. If the future cash flow expectations are not rational does this mean short-term profit taking is picking clean the amateur investor?
Bogle was left to reflect on two questions: 1. Will the bagel of investment fundamentals give us its usual sustenance? 2. And will the doughnut of speculation get even sweeter than it is today, or will it finally sour? Bogle concluded, "We are in a new era of investing".
Warren Buffet said, "The art of investing in public companies is ... simply to acquire, at a sensible price a business with excellent economies and able, honest management. Thereafter, you need only monitor whether these qualities are being preserved."
Bogle suggests two principles when dealing with risk 1. Get your asset allocation right, maintaining a long-term horizon, and stay the course. Bogle observed that the long term real return on stock is 7.5%. Assuming one has a million dollars that is $75,000 annual income. 2. Diversity some of the risk away by introducing equities with reliable different correlations with the U.S market. Maybe, we will see the creation of a worldwide index, 60/40 - 60 percent U.S stock and 40 percent other? Bogle stresses investors not too speculate, however, life is short and if one needs too speculate they should limit the amount too 5 percent in the gamble for higher profits. Bogle's is betting on the performance of the whole market index rather than one sector mutual fund. Bogle is saying the market price is too high and a risk at its current levels. Bogle thinks mutual funds should be able to buy bonds and other stable securities as a part of the mutual fund mix.
Thinking about bonds, bond yields drop as the economy moves to a recession because investor flee from stocks into bonds and since money is easy to acquire the rates drop. In this scenerio, short term traders buy bonds now with the anticipation the yields will drop more in the future and investor will pay more for these bonds with a higher yield. Again, a short-term speculation to capture a quick profit. However, if haystack of stocks continues producing 7.5% real returns then stay the course.
No nonsense book by one of the greats.......2004-02-20
A good, practical, no-nonsense book on investing that emphasizes returning to basics and tried and true approaches that have always worked over the long term. He points out that investing needn't be, and perhaps shouldn't be, rocket science, and that you can do quite well in the market over the long term just by matching the performance of the market, and not trying to beat the market. As many people found out recently, pursuing a momentum strategy in an era of already overheated PE's and buying the latest hot story stock can be dangerous to your portfolio's health. Following a value-oriented fundamental approach with at least part of your portfolio can be a useful way of reducing volatility and improving your performance even if you're a died-in-the-wool momentum investor. This advice is especially timely coming as it does in the aftermath of the recent bear market. Another important point that many experts emphasize is that it's important to implement an investment program that matches your needs and risk tolerance, perhaps the most important thing in an investing program, since if you can't sleep at night, you probably won't be able to maintain it over the long haul.
As Bogle points out, since 90% of fund managers fail to beat the averages over the long haul, the best strategy is to buy a fund that tracks the major indexes, which does two things. First, it minimizes costs, so you won't pay any management fees as you would for your typical mutual fund. Also, most investors don't realize such costs as advertising and sales expenses are minimal for an index, compared to other funds, and those are typically passed on to the investor in the load or management fee. Since there are now more mutual funds than there are stocks on the New York Stock Exchange (which is over 5000) and as I said, 90% of them fail to beat the indexes, it's hard to imagine a more sobering reason for making an index at least a part of your investing strategy. So overall, a good book on investing emphazing a no frills, common-sense, and back-to-basics approach.
Although Bogle amply documents and demonstrates that most fund managers can't beat the averages over the long haul, and so the best way to invest in a mutual fund is to buy one that invests in the indexes and avoid the costs of managed funds, this doesn't mean a small investor can't beat the averages. The reason most funds don't is that most own so many stocks, as in the case of the Magellan fund, which used to own 1400 stocks, that they're forced to buy too many second and third tier stocks (or worse), which degrades their performance. The individual investor, however, can cherry-pick and do much better that way, assuming he's successful at it. But the point is that mutual funds have an inherent disadvantage in terms of owning a quality portfolio that inevitably stacks the odds against them, a limitation which small investor doesn't have.
A brief side note here. I noticed the forward is by Paul Volcker, the former Federal Reserve Chairman who was succeeded by the present Al Greenspan. Volcker went on to head up the World Bank after that job, and I was glad to see he's still around and working.
Back-to-basics approach.......2004-02-12
A good, practical, no-nonsense book on investing that emphasizes returning to basics and tried and true approaches that have always worked over the long term. This advice is especially timely coming as it does in the aftermath of the recent bear market. Bogle points out that it's important to implement an investment program that matches your needs and risk tolerance, perhaps the most important thing in an investing program, since if you can't sleep at night, you probably won't be able to maintain it over the long haul. He also emphasizes that investing needn't be, and perhaps shouldn't be, rocket science, and that you can do quite well in the market over the long term just by matching the performance of the market. As many people found out recently, pursuing a momentum strategy in an era of already overheated PE's and buying the latest hot story stock can be very risky. Following a value-oriented fundamental approach with at least part of your portfolio can be a useful way of reducing volatility and improving your performance even if you're a died-in-the-wool momentum investor.
The best to do this is by following a strategy of just investing in a fund that tracks the major indexes, which does two things. First, it minimizes costs, so you won't pay any management fees as you would for your typical mutual fund. Also, most investors don't realized such costs as advertising and sales expenses are minimal for an index, compared to other funds, and those are typically passed on to the investor in the load or management fee. But the most important reason is that 90% of fund managers fail to beat the averages over the long haul. Since there are now more mutual funds than there are stocks on the New York Stock Exchange (which is over 5000) and as I said, 90% of them fail to beat the indexes, it's hard to imagine a more sobering reason for making an index at least a part of your investing strategy. So overall, a good book on investing emphazing a no frills, common-sense, and back-to-basics approach.
A brief side note here. I noticed the forward is by Paul Volcker, the former Federal Reserve Chairman who was succeeded by the present Al Greenspan. Volcker went on to head up the World Bank after that job, and I was glad to see he's still around and working.
Bogle Reflects Integrity In A Sea of Financial Doubt.......2003-11-19
John C. Bogle is to the average investor what Carl Sagan was to the lay astrophysicist---an imparter of knowledge blessed with the ability to make the complex and esoteric both comprehensible and intriguing. From his days at Princeton University in the late 1940s and early 1950s Bogle was a man determined to write the proverbial book on mutual funds. In the 1970s, Bogle established the Vanguard family of mutual funds for the common man and woman. Today, Vanguard is second only to Fidelity among mutual funds in assets under management. More importantly, and unlike its elitist rival, Vanguard boasts a family of impressive no-load funds. Chief among them are index funds which mirror the performance of the leading domestic and international stocks and bonds markets. An insightful financial analyst, Bogle long ago realized that despite all the hype and occasional home run on the part of actively-managed mutual funds, over a reasonable time horizon actively-managed mutual funds generally do not out-perform the major financial indices, indeed they comp[are rather unfavorably. Accordingly, and to the dismay of many alleged market gurus, Bogle proceeded to take the mystery (as well as the fees and charges) out of mutual fund investing for those of us who don't own yachts and villas along the Mediterranean. His no-load indexed funds are a prudent approach for the regular guy and gal who hope to retire with financial security and comfort. His story is a worthwhile read as much for its knowledge and wisdom on mutual fund investing as it is for the author's honesty and integrity. "John Bogle on Investing" is particularly welcomed in light of recent criminal charges leveled against many of our largest mutual funds and investment houses. Bogle writes as he speaks, with authority and sincerity. I highly recommend "John Bogle on Investing."
Books:
- Rajasthan
- Restoration of Motion Picture Film (Butterworth-Heinemann Series in Conservation and Museology)
- Riding Between the Worlds: Expanding Our Potential Through the Way of the Horse
- S Is For Silver: A Nevada Alphabet Edition 1. (Discover America State By State. Alphabet Series)
- Second Slice: Art of Olivia II
- Shipwreck at the Bottom of the World: The Extraordinary True Story of Shackleton and the Endurance
- Sketching with Markers
- Small Wonder: The Amazing Story of the Volkswagen Beetle (Volkswagen)
- Starting Photography, Third Edition
- Swimming to Cambodia
Books Index
Books Home
Recommended Books
- Business: Its Legal, Ethical, and Global Environment
- The Encyclopedia of Cajun & Creole Cuisine
- Screen Couple Chemistry: The Power of 2
- Paul: The Mind of the Apostle
- Technical Analysis Explained : The Successful Investor's Guide to Spotting Investment Trends and Tur
- The Sunset Limited
- The New Clay: Techniques and Approaches to Jewelry Making
- Street Smarts: Linking Professional Conduct With Shareholder Value in the Securities Industry
- Shanghai and the Yangtze Delta: A City Reborn
- Falling Slowly: A Novel
Schaum's Outline of Probability, Random Variables, and Random Processes
Digital Communications
Discrete-Time Signal Processing (2nd Edition)
Fundamentals of Statistical Signal Processing, Volume I: Estimation Theory
Probability and Random Processes for Electrical Engineering: Student Solutions Manual
