The Effective Executive

• Format: Kindle Edition
• File Size: 298 KB
• Print Length: 178 pages
• Publisher: HarperCollins e-books; Revised edition (September 10, 2002)
• Sold by: Amazon Digital Services
• Language: English
• ASIN: B000FC11JW

Drucker talks about the executive in the context of working in an organisation.

The irony of the organisation lies in the fact that instead of being a means to an end, the organisation works to its own survival. Over time as any young organisation grows old and large, it tends to focus more inward than outward in contribution. Drucker debates upon working as an executive to achieve a balance in working for the survivability of the organisation versus real contribution as a whole.

The realities of being an executive in an organisation:

1. Your time belongs to others

2. We are dictated by events and not, ideally the other way round.

3. Contributions are effective in context of usefulness to others

4. The organisational demands of work does not accurately reflect and meet the actual needs of the outside world.

His core premise is that effectiveness can be learnt. Effectiveness is a habit which needs to be practised. Key features of effectiveness are as follows:

• Time-awareness
  Time wasters arise from
  - lack of system and forsight
  - overstaffing
  - mal-organisation via excessive meetings (less time for work)
  - Information malfunction (communication)
  
  To manage time well, we
• Record
• Manage systematically
• identify and eliminate the unnecessary
• delegate or relinquish activities that can be done by others effectively
• ask feedback on how one wastes others' time
• Consolidate - Set aside, analyze, prune allocat
  
• Focus on Contribution - mindset shift from procedural to conceptual
• Assume responsibility for results
• Understand what is needed

Organisations need performance for

- Direct results

- Building values and their reaffirmation

- Succession planning

Effective human relations can be achieved via

- communcations

- teamwork

- self-development

- development of others

• Building on Strengths - focus on attitude and practice
  "There are no all-rounded people"
  "Feed opportunities, starve problems"

Staffing for strength

- Don't assumre that jobs are natural; jobs are man-designed and can be flawed

- Make jobs big and demanding to draw strength and for passion-finding

- Appraise for strength and not weaknesses

- Staff opportunities and not problems (make weakness irrelevant by focusing on strengths)

Managing bosses

- Do what is right

- Make bosses effective and perform

• Concentrate - First things first
  - Discipline
  - Concentration (courage to do so)
  - Focus on tomorrow; don't spend today doing yesterday's work

Priorities - we usually plan beforehand (usually too much) but postphone and abandon later

Posteriorities - deciding what NOT to tackle

• Decision Making

Elements

- Exception (no rules - more decision thinking) or generic (following principles/rules and minor adaptations)?

- Clear specifications for decision accomplishment (boundary conditions)

- Do the necessary and right, not compromise

- Action

- Feedback

In reality, effective decisions is the making judgements of opinions than facts. There is a need to disagreement first before there is a proper understanding. Disagreements break preconceptions, bring out alternatives, simulate imagination.

The Richest Man in Babylon

• Paperback: 160 pages
• Publisher: Signet (February 3, 2004)
• Language: English
• ISBN-10: 0451205367
• ISBN-13: 978-0451205360
• Product Dimensions: 6.7 x 4.2

Clason wonderfully puts down the principles of wealth management in parables. There are a lot of repeated reinforcements to strengthen the concepts as the average reader easily devours this small but substantial book.

My summary of the book will follow the chapters:

1) The story tells of the difference between the rich and poor. The difference does not arise from physical looks, IQ or skillsets but rather, having the knowledge of wealth management.

2) You decide what to do with what you earn.

- Hard work is not everything

- Save at least 10% of earnings

- Invest the savings in someone who knows his stuff to make the investment work for you

- Depend not on brute will power but shrewdness too.

- There is no such thing as finite wealth; everyone can always earn more

- Don't deprive yourself too much, enjoy life too as that is what we work for.

3) 7 cures for the lean purse

- Save 10% of earnings. One can always find that one can do with 10% lesser. The feel of a fuller savings purse further motivates.

- Budget and control expense. This practices delayed gratification

- Multiply by having income streams

- Stop loss or prevention; better safe than sorry. Always consult the wise.

- Always own a home

- Insure future income

- Increase the ability to earn, gain respect and improve self

4) Luck is defined as action on opportunity

- focus on expertise

- don't let opportunities go

5) 5 Laws of Gold

- Save 10% (again!)

- Put savings to generate income

- Protect principle by being safe and putting them in safe hands

- Don't be hasty for quick bucks

- Avoid unfamiliar businesses

6) The importance of protection of principle

- Helping others should not cast a burden onto self.

- Have a form or security when you lend

- Make sure the other is adequately skilled/prepared to pay (or make him prove it)

- What you lend is rightfully yours and yours to decide with it.

- Keep your money safe

- Multiply your money

- A litte caution is better than great regret

7) Insurance - we can ill-afford to be without adequate protection

8) Determination determines our way; desire forms our foundation for wealth

9) For the bankrupts

- pay back slowlyby setting more aside and making agreements on timeline

- the result will be that one will be a better man with better wealth management skills

10) Work is always to be enjoyed and will always prove to be the best option one can take in earning one's wealth.

11) This chapter gives a historical sketch of Babylon in its richness, more of its wisdom than actual wealth.

The Asteriod Wars Series by Ben Bova

A tri-book sci-fi series by Ben Bova tells about a ruthless magnate, Humphries, trying all means to gain monopoly of the Asteriod Belt for commercial means. This is painted with a backdrop of the earth disintegrating under a new world order and adverse climate change.

Humphries is opposed by a variety of characters, most notable is Randolph who appeared in Bova's other books, throughout the 3 book series.

The Precipice sets the stage of venturing into the Belt. The Rock Rats reveals the struggles of prospectors at the belt with particular attention to Humphries' love and his rival, Lars. The Silent War continues the rivalry after the apparent defeat of Lars and the silent rise of a 3rd empire coming in between the competing Humphries and Astro.

A good series to read if you are an ardent fan of sci-fi and space exploration. Well painted with potential reality of the future of mankind.

Hannibal Rising

• Mass Market Paperback: 384 pages
• Publisher: Dell (May 29, 2007)
• Language: English
• ISBN-10: 044024286X
• ISBN-13: 978-0440242864
• Product Dimensions: 6.8 x 4.2 x 1.1 inches

Creepy.

The book makes one uncomfortable on how stone-cold-emotionless a person can be.

The storyline basically describes the origin of the famous Hannibal Lector.

The Spiral Staircase

Paperback: 352 pages
Publisher: HarperPerennial; New Ed edition (January 3, 2005)
ISBN-10: 0007122292
ISBN-13: 978-0007122295
Product Dimensions: 7.6 x 5 x 1 inches

Essential Manners of Men

Hardcover: 224 pages
Publisher: Collins; 1 edition (October 21, 2003)
Language: English
ISBN-10: 0060539801
ISBN-13: 978-0060539801

Peter Post focused on 3 main aspects of etiquette in life - Daily living, Social living and Living on your job. The essence behind etiquette is essentially having respect and consideration. As long you embrace these 2 qualities in your daily dealings, you may be regarded as a well mannered person already.

Daily Life

1. Kitchen (be responsible for your own mess, no half done chores, help clean up consistently)
2. Bathroom (sink, toilet seats, toilet paper, personal items)
3. TV (don't hog)
4. Telephone (pick up if no one else does, take down messages)
5. Driving (don't be aggressive, be humble especially for directions)
6. Communicating (have clarity, coherence and brevity) - never let a phone call interrupt a face to face communication unless absolutely necessary
7. Email - what ever is sent out should be regarded as public always
8. Greetings (stand, smile, eye contact and proper handshake)
9. Introductions - introduce the less important to the more important

Social Life

• Dress smart, smell fresh, look good
• For dating (flowers, hold doors and chairs, walk on the outside, paying)
• Always bring a gift to a party
• Table manners (elbows on the table is ok at conversations, passing food to people's left hand, always take the cue from the host)
• Flirting - the key is the intention to start a relationship

Job life

• Avoid 2 behaviours - being superior and being rude (putting down others)
• Interviews (punctual, prepared, dress one notch up, greet as above, thank 2 times - after interview and after you get home)
• 5 Questions to ask in an interview
  - Which responsibility is the most important in the job?
  - Review your resume
  - Strengths of the company
  - main problems faced by the staff today
  - describe a successful candidate for this job
• 5 Questions to answer
  - Why this job?
  - What you know of the company and why here?
  - Your strengths
  - Hardest thing faced in your previous job
  - more about yourself

You Can Read Anyone

• Paperback: 204 pages
• Publisher: Viter Press (March 1, 2007)
• Language: English
• ISBN-10: 0978631307
• ISBN-13: 978-0978631307

This is not a typical read-people book. Besides interpreting behaviours, Lieberman also addresses deeper issues that cause these behaviours to surface. The book is split into 2 portions – on how to interpret actions and their deeper underlying motivations. And excellent book to read!

For part 1, there are 7 areas to learn what other people are thinking/feeling

1. To find out whether they are hiding anything
1. Mind Read – observe response by linking subject by association with another. A defensive reaction or increase in interest might indicate something.
2. Checking for prior knowledge – by using false facts to see whether they are being corrected
3. Ask their opinion on subject
4. Dodge or declare – associate some activity with a fact and notice how the person reacts to the activity
5. Fear of folly – attaching marker to suspicion and not to the suspect
6. Ask how would they do it – avoidance of most simple way would indicate something

2. To find out their level of interest
1. Ghost image – facial expressions and usage of individualistic words (like me vs him) or group words (like we)
2. Projections – coming up with correlations
3. Language – euphemism as an indicator of disinterest
4. Using positive markers – to see whether person ignores or attach themselves to the marker.

3. Gauging confidence
   Self-esteem does not guarantee confidence but influences it somehow. Confidence is contextual and self-esteem is not, hence the former does not affect the latter.
1. Physical appearance (trembling, increased rate of blinking, vocal changes, swallowing)
2. Increased focus/awareness can indicate increased level of interest and possibly lower confidence
3. Checking for over-compensation (defensive and hence lower confidence)
4. Checking for superfluous gestures as lower confidence

4. Checking how things really are.
   The self-concept is shaped by events that are (i) personal specific (personal events), (ii) personal non-specific (transitory – good weather etc) and (iii) generic (general news). We hone in on certain events based on our predispositions, which further changes our perspective. Humans try to achieve a consistency in perspective. How do we find out their outlook on certain events?
1. Ask opinion about an unusual yet ambiguous event and see whether there’s optimism or pessimism
2. Look out for contradictions
3. ‘Clean slate’ – people are more optimistic of the future if they are forgiving of the past
4. Eye-assessing cues (for a right-hander)
   oLooks up – recalling visual
   o Looks left – remembering
   o Looks down – language and feelings
   o Looks right – constructing data

5. Measuring interest levels
1. More time invested, more effort indicates high interest.
   o Eye pupil dilation to take in more visual
   o Eyes keep going back to the same object

2. “Curiosity reveals the cat”
   o sending blank emails to ‘lure attention’
   o Create incentive and note whether there is any followup

3. Shifting reality – confidence is inversely proportional to interest level. Vary the success level and note any shift in mood (while maintaining possibility of success).

6. On whose side?
1. Helpfulness – gauge by varying effort level
2. ‘Free exchange’ – bait with false information and see whether it is corrected or see whether information is volunteered
3. ‘Eager Beaver’ – engage in a conversation that lets person volunteer information without effort, then ask about the key issue, noting any deviation in helpfulness.
4. 6-Star Test
   oInterest (followup)
   o Loyalty
   o Pride – gives praise and no jealousy
   o Honesty – when it upsets
   o Respect – curiosity versus concern
   o Sacrifice

5. The Big-Sell – note whether manipulative words are used. Such words are used for emotional theft.

7. Emotional Profiling
   Human nature is powered by 3 forces
1. Soul – conscience to do what is right
2. Ego – the desire to look good
3. Body – the want to escape

Self-esteem and self-control is closely intertwined. *Anything we do depending on others (for attention or approval) wears at us emotionally*

For part 2, the books goes deeper into human nature and how to measure self-esteem.

Profiling using SNAP
There is a difference between personality and character. The former varies according to circumstances and moods.

Colours of Thought
Primary

1. Self-esteem (master primary color) – self-worth, self-love
2. Confidence/self-efficacy – degree of competency in a given situation
3. Level of interest – personal stake

Secondary

a. Effort
b. Rationalisation
c. Beliefs
d. Moods

Self esteem and ego are inversely related. The ego distorts clarity of perspective and directs the person to put effort in changing the world instead of self. The bigger the ego, the easier it is to tell what a person is forced to see.

Impact of self-esteem (Maslow)

1. Type of interest – the lower the esteem, the higher the need for instant gratification and lower emotional maturity
2. Confidence – higher esteem translates to increased perseverance and less preoccupation with performance.
3. Effort – this affects mood. Higher the esteem, the stronger the call to do the right thing in the face of greater effort
4. Values/Beliefs – the higher the esteem, the healthier the values
5. Justification – higher the esteem, the broader the perspective and less self-delusional.
6. Mood override – higher the esteem, lesser dependence on mood.
   

5 pitfalls in identifying self-esteem

1. Ego as self-esteem
2. Confidence as self-esteem
3. Success translating to having higher self-esteem
4. Humility is weakness (on the contrary, it is fulfillment and emotional freedom)
5. Mood as self-esteem

The level of esteem can be gauged by the reflection of how a person treats himself and others. It is best to have low ego and high esteem. Low esteem and low ego usually describes people pleasers. Low esteem and high ego are people who abuse, are arrogant, attention-seeking and complains.

Automatic Wealth

• Hardcover: 288 pages
• Publisher: Wiley (February 28, 2005)
• Language: English
• ISBN-10: 047171027X
• ISBN-13: 978-0471710271

There are 6 steps in this book in order to achieve automatic wealth:

1. Face facts – start now!
2. Plan to be wealthy
3. Develop wealthy habits
4. Increase income radically
5. Have additional streams of income
6. Invest

Masterson advocates that wealth should not be an end in itself but rather a by-product of doing what we love to do. Thus it is important to love what you do by asking (i) what (ii) where and (iii) with whom.

The chapter on planning to be wealthy is a good aid to help structure one’s lifetime goals into smaller and more manageable parts. This way, we can relate the little things we do now with the bigger picture. We split our lifetime goals into 7-15year portions, then yearly, then monthly, then weekly then daily. Tasks are split and ranked according to their urgency and importance.

Time can be streamlined by

1. Check email 2 times a day only (important stuff should be met over or discussed verbally)
2. Track time
3. Have agendas for meetings and jobs
4. Delegate
5. Hire great people and fire bad ones
6. Group similar tasks in blocks

Masterson makes it a point that we should get up early as a habit as we do more and that we should make healthy-lifestyle (diet, aerobic, strength, flexibility, mental) as one of our lifetime goals.

A way to supercharge income is to

1. Work hard
2. Be good at what you do (learn by telling, showing, involving and teaching)
3. Multiple streams of income
4. Live in an inexpensive home
5. Spend moderately
6. Save extraordinarily
7. Pay yourself first
8. Count your money

To be a great employee and supercharge your income

1. Worker longer, smarter and harder
2. Understand your responsibilities
3. Help your boss to do better
4. Be noticeably good
5. Let the right people know how good you are
6. Be invaluable
7. Learn a financially valued skill (marketing, sales for starters)
8. Know the company’s core profit strategy (and be the critical factor in this)
1. Primary benefits of products/services
2. Secondary benefits (psychological)
3. Competitive advantages and how they are employed

Masterson also highlights the essentials of marketing. His notes on multiple streams of income is split into income-generating businesses and equity businesses. There’s a huge focus on real estate as well.

Much of the information here can be found in his other book “Automatic Wealth for Grads” as well.

The Gentleman's Guide to Life

Paperback: 176 pages
Publisher: Three Rivers Press; 1st Paperback Ed edition (May 11, 1999)
Language: English
ISBN-10: 060980202X
ISBN-13: 978-0609802021

Friedman can be a tad bit vulgar at times which makes you wonder about his advice on ‘being gentleman’ for his book. But I figure he pitched his content on being witty so as to make the subject more interesting.

This book blasts the reader with humor more than with information about being a gentleman. It’s a leisure read to reinforce what the general reader would usually know. The book is split into 4 sections:

1. Living large
   This describes general etiquette manners. There are general knowledge on music, wine and art.
2. Looking Good – the ‘yes’ and ‘nos’ of dressing, clothes, fabric etc.
3. Feeling Strong – On exercise, food and diseases
4. Loving Well – focus on the relationship with the other – sex, behaviour , attitudes, what to say and not, commitments, breakups

There are better books out there… and it does not tell you what you do not know.

Norwegian Woods

• Paperback: 480 pages
• Publisher: The Harvill Press; New Ed edition (2001)
• ISBN-10: 1860468187
• ISBN-13: 978-1860468186
• Product Dimensions: 7.6 x 5.1 x 1.1 inches

This book is a little warped with many sexual references.

Apparently Murakami took a different approach in this book from his other books. There's a sense of wittyness in the little things, things that make one laugh or smile at the unexpected jokes pulled. But all these with a dull and pessimistic backdrop. It does seem that japanese authors have a dreary way of looking at life.

Norwegian Woods brings the reader through a life of a teenager turning adult encountering love and death. The content is not complicated but it can get rather confusing. Probably cultural difference play a huge role.

Never thought I would read such a book.

A Short History of Nearly Everything

• Paperback: 544 pages
• Publisher: Broadway (September 14, 2004)
• Language: English
• ISBN-10: 076790818X
• ISBN-13: 978-0767908184
• Product Dimensions: 9 x 6.1 x 1 inches

Of course this is not a book that can contain the 'nearly everything' Bill Bryson titled the book after. But he manages to squeeze the many milestones in history into this book. The flow of the book has kinks as Bryson jumps across time frames, trying to group his narration under subject titles.

Bryson captures the macro and the micro, the ancient past and the forward-looking future, the absolutely normal to the quirky and the most famous to the most obscure. He is funny with his words and his traveling experience add great depth to the book.

The flow of the book goes like this (with descriptors of what interested me)

1. Universe
   He puts the concept of space in perspective by comparing distances and sizes.
   
   
2. Solar System and the Earth
   His mention of what is beneath us is intriguing as we know more about space than the earth's core. The concept of a planet is actually very hazy. And of course, it's very difficult to find planets sometimes, even in our own solar system.
   
   
3. Science as a whole
   He gives a good history of the many scientists especially the lesser known ones. The characters were elucidated well and it can be seen that science was influenced much by politics as well. People are famous more by circumstances than their work.
   
   
4. Measurement and Astronomy
   
   
5. Geology
   The ice age is supposed to be the norm for earth. It is very interesting to note that whatever we do now as absolutely little impact on the earth in the long run as nature correct itself. Study of the tectonic plates and its theory is fairly recent only. The ice age might be a trigger in the formation of the current land mass locations and hence shaping evolution at the same time.
   
   
6. Chemistry
   
   
7. Physics
   
   
8. Einstein's Era
   
   
9. Life
   Earth is actually a very dangerous place to live in, in the long run. We can be prone to asteroid collisions, solar flares removing the earth's magnetic field (and cosmic rays will shred us to pieces), huge volcanic eruptions (one to be due soon) etc. But we can be incredibly resilient as well. At least life is. Life is never wiped out since its inception; only species are. And extinctions are part and parcel of life, pardon the pun. Life is too much varied to be recorded down at all.
   There was good mention on the seas and its great unknowns and possibilities as well. The learning point on the currents shed light on how life thrived in some parts and how it balances natural forces.
   
   
10. Evolution
    The more complex we are, the more vulnerable to extinction we will be. Evolution is shaped by the many changes in Earth's history. We evolve to suit the current environment; humans now try to control the environment to ensure our survival. Our DNA is super efficient despite it being 97% garbled in content. And everyone of us are different genetically that we can create new species if given time to.
    
    
11. Humans and our history
    Our history in the perspective of the Earth's history is incredibly short. And what we do now will have little impact on the earth in the long run.
    

I think i would find it hard to summarize this book since in essence, it's a summary already. Good book for general knowledge.

The Bull Hunter

Hardcover: 240 pages
Publisher: Wiley (June 3, 2005)
Language: English
ISBN-10: 0471719838
ISBN-13: 978-0471719830
Product Dimensions: 9.1 x 6.2 x 1 inches

Denning's book focuses on getting returns not only from an uptrending market but also from a downtrending one. His definition of a bull hunter is basically an opportunist. It is a plethora of opportunities in today's world because of the introduction more sophisticated market instruments like options, ETFs etc. Denning also highlights the trend of the global economy and the gradual shift of wealth growing from the West to the East.

Fundamentally, wealth can only be generated by means of an increase of capital intensive investments like manufacturing and infrastructure. This forms the basis in powering the economy. Services, financials and IT all follows the growth of capital intensive development. When the latter exceeds the former i.e. financial activity far exceeds real economic activity, a bubble might be in development. This can be seen when capital(financial) markets capitalization exceeds GDP.

The decline of England to US and currently, US to China is due to several factors. The latter's factors currently being
1) Increase of consumption leading to increase of trade deficit
2) An aging population
3) Lesser tangible assets

The 4 threats US is facing is
1) depreciating dollar
2) housing issues
3) increasing debt and
4) obligations to aging population

Denning advises focus on infrastructure development in the emerging markets like China and India. This translates to an increase in demand for oil and gas and other resources like food commodities.

His case on China:
1) China is smart enough to let foreigners build the capital/infrastructure in the country
2) There is a demographic danger in a sense that migration from the rural to urban poses a huge challenge for the politicians.
3) He advocates buying Western companies doing business in China instead of US-listed china companies due to regulations and risks involved.
4) strong political risk with Taiwan

His case on India: (1 billion populations)
1) The economy is domestically driven; self-sustaining
2) Huge political risk with Pakistan
3) Needs foreign investment to grow like China
4) Movement from rural to urban can only be achieved by intensive investments in infrastructure and transport.

Thoughts for equity focus investors:
1) Commodity markets esp food
2) money migration from the West to the East
3) Global economy alignment due to a debt-burdened US dollar.

Strategies for tomorrow's market
1) Look towards emerging markets and using ETFs
2) Looking at the rule of 3 - telco, financial, energy resources
3) Dollar and foreign trade - look at companies where the sector is exporting and contributing to surplus' of the country. For US, this includes chemicals, aerospace, scientific instruments as they are difficult to replicate.

Benefits of ETFs
1) Diversification (in sector)
2) Focus (on growing markets)
3) Eliminate fund manager risk
4) All-day and strategic trading
5) Low cost - tax efficiency, low fees, no minimum investment
6) Transparent holdings

A pretty good book outlining the trends in the future.

Overcoming 7 Deadly Sins of Trading

Paperback
Publisher: Traders Press, Inc. (2004)
Language: English
ISBN-10: 0934380910
ISBN-13: 978-0934380911
Product Dimensions: 8.9 x 6 x 0.4 inches
Shipping Weight: 9.6 ounces

Roosevelt shares common traits or emotions traders undergo during the course of their trading activities. These common traits are as follows:

1. Fear (versus excitement, intuition or protectionism)
This feeling is a future-based emotion. It can be a fear to start trading or fear to stop loss. It makes a trader lose control and often paralyzes a person. An antidote is to recognise our desires and turn this emotion into a caution-based feeling. This is only possible if one is clear on the aims and strategies laid out beforehand.

2. Greed
This is spurred on more by opportunity cost than anything else. The perception of scarcity distorts the correct view that the market is always there. A solution is always to think of abundance and to exercise caution.

3. Recklessness (excitement seeking or anxiety)
A cure is to be confident and to have a plan. One ought to feel detached and think of the big picture.

4. Perfectionism
This has been ingrained into us since young as we seek for the ideals. We have to recognise that trading is about approximations and not to seek so much control as the market forces are outside us.

5. Pride
Over confidence can interfere with clarity of strategy. We need to be always cautious and learn how to cut loss.

6. Anger
This emotion affects everything else and our mood. We should use it to act on what we can control and do it reasonably. We must not be personal when it comes to trading.

7. Impatience
This is due to opportunity costs as well. We have to learn to wait and to practice timeliness.

Good trading patterns can only be achieved via strong personal character and virtues. This is done by having clarity, calmness, consistency, courage, cautiousness, commitment to excellence and confidence.

This book is excellent in identifying trading sins and dispositions. It helps one to associate one's trading patterns and our own fallacies. At the end of most chapters, there are sections on inventory-taking and on how to adjust. Also, it reveals supporting beliefs so we can learn to incorporate them into our character formation.

Automatic Wealth for Grads

Mainly the book tells us that wealth is dependent on what we want in life. Wealth is about how long your assets can last and not how much you have. This focuses on income minus expenses instead of real absolute amount of wealth.

Masterson advocates increasing income and savings for the reasons of compounding them. Compounding depends on time, amount of wealth and the ROI (rate of investment) A ROI of 18% is recommended. Always pay yourself first.

Ways to increase one's income:
1) Become an extraordinary employee
- Get in early
- Understand your responsibilities
- Focus on important things
- Never say NO
- Improve one's skills
- Communicate your progress
2) Be in a fast growing company
3) Be indispensible

He also gave some good career advice. Career choice is character dependent and we should do something that suits our personality and gives us fulfillment.

Some notes on certain sectors are:
1) Retail (difficult to be rich unless there is expansion)
2) Service (Increasing wage is met my increasing hours. A good entry level to learn trade)
3) Wholesale
4) Manufacturing
Important thing is to research on which industry is booming and how it suits one's character. Masterson advises that to be a top-earner, we have to focus on profit-generation instead of administrative or technical positions. We ought to learn how the company generates profits (1. Learn how your job contributes to this. 2. Make sure that the top knows how well you do so.) It is always almost necessary to develop one's sales skills (which can be applied in many areas) He also gave some good interview skills and suggestions.

Key points on Marketing
You have to know the difference between
1. Wants and needs
2. Features and benefits
3. Benefits and deeper benefits

Steps to develop one's own business
1. Take small steps
2. Develop expertise and niche
3. Find the right environment (especially motivational)
4. Learn whatever in one's current job first
5. Make sure the business benefits others

9 points to take note of in one's business
1. Make the first step
2. Lower price in a new market
3. It's all about selling
4. Business must be growable without personal involvement
5. Know your stop loss
6. Improve your strengths then eliminate your weaknesses
7. Focus and not diversify
8. Let winners run and cut losses
9. Follow Pareto's Law

Masterson shows that real estate is one of the better investment options (in America) and to reap benefits from the stock market, one must be:
1. Modest
2. Humble
3. Consistent
With this, he advocates Index Funds.

He wraps up his book by advising us to be cautiously optimistic always and finally, on how to enjoy life which was ultimate aim of us trying to accumulate wealth in the first place.

A pretty good book on a general overview on investment strategies. He gives some insightful views on career management and guides readers to decide what can be the best for each individual for any given career.

Rich Dad's Guide to Becoming Rich...Without Cutting Up Your Credit Cards review

Paperback: 88 pages

Publisher: Warner Business Books (December 2003)

Language: English

ISBN-10: 0446697524

ISBN-13: 978-0446697521

This book focuses more than financial literacy rather than the know-hows to be rich. Kiyosaki mentions that there are many ways one person can be rich. The key issue is the 'price of getting rich'. There can be a lot more sacrifices involved when one becomes rich by being stingy than being poor and enjoying life. The price of being rich is not measured in money terms but rather in time.

The book elaborates on the "prices" of the following:

1. Of being cheap
2. Of making a mistake – always see this as a stepping stone to learn
3. Of education – focus more on financial than academic education as "bankers ask not for report cards but financial statements". Of course, ignorance is worse.
4. Of change – "Change is the only constant in life" and we should use it to our advantage.

Kiyosaki, with focus on education mentioned that there are 2 sides of the coin in everything – Newton's Law e.g. to be a good policeman, one must learn to be a good crook. Understanding all facets are important to financial education. We cannot be "financial losers who cannot afford to lose".

Last but not least, not all debts are bad and we should make use of debts to our advantage.

Real Money Rea;l People 2

Author	Leong, Chan Teik.
Publisher	Singapore : Prentice Hall, c2002.
Physical Description	ix, 122 p. : ill. ; 23 cm.

Real People Real Money 2 brings together stories of successful men and women across different industries in the Singapore context. So if you want to be inspired or hope to garner some tips on how to be successful as an entrepreneur, self-employed business person or even an employee, do read this book.

The following are the people highlighted in this book (the ones in bold are the ones I am interested in) :

• Olivia Lum (Hyflux)
• Ho Leng Woon (AP Oil)
• Peter Tan (Fischer Tech)
• Lim Boon Chay (Paris, the Gourmet)
• Sally Low (Insurance agent)
• Sam Goi (Tee Yih Jia)
• Lin Jianwei (Raffles Town Club)
• James Lee (Real Estate agent)
• Natasha Kwan (Microsoft Singapore – head)
• Rix Chan (Great Eastern Life Insurance agent)
• Steve Ting (Frontline)
• Roland Low (Tat Seng Paper Containers)
• Dora Hoan (Best World Group)
• Lim Chung Chun (Fundsupermart)
• Winston Chiam (NTUC Income Insurance agent)
• Andrew Sin (Miyoshi Precision)
• Tony Kwong (Manufacturing Integration Technology)
• Chan Thye Yuan (Lantrovision)
• Kwek Siew Jin (ex Chief of Navy, Managing Director of SMRT etc)
• Ng Ser Miang (Managing Director of TIBS)
• David Tan (FanatiQ)
• Elsie Foh (President of Financial Planning Association)
• Edward Navarro (CEO of Prudential Assurance Singapore)
• David Beynon
• Edmond Villani (CEO of Zurich Scudder Investments)

All information are correct at the time of book publish.

Blink

Paperback: 320 pages
Publisher: Back Bay Books (April 3, 2007)
Language: English
ISBN-10: 0316010669
ISBN-13: 978-0316010665

Similar to his documentary style in Tipping Point, Gladwell discusses the power of the subconscious snap judgments.

Does having more information mean having more power? It doesn't seem so. His discussion concludes that information-overload can lead us to make worse decisions than making snap judgments. This is because we often absorb excessive and unnecessary information that confounds with the relevant ones that help us to make the correct decision. Pondering and over-analyzing can confuse us more often than not. The skill here is to know how to filter the information.

Experts in different fields come about from long term exposure to their subject matter. They filter information effectively and efficiently because they have 'trained' themselves to do so. Exposure develops expertise.

A common example most can relate too for the above 2 points: Driving. It would be almost impossible for anyone to take account of all these at anyone time when driving - action of the hand on the gear, sequence of checking the mirrors, which leg on the clutch and the accelerator, how deep to breathe, talking, steering the wheel etc. If we micromanage all these actions to the detail, information overload would make us really lousy drivers. But we drive 'instinctively' and filter all the little details, it would so much more natural and comfortable to drive.

Gladwell also talks about how we are primed to do certain things because our subconscious takes over. We easily change our minds in different contexts and we process information differently between the short run and the long term. Long term exposure develops unconscious associations and guides our future thinking and filtering processes.

The book is peppered with other interesting information. One I remember is that there should not be any contempt in marriages.

I conclude that after reading this book, there seems as though there is nothing I can change. I can't think faster, or think without thinking. But the awareness of such helps me to be more cautious of my decisions, and that snap decision-making can be very good as well.

Christ The Lord - Out of Egypt

Mass Market Paperback: 368 pages
Publisher: Fawcett; Reprint edition (October 31, 2006)
Language: English
ISBN-10: 0345436830
ISBN-13: 978-0345436832

This novel gives a perspective to a young Jesus. There were few references to how Jesus lived when he was a child; the gospels have a huge void in Jesus' life between the age of 8 to 33. Anne Rice tries to fill the void by telling a tale as close as possible to historical texts and references.

This book only covers a year of his age 7. It's very interesting how Rice paints a picture of the holy family and its extended members as well.

Rice gives a touching testimony on her faith journey while researching for this novel.

A good read for reflection.

The Tipping Point

Paperback: 304 pages
Publisher: Back Bay Books; Reprint edition (January 7, 2002)
Language: English
ISBN-10: 0316346624
ISBN-13: 978-0316346627

This book talks about how social epidemics occur. It applies to fashion trends, crime rates, technology adoption etc. It is particularly interesting to note how it can affect the results of marketing strategies and ‘tipping’ your sales to super-volumes.

Gladwell highlights 3 rules of social epidemics. (1) The Law of the Few, (2) Stickiness Factor and (3) the Power of Context.

The Law of the Few highlights 3 types of people who contribute most to the ‘tipping’ due to their characteristics – the connectors (social glue), mavens (data banks) and salesmen. Connectors are people who have extensive networks (especially to influential others) and most people can somehow link back to these few people within their own networks. Mavens (educators and helpers) are informational experts in their own fields and exert a considerable force in the markets because they pass on information to others. Salesmen (persuaders) are excellent non-verbal communicators who convinces others of the information.

The Stickiness factor is about the product/information itself. It is about creating a connection between the product and the people, getting them involved emotionally. It is also about presentation, practicality and being personal to the target audience. One thing that still sticks to many is Sesame Street, even to adults.

The Power of Context reveals that events are largely shaped by environment. Symbolism is key. Even the smallest things affect action due to what they represent. They give cues to people. The Zimbardo Prison experiment is a good example given. It also sheds light on how people can be so different with other groups of people and in different situations. Organisations may like to take note the human capacity to handle relationships for effectiveness.150 is the best maximum size for a ‘close-knit’ group for most to know each other.

There were numerous interesting examples the book tells to illustrate the concepts. Definitely an excellent read.

Technical Analysis of Financial Markets

Hardcover: 576 pages

Publisher: Prentice Hall Press; Subsequent edition (January 4, 1999)

Language: English

ISBN-10: 0735200661

ISBN-13: 978-0735200661

This highly academic book covers technical analysis almost in its entirety. It has taken me several weeks and 40 over pages of notes to record down what I have garnered from this text. Murphy has certainly written a great educational text despite it being published a few years back.

The following are the chapters within the book itself and some inadequately brief descriptions:

1. Philosophy of Technical Analysis
• The basics with an argument against fundamental analysis
2. Dow Theory
• The beginning of stock analysis
3. Chart Construction
4. Basics Concepts of Trend
• Trends can be relative at different points of a chart so trend analysis is more of an art than rocket science.
• Volume plays a huge role in trends
5. Major Reversal Patterns
• Pre-requisite is to have prior trend
• Many patterns and can often be misinterpreted
6. Continuation Patterns
• Made up of triangles
• A resting pause in trends
7. Volume and Open Interest
• Volume precedes price
• Increasing volume suggests continuing trend
8. Long Term Charts
• Not for trading purposes
9. Moving Averages
• Best for trending markets and worst for sideways/choppy market
• Use for signaling a change of trend
10. Oscillators and Contrary Opinion
• Best in non-trending markets, especially for end of market moves
11. Point and Figure Charting
• Pure study of price movement
12. Japanese Candlesticks
• Trend must be determined before interpreting Japanese candlesticks
• Has many reversal and continuity patterns
13. Elliot Wave Theory
• Important factors to note are pattern, ratio and time
• Characterized by 5-wave advance and 3-wave decline
• Each Wave is characterized by a smaller wave
14. Time Cycles
• Longer term – more than 2 years
• Intermediate term – 9 to 26 weeks
• Short (trading) term – 4 weeks
15. Computers and Trading Systems
16. Money Management and Trading Tactics
17. Intermarket Analysis
• Cascade effect: Currency affects commodities, which affects bonds, which affects stocks
18. Stock Market Indicators
• The more market averages move together, the stronger the trend
19. Putting it all together
• A checklist is made to systematically analyze the market and to facilitate decision making
20. Appendix
• Advance Technical Indicators
• Market Profile
• The Essentials of Building a Trading System
• Continuous Future Contracts

Anyone who wants a well-rounded picture of technical analysis is highly recommended to read this book. Just be warned that it is not for the leisure-reader or the light-hearted.