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Daily Speculations The Web Site of Victor Niederhoffer & Laurel Kenner Dedicated to the scientific method, free markets, deflating ballyhoo, creating value, and laughter; a forum for us to use our meager abilities to make the world of specinvestments a better place. |
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Running Money and A Tiger in the Land of Bulls and Bears, Reviewed by Tim Melvin
A quick look at two investment books....first the new Andy Kessler, Running
Money. I was fully prepared to not like the book, the title page and
blurbs made
it seem lightweight, but it was on sale at the outlets so I picked up a
copy. Surprise, in spite of plugs form Cramer and Michael Lewis(who I would vote
off the island except for Moneyball...I hate the guys other stuff but that is a
must read) I liked Running Money. It's a good look at the tech run of the
late 90s
the VC deals, IPOs, bad ideas and ridiculous valuations. He does a nice job with
the concept of price elasticity in technology--the counter intuitive idea that
falling prices actually leads to higher profits. The comparison of the
development of the intellectual property economy to the industrial revolution is
well thought out and well presented. The ideas on margin surplus, IP exporting
and trade deficits are thought provoking and there are some interesting theories
and views
on tech investing with some hilarious stories of the boom days thrown in.
It's an
easy fun read that still challenges. It's not going to change your life but it
might brighten up an evening or two.
Also, rather than reproduce the world I'll just reprint the review of the new
book on Julian Robertson, A Tiger in the Land of Bulls and Bears.
When one thinks of the big three investment superstars of the 80's and 90's,
there are three names that come to mind: Soros, Steinhardt and Robertson. You
can't turn around in a book store without hitting something by or about Soros.
Steinhardt wrote a book detailing his years on the street but little information
was available about the man who captained the Tiger funds to such an incredible
run. Until now.
I thought the author did a good job of giving a balanced view of Robertson,
showing the investment success but also the mistakes that led to the funds
closing. Robertson has been a very private man and we get a look at him from the
viewpoint of past employees and associates that wasn't really available before
now. The transition form pure stock picker to global macro investor and
the
problems associated with the transition are fascinating reading. I give it 4
stars, an easy read that gives new information on one the great investors of
his time. The fact that Robertson's style and viewpoints, so out of favor when
Tiger closed in 2000, have been thoroughly and completely vindicated in the last
5 years makes this a very timely release.