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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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5/19/05
Review of Hardball, by Vince
About 1/2 way thru the book "Hardball, Are You Playing to Play or Playing to Win?" mentioned by Ken Griffin in his Bloomberg interview. The title doesn't do the book justice but essentially the authors, from Boston Consulting Group, take the Harvard B school approach of teaching thru case studies of how and when to really turn up the heat on your competition. The first chapter lays out the reasons for running corporations in the most efficient, profit maximizing manner.
A couple of pages in is a good quote from Milton Friedman, in the 9/13/70 edition of New York Time Mag, "...There is one and only one social responsibility of business-to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception and fraud..."
So far, I would recommend the book especially to those who lean towards fundamental equity analysis since it provides real world examples of winning and failing competitive strategies somewhat off the popular financial media's coverage.