Senin, 28 Mei 2012

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Don't Blame the Shorts: Why Short Sellers Are Always Blamed for Market Crashes and How History Is Repeating Itself, by Robert Sloan

Why Main Street blames financial speculation for economic crashes

Disdain for short selling is as American as apple pie, dating back to our nation’s founding. But as Bob Sloan argues in Don’t Blame the Shorts, short selling lies at the heart of every Wall Street transaction and fuels the financial system.

Sloan explains that without shorting, credit in high-yield, distressed, convertible bonds and equities vanishes, thus choking economic activity. This eye-opening look at short selling in America provides new insight into our hostile relationship with shorting—a relationship that turns out to be unhealthy and counterproductive.

  • Sales Rank: #1757659 in eBooks
  • Published on: 2009-11-19
  • Released on: 2009-12-04
  • Format: Kindle eBook

About the Author

Robert Sloan is the Managing Partner of S3 Partners, a global financing specialist firm dedicated to helping its hedge fund clients optimize and best manage prime broker relationships, which he founded in 2003.

His book How History is Repeating Itself was nominated for Spear's book awards shortlist--financial history book of the year; Bloomberg and The Economist recognized it as one of the top business books of the year. Sloan has appeared on CNBC, CNBC Europe and C-SPAN.

Prior to S3 Partners, Sloan was a Managing Director, the Global Head of prime brokerage, equity finance & delta one products, and a Member of both the securities division operating committee and the product managers committee at Credit Suisse First Boston. In 1998, he founded and chaired the Dow Jones Credit Suisse Index Co. This was the first investable benchmark index for alternative investments.

From 1989 to 1996, Sloan worked at Lehman Brothers in the equity derivatives and central funding unit. Prior to his career on Wall Street, he was a speech writer and translator for the Ministry of International Trade & Industry (MITI), Tokyo, Japan. Sloan holds a Bachelor of Arts from Washington & Lee University.

Most helpful customer reviews

9 of 11 people found the following review helpful.
Don't Blame the Shorts!
By Elizabeth C. Howorth
I have never been very interested in books about Wall Street, especially now. But "Don't Blame the Shorts" engaged me from the word "go." I left the book thinking that I've been very misled about the way that the government and the media portrays short-sellers. According to the author, they are not forces of evil, but rather, they at like market regulators. We all know that short-sellers do what they do in order to make money, but Mr. Sloan proves that they also play a crucial role in maintaining the honesty and integrity of financial institutions.

Since we are passing through an era when the real truth about companies seems so hard to disentangle, the author picked the right moment to point out that it is actually the short-sellers who are trying to make Wall Street more transparent.

It's worth noting, also, that even though this author is a trained financial professional, his book isn't too complicated for someone from a different profession. While I would have been interested to read about a few more examples of his point, I won't take issue with a book that is slim and lively.

1 of 1 people found the following review helpful.
Praise For Don't Blame The Shorts
By Henrik Brun
Any lover of the history of our nation and the struggle between politicians and Wall Street will find Robert Sloan's book a delight to read. This unique book should be on everyone's Top 10 books for understanding our complex financial system from inception until now, especially for the regulators of our markets. Unlike the dry policy-based books out there, Mr. Sloan's book weaves together history lessons from the Pecora Commission to Richard Whitney's Senate testimonies (someone who knew the liquidity benefits of short selling, but due to his character flaws lacked credibility) to show that short selling is neither the cause of bear markets (old fashioned selling of long positions is) nor is prohibiting it during bear markets the best method of maintaining an orderly market (it's ironic that politicians never seem to point a finger at short sellers in a rising market).

Upon presenting readers with an overwhelming amount of historical evidence about the benefits that short sellers provide, the flawed attempts to stabilize the equity markets during the financial crisis become very clear. For example, the ban on short selling during the financial crisis shut down the convertible bond market when corporations desperately needed capital thereby exacerbating the economic contraction that followed. We must ask ourselves how this can be a good policy and hope that the next time a crisis occurs at least bona fide hedgers can provide financing to American businesses.

We all know that short sellers are an easy target during times of market turmoil, but that's not a valid excuse for misdirected regulations. Why didn't the regulators enforce pre-existing rules on naked short selling prior to the crisis? Had we all read Mr. Sloan's book we would have had a better understanding that leverage was much more of a culprit of the bear market during the financial crisis just as it was in 1929-1932. For example, market participants may recall that during the financial crisis most of the major market swings occurred from 3-4 pm. These are the prime hours when ETFs such as SDS (Proshares Ultra Short S&P 500 Index) have to trade to deliver 2X or 3X the daily performance of the underlying index. Was it short selling that made the bear market worse or a period of deleveraging on a global scale? Read Mr. Sloan's book to find out!

1 of 1 people found the following review helpful.
A Needed Look at the History of Short Selling and Government Regulation
By LizLab
In light of the market events of the past few years - both the financial meltdown and the government response to it - Bob's Sloan's book comes at just the right time to both present an entertaining look at short selling during the past 400 years and clarify many of the public misperceptions about the practice. The book is a perfect mix of objective history and subjective commentary by someone who empirically and historically shows that short selling is far from a nefarious, back-room practice that many politicians and the media would have us believe it is. As he takes us through the history of shorting (and the on-again, off-again regulation that has been enacted for the past four centuries), Sloan makes a convincing and nuanced case that shorting is a socially beneficial practice that tempers "irrational exuberance," keeps management honest, and provides incentives for ALL types of information to enter the marketplace, not just positive information. In essence, short sellers are the private-sector market watchdogs who indirectly encourage transparency and disclosure and directly help investors minimize risk while adding liquidity to the market. Furthermore, he shows how, in a tenuous marriage of convenience with corporate executives, government has consistently pandered to populist urges to curb short sellers (and their First Amendment right to express an opinion), what he describes as "serving public opinion without serving the public." He also exposes the hypocrisy of bank executives who, when lobbying for short selling bans, bite the hands that feed them and their prime brokerage businesses (i.e. the short sellers that pay for their services).

With politicians and the media in a race to the bottom to oversimplify complex subjects in order to gain public approval or ratings, books like "Don't Blame the Shorts" are more valuable than ever to someone who wants to block out all the "noise" and gain a more comprehensive understanding of how the markets work, who the major players are, and the role of government in it all. Simply put, I would highly recommend this book for anyone - finance professionals, academics, students, anyone interested in finance or the stock market - hoping to make sense of the modern financial world and the events of the day. It's educational, highly original, and a much-needed addition to the literature on finance and investing.

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Jumat, 25 Mei 2012

[F459.Ebook] PDF Download Diagnostic Pathology: Gynecological, 1e, by Marisa R. Nucci MD, Esther Oliva MD

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Diagnostic Pathology: Gynecological, 1e, by Marisa R. Nucci MD, Esther Oliva MD

Ideal for practicing pathologists and pathologists-in-training, Diagnostic Pathology: Gynecological is an easy-to-use, comprehensive reference filled with succinct information and thousands of detailed images on topics concerning common and uncommon entities involving the female genital tract.This volume in the Diagnostic Pathology series offers you a practical guide to diagnosing every challenging gynecological biopsy that you encounter in your daily practice.

"A nice well illustrated gynecological pathology book, very useful." Reviewed by PathLab.org, August 2015

  • Up-to-date content and reference lists
  • New high-quality image examples in most chapters
  • Bulleted but highly detailed text facilitates quick, accurate diagnoses
  • Diagnostically relevant "Key Facts" for each entity
  • Pathologic diagnostic pearls highlight important points and potential pitfalls
  • Superior medical images including gross and microscopic pathology, a wide range of supportive immunohistochemistry, and detailed medical illustrations with numerous examples of morphologic findings
  • Coverage of uncommonly discussed topics such as inflammatory diseases of the vulva are covered by experts in the field of dermatopathology
  • Latest information on classification of squamous lesions of the distal female genital tract
  • The differential diagnosis section of each chapter examines the role of immunohistochemistry as well as other ancillary techniques in gynecologic pathology
  • Selected key references―both classic and new publications―provide more in-depth reading
  • Hot topics covered include: serous carcinoma of the fallopian tube including STIC, low- and high-grade serous carcinoma of the ovary, high-grade endometrial stromal sarcoma, endometrial intraepithelial neoplasia/atypical endometrial hyperplasia, and invasive adenocarcinoma of the cervix, intestinal and gastric types
  • Comes with Amirsys eBook Advantage™, an online eBook featuring expanded content, additional images, and fully searchable bulleted text format for quick, easy reference

  • Sales Rank: #751718 in Books
  • Brand: Brand: Lippincott Williams n Wilkins
  • Published on: 2014-03-10
  • Original language: English
  • Number of items: 1
  • Dimensions: 1.60" h x 9.00" w x 11.30" l, 5.86 pounds
  • Binding: Hardcover
  • 856 pages
Features
  • Used Book in Good Condition

Review

"A nice well illustrated gynecological pathology book, very useful." Reviewed by: Pathlab.org Date: March 2015

Most helpful customer reviews

0 of 0 people found the following review helpful.
Five Stars
By JOHN PAUL JONES MD
good reference book in a sensational series of pathology books

0 of 0 people found the following review helpful.
Five Stars
By BETTY K OETAMA
Excellent!

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Rabu, 23 Mei 2012

[Q389.Ebook] Download Make It with a Cake Mix!From Product Concept Inc

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Make It with a Cake Mix!From Product Concept Inc

  • Sales Rank: #9189691 in Books
  • Published on: 2015-10-01
  • Original language: English
  • Number of items: 1
  • Dimensions: 7.20" h x .80" w x 5.20" l, .0 pounds
  • Binding: Paperback
  • 64 pages

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Rabu, 16 Mei 2012

[P653.Ebook] Download Tales From Bective Bridge, by Mary Lavin

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'Mary Lavin's stories... are subtle without making a palaver about it, beautifully told, no pat endings, no slickness; and as in life, nothing is resolved.' William Trevor

First published in 1943, Tales from Bective Bridge is a collection of ten stories that memorably depict the rural mid-lands of Ireland and their people. Mary Lavin, though American-born, grew up in Athenry; and though the Irish short story was a dauntingly well-established form she succeeded in reinventing it with this, her debut collection, winner of the James Tait Black Memorial Prize, which exhibits a Chekhovian gift for the meaning of small things, contrary behaviours and emotions. This 2012 edition, reissued for the centenary of Mary Lavin's birth, includes an introduction by Evelyn Conlon.

'One of modern Irish fiction's most subversive voices... [Lavin's] art explored often brutal tensions, disappointments and frustrations dictating the relationships within so-called 'normal' families.' Eileen Battersby, Irish Times

  • Sales Rank: #1605918 in eBooks
  • Published on: 2012-05-15
  • Released on: 2012-05-15
  • Format: Kindle eBook

About the Author
Mary Lavin was born in Massachusetts in 1912, but moved to Ireland as a child. Her first collection of short stories, Tales from Bective Bridge, published in 1942, was awarded the James Tait Black Memorial Prize and launched her acclaimed career in this genre. Her stories appeared in the New Yorker and Atlantic Monthly, among other magazines. Her novels, including The House in Clewe Street, were also widely celebrated. She won several awards, including the Guggenheim fellowship and the Katherine Mansfield Prize, and she was President of the Irish PEN and Aosdana, the Irish Academy of Letters. She died in 1996.

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Temple Grandin: How the Girl Who Loved Cows Embraced Autism and Changed the World

  • Published on: 1656
  • Binding: Paperback

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Minggu, 06 Mei 2012

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Populism's Power: Radical Grassroots Democracy in America, by Laura Grattan

Uprisings such as the Tea Party and Occupy Wall Street signal a resurgence of populist politics in America, pitting the people against the establishment in a struggle over control of democracy. In the wake of its conservative capture during the Nixon and Reagan eras, and given its increasing ubiquity as a mainstream buzzword of politicians and pundits, democratic theorists and activists have been eager to abandon populism to right-wing demagogues and mega-media spin-doctors. Decades of liberal scholarship have reinforced this shift, turning the term "populism" into a pejorative in academic and public discourse. At best, they conclude that populism encourages an "empty" wish to express a unified popular will beyond the mediating institutions of government; at worst, it has been described as an antidemocratic temperament prone to fomenting backlash against elites and marginalized groups.

Populism's Power argues that such routine dismissals of populism reinforce liberalism as the end of democracy. Yet, as long as democracy remains true to its meaning, that is, "rule by the people," democratic theorists and activists must be able to give an account of the people as collective actors. Without such an account of the people's power, democracy's future seems fixed by the institutions of today's neoliberal, managerial states, and not by the always changing demographics of those who live within and across their borders. Laura Grattan looks at how populism cultivates the aspirations of ordinary people to exercise power over their everyday lives and their collective fate. In evaluating competing theories of populism she looks at a range of populist moments, from cultural phenomena such as the Chevrolet ad campaign for "Our Country, Our Truck," to the music of Leonard Cohen, and historical and contemporary populist movements, including nineteenth-century Populism, the Tea Party, broad-based community organizing, and Occupy Wall Street. While she ultimately expresses ambivalence about both populism and democracy, she reopens the idea that grassroots movements--like the insurgent farmers and laborers, New Deal agitators, and Civil Rights and New Left actors of US history--can play a key role in democratizing power and politics in America.

  • Sales Rank: #1024761 in Books
  • Published on: 2016-02-03
  • Released on: 2016-01-18
  • Original language: English
  • Number of items: 1
  • Dimensions: 6.10" h x 1.00" w x 9.20" l, .0 pounds
  • Binding: Paperback
  • 304 pages

Review

"Laura Grattan's new book is a generative re-imagining of the history and promise of populism in the United States. Creatively relating historical cases, contemporary examples, commodity culture, popular music, and canonical political theory, it dramatizes the enduring promise of populism to democratize power in the United States while affirming the need to democratize how populists define 'the people' and practice their democratic faith."
- George M. Shulman, author of American Prophecy: Race and Redemption in American Political Culture


"In Populism's Power Laura Grattan recovers a compelling vision of aspirational democratic populism long buried by both liberal fears and reactionary appropriations. Tracing populism's richly ambivalent history across multiple sites and articulations-from Ella Baker's activism to Ernesto Laclau's political theory, from the Omaha Platform to the songs of Leonard Cohen-Grattan vividly illuminates its still-untapped potential for reviving contemporary radical democratic theory and practice."
- Jason Frank, author of Constituent Moments: Enacting the People in Postrevolutionary America


"Laura Grattan is our new best guide to populism as the tradition of democratic experimentation and exuberant pluralism that produces alternative spaces and practices for all kinds of people. As she interprets texts from the Populist platform of 1892 to UndocuQueer social media, she sends up sparks of hope."
- Peter Levine, Jonathan M. Tisch College of Citizenship and Public Service, Tufts University


"Populism's Power offers a timely treatment of fundamental questions of political theory, activism, and historical interpretation. Grattan shows why radical and democratic politics cannot do without populist sensibilities and movements. In illuminating the connections between the populist imaginary and practices of organizing and struggle, and in revealing populist movements' pluralist possibilities, her original and boundary-stretching book rescues populism from mainstream critics and prominent defenders. For all that's been written on the topic, I know of no book like Populism's Power."
- Mark Reinhardt, Professor of Political Science and Class of 1956 Professor of American Civilization, Williams College


"A provocative... approach to a topic that is central to modern politics"

-- Choice


About the Author

Laura Grattan is Assistant Professor of Political Science at Wellesley College.

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Selasa, 01 Mei 2012

[P983.Ebook] Free PDF McGraw-Hill's NEC 2014 Grounding and Earthing Handbook, by David Stockin

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McGraw-Hill's NEC 2014 Grounding and Earthing Handbook, by David Stockin

The most complete guide to the grounding and earthing requirements of the 2014 National Electrical Code

“If you are responsible for delivering power, or if you just want to know what’s going on beneath your feet, read these pages; ground your circuit as Stockin suggests, and you can close the master switch with confidence.” ―Bill Nye, “The Science Guy”

“David Stockin’s book develops a clear understanding of Code requirements through extensive use of illustrations and clear text.” ―David Brender, P.E., Code-Making Panel NO. 5 member

“Stockin adds his own experiences to the fundamentals of NEC 250, allowing readers to visualize practical applications of routine rules in a new and novel way.” ―Travis Lindsey

McGraw-Hill’s National Electrical Code 2014 Grounding and Earthing Handbook fully addresses the above-grade grounding and below-grade earthing issues related to Article 250 of the 2014 National Electrical Code. This practical guide features in-depth discussions of each of the Code’s requirements, section by section, along with clear explanations and real-world examples.

For ease of reference, a separate chapter calls out all of the changes introduced to Article 250 of the 2014 NEC. Information on the Canadian Electrical Code is also provided. A helpful question-and-answer chapter covers common on-the-job topics, and more than 100 detailed diagrams illustrate the information presented in this authoritative resource.

Coverage includes:

  • Summary of grounding and earthing requirements in the 2014 NEC
  • Zone of influence
  • Grounding electrodes
  • System design and planning
  • Soil resistivity testing
  • Testing of existing grounding systems
  • Ground potential rise
  • Step and touch voltage hazards
  • Effects of lightning on grounding systems
  • Standards for lightning protection systems
  • Economic considerations
  • System grounding
  • Grounding electrode system and grounding electrode conductor
  • Enclosure, raceway, and service cable connections
  • Bonding
  • Equipment grounding and equipment-grounding conductors
  • Methods of equipment grounding
  • Direct-current systems
  • Instruments, meters, and relays
  • Grounding of systems and circuits of over 1000 volts
  • Swimming pools, fountains, and similar installations

  • Sales Rank: #627261 in Books
  • Published on: 2014-03-17
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.20" h x 1.32" w x 6.20" l, .0 pounds
  • Binding: Hardcover
  • 496 pages

About the Author

David Stockin is Manager of Engineering, E&S Grounding Solutions. A full-time grounding engineer for over 10 years, he has been the lead electrical grounding/earthing engineer for all of the massive Google Data Centers located from American to Asia and Europe. Stockin was the lead grounding engineer for both the U.S. Navy’s Data Center upgrades and the U.S. Coast Guard’s Alaska Radio Towers upgrades. He has authored numerous publications on electrical grounding and earthing.

Most helpful customer reviews

3 of 3 people found the following review helpful.
Good grounding book for Oil and Gas Applications
By Robert C Gorringe
This is one of the best grounding books for Oil field applications. I had David help me out with a lot of grounding issues that we were having at our Oil production and Well Pad facilities. A lot of the fixes are in this book which is simple to understand and use in field applications.

Robert Gorringe Senior I&E Engineer BHP Billiton

2 of 2 people found the following review helpful.
The best reference grounding book to date that I have come ...
By Rich Gunn
The best reference grounding book to date that I have come across for properly grounding a radio site or communication facility. I have been engineering grounding designs for radio sites for over forty years for long lines telephone companies and now for the State of Washington trying to follow the then best grounding instruction sources I wish I had this book when I first started. This book eliminates all the past grounding myths and fully covers all the subjects with great explanations and with wonderful illustrations. This is a must book to have for your reference library of engineering source documentation, especially if you going to be design-engineering the best earth electrode grounding system for any kind of communications site. R.S. Gunn, BSEE, NARTE Master Engineer.

2 of 2 people found the following review helpful.
Comprehensive and Detailed Handbook
By Kasia
David Stockin writes a very comprehensive Grounding & Earthing Book. I have worked with David on a number of projects in the past. The examples provided in his book are easy to understand and he provides practical examples and diagrams. Particularly useful to my work in the telecommunications industry are the explanations of Ground Potential Rise Analysis and detailing of Step and Touch Hazards. I strongly recommend this book.

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