Books 02 (Nov 08 - Nov 09)

[kennynah]

Leisure demonstrates that you are not, and do not need to be, engaged in productive labor.

here it clearly demonstrates the notion that "labour" is to be avoided like a virus... that "labour" is a consequence of the not-so-smart....hence to be sneered at....

[cif5000]

The Theory of the Leisure Class

I haven't completed the book but I find the comments by reviewer refreshing.

When I was young, the satisfaction of getting a top score is an exam is only so-so. And then when you did it by spotting question, the feeling got better. You study partially and still ended up the best. And the most extreme....was before taking the afternoon O-level exam, we were playing mahjong to the last minute, and the result came out to be an A1. Oops....we are suppose to talk about wealth, but I think if you were 15, grades are wealth.

[millionairemind]

Just finished reading Asian Godfathers - Money and Power in Hong Kong and Southeast Asia by Joe Studwell. This book was recommended to me by DOL.

The book makes an interesting read. It talks about the rise of the GODFATHERS like Robert Kuok, Li Ka Shing and how they milk the system within Asia to their likings. Like getting dividends in Hong Kong paid out to the companies that they own which is tax free, unlike drawing huge salaries, which are taxed.

The GODFATHERS are mainly ethnic Chinese from Malaysia, Indonesia, Thailand, Hong Kong and a few other countries (Singapore included ) where they use their influence in politics to change laws (like the Widjaja family in Indonesia, remember APP??).

Singapore was also mentioned in the book, but the majority of the book touched on the Godfathers in Indonesia, Malaysia and Hong Kong.

If you like a good understanding on how these Godfathers milk the system, I recommend this book.

Available from NLB

A book review from Businessweek

Hidden Content:

Asian Godfathers - Money and Power in Hong Kong and Southeast Asia
By Joe Studwell

Asia's economic ascendancy by turns awes and terrifies Western executives. Yet it's China and India that fascinate now—not the once-fabled Southeast Asian Tiger economies. In the mid-1990s, Indonesia, Malaysia, Thailand, and the deep-water port cities of Hong Kong and Singapore were glorified as epicenters of Asian vitality, guided by an enlightened tribe of ethnic-Chinese empire builders

Li Ka-shing, Robert Kuok, Stanley Ho, and other business monarchs remain among the richest men on the planet. Yet in a region full of such tycoons, why is one so hard-pressed to identify globally competitive Southeast Asian multinationals? In his intriguing and myth-shattering study of the region's powerbrokers, Asian Godfathers, Joe Studwell argues that this group of grandees has stunted economic growth. With a handful of men controlling vast enterprises, regional economies haven't mastered the "technological capabilities, branded corporations, and productivity gains that drive sustainable economic development."

Crony capitalism contributed mightily to the Asian financial crisis that slammed these economies a decade ago. And Studwell, founder of the China Economic Quarterly and a longtime observer of Asia, thinks these economic distortions linger on. He dismantles the hagiography that surrounds these powerful men. Studwell also demolishes such notions as "Asian values" and the "bamboo network." These cultural clichés have been used to suggest that Chinese-expat business leaders alone figured out that long-term planning, a killer work ethic, and networking skills are smart tactics—and imply that all are beyond the understanding of Western minds.

In fact, the Chinese who gravitated to Southeast Asia early on were neither "born traders" nor uniform in outlook. They came from widely divergent backgrounds inside China and often spoke different dialects that made them incomprehensible to one another. They were part of a much larger mid-19th century migration that included Indians, Sri Lankans, diasporic Jews, and Armenians. As "self-selecting" immigrants—free agents seeking to improve their lives—the Chinese have done better than some others. Indians, for example, mostly came to Southeast Asia as quasi-indentured servants, beholden to British masters in colonial Hong Kong, Singapore, and Malaysia, and therefore have had an additional economic burden.

What set the Chinese apart in the pre-World War II era was their skill at serving as valuable commercial lieutenants to Western colonial powers. Their deftness continued during the Japanese military rampage and occupation that ended in 1945.

For example, an 18-year-old Stanley Ho (the present-day casino magnate) chased the scent of fast money to the then-Portuguese-controlled island and smuggling epicenter of Macau. Ho joined the Macau Co-Operative, a three-way joint venture partially backed by Japan, and supplied tugboats and transport to Japanese troops based in Guangzhou in return for rice and clothing. He then salted away enough money to open a small kerosene factory, which flourished when American bombers knocked out Macau's gasoline terminal late in the war. These early ventures, and later a long-term lock (since lost) on gambling concessions in Macau, were the taproots of his vast fortune.

First among equals in the tycoon class, though, is Li Ka-shing, one of the richest men in Asia with a personal fortune estimated at $23 billion. His Hutchison corporate empire is into everything from telecom and ports to retail. Hong Kongers to this day still call the reclusive tycoon chiu yan (Superman) for his business smarts. However, Studwell tells the unvarnished Li story.

Although Li is no slouch as a dealmaker, Studwell asserts that much of his fabled business acumen is exaggerated, given the cosseted sectors of the former British colony's economy that he grabbed on near-exclusive terms and still controls. A Hutchison unit long ago secured undisputed leadership at the heavily regulated Hong Kong Port, one of the world's busiest, where "container terminal handling charges are also the highest in the world, despite labor costs far below those in countries with comparable GDP per capita," the author writes. This steady cash flow, plus dominant and protected roles in supermarket retailing and electric utilities, has allowed Li to make some spectacular bets on real estate and mobile telephony around the world.

Asian Godfathers is generally illuminating, but it's poorly organized. Portraits of key characters are scattered across chapters instead of in distinct narratives. One would have liked more analysis of the periodic, bloody reprisals directed at Chinese business interests in Indonesia and Malaysia, and whether a further backlash is possible given the moguls' status as outsiders imposing a superlayer of economic power.

Still, this book is richly reported, and the larger thematic points come through clearly enough. Asia's canny powerbrokers are remarkable individuals, all worthy of study. Unfortunately their influence, if left unchecked, might well leave Asia's Tigers lagging in the decades ahead.

[bluechipstamp]

"The Pampered Chef" by Doris Christopher

This is the story of a "otiose housewife" and her journey in building her company from US$3000 borrowed from her husband's insurance policy. The company now does about US$1b of annual sales, and was acquired by Berkshire a couple of years ago.

I actually bought this book for my wife, secretly hoping that she'll turn $3000 to $1b. I ended up being the one reading the book, and she, being the one that's secretly praying.

Doris, the founder of "The Pampered Chef", was a home maker with 2 young daughters. She started the business not because of any big ambition, but simply for her desire to have a flexible schedule, so that she could spend time with her love ones. As Doris was previously a home economics teacher, she decided to go into the business of demonstrating & selling quality kitchen tools. The business went far beyond anyone's imagination.

What I'm impressed with:

1. Doris' down-to-earth humility & personality.
2. The amazing scalability of the direct-sale business model.
3. Housewife social network

This book is easy to read, and can be completed in a day or 2 without interruption. I recommend that you recommend it to your spouse.

[millionairemind]

"The Pampered Chef" by Doris Christopher

I actually bought this book for my wife, secretly hoping that she'll turn $3000 to $1b. I ended up being the one reading the book, and she, being the one that's secretly praying.

This book is easy to read, and can be completed in a day or 2 without interruption. I recommend that you recommend it to your spouse.

haha...

I will have to go buy the book and pray that my wife turns the monthly allowance into billions

[LenaHuat]

Being another otiose housewife, I gonna check up this book

Honestly speaking, this method of using the 'housewife social network' scares the lights out of me. When I was little, we had the 'tupperware' parties. Now I get invited to so many direct marketing home parties that I reject them outright but insist on buying these friends/acquaintances lunches. The lunches cost much less than picking up the tabs for cooking utensils/mattresses .......

[millionairemind]

Just finished the book The Ten Roads to Riches by Ken Fisher. You may also know Kens' father, Philip Fisher, the famed investor or from Ken's best selling book - The Only 3 Questions that Count.

What are the Ten Roads?

1. Start a successful business—the richest road!

2. Become the CEO of an existing firm and juice it—a very mechanical function.

3. Hitch to a successful visionary’s wagon and ride along—it’s high value-added.

4. Turn celebrity into wealth—or wealth into celebrity and then more wealth!

5. Marry well—really, really well.

6. Steal it, legally—no guns necessary!

7. Capitalize on other people’s money (OPM)—where most of the mega-rich are.

8. Invent an endless future revenue stream—even if you’re not an inventor!

9. Trump the land barons by monetizing unrealized real estate wealth!

10. Go down the Road More Traveled—save hard, invest well—forever!

It is an easy read and Ken did a decent job detailing the different pathways to riches. He is talking about mega wealthy here, not just a couple of millions. He himself is ranked no. 647 on the Forbes Global billionaire list.

Our library is doing a good job getting all the latest titles. This book was released earlier this year and already available from our NLB.

Currently also reading Inside The Mind Of the Turtles - How the world's best traders master risk by Curtis Faith.

[memphisb]

I think he forgot

11. Teach a class about 'Secrets of Whatever'

oops i think its still considered as biz.

[winston]

The Secret of Shelter Island by Alexander Green

A few years ago, a friend and I were hiking along the rim of the Grand Canyon when I spotted a hawk circling above us.

"Wow," I said, shading my eyes. "Imagine the view he has up there."

"Too bad he doesn't see it," my buddy replied.

"What do you mean?" I said. "Birds of prey have excellent vision."

"Yes," he said. "It's just that his eyes are focused like a laser on any movement - a rat, a snake, a jackrabbit - that could provide his next meal. He has the best view in the world. But he doesn't see it."

It was a bit of a shock to realize he was right. And to recognize how many of us wander through life the same way.

Head down and nose to the grindstone, we often miss the big picture. We're blind to the magnificent vista that surrounds us.

One of the reasons I began writing this column a year and a half ago was to share some of the ideas that enlarged my own perspective.

Along the way, we've become kindred spirits.

Readers often tell me these essays inspired them, motivated them, caused them to end a bad relationship, start a new career, forgive an old grudge, "enjoy every sandwich," or spend a moment considering their incredible good fortune, whatever their current financial status.

You sent me books, poems, photographs, speaking invitations and handwritten letters, some several pages long.

At investment conferences, I began receiving 10 comments about Spiritual Wealth for every one about my investment letters.

I was overwhelmed by the response. Not just emotionally, but physically. I received over 10,000 emails from readers in the first few months alone.

I can't tell you how much I enjoy reading your comments. (Even the cranky ones.)

Many of you asked why was I doing this? What was I trying to accomplish? Others were curious about my personal beliefs and background.

Unfortunately, my work, travel and family life made it impossible for me to respond to all these inquiries. This gnawed at me.

As you may know, my primary occupation is logging several thousand words of investment commentary each week. Spiritual Wealth is just a sideline.

Yet it bothered me that so many of you were trying to start a dialogue and weren't hearing back from me. Especially since your questions were sincere and thought provoking. They deserved an answer.

Several months ago it dawned on me that while it wasn't possible to respond to you all individually, I could respond to you collectively.

That's when I began writing The Secret of Shelter Island: Money and What Matters. And I'm excited to announce that the book is finally out this week.

What's it about?

My publisher John Wiley & Sons calls it "a profound and utterly modern commentary on timeless values, the search for meaning, and what it means to be truly wealthy."

Let me be more specific...

If you're like me, you're tired of hearing about wild-eyed terrorists, drug-addled celebrities, ethically-challenged businessmen and crooked politicians.

The national media delivers a daily dose of heartbreak, misery and cynicism. Much of what we watch and read each day is depressing, even rattling.

I wrote The Secret of Shelter Island as an antidote. It consists solely of ideas I've found particularly inspiring, elevating or ennobling.

I've arranged the book around four central themes. In the first section "A Rich Mind," I challenge readers to question their relationship with money, to consider what it is giving you, what it is costing you.

I also discuss the difference between getting rich and being rich. (The latter has nothing to do with your bank balance.)

The second section "What Matters Most," is about the importance of living an authentic life. It's about honoring and fighting for your highest potential, living the life you want, doing work you enjoy, paying attention to your highest goals and values.

The third section "Attitudes and Gratitude" is partly about appreciating your incredible good fortune that you're sitting here reading this at all. You have it better than 99% of your ancestors. (The average life expectancy in the United States in 1900, for example, was 47 years.)

I also talk about what I call "the psychology of optimal experience."

In the final section "The Search for Meaning," I discuss some of life's Big Questions and finally address what so many readers have asked: "Could you explain, briefly, what you mean when you use the word spiritual?"

My answer may surprise you.

I also take you behind the scenes here. The book gave me the opportunity to talk about how a confrontation with a reader in Phoenix inadvertently inspired the whole Spiritual Wealth project.

I also describe the firestorm I created at the publishing company when I first suggested this column.

Many of my colleagues were astonished, confused or skeptical. "Spiritual Wealth?" said one. "It's bad enough to talk about politics. But you're really stepping in it here."

Another insisted I was "fooling around with dynamite."

Fortunately, it hasn't worked out that way. Judging by your response - and several thousand testimonials - Spiritual Wealth has been a smashing success.

Along the way, many of you have told me how much you'd like to share these thoughts and ideas with your family, friends and business colleagues. The Secret of Shelter Island: Money and What Matters gives you that opportunity.

The book is now available at bookstores nationwide.

[winston]

How to Cheat Death. Seriously. By Dr. Steve Sjuggerud, Daily Wealth

"You're supposed to be... well... dead. "

All she had said was, "Hi, Steve," but I knew it was her on the phone.

My friend Melita's voice was unmistakable... the Australian accent, the cheery demeanor. She sounded a little hoarse, but it was definitely her.

Melita was diagnosed with lung cancer two years ago. It was one of those freak things. She was in her late 30s. She didn't smoke... She was told she had a few months to live.

I called my brother-in-law, who is a cancer doctor. I told him what I knew about her condition, looking for signs of hope. The best he could come up with was that since she was young and didn't smoke, they could really hit her hard with the chemo. But the likely outcome was a few miserable months.

So you can imagine my surprise when Melita called me up this winter, over a year after her diagnosis. I didn't actually say, "You're supposed to be dead." It's what I was thinking... it's what any normal person would have thought.

But she had fought hard. And her terminal cancer went into remission. She was back at work, like it was no big thing.

Even before cancer, Melita was inspiring to me – and everyone she came in contact with. When you were around her, nothing seemed impossible. A few months later, unfortunately, the cancer came back... this time in her brain. She stayed positive. "Always remember," she told her mother, "I have lived more in my 40 years than most people would live in three life times."

This time, the cancer won. Melita died earlier this year. But for a time, she cheated death.

My dad had Melita's gift. Everyone around him felt better, more inspired. He just had a way about him. He cheated death, too...

In late 2007, my dad was rushed to intensive care for a heart issue. A doctor told me, "nine out of 10 people in your dad's condition won't make it... and I wouldn't bet on your dad to be that one."

That doctor didn't know my dad. Like Melita, he beat impossible odds. I've never seen a man in his sixties make the most out of every day like my dad did. Then in late 2008, my dad died in a tragic bicycle accident. But like Melita, he lived an inspired life until the end.

So why am I thinking about life and death today? Well, I'm in my dad's hometown of Menomonie, Wisconsin for his memorial service. On the way up to Menomonie, I got inspired...

I realized you and I can do exactly what Melita and my Dad did. I got the rush of inspiration from my good friend Alex Green's new book. In it, he writes:-
Each of us has been granted an incomparable gift, a brief stay on this little blue ball. How will you spend it? To what end will you use it?

These are the most important questions we can ask ourselves. And the answers can be read in the way we live our lives.

Alex is one of those people... like Melita and my dad. He's absolutely inspirational to be around.

His new book is a collection of essays about how to live a "rich" life. I'm not talking about which caviar to buy... I'm talking about living life so fully, you're cheating death just by living it. It's about being able to say what Melita said to console her mom: "I've lived more in my 40 years than most would live in three lifetimes."

Alex told me he wrote the book to pass on a few essential ideas on how to live to his young kids. "They're too young to get most of it now," he told me. "But I hate the thought of them learning all these lessons the hard way."

I'm thankful he did this. Whenever I'm looking for inspiration in life or in our business (Alex writes an investment letter like me, so he gives money advice too), I know I hearing a few words from Alex will get me going.

With Alex's new book, "The Secret of Shelter Island," you can use his words to get inspiration...

When you're feeling uninspired, just pull the book off the shelf, open it anywhere, and read a couple short essays. They'll help you cheat death... by getting on with living an inspired life today.