Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
Average customer rating: 4 out of 5 stars
  • Kelly criterion for investing?
  • Things you don't get to learn elsewhere
  • An engaging story
  • KELLY'S METHOD OF INVESTEMENT ALLOCATION
  • Fun and Informative
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
William Poundstone
Manufacturer: Hill and Wang
ProductGroup: Book
Binding: Paperback

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ASIN: 0809045990
Release Date: 2006-09-19

Amazon.com

Fortune's Formula is a fascinating study of the connections between such seemingly unrelated topics as gambling, information theory, stock investing, and applied mathematics. The story involves the stunning brainpower of men such as MIT professor Claude Shannon, who single-handedly invented information theory, the science behind the Internet and all digital media; Ed Thorpe; and John Kelly of Bell Laboratories, who developed the "Kelly criterion," a now-legendary investment strategy for maximizing growth while controlling risk. Initially, Shannon and Thorpe took Kelly's theory to Las Vegas and applied it to roulette and blackjack. Later, they took it to Wall Street and cleaned up--Shannon made a personal fortune while Thorpe created the highly successful hedge firm Princeton-Newport Partners. They both discovered that Kelly's system was particularly effective when applied to arbitrage (minute price differences that result from market inefficiencies). As Poundstone ably demonstrates, the merits of Kelly's criterion are still hotly debated today.

Poundstone has a tendency to meander in his writing, but his asides are so revealing and interesting that they add, rather than detract, from the narrative. The book also includes a cast of fascinating and colorful characters as varied as Ivan Boesky, Warren Buffet, Rudolph Giuliani, and notorious mobsters such as Bugsy Siegel and Meyer Lansky. In explaining the lasting impact of the work done by Shannon, Thorpe, and Kelly, Poundstone even explains Kelly's system for those wishing to follow his formula, offering readers both theoretical and practical lessons. Whether viewed as a how-to guide or straight scientific and financial history, Fortune's Formula proves an entertaining and illuminating analysis of "the most successful gambling system of all time." --Shawn Carkonen

Book Description

In 1956 two Bell Labs scientists discovered the scientific formula for getting rich. One was mathematician Claude Shannon, neurotic father of our digital age, whose genius is ranked with Einstein’s. The other was John L. Kelly Jr., a Texas-born, gun-toting physicist. Together they applied the science of information theory—the basis of computers and the Internet—to the problem of making as much money as possible, as fast as possible.

Shannon and MIT mathematician Edward O. Thorp took the “Kelly formula” to Las Vegas. It worked. They realized that there was even more money to be made in the stock market. Thorp used the Kelly system with his phenomenonally successful hedge fund, Princeton-Newport Partners. Shannon became a successful investor, too, topping even Warren Buffett’s rate of return. Fortune’s Formula traces how the Kelly formula sparked controversy even as it made fortunes at racetracks, casinos, and trading desks. It reveals the dark side of this alluring scheme, which is founded on exploiting an insider’s edge.

Shannon believed it was possible for a smart investor to beat the market—and Fortune’s Formula will convince you that he was right.

Customer Reviews:

4 out of 5 stars Kelly criterion for investing?.......2007-10-17

I give the book four stars because it was a pretty good read and an informative history. The story revolves around the Kelly Criterion which is a risk management system where you bet according to the edge you have. If you have a great edge, like highly reliable tips on horse races, then you bet heavily. If the edge is a much lower probability, you risk much less. Pretty simple. If you can quantify your edge. One important aspect of the criterion was that you always took into account a catastrophic loss, so you never risked your entire account. In theory you could continue to bet forever even if you have a horrible string of losers because you are always betting only a percentage of your account.

The story revolves around John Kelly, Claude Shannon, Ed Thorpe, and a host of others including mafia members, Rudy Guiliani, Ivan Boesky, the geniuses from LTCM and many others. I enjoyed the way the author linked all of these people together. The story kept me interested throughout the entire book. And this was my second time reading it! I picked it up by mistake, read the first chapter, thought to myself "hey, I have read this book already", but I was hooked again so I kept reading. Glad I did.

The Kelly system was interesting to me because Thorpe and Shannon used it to win money at the casinos and also to make a fortune on Wall street. The Princeton-newport partners were highly successful for a number of years and surpassed almost all of Wall street with their consistently high returns. Maybe it was a great streak of luck as they implied, but maybe the market is inefficient and smart people can pull money out at will.

I am thankful for reading this book and learning about the Kelly system which is not all that different from my present risk management system. Except the Kelly system has a few rules I presently do not use. But it has gotten me interested and I will test it out and probably implement some of it into my trading.

5 out of 5 stars Things you don't get to learn elsewhere.......2007-09-02

Someone recommended this book to me as an investment book. At the time I was not sure how gambling and quantitative approach to investment are related. But this book, through its illustration of Kelly's criteria provides a new way to think about investment strategy. I learned all the moot theories in school - Mean portfolio optimization, diversification, efficient market theory, etc. But thinking of information theory, Kelly's criteria and ever present arbitrage can give one quite an edge.
The book interweaves mathematics, history and stories quite well and is a very good read. Imagine an investment book that reads almost like a fiction novel :)
The material is very well researched and it contains history of gambling, and investment and how information theory evolved. The book also gives a view into how a powerful school of thought can eclipse other schools of thought. in this case, Samuelson, et all from MIT refute geometric returns from Kelly's criteria even though working proof is present and the alpha factor in returns is not a myth.
I am glad the person recommended this book to me.

5 out of 5 stars An engaging story.......2007-09-01

Wow, I loved this book. A well written and easy to read history of the evolution of investment theory. Starting with off track betting at the beginning of the century and ending with the collapse of Long Term Capital Management, this is an engaging story.

I was particularly interested in the application of betting theory to investing. The fact that some investment strategies actually include a point of zero value was very informative.

A great read.

5 out of 5 stars KELLY'S METHOD OF INVESTEMENT ALLOCATION.......2007-07-21

KELLY, a Texan mathematician died at 41 but left behind a wonderful method/conceptual framework applicable to investments as well as casino gambling. It is a fascinating book and the mathematics professors provide a wonderful drama. The author has made complicated math/statistics concepts real simple even for those who don't like maths.

5 out of 5 stars Fun and Informative.......2007-07-19

Yes, perhaps the book's title is a bit misleading. Those who gave bad reviews to the book may have been looking for a get rich quick formula to beat the market or the casinos. The book focuses on the Kelly criterion and also gives quite a bit of attention to the efficient market hypothesis. The strength of the book is in its portrayals of the characters involved in the stories behind the Kelly Criterion and Efficient Market Theory.

Admittedly, at times it was a stretch to connect some of the players in this drama to the Kelly Criterion or the Efficient Market Hypothesis. Rudy Guiliani is one of several people in the book who are quite tangential to the main story line. However, I found this not to be a weakness of the book. Indeed, it enhanced my enjoyment of the story.

Those who are looking for a hard core mathematical examination of some of the topics of the book will be disappointed. As will those who are looking for a quick how-to in applying some of the theories. However, the vast majority of people will enjoy getting an inside look at some of the personalities involved in the development of these concepts and will love seeing how some of the theories held up in the "real world".

Wrightsman's Psychology and the Legal System
Average customer rating: Not rated
    Wrightsman's Psychology and the Legal System
    Edith Greene , Kirk Heilbrun , William H. Fortune , and Michael T. Nietzel
    Manufacturer: Wadsworth Publishing
    ProductGroup: Book
    Binding: Hardcover

    Forensic PsychologyForensic Psychology | Psychology & Counseling | Health, Mind & Body | Subjects | Books
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    ASIN: 0534521061

    Book Description

    The author team for WRIGHTSMAN'S PSYCHOLOGY AND THE LEGAL SYSTEM, Sixth Edition combines complementary expertise, active research, writing careers, and real world experience (as consultants working within the legal system) to produce a comprehensive text that is unparalleled in scholarship and writing style. The authorship, research base and comprehensive coverage make this text popular with instructors and students. This text demonstrates the importance of psychology to understanding the legal system and the impact on individuals' everyday lives through the use of real cases and questions formed to create discussions of these cases.
    The $64 Tomato: How One Man Nearly Lost His Sanity, Spent a Fortune, and Endured an Existential Crisis in the Quest for the Perfect Garden
    Average customer rating: 4 out of 5 stars
    • Great book gift for green thumbs (and brown thumbs)
    • A tasty little story
    • Enjoyable memoir of a man and his garden
    • For the Gardening Obsessed
    • As an animal lover...
    The $64 Tomato: How One Man Nearly Lost His Sanity, Spent a Fortune, and Endured an Existential Crisis in the Quest for the Perfect Garden
    William Alexander
    Manufacturer: Algonquin Books
    ProductGroup: Book
    Binding: Paperback

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    ASIN: 1565125576

    Book Description

    Bill Alexander had no idea that his simple dream of having a vegetable garden and small orchard in his backyard would lead him into life-and-death battles with groundhogs, webworms, weeds, and weather; midnight expeditions in the dead of winter to dig up fresh thyme; and skirmishes with neighbors who feed the vermin (i.e., deer). Not to mention the vacations that had to be planned around the harvest, the near electrocution of the tree man, the limitations of his own middle-aged body, and the pity of his wife and kids. When Alexander runs (just for fun!) a costbenefit analysis, adding up everything from the live animal trap to the Velcro tomato wraps and then amortizing it over the life of his garden, it comes as quite a shock to learn that it cost him a staggering $64 to grow each one of his beloved Brandywine tomatoes. But as any gardener will tell you, you can't put a price on the unparalleled pleasures of providing fresh food for your family.

    Customer Reviews:

    5 out of 5 stars Great book gift for green thumbs (and brown thumbs).......2007-08-09

    I HATE gardening, but thoroughly enjoyed reading Alexander's odyssey of his quest to build his dream garden. Very funny account of epic battles with weeds, rodents, and bugs as he tries to prevent his little "hobby" from ruining his life. Your gardening friends will love this book (and non-gardeners will too!)

    5 out of 5 stars A tasty little story.......2007-08-02

    His wife's insistence on an old fixer-upper of a house means the author can have the garden, orchard, and even meadow he's always dreamed. Once the house is livable--and everyone in town knows it has to be repaired to be livable--the owners start on the grounds. Landscape contractors, who are always late and leave their backhoe to winter in the author's yard, promise a garden to be proud of--and then bring plans for some very ordinary rectangles.

    Not to be daunted, Alexander picks heirloom plants to grow his produce. He is determined to have the same fruit and experiences he remembers from his father's gardening. Organic gardening should be easy when he has only four trees and a small garden. He can pluck off the hungry worms and organically protect his crops from predators of all types.

    After learning how much time is involved in using the organic bug sprays--first you find the caterpillar, then you spray him--how much it costs to put in something other than grass walkways, and that some animals are not deterred by six thousand volts, he gets down to serious gardening.

    His wife and children begin to question his sanity. His plants don't always grow the way he expected. Who knew growing roses would kill the corn? Sitting down to calculate the cost of his succulent heirloom tomatoes gives him a jolt he thought he'd only get from his electric fence. Did his dad really do it this way? Had he been hoodwinked about how much fun this all was? When did the hobby become a second job?

    You needn't be a gardener to enjoy the humor in this book. The history of tomatoes and potatoes, and insights on the Anasazi Indians thrown in with ridding the garden of Superchuck, the groundhog, is true fun for the reading. Cultivated entertainment.

    Armchair Interview says: Humor and hoeing, planting and waiting, bugs and bug sprays flow together to give you an enjoyable read.

    4 out of 5 stars Enjoyable memoir of a man and his garden.......2007-07-26

    I am by no means a gardening expert, more of a beginner, but I enjoyed this memoir of one man's obsession with and relationship with his garden. I found it informative and funny. I took as much what not to do, as what to do, from the book. I mean, you can see the excessiveness of his spending and learn from it as much as you can learn from the ways he fights pests on his fruit trees. I read books like this for inspiration and I was inspired by his mistakes and successes. All in all it was an enjoyable light read.

    4 out of 5 stars For the Gardening Obsessed.......2007-07-26

    This book speaks to every obsessed gardener in America. The majority of the public, however, won't get it. They put in a few pansies, water them when they think of it and go on with their lives. But a few of us have an insatiable drive to work the soil, wage a constant war with the elements and beat off ravaging beasts just so we can be overwhelmed with too much produce.

    Our neighbors think we're nuts--why would someone put themselves through all that labor and expense to get something they could buy at the corner market for $0.85 a pound? (Yeah, well I don't get the mountain climbing thing either.)

    I like Alexander's writing--it was cute and witty and perfectly illustrated a man trying to work in his career, family and home improvement projects around his gardening obsession. All 2,000 square feet of it.

    Although organic gardeners will be disgusted with how often Alexander reaches for the spray can, most will be able to relate to his journey.

    A really cute read but I can't review the recipes as I didn't try them out yet.

    3 out of 5 stars As an animal lover..........2007-06-28

    ... I too was distressed by the chapters where the authors obsession defies his place at the top of the food chain and his "logical" abilities. When the local fauna decide that his exorbitantly expensive garden is the local salad bar, he goes on the war path and attempts to destroy everything alive that is not a plant.

    While this is somewhat disheartening, it is also illuminating. I place this book alongside ElectroBoy on my bookshelf, and alongside The Omnivore's Dilemma, because it makes such a natural segue between the two.

    William Alexander is truly obsessed with his garden. What ought to be a nice, pleasant way to pass time and to get some exercise and food turns into a dangerous obsession, resulting in damage to his finances, his health, his psyche, and his marriage.

    It is amusing, in parts, however.

    Read it, if only to see what lengths people will go to in order to save their hobby. It is an interesting study, really. Probably not a book I will read again, but it is one that I will think of from time to time.

    Harkius
    The Couple's Tao Te Ching: Ancient Advice for Modern Lovers
    Average customer rating: 5 out of 5 stars
    • A beautiful way to start the day
    • Beautiful, simple, practical advice
    • Lends a vision of what is worth waiting for...
    • Wow
    • Words to nurture and connect with your "Couple Spirit"
    The Couple's Tao Te Ching: Ancient Advice for Modern Lovers
    William Martin , and Hugh Prather
    Manufacturer: Marlowe & Company
    ProductGroup: Book
    Binding: Paperback

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    ASIN: 1569246505

    Book Description

    Following the successful debut of the Parent's Tao Te Ching--which Hugh Prather praised as "pure gold"--William Martin now reinterprets the Tao for couples. "The love relationship between two people can be the most rewarding and enlightening adventure possible," Martin writes, and he imparts the Tao's spirited, sage advice for everyone on that adventure. "Not since The Tao of Pooh has Taoist wisdom transmogrified into something so practical, gentle, and good."--from the foreword by Dan Millman, author of Way of the Peaceful Warrior

    Customer Reviews:

    5 out of 5 stars A beautiful way to start the day.......2006-09-13

    My lover and I often start our day by reading a chapter or two to each other from this gem of a book. It reminds us of the gift and importance of our love, brining smiles to our faces and tears to our eyes.

    5 out of 5 stars Beautiful, simple, practical advice.......2004-07-20

    This is a beautiful piece of work. Everything just "made sense"! We combined several passages for our wedding reading, and our reader barely was able to choke out the words! :)

    5 out of 5 stars Lends a vision of what is worth waiting for..........2002-12-20

    Each time I think it's time I settled for something less than fulfilling in life I sit down and read through this book. It calms my soul. It realigns my senses to what it is I'm truly seeking in life and in a partner. I have given this as a wedding gift to those who I think have the mind and soul for such small wisdom as this. I would recommend this book to anyone who seeks to be complete before entering into a relationship or who seeks understanding of why their past relationship failed. It has helped me to keep clarity of mind.

    5 out of 5 stars Wow.......2001-11-08

    This book was a wonderful gift from a friend. I used to beat my self up when I couldn't follow the advice of the many self help books I have. The Couple's Tao Te Ching really changed the way I looked at my behavior because it didn't tell me how to behave. I memorized this passage because it has been helping me through this global, troubled time: "The world will never know love, respect, kindness and tolerance until you experience them in the safety of your love. When you do, it will." It means a lot to me. It's more than just about a relationship with another person. It makes a lot of things clear.

    5 out of 5 stars Words to nurture and connect with your "Couple Spirit".......2001-05-28

    I have a library full of books on relationships and improving communication. Those books (like Men are from Mars, Women are from Venus, etc.), tend to be read quickly with their advice being filtered through my brain for ideas to tweak our relationship. This book is refreshingly different. If you want to involve your brain by thinking about the deep meaning of the words, you can... or you can just hear the words and feel them nurturing your heart and spirit. Each page offers beautifully written verses to provide quick inspiration or a thought to meditate on for as long as you like. This books is a great addition to any library and makes a wonderful gift for any couple.
    Fools of Fortune (Penguin Classics)
    Average customer rating: 5 out of 5 stars
    • Perfection
    • Trevor - the world's greatest modern tragedian
    • Another Beautiful Trevor Novel
    • a sorrowful and poignant story, yet maintains to thrill me
    • The Anglo-Irish Fatality
    Fools of Fortune (Penguin Classics)
    William Trevor
    Manufacturer: Penguin Classics
    ProductGroup: Book
    Binding: Paperback

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    ASIN: 0143039628

    Book Description

    “To my mind Trevor's best novel and a very fine one.” —Graham Greene

    Penguin Classics is proud to welcome William Trevor—“Ireland's answer to Chekhov” (The Boston Globe) and “one of the best writers of our era” (The Washington Post)—to our distinguished list of literary masters. In this award-winning novel, an informer's body is found on the estate of a wealthy Irish family shortly after the First World War, and an appalling cycle of revenge is set in motion. Led by a zealous sergeant, the Black and Tans set fire to the family home, and only young Willie and his mother escape alive. Fatherless, Willie grows into manhood while his alcoholic mother's bitter resentment festers. And though he finds love, Willie is unable to leave the terrible injuries of the past behind.

    Customer Reviews:

    5 out of 5 stars Perfection.......2006-11-29

    William Trevor's "Fools of Fortune" is perfection incarnate with elegance, spare yet richly satisfying. A miniature history of the struggles in Ireland rendered on a personal scale.

    5 out of 5 stars Trevor - the world's greatest modern tragedian.......2005-12-29

    Allright, I admit that as a Yank writer who has taught writing myself, I did at first find William Trevor's constant use of the passive voice somewhat disturbing! That was upon reading "Felicia's Journey," my first, unforgettable exposure to this genius. Since then, I have come to believe that one grand reason to remain alive is to read the rest of his novels: they are that brilliant and awe-inspiring. I do not believe that his 'Big House' novels, this one and "The Story of Lucy Gault," can be excelled for the strength of their immortal tragedy. His use of irony in human endeavor and fate creates masterpieces that illuminate man's virtue and folly as inseparable. Since the loss of Hubert Selby, Jr. last year, Trevor may very well stand alone now as the foremost tragedian in the Western world. Do read these two novels for the sense of finality, futility and hopelessness that Trevor is so masterful at extracting from the both the the barest and the most complicated lives, while spinning stories that carry more momentum than a beach-trash thriller.

    5 out of 5 stars Another Beautiful Trevor Novel.......2004-05-19

    What can I say? It's William Trevor's prose about love, politics and patriotism. I recommend this book to everyone with a heart beating in their chest. In comparison to his other novels, I find that this book captures the innocence of youth and the loss of innocence that war and times of trouble can bring.

    5 out of 5 stars a sorrowful and poignant story, yet maintains to thrill me.......2002-02-28

    A few years have passed since I last read Trevor's novels and hardly could I remember how great he is and his fictions are. I have just finished reading this novel and have come to conclude that all of Trevor's novels should not be missed. Setting against the historical Anglo-Irish complex relationships, the novel tells a sorrowful and poignant love story that spans three generations. Trevor's use of language is subtle, delicate, and controlled and is a first-rate writing. The fact that I'm unfamiliar with the Anglo-Irish history might have undermined my appreciation and comprehension (in a certain way) of this novel, nonetheless, this is a great book and should be recommended to those who love reading.

    5 out of 5 stars The Anglo-Irish Fatality.......2001-02-09

    Murder begets murder begets murder begets . . . madness. Enacting personally the larger Anglo-Irish tragedy, a family experiences, and inflicts, murder, leading ultimately to the insanity of the latest-born of the clan. Aeschylus would have understood, though his Orestes ultimately escaped the demons of his past. A gripping piece of fiction that is at the same time a history of Irish-English relations "writ small."
    Preacher's Fortune (The First Mountain Man #12)
    Average customer rating: 5 out of 5 stars
    • Big shoes to fill
    • Is this a Bill Johnstone or Fred Austin book?
    Preacher's Fortune (The First Mountain Man #12)
    William W. Johnstone
    Manufacturer: Pinnacle
    ProductGroup: Book
    Binding: Paperback

    GeneralGeneral | Westerns | Genre Fiction | Literature & Fiction | Subjects | Books
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    ASIN: 0786016930

    Book Description

    Their Fight Is His Fight... They call him Preacher. And they call him when they need help. Now, a Mexican brother and sister have asked the legendary frontiersman to accompany them into the Sangre de Cristo mountains—to find a missing family fortune of gold and silver.

    The Frontier Is His Battleground... In a land stained by cruelty and war, the Spanish treasure has drawn the interest of a treasure hunter with ruthless paid killers as his partners. And by the time Preacher finds the bounty, bullets have begun to fly.

    And Death Is Always On His Trail. No gunfight will ever scare Preacher. But betrayal, greed, and a deadly mystery are enough to have him looking over his shoulder. The caves dotting the wild mountainside are guarding an explosive secret. And Preacher's gut tells him that whoever next claims the Spanish treasure will be the next to die...

    Customer Reviews:

    5 out of 5 stars Big shoes to fill.......2006-02-08

    I have been reading all the books that have come out and I like this one for the facts that Preacher does not hit every time and is still learning. Then we meet a few others that are in the Mountain Man books. The dwarf Audie (without Lobo) and the very talkative Nighthawk make part of the fighting team. The fights are real sounding and where they are you can see what it looks like in your mind, the way a good book should do. If you like westerns you will like all of the ones that Bill wrote. The Last Mountain Man, The First Mountain man and the first 4 of the Eagles books have characters that crossover.
    All I can say is BUY it and see what you think. Long Live Preacher, Smoke and Falcon and bye Jamie MaCallister
    Well "Fred Austin" is stepping into so big shoes. With the death of William Johnstone he is now doing a find job of writing the books now. I picked up the first of Johnstone's books in 1983 and have almost all of them, even his romance novel.
    Dave

    5 out of 5 stars Is this a Bill Johnstone or Fred Austin book?.......2006-01-02

    I've been reading all of Johnstone's books for years and this story is still worth reading and the plot is interesting. However, when Johnstone began writing this series, Preacher would never have taken 296 pages to eliminate a few bad guys. He doesn't even the odds by invading the enemy camp at night, his shots seem to miss more often than not, and help or enemies appear as if by magic to change the odds. He keeps fighting the same battle over and over until it gets boring... or frustrating!
    I attribute this to Johnstone mellowing as he ages, his editors require less violence (in a western?), or Austin's influence is predominant and reflects the new breed of writers: write big books? be politically correct? don't offend the bad guys? I really don't have a clue, but it's not good escapism reading and not even close to Johnstone's earlier writing.
    I miss the old days when Preacher or Smoke Jensen or Ben Raines could single-handedly eliminate the bad guys without working up a sweat. But Johnstone is still entertaining me and this book is still good enough to set standards for other writers.
    I am over the age of 70... which is way past 13!
    Norm Beavers
    How to Make a Fortune Today-Starting from Scratch: Nickerson's New Real Estate Guide (Revised and Updated Edition)
    Average customer rating: Not rated
      How to Make a Fortune Today-Starting from Scratch: Nickerson's New Real Estate Guide (Revised and Updated Edition)
      William Nickerson
      Manufacturer: Simon & Schuster
      ProductGroup: Book
      Binding: Hardcover
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      ASIN: 0671220640
      How to Sell Music, Collectibles, and Instruments on eBay... And Make a Fortune
      Average customer rating: 4 out of 5 stars
      • Basics on Collecting Music items with eBay
      • Real-world money-making advice
      How to Sell Music, Collectibles, and Instruments on eBay... And Make a Fortune
      Dennis Prince , and William M. Meyer
      Manufacturer: McGraw-Hill
      ProductGroup: Book
      Binding: Paperback

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      5. Guitar Identification Guitar Identification

      ASIN: 0071445706

      Book Description

      Music is a huge category on eBay. It includes selling not only records and CDs but also collectibles, instruments, equipment, tickets, and technology. Dennis Prince teams up with William Meyer, an expert at selling music items on eBay, to give information specific to the music market, including determining the condition and authenticity of items; understanding what can legally be sold, including copyrighted material and tickets; the use of an instrument (for beginners, marching bands, professionals, or collectors); and more.

      Customer Reviews:

      3 out of 5 stars Basics on Collecting Music items with eBay.......2005-06-22

      How to Sell Music, Collectibles and Instruments on eBay
      and Make a Fortune
      A book review by Frank Dobrowolski
      May 12, 2005

      by Dennis L. Prince and William M. Meyer
      Published by McGraw-Hill/Osborne
      ISBN 0-07-144570-6 2005 268 pages
      List price: $14.95 On Amazon: $10.17 +S/H

      This book is a quick, short introduction to using eBay for buying and selling music and related collectibles and instruments, [one of the "How to Sell ..... and Make a Fortune" series]. It appears to be aimed at those who would rather learn by doing and need only a brief tutorial on the process. This objective is met quite admirably. Those who find they desire more detailed discussions or want information on the ancillary sectors of eBay can find other books that meet these needs.

      As to the "Make a Fortune" part of the title, the recommendation essentially is the familiar mantra of retail operations - Buy low, Sell High, Generate High Sales Volumes, Know the Product and Understand the Customer. The difference here is that eBay is the base of operations rather than a store and operating on eBay opens the operation to a potential audience of million. While few make a fortune in retail at this level, the book does offer much information and lists a wealth of reference sources.

      The potential market is very large. According to this book 54% of U.S. households have at least one musical instrument player. And, retail music is a stable product category with staying power and sales potential.
      * Over 745 million audio CDs were sold in 2003 for $11 billion
      * Over 35 million concert tickets were sold in 2002 grossing $2.2 billion
      * Music products [instruments, performance gear, etc.] sales in 2002 exceeded $6.9 billion
      * Vintage music products and memorabilia generates tens of billions of dollars every year

      Those selling in this field can be either: experts in a narrow, low volume market with high profit margins; or broadly interested in a wide, high volume market with low profit margins. Whichever part of this field one chooses to follow there are many sources of information provided in this book.

      Memorabilia refers to items like t-shirts, ticket stubs, programs, etc. Once these items were considered to be disposable. However, their presence on eBay has created an expanded, eager collector base. So more items are being valued and the values are increasing.

      According to this book there usually are over 650,000 music-related items listed in eBay's categories and over 500 sub-categories for Music, Musical instruments [grossing $500 million a year] and Music Memorabilia [ with 75,000 Rock-n-Roll listings every day] categories. This book claims to be the only one focused on these three areas. Some data the book presents on eBay's sales in the music categories:

      * Music - 500 categories
      * 700,000 listings each day
      * 150,000 records listed
      * Musical instruments - $500 million/ year
      o 50,000 guitars listed - $1.1 B in 2002
      * Musical Products - $350 million/year
      * Rock-n-roll memorabilia - 70,000 listings

      Chapter 2 is entitled "The History of Selling Music". This information helps one start to develop a background in the field to better understand the items being sold and to prepare for updates and changes. The chapter points to two areas of concern: Fraud and Competition.

      The book states that fraud and misrepresentation are widespread, especially with Memorabilia. It is estimated that 99% of the Beatles signature items and 75% of Rock-n-Roll autographs are fake. The book recommends that such items have rock-solid appraisals from recognized specialist appraisers and a written, lifetime guarantee of authenticity.

      Competition relates to the various levels of marketing, particularly of musical instruments and related equipment, The mass marketers [Wal-Mart] lower prices and make business difficult for music stores. The Internet also competes with the music stores. Fraud is rife and prices are lowered mercilessly [in the eyes of store-based merchants] In fact some instrument manufacturers forbid the sale of their instruments on the Internet and impose pricing protection for the stores.

      The book discusses each sector in the music categories, addressing source information, market, current pricing and the more popular items. Pages 45 to 63 lists many information sources, sub-dvided as by instrument or type of memorabilia.
      Chapter 5 discusses the necessary Business Plan focusing on marketing and sales strategies and on the financial aspects.
      Chapter 6 covers building and maintaining an inventory. Chapter 7 discusses acquiring and holding on to customers and keeping them happy to generate return business. The book addresses the tasks to use eBay for selling - Listing, Payment, Shipping, etc. Chapters 10 to 12 cover the elements of becoming a music specialist in one of the categories and sub-categories. It outlines the knowledge needed and the means to keep the customers happy, and advised of one's available inventory.

      The book is well-written, easy to read and has enough illustrations to convey the needed message. I would recommend this book for beginners or novices in using eBay for buying and selling music-related items on eBay.

      5 out of 5 stars Real-world money-making advice .......2005-02-08

      This in-depth book covers the topic of selling music products on eBay, using a lot of practical examples plus a dash of humor. It's a great resource for anyone who wants to start selling CDs or instruments on eBay, giving real specifics on how to position your music merchandise effectively. It's a solid guide that's bound to generate real sales. Also, it includes excellent first-hand testimony from some of eBay's best music sellers. Highly recommended.
      Three Roads to the Alamo: The Lives and Fortunes of David Crockett, James Bowie, and William Barret Travis
      Average customer rating: 4.5 out of 5 stars
      • Three legends revealed
      • Glimpse behind the glory
      • Depends on what you're looking for
      • One Road Too Few
      • The Honored Dead
      Three Roads to the Alamo: The Lives and Fortunes of David Crockett, James Bowie, and William Barret Travis
      William C. Davis
      Manufacturer: Harper Perennial
      ProductGroup: Book
      Binding: Paperback

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      ASIN: 0060930942
      Release Date: 1999-04-07

      Amazon.com

      Ever since the day in March 1836 when an obscure Spanish mission in Texas fell to Mexican forces led by President Santa Anna, Americans have been exhorted to "remember the Alamo." And remember it we do--primarily as the place where American folk legends Davy Crockett, Jim Bowie, and William Travis met their end fighting for Texas independence. Though it is primarily the Alamo we remember today, the battle itself takes up just a few pages of William C. Davis's Three Roads to the Alamo; Davis is far more interested in what brought three such disparate men as Crockett, Bowie, and Travis to Texas in the first place than in how they died there. As any schoolchild knows, Davy Crockett was the "king of the wild frontier," a bona fide folk hero in his own time who rode his legend to political office first in Tennessee and then as a United States congressman. Bowie was both less well known and less heroic--a land speculator not above resorting to fraud and forgery to get what he wanted, while William Travis, the youngest of the three, brought little but potential with him to Texas.

      Davis does a good job of illuminating both the personalities of his subjects and the situation in which they found themselves in Texas. He thoroughly explores the lives of these three men--their successes, their failures, their hopes for the future--and lays out the arguments for and against Texan independence from Mexico in which they found themselves embroiled. By the time Crockett, Bowie, and Travis finally arrive at the Alamo, it seems the inevitable conclusion to the roads they each have been traveling over the course of their lifetimes. Three Roads to the Alamo is a fine piece of historical research and an entertaining read, as well.

      Book Description

      Three Roads to the Alamo is the definitive book about the lives of David Crockett, James Bowie and William Barret Travis—the legendary frontiersmen and fighters who met their destiny at the Alamo in one of the most famous and tragic battles in American history—and about what really happened in that battle.

      Customer Reviews:

      5 out of 5 stars Three legends revealed.......2006-12-14

      This book is a very well conceived idea that tries to understand what happened at the Alamo through the eyes of three people. Each provides a different perspective to life in Texas and life in the United States in the time period leading up to the Alamo. A crook like Bowie has fled from land speculations schemes and is trying to make a name for himself in Texas. Travis has abandoned his family and gone to make an honest life and escape the debt he built up. Finally we have David Corckett the hero of Tennessee who has lost elections and patience with Andrew Jackson heading to Texas. All of these three have led colorful lives with Crockett being the most interesting. This book serves as a biography to all three while describing the importance of the Alamo to Texas. It is very well done and you find yourself going through the book very quickly. I highly recommend this to anyone who is interested in understanding what life looked like in the United States in the years leading up to the Alamo.

      5 out of 5 stars Glimpse behind the glory.......2006-10-23

      William Davis, best known for his excellent works on the American War Between the States (oh, alright, "Civil War" if you insist) delves into the Texas Revolution with this work, and presents historians with an excellent glimpse at the three principal figures of the Alamo Siege. This triple biography gives an excellent in-depth look at the careers, motivations, and personal lives of three men on their march to an appointment with destiny.

      I highly recommend all of Mr. Davis' works, especially "Deep Waters of the Proud" and "Look Away!"

      4 out of 5 stars Depends on what you're looking for.......2006-07-14

      Davis is meticulous in his research, teasing from the legends what we know, what can be deduced, what is probable, improbable, and impossible. So, if you want scholarship, an in-depth understanding of the truth, as near as it can be determined, this book is great.

      Davis' sketches of the personalities and characters of Crockett, Bowie and Travis were also impressive.

      But, IMO, if you want a wallopping page-turner, look elsewhere.

      4 out of 5 stars One Road Too Few.......2006-03-27

      OK, that is a bit of a negative title, so I want to start off saying that I really enjoyed this book. One of the problems with the story of the Alamo is that it all too often is isolated in the time during the battle and not much of the events and lives of the participants are ever explored. This leaves a story disconnected from all that ran up to it, all that caused it.

      William C. Davis does an admirable job assembling the lives of three people who are somewhat elusive in the historical record until their "big day" at the Alamo (even Crocket has his blank spots in his history). It is important info that informs us all why these men were "that" Travis, Crocket and Bowie.

      He gives them life in a narrative that quickly moves in a conversational style. Further, he does an admirable job not judging these men on today's more "civilized" standards, allowing us to come to know the men as they were, in their day, without being weighed down by modern approbations and regrettable "social" historical analysis so popular with too many historians.

      Now the criticism: As my little review title suggests I feel that there was one road, one equally important, not explored that led to the Alamo. It is a road that is just as important as the other roads Davis explores; that of Travis, Crocket, and Bowie.

      It is a road without which the Alamo would not have occurred, propelling the three heroes into American mythology. It is the road traveled by Santa Anna.

      Of course, at 587 pages, this tome is already a bit larger than the average popular treatment of any particular historical event and it is probable that Davis struggled to keep the story under one thousand! Still, Santa Anna's journey was just as tumultuous, interesting and central to the story as Travis, Crocket, and Bowie's, and just as important.

      Davis admits that he started with the idea of a Bowie bio, so it isn't surprising that he dwelled on Bowie more so than the other two. But, given the re-direction he took with his story a little less on Bowie could have sufficed as the story of Santa Anna was included.

      After reading the book, I felt a hole in the story. Why, exactly, did the Mexicans do all they did? Not just during the months preceding the Alamo, but for the decade before. How did Santa Anna get to his position? What drove him to lay siege to the Alamo and that small band of Norteamericanos? I know Santa Anna is not the American hero that the other three are, but where is the hero without the villain?

      In any case. This book is highly recommended for anyone wanting a well researched story of the actions and personalities that led up to the Alamo. Even with that one small detraction, I say read it!

      By Warner Todd Huston

      4 out of 5 stars The Honored Dead.......2006-02-02

      "This is the West, sir. When the legend becomes fact, print the legend." The Man Who Shot Liberty Valance.

      Author William C. Davis does not follow this advise and gives us the true story of these three icons of Texas. We find that aside from Crockett's three successful congressional campaigns and Travis' legal practice in Texas, these heroes were not very successful nor particularly honorable as that term is defined today. Bowie was an unsuccessful con artist who married his Tejano wife for her money and connections, Travis abandoned his pregnant wife in Alabama to evade a warrant for his arrest for debt, and Crockett was long estranged from his second wife at the time of his death. They were not exactly paragons of virtue but in the manner of their deaths they were and are heroes and that should not be forgotten, and Davis does not forget this. I am reminded of a line from another movie, Casablanca, in which Humphrey Bogart says, "They got a lucky break. Yesterday they were just two German clerks. Today they're the 'Honored Dead'." Bowie, Crockett and Travis are Texas' Honored Dead.

      Sixteen Cowries: Yoruba Divination from Africa to the New World
      Average customer rating: 4.5 out of 5 stars
      • NOT WHAT I EXPECTED
      • Necesario
      • The best and most readily available resource on Yoruba cowry divination.
      • Too many verses too few informtions
      • Brilliant the Best.
      Sixteen Cowries: Yoruba Divination from Africa to the New World
      William Bascom
      Manufacturer: Indiana University Press
      ProductGroup: Book
      Binding: Paperback

      GeneralGeneral | Religion & Spirituality | Subjects | Books
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      ASIN: 0253208475

      Customer Reviews:

      2 out of 5 stars NOT WHAT I EXPECTED.......2007-08-16

      THIS SIS A LOT OF MIXTURE AND CONFUSION OF PATHS AND FAITHS. RECOMMENDED ONLY FOR THOSE HEAVILY INTO THESE WAYS. OTHERWISE, IT IS A WASTE OF MONEY AND TIME. DON'T EVEN ATTEMPT TO READ IT. MAYBE FOR THOSE INITIATED INTO SOMETHING LIKE THIS IT WOULD BE USEFUL BUT I AM NOT SURE. THIS IS NOT WHERE YOU WOULD FIND INFORMATION TO LEARN. READ OTHERS FIRST.

      5 out of 5 stars Necesario.......2006-05-21

      Creo que quien desee saber un poco sobre las raices del caracol aqui encontrara lo que busca.

      5 out of 5 stars The best and most readily available resource on Yoruba cowry divination........2006-01-21

      This is by far one of the greatest books on Yoruba traditional religion ever written and is THE best book on Cowry Divination i've ever gotten my hands on. As I understand it, some of the tonal markings in the Yoruba transcription are incorrect, but that can be easily reconciled by the diligent student. The premise is great; gather the complete knowledge of an elder and well respected cowry diviner, and translate his own words into English. This book succeeds in presenting a thorough window into the religion, mythology and divination systems without the obstructions placed by Western "thinkers", adding and deleting what is not really fit to be added or deleted. Any practitioner of the Lukumi-Santeria religion (Yoruba religious Diaspora) with some fundamental knowledge of the faith will quickly find many counterparts to their own knowledge in this book. The more knowledge one has of Lukumi, the more they will appreciate this book. It may be because my own knowledge of Ifa divination is lacking, but Bascoms Ifa: Divination between Gods and Men pales in comparison in the eyes of a student who wishes to learn more about the similarities, and not the differences between cultures.
      For the Lukumi cowry diviner, and olorisha in general, several, if not many songs being sung by rote memorization without idea of meaning will be illuminated.

      Some other Yoruba cowry books, pamphlets rather since they hardly go over fifty pages, are more practical in that they are short and concise and can probably be memorized in a matter of weeks. However, the unadulterated insight Bascom's book offers is priceless.

      Iba'se Salako, oluko wa

      3 out of 5 stars Too many verses too few informtions.......2004-12-22

      8/10 of this book are verses. However in despite Bascom had made a greate Job in Ifa Divination, here, I don't agree.
      The meridilogun is based in Odu interpretation not only in verses. There is no information regard each Odu message, meaning, how to read the signm sub-signs.... If you want to understand how the meridilogun works, it is not here. I can believe people can use this system to use the Oracle, but, if is far from to be the only method. At least in case of this research it is failed. We have some Cuban's book about Meridilogun and I was waiting to find here the african reference (nos diasporic), but, well can't be so diferent.

      5 out of 5 stars Brilliant the Best........2003-01-24

      One of the Most Brilliant Writers of the Orisha of modern day, Awo William Bascom has written some of the greatest books of Orisha and Yoruba Religion and Spirituality of our times. All of his books are destined to be classic in Orisha Literature.

      16 Cowries as all his books are a must have for all young babalorishas and iyalorishas, and for the young Iyawo ask your godparents what there opinion is on this book, and I am sure you will get a good response. Of the few books of Merinndilloggun this has to be the best, in fact all of Awo Bascoms books blow away all the other books on the same subject. I highly recommend all the young Aborishas, and Iyawo, to check out his works. They are all a wealth of information and should be in every ones Library. Awo William Bascom has written some of the best books of Orisha Spirituality.

      Books:

      1. Getting Unstuck: Breaking Your Habitual Patterns & Encountering Naked Reality
      2. Gonzo
      3. Guitar World Presents: Dimebag Darrell's Riffer Madness (Guitar World Presents)
      4. History: Fiction or Science? (Chronology, No. 1)
      5. History: Fiction or Science? (Chronology, No. 1)
      6. History: Fiction or Science? (Chronology, No. 1)
      7. History: Fiction or Science? (Chronology, No. 1)
      8. History: Fiction or Science? (Chronology, No. 1)
      9. How Can I Help? / What Will Help Me? 12 things to do when someone you know suffers a loss / 12 things to remember when you have suffered a loss (two in one book)
      10. How to Say It For Women: Communicating with Confidence and Power Using the Language of Success

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