Book Description
Stephen Leeb shows how hard times can be a boon for smart investors. As the world faces an energy crisis of unprecedented scope, renowed economist Stephen Leeb shows how surging oil prices will contribute to an economic collapse. With meticulous research and analysis, Leeb shows that due to strong competition from India and China, prices could soon double, a cost for which most countries and investors are ill-prepared. Now, in this groundbreaking book, Leeb not only shows how this crisis will affect consumers, but how savvy investing can turn these dire times into financial gain.
Customer Reviews:
Hits the Mark.......2007-10-04
I found Leeb's book to be well reasoned and devoid of the hysteria so common to books forecasting problems for the dollar and the US economy. The worst thing about this book is the title because the 'economic collapse' phrase may cause many to think it's written by a crank. That is certainly not true.
Leeb ties in the rising price of oil with America's debt problems and shows what options remain for the Federal Reserve and the government. It's not that complicated. They have to inflate because a deep recession would crush an economy so burdened with public and private debt. We already saw this after the 2001 stock crash. They cut rates to near zero and doubled the national debt in 7 years rather than suffer a cleansing recession. The feds know how bad it could get. America can't afford to risk a recession due to all the debt and leverage in every part of the system.
In 2007, the situation has become much worse because now we have an imploding housing market and a falling dollar. Interestingly, Leeb stated in the book that he didn't think housing would crash. He figured the feds would inflate at all costs to prevent it from happening because a housing collapse is far worse than a stock market crash. He may yet be right, but home prices are surely falling right now. So, what will the government do - double the national debt again?
Look at it this way. If the economy continues to grow then demand for oil will grow and we'll hit supply constraints and higher prices much faster. That means inflation. If the economy slows due to housing or oil or slowing consumption, then the feds will have to inflate to prevent a deflation. No matter how you look at the problem, it seems the news will be bad for the dollar. Faced with the facts and inflationary scenarios Leeb presents, I think a reasonable person would want to own some gold.
Leeb's portfolio suggestions are a bit extreme for me and I'd balance them a bit. However, he's been right so far. This is a very good book in all respects.
Predictions so far spot on target . . . . .......2007-10-01
I've read and re-read this book over the last year and have to say that Leeb's predictions have been very, very good. In fact, much, much better than my advisors and their research departments in the financial services industry. Oil service stocks such as Schlumberger, National Oilwells Varco and Transocean have been fantastic performers over the last three years and continue to rise despite a mediocre market. Resource companies such as Freeport Mcmorran, Teck Cominco and CVRD continue to rise. Russia & Venezuala are nationalizing their oil industries. Iran's nuclear ambitions are partly because they are running out of energy to feed their growing population. Gold is now over $750 an ounce! The US dollar continues a steady decline against other world currencies. The US Federal Reserve has lowered rates by 1/2 a percent because they know how vulnerable and debt laden US households are with the housing decline. In other words, inflation is the only solution to the fix the US is in. The war on Iraq and the War on Terror has sucked up precious resources and requires the govt. to print more money. The Fed is in a real bind right now and they are following the course predicted by Leeb. If the Fed had raised rates or kept them the same, then I would say Leeb might have been wrong. Large cap Chindian stocks such as Procter & Gamble are doing well as are infrastructure plays such as Chicago Bridge & Iron (mentioned by Leeb) and Foster Wheeler. Oil is now over $81 a barrel and rising. US Small Cap stocks are not doing well - my US small cap fund has preformed dismally. At the same time, financial advisors continue to be in denial of the new reality. Hats off to Mr. Leeb: I'm making money thanks to his thoughtful advice. As a Canadian seeing our dollar now at par with the $US for the first time since 1976, the price of our grain rising 40% in one year (partly due to ethanol production) and the crazy rush of resources into our tar sands, I can tell you that Mr. Leeb has hit the target with his book and predictions.
Great Book!.......2007-09-21
The information listed is in line with everything else I've read. Great presentation and full of facts. I enjoyed reading it.
Peak oil from an investor view.......2007-09-03
Author Stephen Leeb recounts the anarchy, chaos and immense suffering that followed in the wake of hurricanes Katrina and Rita and suggests this may be in our future in a broader way if and when the oil flow that largely supports our wealth creation is abruptly decreased. The "new world" that could emerge might be one of greatly reduced complexity. Systems like clean water/sewers, computing power, organized transporation and large-scale production, medicine and chemical-supported/mechanized farming could diminish into a more localized, much less resource-intensive - and even Amish-like subsistance.
In any issue like "peak oil," a multi-faceted view is needed to grasp the deep truths. This book reveals some of the same scenarios layed out by other authors concerning the forecased economic disaster looming ahead - but brings some additional perspectives from the world of investments. One can tell reading several of the sections that the suthor indeed is an investment professional and not an environmental sustainability guru. Where other books on peak oil (Hubbart's Peak, 1000 Barrels a Second) are loaded full of technical graphs, Leeb's account here is loaded with investment advice on how to prosper if/when such a downfall insues (his advice bsaed on the 70's oil crisis: buy gold, real estate, oil company stock and China/India investments).
Of surprize to many readers will be almost no mention whatsoever of ecological issues related to oil like climate change or other eco impacts. In fact, where the author finally gets around to mentioning global warming, much to his credit he brings out a potent reality rarely mentioned in the peak oil discussion: petro-chemicals and their essential products will also potentially plummet severely. These are the plastics, asphalt, plastic packaging, PVC pipe, pharmacueticals and other essential products we take for granted.
In the end, Mr. Leeb seems somewhat hopeful (unlike others) that technology - if applied quickly and with an Apollo-mission-like lazar focus - might save the day. He is bullish on wind power, a renewable that is closest to competing now with fossil fuel power. But, many others state the case for a more sustainable world based on new, totally reimagined ways of doing things much better than the author here.
In short, if you are concerned with how your portfolio should change if oil starts climbing over $100/barrel, this is a decent book to inform. Otherwise, for a broader view on impacts of peak oil and the other critical issues facing civilization, Lester Brown's "Plan B - Rescuing a Planet under Stress and a Civilization in Trouble" is a compelling choice.
Ok already, we know you have written The Oil Factor .......2007-08-31
It is an interesting and well written book. My only gripe was that it seemed that every other sentence mentions, "...in my other book, The Oil Factor...." This just got plain annoying.
Amazon.com
Like its subject, The Smartest Guys in the Room is ambitious, grand in scope, and ruthless in its dealings. Unlike Enron, the Texas-based energy giant that has come to represent the post-millennium collapse of 1990s go-go corporate culture, it's also ultimately successful. Penned by Fortune scribes Bethany McLean and Peter Elkind, the 400-page-plus chronicle of the scandal digs deep inside the numbers while, wisely, maintaining focus on the "smart guys" deep-frying the books. The likes of paternal but disengaged CEO Ken Lay (dubbed "Kenny Boy" by George W. Bush, one of many prominent public figures with whom he rubbed shoulders), cutthroat man-behind-the-curtain Jeff Skilling, and ethically blind numbers whiz Andy Fastow vividly come to life as they make a mockery of conventional accounting practices and grow increasingly arrogant and bind to their collective hubris. They're not a likable lot, and the writers find it difficult to suppress their astonishment and revulsion with the crew who rapidly went from golden boys and girls of the financial world to pariahs when the bill finally came due. The authors' unrepressed sarcasms are more than often unnecessarily given the scope of the outrage. Enron's leading lights were or a time celebrated for their ability to concoct nearly unfathomable business schemes to hide mounting shortfalls and keeping track on their machinations can be a chore, but, by sticking hard to the story behind the fall, McLean and Elkind have reported and written the definitive account of the Enron debacle. --Steven Stolder
Book Description
Just as Watergate was the defining political story of its time, so Enron is the biggest business story of our time. And just as All the President's Men was the one Watergate book that gave readers the full story, with all the drama and nuance, The Smartest Guys in the Room is the one book you have to read to understand this amazing business saga. And the critics agree:
“This book is right up there with Den of Thieves and Barbarians at the Gate. . . . Those who want to learn what happened here, you don't have to read anything but this.” —James Cramer, CNBC
“The best book about the Enron debacle to date. . . . Based on hundreds of interviews and fresh details, McLean and Elkind masterfully weave together the many strands of the Enron story. They shine in their characterizations of Enron's often incompetent executives.” —Wendy Zellner, BusinessWeek
“News junkies and mystery lovers who enjoy financial scandals will devour this multilayered book. . . . The Smartest Guys in the Room will rival other models of the genre, including James Stewart's Den of Thieves. . . . The authors write with power and finesse. Their prose is effortless, like a sprinter floating down the track. . . . The character sketches of former chairman Kenneth Lay, former CEO Jeff Skilling and ex-chief financial officer Andrew Fastow are masterful.” — Edward Iwata, USA Today
“Powerful and shocking. . . . succeed[s] in opening a disturbing window into both the company and the era . . . filled with fascinating characters and anecdotes.” —Jonathan A. Knee, The New York Times Book Review
“The Smartest Guys in the Room is utterly professional, readable and—even though you know what's coming—highly entertaining.” —Daniel Gross, The Washington Post
“Meticulously reported and compelling . . . a cautionary tale about highfliers who weren't as clever as they thought.” —David Koeppel, Entertainment Weekly
Customer Reviews:
Blunt, intriguing analysis of Enron.......2007-10-05
This book goes through Enron's rise and fall while analyzing each main character. McLean and Elkind have researched well.
This is quite entertaining and a fun read. The only downside is the large number of characters, but the authors have provided a character description list in the beginning of the book. I frequently referred to the characters' descriptions.
Overall, a good book on Enron's choices over the years.
The smartest guys in the room.......2007-09-10
A very well-written account of the rise & fall of Enron. I couldn't put it down
Wanted to read the book after seeing the documentary........2007-08-23
I purchased the book after seeing the documentary in an Ethics class taken during an MBA program at Oklahoma City University. I wanted a little more detail on how things got so blatently out of hand at Enron. I've also read the Conspiracy of Fools. I'm very intrigued by the human nature aspect of this story. We are not being realistic, if we don't think this very same situation could happen anywhere at anytime. More people didn't come forward because their personal livlihood was in jeopardy, even though they had concerns about the ethics of the operation. These were very smart people who let their arrogance get in the way. In the end, everyone was to blame, but no one was to blame. Based on what I understand of the personalities of the Enron Leaders - this was their destiny. It was bound to happen - it only took some time. The biggest question of all - who is next.
Great book on bad management.......2007-08-02
Bad management and the amazing power of human beings to self-delude is on full display in the Enron debacle. This book does a good job of telling a complex story with a large cast of characters. I think it will help supervisors and business owners more that the latest fad book on business and leadership. These guys make excellent bad examples.
Case Study of Corruption on Steroids.......2007-06-05
I purchased this book after having watched the movie of the same name. The book is a very detailed and meticulous recounting of the rampant greed and corruption that was Enron. What you come to discover is that through highly-technical accounting schemes and tricks Enron turned itself into a seeming juggernaut of a business from just a staid old pipeline company. Enron really thought that the free market enabled it to do anything and trade any kind of commodity from weather derivatives to paper pulp, oil, and broadband. What you come to find out in this book though is that they never really had a way to deliver what they kept promising Wall Street.
Enron was a big house of cards all propped up by their stock price. Once that dropped, all hell broke loose. The company was obsessed with the stock price, posting it in elevators and encouraging employees to invest as much of their 401K monies into it as possible. They even created elaborate hedge funds that were based on the stock staying above certain levels. In order to keep the stock at lofty levels they lied and used "creative" accounting to fool Wall Street.
The real reveal in reading this book however is that Jeff Skilling and Ken Lay really have a vast number of compatriots to join them as teh villians here. Andy Fastow, now the government stoolie, was arguably worse than both Lay and Skilling. And yet, thanks to his cooperation, he gets far less jail time.
This book is a slow read, and not for the half-hearted. For the vast majority you are really better off watching the film.
Book Description
Financial guru Stephen Leeb shows how following oil prices can lead investors to real financial security. A storm is coming-an inflationary 'perfect storm' whipped up by skyrocketing oil prices that will lay waste to millions of portfolios if investors don't prepare.Renowned financial advisor Stephen Leeb asserts that in this perilous period, oil prices will drive all other economic indicators. But there is a way to diversify away from disaster, by dedicating a significant part of one's portfolio to real assets that keep their value relative to inflation. Here, Leeb helps readers pick the 'energy-producer star performers,' and reveals the 'double payoff' to investing in metals like platinum and silver. He also explains why the stocks of 'mega-insurers' are a safe bet, and shows how investing in real estate does not have to mean actually owning it. Filled with sound advice for an unstable marketplace, this is the book no one with a 401K can afford to miss.
Download Description
Financial guru Stephen Leeb sees a storm coming—an inflationary "perfect storm" that will lay waste to millions of portfolios if investors don't prepare ahead of time. In this perilous period, it will be essential to pay attention to the price of oil, because as prices fluctuate, so, too, will the economy. As Foreign Affairs recently pointed out, to support the world's population, oil production must rise in the next 20 years from 75 million barrels a day to 125 million—a 66% increase! And yet all over the world—from the North Sea to Mexico to Venezuela—come reports of production capacity maxing out. Even an American victory in Iraq could only mean a 1% rise in capacity in the short term. Result: pressure to raise output will mean higher production costs, which will mean vastly more expensive oil. Higher energy costs mean depressed growth for most companies (the exception being energy producers) and rising prices undermine the value of bonds. But there is a way to diversify away from disaster: by dedicating a significant part of one's portfolio to real assets that keep their value relative to inflation. Here, Stephen Leeb will help readers pick the "energy-producer star performers," reveal the "double payoff" to investing in metals like platinum and silver, explain why the stocks of "mega-insurers" are a safe bet, and show how investing in real estate does not have to mean actually owning it.
Customer Reviews:
Good advice and a powerful message.......2007-09-12
The book offers good investment and economics advice. It is well documented and researched. A little bit redundant at the beginning but once it gets to the point it is quite straightforward. Overall, good reading material and advice.
ps: I never noticed the author had an investment fund until I read it in one of the reviews below.
Good book.......2007-02-23
Good book on investing using oil costs as a guide.
A little pessimistic about the future, yet certainly plausible and possible.
Powerful & Vital.......2006-08-17
Having read numerous books on Peak Oil, I can honestly say that this one is unique.
The authors have a very simple and engaging writing style. They explain in concise terms the concept of Peak Oil, and how this will affect the global economy and stock markets.
The book is filled with invaluable advice and great ideas on where to hold your investments in the times ahead.
Peak Oil will bring dramatic changes to our world, but this book creates a positive vision - one that shines through the usual doom and gloom scenarios that are painted by other Peak Oil authors.
Essential reading.
Bubble, Bubble, Who's in Trouble?.......2006-05-21
Calling this book an eye opener will be a major understatement. It provides some of the fascinating analysis on the upcoming Oil crisis and its affect on everything ... right from your pocketbook to the world economy. Based on its analysis, it speculates on some of the repercussions on personal behaviour, defense and drive towards alternative energies. Additionally it suggests some interesting ideas that can help us protect & grow our portfolio as an Investor.
Some key takeaways ...
* Oil is going to hit $100+ a per barrel in the near future.
* Obviously Oil related companies are going to benefit.
* Automotive companies that make fuel efficient cars will benefit. (my extension ... companies making bigger and bulkier hulks will march towards extinction.)
* Alternative energy seeking companies will benefit.
* Interestingly key defense related companies might benefit.
The authors have put their ideas in a nice and lucid manner. The book progresses from analysis to possible strategies to counter Oil crisis using their Oil Indicator. (One personal recommendation... start the book from last chapter and progress towards the 1st chapter in reverse. You will better understand and appreciate what the authors are recommending and why they are recommending). The chapters have been written in perfect bite sizes. I liked the summary of the chapter in the key points format.
Although this book was written in 2003, I see most of the predictions coming true. Oil has already touched $75+ and regressed a little bit. For individual consumers, $4 per gallon of gas is not far away.(I remember paying $1 something just some years back. Currently it stands at $3 something ... whopping 200% increase.)
-Sachin
The Fear Factor - Beware of this book........2006-03-27
I read this book with great excitement. Not only does Leeb predict a great tumoil for the world but he tells you how to get fabulously rich off it. After finishing this and doing my homework, I have developed some doubts.
This book is divided into two sections. 1) The world is running out of oil which will cause inflation and finally deflation. 2) This is how you can profit if this happens.
While it is true that we will eventually run out of oil, nobody really knows when. The people who have the best data, the best access and the best training to study this issue , the US Geological survey, the oil companies and the Saudi petroleum engineers put this date at about 2040. The Peak Oil cult that has developed assumes that this is wrong and that we will really run out of oil in 200X where X is usually 5 or 7 or so but this moves back every year that it doesn't happen. This Peak Oil movement is incredibly persistant and has lots of websites to convince you that they are right. However, they probably aren't. Notice that they are never actually petroleum engineers or scientists. Many are just people who have made a career out of this idea. Some are people like goldbugs who will profit from people buying into this idea. If they are scientists they are fringe or scientists who have no respect in their fields. Leeb for example runs an investment fund. He is no position to tell you how much oil we have left. Neither are these people who write books on this. They just don't have data so they assume the worst and sell books. While some of these people in the PO movement are more moderate and have good intentions, many are fascists, leftists and people who just plain hate capitalism and hate America and want it to be destroyed. See this blog for more info
http://peakoildebunked.blogspot.com/
On to part 2. One thing that has happened is that oil prices have gone up. The reason why probably has nothing to do with Peak Oil. It is probably due to the Chinese and Indian economies growing faster than economists in the oil industry estimated and so we have run low on short term reserves. Also Katrina and some other supply problems. However the good part of this book is that it correctly forcasted what would happen if oil prices rise. Leeb was bang on with just about all of his predictions. If you invested the way he told you too you could have doubled your money in the last two years or possibly even more. Oil company stock is up, gold is up, oil service companies are up. Other stocks are down. Three cheers for Leeb. Fortunately for him, he got lucky. Oil prices may now go back down and so will these gains.
What you should take out of this book is what you should do if you think oil prices will rise. You should NOT decide that oil prices will rise based on info in this book. That would be making an outright speculation on future oil prices. There are billions of dollars worldwide invested in trying to guess which way oil prices will go. There are billions of investor dollars riding on this. This is not something that people ignore. If it was so obvious that oil prices will rise, then oil futures would already be this high. You cannot expect to read some book and get a better insight into this than the people who spend full time analyzing these issues for their billionaire investment clientel.
Is Leeb an unbiased source on this? NO. He runs a mutal fund which invests in the oil companies that he describes in his book. He wants people to buy these stocks so that his fund will prosper. Pretty simple. Fear sells. In addition you should notice how high the fees are to join this fund. They have complicated scheme where you have to pay like 20% of your earnings if you make a profit. Sounds like they are making a gamble on a speculation. If oil prices go up, they make a fortune on fees. If oil prices go down, they lose nothing. Not so for the people who buy into this. I wonder if Leeb is investing his own personal money in this fund? I doubt it. I would suggest diversifying outside of energy stocks as well as owning some of them. You can't afford to risk your whole savings on this speculative idea.
One last point. One might ask why aren't the oil companies, the Saudis and the petroleum industry professionals coming out and debating these Peak Oil people? If Peak Oil is bogus, why doesn't ExxonMobile have a webpage giving all of the reasons why it is all bogus. Doesn't that prove that they have no agument?
You might have guesed the answer. They love Peak Oil. The fears of an oil shortage drives up the price of oil and therefore their company profits. Why would they go out of their way to calm people's fears when it just would reduce their profits. People in the indurstry think that fears of an oil shortage add about 20% to the price of oil. The Saudis as well as Chavez take every opprotunity to spook the public about oil shutdowns. It just brings in more money. They often call this the fear factor which might be a better title to this book.
In conclusion. Oil prices might go up so you should own some of these companies. Buying gold is a pure speculation. Maybe a good idea but don't overdo it. Gold just keeps up with inflation in the long run. It is only an inflation hedge. Many of the companies Leeb recommends are just standard S&P 500 companies. ExxonMobile, GE, Toyota etc and can't be bad to own anyway. Others such as Devon Energy , Suncore Energy, Schlumberger MAY now be wildly overpriced. Hard to say. They are very leveraged to the price of oil and so may go down by a lots. Playing it safe is probably a wiser tactic. Berkshire Hathaway is of course a great company and always will be. Whether or not it is now fairly priced in beyond my knowledge. One might want to consider other stocks that do well if a recession happens like cigarette companies. People will always smoke. Also pay more attention to the housing bubble. That is probably a bigger threat right now than an oil shock.
Book Description
Robert A. Manning debunks key myths about the oil industry: that the world is running out of oil, that the Caspian Basin is the new Persian Gulf, that resource scarcity combined with military modernization, economic buoyancy, and nationalism will lead to military conflict, and that territorial disputes among Asian nations are fueled by resource competition. His book assesses the energy challenges and strategies of Asian nations and explores the new geopolitics emerging out of their efforts to meet these challenges.
Customer Reviews:
How to think about energy in Asia.......2006-01-29
It is China's burgeoning energy demand which has nurtured an increased interest into the energy reality in Asia; and yet we still lack the conceptual lens through which to analyze the way that energy markets, and by extension geopolitics, are affected by the profound asymmetry between the demand for energy and the supply of resources in Asia (and East Asia in particular). It is this gap that Robert Manning bridges with the "Asian Energy Factor."
Mr. Manning's angle is captured in these words: "Whether they [Asia-Pacific nations] gravitate--as some have already begun to do--towards market-based solutions and realize the myriad commercial possibilities of foreign investment, regional integration and privatization, and deregulation or older dirigiste models may be the difference between increased conflict or increased cooperation in Asia." Alone, this sentence offers a useful conceptual take on the energy challenge which confronts us: how to push the world to geoeconomics rather than geopolitics in the scramble for energy. Exposing this broad dilemma is the book's prime contribution.
Mr. Manning is also useful in showing how one should approach the analysis of energy questions. Although some of his information is dated (the book came out in 2000), he demonstrates that energy is intricately linked to politics, economics, and geography; any analysis which fails to take so inclusive a view is bound to fail. (His section on Central Asia, in particular, is very good at this integrationist approach.) Mr. Manning's argument that Asia's energy situation can produce sufficient interdependence for cooperation is also very interesting.
To be honest, I diverge with Robert Manning on two counts: he confuses a country's domestic energy realities with its foreign policy. It is possible for a country to combine a commitment to markets with an aggressive foreign policy (there are various times when America and Britain would fit this profile). By referring to many countries' market friendliness he logically concludes that the prospects for conflict are diminished; but in assuming an identity between foreign and domestic policy, I believe that he errs.
(In a later article he exposes the dilemma in these terms: "It is unclear how Asian policy-makers will view the global politics of Asian energy markets. Will they view it through the lens of traditional geopolitics of real estate and sea-lane security? Or will they view it through the lens of geo-economics, where international investment, joint ventures and global cooperation rather than competition for resources and conflict is the prevalent means to satisfy energy security requirements?" But he resorts, again, to looking at domestic politics.)
My other disagreement is with Mr. Manning's unwillingness to explore the ways in which energy can lead to conflict; although I agree with his assessment that energy is often a mere manifestation of underlying geopolitical rivalry, it is still important to uncover the mechanics which can link energy to conflict. By choosing not to explore this idea in detail, I believe that is evades a very important subject.
These disagreements aside, the "Asian Energy Factor" is one of the most important contributions on the subject; by debunking some of the most important fallacies, Mr. Manning allows for the debate to focus on the significant topics. This is even more useful today than it was when the book was first published.
Paucities and Scarcities.......2001-05-23
An excellent work from one of our most important scholars on Asia. Riddled with numbers and graphs, the book is still readable for those just encountering energy politics. The referencing is also excellent, and allows one to delve further into the topic.
His initial chapters on environment/pollution and population growth/demand, and scarcity are important by themselves. Understanding the differences between a scarcity of resources and political limitations or economic bottlenecks on those resources is essential to being able to really forecast the strategic environment. Consequently, the time Manning spends belittling Paul Ehrlich and the Club of Rome is well spent. The country analyses are also very useful, and give one a sense not only of the economics of energy, but of the two way impact of energy and political relationships between countries. With our noble leaders beginning to evoke various fears about Asia, this is very important in understanding the nature and degree of "emerging threats."
Manning might be too bold in divorcing extending military interests with growing energy demands, but it is worth reading the book to develop an opinion on the subject.
I also recommend checking out the Energy Information Administrations's website, which Manning used heavily. It was of great use to me in a recent project: www.eia.doe.gov
Also useful is the cover piece of the January 2001 'Atlantic Monthly.' The piece, "The New Old Economy: Oil, Computers, and the Reinvention of the Earth," in helping advance perspectives of the oil industry. See: http://www.theatlantic.com/issues/2001/01/rauch.htm
Energy Interdependence as an Integrative Force.......2001-03-12
Robert Manning covers a lot of ground in this book, from the Caspian, to India, to Northeast Asia, and challenges a lot of established notions, but two of the points he makes really stand out:
First, he argues that energy interdependence is a potential positive force for Asian regional stability. While a number of analysts (from the serious scholar Kent Calder to the more shrill "Blue Team" types) have argued that China's entry onto the stage as a major oil importer will have serious negative consequences for regional stability, Manning argues that this is far from clear, and that it may actually have positive consequences. Other energy development issues looming in the future, such as the need for natural gas integration in Northeast Asia, can only be addressed by cooperation among regional governments and some degree of mutual interdependence.
Second, Manning points out in his preface how little contact and exchange there is between American analysts who focus on political and security issues, on the one hand, and those who focus on energy from an economic perspective. (As an example, he points out the differing views of the South China Sea between energy specialists and security policy analysts.) Energy issues involve tie-ins with a broad range of national security, economic, and environmental issues, and Manning argues that the policy community could benefit from more dialogue between these two separate sets of analysts. (I've long known this - since my own academic and professional background sort of straddles both groups.)
While the book does suffer a bit from poor editing in some spots, it is definitely a must-read for anyone interested in Asian security issues and/or the region's rapidly growing energy sector.
Intriguing Analysis of an Emerging Geopolitical Concern.......2001-03-01
Without a doubt, energy will be among one of the most important factors determining diplomatic behavior and relations in Asia in the coming decades. The Asian Energy Factor tackles this emerging geopolitical concern through an intriguing analysis of Asia's growing demand for energy and its global political, economic, and strategic consequences. Unique from other authors addressing this under-examined issue, Robert Manning sets the stage by exposing the myth that the world is quickly running out of oil. Technology and new methods of both collection and use of energy have made the impending energy crisis espoused by the doomsayers less of a concern. Manning proceeds to focus on the regional powers (China, India, Japan, Korea, and Southeast Asia) and where their individual energy abilities and needs puts them on the collective strategic map. He examines the commercial and political dynamic between the countries demanding increasing amounts of energy (China, Japan, and India) and those with the reserves (the Middle East and Southeast Asia).
As The Asian Energy Factor aptly points out, energy security is the crux upon which the economic, social, energy, and military policies of Asian nations converge; it is among the most critical issues in the coming decade. Manning delves deep into these economic and strategic complexities and continues to challenge the prevailing wisdom about Asian power structure and energy competition.
Book Description
Praise for Future Energy
"Do not despair. Energy independence is in our future and this book has the road map! Bill Paul, one of the most astute observers of the energy scene, describes the new technologies that are taking us there and that will change our lives. A must-read book showing how business, citizens, and investors can take advantage."
—Consuelo Mack, Anchor and Managing Editor Consuelo Mack WealthTrack
Concerns over the availability and security of world energy supplies, especially when it comes to crude oil, have many people wondering what the future of this industry holds and how technology will continue to change it. Thanks to the energy technology revolution currently taking place, a promising "new" oil industry is quickly beginning to take shape-and it will, without a doubt, affect every company, household, and investor.
In Future Energy, author Bill Paul-a national energy and environmentaljournalist for more than thirty years-skillfully addresses the investment implications of this new oil industry and shows you how to profit from the changes that lie ahead. Filled with in-depth insights and expert advice, Future Energy will introduce you to some of the most essential issues found within this new environment, including:
- The companies that will be counted on as the producers andinfrastructure providers of the new oil industry
- Why you should consider holding "oil shock" absorbing investmentsin your portfolio
- How electricity will become a new transportation fuel, providingunprecedented transportation fuel diversity
- The role that substitute liquid fuels (SLFs) will play in the newoil industry
- And much more
Customer Reviews:
Worse than amateur.......2007-09-14
Bill Paul wastes our time and money with this worse than worthless book. Here are a few examples of its problems:
- On page 1, Mr. Paul dismisses global warming as an "environmental anxiety", as though anyone concerned with global warming is suffering from a type of delusional and irrational phobia. Global warming is never brought up again (according to the index), as the author expounds on and extols such environmental horrors as oil from coal and oil from tar sands.
- In the one potentially redeeming chapter, "The Power of Efficiency", the author somehow recommends the Chevrolet Corvette as "the spirit that I feel must guide the new oil industry". Perhaps one can conjure up a worse symbol, such as a Mercury Navigator, but there are far better ones, such as the Toyota Prius.
- The same chapter starts with a diagram showing "Kilowatt Gasoline" as a type of efficiency, clearly a false representation.
- The author is so untechnical that he doesn't know the difference between power and energy.
The book is filled with so much misinformation, that the author should receive a negative royalty with each copy sold.
good but incomplete introduction.......2007-08-04
The reader should know that one purpose of this book is to give investors advice on companies to invest in. Mr. Paul hardly mentions solar or wind power, though in Denmark the wind provides 20% of the country's energy. The author believes that, except for a difficult transition period because we have failed to plan and with a few caveats, basically everything will be just fine. The author also believes that with more government control that things will be even better, despite the government's past failings in this area. The facts the author himself mentions would indicate a less rosy picture.
Nonetheless, I gave this book 3 stars. It is clearly written, not too abstract or technical; has a good glossary, index, appendixes and footnotes; and has a list of relevant internet web sites. The author states that one of his purposes is to open a discussion. I believe the author has succeeded in that area.
Excellent on some points, misses the boat on others.......2007-07-31
Bill Paul's book takes a stab at predicting what the energy sector of the future will look like. It's refreshing to see a journalist taking the future of energy seriously. I really like some of his analysis. For example, he calculates that if all the hidden subsidies were included, the cost of a gallon of gasoline would be at least $11 a gallon. These subsidies include such things as military expenditures, lost economic opportunities due to transfer of funds to oil-producing countries, and the like. Paul is certainly correct here. In my opinion, $11 a gallon is actually a lowball figure. For example, he says nothing about one of the most destructive forms of government subsidy, local regulation requiring the provision of certain numbers of parking spaces around businesses and residences. Most American localities have such regulations, which are known as parking requirements. The idea behind parking requirements is to make sure that free parking is always available. Unfortunately, the effect is to favor automobile travel over other forms of transportation, like walking, that don't require all that vehicle storage space. It's a form of enforced inefficiency. U.S. building codes also favor the automobile in other ways, such as by requiring very wide streets. Parking requirements are one of the main reasons why housing is so expensive in the U.S. The cost of parking requirements in the United States is in the hundreds of billions of dollars per year, which would shove up that per gallon price a few more dollars. For more on this, see Donald Shoup's book "The High Cost of Free Parking."
Paul assumes economic growth is a good thing. Economic growth is generally measured by GDP, which as a measure of well-being is so inaccurate as to be almost laughable. GDP is measured by counting up what is spent on various items. This works more or less OK if you're counting food bought by hungry people, but very poorly indeed if you're counting money spent on bombs or automatic rifles, or on parking garages for rich people's cars. GDP is not corrected for increasing population, pollution, exhaustion of natural resources, or declining quality of life. More accurate measures of economic growth, such as the Index of Sustainable Economic Welfare or Genuine Progress Indicator, tend to show that there has been far less genuine economic growth than the official statistics suggest. For more on this, see McKibben's book "Deep Economy," Daly's "Beyond Growth," or Brian Czech's "Shoveling Fuel for a Runaway Train."
I think Paul is too optimistic on how easy it's going to be to make the switch to new technologies and keep our current American lifestyle going. Driving 90 minutes alone each day just to get back and forth to work in my opinion is not a viable option for the long-term future, no matter how efficient the car. The U.S. population is still climbing. None of Paul's proposals will work if this continues. Even if we managed to find a way to fuel all the existing cars with alternative fuels, it's very unlikely we could find enough to fuel cars for all the newcomers, not to mention housing, heat, lighting, etc. No matter how you look at it, a stable population is the first requirement for a sustainable economy. In the U.S. that means we have to take reducing immigration seriously. If we want to keep any semblance at all of the current U.S. lifestyle, we can't invite an unlimited number of people to this party.
Paul is excited by the possibility of converting garbage and other wastes to energy. I tend to disagree with him here. A great deal of the wastes we deal with today are themselves products of the age of cheap oil. An example is meat by-products, such as turkey offal. Cheap turkey is itself a product of cheap grains, which are produced using natural gas-based fertilizers and shipped long distances using diesel fuel. These products are not likely to be available for energy production in the future. For more on this see Kunstler's book "The Long Emergency."
Paul devotes a chapter to "Every Drop of Oil We Can Get is Important," discussing how to get more oil out of of the ground to meet demand. Paul has this completely backward. The more we push to get the last drop out of U.S. oil fields now, the sooner the earth's oil endowment will run out. Fossil fuels are the product of millions of years' worth of sunlight falling on ancient swamps. When they're gone, they're gone. We'd do better keeping them in the ground for a while longer. That oil will be worth a lot more in 50 or 100 years than it is today. What we need to be aiming for is the softest possible landing when making the transition away from fossil fuels. The sooner we start, the longer we'll have at least some of those fuels around to ease the transition.
Paul thinks raising gas taxes is a loser because of how Americans feel about their cars and trucks. He prefers a scheme known as Tradable Gasoline Rights, or TGR. I simply don't see the advantage of this over conventional gas taxes. I think a rise in gas taxes would work fine if it were carefully handled. The most important point is that it needs to be a tax shift, not a tax increase. Raise gas taxes while reducing income taxes, with the shift in tax types being dollar-for-dollar as closely as possible. Why would people object to this? After all, if they really wanted to, they could simply take their income tax savings and spend them on gas. We need to tax less things we want--like income and employment--and more of things we don't want--like fossil fuel use.
Paul also doesn't like gas taxes because they can hurt the poor. Wake up! Anyone who can afford a car these days probably isn't among the poor.
I really enjoyed Paul's analysis of the risk of large shocks in oil prices. This is a serious problem that doesn't get enough attention.
The High Cost of Free Parking
The Long Emergency: Surviving the End of Oil, Climate Change, and Other Converging Catastrophes of the Twenty-First Century
Beyond Growth: The Economics of Sustainable Development
Deep Economy: The Wealth of Communities and the Durable Future
Shoveling Fuel for a Runaway Train: Errant Economists, Shameful Spenders, and a Plan to Stop them All
Future energy provides realistic options for the future;by the time you are done, these expectations will be things of the past!.......2007-05-07
Though Future Energy by Bill Paul provides pheasible expectations for our country/planets energy future, I feel the book was too slow a read to be rated highly. Though the facts were good, I see this book as a waste of blank pages. I give this book a 2 star rating out of pity and respect for facts.
Amazon.com
John Perkins started and stopped writing Confessions of an Economic Hit Man four times over 20 years. He says he was threatened and bribed in an effort to kill the project, but after 9/11 he finally decided to go through with this expose of his former professional life. Perkins, a former chief economist at Boston strategic-consulting firm Chas. T. Main, says he was an "economic hit man" for 10 years, helping U.S. intelligence agencies and multinationals cajole and blackmail foreign leaders into serving U.S. foreign policy and awarding lucrative contracts to American business. "Economic hit men (EHMs) are highly paid professionals who cheat countries around the globe out of trillions of dollars," Perkins writes. Confessions of an Economic Hit Man is an extraordinary and gripping tale of intrigue and dark machinations. Think John Le Carré, except it's a true story.
Perkins writes that his economic projections cooked the books Enron-style to convince foreign governments to accept billions of dollars of loans from the World Bank and other institutions to build dams, airports, electric grids, and other infrastructure he knew they couldn't afford. The loans were given on condition that construction and engineering contracts went to U.S. companies. Often, the money would simply be transferred from one bank account in Washington, D.C., to another one in New York or San Francisco. The deals were smoothed over with bribes for foreign officials, but it was the taxpayers in the foreign countries who had to pay back the loans. When their governments couldn't do so, as was often the case, the U.S. or its henchmen at the World Bank or International Monetary Fund would step in and essentially place the country in trusteeship, dictating everything from its spending budget to security agreements and even its United Nations votes. It was, Perkins writes, a clever way for the U.S. to expand its "empire" at the expense of Third World citizens. While at times he seems a little overly focused on conspiracies, perhaps that's not surprising considering the life he's led. --Alex Roslin
Book Description
Confessions of an Economic Hit Man reveals a game that, according to John Perkins, is "as old as Empire" but has taken on new and terrifying dimensions in an era of globalization. And Perkins should know. For many years he worked for an international consulting firm where his main job was to convince LDCs (less developed countries) around the world to accept multibillion-dollar loans for infrastructure projects and to see to it that most of this money ended up at Halliburton, Bechtel, Brown and Root, and other United States engineering and construction companies. This book, which many people warned Perkins not to write, is a blistering attack on a little-known phenomenon that has had dire consequences on both the victimized countries and the U.S.
Customer Reviews:
Confessions of an Economic Hit Man .......2007-10-23
This book will leave your hair standing on end. A riveting piece of work; must read material for anyone trying to understand what is happening to America.
Fact or fiction? Not sure... but.......2007-10-23
The narrative is fast paced and readable. However, in the end one is left wondering about the "facts" and what it means to us.
The book is about the author's account of his involvement in creating "large deals" and later his disillusionment with the idea of being an "Economic Hit Man."
In a sense, I think many consultants too have some self doubt about the "overall value" they help create or how their ideas actually lead towards larger goals. A few end up writing memoirs and books (like this one).
A decent read if you have some time to kill. Nothing more, nothing less.
Not Substantive.......2007-10-21
John Perkins wrote a book that contains no real insight. Most of the information in the book is available through other sources. There was also no satisfaction of him taking us from the start of a project to the end. He speaks vaguely of his various projects, never confiding in us about any details. However, he took ample time to talk about his feelings of guilt and second-guessing. For someone who second-guessed himself as much as he claimed to have, he seemed to make it through a good 20+ years of this work. Without the details, the stories do not have the ring of truth. And, the imposition of his self-doubt and guilt on virtually every page, just leaves the whole story flat and unmoving. And the biggest question is, if he really was a member of such a ruthless and powerful organization, how can it be that he is still alive after writing this book?
Love or Hate it..........2007-10-17
It seems that this book is either a love or hate it affair. I think that the book was a useful look into the ethics of American business and foreign politics, but I also think the book is a little sensational. I must however question the motives of all of those who rated the book, it looks like conservatives rated the book very low, while lefties, tended to go the other way. Like I said I think that the book was an interesting look into foreign affairs, I would read this book again.
READ IT.......2007-10-15
This book, regardless of it's validity, is an interesting read. There are plenty of summaries, I will spare you that, what makes this book interesting isn't in the book, but the questions it raises. What in this book is true? How much impact does the American consumer have on the world? etc... to bigger questions: What impact does anyone (wo)man have on the world? What relations should corporations and governments have? What is Power? and how is it derived? etc...
My advice to everyone I know is: read this book, with an open mind and a large grain of salt.
P.S. Two things, there are parts of this book that are unreadable (e.g. the dream about Jesus) and this book is not for academics, it is, at points, a memoir and for a large portion of the book is a chronicling of world events.
Customer Reviews:
EXCELLENT.......2007-09-12
Biodiesel America the book that's written for the people who wonder about what's going to happen to everyone when the earth runs out of crude oil. Better yet just for the people who are tired of spending sixty dollars a week just on gas.My name is Ashley Joseph I'm a sophmore at Kelvyn Park high school and even I realize that there's a problem with us being so dependent on other countries for oil. And even I realize that biodiesel can be a great solution for this growing problem.
Josh Tickell the author of this book has not only givin us a book that could potentially change our entire economy but he's also done it in a way that makes you want to learn more about it and the problems that come from us being so dependent on other nations for crude oil.He's written his book in such a way that anyone who reads it will realize that we've found a solution to our problem now we just have to put that solution in to action.Biodiesal America gives us all the information you need and answers all of your questions all you need to do is read it. I know it's going to be on my recomended book the list because in truth I think everyone should know about this.The question I'm asking you America is whether you'll be one of the ones to know.
Tickell's Book proves to be prophetic.......2007-06-09
Although the book is over a year in its release and was written much longer ago, the predictions of Tickell are coming true today ( 6/07) much faster than even he predicted.
First,the use of algae as a feedstock is just now being commercially used for biodiesel and will only improve in cost and production. In addition, Jatropa is now being commercially used as feedstock and produces a very high rate of oil per acre. The rising cost of diesel and the price of oil itself is making biodiesel economically viable in today's market such that there is much more demand for biodiesel than can possibly satisfy the market.
The attention to greener fuels is just another add - on which further enchances the use of biodiesel in reducing the polluting effects of fossel diesel fuel.
To the nay sayers that think we cannot produce enough vegetable oil to effectively produce biodiesel as a viable alternative to fossel diesel, the use of algae and jatropa shows that necessity is indeed the mother of all inventions and that we can and will find a way to produce a cost effective alternative to fossel fuels.
Huber is Right and Tickell is wrong........2006-11-14
States like Minnesota, Illinois, Michigan, and Oregon have made Biodiesel feasible through political incentives and mandates. The desired affect of the political mandates has been to artificially raise the prices of soybeans and corn. Minnesota fuel law msandates 2% of the diesel fuel include biodiesel and an additional law favoring corn support requires gasoline too include 10% ethanol. Locally owned and operated, Ethanol production plants produce 400 million gallons of ethanol a year: Fontieer Energy, World Energy, and Pacific Biodiesel. The production of Ethanol boosts the price of corn removing excess inventories and driving up demand for the commodity. Likewise, Illinois, Michigan, and Oregon have similar fuel laws mandating 2% biodiesel portion to the fuel mix. Biodiesel in some parts of the country has become an alternative heat fuel to natural gas.
Cost is the biodiesel barrier. Biodiesel costs 20 cents more than conventional diesel. Tax incentives attempt to temporarily narrow the cost gap. Tax support is linked to environmental advantages. Biodiesel environmental advantages include: Biodiesel emits no sulfur, discharges 78% less CO2, has 50% fewer smog producing components, leads to 48% reduction in carbon monoxide, and has 67% less hydrocarbons.
Biodiesel production volumes are insignificant, 30 million gals/day, in comparison to the 85 million barrels/day of oil. The Energy Information Administration predicts that worldwide oil consumption would increase from 28.4 billion barrels a year in 2002 to 43 billion barrels per year by 2025. Each year the US consumes 125 billion gallons of gasoline and 60 billion gallons of diesel and distillate fuel. Biodiesel would need to reach at least 60 billion gallons a year to replace diesel and endure five to ten years worth of tax burden to compensate for cost differences between the two products. Currently, Biodiesel volumes are too small to be significant. Secondly, there is a water shortage, "Ultimate Resource II" which Tickell ignores in his three scenario plan to reach, 60 billion gallons of biodiesel. Tickell's problem is water and arable land not incentives to grow more soybeans. Tickell becomes desparate and proposes a $308 billion algae oil infrastructure to achieve his 60 billion gallons. This plan would alienate both the farmer and the tax payer and incourage them to seek methods for extracting shale and tar oil.
Biodiesel contains 10% less energy per gallon than diesel fuel but has 7% more combustion efficiency yielding 2-3% decrease in torque, power, and fuel efficiency. Three components are need to produce biodiesel: vegetable oil or animal fat, an alcohol (methanol or ethanol), and a catalyst (sodium hydroxide - NaOH). Vegetable oil + Methyl Alochol->Glycerol + Methyl Ester.
Diesel engines cost more than gas engines, but perform more efficiently. Diesel cars and performance stats: ninety-eight 27 miles/gal, Volkswagon Rabbit 45 miles/gal, Delta 88 and Oldsmobile Tornonado, Ford - prodigy diesel-electric hybrid 70 miles/gal, Dodge Esx4 diesel-electric 72 miles/gal, GM Precept 79.6 miles/gal, Toyota Prius 50 miles/gal, Jeep CRD: tow capacity of 5,000 lbs and 27 miles/gal, Volkswagon Turbo Direct Injection (TDI) for new beetle, golf, Jetta, Passat 50 miles/gal, and A2 80 miles gal.
Tickel is wrong and Peter Huber is right. Future energy will come from Shale and Tar oil as Middle East oil depletes. The US and Canada will become the new "empty quarter". The future of energy will not be biodiesel or hydrogen, but oil and electricity. Biodiesel is a short-term political maneuver to appease special interest groups. Cheap petroleum fuel will force the inevitable conclusion to abandon these alternative fuels as too expensive. Tickel calls the House of Saud a House of cards: 1. The House of Saud with its 30,000 members owns 25% of the worlds oil. 2. The House of Saud is a top-heavy ruling class and putting downward economic pressure on an increasingly large Saudi society. 3. Economic cannibalization of the middle class by the ruling elite has reduced stipends for the average Saudi citizen demonstrated by the plummet in per capita income of $28,600 in 1981 to $6,800 in 2001. 4. The country owes $164 billion equal to the GNP. 5. Country assets drain has become a crisis. Financial follies has drained the country of $120 billion cash assets in 1980 leaving the Saudi treasury holding only about $20 billion. 6. Rapid disintegration of the middle class has driven the popularity of the Islamic fundamentalist. 7. Unemployment rate stands near 25%.
Tickel is a doomdayer and from the doomsday ashes he preaches his vision of a biodiesel powered economy. Peter Huber, "The Bottomless well" is a more accurate vision of abundant and infinite energy. Wealth is the country that produces and consumes the most energy. Bottom line, the country with the maximum consumption of energy will become the wealthiest country. India and China are rapidly consumption energy and their wealth is increasing. India enjoys a 8% growth rate and experience rapid wealth creation buying BMW, Mercedes, Rolls-Royce, expensive watches, and large real-estate abodes. Private banks and hedge funds surge into India seeking to stabilize and profit from the surge in wealth creation in the country. Wealthy investors vote with their dollars encouraging rapid growth to be sustained. Everything looks better during a boom. The expression of this new found wealth is a result of cheap energy.
What happens when energy consumption increases another 4 fold? Computers, robots, electronics, and logic created devices will proliferate as diverse means of service and production as companies seek to market and sell this expert logic. Energy takes on a higher quality form and produces higher quality results. Machine and computer moves closer to the consumer and provide value chains of service. Exclusive and expensive devices will become more accessible: health devices, music devices, media devices, and transportation devices; more manual labor becomes mechanical labor; more intellectual processes become digital; and more energy transform from combustible energy to electrical energy.
Huber believes in the potential of fusion energy telling readers that 10 trillion quads of energy exist in our oceans. The problem with fusion energy is cost. Therefore, oil and nuclear energy will remain the most feasible source of energy in the near future. However, as cars become more computerized and robotic the need for combustible engine locomotion will diminish.
Tickel at best should be arguing for short-term relief of energy supplies. During the 1970s, oil production increased locally to 50 percent as oil in Texas, Alaska, and Mexico warded off production shortages in the Middle East. Huber predicts that Shale and Tar oil will ward off any shortages in the near future to peak oil, a false and misleading concept. The world is not running out of energy. We are just beginning to tap the endless boundary of infinite energy.
excellent overview and must read for anyone who wants a solid understanding of America's fastest growing alternative fuel.......2006-10-19
I strongly recomend this book for anyone who wants a very readable overview of the biodiesel world. This book is just as engaging to someone seasoned in the renewable fuels industry as those that are just being introduced to this important subject. Josh Tickell explains things to just the right depth, tackling complicated concepts with straighforward language that helps you understand its relavance.
Buy this book. Give it to your friends. Donate one to the local library!
Why Smart Energy Policy is as Important as A Strong Military.......2006-08-22
An excellent overview of this country's energy history and energy options and a good starting point from which to learn more. Not a left wing political rant nor an argument for biodiesel as an energy panacea. Tickell emphasizes the economic costs of our energy dependence and the benefits of energy self-sufficiency from a practical perspective - certainly a highly relevant subject in light of the turmoil in the Middle East.
Book Description
Energy Price Risk is the practitioner's guide to optimizing company performance using the correct price risk strategies and tools. Based on the author's extensive experience in the commodity derivatives industry, it comprehensively covers the full spectrum of the energy complex, including crude oil, petroleum products, natural gas, LPG/LNG, and electricity. Using many worked examples, this book offers practical insights and solutions.
Book Description
In today's changing political and economic environment, it is increasingly important that companies learn to properly use various trading instruments to protect themselves against price volatility. Since the first successful energy futures contract was introduced almost a quarter century ago, trading in energy futures and options has played an important role in hedging against fluctuations in the price of petroleum products, crude oil, natural gas, propane, electricity, and most recently, coal.
In this 2nd edition of their best-selling primer, authors Steven Errera and Stewart L. Brown explain how exchange traded futures and options markets work, and how companies can successfully use the markets in their overall strategy to increase profitability. They cover everything from market mechanics, hedging, spread trading, and technical trading to the history and growth of the markets. Also included in an extensive appendix detailing contract specifications for thirteen energy futures/options contracts.
Customer Reviews:
Great book if you know nothing about futures, skip if otherwise.......2007-03-26
This is a great book. It's well written and easy to read. However, there is very little here in terms of specifics to energy per se. The book spends a lot of time describing basic futures and options concepts. Still, if you're new to finance and want an introduction to the energy markets, this book is for you. Especially valuable was the appendix at the end of the book which summarizes various popular different energy future contracts.
Well Written.......2003-10-03
The concepts and trading strategies of futures and options are well explained in plain English. Unfortunately, the author only scatterly discussed some characteristics of the energy industry. To be a successful trader in the energy futures market, you must be an expert in the industry first. However, this might be beyond the scope of the book.
Very Good Primer.......2003-06-28
This is an excellent and invaluable learning tool. It is helpful to have some financial experience, namely understanding some of the terms like call and put,etc, so that you may spend more time focusing on the concepts, but not absolutely necessary.
The book is logically organized to start with an overview of the futures market,followed by an overview of futures, generalized hedging, and options. All topics are related to energy commodities with easy to understand explanations. Relevant details relating to the energy market (definitions of spark spreads, inter-exchange hedging strategies, etc) are included.
Although I could not go into the market and trade commodities after reading this book, I could understand the overall concept of hedging energy futures and options and this serves as an excellent primer to the next level.
I would say that this book is at about the college senior level, easy on the math and not heavy on modeling. I would recommend it for the beginning MBA student but not at a PHD level.
Outstanding material on trading energy futures and options.......2002-01-04
Thanks to the authors for presenting this information in language that is understandable to the masses. You have demystified a topic that is often encrypted.
Many people in the energy business would benefit greatly in their overall understanding by reading this book! It is well-organized and makes the complex business of hedging futures contracts seem logical.
I have worked with wholesale energy traders and seen the trading floor with it's live weather maps, analytical systems, and 100 or so traders and I thought it was an exciting environment. Understanding P/(L) positions, mark to market, and familiarizing with the multitude of hedging strategies has made this intriguing business all the more interesting to me.
The book delivers exactly what its title implies. Thank you, again!
easy to understand.......2001-12-17
The Fundamentals of Trading Energy Futures & Options was one the best business books I've read. It was easy to read and understand. The book is well written and earned its cost in my first hour of trading. I highly recommend this book.
Book Description
Energy & Environmental Hedge Funds
The New Investment Paradigm
I highly recommend this book for those investors interested in energy and environmental hedge funds. It is a great handbook on these topics. The authors make a difficult subject easy for investors to understand. Energy and environmental hedge funds are both the newest and next area for hedge fund investment and diversification. - Lisa Vioni, President, HedgeConnection.com
Peter Fusaro and Gary Vasey have done a great jo9b in compiling all of the background information that a newcomer to energy investing should have. This insightful book helps in determining how best to gain exposure to the rapidly changing energy trading sector. - Raj Mahajan, President & Co-Founder, SunGard Kiodex
The entry of opportunistic hedge funds into the energy sector is creating a sea of change for the industry. Fueled by pension funds and institutional investors, hedge funds are attracted to the petroleum industry because the current price volatility provides generous returns for their investors. However, these investments are not without risk. Gary Vasey and Peter Fusaro explain the ins and outs of it all in their insightful narrative. - Don Stowers, Editor, Oil & Gas Financial Journal
Peter Fusaro and Gary Vasey write about energy and environmental hedge fund markets with greater style, aplomb, and insight that any other observers of financial high str5eets worldwide... Outlining some of the early and provocative details of an industry's youthful achievement and potential, it is likely that this exposition by two of the energy and financial world's most credible experts will become a seminal work. - Ethan L. Cohen, Director, Utility and Energy Technology, UtiliPoint International, Inc.
Customer Reviews:
Energy and Environmental Hedge Funds--BRIEF overview.......2007-05-13
The information in this book is hard to find, for people new to this industry. I think the price is a bit high, but it's a good overview of the industry.
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Books Index
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Economic Conditions
| Economics
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| Books
Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy
The Long Emergency: Surviving the End of Oil, Climate Change, and Other Converging Catastrophes of the Twenty-First Century
The Oil Factor: Protect Yourself and Profit from the Coming Energy Crisis
The Dollar Crisis: Causes, Consequences, Cures , Revised and Updated
A Thousand Barrels a Second: The Coming Oil Break Point and the Challenges Facing an Energy Dependent World
