Category: Business

Peter Drucker on the Profession of management

Link: http://www.amazon.com/dp/1591393221?tag=dominicchan-20&camp=14573&creative=327641&linkCode=as1&creativeASIN=1591393221&adid=08WPS5HFF470S71YXZN1&

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Peter Drucker on the Profession of Management (buy from Amazon)
by Peter Ferdinand Drucker

Type: Business
Author:Peter Drucker
My rating: 4

Book introduction:
Peter Drucker, a well respected professor of corporate management. This book summaries his view of what consistutes good management.

My review:
A good easy reading.

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The Essays of Warren Buffett : Lessons for corporate America

Link: http://www.amazon.com/dp/0966446119?tag=dominicchan-20&camp=14573&creative=327641&linkCode=as1&creativeASIN=0966446119&adid=0V0BC4ACM99SK3HHWDDP&

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The Essays of Warren Buffett : Lessons for Corporate America (buy from Amazon)
by Lawrence A. Cunningham

Type: Business
Author:Warren E. Buffett, Lawrence A. Cunningham
My rating: 3

Book introduction:
A collection of Warren Buffett's letter to shareholder which covers many aspect on good investment, corporate governence, M & A and beyond

My review:
A good condense reading on corporate management.

The Best Kept Secret of America

Type: Business
Author:William A. Stanmeyer, J.D.
My rating: 4

Book introduction:
This book talks about how and why pension system was created in the 1960s. How the aging population is dragging the social security system down. How the technology revolution and process automation have helped to permanently eliminate many many jobs. e.g. since the ATM machine was invented, half the bank tellers are gone. How Toyota by automating it's production line using advance technology can use a smaller space, shorter time and fewer people to make a car than General Motor. This has forced General Motor to do the same thus further cutting available jobs. Since the 1980s, corporations have been downsizing. We can no longer rely on the job security that was enjoyed by our parents' generation and the generations before them.

The book predicts unless radical measure is taken, the social security system will collapse and whatever measure is taken, the losers are always the current tax payers. It also predicts the trend of running home-based business will continue to raise, because people are sick and tired of the high cost of living in mega city or the lengthy time to commute. Owning your business, the author reckons will be the new revolution that will save our own financial future. We must rely on ourselves.

My review:
The figures and predictions presented in the book arevery compelling, even shocking if you have not done the maths yourself. This serves as a "wake-up" call to many. Have you ever wonder how much you need to save for retirement? Does the future look bright for you? I recommend anyone who cares about his/her future finance and the family finance should read this book and get into action.

Say it with charts

Link: http://www.amazon.com/dp/007136997X?tag=dominicchan-20&camp=14573&creative=327641&linkCode=as1&creativeASIN=007136997X&adid=1NPMT496K0GAZ6F7FXF7&

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Say It With Charts: The Executive's Guide to Visual Communication (buy from Amazon)
by Gene Zelazny

Type: Business
Author:Gene Zelazny
My rating: 3

Book introduction:
This is a tool book on how to use charts to spell out your message. A picture can take a thousand words. Pictures that make your presentation come to live.

My review:
This is one of the first set of books that I received at McKinsey & Co. Very handy.

Valuation: Measuring and Managing the Value of Companies

Link: http://www.amazon.com/dp/0471361909?tag=dominicchan-20&camp=14573&creative=327641&linkCode=as1&creativeASIN=0471361909&adid=1NR2HR7CDM3FZPT7G7ZE&

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Valuation: Measuring and Managing the Value of Companies, Fourth Edition (buy from Amazon)
by David Wessels

Type: Business
Author:McKinsey & Company Inc., Tom Copeland, Tim Koller, Jack Murrin
My rating: 5

Book introduction:
This is the tool book for doing all sorts of valuation on companies, ROIC, EBITA, EBIT. You name it, it has all of them.

My review:
This is again one of the first set of business tool book that I was given during my time at McKinsey. Excellent book! Here is where I learned the ROIC tree if you know what I am talking about :-)

The Business School for People Who Like Helping People

Link: http://www.amazon.com/dp/9992267429?tag=dominicchan-20&camp=14573&creative=327641&linkCode=as1&creativeASIN=9992267429&adid=1883B7TQXDE21MTBWJPT&

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The Business School for People Who Like Helping People (buy from Amazon)
by Robert T. Kiyosaki

Type: Business
Author:Robert T. Kiyosaki
My rating: 4
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Type(s): Business

Book introduction:
This book talks about the 4 different types of income source:

Temporary income
E = Employee, you are essentially trading your time for money and you try to improve your hourly rate.

S = Self-employeed, you are your own boss and you determine your own hourly rate. But if you stop working, your income stops also.

Residual income
B = Business owner, you have your own business and many people work for you.

I = Investor, you invest money into business and generate a return from that, even you are not actively working

What's the major difference in temporary income (E&S) and residual income (B&I)? It's leverage, E&S are only utilising their own 24 hours each day. B&I are leveraging other people's time. 95% of people are in E and S quadrants because we have been trained and prepared to be in E and S! This book talks about how to make the transformation from E&S to B&I. What we need to learn and more importantly what we need to "unlearn".

It also talks about how we might be able to start some "B" business.

Quote: Most people look for a job, smart people build network.

My review:
It has changed my thinking. We are all getting tired of just "employee's type of temporary income". As we know retirement is getting more and more expensive, the population is aging. If you have ever tried to work out the amount of money needed for retirement, it can be very disheartening and sometimes you wonder whether you will be able to 1) save enough money and 2) REALLY maintain your lifestyle. We don't want to end up working like a dog just to have enough saving for retirement, we want to maintain our lifestyle now and continously. This book gives some insight on how we could grow our income source and gain our time and financial freedom.

I would rather have 1% of time of 100 people than 100% of my own.

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