Business & Economics

Shortlist, 2024 Best in Business Book Awards, Society for Advancing Business Editing and Writing

Today, every business is talking about digital transformation. With the acceleration of new technologies, every organization knows it must adapt to survive. But by their own admission, 70 percent of businesses are failing to transform. Across industries, established companies are held back by bureaucracy, inertia, and old ways of working. How can businesses break through to drive real change?

The Digital Transformation Roadmap provides every leader with the answer. Acclaimed author and C-suite advisor David L. Rogers argues that businesses must transform not just products and business models—they must transform the organization itself. Based on two decades of research and advising companies around the world, Rogers identifies the five biggest barriers to digital transformation: vision, priorities, experimentation, governance, and capabilities. He then shows how any business can evolve by heeding the lessons of companies such as Disney, Walmart, Mastercard, Air Liquide, and the New York Times Company.

The Digital Transformation Roadmap provides a practical blueprint for organizational change, illustrated with real-world case studies and step-by-step planning tools. Rogers shows every leader how to think beyond the churn of new technologies and rebuild their organization for a world of constant change.

Will we one day inhabit virtual worlds? From the buzz around Second Life in the early 2000s to Mark Zuckerberg’s much-hyped quest for the metaverse, there seems to be a clear pattern. After being touted as revolutionary, virtual worlds fail to meet expectations and fade into obscurity. Yet the dream of an immersive, independent, and interconnected virtual social universe still has the potential to transform the economy, reshape society, and profoundly affect the future of humanity.

This book contends that despite shifting trends, the virtual universe remains crucial to the technology of tomorrow—and might arrive sooner than we think. Through vivid examples and detailed case studies, Andreas Kaplan, a pioneering researcher of virtual worlds since the early 2000s, provides a comprehensive examination of the metaverse and its far-reaching implications. He delves into key technologies such as artificial intelligence, blockchain, and extended reality and discusses ethical issues around privacy, identity, and governance. Kaplan examines business models, digital ownership, and corporate strategies alongside applications spanning marketing, research and development, human resources, and supply chain management. The book concludes by contrasting potential futures, from utopian promise (the Petaverse) to dystopian peril (the Metaworse) and everything in between. Written in an engaging, reader-friendly style, The Virtual Universe goes beyond the hype—and the doubting—to uncover the true potential of the metaverse.

What would happen if you bought a handful of stocks and then left them alone for some time, like stashing valuables in a coffee can? If you picked the right ones, you might wake up one day with life-changing wealth.

Neeraj Khemlani introduces readers to this investing philosophy through the eye-opening story of a portfolio manager who has put it into practice. Matt Ankrum researched 100-baggers—stocks that have multiplied in value a hundred times over multiple decades—looking for what they have in common. Drawing on these clues, he hunts down and buys shares in what he thinks are tomorrow’s breakout companies, planning to gift his children a coffee can portfolio that could someday be worth half a billion dollars.

The Coffee Can Investor shares Ankrum’s process for identifying companies that can stand the test of time, as well as his stock picks. It explores the principles of long-term investing, emphasizing the power of compounding and why it pays to be patient. This book details the qualitative and quantitative aspects of 100-baggers, revealing that a surprising share are business-to-business companies, not just the business-to-consumer companies that typically grab headlines. Khemlani also recounts his own decision to make a coffee can of investments for his kids.

Engaging and fast-paced, this book is for anyone who wants to invest in enduring companies for the long term.

Leaders remain skeptical about the power of organizational culture even though extensive research shows that it is crucial to business success. Can a manager really influence an organization’s culture, or do executives just try to impose a culture on their employees? Is the concept of culture too vague to measure objectively and improve? What happens to valuable employees who feel left out by the prevailing culture? Even if a “good” culture makes team members happy, does it actually affect the bottom line?

This essential book answers the biggest questions about organizational culture, offering research-backed insights for leaders on shaping and managing an environment that spurs achievement. The management experts Jennifer A. Chatman and Glenn R. Carroll—a psychologist and a sociologist—draw on social-scientific findings to evaluate and debunk common misconceptions. They show how research on culture empowers managers to identify what really matters and deploy it productively. Chatman and Carroll also provide actionable levers to build and maintain organizational culture, from crafting a culture that supports strategic objectives to ensuring that it can adapt as conditions change.

Making Organizational Culture Great features compelling examples from companies and nonprofits including Apple, Genentech, Disney, Ford, Netflix, Maersk, Google, Cisco, Southwest Airlines, and many others. A practical guide for current and aspiring leaders, this book reveals how to manage culture consistently, comprehensively, and coherently.

Leaders remain skeptical about the power of organizational culture even though extensive research shows that it is crucial to business success. Can a manager really influence an organization’s culture, or do executives just try to impose a culture on their employees? Is the concept of culture too vague to measure objectively and improve? What happens to valuable employees who feel left out by the prevailing culture? Even if a “good” culture makes team members happy, does it actually affect the bottom line?

This essential book answers the biggest questions about organizational culture, offering research-backed insights for leaders on shaping and managing an environment that spurs achievement. The management experts Jennifer A. Chatman and Glenn R. Carroll—a psychologist and a sociologist—draw on social-scientific findings to evaluate and debunk common misconceptions. They show how research on culture empowers managers to identify what really matters and deploy it productively. Chatman and Carroll also provide actionable levers to build and maintain organizational culture, from crafting a culture that supports strategic objectives to ensuring that it can adapt as conditions change.

Making Organizational Culture Great features compelling examples from companies and nonprofits including Apple, Genentech, Disney, Ford, Netflix, Maersk, Google, Cisco, Southwest Airlines, and many others. A practical guide for current and aspiring leaders, this book reveals how to manage culture consistently, comprehensively, and coherently.

Many companies claim to prize innovation but struggle to support it in practice. CEOs call innovation their number-one priority in surveys, yet their employees say they are frequently frustrated in their efforts to create change. The biggest reason for this disconnect? Playing it safe. Leaders and organizations want to implement new ideas, but too often they are held back by the fear of failure, even though setbacks are intrinsic to the innovation process.

In No Fear, No Failure, Lorraine H. Marchand shows readers how to overcome the status quo that stifles creative thinking and to create a culture that encourages innovation. She provides a framework for sustained growth built on the “5 Cs”: Customer First, Culture, Collaboration, Change, and Chance. Drawing on more than 120 interviews with leaders across industries, real-world case studies, and firsthand experience, Marchand demonstrates how to spark lasting transformation. She shares field-tested strategies, tactics, and tools that practitioners can use to embed creativity within organizational cultures, leverage innovation to ensure better results, and future-proof a company for the long haul. Practical and inspiring, No Fear, No Failure is a step-by-step guide for organizations of every type and size to drive growth by fostering a culture of innovation.

To be successful as an investor, one needs a framework. And no investing framework works without numbers. Although quantitative methods can be intimidating, they provide a major boost to the quality of analysis. Written for readers without a technical background, Finding Value in Numbers is an engaging and practical guide to how thoughtful investors can use numbers—not just for the sake of crunching data but for making better decisions.

Using a value investing perspective, Ehsan Ehsani shows how to deploy quantitative tools to identify and analyze investment prospects, demystifying the math that points to overlooked opportunities in the stock market, other securities, and beyond. Numbers help us grasp what a company is worth and why: the quality of a business, the durability of its competitive edge, and the reasonableness of its price. Combining practical frameworks with real-world examples, Ehsani walks readers through key concepts that enable robust analysis while explaining how to spot red flags. Along the way, he reveals how a disciplined, numbers-based approach can support both conviction and patience—two traits every successful investor needs. Blending quantitative insight with timeless investing wisdom, Finding Value in Numbers is an essential book for aspiring and professional investors looking to hone their skills as well as curious readers drawn to the inner workings of markets.

The most powerful brands don’t just capture attention—they ignite change. Branding as a Cultural Force invites readers to reimagine branding as a force for good, one that shapes culture, sparks movements, and drives meaningful social impact.

Going beyond traditional branding, Robin Landa explores how companies play pivotal roles in shaping culture, advancing causes, and forging emotional connections with their audiences. While most branding guides focus on commercial success, this book emphasizes how brands can align with their audiences’ values to drive social transformation. Through real-world case studies and practical strategies, it reframes branding as a tool for influence, advocacy, and activism.

A standout feature of this book is a series of exclusive interviews with leading voices in branding, design, and advertising. These creative professionals share how they craft resonant campaigns, establish cultural legacies, and stay grounded in core values, offering insights for building brands that stand for more than just profit.

Branding as a Cultural Force provides actionable guidance on telling authentic brand stories, aligning with consumer values, and creating shareworthy campaigns. With a distinctive focus on the intersection of brand purpose and cultural impact, this book challenges readers to rethink branding as a vehicle for systemic change.

Panels often suffer from lackluster, disorganized discussions despite the presence of qualified experts. Frequently, the fault lies with poorly prepared moderators who fail to manage the panel effectively, resulting in a frustrating experience for audiences, panelists, and organizers alike. A well-trained moderator is essential for ensuring a successful panel by preparing thoroughly and engaging both the panelists and the audience.

This book, written by an experienced moderator who has led panels of all sizes, offers a comprehensive start-to-finish guide to facilitating a panel. It covers everything from understanding the panel’s purpose and audience to selecting the right participants, conducting pre-panel preparation, and managing potential disruptions. Included are multiple checklists and sample documents to assist moderators throughout the process. The book also provides valuable insights for panelists, helping them improve their performance and contribute more effectively.

As panels become more prominent at conferences and events, the pressure to perform well has increased. A well-prepared and engaging panel provides exposure, resulting in opportunities for moderators and panelists to grow their brands and advance their careers. This essential book equips panel participants with the tools they need to excel and make a lasting impression.

Panels often suffer from lackluster, disorganized discussions despite the presence of qualified experts. Frequently, the fault lies with poorly prepared moderators who fail to manage the panel effectively, resulting in a frustrating experience for audiences, panelists, and organizers alike. A well-trained moderator is essential for ensuring a successful panel by preparing thoroughly and engaging both the panelists and the audience.

This book, written by an experienced moderator who has led panels of all sizes, offers a comprehensive start-to-finish guide to facilitating a panel. It covers everything from understanding the panel’s purpose and audience to selecting the right participants, conducting pre-panel preparation, and managing potential disruptions. Included are multiple checklists and sample documents to assist moderators throughout the process. The book also provides valuable insights for panelists, helping them improve their performance and contribute more effectively.

As panels become more prominent at conferences and events, the pressure to perform well has increased. A well-prepared and engaging panel provides exposure, resulting in opportunities for moderators and panelists to grow their brands and advance their careers. This essential book equips panel participants with the tools they need to excel and make a lasting impression.

One of the greatest challenges facing any start-up is “crossing the chasm”: bridging the gap between early adopters and mass-market buyers. Yet many promising businesses struggle even to reach the chasm. Often, founders leap in with money and a dream, only to hit a wall. How can start-up founders diagnose and fix problems in order to arrive at this critical point?

Edward G. Amoroso provides an indispensable guide for start-ups looking to get off the ground and scale up to the next level. Getting to the chasm, as he illustrates through dozens of real-world case studies, requires long-term vision. Founders must focus on their core belief system—not simply what they do but why they are in business in the first place. Buyers connect with start-ups based on shared beliefs, and any founding team that does not understand this secret will struggle to build relationships with customers. Amoroso shares field-tested guidance for businesses in different spaces and stages on crafting a compelling message, understanding customers, benchmarking against competitors, and leveraging what makes a company irreplaceable. For founders, venture capital teams, private equity firms, investors, and readers with an interest in entrepreneurship, Reaching the Chasm is the road map for early-stage start-up success.

Where are the next decade's greatest investment opportunities? Veteran investor Marko Dimitrijevic argues that they can be found in frontier markets, which account for seventy-one of the world's seventy-five fastest-growing economies and 19 percent of the world's GDP. Yet many investors ignore them. Fueled by new access to technology and information, frontier markets are emerging even faster than their predecessors, making them an essential component of a globally diversified portfolio.

In Frontier Investor, Dimitrijevic shows through colorful case studies, compelling charts, and fascinating travel anecdotes that it is not only possible but prudent to invest in these unfamiliar and undervalued options. Dimitrijevic explains how frontier markets such as Nigeria, Panama, and Bangladesh are poised to follow the similar paths of Chinese, Indian, and Russian markets, which were considered exotic two decades ago. He details a strategy for how and where to invest, directly or indirectly, to profit from frontier growth. Dimitrijevic covers the risks, political and otherwise, of these markets, the megatrends that promise exciting investment opportunities in the coming years, and the prospects for countries beyond the frontier, including Myanmar, Cuba, and even Iran. Rich with experience and insight, Frontier Investor opens up a whole new world—and worldview—to investors.

Facing especially wicked problems, social sector organizations are searching for powerful new methods to understand and address them. Design Thinking for the Greater Good goes in depth on both the how of using new tools and the why. As a way to reframe problems, ideate solutions, and iterate toward better answers, design thinking is already well established in the commercial world. Through ten stories of struggles and successes in fields such as health care, education, agriculture, transportation, social services, and security, the authors show how collaborative creativity can shake up even the most entrenched bureaucracies—and provide a practical roadmap for readers to implement these tools.

The design thinkers Jeanne Liedtka, Randy Salzman, and Daisy Azer explore how major agencies like the Department of Health and Human Services and the Transportation and Security Administration in the United States, as well as organizations in Canada, Australia, and the United Kingdom, have instituted principles of design thinking. In each case, these groups have used the tools of design thinking to reduce risk, manage change, use resources more effectively, bridge the communication gap between parties, and manage the competing demands of diverse stakeholders. Along the way, they have improved the quality of their products and enhanced the experiences of those they serve. These strategies are accessible to analytical and creative types alike, and their benefits extend throughout an organization. This book will help today's leaders and thinkers implement these practices in their own pursuit of creative solutions that are both innovative and achievable.

What do Warren Buffett and Friedrich Nietzsche have in common? Why does Baruch Spinoza’s understanding of irrational emotions help explain financial markets? How did Voltaire’s success in a bond lottery arbitrage shape his writing? Can David Hume teach an investor when to buck the consensus and when to heed it?

Exploring these questions and many others, Ethan A. Everett reveals the surprising lessons we can learn about investing from major philosophers. Demystifying ideas and texts that can often seem intimidating or irrelevant, he shows how philosophical concepts can be fruitfully applied to financial markets. Everett shares how philosophers’ insights have informed his development as an investor, and he considers how great investors have embodied philosophical wisdom in their own endeavors.

Inviting and engaging, The Investment Philosophers presents evergreen insights in language that is accessible to readers who are beginning their journeys in finance and philosophy. Ranging from the birth of modern securities markets in seventeenth-century Amsterdam to recent trends like meme stocks, this book shows why a philosophical perspective can prove invaluable to challenging common assumptions in finance.

As consumers, our access to—and appetite for—information about what and how we buy continues to grow. Powered by social media, we scrutinize the companies behind familiar products and are disappointed when their actions do not meet our expectations. With citizens acting as 24/7 auditors of corporate behavior, one formerly trusted company after another has had their business disrupted with astonishing velocity. Control of the corporate narrative has shifted to engaged stakeholders in the new social landscape, requiring a radical change to company practices.

James Rubin and Barie Carmichael provide a strategic roadmap for businesses to navigate the new era, rebuild trust, and find their voice. Reset traces the global decline of trust in business at the same time that the public’s expectations for business’s role in society are rising. Today, businesses must bridge this widening gap, which requires strategic solutions anchored in a critical outside-in understanding of the stakeholder footprint of the business model. C-suite executives who proactively mitigate the negative social impacts inherent in their business models, strategies, and operations can find win-win solutions that not only benefit both their business and society, but also enable sustainable growth in the challenging new social landscape. Rubin and Carmichael offer case studies of reputations lost and found, suggesting fundamental strategies to mitigate risk and build the corporate brand. Reset is an essential guide to navigating the pitfalls and taking advantage of the opportunities of the reset.

The 2008 financial collapse, the expansion of corporate and private wealth, the influence of money in politics—many of Wall Street's contemporary trends can be traced back to the work of fourteen critical figures who wrote, and occasionally broke, the rules of American finance.

Edward Morris plots in absorbing detail Wall Street's transformation from a clubby enclave of financiers to a symbol of vast economic power. His book begins with J. Pierpont Morgan, who ruled the American banking system at the turn of the twentieth century, and ends with Sandy Weill, whose collapsing Citigroup required the largest taxpayer bailout in history. In between, Wall Streeters relates the triumphs and missteps of twelve other financial visionaries. From Charles Merrill, who founded Merrill Lynch and introduced the small investor to the American stock market; to Michael Milken, the so-called junk bond king; to Jack Bogle, whose index funds redefined the mutual fund business; to Myron Scholes, who laid the groundwork for derivative securities; and to Benjamin Graham, who wrote the book on securities analysis. Anyone interested in the modern institution of American finance will devour this history of some of its most important players.

The 2008 financial collapse, the expansion of corporate and private wealth, the influence of money in politics—many of Wall Street's contemporary trends can be traced back to the work of fourteen critical figures who wrote, and occasionally broke, the rules of American finance.

Edward Morris plots in absorbing detail Wall Street's transformation from a clubby enclave of financiers to a symbol of vast economic power. His book begins with J. Pierpont Morgan, who ruled the American banking system at the turn of the twentieth century, and ends with Sandy Weill, whose collapsing Citigroup required the largest taxpayer bailout in history. In between, Wall Streeters relates the triumphs and missteps of twelve other financial visionaries. From Charles Merrill, who founded Merrill Lynch and introduced the small investor to the American stock market; to Michael Milken, the so-called junk bond king; to Jack Bogle, whose index funds redefined the mutual fund business; to Myron Scholes, who laid the groundwork for derivative securities; and to Benjamin Graham, who wrote the book on securities analysis. Anyone interested in the modern institution of American finance will devour this history of some of its most important players.

Charlie Munger, Berkshire Hathaway's visionary vice chairman and Warren Buffett's indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. His notion of "elementary, worldly wisdom"—a set of interdisciplinary mental models involving economics, business, psychology, ethics, and management—allows him to keep his emotions out of his investments and avoid the common pitfalls of bad judgment.

Munger's system has steered his investments for forty years and has guided generations of successful investors. This book presents the essential steps of Munger's investing strategy, condensed here for the first time from interviews, speeches, writings, and shareholder letters, and paired with commentary from fund managers, value investors, and business-case historians. Derived from Ben Graham's value-investing system, Munger's approach is straightforward enough that ordinary investors can apply it to their portfolios. This book is not simply about investing. It is about cultivating mental models for your whole life, but especially for your investments.

Charlie Munger, Berkshire Hathaway's visionary vice chairman and Warren Buffett's indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. His notion of "elementary, worldly wisdom"—a set of interdisciplinary mental models involving economics, business, psychology, ethics, and management—allows him to keep his emotions out of his investments and avoid the common pitfalls of bad judgment.

Munger's system has steered his investments for forty years and has guided generations of successful investors. This book presents the essential steps of Munger's investing strategy, condensed here for the first time from interviews, speeches, writings, and shareholder letters, and paired with commentary from fund managers, value investors, and business-case historians. Derived from Ben Graham's value-investing system, Munger's approach is straightforward enough that ordinary investors can apply it to their portfolios. This book is not simply about investing. It is about cultivating mental models for your whole life, but especially for your investments.

A Dozen Lessons for Entrepreneurs shows how the insights of leading venture capitalists can teach readers to create a unique approach to building a successful business. Through profiles and interviews of figures such as Bill Gurley of Benchmark Capital, Marc Andreesen and Ben Horowitz of Andreesen Horowitz, and Jenny Lee of GGV Capital, Tren Griffin draws out the fundamental lessons from their ideas and experiences. Entrepreneurs should learn from past successes but also be prepared to break new ground. While there are best practices, there is no single recipe they should follow. By better understanding the views and experiences of a wide range of successful venture capitalists and entrepreneurs, readers can discern which of many possible paths will lead to success.

With insight and verve, Griffin argues that innovation and best practices are discovered by the experimentation of entrepreneurs as they establish the evolutionary fitness of their business. The products and services created through this experimentation that have greater fitness survive, and less-fit products and services die. Entrepreneurs have always experimented when creating or altering a business. What is different today is the existence of modern tools and systems that allow experiments to be conducted more cheaply and rapidly than ever before. Griffin shows that listening to what the best venture capitalists have to say is invaluable for entrepreneurs. Their experiences, if studied carefully, teach bedrock methods and guiding principles for approaching business.

Leadership is the habit of making good choices. Even in difficult and uncertain circumstances, the most effective leaders focus their attention and overcome entrenched patterns of behavior to push an organization to new heights of success. This capability is no fluke: the latest research on the brain shows that we can pinpoint the mental activity associated with it—and cultivate it for our benefit.

In this book, Art Kleiner, a strategy expert; Jeffrey Schwartz, a research psychiatrist; and Josie Thomson, an executive coach, give a transformative explanation of how cutting-edge neuroscience can help business leaders set a course toward better management. Mapping the functions of a manager onto established patterns of mental activity, they identify crucial brain circuits and their parallels in organizational culture. Strategic leaders, they show, play the role of wise advocates: able to go beyond day-to-day transactional behavior to a longer-term, broader perspective that articulates their organization’s deeper purpose. True leaders can play this influencer role in an organization because they have cultivated similar self-reflective habits in their own minds. Providing a powerful guide to decision strategies and their consequences, The Wise Advocate helps managers find their own inner voice and then make that voice ring out loud and clear, with a four-step program for practice and catalytic implications for management strategy, executive education, and business results.

Some of the worst corporate meltdowns over the past sixty years can be traced to passive directors who favored operational shortcuts over quality growth strategies. Thinking primarily about placating institutional investors, selective stockholders, proxy advisors, and corporate management, these inattentive and deferential board members have relied on short-term share price increases to sustain their companies long term. Driven by a desire for prosperity, not posterity, these actions can doom any company.

In The Activist Director, attorney Ira M. Millstein looks back at fifty years of counseling companies, nonprofits, and governments to actively govern their corporations and constituencies. From the threat of bankruptcy and the ConEd blackout of 1970s New York City, to the meltdown of Drexel Burnham Lambert in the late 1980s, to the turnaround of General Motors in the mid-1990s, Millstein takes readers into the boardrooms of several of the greatest catastrophes and success stories of America's best-known corporations.

His solution lies at the top: a new breed of activist directors who partner with management and reject short-term outlooks, plan a future based on growth and innovation, and take responsibility for corporate organization, strategy, and efficiency. What questions should we ask of potential board members and how do we know they'll be active? Millstein offers pragmatic suggestions for recruiting activist directors to the boardroom to secure the future of the corporation.

The CEO’s Boss, originally published in 2010, is the definitive guide to a productive working relationship between corporate boards and CEOs. Speaking to an era when company directors must monitor the actions and day-to-day operations of their CEO, William M. Klepper offers eight essential lessons to help boards operate more effectively in this bold and independent role. Since the publication of the first edition, Klepper has continued to develop and apply its lessons for a variety of businesses and settings.

In this second edition, Klepper renews the paradigm set forth in the first, with new case studies of companies such as Wells Fargo, BP, Hewlett-Packard, and Proctor & Gamble. Giving directors, executives, investors, and stakeholders the tools to make crucial relationships work, Klepper details the best techniques for selecting the right CEO, establishing a working relationship, and giving effective feedback. He affirms the importance of the social contract between directors and their CEOs, encourages directors to embrace their independence, and teaches executives to value tough love. He revisits the first edition’s case studies and derives new insights from how these companies followed—or failed to heed—the book’s precepts. He also takes a close look at the predictions he made almost ten years ago, providing new forecasts and integrating core knowledge to ensure that The CEO’s Boss remains essential in our ever-changing business landscape.

Some of the worst corporate meltdowns over the past sixty years can be traced to passive directors who favored operational shortcuts over quality growth strategies. Thinking primarily about placating institutional investors, selective stockholders, proxy advisors, and corporate management, these inattentive and deferential board members have relied on short-term share price increases to sustain their companies long term. Driven by a desire for prosperity, not posterity, these actions can doom any company.

In The Activist Director, attorney Ira M. Millstein looks back at fifty years of counseling companies, nonprofits, and governments to actively govern their corporations and constituencies. From the threat of bankruptcy and the ConEd blackout of 1970s New York City, to the meltdown of Drexel Burnham Lambert in the late 1980s, to the turnaround of General Motors in the mid-1990s, Millstein takes readers into the boardrooms of several of the greatest catastrophes and success stories of America's best-known corporations.

His solution lies at the top: a new breed of activist directors who partner with management and reject short-term outlooks, plan a future based on growth and innovation, and take responsibility for corporate organization, strategy, and efficiency. What questions should we ask of potential board members and how do we know they'll be active? Millstein offers pragmatic suggestions for recruiting activist directors to the boardroom to secure the future of the corporation.

Since the 1950s, Warren Buffett and his partners have backed some of the twentieth century's most profitable, trendsetting companies. But how did they know they were making the right investments? What did Buffet and his partners look for in an up-and-coming company, and how can others replicate their approach?

A gift to Buffett followers who have long sought a pattern to the investor's success, Inside the Investments of Warren Buffett presents the most detailed analysis to date of Buffett's long-term investment portfolio. Yefei Lu, an experienced investor, starts with Buffett's interest in the Sanborn Map Company in 1958 and tracks nineteen more of his major investments in companies like See's Candies, the Washington Post, GEICO, Coca-Cola, US Air, Wells Fargo, and IBM. Accessing partnership letters, company documents, annual reports, third-party references, and other original sources, Lu pinpoints what is unique about Buffett's timing, instinct, use of outside knowledge, and postinvestment actions, and he identifies what could work well for all investors in companies big and small, domestic and global. His substantial chronology accounts for broader world events and fluctuations in the U.S. stock market, suggesting Buffett's most important trait may be the breadth of his expertise.

Since the 1950s, Warren Buffett and his partners have backed some of the twentieth century's most profitable, trendsetting companies. But how did they know they were making the right investments? What did Buffet and his partners look for in an up-and-coming company, and how can others replicate their approach?

A gift to Buffett followers who have long sought a pattern to the investor's success, Inside the Investments of Warren Buffett presents the most detailed analysis to date of Buffett's long-term investment portfolio. Yefei Lu, an experienced investor, starts with Buffett's interest in the Sanborn Map Company in 1958 and tracks nineteen more of his major investments in companies like See's Candies, the Washington Post, GEICO, Coca-Cola, US Air, Wells Fargo, and IBM. Accessing partnership letters, company documents, annual reports, third-party references, and other original sources, Lu pinpoints what is unique about Buffett's timing, instinct, use of outside knowledge, and postinvestment actions, and he identifies what could work well for all investors in companies big and small, domestic and global. His substantial chronology accounts for broader world events and fluctuations in the U.S. stock market, suggesting Buffett's most important trait may be the breadth of his expertise.

Merger Masters presents revealing profiles of monumentally successful merger investors based on exclusive interviews with some of the greatest minds to practice the art of arbitrage. Michael Price, John Paulson, Paul Singer, and others offer practical perspectives on how their backgrounds in the risk-conscious world of merger arbitrage helped them make their biggest deals. They share their insights on the discipline that underlies their fortunes, whether they practice the “plain vanilla” strategy of announced deals, the aggressive strategy of activist investment, or any strategy in between on the risk spectrum.

Merger Masters delves into the human side of risk arbitrage, exploring how top practitioners deal with the behavioral aspects of generating consistent profits from risk arbitrage. The book also includes perspectives from the other side of the mergers and acquisitions divide in the form of interviews with a trio of iconic CEOs: Bill Stiritz, Peter McCausland, and Paul Montrone. All three took advantage of M&A opportunities to help build long-term returns but often found themselves at odds with the short-term focus of Wall Street and merger investors. Told in lively, accessible prose, with bonus facts and figures for transaction junkies, Merger Masters is an incomparable set of stories with plenty of unfiltered lessons from the best managers of our time.

Investors are tempted daily by misleading or incomplete information. They may make a lucky bet, realize a sizable profit, and find themselves full of confidence. Their next high-stakes gamble might backfire, not only hitting them in the balance sheet but also taking a mental and emotional toll. Even veteran investors can be caught off guard: a news item may suddenly cause havoc for an industry they’ve invested in; crowd mentality among fellow investors may skew the market; a CEO may turn out to be unprepared to effectively guide a company. How can one stay focused in such a volatile profession? If you can’t trust your past successes to plan and predict, how can you avoid risky situations in the future?

In Big Money Thinks Small, veteran fund manager Joel Tillinghast shows investors how to avoid making these mistakes. He offers a set of simple but crucial steps to successful investing, including:
· Know yourself, how you arrive at decisions, and how you might be susceptible to self-deception.
· Make decisions based on your own expertise, and do not invest in what you don’t understand.
· Select only trustworthy and capable colleagues and collaborators.
· Learn how to identify and avoid investments with inherent flaws.
· Always search for bargains, and never forget that the first responsibility of an investor is to identify mispriced stocks.

Patience and methodical planning will pay far greater dividends than flashy investments. Tillinghast teaches readers how to learn from their mistakes—and his own, giving investors the tools to ask the right questions in any situation and to think objectively and generatively about portfolio management.

Investors are tempted daily by misleading or incomplete information. They may make a lucky bet, realize a sizable profit, and find themselves full of confidence. Their next high-stakes gamble might backfire, not only hitting them in the balance sheet but also taking a mental and emotional toll. Even veteran investors can be caught off guard: a news item may suddenly cause havoc for an industry they’ve invested in; crowd mentality among fellow investors may skew the market; a CEO may turn out to be unprepared to effectively guide a company. How can one stay focused in such a volatile profession? If you can’t trust your past successes to plan and predict, how can you avoid risky situations in the future?

In Big Money Thinks Small, veteran fund manager Joel Tillinghast shows investors how to avoid making these mistakes. He offers a set of simple but crucial steps to successful investing, including:
· Know yourself, how you arrive at decisions, and how you might be susceptible to self-deception.
· Make decisions based on your own expertise, and do not invest in what you don’t understand.
· Select only trustworthy and capable colleagues and collaborators.
· Learn how to identify and avoid investments with inherent flaws.
· Always search for bargains, and never forget that the first responsibility of an investor is to identify mispriced stocks.

Patience and methodical planning will pay far greater dividends than flashy investments. Tillinghast teaches readers how to learn from their mistakes—and his own, giving investors the tools to ask the right questions in any situation and to think objectively and generatively about portfolio management.

Investing—the commitment of resources to achieve a return—affects individuals, families, companies, and nations, and has done so throughout history. Yet until the sixteenth century, investing was a privilege of only the elite classes. The story behind the democratization of investing is bound up with some of history's most epic events. It is also a tale rich with lessons for professional and everyday investors who hope to make wiser choices.

This entertaining history doubles as a sophisticated account of the opportunities and challenges facing the modern investor. It follows the rise of funded retirement; the evolution of investment vehicles and techniques; investment misdeeds and regulatory reform; government economic policy; the development of investment theory; and the emergence of new investment structures. Norton Reamer and Jesse Downing map these trends and profile the battle between low cost index and exchange-traded funds, on the one hand, and the higher-fee hedge funds and private equity, on the other. By helping us understand this history and its legacy of risk, Reamer and Downing hope to better educate readers about the individual and societal impact of investing and ultimately level the playing field.

Investing—the commitment of resources to achieve a return—affects individuals, families, companies, and nations, and has done so throughout history. Yet until the sixteenth century, investing was a privilege of only the elite classes. The story behind the democratization of investing is bound up with some of history's most epic events. It is also a tale rich with lessons for professional and everyday investors who hope to make wiser choices.

This entertaining history doubles as a sophisticated account of the opportunities and challenges facing the modern investor. It follows the rise of funded retirement; the evolution of investment vehicles and techniques; investment misdeeds and regulatory reform; government economic policy; the development of investment theory; and the emergence of new investment structures. Norton Reamer and Jesse Downing map these trends and profile the battle between low cost index and exchange-traded funds, on the one hand, and the higher-fee hedge funds and private equity, on the other. By helping us understand this history and its legacy of risk, Reamer and Downing hope to better educate readers about the individual and societal impact of investing and ultimately level the playing field.

Flashes of insight—the "Eureka!" moments that produce new and useful ideas in a single thought—are behind some of the world's most creative and practical innovations. This book shows how to cultivate more and better flashes of insight by harnessing the science and practice of the "seventh sense."

Drawing from psychology, neuroscience, Asian philosophy, and military strategy, William Duggan illustrates the power of the seventh sense to help readers aspire to and achieve more in their personal and professional lives. His examples include Gandhi, Joan of Arc, Starbucks founder Howard Shultz, and executives and students he has taught in his classes. His book presents specific steps in the form of three practical tools to help prepare the mind, see and seize opportunity, and follow through on one's resolution. Based on Duggan's perennially popular Columbia Business School course, this book teaches the mental skills and discipline that power the seventh sense.

Great leaders aspire to manage “by design”—with a sense of purpose and foresight. But too few leaders incorporate the proven practices and principles of the design disciplines. Lessons learned from the world of design, when applied to management, can turn leaders into collaborative, creative, deliberate, and accountable visionaries. Design thinking loosens the mind and activates innovation. It creates the conditions for employees to thrive and for all kinds of businesses to succeed.

In Designed Leadership, the strategic-design scholar and urban-systems designer Moura Quayle shares her plan for integrating design and leadership, translating processes, principles, and practices from years of experience into tools of change for professional leaders. Quayle describes the key concepts of designed leadership, such as “make values explicit” and “learn from natural systems,” showing how strategic design can spur individual creativity and harness collective energy. For managers at any level, Designed Leadership uses original visuals and field-tested examples to teach the kind of thinking, theorizing, and practicing that result in long-lasting high performance in the workplace and beyond.

Great leaders aspire to manage “by design”—with a sense of purpose and foresight. But too few leaders incorporate the proven practices and principles of the design disciplines. Lessons learned from the world of design, when applied to management, can turn leaders into collaborative, creative, deliberate, and accountable visionaries. Design thinking loosens the mind and activates innovation. It creates the conditions for employees to thrive and for all kinds of businesses to succeed.

In Designed Leadership, the strategic-design scholar and urban-systems designer Moura Quayle shares her plan for integrating design and leadership, translating processes, principles, and practices from years of experience into tools of change for professional leaders. Quayle describes the key concepts of designed leadership, such as “make values explicit” and “learn from natural systems,” showing how strategic design can spur individual creativity and harness collective energy. For managers at any level, Designed Leadership uses original visuals and field-tested examples to teach the kind of thinking, theorizing, and practicing that result in long-lasting high performance in the workplace and beyond.

Over the past decade, software companies have increasingly monopolized the flow of venture capital, starving support for scientific research and its transformative discoveries. New medicines, cheaper and faster personal computers, and other life-changing developments all stem from investment in science. In the past, these funds led to steam engines, light bulbs, microprocessors, 3D printers, and even the Internet. In Venture Investing in Science, the venture capitalist Douglas W. Jamison and the investment author Stephen R. Waite directly link financial support to revolutionary advancements in physics, computers, chemistry, and biology and make a passionate case for continued investing in science to meet the global challenges of our time.

Clean air and water, cures for intractable diseases, greener public transportation, cheaper and faster communication technologies—these are some of the rich opportunities awaiting venture capital investment today. Jamison and Waite focus on how early-stage companies specializing in commercializing transformative technologies based on deep science have been shunned by venture capitalists, and how the development of such companies have been hampered by structural changes in capital markets and government regulation over the past decade. The authors argue that reinvigorating science-based technological innovation is crucial to reactivating the economic dynamism that lifts living standards and fuels prosperity over time.

Flashes of insight—the "Eureka!" moments that produce new and useful ideas in a single thought—are behind some of the world's most creative and practical innovations. This book shows how to cultivate more and better flashes of insight by harnessing the science and practice of the "seventh sense."

Drawing from psychology, neuroscience, Asian philosophy, and military strategy, William Duggan illustrates the power of the seventh sense to help readers aspire to and achieve more in their personal and professional lives. His examples include Gandhi, Joan of Arc, Starbucks founder Howard Shultz, and executives and students he has taught in his classes. His book presents specific steps in the form of three practical tools to help prepare the mind, see and seize opportunity, and follow through on one's resolution. Based on Duggan's perennially popular Columbia Business School course, this book teaches the mental skills and discipline that power the seventh sense.

Today, all it takes is one organizational misstep to sink a company's reputation. Social media can be a strict ethical enforcer, with the power to convince thousands to boycott products and services. Executives are stuck on appeasing stakeholders—shareholders, employees, and consumers—but they ignore shapeholders, regulators, the media, and social and political activists who have no stake in a company but will work hard to curb what they see as bad business practices. And they do so at their own peril.

In Shapeholders: Business Success in the Age of Activism, former congressman, Fortune 500 executive, and university president Mark Kennedy argues that shapeholders, as much as stakeholders, have significant power to determine a company's risks and opportunities, if not its survival. Many international, multi-billion-dollar corporations fail to anticipate activism, and they flounder on first contact. Kennedy zeroes in on the different languages that shapeholders and companies speak and their contrasting metrics for what constitutes acceptable business practice. Executives, he argues, must be visionaries who find profitable—and probable—collaborations to diffuse political tensions. Kennedy's decision matrix helps corporations align their business practices with shapeholder interests, anticipate their demands, and assess changing moral standards so that together they can plan a profitable route forward.

Businesses often find themselves trapped in a competitive dogfight, scratching and clawing for market share with products consumers view as largely undifferentiated. Conventional wisdom suggests that dogfights are to be expected as marketplaces mature, giving rise to the notion that there are "bad" industries where it is unlikely that any company can succeed.

But there are notable exceptions in which enlightened executives have changed the rules to grasp the holy grail of business: long-term profitable growth. Rather than joining the dogfights raging within their industry, companies such as Apple, FedEx, and Starbucks have chosen to become metaphorical cats, continuously renewing their distinctive strategies to compete on their own terms.

In If You're in a Dogfight, Become a Cat, Leonard Sherman draws on four decades of experience in management consulting, venture capital, and teaching business strategy at Columbia Business School to share practical advice on two of the most vexing issues facing business executives: why is it so hard to achieve long-term profitable growth, and what can companies do to break away from the pack?

Sherman takes the reader on a provocative journey through the building blocks of business strategy by challenging conventional wisdom on a number of questions that will redefine management best practices:

-What should be the overarching purpose of your business?
-Do you really know what your strategy is?
-Is there such a thing as a bad industry?
-Where do great ideas come from and how do I find them?
-What makes products meaningfully different?
-What makes and breaks great brands?
-How and when should I disrupt my own company?
-What are the imperatives to achieving long-term profitable growth?

Filled with dozens of illustrative examples of inspiring successes and dispiriting falls from grace, this book provides deep insights on how to become the cat in a dogfight, whether you are a CEO, mid-level manager, aspiring business school student, or curious observer interested in achieving sustained profitable growth.

Businesses often find themselves trapped in a competitive dogfight, scratching and clawing for market share with products consumers view as largely undifferentiated. Conventional wisdom suggests that dogfights are to be expected as marketplaces mature, giving rise to the notion that there are "bad" industries where it is unlikely that any company can succeed.

But there are notable exceptions in which enlightened executives have changed the rules to grasp the holy grail of business: long-term profitable growth. Rather than joining the dogfights raging within their industry, companies such as Apple, FedEx, and Starbucks have chosen to become metaphorical cats, continuously renewing their distinctive strategies to compete on their own terms.

In If You're in a Dogfight, Become a Cat, Leonard Sherman draws on four decades of experience in management consulting, venture capital, and teaching business strategy at Columbia Business School to share practical advice on two of the most vexing issues facing business executives: why is it so hard to achieve long-term profitable growth, and what can companies do to break away from the pack?

Sherman takes the reader on a provocative journey through the building blocks of business strategy by challenging conventional wisdom on a number of questions that will redefine management best practices:

-What should be the overarching purpose of your business?
-Do you really know what your strategy is?
-Is there such a thing as a bad industry?
-Where do great ideas come from and how do I find them?
-What makes products meaningfully different?
-What makes and breaks great brands?
-How and when should I disrupt my own company?
-What are the imperatives to achieving long-term profitable growth?

Filled with dozens of illustrative examples of inspiring successes and dispiriting falls from grace, this book provides deep insights on how to become the cat in a dogfight, whether you are a CEO, mid-level manager, aspiring business school student, or curious observer interested in achieving sustained profitable growth.

How can a company that has never turned a profit have a multibillion dollar valuation? Why do some start-ups attract large investments while others do not? Aswath Damodaran, finance professor and experienced investor, argues that the power of story drives corporate value, adding substance to numbers and persuading even cautious investors to take risks. In business, there are the storytellers who spin compelling narratives and the number-crunchers who construct meaningful models and accounts. Both are essential to success, but only by combining the two, Damodaran argues, can a business deliver and sustain value.

Through a range of case studies, Narrative and Numbers describes how storytellers can better incorporate and narrate numbers and how number-crunchers can calculate more imaginative models that withstand scrutiny. Damodaran considers Uber's debut and how narrative is key to understanding different valuations. He investigates why Twitter and Facebook were valued in the billions of dollars at their public offerings, and why one (Twitter) has stagnated while the other (Facebook) has grown. Damodaran also looks at more established business models such as Apple and Amazon to demonstrate how a company's history can both enrich and constrain its narrative. And through Vale, a global Brazil-based mining company, he shows the influence of external narrative, and how country, commodity, and currency can shape a company's story. Narrative and Numbers reveals the benefits, challenges, and pitfalls of weaving narratives around numbers and how one can best test a story's plausibility.

The past thirty years have seen dozens of otherwise successful investors try to improve education through the application of market principles. They have funneled billions of dollars into alternative schools, online education, and textbook publishing, and they have, with surprising regularity, lost their shirts.

In Class Clowns, professor and investment banker Jonathan A. Knee dissects what drives investors' efforts to improve education and why they consistently fail. Knee takes readers inside four spectacular financial failures in education: Rupert Murdoch's billion-dollar effort to reshape elementary education through technology; the unhappy investors—including hedge fund titan John Paulson—who lost billions in textbook publisher Houghton Mifflin; the abandonment of Knowledge Universe, Michael Milken's twenty-year mission to revolutionize the global education industry; and a look at Chris Whittle, founder of EdisonLearning and a pioneer of large-scale transformational educational ventures, who continues to attract investment despite decades of financial and operational disappointment.

Although deep belief in the curative powers of the market drove these initiatives, it was the investors' failure to appreciate market structure that doomed them. Knee asks: What makes a good education business? By contrasting rare successes, he finds a dozen broad lessons at the heart of these cautionary case studies. Class Clowns offers an important guide for public policy makers and guardrails for future investors, as well as an intelligent exposé for activists and teachers frustrated with the repeated underperformance of these attempts to shake up education.

The past thirty years have seen dozens of otherwise successful investors try to improve education through the application of market principles. They have funneled billions of dollars into alternative schools, online education, and textbook publishing, and they have, with surprising regularity, lost their shirts.

In Class Clowns, professor and investment banker Jonathan A. Knee dissects what drives investors' efforts to improve education and why they consistently fail. Knee takes readers inside four spectacular financial failures in education: Rupert Murdoch's billion-dollar effort to reshape elementary education through technology; the unhappy investors—including hedge fund titan John Paulson—who lost billions in textbook publisher Houghton Mifflin; the abandonment of Knowledge Universe, Michael Milken's twenty-year mission to revolutionize the global education industry; and a look at Chris Whittle, founder of EdisonLearning and a pioneer of large-scale transformational educational ventures, who continues to attract investment despite decades of financial and operational disappointment.

Although deep belief in the curative powers of the market drove these initiatives, it was the investors' failure to appreciate market structure that doomed them. Knee asks: What makes a good education business? By contrasting rare successes, he finds a dozen broad lessons at the heart of these cautionary case studies. Class Clowns offers an important guide for public policy makers and guardrails for future investors, as well as an intelligent exposé for activists and teachers frustrated with the repeated underperformance of these attempts to shake up education.

Financial markets are noisy and full of half-baked opinions, innuendo, and misinformation. With deep insights about investor psychology, Book of Value shows how to apply tools of business analysis to sort through the deceptions and self-deceptions in financial markets. Anurag Sharma joins philosophy with practical know-how to launch an integrated approach to building high-performance stock portfolios.

Investors at all skill levels should learn to be mindful of their psychological biases so they may better frame investment choices. Book of Value teaches novices that investing is not a game of luck but a skill—and it teaches the emotional and analytical tools necessary to play it well. Intermediate investors learn how to effectively control emotions when investing and think strategically about their investment program. Advanced investors see the formalization of what they already know intuitively: that the philosopher's methods for seeking truth can be profitably applied to make smart investments. A groundbreaking guide full of lasting value, Book of Value should be on the shelf of anyone who takes investing seriously.

A Brief History of Entrepreneurship charts how the pursuit of profit by private individuals has been a prime mover in revolutionizing civilization. Entrepreneurs often butt up against processes, technologies, social conventions, and even laws. So they circumvent, innovate, and violate to obtain what they want. This creative destruction has brought about overland and overseas trade, colonization, and a host of revolutionary technologies—from caffeinated beverages to the personal computer—that have transformed society.

Consulting rich archival sources, including some that have never before been translated, Carlen maps the course of human history through nine episodes when entrepreneurship reshaped our world. Highlighting the most colorful characters of each era, he discusses Mesopotamian merchants' creation of the urban market economy; Phoenician merchant-sailors intercontinental trade, which came to connect Africa, Asia, and Europe; Chinese tea traders' invention of paper money; the colonization of the Americas; and the current "flattening" of the world's economic playing field.

Yet the pursuit of profit hasn't always moved us forward. From slavery to organized crime, Carlen explores how entrepreneurship can sometimes work at the expense of others. He also discusses the new entrepreneurs who, through the nascent space tourism industry, are leading humanity to a multiplanetary future. By exploring all sides of this legacy, Carlen brings much-needed detail to the role of entrepreneurship in revolutionizing civilization.

Despite social and economic advances around the world, poverty and disease persist, exacerbated by the mounting challenges of climate change, natural disasters, political conflict, mass migration, and economic inequality. While governments commit to addressing these challenges, traditional public and philanthropic dollars are not enough. Here, innovative finance has shown a way forward: by borrowing techniques from the world of finance, we can raise capital for social investments today. Innovative finance has provided polio vaccines to children in the DRC, crop insurance to farmers in India, pay-as-you-go solar electricity to Kenyans, and affordable housing and transportation to New Yorkers. It has helped governmental, commercial, and philanthropic resources meet the needs of the poor and underserved and build a more sustainable and inclusive prosperity.

Capital and the Common Good shows how market failure in one context can be solved with market solutions from another: an expert in securitization bundles future development aid into bonds to pay for vaccines today; an entrepreneur turns a mobile phone into an array of financial services for the unbanked; and policy makers adapt pay-for-success models from the world of infrastructure to human services like early childhood education, maternal health, and job training. Revisiting the successes and missteps of these efforts, Georgia Levenson Keohane argues that innovative finance is as much about incentives and sound decision-making as it is about money. When it works, innovative finance gives us the tools, motivation, and security to invest in our shared future.

Rethink your business for the digital age.

Every business begun before the Internet now faces the same challenge: How to transform to compete in a digital economy?

Globally recognized digital expert David L. Rogers argues that digital transformation is not about updating your technology but about upgrading your strategic thinking. Based on Rogers's decade of research and teaching at Columbia Business School, and his consulting for businesses around the world, The Digital Transformation Playbook shows how pre-digital-era companies can reinvigorate their game plans and capture the new opportunities of the digital world.

Rogers shows why traditional businesses need to rethink their underlying assumptions in five domains of strategy—customers, competition, data, innovation, and value. He reveals how to harness customer networks, platforms, big data, rapid experimentation, and disruptive business models—and how to integrate these into your existing business and organization.

Rogers illustrates every strategy in this playbook with real-world case studies, from Google to GE, from Airbnb to the New York Times. With practical frameworks and nine step-by-step planning tools, he distills the lessons of today's greatest digital innovators and makes them usable for businesses at any stage.

Many books offer advice for digital start-ups, but The Digital Transformation Playbook is the first complete treatment of how legacy businesses can transform to thrive in the digital age. It is an indispensable guide for executives looking to take their firms to the next stage of profitable growth.

When an investor believes a stock is overvalued and will soon drop in price, he might decide to "short" it. First, he borrows an amount of the stock, and then sells it. He waits for the stock to tank before buying back the same amount of shares at a deflated price. After returning the shares to his lender, he pockets the difference—unless any one of several hard-to-predict variables interferes, and the stock fails to drop.

Since these variables are so hard to predict, short selling is difficult for even seasoned investors. It takes great talent and experience to isolate the best short ideas for falling stocks—skills Amit Kumar developed and honed over decades of market analysis and trading. This book shares his short-selling framework, built on themes common to falling stocks and the market's endemic strengths and cycles. Featuring key case studies and exclusive interviews with successful fund managers Bill Ackman (Pershing Square Capital Management) and Mark Roberts (Off Wall Street Consulting Group), Kumar shows investors how to avoid traps and profit from well-researched short ideas. Investors may not always act on short ideas, but they can avoid losses by using Kumar's framework to identify overvalued stocks. Professionals and amateur investors alike will benefit from this fundamental research approach, which transforms short selling into a long-term strategy.

August Turak is a successful entrepreneur, corporate executive, and award-winning author who attributes much of his success to living and working alongside the Trappist monks of Mepkin Abbey for seventeen years. As a frequent monastic guest, he learned firsthand from the monks as they grew an incredibly successful portfolio of businesses.

Service and selflessness are at the heart of the 1,500-year-old monastic tradition's remarkable business success. It is an ancient though immensely relevant economic model that preserves what is positive and productive about capitalism while transcending its ethical limitations and internal contradictions. Combining vivid case studies from his thirty-year business career with intimate portraits of the monks at work, Turak shows how Trappist principles can be successfully applied to a variety of secular business settings and to our personal lives as well. He demonstrates that monks and people like Warren Buffett are wildly successful not despite their high principles but because of them. Turak also introduces other "transformational organizations" that share the crucial monastic business strategies so critical for success.

August Turak is a successful entrepreneur, corporate executive, and award-winning author who attributes much of his success to living and working alongside the Trappist monks of Mepkin Abbey for seventeen years. As a frequent monastic guest, he learned firsthand from the monks as they grew an incredibly successful portfolio of businesses.

Service and selflessness are at the heart of the 1,500-year-old monastic tradition's remarkable business success. It is an ancient though immensely relevant economic model that preserves what is positive and productive about capitalism while transcending its ethical limitations and internal contradictions. Combining vivid case studies from his thirty-year business career with intimate portraits of the monks at work, Turak shows how Trappist principles can be successfully applied to a variety of secular business settings and to our personal lives as well. He demonstrates that monks and people like Warren Buffett are wildly successful not despite their high principles but because of them. Turak also introduces other "transformational organizations" that share the crucial monastic business strategies so critical for success.

One of Asia's best-respected writers on business and economy, Hong Kong-based author Mark L. Clifford provides a behind-the-scenes look at what companies in China, India, Japan, Korea, the Philippines, Indonesia, Hong Kong, Singapore, and Thailand are doing to build businesses that will lessen the environmental impact of Asia's extraordinary economic growth. Dirty air, foul water, and hellishly overcrowded cities are threatening to choke the region's impressive prosperity. Recognizing a business opportunity in solving social problems, Asian businesses have developed innovative responses to the region's environmental crises.

From solar and wind power technologies to green buildings, electric cars, water services, and sustainable tropical forestry, Asian corporations are upending old business models in their home countries and throughout the world. Companies have the money, the technology, and the people to act—yet, as Clifford emphasizes, support from the government (in the form of more effective, market-friendly policies) and the engagement of civil society are crucial for a region-wide shift to greener business practices. Clifford paints detailed profiles of what some of these companies are doing and includes a unique appendix that encapsulates the environmental business practices of more than fifty companies mentioned in the book.

One of Asia's best-respected writers on business and economy, Hong Kong-based author Mark L. Clifford provides a behind-the-scenes look at what companies in China, India, Japan, Korea, the Philippines, Indonesia, Hong Kong, Singapore, and Thailand are doing to build businesses that will lessen the environmental impact of Asia's extraordinary economic growth. Dirty air, foul water, and hellishly overcrowded cities are threatening to choke the region's impressive prosperity. Recognizing a business opportunity in solving social problems, Asian businesses have developed innovative responses to the region's environmental crises.

From solar and wind power technologies to green buildings, electric cars, water services, and sustainable tropical forestry, Asian corporations are upending old business models in their home countries and throughout the world. Companies have the money, the technology, and the people to act—yet, as Clifford emphasizes, support from the government (in the form of more effective, market-friendly policies) and the engagement of civil society are crucial for a region-wide shift to greener business practices. Clifford paints detailed profiles of what some of these companies are doing and includes a unique appendix that encapsulates the environmental business practices of more than fifty companies mentioned in the book.

In this unique, well-illustrated book, readers learn how fifty financial corporations came to dominate the U.S. banking system and their impact on the nation's political, social, and economic growth. A story that spans more than two centuries of war, crisis, and opportunity, this account reminds readers that American banking was never a fixed enterprise but has evolved in tandem with the country.

More than 225 years have passed since Alexander Hamilton created one of the nation's first commercial banks. Over time, these institutions have changed hands, names, and locations, reflecting a wave of mergers, acquisitions, and other restructuring efforts that echo changes in American finance. Some names, such as Bank of America and Wells Fargo, will be familiar to readers. The origins of others, including Zions Bancorporation, founded by Brigham Young and owned by the Mormon Church until 1960, are surprising. Exploring why some banks failed and others thrived, this book wonders, in light of the 2008 financial crisis, whether recent consolidations have reached or even exceeded economically rational limits. A key text for navigating the complex terrain of American finance, this volume draws a fascinating family tree for projecting the financial future of a nation.

To understand business and its political, cultural, and economic context, it helps to view it historically, yet most business histories look no further back than the nineteenth century. The full sweep of business history actually begins much earlier, with the initial cities of Mesopotamia. In the first book to describe and explain these origins, Roberts depicts the society of ancient traders and consumers, tracing the roots of modern business and underscoring the relationship between early and modern business practice.

Roberts's narrative begins before business, which he defines as selling to voluntary buyers at a profit. Before business, he shows, the material conditions and concepts for the pursuit of profit did not exist, even though trade and manufacturing took place. The earliest business, he suggests, arose with the long distance trade of early Mesopotamia, and expanded into retail, manufacturing and finance in these command economies, culminating in the Middle Eastern empires. (Part One) But it was the largely independent rise of business, money, and markets in classical Greece that produced business much as we know it. Alexander the Great's conquests and the societies that his successors created in their kingdoms brought a version of this system to the old Middle Eastern empires, and beyond. (Part Two) At Rome this entrepreneurial market system gained important new features, including business corporations, public contracting, and even shopping malls. The story concludes with the sharp decline of business after the 3rd century CE. (Part Three)

In each part, Roberts portrays the major new types of business coming into existence. He weaves these descriptions into a narrative of how the prevailing political, economic, and social culture shaped the nature and importance of business and the status, wealth, and treatment of business people. Throughout, the discussion indicates how much (and how little) business has changed, provides a clear picture of what business actually is, presents a model for understanding the social impact of business as a whole, and yields stimulating insights for public policy today.

To understand business and its political, cultural, and economic context, it helps to view it historically, yet most business histories look no further back than the nineteenth century. The full sweep of business history actually begins much earlier, with the initial cities of Mesopotamia. In the first book to describe and explain these origins, Roberts depicts the society of ancient traders and consumers, tracing the roots of modern business and underscoring the relationship between early and modern business practice.

Roberts's narrative begins before business, which he defines as selling to voluntary buyers at a profit. Before business, he shows, the material conditions and concepts for the pursuit of profit did not exist, even though trade and manufacturing took place. The earliest business, he suggests, arose with the long distance trade of early Mesopotamia, and expanded into retail, manufacturing and finance in these command economies, culminating in the Middle Eastern empires. (Part One) But it was the largely independent rise of business, money, and markets in classical Greece that produced business much as we know it. Alexander the Great's conquests and the societies that his successors created in their kingdoms brought a version of this system to the old Middle Eastern empires, and beyond. (Part Two) At Rome this entrepreneurial market system gained important new features, including business corporations, public contracting, and even shopping malls. The story concludes with the sharp decline of business after the 3rd century CE. (Part Three)

In each part, Roberts portrays the major new types of business coming into existence. He weaves these descriptions into a narrative of how the prevailing political, economic, and social culture shaped the nature and importance of business and the status, wealth, and treatment of business people. Throughout, the discussion indicates how much (and how little) business has changed, provides a clear picture of what business actually is, presents a model for understanding the social impact of business as a whole, and yields stimulating insights for public policy today.

Author of the acclaimed work Iceberg Risk: An Adventure in Portfolio Theory, Kent Osband argues that uncertainty is central rather than marginal to finance. Markets don't trade mainly on changes in risk. They trade on changes in beliefs about risk, and in the process, markets unite, stretch, and occasionally defy beliefs. Recognizing this truth would make a world of difference in investing. Belittling uncertainty has created a rift between financial theory and practice and within finance theory itself, misguiding regulation and stoking huge financial imbalances.

Sparking a revolution in the mindset of the investment professional, Osband recasts the market as a learning machine rather than a knowledge machine. The market continually errs, corrects itself, and makes new errors. Respecting that process, without idolizing it, will promote wiser investment, trading, and regulation. With uncertainty embedded at its core, Osband's rational approach points to a finance theory worthy of twenty-first-century investing.

Author of the acclaimed work Iceberg Risk: An Adventure in Portfolio Theory, Kent Osband argues that uncertainty is central rather than marginal to finance. Markets don't trade mainly on changes in risk. They trade on changes in beliefs about risk, and in the process, markets unite, stretch, and occasionally defy beliefs. Recognizing this truth would make a world of difference in investing. Belittling uncertainty has created a rift between financial theory and practice and within finance theory itself, misguiding regulation and stoking huge financial imbalances.

Sparking a revolution in the mindset of the investment professional, Osband recasts the market as a learning machine rather than a knowledge machine. The market continually errs, corrects itself, and makes new errors. Respecting that process, without idolizing it, will promote wiser investment, trading, and regulation. With uncertainty embedded at its core, Osband's rational approach points to a finance theory worthy of twenty-first-century investing.

Berkshire Hathaway, the $500 billion conglomerate that Warren Buffett built, is among the world's largest and most famous corporations. Yet, for all its power and celebrity, few people understand Berkshire, and many assume it cannot survive without Buffett. This book proves them wrong.

In a comprehensive portrait of the corporate culture that unites Berkshire's subsidiaries, Lawrence A. Cunningham unearths the traits that assure the conglomerate's continued prosperity. Riveting stories of each subsidiary's origins, triumphs, and journey to Berkshire reveal how managers generate economic value from intangibles like thrift, integrity, entrepreneurship, autonomy, and a sense of permanence.

Rich with lessons for those wishing to profit from the Berkshire model, this engaging book is a valuable read for entrepreneurs, business owners, managers, family business members, and investors, and it is an important resource for scholars of corporate stewardship. General readers will enjoy learning how an iconoclastic businessman transformed a struggling textile company into a corporate legacy.

Berkshire Hathaway, the $500 billion conglomerate that Warren Buffett built, is among the world's largest and most famous corporations. Yet, for all its power and celebrity, few people understand Berkshire, and many assume it cannot survive without Buffett. This book proves them wrong.

In a comprehensive portrait of the corporate culture that unites Berkshire's subsidiaries, Lawrence A. Cunningham unearths the traits that assure the conglomerate's continued prosperity. Riveting stories of each subsidiary's origins, triumphs, and journey to Berkshire reveal how managers generate economic value from intangibles like thrift, integrity, entrepreneurship, autonomy, and a sense of permanence.

Rich with lessons for those wishing to profit from the Berkshire model, this engaging book is a valuable read for entrepreneurs, business owners, managers, family business members, and investors, and it is an important resource for scholars of corporate stewardship. General readers will enjoy learning how an iconoclastic businessman transformed a struggling textile company into a corporate legacy.

William Duggan's 2007 book, Strategic Intuition, showed how innovation really happens in business and other fields and how that matches what modern neuroscience tells us about how creative ideas form in the human mind. In his new book, Creative Strategy, Duggan offers a step-by-step guide to help individuals and organizations put that same method to work for their own innovations.

Duggan's book solves the most important problem of how innovation actually happens. Other methods of creativity, strategy, and innovation explain how to research and analyze a situation, but they don't guide toward the next step: developing a creative idea for what to do. Or they rely on the magic of "brainstorming"—just tossing out ideas. Instead, Duggan shows how creative strategy follows the natural three-step method of the human brain: breaking down a problem into parts and then searching for past examples to create a new combination to solve the problem. That's how innovation really happens.

Duggan explains how to follow these three steps to innovate in business and any other field as an individual, a team, or a whole company. The crucial middle step—the search for past examples—takes readers beyond their own brain to a "what-works scan" of what others have done within and outside of the company, industry, and country. It is a global search for good ideas to combine as a new innovation. Duggan illustrates creative strategy through real-world cases of innovation that use the same method: from Netflix to Edison, from Google to Henry Ford. He also shows how to integrate creative strategy into other methods you might currently use, such as Porter's Five Forces or Design Thinking. Creative Strategy takes the mystery out of innovation and puts it within your grasp.

David Hurst has a unique knowledge of organizations—their function and their failure—both in theory and in practice. He has spent twenty-five years as an operating manager, often in crises and turnaround conditions, and is also a widely experienced consultant, teacher, and writer on business. This book is his innovative integration of management practice and theory, using a systems perspective and analogies drawn from nature to illustrate groundbreaking ideas and their practical application. It is designed for readers unfamiliar with sophisticated management concepts and for active practitioners seeking to advance their management and leadership skills.

Hurst's objective is to help readers make meaning from their own management experience and education, and to encourage improvement in their practical judgment and wisdom. His approach takes an expansive view of organizations, connecting their development to humankind's evolutionary heritage and cultural history. It locates the origins of organizations in communities of trust and follows their development and maturation. He also crucially tracks the decline of organizations as they age and shows how their strengths become weaknesses in changing circumstances.

Hurst's core argument is that the human mind is rational in an ecological, rather than a logical, sense. In other words, it has evolved to extract cues to action from the specific situations in which it finds itself. Therefore contexts matter, and Hurst shows how passion, reason, and power can be used to change and sustain organizations for good and ill. The result is an inspirational synthesis of management theory and practice that will resonate with every reader's experience.

David Hurst has a unique knowledge of organizations—their function and their failure—both in theory and in practice. He has spent twenty-five years as an operating manager, often in crises and turnaround conditions, and is also a widely experienced consultant, teacher, and writer on business. This book is his innovative integration of management practice and theory, using a systems perspective and analogies drawn from nature to illustrate groundbreaking ideas and their practical application. It is designed for readers unfamiliar with sophisticated management concepts and for active practitioners seeking to advance their management and leadership skills.

Hurst's objective is to help readers make meaning from their own management experience and education, and to encourage improvement in their practical judgment and wisdom. His approach takes an expansive view of organizations, connecting their development to humankind's evolutionary heritage and cultural history. It locates the origins of organizations in communities of trust and follows their development and maturation. He also crucially tracks the decline of organizations as they age and shows how their strengths become weaknesses in changing circumstances.

Hurst's core argument is that the human mind is rational in an ecological, rather than a logical, sense. In other words, it has evolved to extract cues to action from the specific situations in which it finds itself. Therefore contexts matter, and Hurst shows how passion, reason, and power can be used to change and sustain organizations for good and ill. The result is an inspirational synthesis of management theory and practice that will resonate with every reader's experience.

To compete with today's increasing globalization and rapidly evolving technologies, individuals and organizations must take their ability to learn—the foundation for continuous improvement, operational excellence, and innovation—to a much higher level. In Learn or Die, Edward D. Hess combines recent advances in neuroscience, psychology, behavioral economics, and education with key research on high-performance businesses to create an actionable blueprint for becoming a leading-edge learning organization.

Learn or Die examines the process of learning from an individual and an organizational standpoint. From an individual perspective, the book discusses the cognitive, emotional, motivational, attitudinal, and behavioral factors that promote better learning. Organizationally, Learn or Die focuses on the kinds of structures, culture, leadership, employee learning behaviors, and human resource policies that are necessary to create an environment that enables critical and innovative thinking, learning conversations, and collaboration. The volume also provides strategies to mitigate the reality that humans can be reflexive, lazy thinkers who seek confirmation of what they believe to be true and affirmation of their self-image. Exemplar learning organizations discussed include the secretive Bridgewater Associates, LP; Intuit, Inc.; United Parcel Service (UPS); W. L. Gore & Associates; and IDEO.

To compete with today's increasing globalization and rapidly evolving technologies, individuals and organizations must take their ability to learn—the foundation for continuous improvement, operational excellence, and innovation—to a much higher level. In Learn or Die, Edward D. Hess combines recent advances in neuroscience, psychology, behavioral economics, and education with key research on high-performance businesses to create an actionable blueprint for becoming a leading-edge learning organization.

Learn or Die examines the process of learning from an individual and an organizational standpoint. From an individual perspective, the book discusses the cognitive, emotional, motivational, attitudinal, and behavioral factors that promote better learning. Organizationally, Learn or Die focuses on the kinds of structures, culture, leadership, employee learning behaviors, and human resource policies that are necessary to create an environment that enables critical and innovative thinking, learning conversations, and collaboration. The volume also provides strategies to mitigate the reality that humans can be reflexive, lazy thinkers who seek confirmation of what they believe to be true and affirmation of their self-image. Exemplar learning organizations discussed include the secretive Bridgewater Associates, LP; Intuit, Inc.; United Parcel Service (UPS); W. L. Gore & Associates; and IDEO.

William Duggan's 2007 book, Strategic Intuition, showed how innovation really happens in business and other fields and how that matches what modern neuroscience tells us about how creative ideas form in the human mind. In his new book, Creative Strategy, Duggan offers a step-by-step guide to help individuals and organizations put that same method to work for their own innovations.

Duggan's book solves the most important problem of how innovation actually happens. Other methods of creativity, strategy, and innovation explain how to research and analyze a situation, but they don't guide toward the next step: developing a creative idea for what to do. Or they rely on the magic of "brainstorming"—just tossing out ideas. Instead, Duggan shows how creative strategy follows the natural three-step method of the human brain: breaking down a problem into parts and then searching for past examples to create a new combination to solve the problem. That's how innovation really happens.

Duggan explains how to follow these three steps to innovate in business and any other field as an individual, a team, or a whole company. The crucial middle step—the search for past examples—takes readers beyond their own brain to a "what-works scan" of what others have done within and outside of the company, industry, and country. It is a global search for good ideas to combine as a new innovation. Duggan illustrates creative strategy through real-world cases of innovation that use the same method: from Netflix to Edison, from Google to Henry Ford. He also shows how to integrate creative strategy into other methods you might currently use, such as Porter's Five Forces or Design Thinking. Creative Strategy takes the mystery out of innovation and puts it within your grasp.

Using evolution as the template to understand growth, The Nature of Value takes a first-principles approach to explore the parallels between economic and ecological systems. Not only does Gogerty show how value is born out of tiny sparks of adaptive innovation, but he also explores the full scope of the economy as a complex network. He borrows from an array of disciplines—including anthropology, psychology, ecology, physics, sociology, and ethics—and, most revealing of all, examines how evolution's processes can help investors avoid risk and improve their allocation decisions.

Starting with a look at how innovation creates value for firms, Gogerty considers the economic niches where companies compete and explores how they can create defensive moats to enhance their ability to survive. Throughout the book, Gogerty demonstrates how this ecological understanding of the economy can help allocators improve their performance, supporting his arguments with extensive data and years of practitioner experience from scientific, social, and economic disciplines. Gogerty's practical takeaways, couched in vivid explanations and accompanied by intuitive illustrations, help investors of all backgrounds gain fresh insight into the behavior of corporations and the economy in general.

Leslie S. Pratch is a practicing psychologist who focuses on assessing and coaching executives who occupy or are candidates for top positions in business organizations. In this book, she shares insights from more than twenty years of executive evaluations and offers an empirical method of identifying executives who will be effective within organizations—and to flag those who will ultimately fail—by evaluating hidden aspects of personality and character.

Pratch compares candidates with impressive careers and tries to determine which are likely to act with consistently high integrity and exhibit sound, timely judgment when faced with unanticipated business problems. Central to effective leadership is a psychological quality called "active coping," which Pratch defines and explores by referencing case studies, historical figures, and her own scholarly work. This book speaks not only to those in hiring positions and their advisors but also more widely to leaders and anyone who wishes to learn more about their own character and the abilities of those around them. Pratch offers knowledge, asks questions, and challenges common perceptions, providing a practical tool for those in business and for the general reader.

The launch of the Dutch East India Company in 1602 initiated Amsterdam's transformation from a regional market town into a dominant financial center. The Company introduced easily transferable shares, and within days buyers had begun to trade them. Soon the public was engaging in a variety of complex transactions, including forwards, futures, options, and bear raids, and by 1680 the techniques deployed in the Amsterdam market were as sophisticated as any we practice today.

Lodewijk Petram's eye-opening history demystifies financial instruments by linking today's products to yesterday's innovations, tying the market's operation to the behavior of individuals and the workings of the world around them. Traveling back to seventeenth-century Amsterdam, Petram visits the harbor and other places where merchants met to strike deals. He bears witness to the goings-on at a notary's office and sits in on the consequential proceedings of a courtroom. He describes in detail the main players, investors, shady characters, speculators, and domestic servants and other ordinary folk, who all played a role in the development of the market and its crises. His history clarifies concerns that investors still struggle with today, such as fraud, the value of information, trust and the place of honor, managing diverging expectations, and balancing risk, and does so in a way that is vivid, relatable, and critical to understanding our contemporary financial predicament.

Paul Cabot (1898–1994) was an innovative mutual fund manager and executive known for his strong character, charismatic personality, and trendsetting financial achievements. Iconoclastic and rebellious, Cabot broke free from the Boston Brahmin trustee mold to pursue new ways of investing and serving investment clients.

Cabot founded one of the first mutual funds—State Street Investment Corporation—in the early 1920s, campaigned against the corrupt practices of certain other funds in the late 1920s, and lobbied on behalf of key New Deal securities legislation in the 1930s. As Harvard University treasurer, he increased the allocation of the endowment to equities just in time for the bull market of the 1950s, and as a corporate director in the 1960s he campaigned against conglomerates' abusive takeover strategies.

Having spent nearly two decades working for Cabot's company, State Street Research & Management, as an analyst, research director, portfolio manager, and chief investment officer, Michael R. Yogg is well positioned to share the secrets behind Cabot's extraordinary success and relate the life of an extraordinary man. Cabot pioneered the use of fundamental stock analysis and was likely the first to take up the progressive practice of interviewing company managements. His accomplishments all stemmed from his passion for facts, finance, and creative thinking, as well as his unbreakable will, facets Yogg illuminates through privileged access to Cabot's papers and a wealth of interviews.

Much has been written about the ups and downs of financial markets, from the lure of prosperity to the despair of crises. Yet a more fundamental and pernicious source of uncertainty exists in today's world: the traditional "insurance" risks of earthquakes, storms, terrorist attacks, and other disasters. Insightfully exploring these "acts of God and man," Michael R. Powers guides readers through the methods available for identifying and measuring such risks, financing their consequences, and forecasting their future behavior within the limits of science.

A distinctive characteristic of earthquakes, hurricanes, bombings, and other insurance risks is that they impact the values of stocks, bonds, commodities, and other market-based financial products, while remaining largely unaffected by or "aloof" from the behavior of markets. Quantifying such risks given limited data is difficult yet crucial for achieving the financing objectives of insurance. Powers begins with a discussion of how risk impacts our lives, health, and possessions and proceeds to introduce the statistical techniques necessary for analyzing these uncertainties. He then considers the experience of risk from the perspectives of both policyholders and insurance companies, and compares their respective responses.

The risks inherent in the private insurance industry lead naturally to a discussion of the government's role as both market regulator and potential "insurer of last resort." Following a thoughtful and balanced analysis of these issues, Powers concludes with an interdisciplinary investigation into the nature of uncertainty, incorporating ideas from physics, philosophy, and game theory to assess science's limitations in predicting the ramifications of risk.

Design-oriented firms such as Apple and IDEO have demonstrated how design thinking can affect business results. However, most managers lack a sense of how to use this new approach for issues other than product development and sales growth. Solving Problems with Design Thinking details ten real-world examples of managers who successfully applied design methods at 3M, Toyota, IBM, Intuit, and SAP; entrepreneurial start-ups such as MeYou Health; and government and social sector organizations, including the City of Dublin and Denmark's The Good Kitchen.

Using design skills such as ethnography, visualization, storytelling, and experimentation, these managers produced innovative solutions to such problems as implementing strategy, supporting a sales force, redesigning internal processes, feeding the elderly, and engaging citizens. They elaborate on the challenges they faced and the processes and tools they used, providing a clear path to implementation based on the principles and practices laid out in Jeanne Liedtka and Tim Ogilvie's Designing for Growth: A Design Thinking Tool Kit for Managers.

Much has been written about the ups and downs of financial markets, from the lure of prosperity to the despair of crises. Yet a more fundamental and pernicious source of uncertainty exists in today's world: the traditional "insurance" risks of earthquakes, storms, terrorist attacks, and other disasters. Insightfully exploring these "acts of God and man," Michael R. Powers guides readers through the methods available for identifying and measuring such risks, financing their consequences, and forecasting their future behavior within the limits of science.

A distinctive characteristic of earthquakes, hurricanes, bombings, and other insurance risks is that they impact the values of stocks, bonds, commodities, and other market-based financial products, while remaining largely unaffected by or "aloof" from the behavior of markets. Quantifying such risks given limited data is difficult yet crucial for achieving the financing objectives of insurance. Powers begins with a discussion of how risk impacts our lives, health, and possessions and proceeds to introduce the statistical techniques necessary for analyzing these uncertainties. He then considers the experience of risk from the perspectives of both policyholders and insurance companies, and compares their respective responses.

The risks inherent in the private insurance industry lead naturally to a discussion of the government's role as both market regulator and potential "insurer of last resort." Following a thoughtful and balanced analysis of these issues, Powers concludes with an interdisciplinary investigation into the nature of uncertainty, incorporating ideas from physics, philosophy, and game theory to assess science's limitations in predicting the ramifications of risk.

This volume connects the evolving modern financial systems of China, Japan, and Korea to the development and growth of their economies through the first decade of the twenty-first century. It also identifies the commonalities among all three systems while accounting for their social, political, and institutional differences.

Essays consider the reforms of the Chinese economy since 1978, the underwhelming performance of the Japanese economy since about 1990, and the growth of the Korean economy over the past three decades. These economies engaged in rapid catch-up growth processes and share similar economic structures. Yet while domestic forces have driven each country's financial trajectory, international short-term financial flows have presented opportunities and challenges for them all. The nature and role of the financial system in generating real economic growth, though nuanced and complex, is integral to these countries. The result is a fascinating spectrum of experiences with powerful takeaways.

How "Aha!" really happens.

When do you get your best ideas? You probably answer "At night," or "In the shower," or "Stuck in traffic." You get a flash of insight. Things come together in your mind. You connect the dots. You say to yourself, "Aha! I see what to do." Brain science now reveals how these flashes of insight happen. It's a special form of intuition. We call it strategic intuition, because it gives you an idea for action-a strategy.

Brain science tells us there are three kinds of intuition: ordinary, expert, and strategic. Ordinary intuition is just a feeling, a gut instinct. Expert intuition is snap judgments, when you instantly recognize something familiar, the way a tennis pro knows where the ball will go from the arc and speed of the opponent's racket. (Malcolm Gladwell wrote about this kind of intuition in Blink.) The third kind, strategic intuition, is not a vague feeling, like ordinary intuition. Strategic intuition is a clear thought. And it's not fast, like expert intuition. It's slow. That flash of insight you had last night might solve a problem that's been on your mind for a month. And it doesn't happen in familiar situations, like a tennis match. Strategic intuition works in new situations. That's when you need it most.

Everyone knows you need creative thinking, or entrepreneurial thinking, or innovative thinking, or strategic thinking to succeed in the modern world. All these kinds of thinking happen through flashes of insight—strategic intuition. And now that we know how it works, you can learn to do it better. That's what this book is about.

Over the past ten years, William Duggan has conducted pioneering research on strategic intuition and for the past three years has taught a popular course at Columbia Business School on the subject. He now gives us this eye-opening book that shows how strategic intuition lies at the heart of great achievements throughout human history: the scientific and computer revolutions, women's suffrage, the civil rights movement, modern art, microfinance in poor countries, and more. Considering the achievements of people and organizations, from Bill Gates to Google, Copernicus to Martin Luther King, Picasso to Patton, you'll never think the same way about strategy again.

Three kinds of strategic ideas apply to human achievement:

* Strategic analysis, where you study the situation you face
* Strategic intuition, where you get a creative idea for what to do
* Strategic planning, where you work out the details of how to do it.

There is no shortage of books about strategic analysis and strategic planning. This new book by William Duggan is the first full treatment of strategic intuition. It's the missing piece of the strategy puzzle that makes essential reading for anyone interested in achieving more in any field of human endeavor.

How "Aha!" really happens.

When do you get your best ideas? You probably answer "At night," or "In the shower," or "Stuck in traffic." You get a flash of insight. Things come together in your mind. You connect the dots. You say to yourself, "Aha! I see what to do." Brain science now reveals how these flashes of insight happen. It's a special form of intuition. We call it strategic intuition, because it gives you an idea for action-a strategy.

Brain science tells us there are three kinds of intuition: ordinary, expert, and strategic. Ordinary intuition is just a feeling, a gut instinct. Expert intuition is snap judgments, when you instantly recognize something familiar, the way a tennis pro knows where the ball will go from the arc and speed of the opponent's racket. (Malcolm Gladwell wrote about this kind of intuition in Blink.) The third kind, strategic intuition, is not a vague feeling, like ordinary intuition. Strategic intuition is a clear thought. And it's not fast, like expert intuition. It's slow. That flash of insight you had last night might solve a problem that's been on your mind for a month. And it doesn't happen in familiar situations, like a tennis match. Strategic intuition works in new situations. That's when you need it most.

Everyone knows you need creative thinking, or entrepreneurial thinking, or innovative thinking, or strategic thinking to succeed in the modern world. All these kinds of thinking happen through flashes of insight—strategic intuition. And now that we know how it works, you can learn to do it better. That's what this book is about.

Over the past ten years, William Duggan has conducted pioneering research on strategic intuition and for the past three years has taught a popular course at Columbia Business School on the subject. He now gives us this eye-opening book that shows how strategic intuition lies at the heart of great achievements throughout human history: the scientific and computer revolutions, women's suffrage, the civil rights movement, modern art, microfinance in poor countries, and more. Considering the achievements of people and organizations, from Bill Gates to Google, Copernicus to Martin Luther King, Picasso to Patton, you'll never think the same way about strategy again.

Three kinds of strategic ideas apply to human achievement:

* Strategic analysis, where you study the situation you face
* Strategic intuition, where you get a creative idea for what to do
* Strategic planning, where you work out the details of how to do it.

There is no shortage of books about strategic analysis and strategic planning. This new book by William Duggan is the first full treatment of strategic intuition. It's the missing piece of the strategy puzzle that makes essential reading for anyone interested in achieving more in any field of human endeavor.

The Robin Hood Foundation is a charitable organization focused on alleviating poverty in New York City. Michael M. Weinstein is the foundation's senior vice president. In that role he developed its metrics-based approach, called "relentless monetization," to ensure that the money the foundation receives and grants is used most effectively. Ralph M. Bradburd has served as long-time consultant to Robin Hood on matters of metrics.

In this book Weinstein and Bradburd show how to implement the Robin Hood approach and explain how any nonprofit organizations or philanthropic donor can use it to achieve the greatest benefit from every philanthropic dollar. Drawing on their extensive knowledge, the authors devote specific chapters to the difficulties most frequently encountered by donors trying to measure the benefits of their initiatives.. This book provides straightforward, targeted advice for funding "smart" nonprofit programs.

Jim Paul's meteoric rise took him from a small town in Northern Kentucky to governor of the Chicago Mercantile Exchange, yet he lost it all—his fortune, his reputation, and his job—in one fatal attack of excessive economic hubris. In this honest, frank analysis, Paul and Brendan Moynihan revisit the events that led to Paul's disastrous decision and examine the psychological factors behind bad financial practices in several economic sectors.

This book—winner of a 2014 Axiom Business Book award gold medal—begins with the unbroken string of successes that helped Paul achieve a jet-setting lifestyle and land a key spot with the Chicago Mercantile Exchange. It then describes the circumstances leading up to Paul's $1.6 million loss and the essential lessons he learned from it—primarily that, although there are as many ways to make money in the markets as there are people participating in them, all losses come from the same few sources.

Investors lose money in the markets either because of errors in their analysis or because of psychological barriers preventing the application of analysis. While all analytical methods have some validity and make allowances for instances in which they do not work, psychological factors can keep an investor in a losing position, causing him to abandon one method for another in order to rationalize the decisions already made. Paul and Moynihan's cautionary tale includes strategies for avoiding loss tied to a simple framework for understanding, accepting, and dodging the dangers of investing, trading, and speculating.

Robert G. Hagstrom is one of the best-known authors of investment books for general audiences. Turning his extensive experience as a portfolio manager at Legg Mason Capital Management into valuable guidance for professionals and nonprofessionals alike, he is the author of six successful books on investment, including The Warren Buffett Way, a New York Times best-seller that has sold more than a million copies.

In this updated second edition of Investing: The Last Liberal Art, Hagstrom explores basic and fundamental investing concepts in a range of fields outside of economics, including physics, biology, sociology, psychology, philosophy, and literature. He discusses, for instance, how the theory of evolution disrupts the notion of the efficient market and how reading strategies for literature can be gainfully applied to investing research. Building on Charlie Munger's famous "latticework of mental models" concept, Hagstrom argues that it is impossible to make good investment decisions based solely on a strong knowledge of finance theory alone. He reinforces his concepts with additional data and a new chapter on mathematics, and updates his text throughout to reflect the developments of the past decade, particularly the seismic economic upheaval of 2008. He has also added a hundred new titles to the invaluable reading list concluding the book.

Praise for the first edition:

"I read this book in one sitting: I could not put it down."—Peter L. Bernstein, author of Against the Gods: The Remarkable Story of Risk

"Elegant and irresistible. Robert G. Hagstrom makes the complex clear as he confidently crisscrosses through the disciplines of finance, biology, physics, and literature. The only way to understand investing better, [Investing] shows, is to understand the world better. Ideas spark off the page at every turn. This is simply a gem of a book."—James Surowiecki, New Yorker

"Investing is a brisk and engaging read, and it is a pleasure to be in the presence of Hagstrom's agile mind."—International Herald Tribune

Howard Marks's The Most Important Thing distilled the investing insight of his celebrated client memos into a single volume and, for the first time, made his time-tested philosophy available to general readers. In this edition, Marks's wisdom is joined by the comments, insights, and counterpoints of four renowned investors and investment educators: Christopher C. Davis (Davis Funds), Joel Greenblatt (Gotham Capital), Paul Johnson (Nicusa Capital), and Seth A. Klarman (Baupost Group).

These experts lend insight into such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Marks also adds his own annotations, expanding on his book's original themes and issues. A new chapter addresses the importance of reasonable expectations, and a foreword by Bruce C. Greenwald, called "a guru to Wall Street's gurus" by the New York Times, speaks on value investing, productivity, and the economics of information.

***

Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor.

Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways.

Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "contrarian," Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing.

"This is that rarity, a useful book."--Warren Buffett

The first swap was executed over thirty years ago. Since then, the interest rate swaps and other derivative markets have grown and diversified in phenomenal directions. Derivatives are used today by a myriad of institutional investors for the purposes of risk management, expressing a view on the market, and pursuing market opportunities that are otherwise unavailable using more traditional financial instruments. In this volume, Howard Corb explores the concepts behind interest rate swaps and the many derivatives that evolved from them.

Corb's book uniquely marries academic rigor and real-world trading experience in a compelling, readable style. While it is filled with sophisticated formulas and analysis, the volume is geared toward a wide range of readers searching for an in-depth understanding of these markets. It serves as both a textbook for students and a must-have reference book for practitioners. Corb helps readers develop an intuitive feel for these products and their use in the market, providing a detailed introduction to more complicated trades and structures. Through examples of financial structuring, readers will come away with an understanding of how derivatives products are created and how they can be deconstructed and analyzed effectively.

Jeanne Liedtka and Tim Ogilvie educate readers in one of the hottest trends in business: "design thinking," or the ability to turn abstract ideas into practical applications for maximal business growth. Liedtka and Ogilvie cover the mind-set, techniques, and vocabulary of design thinking, unpack the mysterious connection between design and growth, and teach managers in a straightforward way how to exploit design's exciting potential.

Exemplified by Apple and the success of its elegant products and cultivated by high-profile design firms such as IDEO, design thinking unlocks creative right-brain capabilities to solve a range of problems. This approach has become a necessary component of successful business practice, helping managers turn abstract concepts into everyday tools that grow business while minimizing risk.

"This is that rarity, a useful book."--Warren Buffett

Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor.

Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways.

Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "contrarian," Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing.

Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value.

Laying aside many of the tools of modern finance—the cost-of-capital, the CAPM, and discounted cash flow analysis—Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor.

Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.

Kenneth A. Posner spent close to two decades as a Wall Street analyst, tracking the so-called "specialty finance" sector, which included controversial companies such as Countrywide, Fannie Mae, Freddie Mac, CIT, and MasterCard—many of which were caught in the subprime mortgage and capital markets crisis of 2007. While extreme volatility is nothing new in finance, the recent downturn caught many off guard, indicating that the traditional approach to decision making had let them down. Introducing a new framework for handling and evaluating extreme risk, Posner draws on years of experience to show how decision makers can best cope with the "Black Swans" of our time.

Posner's shrewd assessment combines the classic fundamental research approach of Benjamin Graham and David Dodd with more recent developments in cognitive science, computational theory, and quantitative finance. He outlines a probabilistic approach to decision making that involves forecasting across a range of scenarios, and he explains how to balance confidence, react accurately to fast-breaking information, overcome information overload, zero in on the critical issues, penetrate the information asymmetry shielding corporate executives, and integrate the power of human intuition with sophisticated analytics. Emphasizing the computational resources we already have at our disposal—our computers and our minds—Posner offers a new track to decision making for analysts, investors, traders, corporate executives, risk managers, regulators, policymakers, journalists, and anyone who faces a world of extreme volatility.

In order to avoid another Enron, WorldCom, or Tyco, company directors have assumed a bold and independent role in the boardroom, monitoring the actions and day-to-day operations of the CEO. This dramatic shift has created a new dynamic, one that requires careful negotiation from both parties to get the job done. Giving directors, executives, investors, and stakeholders the tools to make this relationship work, William M. Klepper describes the best techniques for building a productive partnership and establishing a plan of action for a variety of businesses and settings.

Klepper, an executive educator, has worked with AT&T, Bausch & Lomb, Johnson & Johnson, Sony, Sun Microsystems, and a host of other corporations. He knows what makes a healthy partnership between a board and its CEO and the consequences of a bad fit. In this book, he details the eight practices of successful executives, such as facilitating innovation, motivating change, and developing leadership skills, and he explains what directors need to evaluate, such as working style, social behavior, and the handling of stress, before they commit to hiring a CEO.

The most critical element is the social contract, in which directors and their CEOs agree to be transparent, continually reassess their company's risk, maintain core company values, and make a commitment to their stakeholders. These include employees, shareholders, customers, and the community. In this essential volume, Klepper encourages directors to embrace their independence, and he teaches executives to value tough love.

Mutual funds form the bedrock of retirement savings in the United States, and, considering their rapid growth, are sure to be more critical in the future. Because the size of fees paid by investors to mutual fund advisers can strongly affect the return on investment, these fees have become a contentious issue in Congress and the courts, with many arguing that investment advisers grow rich at the expense of investors.

This ground-breaking book not only conceptualizes a new economic model of the mutual fund industry, but also uses this model to test for price competition between investment advisers, evaluating the assertion that market forces fail to protect investors' returns from excessive fees. Highly experienced authors track the growth of the industry over the past twenty-five years and present arguments and evidence both for and against theories of adviser malfeasance. The authors review the regulatory history of mutual fund fees and summarize leading case decisions addressing excessive fees.

Revealing the extent to which the governance structure of mutual funds truly impacts fund performance, this book provides the best understanding of today's mutual fund industry and is a vital tool for investors, money managers, fund directors, securities lawyers, economists, and anyone concerned with the regulation of mutual funds.

Wall Street believes that all public companies should grow smoothly and continuously, as evidenced by ever-increasing quarterly earnings, and that all companies either "grow or die." Introducing a research-based growth model called "Smart Growth," Edward D. Hess challenges this ethos and its dangerous mentality, which often deters real growth and pressures businesses to create, manufacture, and purchase noncore earnings just to appease Wall Street.

Smart Growth accounts for the complexity of growth from the perspective of organization, process, change, leadership, cognition, risk management, employee engagement, and human dynamics. Authentic growth is much more than a strategy or a desired result. It is a process characterized by complex change, entrepreneurial action, experimental learning, and the management of risk. Hess draws on extensive public and private company research, incorporating case studies of Best Buy, Sysco, UPS, Costco, Starbucks, McDonalds, Coca Cola, Room & Board, Home Depot, Tiffany & Company, P&G, and Jet Blue. With conceptual innovations such as an Authentic Earnings and Growth System framework, a seven-step growth funnel pipeline, a Growth Decision Template, and a Growth Risks Audit, Hess provides a blueprint for an enduring business that strives to be better, rather than simply bigger.

Effective corporate governance, or the set of controls and incentives that drive top management, originates both outside and inside the firm and assures investors who hope to commit their capital. Essential when buying stocks in one's own country, effective corporate governance is even more important abroad, where information can be less reliable and investor influence (or protection) more limited.

In this collection of articles from the Journal of Applied Corporate Finance, more than thirty leading scholars and practitioners discuss the possibilities and limitations of global corporate finance and governance systems, whether in Europe and North America or in the emerging markets of Israel, India, Korea, and South Africa. Essays discuss the political roots of American corporate finance; the structural and financial variations between international corporations; control premiums and the effectiveness of corporate governance systems; debt, folklore, and cross-country differences in financial structures; the driving forces behind the East Asian Financial Crisis of 1997; corporate ownership and control in India, Germany, France, and the United Kingdom; financial and economic lessons of Italy's privatization program; changes in Korean corporate governance; sovereign wealth funds; and the new organization of Canadian business trusts. A special roundtable discussion addresses shareholder activism in the U.K.

Corporate governance constitutes the internal and external institutions, markets, policies, and processes designed to help companies maximize their efficiency and value. In this collection of classic and current articles from the Journal of Applied Corporate Finance, thought leaders such as Michael Jensen and Robert Monks discuss the corporate mission of value maximization and the accomplishments and limitations of the U.S. governance system in achieving that end.

Essays address the elements driving corporate value: the board of directors, compensation for CEOs and other employees, incentives and organizational structure, external ownership and control, role of markets, and financial reporting. They evaluate best practice methods, challenges in designing equity plans, transferable stock options, the controversy over executive compensation, the values of decentralization, identifying and attracting the "right" investors, the evolution of shareholder activism, creating value through mergers and acquisitions, and the benefits of just saying no to Wall Street's "earnings game." Grounded in solid research and practice, U.S. Corporate Governance is a crucial companion for navigating the world of modern finance.

Effective corporate governance, or the set of controls and incentives that drive top management, originates both outside and inside the firm and assures investors who hope to commit their capital. Essential when buying stocks in one's own country, effective corporate governance is even more important abroad, where information can be less reliable and investor influence (or protection) more limited.

In this collection of articles from the Journal of Applied Corporate Finance, more than thirty leading scholars and practitioners discuss the possibilities and limitations of global corporate finance and governance systems, whether in Europe and North America or in the emerging markets of Israel, India, Korea, and South Africa. Essays discuss the political roots of American corporate finance; the structural and financial variations between international corporations; control premiums and the effectiveness of corporate governance systems; debt, folklore, and cross-country differences in financial structures; the driving forces behind the East Asian Financial Crisis of 1997; corporate ownership and control in India, Germany, France, and the United Kingdom; financial and economic lessons of Italy's privatization program; changes in Korean corporate governance; sovereign wealth funds; and the new organization of Canadian business trusts. A special roundtable discussion addresses shareholder activism in the U.K.

Stories of predatory lending practices and the reckless destruction of the environment by greedy corporations dominate the news, suggesting that, in business, ethics and profit are incompatible pursuits. Yet some of the worst lenders are now bankrupt, and Toyota has enjoyed phenomenal success by positioning itself as the green car company par excellence. These trends suggest that antisocial corporate behavior has its costs, especially in terms of the stock market, which penalizes companies that have poor environmental track records and rewards more socially conscious brands.

The political context of our economy is rapidly changing, particularly in regard to incentives that operate outside the marketplace in a strict and narrow sense and involve interactions between corporations and nongovernmental organizations (NGOs), activist groups, regulatory bodies, consumers, and civil society. These interactions can significantly color a corporation's alternatives, making socially or environmentally harmful behavior much less attractive. British Petroleum, for example, has voluntarily reduced its greenhouse gas emissions over the past ten years, Starbucks, has changed the environmental impact of its coffee production, and Nike and other footwear and textile makers now monitor the labor conditions of their subcontractors.

When Principles Pay jumps headfirst into this engaging and vital issue, asking whether profit maximization and the generation of value for shareholders is compatible with policies that support social and environmental goals. Geoffrey Heal presents a comprehensive examination of how social and environmental performance affects a corporation's profitability and how the stock market reacts to a firm's social and environmental behavior. He looks at socially responsible investment (SRI), reviewing the evolution of the SRI industry and the quality of its returns. He also draws on studies conducted in a wide range of industries, from financials and pharmaceuticals to Wal-Mart and Monsanto, and focuses on the actions of corporations in poor countries. In conclusion, Heal analyzes how social and environmental performance fits into accounting and corporate strategy, presenting an executive perspective on the best way to develop and implement these aspects of a corporation's behavior.

In an increasingly experience-driven economy, companies that deliver great experiences thrive, and those that do not die. Yet many organizations face difficulties implementing a vision of delivering experiences beyond the provision of goods and services. Because experience design concepts and approaches are spread across multiple, often disconnected disciplines, there is no book that succinctly explains to students and aspiring professionals how to design them.

J. Robert Rossman and Mathew D. Duerden present a comprehensive and accessible introduction to experience design. They synthesize the fundamental theories and methods from multiple disciplines and lay out a process for designing experiences from start to finish. Rossman and Duerden challenge us to reflect on what makes a great experience from the user’s perspective. They provide a framework of experience types, explaining people’s engagement with products and services and what makes experiences personal and fulfilling. The book presents interdisciplinary research underlying key concepts such as memory, intentionality, and dramatic structure in a down-to-earth style, drawing attention to both the macro and micro levels. Designing Experiences features detailed instructions and numerous real-world examples that clarify theoretical principles, making it useful for students and professionals. An invaluable overview of a growing field, the book provides readers with the tools they need to design innovative and indelible experiences and to move their organizations into the experience economy.

Designing Experiences features a foreword by B. Joseph Pine II.

Designing for Growth: A Design Thinking Tool Kit for Managers (D4G) showed how organizations can use design thinking to boost innovation and drive growth. This updated and expanded companion guide is a stand-alone project workbook that provides a step-by-step framework for applying the D4G tool kit and process to a particular project, systematically explaining how to address the four key questions of the design thinking approach.

In the field book, Jeanne Liedtka, Tim Ogilvie, and Rachel Brozenske guide readers through the design process with reminders of key D4G takeaways as they progress. Readers learn to identify an opportunity, draft a design brief, conduct research, establish design criteria, brainstorm, develop concepts, create napkin pitches, make prototypes, solicit feedback from stakeholders, and run learning launches. This second edition is suitable for projects in business, nonprofit, and government contexts, with all-new tools, practical advice, and facilitation tips. A new introduction discusses the relationship between strategy and design thinking.

Conventional business wisdom tells us that entrepreneurs are society’s main source of innovation. Young founders leave college with a big idea, get to work in a garage, and build something that changes the world. Typical corporate employees, strangled by slow-moving bureaucracy, are blocked from making transformative discoveries.

In Driving Innovation from Within, strategist and advisor Kaihan Krippendorff disproves one of today’s biggest business myths to highlight lessons for innovators and leaders. He reveals how many of the modern world’s most impactful creations were invented by passionate employee innovators. If it were left up to go-it-alone entrepreneurs, we would not have mobile phones, personal computers, or e-mail. Distilling more than 150 interviews with internal innovators and leading experts along with insights from the latest research and today’s most successful companies, from Tencent and Amazon to Mastercard and Starbucks, Krippendorff lays out a step-by-step playbook to unlock innovation from the inside. He maps the barriers that frustrate efforts to disrupt from within and provides tools to remove them, detailing how visionary leaders can create islands of freedom inside an organization to activate existing employees’ potential and beat startups at their own game. Driving Innovation from Within is a practical and inspiring guide to leadership from all levels for those who want the fulfillment of changing the world without leaving their job in order to do it.

Warren Buffett and his company, Berkshire Hathaway, are legendary for their distinctive investing approach. Yet many equally unconventional but less well known aspects of Berkshire’s managerial practices and organizational structure are rich with lessons for those seeking to follow in Buffett’s footsteps. Margin of Trust is the first book to distill Buffett’s approach to management and corporate life. It provides a definitive analysis of the tenets of the Berkshire system, its costs and benefits, and how it can be adapted for other organizations.

Lawrence A. Cunningham and Stephanie Cuba develop a new account of how Berkshire Hathaway works, showing that the key to its success is trust. Profiling partnership practices and business methods, they contend that Berkshire’s distinguishing feature is a culture in which autonomy and decentralization are core management principles. Cunningham and Cuba provide instructive examples of how this model has been successfully adapted by other companies that share a faith in trust as an organizing principle. They also offer candid commentary on the risks of a trust-based approach and how to mitigate them. Margin of Trust features illuminating analysis of Buffett’s take on the role trust plays in business agreements, what Buffett looks for in great corporate boards, and what lies ahead for Berkshire after its iconic leader leaves the scene.

Great ideas don’t just happen. Innovation springs from creative thinking—a method of the human mind that we can study and learn. In The Art of Ideas, William Duggan and Amy Murphy bring together business concepts with stories of creativity in art, politics, and history to provide a visual and accessible guide to the art and science of new and useful ideas.

In chapters accompanied by charming and inviting illustrations, Duggan and Murphy detail how to spark your own ideas and what to do while waiting for inspiration to strike. They show that regardless of the field, innovations happen in the same way: examples from history, presence of mind, creative combination, and resolution to action. The Art of Ideas features case studies and exercises that explain how to break down problems, search for precedents, and creatively combine past models to form new ideas. It showcases how Picasso developed his painting style, how Gandhi became the man we know today, and how Netflix came to disrupt the movie-rental business. Lavishly illustrated in an appealing artistic style, The Art of Ideas helps readers unlock the secret to creativity in business and in life.

At a time when many proclaim the death of active investing, Rupal J. Bhansali, global contrarian, makes a clarion call for its renaissance. Non-consensus thinking has resulted in breakthrough successes in science, sports, and Silicon Valley. Bhansali shows how to apply it to the world of investing to improve one’s odds of achieving above-average returns with below-average risks. Her upside-down investment approach focuses on avoiding losers instead of picking the winners, asking the right questions instead of knowing the right answers, and scoring upset victories to achieve the greatest bang for one’s research buck.

Through a series of counterintuitive concepts and contemporary case studies from her firsthand experience of investing in fifty markets around the globe, Bhansali describes how to perform differentiated fundamental research to uncover mispriced stocks. She candidly shares her failures and mistakes as well as her successes and triumphs. She also weaves in her personal journey, recounting how she overcame the odds to succeed in a male-dominated profession and offering advice on breaking the glass ceiling. Non-Consensus Investing is a must-read for anyone who seeks to understand why active investing disappointed and how it can succeed—analysts and amateurs, fiduciaries and financial advisors, aspiring and practicing money managers, as well as students or investment enthusiasts.

Financial technology—or fintech—is gaining in popularity globally as a way of making financial services more efficient and accessible. In rapidly developing China, fintech is taking off, catering to markets that state-owned banks and an undersized financial sector do not serve amid a backdrop of growing consumption and a large, tech-savvy millennial generation. It is becoming increasingly likely that some of China’s fintech firms will change the way the world does business.

In China’s Fintech Explosion, Sara Hsu and Jianjun Li explore the transformative potential of China’s financial-technology industry, describing the risks and rewards for participants as well as the impact on consumers. They cover fintech’s many subsectors, such as digital payment systems, peer-to-peer lending and crowdfunding, credit card issuance, internet banks, blockchain finance and virtual currencies, and online insurance. The book highlights the disruption of traditional banking as well as the risks of fintech and regulatory technology. Hsu and Li describe major companies including Alipay and Tencent, developer of WeChat Pay and a wealth-management business, and other leading fintech firms such as Creditease, Zhong An Insurance, and JD Finance. Offering expert analysis of market potential, risks, and competition, as well as case studies of firms and consumer behavior, China’s Fintech Explosion is a must-read for anyone interested in one of the world’s breakout sectors.

Value investing is not just a system for success in the market. It is also an intellectual toolkit for achieving a deeper understanding of the world. In The Joys of Compounding, the value investor Gautam Baid builds a holistic approach to value investing and philosophy from his wide-ranging reading, combining practical approaches, self-cultivation, and business wisdom.

Distilling investment and life lessons into a comprehensive guide, Baid integrates the strategies and wisdom of preeminent figures whose teachings have stood the test of time. Drawing on the work of investing greats like Warren Buffett, Charlie Munger, and Ben Graham, as well as philosophers and scholars, he artfully interweaves the lessons learned from his many teachers. Baid demonstrates their practical applications in the areas of business, investing, and decision making and also shows that these ideas can be applied to one’s own life with just as much reward.

A celebration of the value investing discipline, this book also recounts Baid’s personal experiences, testifying to his belief that the best investment you can make is an investment in yourself. The Joys of Compounding offers curated reflections on life and learning for all investors, investment enthusiasts, and readers seeking a dose of practical wisdom.

This revised and updated edition highlights Baid’s distinctive voice.

The principles of value investing have resonated with savvy practitioners in the world of finance for a long time. In Creating Strategic Value, Joseph Calandro Jr. explores how the core ideas and methods of value investing can be profitably applied to corporate strategy and management.

Calandro builds from an analysis of traditional value investing concepts to their strategic applications. He surveys value investing’s past, present, and future, drawing on influential texts, from Graham and Dodd’s time-tested works to more recent studies, to reveal potent managerial lessons. He explains the theoretical aspects of value investing-consistent approaches to corporate strategy and management and details how they can be successfully employed through practical case studies that demonstrate value realization in action. Calandro analyzes the applicability of key ideas such as the margin-of-safety principle to corporate strategy in a wide range of areas beyond stocks and bonds. He highlights the importance of an “information advantage”—knowing something that a firm’s competitors either do not know or choose to ignore—and explains how corporate managers can apply this key value investing differentiator. Offering expert insight into the use of time-tested value investing principles in new fields, Creating Strategic Value is an important book for corporate strategy and management practitioners at all levels as well as for students and researchers.