Books 03 (Dec 09 - Dec 25)

Re: Books 3 (Dec 09 - Mar 10)

Postby kennynah » Mon Jan 11, 2010 8:54 pm

MM : u good...read so many books in such a short time...

as for me... i have been reading the same one book for the last 9 weeks already.... i repeat reading the same book and today, i read it for the umpteenth time... my brain needs time to process all the information within....hahaha...and tomorrow, i will begin the book from page 1 again...
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Re: Books 3 (Dec 09 - Mar 10)

Postby millionairemind » Sat Jan 16, 2010 6:35 pm

Finished a very enjoyable book called NUDGE. This book combines 2 of my favorite topics - Human psychology and economics. I have appended the summary below.

After the authors reframed the whole experience of Nudge, I begin to see it in the Singapore context. From the "amount of savings using air conditioner with 4 ticks" to "organ donation for the Malay communities".

If you have time, go pick up this book from the NLB. You won't be disappointed :D


Every day, we make decisions about how to invest our money, where to send our children to school, and what to put on our dinner plates.

Unfortunately, we often make poor choices - and look back at them with bafflement! We do this because as human beings, we all are susceptible to a wide array of routine biases that can lead to an equally wide array of embarrassing blunders in education, personal finance, health care, mortgages and credit cards, happiness, and even the planet itself.

Our errors are what make us human, but up till now, they have been largely ignored by those around us, whether they make a complex public policy or sell us a plain old bottle of wine.

In this ground-breaking collaboration, two extraordinary, if ultimately human, thinkers, economist Richard Thaler and legal scholar Cass Sunstein, invite us into an alternative world, one that takes our humanness as a given. They show that by knowing how people think, we can design choice environments that make it easier for them to choose what is best for themselves, their families, and their society.

Using colorful examples drawn from the realms of 401(k) investing, organ donations, and marriage, Thaler and Sunstein demonstrate how thoughtful "choice architecture" can be established to nudge us in beneficial directions without restricting freedom of choice.
Nudge offers a unique new take-from neither the left nor the right-on many hot-button issues, for individuals, companies, and governments alike.
Nudge is a book about making your life better-one small decision at a time.


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"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

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Re: Books 3 (Dec 09 - Mar 10)

Postby helios » Sat Jan 16, 2010 6:58 pm

I just bought Market Wizard 3rd book ... lots of discount these days at the bookstore ...
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Re: Books 3 (Dec 09 - Mar 10)

Postby millionairemind » Mon Jan 18, 2010 6:11 pm

Finished up on a marketing book called ALL MARKETERS ARE LIARS: The Power of Telling Authentic Stories in a Low Trust World by Seth Godin.

Quite a decent book. It talks about framing your story around the world view of your audience and the death of the one size fits all advertising that used to work in the past but no longer works with the onslaught of internet and hundreds of cable channels.

People don't want to be sold on things they don't believe in, they want to be told about what they already believed in and hold true. That's basically the gist of the book. Examples given are Y people would pay $300 per person to eat at a top Japanese restaurant to Y people insists on using a Riedel glass to drink a $200 bottle of wine when a $2 glass will do just fine.

Reading this book and then looking around in Singapore makes me ponder about the $3000psf condo that is being marketed to a niche group of people. If I can just pick up just one good idea from each book I read ;)

Available from NLB.

Synopsis
Seth Godin advises marketers that what matters is not the quality of their goods but the good feelings generated by their "storytelling." In our complicated, cynical world, we all want to hear a story that we can believe; a story that fits our worldview; a story that we intuitive embrace and then share with our friends. If the story grabs us on a deep gut level, Godin insists, it doesn't matter that it contains a little white lie. In All Marketers Are Liars, the author of Purple Cow describes the difference between marketing campaigns that work and those that fail.

The Power Of Telling Authentic Stories In A Low-Trust World
The biggest lie that master marketer Seth Godin tells in All Marketers Are Liars is the name of his book. He explains that all marketers are not, in fact, liars: They are merely storytellers. The liars, he writes, are the consumers who lie to themselves every day about what they wear, where they live, how they vote and what they do to work. Godin explains that successful marketers are just the providers of the stories that consumers choose to believe. A good story that satisfies customers is the source of a company's growth and profit. What it takes to make it work, Godin writes, is a "complete dedication to and embrace of your story."
Stories are necessary to help consumers deal with the deluge of information they face every day, Godin writes, and truly great stories "succeed because they are able to capture the imagination of large or important audiences." A great story, he adds, is true, makes a promise, is trusted, is subtle, happens fast, and often appeals to our senses. Great stories don't contradict themselves, and they match our worldview by agreeing with what we already believe.
Successful Marketing
All Marketers Are Liars is organized around a five-step process that people go through when they encounter successful marketing. These steps are:
Step 1: Their worldview and frames got there before you did. A consumer's worldview (the combination of his or her current rules, beliefs and biases) affects the way he or she notices things and understands them. If a story is framed in terms of that worldview, the consumer is more likely to believe it. Smart marketers, Godin explains, don't try to change someone's worldview. Instead, they identify a group of people with a certain worldview and frame their story in terms of that worldview. Since people of similar worldviews "clump together," successful marketers find a previously undiscovered clump and frame a story in the words, images and interactions that reinforce these people's biases.

Step 2: People only notice the new and then make a guess. Consumers notice things when they change. As soon as they notice something new, they start making guesses about what to expect next.

Step 3: First impressions start the story. A first impression causes the consumer to make a fast, permanent judgment about what he or she was just exposed to. Godin explains that "almost every important buying decision is made instantaneously. These snap decisions affect everything we do, and we'll bend over backward to defend them later."

Step 4: Great marketers tell stories we believe. A story changes the way the consumer experiences a product or service. Consumers make a prediction about what will happen next and rationalize anything that does not match the prediction. Godin writes that "authentic marketing, from one human to another, is extremely powerful." Consumers and marketers win when the marketer tells a story authentically and the company creates a product or service that does what the marketer says it will do.

Step 5: Marketers with authenticity thrive. Godin writes, "The authenticity of the story determines whether it will survive scrutiny long enough for the consumer to tell the story to other people." No marketing succeeds if it cannot find an audience that already wants to believe the story being told.
Great Stories
According to Godin, there are only two things these days that separate success from failure in most organizations: Inventing stuff worth talking about and telling stories about what you've invented. The difficult job of making up great stories is the imperative of today.
Marketers cannot use just any story, Godin explains. The only stories that work and spread are those that demand to be repeated. By being authentic and remarkable, the story will be believed. Godin advises marketers to just tell the best story they can imagine.

For example, Godin cites Little Miss Match as one of his favorite small companies. It sells more than 134 styles of socks to preteen girls, but none of the sets are matched (or clash). The story the company tells is framed in terms of the preteen mind-set: The colorful, mismatched socks give girls something to show their friends and demonstrate their hipness. When a girl shows off her cool socks, she's hip. Then the idea spreads to other girls who never had the "I want to be edgy" mind-set. This makes the story work.
Godin writes, "Make your story bigger and bigger until it's important enough to believe."

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"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: Books 3 (Dec 09 - Mar 10)

Postby millionairemind » Wed Jan 20, 2010 6:03 pm

Finished up on The A to Z Guide to Raising Happy, Confident Kids by Dr. Jenn Berman. I tot it was an excellent book divided into 26 chapters with topics ranging from Helping Children form a Healthy Relationship with Food to Being a Great Dad to Promoting Creativity and Helping Your Child Get a Good Night's Sleep.

Its a very easy to read book at 260pages long and one can probably finish it in 2 hrs. I find the book very helpful. Instead of the usual psycho-analysis on Y a child is like this or that, all it does is provide tips and summary of research being done on the various topics.

Available from NLB.


Synopsis
Parents no longer have time to read long books about the theories of parenting. What they want are quick pieces of advice geared to their busy lifestyles and immediate needs. Dr. Jenn comes to the rescue with this fun yet useful book that offers 26 short chapters on everything from pets to being a sports parent to healthy relationships to food to keeping your marriage as much fun as it was before the children arrived.
Designed to be browsed or picked up from time to time for specific help, the book provides insight and guidance for any parent but focuses on those with toddlers to third grade. Upbeat, lively, and humorous, this book answers parents’ most frequent questions about how to raise a healthy, well-adjusted child. Because every chapter is only a few pages long and can stand on its own, busy parents can read what they need when they need it.

About the Author
SHORT BIOGRAPHY


Dr. Jenn Berman is a Marriage, Family and Child Therapist in private practice in Los Angeles. She has appeared as a psychological expert on hundreds of television shows including The Oprah Winfrey Show and The Tyra Banks Show and is a regular on The Today Show and The Early Show,. She currently hosts a call-in advice show on Sirius/XM’s Cosmo Radio. She is the author of the Los Angeles Times best selling book The A to Z Guide to Raising Happy Confident Kids which won the Mom’s Choice Award gold medal in parenting. She is also the author of SuperBaby: 12 Ways to Give Your Child a Head Start in the First 3 Years and the co-author of the children’s book Rockin’ Babies. Her “Dr. Jenn” parenting column is printed in Los Angeles Family Magazine and five other magazines every month and won the prestigious Parenting Publications of America award in parenting and child development. She is also on the Board of Advisors for Parents Magazine. Dr. Jenn has an eco-friendly clothing line for adults and children called Retail Therapy. All the tees have positive "feel good" messages and are made of organic and recycled materials. Dr. Jenn lives in Los Angeles with her husband and twin daughters.
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: Books 3 (Dec 09 - Mar 10)

Postby millionairemind » Fri Jan 22, 2010 10:12 am

Finished a book called SWAY: The Irresistible Pull of Irrational Behavior.

Interesting book. It describes how normally rational human beings will make irrational decisions that makes absolutely no sense at all. Examples given are how a Professor at Harvard Business School gets student to pay $204 for a $20 bill.

I love to read books on Human Psychology. I find that it helps me to understand my actions more (the irrational ones :P)

Available from NLB.

“Sway” is a provocative new book about the psychological forces that lead us to disregard facts or logic and behave in surprisingly irrational ways.

The book was written by two Israeli-born brothers, Ori Brafman, a serial entrepreneur and organizational behavior expert, and Rom Brafman, a practicing psychologist.

“Sway” moves along swiftly, with each nugget of a chapter illustrating an aspect of the authors’ premise. They use dramatic narratives like the story of an accomplished pilot who made a seemingly irrational decision that sent 584 passengers (and him) to their deaths or the Washington subway passengers who ignored the performance of a virtuoso violinist because they perceived him as a street musician.
http://www.nytimes.com/2008/07/15/jobs/ ... =permalink


Here are the major, salient “sways” mentioned in the book and their descriptions:

We often overreact to potential losses, focused more on the short-term consequences rather than the longer-term effects.

The more meaningful a loss is, the more loss averse we become, meaning we don’t want to give up our hold on the loss (even when it’s economically, emotionally or otherwise beneficial to do so)
We hold on to the pervasive pull of commitment. When we are committed to a relationship, decision, or position in our lives, it can be very difficult for us to see the better, healthier alternatives available.

Humans have a tendency to imbue someone or something with certain qualities based on its perceived value rather than objective data. This is called value attribution.

If we see something labeled a certain way, we’ll take that label at face value.

The authors have two amusing examples of value attribution at work — a world-famous violinist is mistaken for a street musician in the subway; a SoBe energy drink is only as valuable in helping improve your memory as you think it is

When things are discounted off of their regular price, people tend to give the product or service a reduced value attribution. In other words, when we get a discount on something, we tend to unconsciously value it less than if we had paid full price.

Humans have a propensity to label people, ideas or things based on our initial opinions of them. The authors term this the “diagnosis bias,” and it includes our inability to reconsider those initial value judgments once we’ve made them.

Again, the authors bring this sway to life with their examples of how players perform directly in relationship to their NBA draft pick number, amongst many others.

A single word or label can color our entire perception of a person, closing off avenues of shared experience and seeing people for who they really are. Once a person is given a label (and even directly, a diagnosis), it’s hard for people to see people in a way that isn’t biased by that label.

The authors also note that hiring interviews are bogus, completely unscientific and at the end of the day, quite terrible at helping managers choose a good employee
“Mirror, mirror” effect – we like and look for people like us

We constantly sway others and are constantly being swayed by our expectations and labels — what the authors call the “Chameleon effect.”

People want and expect fairness in all of their dealings with other people, companies and organizations.

It is vitally important for people to feel they have a voice. People want to be listened to and heard, even if nothing changes.

Talking through our reasons for a price or our position in an argument or debate, explaining how we arrived at it, and communicating what we feel is the fair thing to do makes other people feel like we’ve treated them more fairly and reasonably.

We can either approach a task altruistically or from a self-interested (opr pleasure) perspective, but usually not both at the same time.

When the two centers of the brain (altruism and pleasure) compete, pleasure usually wins.

When the pleasure, self-interested perspective is operating, unexpected behavior or effects can occur.

It’s not that rewards for specific tasks or behavior are bad, it’s the possibility of a reward dangled ahead of time that can potentially result in destructive, unintended effects.

It’s okay to reward someone after the fact, but don’t always create the possibility of the reward ahead of time. And know that money defeats/negates altruism.

Groups can have profound effects on our ability to reason rationally.

Dissent is invaluable – you need a dissenter, even if you don’t agree with the specific dissent itself.

Dissenters open up discussion and allows to express their views.
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: Books 3 (Dec 09 - Mar 10)

Postby millionairemind » Tue Feb 02, 2010 12:27 pm

Read an excellent book called INFLUENCE - The Psychology of Persuasion by Robert B. Cialdini

I have cut and pasted some stuff about the book I found on the net. Too lazy to retype it here :P

If you always wondered Y the top sales person is the way he is, how to influence ppe. (say your child), how you got influenced to buy that 100th tupperware when you already have 99 of them at home, this book is for you. :D

There are certain human emotions and responses that top sales ppe. (and con artists) as well advertisers and politicians use against us to their advantage. But the good thing is this book also teaches you how to recognize the signals that they are using and block it.

If you are interested in human psychology or just would like to learn more, this book is for you.

Available from NLB. :D

Currently reading How to Persuade Ppe. who don't want to be Persuaded, Hidden Order - The Economics of Everyday Life and The New! Six Point Plan for Raising Happy, Healthy Children. Will post if they are any good.



Summary Of Influence: The Psychology Of Persuasion

Reciprocation - Put simply, just give back! If someone does you a favor, do them one back without them asking. Don’t let someone buy you a round of drinks without you buying them one back later on in the night or the next time you go out. If someone gives you a holiday card, make sure you send one back. Many people understand this rule and practice it regularly.

Commitment & Consistency – A quote from the book says “Once we have made a choice or taken a stand, we will encounter personal and interpersonal pressures to behave consistently with that commitment. Those pressures will cause us to respond in ways that justify our earlier decision” So in layman’s terms, it means that we all have conscious or unconscious beliefs buried in our minds. If something goes against those beliefs, we’re going to stand up against it to prove that we’re right. Even more important for your business is that a person makes a commitment – especially on record – they will do almost anything to uphold that commitment and be consistent.

Social Proof – This is very self-explanatory, and yet people still don’t put use it very wisely. Whenever you see testimonials or people saying they’ve worked with so-and-so…they’re using social proof. When used correctly and in combination with another principle (not addressed in the book) – it can be unbelievably powerful.

Liking - Ahh, the power of making people like you. It seems so basic, yet it’s so important. For some people it’s very easy, for others it’s very hard. For instance, I’m not trying to toot my own horn but everyone I meet says I’m extremely easy to get along with. It’s probably because I utilize the principle of reciprocity and realize there is no reason to be mean to anyone else. Another aspect of this is appearance – which can be a problem that you may not even know of.

Authority - This is because of the principle of authority. He’s shown that he has knowledge and has gone through the “test of time”. Why do you think people listen to doctors?

Scarcity - For a business, this can be one of the most powerful principles you’ll ever come across.
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: Books 3 (Dec 09 - Mar 10)

Postby b0rderc0llie » Tue Feb 02, 2010 1:21 pm

millionairemind wrote:Finished How Come That Idiot’s Rich and I’m Not? by Robert Shemin last week. Not a bad book. However, if you have already read Secrets of the MillionaireMind by T. Harv Eker, you can probably skip this book. This book is almost written in the same style as Secrets.


I read the rich idiot book, and I liked it a lot. Gave it away to my friend, since I have already read it.

Maybe today go find the Eker book, seems like a nice read, then give another friend haha.
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Re: Books 3 (Dec 09 - Mar 10)

Postby millionairemind » Tue Feb 02, 2010 2:07 pm

haha BC, a good way to reduce the no. of books lying around at home.

I used to buy all the books that I read... but I found that I have problems with shelf space at home and lots of times, the books I read are not really mainstream so could not find too many ppe. to give it away.

Now I just order the books from NLB. If I really like what I read and think that it would be a good reference later, I will then go out and get it from Kinokuniya. If I want to read books that are out of print, like Bernard Baruch's book, I just order them from Amazon on special print and have it delivered.

Good way to exercise my rights as a Singapore citizen...haha.. free books :P
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: Books 3 (Dec 09 - Mar 10)

Postby kennynah » Tue Feb 02, 2010 3:49 pm

b0rderc0llie wrote:I read the rich idiot book, and I liked it a lot. Gave it away to my friend, since I have already read it.

Maybe today go find the Eker book, seems like a nice read, then give another friend haha.


let's be friends... 8-)
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