Book Reviews

Economics, Finance, and Business

The Changing WoRld Order - By Ray Dalio

Ray Dalio is the founder of Bridgewater, the world’s largest hedge fund, and he has just released The Changing World Order.  World leaders have used his Nobel Prize-worthy research on debt cycles to optimize monetary policy, and now the wisdom he bestows in The Changing World Order is destined for the same accolades.  From his macroeconomic perspective, to which few others are privy, he provides evidence of profound events in society that have recurred throughout history.  These events have proven their inevitable conclusions time and time again.  He illuminates how and why these factors that affect governments, and their constituents, have the effect and when they occur in relation to one another.  Just as his previous predictions regarding the big debt cycle have proven prescient, these principles released in The Changing World Order seem to be coming true, just as they repeatedly have in the past.

Though Dalio describes complex macroeconomic phenomena, this text is written for the everyman.  With simple graphs, bulleted facts, and practical analogies.  He speaks economic history and mechanisms of empire evolution in the language of the average reader.  The words seem to come from a spirit of generosity, as Dalio comments that he is at the end of his life and wants to share the knowledge that he has gained.  Though this book can be purchased, he emphasizes that it can also be downloaded for free on his website.  He intends this book to be read by the non-economist.  Elegantly laden yet straightforward with truths that have proven themselves to recur throughout history, any investor, saver, and citizen of the earth should read this work of genius.

Make me the Boss - By: Emily Tsitrian

Millennials are taking over the world and are rapidly filling roles in leadership.  Each generation has proven to have its individual characteristics and stereotypes.  Though not a leadership text, Tsitrian gives a fresh take on proven and evidenced-based principles of leadership that have enhanced effective people management through the years.  She describes the importance of effective influence during the transition from employee to manager, as well as the importance of giving and receiving constructive feedback.  She explains the importance of and gives examples of successfully applied empathy and emotional intelligence.  She gives relatable advice for self-reflection and ways to obtain a confident yet flexible self-image.  She mentions the pitfalls and benefits of emotional and social connections with subordinates. Whereas the typical Generation X employee pictures themself as a manager yet discovered, she describes a new millennial manager as someone pleasantly shocked by the promotion and who might need reasonable advice.

 Using humor, contemporary analogy, and language familiar to the millennial reader, author Emily Tsitrian illuminates and illustrates sound leadership principles in an entertaining and easily understood way.  She describes the stereotypical millennial as an “overthinker, sensitive, a little anxious, always on the verge of an existential crisis, and addicted to [their] phone.”  This is a bright and practical guide to optimizing the solution-oriented leadership role.  She adds to the narrative around a “shifting collective consciousness.”  It is not just for the millennial reader but for anyone who wishes to optimize their leadership performance and gain a better understanding of generational differences.

Stocks, Bonds, and Taxes - By: Phillip Chute

Stocks, Bonds, & Taxes by Phillip Chute declares itself as a “comprehensive handbook and investment guide for everybody.” It is precisely that – comprehensive. The “handbook’s” style renders it an enjoyable casual read and an updated reference source. It will serve as a handy source of information for anyone whose shelf contains the text. It addresses every conceivable topic in investing. A standout difference between this text and others in the genre is its discussion of tax considerations for each asset type. The end of each chapter includes a section on planning tips, taxes, legal compliance, and an anecdotal vignette called “horror story.” Tax and legal information elude most economic texts, but this one addresses it with bravado.

 Chute uses fun and clear language to shed light on all aspects of asset investing. No one topic is particularly beleaguered, nor is any topic left out. He provides concise information and up-to-date legal and tax rules. The text is clear, and the layout is manageable, with keywords in bold. Many tables and bulleted lists elucidate the pros and cons and specific tax rules and brackets. Helpful information regarding legal compliance for trading different assets adds to the value of this text. The author includes suggestions for successful strategies in each section. This resource for investment information is up to date and provides wisdom to anyone who may read it. Stocks, Bonds, and Taxes by Phillip Chute is an asset to every taxpaying investor’s book collection. It is an excellent source of enlightenment on investment concepts, rules, and regulations.