No comments about The Driving Force: Getting Extraordinary Results with Ordinary People.

5 comments about Lessons from the Legends of Wall Street : How Warren Buffett, Benjamin Graham, Phil Fisher, T. Rowe Price, and John Templeton Can Help You Grow Rich.

1. This book has a refreshingly commonsense approach to investing. It contains a great deal of worthwhile advice and wisdom from some of the world's best investors. I am not an experienced investor, however I found it to be understandable and learned useful information from it. I would highly recommend it.



2. Nikki Ross has documented principal strategies and investing advice from the great Wall Street legends of our time. I have found the underlying principals of Buffet and his mentors as well as Price and Templeton to be very helpful. It is an easy to read enjoyable book. It may not be for day traders in general, but they could benefit from the list of questions asked by the masters before investing. I believe that had many investors read and applied this book prior to and during the recent crash, they might have saved a lot of money.

   Blake Conant




3. This book discusses on the techniques Warren Buffet (value/growth), Benjamin Graham (value), Phil Fisher (growth), T. Rowe Price (growth), and John Templeton (growth use or have used to make their fortunes.

   The book is divided into 6 parts on one each of these legends and another on how to combine the knowledge of these experts. The sections are organized in an interesting way first off you learn what some of the stocks the well known investor has bought and why they met their purchasing criteria. There is also a nice 3 steps to how you can use their methods in your investments, this in turn is organized by:

   1. Gathering information (this part it almost worthless in my opinion since it is very similar for each of the investors)

   2. Evaluate (this is the best part of each of the areas in the book, you learn the questions these masters would ask a company and themselves. It's very good.)

   3. Making decisions discusses how the masters decide when to buy and sell the stock.

   This book and "The Money Masters" by John Train are interesting reads if you enjoy learning about the careers and wisdom these masters are willing to share.

   I believe this book wouldn't be very useful for strict CAN SLIM investors or day traders but good for the buy and hold or long term growth and value investors it definitely shows you some of the possibilities.

   Reed Floren




4. This book is worthless. The true 'lessons' make up only a few pages of the book and these lessons are not detailed enough to make financially sound decisions. For example, a lesson such as "What is the PE Ratio?" is similar to what you would find in the book. OK, the PE ratio is 3. Is that good? Is that bad? How about 40? What is high? What is low? Do current interest rates effect PE ratio levels? What is an acceptable PE ratio for a growth stock? What is an acceptable PE ratio for a cyclical stock? You'll get no answers from this book.

   The best "lessons" section (though still unacceptable) came from John Templeton. But these were a direct quote from an interview Templeton gave the Christian Science Monitor. The author must have spent a few weeks writing this book.

   Most of the book is babble, reproduction of articles/reports, duplication of previous sections, and educational definitions for the newbie.

   My lesson to you is to take the money you were going spend on this book and go buy a U.S. Savings bond. You will be richer and wiser in the end.




5. ...- I bought the book BUT Nikki Ross gives a basic three-step approach to investing, that is repeated throughout the book. 1. Collect info, 2. Analyse info, 3. Make a decision. And that's about as complex as the book gets.

   Don't waste your money, unless you're after a very simplistic overview of investing. ALL OF THE FIVE STAR REVIEWS OVERRATE THIS BOOK - 1 Star (at best).

   ...

   If you're after real value on practical management implementation tools that link strategy & financial numbers then YOU HAVE TO INVEST IN "Performance Measurement & Control Systems for Implementing Strategy" by Robert Simons.

1 comments about Lives of the Laureates, Fourth Edition: Eighteen Nobel Economists.

1. The book's whole idea (having a lot of Nobel laureates write about themselves) might have worked well for, say, six to eight such laureates, but it just doesn't scale to the 18 that are now writing -- a kind of dull repetitiousness falls upon the whole work by about the halfway mark or earlier. If you do get this book, and that may be worthwhile since each individual essay is useful and readable, by all means read it in small snippets (1-2 autobiographies at a time) with long waits in-between: trying to just read it cover to cover is a mistake.

3 comments about My First Crush: Misadventures in Wine Country.

1. This is a book that I will re-read as there was much information that I could use over and over. Definitions, relationships between grape and final product, explainations of wine content and chemical content. Not to mention a GREAT read!



2. If you live in the Northwest and have any interest in wine, this is a book for you! It is what I call a "great read"(a "must" read if you will). It captures the flavor of real winemaking with a background of facts (vines, soils, geology, geography, climate and latitude), a sustained taste of optimism with a strong aroma of humor throughout. Real people, real places, real wine--this book is the real deal! Try it, you'll like.



3. Linda Kaplan's book, "My First Crush," is a fun and informative romp through Oregon's wine country. From the colorful town and townspeople of McMinnville to the creepy crawlers on the grape sorting line (and I don't just mean insects), Linda is able to bring winemaking to life.
   
   Inserted throughout the memoir style writing are helpful sidebars which describe winemaking and wine drinking in more detail. From the way that soil and microclimate affect the grapes to holding your own tasting.
   
   I couldn't put this book down and I don't even know that much about wine. I have to say, I know more now.

No comments about Andy Grove: The Life and Times of an American Business Icon.

5 comments about The Davis Dynasty: Fifty Years of Successful Investing on Wall Street.

1. This book is about The Davis strategy - the result of five decades of trial, error, and refinement, that worked its way through father, son and grandsons, and each generation tweaked it and tuned it to fit the era. The 10 basic tenets remain the same: avoid cheap stocks; avoid expensive stocks; buy moderately priced stocks in companies that grow moderately fast; wait until the price is right; don't fight progress; invest in a theme; let your winners ride; bet on superior management; ignore the rear-view mirror; stay the course.
   
   This book is both a biography and the analytical work devoted to the stock market. If you like such a blend, I would recommend the books by Roger Lowenstein: "Buffett: The Making of an American Capitalist", "When Genius Failed: The Rise and Fall of Long-Term Capital Management" and "While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego, and Loom as the Next Financial Crisis". The books by Roger Lowenstein are much better than "The Davis Dynasty" in terms of the depths of the analysis, as well as when it comes to liveliness and variety.
   
   In addition to this book, I can also recommend my favorite title on investing "The Only Three Questions That Count: Investing by Knowing What Others Don't" by Kenneth L. Fisher.



2. This was not a bad book, but I was hoping for more info on how the Davises evaluated stocks for purchase. There is a lot of background family drama in this work which didn't really interest me, but did illustrate what kind of personalities Davis and son had. For the most part, the elder Davis bought insurance stocks and held for the long term--the best way for all of us to invest(the long term, that is. I don't know much about insurance stocks). This book wouldn't be my first choice but anyone that turned 50 grand into 900 million without ever adding additional capital is worth a look.



3. This book is listed as Elementary Reading for the [...] Hidden Gems Newsletter. It provides great historical reading about the Davis family. Before the reading the book I had no idea who the Davis family was. I did not even realize we have the Davis Fund as a choice in our 401k at work. The fund has proven returns and been around for years. This was a great book to read for any beginning investor.



4. This is one of the better investment books on the history of post-WWII stock investing. While there are a number of absolute classic books on the 1920s and earlier periods (Lefevre's "Remininscenses of a Stock Operator", Galbraith's "The Great Crash", Brooks's "Once in Golconda", to name just a few), there aren't as many great books on recent history. This is one of them, however.
   
   The Davis family, starting with Shelby Collum, is used by the author as a vehicle to traverse the history of the stock market from WWII through the late 1990s. Followers of mutual fund investing in the past 25-30 years are probably more familiar with Shelby Davis the younger, than with his father Shelby Collum. But it was the elder Shelby that made the family fortune. His is one of the great fortunes ever created strictly through long term investment and is a story of buying extreme value and holding for very long time periods. It's also about venturing into uncharted waters -- like being one of the first to invest in Japan.
   
   This theme is carried forward to the story of his son, the well-known former portfolio manager of New York Venture Fund. Shelby the younger came of age in the go-go sixties and picked up some bad habits. The savage bear markets that followed chastened him and forced him to revert to a style of investing closer to his father's in the mid 1970s. The tensions between them created a sort of competition with the son posting a tremendous record with his mutual fund vehicle, New York Venture.
   
   The relationship between father and son would be best described as "semi-estrangement." It took Shelby's sons, Andrew and, particularly, Chris to reconcile their father and grandfather's differences. The human story is interesting, and the elder Shelby was quite a character. I found the chapter on Chris's "apprenticeship" with his grandfather fascinating -- perhaps the best part of the book. In short, Shelby the elder is getting old and wants to retire and turn his portfolio over to a younger generation for management, but because of the bad feelings he doesn't know how to approach his son. And it's clear that he greatly admires the record his son has build with NY Venture. So he talks grandson Chris Davis (now the co-manager of NY Venture and Selected American Shares) into inventorying his portfolio. Chris then brings his father into the picture and the two of them work long hours reading through the 5 decades of trades and holdings. The portfolio at that time was close to $1 billion.
   
   The story ends with the younger Shelby's semi-retirement and turning the reins over to sons Andrew and Chris, and Ken Feinberg, who continue with this style of investing. The mutual funds and separate accounts run by the Davises typically have portfolio turnover rates less than 20%, often less than 5%. This means they buy and hold, and hold, and hold. However, it's the price they pay for stocks that really juices their returns. The pigeonhole mentality at mutual fund rating agencies like Morningstar don't adequately describe Davis funds because of this. The Davises buy deep value, but after a stock recovers from whatever temporary trauma caused the bargain price, they continue to hold as long as the company meets their growth expectations. So Morningstar, for example, will call them a "blend" fund, which seems to say absolutely nothing about such a distinctive methodology as the one the Davises follow. This book is an elucidation of the emotional discipline and intellectual process behind this style of investment. Both the book and the investment style are highly recommended by this reader.



5. I personally don't care for dry investment books. I read for entertainment. This book provides a great combination as it is a biography of a family steeped in money management and also gives tips of how they were able to grow their fortune.

   The book traces the investment history of Shelby Davis to his son to his grandsons. Shelby had family money through his wife and starts investing shortly after the crash in '29. Like many people, I assumed the market has been a somewhat continual climb with some setbacks. This books traces the history showing the many periods of lackluster stock value growth and how most Americans shunned the stock market for bonds. Quite a difference from today.

   The original Shelby was a miserly value investor who never spent an extra dime. His investment hits were insurance stocks when no one liked that industry and some prudent investments in Japan, also mainly in the insurance industry. By leaving these investments to compound for years, Shelby built a great fortune. But the hidden engine behind this vast growth was the use of margin to leverage his returns. The original Shelby eventually grew his fortune to over a billion dollars in value.

   Shelby's son Shelby did not work with his father until late in his life but eventually became a money manager of some renown also. His philosophy was similar but different and his large money winners tended to be from other industries. The book ends with the sons of Shelby Jr. taking over their father's money management firm and establishing their own identity.

   Along this 70 year history, you will learn about the markets and the different stages of development over the years. A significant amount of time is spent in the 60s and 70s as both of the Shelby's were investing at that time. I strongly recommend this book if you have interest in the market and its history.

5 comments about God in the Pits: Confessions of a Commodities Trader.

1. This isn't much about trading or Christianity. More about this guy's somewhat unusual life story. A nice little read but it won't rock your world. What I found interesting was the unresolved issue of what happened to the people who lived before the time of Christ, when Ritchie was raised to believe that salvation only comes through Christ. This is a perplexing question for a Christian who believes this--it certainly says something about the nature of God as such or the belief structure which holds this as a tenet.



2. A very engrossing, candid, and well written work by a man who has commanded credibility and respect from his own achievements as a commodities trader. This is about his life's journey, of which many people will find a great amount of common ground especially in the formative years. The reader will find it difficult to lay this one down as Mr. Ritchie describes one experience after another from his early years in Texas, moving with his family to Aghganistan, then moving to the Oregon coast to complete high school. Also a lot of interesting trader stories from the Chicago commodities business. What is most striking about this book is not so much the content, but the writer's stark honesty and humility as he addresses the numerous life issues all of us have encountered, but seldom talk about. Evidently he made a lot of right decisions. This, coming from a very successful trader who could just as well have taken the money and ran. This is a book every MAN (and woman) should have on his desk. When you realize who this man is and what he has to say, you might even shed some tears. Much thought-provoking stuff here from a guy you will inevitably admire and respect.



3. There are about 20 pages having anything to do with trading. The rest of the book was about his experiences with his Christian faith. What's funny is that for all his searching, he basically concludes that one has to invent Christianity for themselves, so it's not even a good book FOR a religious Christian to read. His brief account of his experiences getting started trading were good, but, after a day or so of flipping through this book I threw it on the floor where it stays until I got over wasting my money on this.



4. I read this book with Great fascination because I know the Family.
   
   My wife's brother was in business with Mark & Joe Ritchie in the beginning, but left to pursue a PhD in Linguistics at Univ. of Chicago. Joe was best man at Wes's wedding. My wife lived on the third floor of Joe & Sharon's house for a year before we were married.
   
   I absolutely loved this book, all the struggles as kids of missionaries, Mark's struggle with his personal theology, vs. the evangelical community's magic words, "Jesus Christ Personal Savior" stories about the Ethical failures in "the Business", and finally finding peace and purpose with wealth.
   
   Now that I have a favorite son just out of college/Econ School & entering the business, I would like to get another copy and co-re-read it with him.
   
   There are alot of valuable life lessons in this book.
   
   
   So I have a special interest another copy, Contact me if you have one.



5. To give you an accurate idea of the book, I would like to quote from the last page of it: "The story would tell how twenty years had shown me that Christianity was true, that it worked for me, and could work for anyone else willing to try it." That's it. For those who want to read something like Pit Bull, Baruch: My own story, Reminiscences of a Stock Operator type of stuff, you will be absolutely disappointed. However, if you want to read some spiritual stuff, this is it.
   
   p.s. As usual, I would do some copy and paste of messages I like the most for your reference. (Though it's not easy for this book)
   
   You will be amazed at how much common sense you'll have to drop in order to understand this business. pg 8
   
   There is an important lesson to be learned from the silver debacle of 1979. The lesson is old, simple and taught by every kindergartenteacher: Share with others. It applies to stocks and commodities as much as it does to crayons and toys. pg 24
   
   It is a world of make believe, where money grows on trees, dreams become reality, a Disneyland for adults. Almost everyone I meet wants to know how they can get into the business and make a fortune. When I discourage them from doing so, they only become more convinced, thinking that I am just trying to preserve a greater portion of the pot of gold for myself. Little do they know that the gold is not held by a few as a result of their ability to keep others away. It is held by a few because the others find consistent ways to lose. And the futures industry is a most convenient place for the public to lose their money. pg 181

5 comments about The Authentic Adam Smith: His Life and Ideas (Enterprise).

1. Whenever there is an attempt by an author to explain to us lay people what the "true" thinking of a great thinker was, there has to arise a certain amount of skepticism. We have seen too many people attempt to dilute a strong message in order to please those who don't want anything close to an absolute. Such is the case here.
   
   Adam Smith's strong intellectual support for capitalism (versus any kind of central planning) has been a thorn in some sides. Trying to take additional writings of Smith in order to dilute his message seems to be the order of the day for James Buchan's new book on Smith. Capitalism is the most efficient economic system in the world which has proven itself over and over again (East Germany-West Germany, South Korea-North Korea) yet there are the those who will never give up trying to discredit it.
   
   Unfortunately, we are bound to see more of these attacks on capitalism as the left goes further astray trying once again to convince us to all have the same salary with no effort.



2. 
   
   
   One idea stands above all others in this brief but revealing biography of the genius who invented modern economics, and that is the need to treat others as you want to be treated.
   
   Unlike modern Bible thumpers, typified by noisy ideologues who denigrate everyone who does not agree with their selfish and narrow visions, Smith was the product of an era when everything was subject to doubt, challenge, questions and new ideas. There was no status in the status quo; this was the time of intellectual ferment and democratic uprisings that eventually produced the American Revolution and the modern concept of personal freedom. Buchan provides a concise summary of Smith's 'Wealth of Nations', which offers an understanding that is quite different from today's sound-bite daffynitions.
   
   It wasn't merely church dogma that was overthrown. Science had shown the Earth was not the center of the universe. In commerce, from antiquity to the Middle Ages, luxury had been condemned as a mortal threat to body and soul which sapped the courage of men and the chastity of women. Suddenly, luxury was respectable and desirable.
   
   Early in his life, Smith had taught moral philosophy to young men studying for the Presbyterian clergy. He told his students that, in Buchan's words, "alone of all animals on this globe, man ascribes values to qualities such as colour, rarity and shape that give no superior advantage in supplying the wants of nature. Bodily needs can be easily satisfied but desires, in Smith's beautiful phrase, 'seem to be altogether endless'."
   
   His teaching wasn't based on old truths, revealed wisdom, ancient Bible verses or modern born-again faith. Instead, as Buchan writes, Smith was not examining the truth or not of any particular scentific discovery, but the sentiments that give rise to it. One of these is humanity's spontaneous love of order.
   
   Smith's belief in humanity's spontaneous love of order prompted him to look for the basics of the brand new economic conditions; in today's terms, he was looking for the "natural laws" which govern mankind. A vast range of ideas was floating about; the genius of Smith was to identify and compile those which would form the basis of a new freer economy.
   
   Although his reputation has been hijacked by opportunists who have not read, understand or sympathize with his ideas; Buchan shows Smith was vastly more humane than the crass and utterly selfish greed of the neocons. Smith was always uneasy about a society that is forever gaping at the rich and fortunate at the expense of the wise and the kind. "Greed is good" is not one of Smith's principles.
   
   Buchan has done much the same in this book; selecting judiciously from the vast range of ideas, opinions and influences that inspired Smith. England and France were intellectual cauldrons for new ideas; but, these two old societies also had powerful incumbent Establishments that crushed many reforms. Only the United States, which didn't yet have an incumbent conservative elite, gave full free reign to the profound revolution in attitudes which created the modern "consumer society".
   
   Smith defined the most profound intellectual revolution in material values, as opposed to spiritual, since the dawn of agriculture. Buchan does a superb job of explaining Smith. Every reader of this book will be reassured that the 'Golden Rule' is not the rule of greed or the rule of gold. There is more to life, and society, than greed.



3. There is no good substitute for reading Adam Smith's own beautiful prose. But if you don't have the time or the inclination to do so, I would recommend The Authentic Adam Smith. Buchan summarizes Smith's life and ideas. Of special note is his ability to convey Smith's humanity. I have a few minor quibbles about emphasis, but overall the book is accurate, readable and concise. Not many books of this type can make a similar claim.



4. This is a relatively short (145 pages of text) introduction to the life and thought of Adam Smith. I found it to be an extremely worthwhile read. I have recently become aware that the trend toward shorter books, far from resulting in "dumbed down" works, has produced some very insightful discussions--Ted White's recent short book on Justice Holmes being one example. This fine effort, by the author of the definitive analysis of Edinburgh during the Scotish Enlightenment, is further proof of this development. The author skillfully melds a biography of Smith's life with a concise examination of some of his major theories and ideas. He principally focuses upon the "Theory of Moral Sentiments" and (of course) "The Wealth of Nations," but he touches upon a number of other Smith writings and theories along the way. Quite a lot of useful information is packed into this brief study, and the notes reflect the author's thorough command of the pertinent material. One of the author's goals is to correct what he considers to be some fundamental misinterpretations of Smith's ideas, the "invisibile hand" being a prime example. There is some very interesting discussion of Smith's close relationship with David Hume, and various other figures from the Scottish Enlightenment also make appearances as well. Compact yet expansive in scope makes this fine book very unique, and a worthy addition to the literature on Smith and the Scottish the Enlightenment.



5. This is a most readable and excellent book. From an academic standpoint, it has several merits.
   
   The book's first merit is that it serves as a very good abstract of Adam Smith's lengthy and difficult tomes [Wealth of Nations in 1776 and The Theory of Moral Sentiments, 1759]. By today's standards, these books are unreadable. Buchan has painstakingly studied these books and pass on their information in a fresh, lively, and modern language. It should be required reading for any introduction to economics course.
   
   Its second merit is that it clarifies Adam Smith's economic thoughts. Most everyone, included leading contemporary economists, consider Smith the intellectual father of free-wheeling capitalism, globalization, and free-trade. They lean on Smith to give themselves undisputable arguments. If one's thoughts are aligned with Smith, they become unquestionable. So the logic goes. But, even the majority of economics PhDs have not read Wealth of Nations and close to none have read Moral Sentiments. Over the centuries, the interpretation of Smith's work has veered increasingly to the right and into a libertarian domain. But, the interpretation has become disconnected from the original work for a simple reason: absence of reading the original work. Per Buchan, Smith's thoughts on the "laissez faire" capitalism are far more nuanced than current interpretations suggest. Smith showed a very sophisticated understanding of when markets work and when they don't. When monopolies or government are in better position to deliver certain services than free-market competitors. He also showed much concern for ethics in commerce at both the individual and organizational levels. It is as if he anticipated the potential abuse that the absence of ethics would cause (Drexel Burnham, Enron). So, Buchan rectifies for us what Adam Smith's economics were about. It was not about libertarian capitalism, but more about ethical and optimized capitalism. This is a major distinction.
   
   The book's third merit is to place Adam Smith's mind and life in historical context of the great Scottish Enlightenment. You see Smith interact with many of his contemporaries, particularly David Hume.
   
   Anyone interested in either history or economics will really enjoy this book. As mentioned, the book imparts so much information and clarifies much misinformation on the subject. If you enjoy this book, I also recommend Buchan's "Crowded Genius: The Scottish Enlightenment."

5 comments about Peter Grant: The Man Who Led Zeppelin.

1. This book is a must for any Zeppelin fan,Peter Grant defined what the roll of a manager should be,Led Zep are a great band and left a huge larger than life legacy that wont be repeated again.They may have been overlooked or perhaps just done their thing.I believe without the guidance of Peter Grant and his headkickin ways I dont think Zeppelin would of been the rock gods they were.He made the band rich beyond their wildest dreams,he wheeled and dealed and got them gigs at sellout arenas.Peter Grant was the man,Led Zep were his boys.Do yourself a favour and buy this book if you want to know what rock n roll was about.



2. I liked this well enough. It held me all the way through. But it really seemed as though it should have been an extended magazine article or part of another, more detailed book. I walked away feeling that I did not have a better understanding of G than when I came, and THAT'S a problem.



3. ...by Chris Welch, and this time on the heavy-hitting mananger behind Led Zeppelin: Peter Grant. Despite a few glaring factual errors, such as the story behind Swan Song's (Zeppelin's vanity 70's record label)logo, and a few typos this is another good Welch-penned Zeppelin effort. Being a big fan of the band I was very surprised on the chapters devoted to the group's film Song Remains The Same, and their devastating 1977 US tour. These chapters alone are worth your time and money. This book, S. Davis'Hammer Of The Gods, and Richard Cole's Stairway To Heaven, read back to back will tell you all you'll need to know about the best hard rock band the world has ever known: Led Zeppelin!



4. Much insight on the band on and off stage. And Peter Grant, this brilliant and threataning manager is brought out from behind the shadows and emerges as a pivotal individual in rock history.

   Simply a fascinating man, who was just as human as you or I. If he made any errors, the worst in his life were hiring John Bindon onto his security staff, and marrying a woman who was not a "single man woman.". I also now understand why he was referred to as the "fifth member of the Band".

   The Book is very informative and thorough. The only problem I had with the book is that Welch even considered using Richard Cole as a source of information. That cost him one star. I also don't like the photographs of Peter giving us the finger. That almost cost him another star.




5. I really appreciated this book. Chris Welsh has been one of the greatest insiders of Led Zeppelin and provides numberless details about Peter and his relation with the band. I liked very much the info that came from interviews with people related, like Mickie Most, Allan Callan, Ed Bricknell and Warren Grant, among others.
   The book also has the merit of being original on a very worn out subject. Indeed a very good buy for both Zep die-hards and neophites.

5 comments about In Sam We Trust: The Untold Story of Sam Walton and Wal-Mart, the World's Most Powerful Retailer.

1. This is a negative book on Wal-Mart, but probably not as negative as its severist critics. Actually the author writes quite extensively about K-Mart and about their many missteps over the decades. He also writes some about Sear's (How many times has Sear's tried to reinvent themselves?). I think K-Mart stores will ultimately become Sear's stores with the K-Mart store and logo disappearing, and I could see Sear's going out of business in the next ten to fifteen years. Sear's has a few brand names (Craftsman's tools, Kenmore Appliances) that Home Depot or Lowe's would pay a king's ransom to acquire.
   
   I wasn't aware that Wal-Mart has faced as many battles to build their stores over the years. I thought that it was mainly confined to the liberal northeast.
   
   Considering how large Wal-Mart has become I'm surprised that they're as efficient as they are given the interference from the government. Actually I think Wal-Mart was probably a better company fifteen years ago. Clearly the battles that they've faced with the environmentalists et al has caused them to be a less effective company and has caused them to pass some of these costs onto their customers.
   
   Despite what their critics say Wal-Mart provides hundreds of jobs in every community to those who otherwise would be unemployed. Those employees would leave in a minute if they had the requiste job skills and experience to obtain a better job. The biggest anti-Wal-Mart opponents are unions (non necessarily union members) and environmentalists. The two anti-Wal-Mart websites are union funded, and I read a survey recently where 67% of respondents (which included union members) support Wal-Mart. When union members are subtracted out of the survey results, the support jumps to 80% of the participants.



2. A thorough and factual history of the rise of Wal-Mart. Well written and most interesting. I read this book out of curiosity about how Wal-Mart came into being, and what factors made it grow into the giant of the industry. "In Sam We Trust" did go into the background of Sam Walton himself, without going into any special hero-hype or star-bashing, instead simply outlined the story as it happened. From this, I learned much about the organization, and my questions were well answered.



3. i had to vote for at least one star, but if i could've voted for no stars at all, that would have more accurately summed up my opinion on the subject. ok, the critics say that (local store) are devouring small business and small towns, but they don't see, or want to see, the big picture. sam walton's formula for success was very simple - treat co-workers with respect and kindness, just the way we all want to be treated, and give customers what they want and then some. most (local store) employees that i know are very happy with their jobs, even if they could work somewhere with more income potential they don't want to because they are proud of what they do, and rightly so. (local store) associates take pride in doing what they do every day, serving the customers, seeing their happy faces light up when they feel honored as important, valuable human beings rather than just another transaction, another number that doesn't mean anything. anti-(local store) are spiteful that sam walton was a visionary businessman with a simple plan for making the american dream a reality and who shared that vision with everyone he encountered, from associates, customers, stockholders, and even the president of the united states when walton was presented with a presidential award. if these people want to say that (local store) is running out small business, remember what sam walton said about customers being free to choose where to shop, nobody is forced to shop at (local store), but most do because they know that when they do, they will as a rule get more out of it than shopping at any other retailer that offers the same merchandise. the unions are very unhappy because they see (local store) and the way they do business as threatening to their livelihood, though it is not an anti-union company, they've just figured out how to make unions obsolete. open communication with management and workers is possible, and a win-win situation when people just get their egoes out of the way and work as a team. the unions want workers and management to be divisive because this is just a way for them to pirate employee's salaries, creating fear is profitable for them. i don't respect the way most unions do business, if that's not obvious by now, because it seems rather unethical. (Local store) is the #1 private employer in this country for a reason, and nothing the opposition can do or say can change that. "the customer always" is more than just a catchy slogan, it's a way of life for most walmart associates. it's an attitude that carries over into other areas of life, pride in a job well done and service with a smile can apply to any facet of living. when you finally realize how bogus this (local store) bashing bandwagon truly is, maybe you'd get more out of reading mr. walton's biography, "made in america".



4. Bob Ortega's excellent study of America's largest private employer (728,000 workers in 1997) is truly food for thought not only about Wal-Mart as a retail organization, its leaders, and its impact on America, but also about the direction America was headed into at the close of the 20th century.

   Ortega's book, IN SAM WE TRUST: The Untold Story Of Sam Walton And How Wal-Mart Is Devouring America (1998) was widely reviewed as hostile to Wal-Mart and those who support it, but one cannot help but notice an overall tone of admiration in Ortega's book at the success of Wal-Mart's well documented rapacity and avarice, and the fact that its bottom line big dollar success was only possible because it's enormous customer base have voted with their feet and their pocket books to keep it going and growing.

   Author Bob Ortega is a Princeton grad later schooled at the Columbia U. Journalism School, well known along with the U. of Missouri Journalism School as the most prestigious in America. He's also a WALL STREET JOURNAL employee. For all of the pretentions IN SAM WE TRUST (1998) makes of being a true muck-raking tome, the author's WALL STREET JOURNAL mentality and morality shines through to any who examine his book closely.

   When all is said and done, Ortega has written a book which admires Wal-Mart, and is likely to do that organization no harm whatever. His provided backgrounder information about the nasty and unpleasant side of Wal-Mart doesn't affect the bottom-line, to use a phrase near and dear to Wal-Mart management, and to Ortega's mentor newspaper, the WALL STREET JOURNAL.

   The book reminds me of the extravagant PATTON (1969) movie which appeared in the middle of the War In Vietnam, and told the story of General George S. Patton, Jr. and his activities during World War II. The expensive movie (for which the main actor won an Academy Award) provided very critical material about Gen. Patton, and showed his failures and personal problems in some detail. But, all in all, it was a hagiography which was said to have been screened often in the Nixon White House, and which the pro-war people of the Vietnam War era loved. For all its criticism, the movie admired Patton, and was a PR piece for pushy generals, the U.S. Army, and war as a catagory of human activity.

   It's doubtful that Wal-Mart bigshots at company HQ in Bentonville, Arkansas lost any sleep over this book. Wal-Mart profits were probably boosted as a result of the book. After all, it provided more publicity about Wal-Mart. As movie star Erol Flynn was supposed to have said often, "I don't care what the newspapers say about me...just make sure they spell my name right."

   All this said, the book DOES reveal many interesting facts about Wal-Mart and by reflection, about America these days.

   Wal-Mart's status as America's largest private employer is discussed. By 1997, Wal-Mart had long since passed General Motors Corp. to achieve this status. The kind of work offered by Wal-Mart and other "big-box" type discount and "catagory killer" chains... had REPLACED manufacturing to become the dominant new blue-collar job in the United States. This kind of job offered far lower wages, fewer benefits, and less job security than the old manufacturing type job it replaced.

   Ortega says the WALL STREET JOURNAL compared GM jobs with Wal-Mart jobs in 1997 and noted that the average GM wage was $19. per hour; at Wal-Mart $7.50 per hour. With benefits included, GM compensation was worth $44. per hour; Wal-Mart's (for those who get benefits) was $10. per hour. Ortega rightfully concludes (but isn't necessarily unhappy about the fact that) Wal-Mart has become a mirror for the new American workplace where Federal employment figures showed that more than 30 percent of American workers hold only part-time or temporary jobs.

   It's safe to conclude that when the new #1 employer in America offers less than 25% of income provided by the old #1 employer, Americans as a group are getting poorer.

   IN SAM WE TRUST (1998) states that when a new Wal-Mart store arrives in a community, 75% of its profits are drawn from trade previously enjoyed by small, often "Ma and Pa" stores many of which cannot stand against Wal-Mart competition and soon close down. Author Orgega refers to this as "strip-mining" local commerce previously but no longer owned and operated locally, and uniquely responsive to local needs and pressures.

   If Wal-Mart ever become history, and its services become unavailable in the 3000 plus locations where it now operates, the loss of the centrally controlled organization would impact the lives of many, many Americans. The re-establishment of the many small business Wal-Mart bull-dozed into oblivion is not likely to provide relief to these Americans.

   All this is worth thinking about, and for that reason, Bob Ortega's book IN SAM WE TRUST: The Untold Story of Sam Walton and How Wal-Mart Is Devouring American (1998) is worth buying and re-reading often.




5. I worked at Wal-mart and I know exactly what you are talking about. Right now it is happening in my home town. There are a lot of small stores and Wal-mart will run them out of business. When I worked with Wal-mart the main focus was making that money. They had to do everything to make sure that they were getting in every dollar they could. Forget the associates. They did not really care about the associates. We just had to make sure that the customers were happy so they would spend more money. It should not be that way. It is true that Wal-mart gives to the Children's Miracle Network and to other charities but they always get something out of it. Wal-mart cares about one thing and one thing only, making a profit.