by David Flanagan (Author), Yukihiro Matsumoto (Author)
Price: $26.39
Buy The Ruby Programming Language Now
The answer to this question lies in competitive advantages, or economic moats. Just as moats were dug around medieval castles to keep the opposition at bay, economic moats protect the high returns on capital enjoyed by the world’s best companies. If you can identify companies that have moats, and you can purchase their shares at reasonable prices, you’ll begin to build a portfolio of solid businesses that will improve your odds of doing well in the stock market.
In The Little Book That Builds Wealth, author Pat Dorsey—the Director of Equity Research for leading independent investment research provider Morningstar, Inc.—outlines this proven approach and reveals how you can effectively apply it to your own investments. Step by step, Dorsey discusses why economic moats are such strong indicators of great long-term investments and examines four of their most common sources: intangible assets, cost advantages, customer-switching costs, and network economics. After establishing a firm understanding of moats, Dorsey shows you how to recognize moats that are eroding, the key role that industry structure plays in creating competitive advantage, and how management can create (as well as destroy) moats.
Along the way, Dorsey provides an informative overview of valuation—because even a wide-moat company will be a poor investment if you pay too much for its shares—and illustrates the issues addressed through case studies that apply competitive analysis to some well-known companies.
Although the moat concept is not a new one—it was made famous by Warren Buffett—the modern-day investor can benefit from what it has to offer. With The Little Book That Builds Wealth as your guide, you’ll quickly discover why moats should be an integral part of your analytical investment toolkit and learn how to leverage this approach to build a portfolio of high-performance stocks.
In this new book, Kevin Trudeau blows the lid off the banking and credit card industries, exposing the greatest rip off of our citizens in this nation's history. The credit card industry is one of the most profitable industries in this country, but they don't want you to know it. You can fight back! You can apply Kevin's solutions to your debt problems, and keep more money in your pocket today. You can learn how to use credit to build wealth! Read Debt Cure$ and cure your debt forever.
You will learn:The fate of Sir John Franklin's last expedition remains one of the great mysteries of Arctic exploration. What we know, more or less, is this: In the balmy days of May 1845, 129 officers and men aboard two ships -- Erebus and Terror -- departed from England for the Canadian Arctic in search of a Northwest Passage to the Pacific. They were never heard from again. Between 1847 and 1859, Franklin's wife pushed for and funded various relief missions, even as the expectation of finding survivors was replaced by the slim hope for answers.
It's a story perfectly suited for fiction, if only because we have so little else to go on. Dan Simmons's new novel, The Terror, dives headlong into the frozen waters of the Franklin mystery, mixing historical adventure with gothic horror -- a sort of Patrick O'Brian meets Edgar Allan Poe against the backdrop of a J.M.W. Turner icescape. Meticulously researched and brilliantly imagined, The Terror won't satisfy historians or even Franklin buffs, but as a literary hybrid, the novel presents a dramatic and mythic argument for how and why Franklin and his men met their demise.
The book opens well into the middle of things, at the onset of the ships' third winter beset in sea ice. Months after Franklin's own death, his second-in-command is now in charge. Gothic imagery pervades, as "Captain Crozier comes up on deck to find his ship under attack by celestial ghosts." This "attack" turns out to be an artful description of the aurora borealis, though Simmons never tells us that directly. Indeed, the power of his metaphoric language comes from the archetypal superstitions of the crew, who, despite their anchor of Protestant Christianity, are a pagan lot deep down.
But the crew's belief in witches and magic may or may not explain their main fear: a "Thing on the ice" that stalks, beheads, eviscerates and otherwise kills off crewmen one by one. For 200 pages or so, we aren't sure if this beast is a figment of their overactive imaginations, maybe a giant polar bear or a yeti of Northern lore, a monster suggesting the "beastie" of Golding's Lord of the Flies -- the terror within -- or Beowulf's Grendel, not to say Grendel's mother -- a preternatural, evil intelligence bent on destruction.
Faced with mutinous threats, general starvation, intense cold and something wrong with their tinned food supply (scurvy and lead poisoning appear rampant), Crozier provides leadership without arrogance. As the novel's protagonist, he is a man of the people, a realist, unlucky in love. As an Irishman in the British Royal Navy, he has been largely ignored by the Admiralty despite his stoic competence.
By contrast, Franklin represents most of what was wrong in early British Arctic exploration. His prior expeditions had met with minimal success, making him best known in England as "the man who ate his shoes," though given all the other things men ate to stay alive on Arctic expeditions, it's unclear why shoe leather would be singled out for ignominy. Goaded by his very public failings, Franklin retained his penchant for arrogant idealism and wasteful ritual. He brought along fine china and monogrammed silverware, among other "necessities." In the end, his primary mistake is cultural: Out of xenophobia he refuses to adopt local methods of travel, shelter and hunting. Yet to say that Sir John gets his just deserts is unfair if only because 128 others suffer the same fate.
Crozier recognizes the captain's weaknesses, and therein lies the novel's poignant sense of loss. He dispenses shipboard justice out of practical necessity rather than lofty idealism. In their desperate hours, he preaches not from the Bible favored by Franklin but from the "Book of Leviathan" -- his own recitations from Thomas Hobbes, which, among other things, explains the birth of superstition and religion: "There was nothing which a Poet could introduce as a person in his Poem, which [man] did not make into either a God or a Divel." As the novel descends toward its hellish climax, the "Divel" chasing our crew -- that "Thing on the ice" -- transcends its monstrous nature and becomes the manifestation of earthly retribution, wild payback for the hubris of Western civilization.
The vehicle of that transcendence is Lady Silence, a mute Inuit girl who lives on the ship and goes at her own whim, providing a portal to Eskimo mythology and shamanism. Northern spiritual philosophy gives the world -- and this novel -- its ultimate balance, predicting the coming of kabloona ("pale people"), whose arrival brings "drunkenness and despair," melts the sea ice, kills off the white bear and calls forth the "End of Times." While Franklin's men are unable to escape the realities of starvation, brutal cold and the violent urge, Crozier's instinct for survival pushes the novel to its ethereal end.
This mix of historical realism, gothic horror and ancient mythology is a difficult walk on fractured ice, and anyone without Simmons's mastery of narrative craft would have undoubtedly fallen through. Despite its Leviathan length, The Terror proves a compelling read, while making the average meal consumed by the average American seem a precious gift from warm-weather gods.
Copyright 2007, The Washington Post. All Rights Reserved.