stock buybacks

The Price of Time: The Real Story of Interest

by Edward Chancellor  · 15 Aug 2022  · 829pp  · 187,394 words

Wall Street Destroyed Main Street (New York, 2016), p. 11. 36. A study of 1,900 listed companies by Reuters (Karen Brettell et al., ‘As Stock Buybacks Reach Historic Levels, Signs that Corporate America is Undermining Itself’, in ‘The Cannibalized Company (Part I)’, Reuters Special Report, 16 November 2015) finds that since

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. Data cited by Chuck Schumer and Bernie Sanders, ‘Schumer and Sanders: Limit Corporate Stock Buybacks’, New York Times, 3 February 2019. An article in The Atlantic claimed that total stock buybacks over the previous decade totalled $6.9 trillion; see Nick Hanauer, ‘Stock Buybacks are Killing the American Economy’, The Atlantic, 8 February 2015. 41. Comment

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Cannibalized Company (Part III)’, Reuters Special Report, 23 December 2015. 42. EPS growth relative to GDP and net profit growth. 43. Karen Brettell et al., ‘Stock Buybacks Enrich the Bosses Even When Business Sags’, in ‘The Cannibalized Company (Part II)’, Reuters Special Report, 10 December 2015. This article cites the cases of

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. 47. Between 1986 and 2002, GM repurchased $20.4 billion worth of shares; https://www.cnbc.com/2018/12/11/investors-should-be-furious-3-stock-buybacks-that-went-horribly-wrong.html. 48. https://wolfstreet.com/2018/11/26/gm-after-14-bn-share-buybacks-prepares-for-carmageddon-shift-to-evs-cuts

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2018. See Matt Egan, ‘GE’s $24 Billion Buyback Boondoggle’, CNN Business, 23 March 2018. Also Mitch Goldberg, ‘Investors Should be Furious: 3 Blue-chip Stock Buybacks that Went Horribly Wrong’, CNBC.com, 11 December 2018, who states that GE spent a total of $46 billion on buybacks between Q3 2009 and

The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America—and How to Undo His Legacy

by David Gelles  · 30 May 2022  · 318pp  · 91,957 words

positive future outlook,” Dennis Muilenburg, the Boeing CEO, announced that the company was increasing its dividend by 20 percent and would spend $20 billion on stock buybacks. It was the apex of two decades of unwavering devotion to investors that began in 1997, when Stonecipher joined the company, and it further clarified

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impact of downsizing on, 46–47, 49–50, 52, 73, 183, 227 impact of market concentration on, 177 impact of outsourcing on, 227 impact of stock buybacks and dividend payments, 66 of JW in early career, 28 labor as a cost under JW, 43–44, 46–47, 70–71, 210–11 market

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Golden Age of Capitalism, 184 growth in corporate America, 11 at Home Depot, 109, 110 at Honeywell, 120 impact of downsizing on, 73 impact of stock buybacks and dividend payments, 65–66, 153 at McDonnell Douglas, 87 at Polaris, 85 at Scott Paper, 71 at SPX, 105 in stakeholder capitalism, 217–18

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subprime mortgage market and, 8, 137–38, 141–45, 148–49, 150, 165, 225 financial deregulation: critique of, 95 Friedman doctrine and, 38–39 of stock buybacks, 65 see also shareholder capitalism financialization (generally), 123–26 at AIG, 126 at Under Armour, 182 at AT&T, 175 at Boeing, 88, 90, 129

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at Freddie Mac, 125, 144 at GE, see financialization at GE moving beyond, 205–6, 210–11 negative externalities of, 175–85 securities trading, 124 stock buybacks, 10, 65–68, 88, 90, 129, 153, 175, 184, 187, 190, 219, 224 tax minimization, see taxation at 3G Capital, 181–82 3M rejection of

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in, 6, 58–64, 144–45, 160–62, 227–28, see also GE Capital SEC investigation / fraud accounting charges, 126, 147–48, 164–65, 225 stock buybacks, 6, 64–66, 161, 163 subprime mortgage market and, 8, 137–38, 141–45, 148–49, 150, 225 Financial Times, 147, 151–52 Fink, Larry

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Golden Age of Capitalism Stanley, Frederick T., 80 Stanley Works, 77, 83–84, 110 Starbucks, 170 Stephanopoulos, George, 157 Stephenson, Randall, 175 Stiglitz, Joseph, 132 stock buybacks, see financialization (generally); financialization at GE stock market performance, see shareholder capitalism Stone, Roger, 196 Stonecipher, Harry, 87–90, 127, 128–29, 187, 191, 194

Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors

by Wesley R. Gray and Tobias E. Carlisle  · 29 Nov 2012  · 263pp  · 75,455 words

THAN THE SUM OF ITS PARTS? NOTES Part 5: Corroborative Signals Chapter 9: Blue Horseshoe Loves Anacott Steel: Follow the Signals from the Smart Money STOCK BUYBACKS, ISSUANCE, AND ANNOUNCEMENTS INSIDER TRADERS BEAT THE MARKET ACTIVISM AND CLONING SHORT MONEY IS SMART MONEY NOTES Part 6: Building and Testing the Model Chapter

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-beating returns. Investors might then use those candidates as the starting point for a full fundamental analysis. Either way, signals are very useful to investors. STOCK BUYBACKS, ISSUANCE, AND ANNOUNCEMENTS Many studies have found stock repurchases to be predictive of market-beating returns. The corollary is also true. Stocks issuing shares tend

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), forthcoming. Available at http://ssrn.com/abstract=1361800 or http://dx.doi.org/10.2139/ssrn.1361800. 9. Jack Hough, “Buy Signals: How to Decipher Stock Buybacks.” Wall Street Journal, Upside, January 21, 2012. Available at http://online.wsj.com/article/SB10001424052970203750404577171231151712236.html. 10. James O'Shaughnessy, What Works on Wall Street

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, Robert Short selling Shumway, Tyler Simons, Jim Singleton, Henry Sloan, Richard Small sample bias “Some Insiders Are Indeed Smart Investors” (Giamouridis, Liodakis, & Moniz) Sortino ratio Stock buybacks, issuance, and announcements Stock market, predicting movements in sustainable alpha quantitative value strategy simplifying tried-and-true value investing principles model, testing benchmarking data errors

The Lords of Easy Money: How the Federal Reserve Broke the American Economy

by Christopher Leonard  · 11 Jan 2022  · 416pp  · 124,469 words

cash in on the inflation of company stock. This tactic was something called a stock repurchase, or stock buyback. This was a strategy that Rexnord began to pursue, along with the rest of corporate America. Stock buybacks were made legal in 1982, and they are exactly what they sound like. A company uses cash

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, which decreases the total amount of shares in existence. This can boost the price of remaining shares because there are less of them to buy. Stock buybacks also help juice an important metric by which many CEOs get paid, called “earnings per share,” which measures how much profit a company earns per

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share of stock. Take away more shares, and the earnings per share go higher. In this way, stock buybacks are a great way to meet the earnings-per-share target without doing things like winning new customers, innovating new products, or improving operations. Also

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to people who already own the stock, which can include the company’s executive team. In spite of all these benefits to executives and shareholders, stock buybacks remained relatively rare through much of the 1990s. There were compelling reasons to avoid them. Buybacks almost always increase a company’s indebtedness, which weakens

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and notes, according to an extensive investigation in Forbes magazine, between 2014 and 2019. The company used the cash to help finance $35 billion in stock buybacks. It also paid out $19 billion in dividend payments, directly to its owners, giving the owners more than $50 billion during a period when the

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! Brands, the fast-food conglomerate that operates chains like Taco Bell and KFC, borrowed $5.2 billion to help pay for $7.2 billion in stock buybacks and dividend payments. The buybacks made these companies more vulnerable to an economic downturn by increasing their debt loads and reducing their equity. Between 2014

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he would earn $6 million. The Federal Reserve was encouraging this kind of activity, and it knew that it was encouraging it. But Rexnord’s stock buybacks were seen, by the Fed, as a means to an end. It was okay if CEOs used debt to help engineer multimillion-dollar paydays, as

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; Rick Barrett, “Rexnord Stock Gains 11% in Debut; Shares Close at $20 a Day After IPO Priced at $18,” Milwaukee Journal Sentinel, March 30, 2012. Stock buybacks were made legal in 1982: William Lazonick, “Profits Without Prosperity,” Harvard Business Review, September 2014; Liyu Zeng and Priscilla Luk, “Examining Share Repurchasing and the

The Raging 2020s: Companies, Countries, People - and the Fight for Our Future

by Alec Ross  · 13 Sep 2021  · 363pp  · 109,077 words

had been investing in new planes, better service, or better salaries for their workers. No, they had spent $47 billion of that $49 billion on stock buybacks. Boeing spent $43 billion of its $58 billion in free cash flow during that period on stock repurchases, despite the need for investment to make

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during the surge in shareholder capitalism policies in the 1980s, immunizing executives and boards from prosecution for stock manipulation using stock buybacks. And since the 1990s, buybacks have become all but ubiquitous. Stock buybacks are Exhibit A demonstrating that if share price is all that matters in shareholder capitalism, then it creates major incentives

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but the overall economy is less dynamic and workers are not benefiting, look no further than the trillions of dollars in stock buybacks. S&P 500 companies spent $4.3 trillion on stock buybacks over the last decade. That is more than half of their net income, with another 39 percent ($3.3 trillion

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increases the productive capacity of the company. At least with dividends, shareholders can reinvest or otherwise spend the money as they choose to, but with stock buybacks the money just disappears. This $4.3 trillion produced nothing material. It increased the stock price, which is the sole marker to which most boards

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, in practice, whenever these companies hit a crisis they go to the government for a bailout. Because they spent all their free cash flow on stock buybacks, they do not have the money to rescue themselves, so they ask taxpayers to do it for them. Far from some pure form of capitalism

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had been investing in new planes, better service, or better salaries for their workers. No, they had spent $47 billion of that $49 billion on stock buybacks. We saw an even more dramatic form of corporate socialism when the US central bank, the Federal Reserve, injected trillions of dollars of liquidity into

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a greater share of their income on research and development than those in the United States. Between 1998 and 2014, American companies announced 11,096 stock buybacks, compared to only 533 in total across firms in Germany, Austria, Denmark, Sweden, Finland, Norway, and the Netherlands. Though many argue that codetermination results in

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-19 pandemic and rose to record highs while the pandemic was still surging. Equity-based compensation for workers can also be a partial antidote to stock buybacks, the dumbest and least effective attribute of shareholder capitalism. Better the stock live inside the portfolios of workers than reside inanimately on corporate balance sheets

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, and for stakeholders to be reflected in business’s bottom line. There will be plenty of available cash for wages and stock for distribution because stock buybacks will be illegal. In this vision of 2030, that Filipino family won’t find their options so stunted; they will be able to work hard

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. Killing off shareholder capitalism enables us to end tax havens, which gives governments the resources to fight climate change, which means less climate migration. Ending stock buybacks means companies have more money to pay workers in both cash and stock, which means less long-term dependency on safety net programs and greater

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Science Foundation, April 2000, https://www.nsf.gov/about/history/nifty50/barcodes.jsp. $49 billion on stock buybacks: Philip van Doorn, “Opinion: Airlines and Boeing Want a Bailout—but Look How Much They’ve Spent on Stock Buybacks,” Marketwatch, March 22, 2020, https://www.marketwatch.com/story/airlines-and-boeing-want-a-bailout-but

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-look-how-much-theyve-spent-on-stock-buybacks-2020-03-18. nearly 75 percent of Americans worked on farms: Stanley Lebergott, “Labor Force and Employment, 1800–1960,” in Output, Employment, and Productivity in

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Journal on Regulation, November 8, 2019, https://www.yalejreg.com/bulletin/the-1-trillion-question-new-approaches-to-regulating-stock-buybacks-2/. $4.3 trillion on stock buybacks: William Lazonick, Mustafa Erdem Sakinç, and Matt Hopkins, “Why Stock Buybacks Are Dangerous for the Economy,” Harvard Business Review, January 7, 2020, https://hbr.org/2020/01/why

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-stock-buybacks-are-dangerous-for-the-economy. more than $49 billion in free cash flow: van Doorn, “Opinion: Airlines and Boeing Want a Bailout,” https://www.marketwatch.

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com/story/airlines-and-boeing-want-a-bailout-but-look-how-much-theyve-spent-on-stock-buybacks-2020-03-18. To put it bluntly: Richard Feloni, “The Economist Joseph Stiglitz Explains Why He Thinks the Late Milton Friedman’s Ideas Have Contributed

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stakeholder capitalism calls for turn to Nordic countries and Standard Oil Stanford University Stanley, Vincent Stansbury, Anna Starbucks state power. See governmental power Stiglitz, Joseph stock buybacks Stoller, Matt Stone, Oliver strikebreaking strikes Stripe Summers, Larry surveillance China and democracy and regulation of sustainable practices Sweden Swift, Jonathan Switzerland Syria, civil war

100 Baggers: Stocks That Return 100-To-1 and How to Find Them

by Christopher W Mayer  · 21 May 2018

: The Outsiders: The Best CEOs...............................................................93 Chapter 9: Secrets of an 18,000-Bagger................................................................ 103 Chapter 10: Kelly’s Heroes: Bet Big..............................................................................111 Chapter 11: Stock Buybacks: Accelerate Returns..................................................115 Chapter 12: Keep Competitors Out.............................................................................121 Chapter 13: Miscellaneous Mentation on 100-Baggers....................................... 129 Chapter 14: In Case of the Next Great

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enough to analyze. “You could get a really good long run out of some of those quick-service restaurant ideas,” he said. I asked about stock buybacks, which boost ROE. He’s agnostic, generally. But he’s leery of buybacks and no sales growth. “If you have a company with tons of

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the list of names relatively short. And focus on the best ideas. When you hit that 100-bagger, you want it to matter. CHAPTER 11: STOCK BUYBACKS: ACCELERATE RETURNS What is a “tontine”? If you think a tontine is a rich French pastry, you’re half right. It is indeed French. But

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of retiring shares. And more than a few 100-baggers greedily bought back their own shares when the market let them do so cheaply. Stock Buybacks: Modern Tontines Stock buybacks deserve a separate chapter in a book on 100-baggers because they can act as an accelerant when done properly. A buyback is when

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-growth economy, this tactic is becoming a more important driver of earnings-pershare growth. But you have to actually shrink the number of shares outstanding. STOCK BUYBACKS: ACCELERATE RETURNS 117 Since 1998, the 500 largest US companies have bought back about one-quarter of their shares in dollar value, yet the actual

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has bought back gobs of stock. All told, 65 percent of the shares have been retired. That’s 8.4 percent per year—just from stock buybacks. As Steve Bregman at Horizon-Kinetics, which owns a 5 percent stake in AN, writes, “This is most unusual in scale and duration; one is

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, finds its stock selling in the market below its intrinsic value, conservatively calculated. If those two requirements are met, Buffett is an enthusiastic supporter of stock buybacks. This is from his 1980 letter to shareholders: We can’t resist pausing here for a short commercial. One usage of retained earnings we often

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full—frequently more than full price—when a company buys the entire ownership of another enterprise. But the auction nature of security markets often allows STOCK BUYBACKS: ACCELERATE RETURNS 119 finely-run companies the opportunity to purchase portions of their own businesses at a price under 50% of that needed to acquire

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the same earning power through the negotiated acquisition of another enterprise. (emphasis added) When done right, buybacks can accelerate the compounding of returns. Stock buybacks have only become more common in the last couple of decades. Therefore, in my study of 100-baggers—which spans 1962 to 2014—it was

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broker, and it’s not even close. And that partly explains why it’s growing twice as fast as its competitors. That’s a moat. STOCK BUYBACKS: ACCELERATE RETURNS 1 23 • You are the biggest. This gets to some inherent advantages of size. Absolute bigness can be an advantage if it keeps

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. “Measuring the Moat: Assessing the Magnitude and Sustainability of Value Creation” is a 70-page report on the issue. (You can find it free online.) STOCK BUYBACKS: ACCELERATE RETURNS 1 25 Mauboussin looked at 68 global industries, with a sample size of over 5,500 companies. And what he found was that

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new businesses and shut down old ones. Capital sloshes around, funding promising ventures and draining less attractive ones. The whole competitive mosaic is always changing. STOCK BUYBACKS: ACCELERATE RETURNS 1 27 Anyway, we don’t have to explain why exactly mean reversion happens. The fact is we see it in the numbers

This Could Be Our Future: A Manifesto for a More Generous World

by Yancey Strickler  · 29 Oct 2019  · 254pp  · 61,387 words

keep rising for patients while the pharmaceutical companies making those drugs reap growing profits. It’s also why companies used more of their profits on stock buybacks in 2018 than they spent on R&D or raising pay. Shareholders and the stock price are the priority, not workers or the future. As

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’t a problem. The problems are how and why they’re being used. PROBLEM 1: WHY SOME BUYBACKS ARE HAPPENING Up until the early 1980s, stock buybacks were illegal in the United States except in very specific circumstances. Because companies had been known to buy their own stock to drive up its

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them up to a machine and run a polygraph to see whether it’s true.” Buffett said that’s what a stock buyback effectively did. The use of buybacks took off. Aggregate stock buybacks by US firms, 1980–1990 SOURCE: ASWATH DAMODARAN, COMPUSAT Since 1982, the practice has grown considerably. In 2018, companies paid

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out more than $1 trillion in buybacks, the most in history. Aggregate stock buybacks by US firms, 1980–2018 SOURCE: ASWATH DAMODARAN, COMPUSAT And since the buyback phenomenon began, the stock market’s performance has directly reflected how much

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. The goal is to maximize returns for shareholders. In recent years, many American companies have invested less in R&D than they’ve spent on stock buybacks. Net share buybacks and net capital formation as a share of net operation surplus for nonfinancial corporations SOURCE: DELOITTE, BUREAU OF ECONOMIC ANALYSIS This isn

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do everywhere. The Financial Times reports that, “Between 2015 and 2017, the five biggest US tech groups (especially Apple and Microsoft) spent $228 billion on stock buybacks and dividends, Bloomberg data shows. During the same period, the top five Chinese tech companies spent just $10.7 billion and ploughed the rest of

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and their small band of very wealthy shareholders? This would be a world with more profits and fewer workers than we can possibly imagine. Where stock buybacks—or whatever their future equivalent might be—are through the roof and inequality along with it. This would be a world of “profits without prosperity

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would not be the force it is without its political influence. The Mullet Economy was enabled by regulatory changes achieved through political—not business—means. Stock buybacks were prohibited until friendly regulators allowed them in 1982. In the 1980s and 1990s numerous restrictions on banks were removed, including prohibitions on banks having

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margins increase. Cases in point: cable and internet providers in America, and radio stations’ shrinking playlists. The newly saved funds are distributed to shareholders through stock buybacks and dividends while service stagnates. Or, as we call it, the Mullet Economy. PHASE 4: THE CRASH Once value extraction is maximized, it’s only

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Outstanding (Levels) 1943–2018” and the US Census Bureau’s Households by Type data. tends to go up: Background on stock buybacks comes from economist William Lazonick’s 2010 Brookings Institution paper “Stock Buybacks: From Retain-and-Reinvest to Downsize-and-Distribute,” and his 2011 paper “From Innovation to Financialization: How Shareholder Value Ideology

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Is Destroying the US Economy” (published in the Oxford University Press collection The Handbook of the Political Economy of Financial Crises). Additional background came from “Stock Buybacks: Misunderstood, Misanalyzed, and Misdiagnosed” by Aswath Damodaran for the American Association of Individual Investors, and data from a research report by Goldman Sachs analyst Stuart

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Fortune article that initially highlighted buybacks was titled “Beating the Market by Buying Back Stock,” by Carol J. Loomis on April 29, 1985. spent on stock buybacks: Data on money spent on buybacks versus other investments comes from Deloitte (“Decoding Corporate Share Buybacks: Is It at the Cost of Investment?” November 2017

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: More Evidence”) was written by Thomas Ferguson, Paul Jorgensen, and Jie Chen and published by the Institute for New Economic Thinking. allowed them in 1982: Stock buyback rules were changed in 1982 when the Securities and Exchange Commission passed rule 10b-18, which defined a process by which buybacks could legally occur

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, 151, 193–95, 267 “Mullet,” 66–74, 77, 84, 110, 163 shareholder-centric, 60–61, 67–73, 82–85 See also gross domestic product (GDP); stock buybacks education, 24–26, 74–75, 110, 170–71, 197, 216, 259 electric cars, 173–75, 183 Ellison, Larry, 109–10 emotions, 22–23, 103, 113

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–71 creative projects of, 5–7, 10–13 founding of, 4–8, 236, 247 as PBC, 6, 9–12, 100–101, 169–71, 264 and stock buybacks, 67–68 wins best award, 87–88 knowledge, 21, 123, 217 and generational change, 180–81 as governing value, 144–45 high value of, xii

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, 113, 115 Semmelweis, Ignaz, 149–51 service, poor level of, 62, 67, 84 shareholders, 6, 23, 177 maximizing returns for, 70–72, 169–70 and stock buybacks, 67–70 See also economy: shareholder-centric Silicon Valley companies, 5, 95–96, 98 Silicon Valley HBO series, 96 Smith, Adam, xv, 26–27, 31

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Trek: The Next Generation, xv Star Wars, 11 start-ups, 52–54, 74, 79, 87–88, 95 status quo, 7–8, 75, 81, 98, 162 stock buybacks, 23, 67–73, 77, 84, 257 students life goals of, 89–92, 94 loans/debts of, 74–75 prioritize wealth, 89–92, 105, 180 success

Makers and Takers: The Rise of Finance and the Fall of American Business

by Rana Foroohar  · 16 May 2016  · 515pp  · 132,295 words

desires of their consumers—and from the hearts and minds of the country at large. Because make no mistake, Apple’s behavior is no aberration. Stock buybacks and dividend payments of the kind being made by Apple—moves that enrich mainly a firm’s top management and its largest shareholders but often

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business decisions that might undermine growth in their companies even as they raise the value of their own options. It’s no accident that corporate stock buybacks, which tend to bolster share prices but not underlying growth, and corporate pay have risen concurrently over the last four decades.54 There are any

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—all in order to avoid tax collectors in the United States. Remarkably, the firm did so while issuing debt on American markets to fund the stock buybacks and dividend payments that would line the pockets of some of the world’s wealthiest people. But that scenario is by no means the weirdest

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than comparable public companies do.39 The reason? As we have already seen in chapters 4 and 5, public companies are pouring their money into stock buybacks and dividend payments that enrich mainly those who are already wealthy, and encourage executives to focus on quarterly returns rather than longer-term growth prospects

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prices are booming not because of fundamental economic improvements, but because of a toxic combination of flat salaries, lowered investment in the real economy, and stock buybacks. Corporate debt (not including debt held by banks) has risen from $5.7 trillion in 2006 to $7.4 trillion today. Much of that money

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Nineties, 115–17. 20. Author interview with Stiglitz for this book. 21. Lazonick, Mazzucato, and Tulum, “Apple’s Changing Business Model,” 30. 22. William Lazonick, “Stock Buybacks: From Retain-and-Reinvest to Downsize-and-Distribute,” Brookings, April 2015. 23. This data is for 458 companies; it appeared in the S&P 500

The Impulse Society: America in the Age of Instant Gratification

by Paul Roberts  · 1 Sep 2014  · 324pp  · 92,805 words

_robots_ai_and_unem ployment_antifaq/. 48. King, Ian and Beth Jinks, “Icahn seeks $150 million Apple stock buyback,” San Francisco Chronicle, October 1, 2013. http://www.sfgate.com/business/article/Icahn-seeks-150-million-Apple-stock-buyback-4860812.php. Chapter 7: In Sickness and in Wealth 1. “Benefits, Costs, and Policy Considerations of

Expected Returns: An Investor's Guide to Harvesting Market Rewards

by Antti Ilmanen  · 4 Apr 2011  · 1,088pp  · 228,743 words

of starting yield and growth prospect, their estimates can diverge widely. One debate is whether to use dividend yields or broader payout yields that include stock buybacks and issuance. The disagreement on growth prospects is even worse. Anyone using analysts’ earnings growth forecasts inherits the extreme optimism typical of analysts who often

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signal. The trend decline in D/P in the 1980s and 1990s partly reflected a structural change: many firms replaced dividends with repurchases (i.e., stock buybacks), which were more tax efficient, more flexible, and had a more positive impact on share price. If top executives are compensated based on share price

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The Controlled Demolition of the American Empire

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Design of Business: Why Design Thinking Is the Next Competitive Advantage

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Tech Titans of China: How China's Tech Sector Is Challenging the World by Innovating Faster, Working Harder, and Going Global

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The System: Who Rigged It, How We Fix It

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Arguing With Zombies: Economics, Politics, and the Fight for a Better Future

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Shutdown: How COVID Shook the World's Economy

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The Winner-Take-All Society: Why the Few at the Top Get So Much More Than the Rest of Us

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The Alpha Masters: Unlocking the Genius of the World's Top Hedge Funds

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Bad Blood: Secrets and Lies in a Silicon Valley Startup

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The Road to Ruin: The Global Elites' Secret Plan for the Next Financial Crisis

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The Making of Global Capitalism

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Winning Now, Winning Later

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Pandemic, Inc.: Chasing the Capitalists and Thieves Who Got Rich While We Got Sick

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The Age of Turbulence: Adventures in a New World (Hardback) - Common

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Panderer to Power

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The Enlightened Capitalists

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Extreme Money: Masters of the Universe and the Cult of Risk

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The Missing Billionaires: A Guide to Better Financial Decisions

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Money in the Metaverse: Digital Assets, Online Identities, Spatial Computing and Why Virtual Worlds Mean Real Business

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Unit X: How the Pentagon and Silicon Valley Are Transforming the Future of War

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Lessons From Private Equity Any Company Can Use

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The Power Surge: Energy, Opportunity, and the Battle for America's Future

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The Wrecking Crew: How Conservatives Rule

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The Job: The Future of Work in the Modern Era

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The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance

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All the Devils Are Here

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Getting a Job in Hedge Funds: An Inside Look at How Funds Hire

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Becoming Steve Jobs: The Evolution of a Reckless Upstart Into a Visionary Leader

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The Enablers: How the West Supports Kleptocrats and Corruption - Endangering Our Democracy

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Palo Alto: A History of California, Capitalism, and the World

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Dogfight: How Apple and Google Went to War and Started a Revolution

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The Coke Machine: The Dirty Truth Behind the World's Favorite Soft Drink

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Phishing for Phools: The Economics of Manipulation and Deception

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The Four Pillars of Investing: Lessons for Building a Winning Portfolio

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All About Asset Allocation, Second Edition

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Super Pumped: The Battle for Uber

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After the New Economy: The Binge . . . And the Hangover That Won't Go Away

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The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers

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A Man for All Markets

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Stress Test: Reflections on Financial Crises

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A Generation of Sociopaths: How the Baby Boomers Betrayed America

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