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Archive for the 'Business' Category

Thursday, April 7th, 2016

Lessons from Google and Columbia’s CMO Academy

The Digital Transformation Playbook

“As the media available to customers proliferates, effective targeting is absolutely critical. Your message matters; but increasingly, who you reach is the difference between success and failure. In the digital era, targeting is fundamentally different than the traditional world of media buying. Marketers must shift from the old thinking of audiences (based on demographic fictions, e.g. ‘fashion-savvy, 25-40 year old, urban mothers’) towards addressing specific customers based on their actual behaviors.” — David L. Rogers

This week, our featured book is The Digital Transformation Playbook: Rethink Your Business for the Digital Age, by David L. Rogers. In today’s post, crossposted from David Rogers’s blog, Rogers details seven important lessons learned from Google/Columbia Business School’s recent “CMO Academy.”

Don’t forget to enter our book giveaway for a chance to win a free copy!

Lessons from Google and Columbia’s CMO Academy
David L. Rogers

What are the challenges that today’s Chief Marketing Officers face as they manage a changing role and rising expectations in a world shaped by digital technologies? I got to discuss this question with a hundred CMOs of North American companies recently, while teaching a joint Google/Columbia Business School program, our first-ever “CMO Academy.” The invited executives from the US, Canada, and Mexico represented a diverse range of industries from fashion to financial services, and hospitality to healthcare.

Below are seven lessons that emerged through two days of case studies, interactive presentations, and hands-on problem solving with this group. (more…)

Wednesday, April 6th, 2016

Build Platforms, Not Just Products

The Digital Transformation Playbook

“Airbnb is an example of a platform—a class of businesses that are rethinking which competitive assets need to be owned by a firm (e.g., rental properties and trained service staff) and which can be managed through new kinds of external relationships. These platform businesses are part of a broad transformation of the domain of competition and the relationships between firms.” — David L. Rogers

This week, our featured book is The Digital Transformation Playbook: Rethink Your Business for the Digital Age, by David L. Rogers. In today’s post, excerpted from the third chapter of The Digital Transformation Playbook, Rogers delves into the story of Airbnb to provide an introduction to the rise of “platform businesses” in the digital age.

Don’t forget to enter our book giveaway for a chance to win a free copy!

Build Platforms, Not Just Products
David L. Rogers

In 2007, two recent graduates of the Rhode Island School of Design, Brian Chesky and Joe Gebbia, were struggling to pay the rent on their apartment in San Francisco. When they heard that the city’s hotels were fully booked during an upcoming design conference, they had an entrepreneurial idea: Why not rent out a bit of their space? They bought three airbeds (inflatable mattresses), put up a website, and, within six days, found three guest lodgers. Each one paid $80 a night. “As we were waving these people goodbye, Joe and I looked at each other and thought, there’s got to be a bigger idea here,” Chesky said. By the following year, they had teamed up with another friend, computer science graduate Nathan Blecharczyk, and started a business that they later named Airbnb.

By 2015, Airbnb had served 25 million travelers, providing them with lodging in over 190 countries around the world. But it doesn’t look like a typical global corporation in the business of providing lodging and hospitality. Instead of building hotels and hiring employees to serve customers, the three founders built a platform that brings together two distinct types of people: hosts with homes to rent (whether a spare room or their whole home while they are away) and travelers who are looking for someplace to stay. The company has minimal assets. In fact, it doesn’t own a single rental property. Yet it can offer travelers their choice of more than 1 million listings, ranging from a sofa or tiny guest room up to an actual castle (more than 600 are available to rent). The company takes a cut of the rental fee on each transaction. (more…)

Tuesday, April 5th, 2016

The Five Domains of Digital Transformation

The Digital Transformation Playbook

“[D]igital technologies are redefining many of the underlying principles of strategy and changing the rules by which companies must operate in order to succeed. Many old constraints have been lifted, and new possibilities are now available. Companies that were established before the Internet need to realize that many of their fundamental assumptions must now be updated.” — David L. Rogers

This week, our featured book is The Digital Transformation Playbook: Rethink Your Business for the Digital Age, by David L. Rogers. Today, we are happy to present an excerpt from the first chapter, “The Five Domains of Digital Transformation,” in which Rogers introduces the five key domains of strategy that digital forces are reshaping.

Don’t forget to enter our book giveaway for a chance to win a free copy!

Monday, April 4th, 2016

Book Giveaway! The Digital Transformation Playbook, by David L. Rogers

The Digital Transformation Playbook

“In this indispensable (and highly readable) guide, Rogers shares what we can learn from today’s greatest digital innovators. Packed with illuminating case studies and practical tools, The Digital Transformation Playbook maps out clear strategies for thriving in the digital age. Don’t start a business without it.” — Neil Blumenthal, cofounder and co-CEO, Warby Parker

This week, our featured book is The Digital Transformation Playbook: Rethink Your Business for the Digital Age, by David L. Rogers. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.

We are also offering a FREE copy of The Digital Transformation Playbook. To enter our book giveaway, simply fill out the form below with your name and preferred mailing address. We will randomly select our winners on Friday, April 8th at 1:00 pm. Good luck, and spread the word!

Friday, February 19th, 2016

The First Financial Commandment for the 21st Century: “Thou Shalt Not Plead Total Investment Ignorance”

Investment: A History

“If people knew their history, they would marvel at the sheer range of investment opportunities now available to them. The idea that investing has become democratic probably feels alien to most people, but investing is extremely democratic today compared to past eras. So it is incumbent on the average person to learn enough to be his or her own best advocate in taking advantage of all this new-found opportunity.” — Norton Reamer

This week, our featured book is Investment: A History, by Norton Reamer and Jesse Downing. For the final post of the week’s feature, Reamer and Downing explain their first financial commandment for today’s investors: “Though Shalt Not Plead Total Investment Ignorance!”

Don’t forget to enter our book giveaway for a chance to win a free copy of Investment: A History! You can also learn more about the book and its authors on the Investment: A History webpage and Youtube channel!

The First Financial Commandment for the 21st Century: “Thou Shalt Not Plead Total Investment Ignorance”

For thousands of years, the only people who qualified as “investors” were wealthy and politically connected landowners. Investment opportunities were few and accessible only to the elite. Yet in the blink of an eye, historically speaking, that world has been replaced by one full of investment opportunities for “everyman,” from stocks and bonds, to mutual funds, to life insurance, to pension plans, to real estate, and many other vehicles for investment.

“If people knew their history, they would marvel at the sheer range of investment opportunities now available to them,” says Norton Reamer, co-author of Investment: A History. Reamer is also the founder of United Asset Management and former CEO of Putnam Investments. “The idea that investing has become democratic probably feels alien to most people, but investing is extremely democratic today compared to past eras. So it is incumbent on the average person to learn enough to be his or her own best advocate in taking advantage of all this new-found opportunity.” (more…)

Friday, February 19th, 2016

Moments in Investing History You’ve Never Heard Of

Investment: A History

This week, our featured book is Investment: A History, by Norton Reamer and Jesse Downing. Today, on the final day of the feature, we are happy to present a short series of Youtube videos produced by the Investment: A History team that take a closer look at turning points in the history of investing that may not be as well-known as they should be. You can see all these videos and more on the Investment: A History Youtube channel!

Don’t forget to enter our book giveaway for a chance to win a free copy of Investment: A History! You can also learn more about the book and its authors on the Investment: A History webpage!

When Social Security Almost Wasn’t

(more…)

Thursday, February 18th, 2016

Savvy Investors Look Back at the History of Investment for Lessons for 2016

Investment: A History

“The key is that successful investors throughout history have stuck to a few basic principles. As complex as investing can be, it is, at the same time, possible to avoid some obvious mistakes.” — Norton Reamer

This week, our featured book is Investment: A History, by Norton Reamer and Jesse Downing. As they explain in today’s post, Reamer and Downing wrote Investment: A History in part to provide investors with a historical perspective that could help them find smarter ways to invest.

Don’t forget to enter our book giveaway for a chance to win a free copy of Investment: A History! You can also learn more about the book and its authors on the Investment: A History webpage and Youtube channel!

New Year’s Resolution for Savvy Investors: Look Back at The History of Investment for Lessons for 2016

Thinking about how to improve your portfolio in 2016? Don’t forget the last three thousand.

A healthy understanding of investment history is a true bonus for investors – lay and professional alike – to avoid pitfalls and to be the best advocates for their own financial interests. Whether it’s running a personal retirement account or a university endowment, ancient history has lessons for portfolios today.

That’s according to Norton Reamer and Jesse Downing, co-authors of Investment: A History. Reamer is also the founder of United Asset Management and former CEO of Putnam Investments, and Downing is an investment professional in Boston. The book traces the history of investment, from the ancient world to the present day, and draws lessons for today’s investors at all levels.

Reamer and Downing note that for thousands of years, the only people who qualified as “investors” were wealthy and politically connected landowners. Yet in the blink of an eye, historically speaking, that world has been replaced by one full of investment opportunities for average people – stocks and bonds, mutual funds, life insurance, pensions and real estate.

“The key is that successful investors throughout history have stuck to a few basic principles,” says Reamer. “As complex as investing can be, it is, at the same time, possible to avoid some obvious mistakes.”

Reamer and Downing have identified four guideposts that can help investors in 2016:

1. Focus on what’s “real” – Don’t get distracted by the form of an investment (e.g., a stock certificate or a bond note). Make sure you understand the real asset behind the piece of paper, such as the company behind the stock you are buying, or the public works project issuing the bond. When buying a mutual fund or other packaged investment the same rule applies: make sure you understand the fund manager’s criteria for buying and selling securities in the portfolio. Focusing on what’s “real” should always be the priority.

2. Focus on fundamental “value” – In its simplest form, the value of an investment today is determined by the present value of its future cash generation – that is, the future cash that the investment will produce over its lifetime. Don’t be distracted by market gyrations. Take a long-term perspective and understand that markets go up and down, often for reasons other than fundamental value. Investors often forget this basic rule and allow emotion to guide their decisions – and make mistakes as a result.

3. Consider the intelligent use of leverage – Excessive leverage is dangerous, but most of the great fortunes in history were built using moderate and smart amounts of leverage. For example, a home mortgage is a sensible form of leverage for most families. On the other hand, taking out a second mortgage to fund a speculative investment is probably foolhardy.

4. Allocate your capital – Every investment is an “allocation” of capital. That is, it’s a choice between competing priorities and opportunities. Make informed, deliberate choices and tradeoffs as you decide where to put your money – especially when the choice is between saving, spending, and investing. Think through your needs. Do your best to be accountable to yourself. Set some objectives and stick to them.

“Investment is one of humanity’s most fundamental activities, and in the modern world it’s open to more people than ever before,” adds Downing. “We encourage everyone to learn some basic investment principles and take full advantage of this unprecedented opportunity.”

Thursday, February 18th, 2016

Five Archetypal Investing Mistakes That Have Bedeviled Investors Through the Ages

Investment: A History

“Decade after decade, we see markets collapse and fortunes vanish for the same basic reasons. Most of the time the root cause is not some complex technical error. It’s just some new flavor of poor judgment.” — Norton Reamer

This week, our featured book is Investment: A History, by Norton Reamer and Jesse Downing. In today’s post, Reamer and Downing break down the five investing mistakes that they see repeated again and again throughout the history of investing.

Don’t forget to enter our book giveaway for a chance to win a free copy of Investment: A History! You can also learn more about the book and its authors on the Investment: A History webpage and Youtube channel!

Five Archetypal Investing Mistakes Have Bedeviled Investors Through the Ages

For thousands of years, investors have been making the same mistakes over and over. So true financial literacy should include not just understanding the history of investment successes, but also investing failures. Unfortunately, the recent history of the financial crisis and Great Recession indicate that many investors—even professionals—have not learned those lessons.

“Decade after decade, we see markets collapse and fortunes vanish for the same basic reasons,” says Norton Reamer, co-author of the new book, Investment: A History (Columbia Business School Publishing, February 2016). “Most of the time the root cause is not some complex technical error. It’s just some new flavor of poor judgment.” Reamer is the founder of United Asset Management and Asset Management Finance, and he is the former CEO of Putnam Investments. His co-author, Jesse Downing, is an investment professional in Boston.

Mistake #1: Not diversifying enough

“In plain language, diversification means not putting all your eggs in one basket,” says Reamer. “One of the biggest advancements of the last few hundred years has been the ability to truly diversify one’s investments. Diversification is what makes modern investment portfolios tick.”

As a historical reference point, Reamer points to 14th-century Italy, before there was such a concept as “too big to fail.” Two major Florentine banking houses, the Bardi and the Peruzzi, poured a great deal of their capital into the wartime exploits of England’s King Edward III. When Edward defaulted, both banks failed.

According to Reamer, the goal of diversification is to ensure that even if one asset in the portfolio is underperforming, other assets are still potentially delivering gains. Both the Bible and Shakespeare reference diversification, and despite how ancient the wisdom may be, it can be hard to follow. Many homeowners have a significant portion of their wealth tied up in a single asset, such as a home, company-granted stock, or even a single asset class. To weather the inevitable vagaries of the market, one must diversify. (more…)

Wednesday, February 17th, 2016

The Investment Challenge

Investment: A History

“This book is not about how to manage investments; rather, as a history of investment and the activities related to it over the centuries, it adds vital perspective to issues in investment management. It traces the development of investment from the earliest civilizations where agricultural land, lending, and trade activities were the economic foundation; to the creation of basic financial, collective, and charitable investment forms; and through the innovation of a vast array of specialized vehicles and funds extending into the twenty-first century.” — Norton Reamer and Jesse Downing

This week, our featured book is Investment: A History, by Norton Reamer and Jesse Downing. Today, we are happy to present an excerpt from “The Investment Challenge,” Reamer and Downing’s Introduction to Investment: A History.

Don’t forget to enter our book giveaway for a chance to win a free copy of Investment: A History! You can also learn more about the book and its authors on the Investment: A History webpage and Youtube channel!

Tuesday, February 16th, 2016

A conversation with Norton Reamer and Jesse Downing, authors of “Investment: A History”

Investment: A History

“[T]he basic principles of investing are timeless, even as the economic and social stakes grow higher. The challenge will be to harness all that increasing sophistication to further push the democratization of investment, and in that regard we are optimists.” — Norton Reamer and Jesse Downing

This week, our featured book is Investment: A History, by Norton Reamer and Jesse Downing. In the first post of the week’s feature, we are happy to present an interview with Reamer and Downing in which they discuss their goals for the book, important changes in the history of investing, and what the future holds for investors.

Don’t forget to enter our book giveaway for a chance to win a free copy of Investment: A History! You can also learn more about the book and its authors on the Investment: A History webpage and Youtube channel!

What will readers find in Investment: A History?

The book explains key elements in the long history of investment. Each chapter includes important stories and lessons that are intended to illustrate crucial dimensions of the investment world, as they have developed over the centuries. Our goal is to increase understanding of the investment practices and opportunities of today by understanding the history of investing.

In broad scope, what are the most important findings in the book?

Most people will be surprised to find out how remarkably uncomplicated it is to be a sensible investor, and in that regard we identified four basic investing principles. First, look at every investment as “real.” That is, when you invest, you own the underlying asset—e.g., with stocks you are buying a piece of a corporation. Don’t be distracted by the paper form of the investment. Understand the basics of whatever entity you are buying.

Second, it’s all about fundamental value, where “value” is determined by the value today of future cash flows that the investment may produce over its lifetime. Third, intelligent use of financial leverage is a legitimate tool for investors; in fact, it has helped build most of the great fortunes of history. Of course, excessive leverage can be extremely dangerous because all leverage will multiply returns—either positively or negatively. Finally, the most basic management skill is resource allocation: i.e., the effective allocation of capital and human resources.

Investing did not always exist in its current form. What were the precursors to the current investment landscape?

With ancient and pre-modern investment, we emphasize three areas: the basic investment vehicles of early history; the extreme inequality in the distribution of investment opportunity and benefit; and the surprising sophistication of some early investment vehicles, strategies, and purposes.

We believe that, to grasp the reality and significance of investment as a fundamental human activity, it’s necessary to begin in ancient times and understand the roles of agricultural land, lending and trade in the ancient world. At the same time, it is important to acknowledge that by today’s standards, it took an astonishing amount of wealth and power to even qualify to be an ‘investor.’ Finally, we felt it was essential to understand that in some respects—despite a lack of investment diversity and the absence of equality—investment even in those early days had features that were remarkably sophisticated and prescient. (more…)

Monday, February 15th, 2016

Book Giveaway! Investment: A History, by Norton Reamer and Jesse Downing

Investment: A History

“Norton Reamer and Jesse Downing have delivered a truly impressive history of investments and the investment-management business, starting from its earliest origins in the ancient world to its most recent and innovative forms, for example, the hedge funds, private-equity pools, and other forms of alternative investments in the twenty-first century. It is not only a complete history but a well-organized and analytical one, built with continual reference to the important principles of business and investing.” — Jay Light, dean emeritus, Harvard Business School

This week, our featured book is Investment: A History, by Norton Reamer and Jesse Downing. Throughout the week, we will be featuring content about the book and its authors on our blog as well as on our Twitter feed and our Facebook page. You can also learn more about the book and its authors on the Investment: A History webpage and Youtube channel!

We are also offering a FREE copy of Investment: A History. To enter our book giveaway, simply fill out the form below with your name and preferred mailing address. We will randomly select our winners on Friday, February 19th at 1:00 pm. Good luck, and spread the word!

Thursday, February 4th, 2016

Recipes for Cooked Books

Short Selling

“Investors can detect accounting issues by paying attention to unusual assumptions and changes in assumptions used in reporting financial statements…. Changes and anomalies in the assumptions can often point to early warning signs.” — Amit Kumar

This week, our featured book is Short Selling: Finding Uncommon Short Ideas, by Amit Kumar. In today’s post, Kumar lists and describes some of the ways one can tell a company is “cooking their books.”

Don’t forget to enter our book giveaway for a chance to win a free copy of Short Selling!

Wednesday, February 3rd, 2016

Due Diligence in Short Selling

Short Selling

“Although buying low and selling high usually works for long ideas, selling short based only on high valuation usually does not work as well. Investment theses for short ideas work well when a company faces clear issues with its business model, whereas high valuation only serves as icing on the cake.” — Amit Kumar

This week, our featured book is Short Selling: Finding Uncommon Short Ideas, by Amit Kumar. In today’s post, Kumar explains some basics of short selling, and examines the practice of selling short based only on high valuation.

Don’t forget to enter our book giveaway for a chance to win a free copy of Short Selling!

Tuesday, February 2nd, 2016

On Reading Short Selling

Short Selling

“Short selling is not for the faint of heart. While fortunes have been made shorting, many have also been lost. Shorting stocks is for the financially experienced and sophisticated investors with a strong stomach for losses.” — Amit Kumar

This week, our featured book is Short Selling: Finding Uncommon Short Ideas, by Amit Kumar. For our first post of the week, we have excerpted Kumar’s Preface, in which he offers a word of caution and explains how he hopes his book will be used.

Don’t forget to enter our book giveaway for a chance to win a free copy of Short Selling!

Monday, February 1st, 2016

Book Giveaway! Short Selling: Finding Uncommon Short Ideas

Short Selling

Short Selling keeps the reader’s attention through real examples, cases, and interviews with investment professionals. This book is sound and accurate, ideal not only for academics and professionals but also for anyone who has an interest in the various strategies, risk, actual case studies, and mechanics of selling short. I know of no other text like it.” — Glen A. Larsen Jr., professor of finance, Kelley School of Business

This week, our featured book is Short Selling: Finding Uncommon Short Ideas, by Amit Kumar. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.

We are also offering a FREE copy of Short Selling. To enter our book giveaway, simply fill out the form below with your name and preferred mailing address. We will randomly select our winners on Friday, February 5th at 1:00 pm. Good luck, and spread the word!

Wednesday, December 9th, 2015

Laborers Who Keep Beheadings Out of Your Facebook Feed — Best Business Writing 2015

Best Business Writing 2015

Recent terrorist incidents have focused attention on the role of social media in recruiting members. In his piece, “The Laborers Who Keep Dick Pics and Beheadings Out of Your Facebook Feed,” first published in Wired and now included in The Best Business Writing 2015, Adrian Chen takes a closer look at the process of removing objectionable images from social media sites and the toll it takes on moderators. The following is an excerpt from the article:

The campuses of the tech industry are famous for their lavish cafeterias, cushy shuttles, and on-site laundry services. But on a muggy February afternoon, some of these companies’ most important work is being done 7,000 miles away, on the second floor of a former elementary school at the end of a row of auto mechanics’ stalls in Bacoor, a gritty Filipino town thirteen miles southwest of Manila. When I climb the building’s narrow stairwell, I need to press against the wall to slide by work­ers heading down for a smoke break. Up one flight, a drowsy security guard staffs what passes for a front desk: a wooden table in a dark hallway overflowing with file folders.

Past the guard, in a large room packed with workers manning PCs on long tables, I meet Michael Baybayan, an enthusiastic twenty-one-year-old with a jaunty pouf of reddish-brown hair. If the space does not resemble a typical startup’s offi ce, the image on Baybayan’s screen does not resemble typical startup work: It appears to show a super-close-up photo of a two-pronged dildo wedged in a vagina. I say appears because I can barely begin to make sense of the image, a baseball-card-sized abstraction of flesh and translucent pink plastic, before he disappears it with a casual flick of his mouse.

Baybayan is part of a massive labor force that handles “con­tent moderation”—the removal of offensive material—for U.S. social-networking sites. As social media connects more people more intimately than ever before, companies have been con­fronted with the Grandma Problem: Now that grandparents routinely use services like Facebook to connect with their kids and grandkids, they are potentially exposed to the Internet’s pan­oply of jerks, racists, creeps, criminals, and bullies. They won’t continue to log on if they find their family photos sandwiched between a gruesome Russian highway accident and a hardcore porn video. Social media’s growth into a multi-billion-dollar in­dustry and its lasting mainstream appeal have depended in large part on companies’ ability to police the borders of their user-generated content—to ensure that Grandma never has to see im­ages like the one Baybayan just nuked.

So companies like Facebook and Twitter rely on an army of workers employed to soak up the worst of humanity in order to protect the rest of us. And there are legions of them—a vast, invis­ible pool of human labor. Hemanshu Nigam, the former chief se­curity officer of MySpace who now runs online-safety consultancy SSP Blue, estimates that the number of content moderators scrub­bing the world’s social media sites, mobile apps, and cloud storage services runs to “well over 100,000”—that is, about twice the total head count of Google and nearly fourteen times that of Facebook.

(more…)

Tuesday, December 8th, 2015

Dean Starkman on the Current State of Business Journalism

The Best Business Writing 2015

“This collection of brilliant journalism … is a testament to business journalism’s resilience in an age of extreme disruption in its own business — media — and to the fact that the business-news ocean is vast and full of unexpected discoveries.”—Dean Starkman

In his introduction to The Best Business Writing 2015, Dean Starkman looks at this year’s excellent crop of stories and analyzes the current state of business journalism:

This collection of brilliant journalism, the fourth in a series, is a testament to business journalism’s resilience in an age of extreme disruption in its own business — media — and to the fact that the business-news ocean is vast and full of unexpected discoveries. It is a particularly rich collection this year; readers will find an astonishing range of topics across an equally astonishing range of outlets. Marcus Stern and Sebas­tian Jones tell of how the combination of volatile crude oil mov­ing across aging railroad infrastructure has put towns across the continent in danger of disasters like one that happened in Lac-Mégantic, Quebec, not long ago. That piece represents the joint efforts of relatively new players on the business-investiga­tive scene, InsideClimate News and the Weather Channel. Alexis Madrigal in The Atlantic uses Google’s ambitious, and unnerving, drone-development problem to explore how the search giant really thinks and where it’s going. Jordan Weissmann off ers a delicious take on the surprising economics of Katz’s, the legendary New York deli, for Slate, which by now is a digital-news elder statesman.

It’s also true that one prominent and important new outlet, the International Consortium of Investigative Journalists, is not represented here—despite publishing some of the most remark­able business journalism of recent years, including 2014’s devastating exposé of the British Swiss banking giant, HSBC. Based on a trove of 60,000 leaked files with details on more than 100,000 HSBC clients, a team of journalists from more than 50 countries unearthed secret bank accounts maintained for criminals, traffickers, tax dodgers, and others, including prominent politicians and celebrities. The series, which evoked a clear mea culpa and promise of change from a humbled HSBC, doesn’t appear here only because two of the three editors of this volume were deeply involved in producing the series for ICIJ (hint: I wasn’t one of them). Their argument that the conflict of interest was too great to include in Best Business Writing 2015 won out over my strenuous objections, but at least readers should be aware of ICIJ’s presence as a new force in journalism.

But it is also true that so-called legacy news organizations are well represented in this volume. The estimable Gretchen Mor­genson of the New York Times argues trenchantly that the over­weening size of the financial sector not only puts taxpayers at risk of “too big to fail” bank collapses but also imposes insidious costs on the real economy by allocating capital not to its highest use but to bubble-prone sectors like real estate. The Wall Street Journal’s highly regarded veterans Mark Maremont and Leslie Scism de­liver a scintillating read on the fall of a young insurance magnate whose investments included a Caravaggio. Let’s not forget Frank­lin Foer’s trenchant explanation of why the Amazon monopoly is bad for the republic, published in the century-old New Republic (from which Foer has since resigned over disagreement about its direction). And Bloomberg, founded in the early 1980s, emerged as a global journalism force last year with several enormously interesting stories, led by Zach Mider’s exploration of how the richest among us pay so little in taxes. It is correctly headlined, “The Greatest Tax Story Ever Told,” and is certainly the only one that includes a tax loophole set to an operetta.

But let’s not kid ourselves. Earlier exultations about a flower­ing of journalism in the age of the Internet have given way to more sober assessments about the difficulties of supporting a full-fledged newsroom on the meager returns from digital sources. A Pew study last year ran the numbers and found that the thirty largest all-digital operations—Vice, Buzzfeed, Vox, Huffington Post, Business Insider, and other famous names— account for only 3,000 journalism jobs combined. That is a fifth of what has been lost in the newspaper industry, which still remains backbone of American newsgathering—even in its shrunken, desiccated infirmity. Newspaper advertising is now at the lowest levels on record, considering inflation. And newspapers continue to struggle with declining print revenues and no growth engine to off set the losses. Newspaper subscription revenue fell 3 percent last year, Pew says, throwing cold water on hopes that digital pay-walls and other reader-pay devices would provide a floor under revenue declines.

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Monday, December 7th, 2015

Book Giveaway! The Best Business Writing and Best American Magazine Writing

The Best Business Writing 2015  The Best American Magazine Writing 2015

As 2015 comes to a close, we are featuring two books that help provide some perspective on the year that was: This week one of our featured books is The Best Business Writing 2015, edited by Dean Starkman, Martha M. Hamilton, and Ryan Chittum and The Best American Magazine Writing 2015, edited by Sid Holt for the American Society of Magazine Editors, and and introduction by Evan Ratliff, editor of The Atavist.

In addition to featuring the books on the blog, we will also be posting about the book on twitter, and facebook.

We are also offering a FREE copy of After the American Century to one winner. To enter the contest please e-mail pl2164@columbia.edu and include your name and address. The winner will be selected Wednesday, December 11th at 1:00 pm.

Friday, October 9th, 2015

Wall Streeters: Michael Milken, Junk Bond King, Part 2

Wall Streeters

“Giuliani readily took up Proxmire’s open-ended charge. He had made a name for himself in his first few years on the job with high-profile prosecutions of organized crime figures and hoped to enjoy even greater public recognition by going after many of the rich and powerful on Wall Street. With Milken now the most prominent name in corporate takeovers, he was Giuliani’s ultimate target. If anyone was to be identified as the central figure in the “complex network of information” that was purportedly costing American jobs and perverting high finance, it was Milken.” — Edward Morris

This week, our featured book is Wall Streeters: The Creators and Corruptors of American Finance, by Edward Morris. Today, we have a second excerpt from Morris’s look at Michael Milken, the “junk bond king,” in which Morris tells the story of Milken’s downfall.

Don’t forget to enter our book giveaway for a chance to win a free copy of Wall Streeters!

Thursday, October 8th, 2015

Wall Streeters: Michael Milken, Junk Bond King, Part 1

Wall Streeters

“While the investment logic for junk bonds may have been compelling, their lack of liquidity in the marketplace often remained a final stumbling block for the potential buyer. With few buyers and sellers in the high-yield bond market, investors faced an unwelcome prospect of holding a bond to its maturity date as the only sure way to be paid. Milken solved that liquidity issue by assuring those investors that Drexel would always be ready to buy or sell the bonds it was promoting.” — Edward Morris

This week, our featured book is Wall Streeters: The Creators and Corruptors of American Finance, by Edward Morris. Today, we have an excerpt from Morris’s explanation of Michael Milken’s rise to prominence on Wall Street.

Don’t forget to enter our book giveaway for a chance to win a free copy of Wall Streeters!