What is McGraw-Hill Worth?

Just what is a stock worth?

The obvious answer, of course, is what someone will pay for it. And that depends on a host of factors, including the company’s business prospects, the appetite investors have for risk, regulatory challenges and the possibility of big change at the company. Pricing stocks is a gamble with as many variables as a roulette wheel.

So it's amusing when a self-interested investor group pegs a value for a stock, insisting that's what it should fetch if only company managers do what the group wants them to do. Just such a group has done this now with the McGraw-Hill Cos., my hard-pressed former employer. Some will laugh while others, including shareholders such as myself, surely hope the group is close to right.

Jana Partners and the Ontario Teachers’ Pension Plan, which recently bought up some 5.2% of MHP’s stock, say the outfit is worth $65 a share. But it will take a breakup to unlock that value and lift the stock out of its mire at around $40, the JOT group suggests. JOT is pushing its vision on chief executive officer Terry McGraw, urging him to take a cleaver to an operation his family has run since 1888. The group, whose holdings top those of the McGraw family’s now, aims to jumpstart an ongoing internal strategic review the methodical McGraw has been undertaking.

JOT offers an elaborate argument to arrive at its $65 valuation. Its presentation, replete with Power Point slides filed with the SEC, includes graphs like that above that spell out in precise detail what the value of the stock would be if such elements as the conglomerate discount and the cost of management overhead were factored out. The bar on the right represents the $65 mark; the one on the left, a depressed recent price. It's all very tidy and scientific.

Of course, it's all wishful thinking, despite the veneer of sophistication and precise calculation. JOT, for instance, figures that investors knock $11 off the share price just because the company is a conglomerate. It pegs the cost of the corporate cost structure at $6 a share. Once those millstones disappear -- poof! -- the stock rises, right?. And it says a buyback of stock, together with enhanced profit margins equaling those of peers, would push up share value another $7.50. Voila, $65.

Despite the numbers, there's really nothing new about JOT's thinking. The view that McGraw-Hill is worth more in pieces than as a single, un-synergistic, unit is as old as the company's diversification. Critics have long carped that Standard & Poor's has nothing in common with the textbook division. Even within a single division, the information and media services unit, there has been little synergy: before BusinessWeek was sold in 2009 and became Bloomberg Businessweek, it had nothing in common with a group of TV stations MHP put on the market some months ago. As long ago as July 2010, I rooted for a deal of some sort myself to sort out MHP's challenges.

The difference now, though, is the environment. S&P has been set back on its heels by a Justice Department probe of its Pollyanna ratings -- terribly flawed in hindsight -- of mortgage securities prior to the housing crash. News of this investigation broke just after S&P downgraded U.S. Treasury debt to AA+, an unpopular move that has riled Congressional critics. Furthermore, recently enacted law, if not changed, will strip away requirements that securities carry ratings by S&P and its competitors. No wonder the stock plunged to about $35 in early August and rival Fitch Ratings downgraded MHP's debt a notch to A. It all threatens S&P, which is why the outfit has brought in a fix-it man from Citigroup, Douglas Peterson, to take charge.

Then, on the textbook side, hard-pressed states aren't buying many books for students these days. And the Net is making pricey hardbacks look antediluvian, oh so pre-Kindle. Kids will always need learnin' but they might not need to pay so much for it, at least not to textbook companies. This is an existential challenge to the company.

All these pressures, I'm sure, have pinned MHP's shares to the floor. Oh, don't we all pine for the days when the stock rocketed to $71, back in mid-2007. Why would it ever be worth less? Why only $65 post-breakup now? Those Canadian teachers and their buds at Jana have talked up the value a bit, adding $5 a share so far with their lushly detailed charts and sharp calculations. Thorough coverage by the Wall Street Journal has helped, too.

But the real value of McGraw-Hill won't be set by chalk-wielding Ontario-dwellers or hedge fund speculators. The market will rule. I'm sure hoping it rules well. Anybody think MHP is worth $100 a share to some savvy buyer? Do I hear $125?

Eastward Ho! China Beckons

The Chinese embassy has made it official now. My visa for a semester-long teaching gig at Tsinghua University in Beijing just popped in the front door. So it looks like a year’s preparation will pay off with a nearly four-month stay beginning Sept. 8.

I’m stoked.

The program, organized by the International Center for Journalists in Washington, D.C., and backed by my Dean, Gary Kebbel, and the far-sighted folks in the administration at the University of Nebraska-Lincoln, is thrilling. I get to teach two classes to budding Chinese journalists, grad students in the Global Business Journalism program at Tsinghua. They are keen to learn about business and economic coverage and about multi-media journalism.

For my part, I get to learn first-hand about the world’s second-biggest economy as it pushes even further into the global limelight. It will prove to be a fascinating, if paradoxical place, I expect. A “developing country” that is nearly 4,000 years old. The U.S.’s biggest creditor and yet a place with one of the lowest per capita incomes on the planet. A planned economy that seems to work, mostly anyway.

The university I’ll teach in is commonly ranked among the top three in the country. China’s current president, Hu Jintao, studied and taught at the 100-year-old school. Its journalism college, however, dates back to just 2002, as this technologically minded university -- sometimes called the MIT of China -- is still developing its humanities offerings. The ICFJ, led by China hand and former BusinessWeek colleague Joyce Barnathan, has been involved there since just 2007. I’m told the students at the Tsinghua School of Journalism and Communication will include some of the brightest kids in China, the likely leaders in their organizations in the future. I’m hoping they will challenge me as much as I challenge them and that, in my small way, I can make some lasting impact that will affect they way they see – and influence – the world.

It’s a daunting prospect. Will they behave like American students – in good and bad ways? Will they question and argue, for instance (probably not, I’m told, since deference to the teacher is a Chinese cultural trait)? Can I teach them about the cut and thrust of good journalism? Will they understand American-style journalism at all, or have a wholly different notion of the mission of media? Just think about how much some major pubs in China get quoted here as, more or less, the voice of officialdom.

Then there are the personal issues. Will the government particularly care what I have to say in the classroom or on the Net? Will it pay attention in either place? There are so many academic visitors to China from the U.S. nowadays that keeping track could be impossible and pointless for folks in official ranks. The Chinese want what we have to offer, especially in areas such as business and economic journalism. They think it a crucial skill as their business communities grow and globalize, and they’re right about that.

I’m going, however, as much as a student as I am a teacher. I’ve always felt that missionaries were fundamentally arrogant, assuming that they were bringing the truth to the ignorant masses. I’m a bit contemptuous – though usually more amused -- when they knock at my door. So I’ll pack a sense of humility along with my syllabi. Yes, I can teach my young charges some useful skills – just as I do back home in Nebraska – but I expect I’ll learn far more from them and their country. China, after all, does have a few years on us in the U.S. as a civilization.

I plan to keep a blog of my experiences. This opportunity will vastly enrich me as a teacher, not to mention how much it could broaden my worldview. The three-week trip colleague Bruce Thorson and I took to Kazakhstan with eight students last year was good preparation. It gave me a sense of how people in a developing place look on us in the West, and on how they look on life in general. I expect to get more than a glimmer of that in the coming semester and look forward to sharing that both here and in classes to come.

Stay tuned. Should be one heckuva trip.

Cojones at Standard & Poor's

You’ve got to hand it to the folks at Standard & Poor’s. It took cojones to stand up to the Treasury Department and give an honest assessment of U.S. debt and the problems of dysfunctional government. The downgrade to AA+ doesn’t make up for the misses the outfit was guilty of in the financial crisis and doesn’t atone for its seemingly willing blindness to the fool’s paradise we were living in. But its clear-eyed view of the shadows on our horizon now is worth a bundle.

The big question, though, is whether it will make a difference. The U.S. will not default, no matter how keen the GOP pols are to use threats such as that. Investors know that and they won’t flee Treasury securities. Where would they go anyway? Investors have known the same things S&P has known for months and still the yields on Treasurys are at historic lows. Putting money into the government bonds is safer than any bank, and that won’t change anytime soon, as even our tut-tutting creditors in China know.

Still, the grand game of “chicken” will continue in D.C. for the rest of the year, at least, and the downgrade could make a difference in how the game is played. The Gang of 12 – the bipartisan panel that is supposed to decide our financial fate – will have S&P’s jaundiced judgment to bear in mind as they go through their ideological faceoff. As they try to resolve problems that should have been dealt with in recent weeks, the prospect of a continued low rating, or even a further downgrade, could focus their minds on the consequences of fiscal mismanagement and dithering. Their debate, too, could keep a dead hand on the markets.

Politics, and the prospects of ousting a President, will weigh heavily on those folks, no doubt. The temptation to deny President Obama a victory – a financial resolution that would serve the country well – will be just about irresistible for half that panel. Maybe S&P’s independent judgment will prove to be a bracing slap of cold water, a reminder that the bloodsport that politics has become does have real consequences outside the Beltway. Voters could make judgments about mismanagement similar to that S&P folks made and simply throw all the bums out.

But it is too easy to cast this drama as simply a matter of gaining political advantage. This is much more than just naked opportunism. This fight is over the real and yawning ideological gulf between the parties. It is all about the longstanding argument over the size and role of government that has colored every election since at least the Reagan days. The Californian shook up prevailing wisdom in D.C. and made people believe government was the problem, not the solution – a view that is echoed decades later by the likes of Rep. Eric Cantor and, of course, the Tea Party movement.

The “two different worldviews” that divide Washington are too far apart for anything more than an armistice, Cantor suggested in a Wall Street Journal piece today. The Virginia Republican argued that expanding the welfare state and redistributing income are key parts of the Democratic playbook. “The assumption … is that there is some kind of perpetual engine of economic prosperity in America that is going to just continue,” Cantor said. “And therefore they are able to take from those who create and give to those who don’t. We just have a fundamentally different view.”

Beyond that is the Keynesian-supply-sider divide. Keynesians such as New York Times columnist and Princeton economist Paul Krugman say Obama and Washington aren’t doing enough to use government money to stimulate the lackluster economy. By contrast, the GOP leaders invoke economist Arthur Laffer’s dictum – the Laffer Curve – to argue that tax cuts would be far more effective than government spending, especially when so much of the government money is borrowed. Variations of this debate are as old as the Great Depression and economists still are split on whether the government pulled us out that 1930s slump or prolonged it with government programs.

These are serious disputes, and unresolved economic questions. It comes to a matter of faith, of whether you worship at the Church of Laffer or the Congregation of Krugman. And, lately, it comes to a matter of who has the power to either turn on the government spigot or choke it off and, in theory, let the economy heal itself. Problem is, with a 9.1% unemployment rate, an outrageous amount of debt and the never-ending political campaign that Washington has become, the power centers and the course are anything but clear.

That’s partly why we should tip our hat to S&P. The outfit, the economic engine of my former longtime employer, McGraw-Hill Cos., didn’t bow to what had to have been enormous pressure from Washington in coming to its judgment. We can only imagine the debates that raged at company headquarters: Will this downgrade lead to higher interest costs for all Americans? What are the consequences when the economy is so weak? And what of the unlikely possibility that vengeful government regulators could make life tougher for S&P and McGraw-Hill, especially at a time when McGraw-Hill is facing pressure to reorganize or sell itself?

In fact, it’s a remarkable thing about our system that Washington can’t dictate terms to S&P. One can’t imagine that kind of independence in some other major global economies. Wall Street and Washington intersect at crucial points but neither can dictate to the other. That’s a priceless strength of our system and it would have been a sorry statement if S&P had caved to Treasury.

It is fascinating, of course, to see these warring economic visions collide. But this is no classroom exercise, no parlor game. The entertainment value is far outweighed by the size of the stakes. What Washington does will affect the livelihoods of millions, the legacy our kids inherit, and the role of the U.S. in the world. It doesn’t get much more serious than that. It will take smart and independent people to help the pols to chart the way.

Journalistic death, evolution and The Tree of Life

I just saw the Terrence Malick opus “The Tree of Life,” the 139-minute meditation on God, evil, love, death, evolution and a tortured upbringing in the 1950s. No date movie this, but it certainly gives a viewer something to chew on. Kind of like “2001” meets a dark, dark version of the Hardy Boys. It does have a ring of truth to it, despite its grand self-importance and distinct lack of humor.

The peculiar thing is it puts me in mind of two unsettling developments in the news business this week, the cancellation of Eliot Spitzer’s effort at redemption, “In The Arena,” and the shutdown of the News of the World. The connection may seem remote – chalk and cheese -- but bear with me, dear reader.

First off, both these deaths of journalistic enterprises were sad but perhaps inevitable, much like the death at the center of the movie. The movie revolves around the loss, at 19, of a young man whose problem seems to be his innocence, sensitivity and talent in a life that values such things too little. The boy’s passing was crucial to explore the movie’s central tension – the question of whether life is about grace and wonder or torment and struggle. Are we all doomed to life as a matter of “nature red in tooth and claw” or is there a divine force that brings love and justice to the chaos?

To bring this idea round to the end of the Spitzer program and the British tabloid, the question is, were these journalistic deaths just? Further, what do they say about the nature of the world of journalism today? What do they say about the torments and struggles of individuals and enterprises? And what do they say about the evolution of our media?

In Spitzer’s case, the cancellation at base was a matter of ratings and viewership. The show was just pulling too small of a viewership for CNN, which is struggling to compete with the ideologically driven appeal of Fox News, as well as the glut of “content” that afflicts all media in the Internet age. On one level, the show’s fall is yet another example of the evolution of journalism, with the inevitable deaths of outmoded approaches this brings.

A guy sitting at desk commenting on the news of the day, with interviews – especially of other CNN pundits – just doesn’t cut it these days. Viewers need more or they’ll turn away and troll for news and information on the Net or elsewhere on the tube. This is part of the reason that conventional TV news is struggling. Such is true also of print news operations.

But Spitzer’s fall was more than that. Spitzer is a tragic figure, someone every bit as tormented and driven as the character Brad Pitt plays in “The Tree of Life.” The Pitt figure longs to be a musician but instead is a would-be entrepreneur stuck in a deadend factory executive role. He’s tortured and in turn torments those around him, including his wife and sons, as he wrestles with a life where he sees only deception and money as the driving forces. He’s cold and distant, an angry and intense figure, a sad archetype of a certain kind of 1950s father.

Spitzer, it seems to me, is every bit as cold, and someone constantly at war with inner demons. By some accounts, during his tenure as Attorney General in New York he bullied defendants, especially corporate executives. He beat them into submission, often by going outside the rules of the courtroom. He likewise brought an intensity to “In The Arena” that reflected no humor, no grace, only a penetrating and cold intellect. He’s a smart guy and a relentless questioner, but every night was a painful struggle with issues of political venality and ideology.

How much of that can an audience take? It proved too much for most viewers, it would seem. Indeed, “The Tree of Life,” with its relentless intensity, is likewise too much at times. It has all the subtlety of a sledgehammer.

More than that, Spitzer lacked something indispensable to journalism. He had no innocence, something crucial in a news person. He carried far too much baggage as a disgraced former governor whose dalliances with prostitutes may never be forgotten. His demons made him fascinating in a way, as one could imagine the torment that underlay his aggressive questioning of guests. But it ultimately distracted from the core mission of a journalist – to be a reporter or analyst of the news, not a center of attention oneself but rather someone focusing the limelight.

Spitzer, much like the Brad Pitt character, is akin to a figure in classic Greek tragedy. Spitzer was done in by his own grand flaws in the end. He rose to great heights only to fall, twice. The Pitt character is more the tortured victim of outside forces, but his personal flaws figure into his failed home life.

Tragedy is too grand a word, however, for the News of the World case. Certainly it is discomfiting for the people tossed out of work there. And it’s a disappointment, perhaps, for the hundreds of thousands who bought the paper each week, however trashy it was. The world will be poorer, perhaps, for the silencing of yet another once-powerful journalistic voice. But by most accounts the paper was garbage. Its voice was shrill and vengeful and no exemplar of quality in the field. The loss is hardly worth grieving over.

It may be that News of the World demonstrates that there can be justice in the world. It was killed for its journalistic sins, its inability to draw lines about what newsgathering approaches are appropriate and what are not. Paying off cops and hacking into phone mail, as alleged of the paper, is just not right. Fleet Street in general should learn from this sorry case and one hopes that Rupert Murdoch’s commitment to quality papers, such as The Times, Sunday Times and The Wall Street Journal, will only be deepened by this. Maybe it could even make Fox News less shrill.

Sometimes, deaths are appropriate. That was not true in “The Tree of Life.” It may be so for “In The Arena” and the News of the World, sorry cases whose passing will help journalism evolve.

BusinessWeek Magazine, the Muse

For much of its recent history, BusinessWeek has been an incubator for talented writers and reporters. Under editors Steve Shepard, Steve Adler and now Josh Tyrangiel, the place has been a literary hotbed. Many BW staffers couldn't limit themselves to the glossy pages, but had to break into books. The remake into Bloomberg Businessweek, with its traumatic turnover in staff, stoked that flame for some, as a recent outpouring of work shows. But the trend shows signs of continuing.

Here, in its splendid variety, is a collection of recent (and not so recent) work by this talented bunch:

2011

Larry Light sallied forth against the forces of darkness. "... [P]erfect summer reading fare. The author, a financial reporter and editor, is a skilled storyteller. In this book he explores a range of investment strategies and instruments, traces their development, and in the process profiles some of the best-known investors and academics." BRENDA JUBIN, Seeking Alpha

Dori Jones Yang waxed historical. "Yang has done an excellent job describing 14th century Mongolia, and by including the familiar character of Marco Polo she has a seamless way to weave all of the amazing facts about this setting into the narrative while rarely dragging down the story. A refreshing change of pace from a lot of the historical fiction/romance out there today! (And a brief aside: a book with a wonderful cover! After the whitewashing controversies of the last few years, 2011 is shaping up to be an amazing year for proudly putting the faces of characters of color on covers!)" BOOKISH BLATHER "The language is believable, and the descriptions of customs, foods, and places during that time period are vivid and engaging.... History is brought alive in this novel, and I enjoyed getting a glimpse of Chinese and Mongolian history mixed with a bit of adventure." SQUEAKY CLEAN READS

Dori Jones Yang also remained a scribe. "The oral histories in this book provide valuable primary-source material about the so-called 'lost generation' of Chinese Americans, those who came as students in the 1940s through 1960s. This book fills a gap in our knowledge and will enrich the studies of academic researchers analyzing the experience of the Chinese diaspora."EVELYN HU-DEHART, Brown University. "Academics and researchers will find this book of oral history an indispensable resource to study a long overlooked group of Chinese immigrants in America." PETER KWONG, Hunter College

Celine Keating's new novel is piling up the praise: "Céline Keating's deftly plotted novel takes readers on a gripping journey along the underground railroad of post-'60s radicalism. . . . Every adult has to reinterpret the story of her childhood. Keating beautifully demonstrates the courage it takes for each of us to face that bittersweet truth." LARRY DARK, Director of The Story Prize "A beautiful book--at once nostalgic and fresh--that will go straight to your heart and lodge there." ALETHEA BLACK, author of I Knew You'd Be Lovely "[An] emotional page-turner. Layla's coming to terms with her parents' dangerous activism is heart wrenching due to Keating's delightfully drawn characters. This novel also serves as a compelling lesson in our values and how drastically they've changed. It serves as a better history than any essay or screed." SUSAN BRAUDY, author of Family Circle. Intriguing trailer, too.

So, too, is Amy Cortese's new effort in nonfiction. “If Michael Pollan changed the way you think about food, let Amy Cortese change the way you think about finance.” JAY LEE “Locavesting uses great storytelling to present a structured analysis of how and why to invest where you live and in the (mostly) small businesses there. Each aspect of Locavesting is brought to life by sketches of real people who impress, amuse, and intrigue.” CLIFFORD J. REEVES “This is one of the best books I have ever read on the topic of financing small business growth.” RODNEY LOGES

As is the effort by Stanley Reed and Alison Fitzgerald. “…the latest, and probably the best, of what one might call the “private sector” books about the BP spill…by a pair of talented and experienced Bloomberg reporters.” FINANCIAL TIMES "The two journalists make a logical team, and their book is often enlightening about the corporate-political nexus that placed enrichment of the already rich and aggrandizement of the already influential above the common good." USA TODAY

Stephen Baker's takeout on the advance of the computer into the game-show realm proved intriguing. "Like Tracy Kidder’s Soul of a New Machine (1981), Baker’s book finds us at the dawn of a singularity. It’s an excellent case study, and does good double duty as a Philip K. Dick scenario, too." KIRKUS REVIEWS "Final Jeopardy not only holds the answers to my ... questions, but really delves into the man vs. machine thought. How do we as humans learn a language? How do we measure perception? And then once we know all of this, how do we teach it to a machine? If you are even the slightest bit interested in artificial intelligence this book is for you. At the same time, it is not so down in the computery depths that someone who knows little of data-mining algorithms won't be able to understand. I think it is a very accessible book." Julia, THE BROKE AND THE BOOKISH

Steve Hamm, with a couple coauthors, weighed in about machines, too. “IBM doesn’t just THINK, it thinks big. The story of these big ideas illustrates how 100 years of innovation have shaped the way we live and work today.” KENNETH CHENAULT, American Express. “Making the World Work Better convincingly documents IBM’s enormous impact on business and the world. Its history provides vital lessons for organizations of all sizes, and IBM’s future promises to continue to innovate the way we work, and even think.” HENRY CHESBROUGH, Haas School of Business, UC Berkeley "Innovation, resilience, and great leadership are the key ingredients of the IBM story. Making the World Work Better tells that story exceptionally well. Ultimately, it reveals that IBM is not simply a technology company; it is a company of ideas and the future those ideas have created." JOHN HOLLAR, Computer History Museum

William J. Holstein takes a look at what ails us. "[A] timely prescription for what our country must do to regain its financial fortitude and reinvigorate our national economy. While many believe that America faces an inevitable decline and loss of global leadership to emerging Asian economies as we exhaust our ability to innovate and compete, Holstein offers a more optimistic assessment of American industry and its ability to rise to the challenge." PETER G. BALBUS, Pragmaxis LLC "If wishful thinking were dollars, this book would be a gold mine. As it is, Holstein provides an optimistic but not necessarily candy-colored view of a resurgent American economy." KIRKUS REVIEWS

Alethea Black is winning lots of fans with her fiction. “This debut reads like a dream, with nary a false note…" KIRKUS REVIEWS. “A sense of vulnerable restlessness is betrayed by the otherwise pragmatic characters of Black’s strong debut collection.” PUBLISHERS WEEKLY “Alethea Black is downright brilliant at capturing the restless striving for a self that we all are feeling in this parlous and unsettling age. I Knew You’d Be Lovely is a splendidly resonant debut by an important young writer.” ROBERT OLEN BUTLER, author of A Good Scent From a Strange Mountain

Chris Roush created a must-have text for budding business journalists and updated it nicely with this new edition. I use it in my classes. There can be no stronger endorsement! This is a keeper.

Sandra Dallas extended her long run. "[A] winning combination of solid historical fiction,vivid enduring characters,and an interesting story that pulls the reader right in. Sandra Dallas is at the top of her game with THE BRIDE'S HOUSE...an excellent read." BOOKREPORTER.COM










2010

Chris Roush, with a colleague, offered a helpful tutorial. "The book is an invaluable guide to helping you get business right, understand it, and explain it. Which is, of course, what we all should be trying to do." ALLAN SLOAN, Fortune magazine "An essential interpretive guide for business journalists striving to make the arcane clear to readers. Very practical references for today's changing business climate." PATRICK SCOTT, Charlotte Observer "A comprehensive reference tool for virtually every phrase a business or economics reporter or editor needs to know. An indispensable guide both for specialists and especially for those who get thrust into covering business or economic stories." GREG DAVID, Crain's New York Business

Sandra Dallas kept them coming. "Dallas presents another historical novel about the hardscrabble mining communities of Colorado, set just down the road from her best-selling Prayers for Sale (2009), creating a patchwork of individuals whose lives had not intersected until this singular, transformative event. Readers may find the abrupt transitions and preponderance of flashbacks confusing and distancing. Dallas is well known for her storytelling abilities, but this reads more like a valediction of a time and place faded from memory than her usual vibrant, visceral tale. Still, Dallas is a magnet." LYNNE WELCH, Booklist

Another standout from Hardy Green. “Taking in textile, coal, oil, lumber and appliance-manufacturing towns, Mr. Green’s survey is a useful one…. [T]he company towns overseen by Milton Hershey, Francis Cabot Lowell and even Charlie Cannon were communities enlivened by quirks and passions and idiosyncratic visions. Edens? Hardly. But they had soul, and you can neither buy nor sell that at the company store.” WALL STREET JOURNAL “Mr. Green sprints – at times breathlessly – through all kinds of company towns, mostly past but some present…. He uses these accounts, in tandem with a clean, engaging voice, to tell story upon story…. Mr. Green has amassed a collection of important, well-told stories about the contradictions, inequities and possibilities of American capitalism.” NEW YORK TIMES “[A] delightful book.” THE ECONOMIST

Andrew Park weighed in on matters of faith. "He discusses his parents’ religious upbringing and the impact it had on him. His father, for instance, was raised in the Church of Scotland, the forebear of Presbyterianism, which left him with unpleasant memories that he passed on to Park; meanwhile, Park’s older brother converted to modern Evangelical Christianity. Whether writing about his family or Rick Warren’s Saddleback megachurch, Park remains a father trying to delicately balance the responsibilities of parenthood and being true to himself. A lovely read." JUNE SAWYERS, Booklist "Park puts on his journalist's hat to explore the sociological backdrop of periods in America when religion experienced growth and upheaval. He examines his own inconstant feelings and discovers he has pragmatic reasons to be drawn to faith, including the community it provides. Ultimately his investigations bring Park back where he started, but with new insight. He attends a seminar about how to raise ethical children without religion and seems to have found his own holy grail: It's OK to be a doubting dad." MICHELLE BOORSTEIN, Washington Post.

Arlene Weintraub has made some marketers nervous. "Weintraub, a former senior writer for BusinessWeek, portrays the hormone replacement sector as a cesspool of unproven claims, unacknowledged side-effects, and marketing scams. It's also a zoo of colorful quacks, presided over by actress Suzanne Somers, author of best-selling alternative medicine treatises. Weintraub mixes acute reportage with a censorious tone; she deplores the notion that old age is a disease." PUBLISHERS WEEKLY "Wrinkles, fat, and low libido start to sound pretty good after reading this unnerving exposé by journalist Arlene Weintraub. Her elixir of deep research and smooth storytelling delivers a sometimes-gag-inducing dose of reality..." FAST COMPANY "Weintraub generates plenty of feverish prose and cautionary tales to highlight this powerfully seductive syllogism of the "anti-aging industry..." AARP Magazine

Chris Farrell caught the sense of the times. “Chris Farrell provides practical guidance about how to manage personal finances. In a nutshell, which is a great disservice to the author, Farrell -- who hosts a radio show on NPR-- advocates implementing a margin of safety in investing and a return to the frugality that many of us grew up with…the world would be a better place if more people followed his common sense advice.” NEWARK STAR LEDGER "The title of this book hooked me from the start. What am I writing about at The Simple Dollar if I’m not writing about “the new frugality” Chris Farrell, the author of the book, is a name I’m familiar with having been a long-time faithful listener of Marketplace Money (and it’s other Marketplace brethren) on NPR. I expected a well-written book that offered lots of insightful thoughts on the “new frugality” along with some practical tips. That’s precisely what I got. Let’s dig in." CHRISTIAN SCIENCE MONITOR “[The New Frugality] will help you spend less and save more…This book is filled with anecdotes, historical insights, resources and common sense, all of which are designed to teach you how to wisely spend your money while saving for the future.” THE ARIZONA REPUBLIC

Giles Blunt added to a shelf groaning with work. “As distinctively Canadian as a Tom Thomson painting. . . . Crime Machine is as good as Canadian crime fiction gets.” MARGARET CANNON, The Globe and Mail “A marvelously controlled writer, equally confident with characters and narrative.” TORONTO STAR “First-rate series. . . .You can hear the crunch of snowshoes through the bush, smell the buckshot mingling with fresh blood.” NOW (Toronto) “Another winner from one of Canada’s leading crime writers.” THE PETERBOROUGH EXAMINER

Joan Hamilton came to Meg Whitman's aid. “Meg Whitman doesn’t just talk about important values such as integrity, accountability, authenticity and courage, she lives them.... In this engaging and honest book, Meg shares these values and how she applied them to pioneering a new model for managing a twenty-first-century company. This book only deepens my admiration for Meg’s leadership.” A.G. LAFLEY, Procter & Gamble. “As an eBay board member, I saw firsthand Meg Whitman’s determination to live and manage by the answer to the question ‘What is the right thing to do?’ as she helped eBay develop its character as a company. This book explores the values she brought to eBay and the values she nurtured at eBay – values that ultimately helped her create a remarkable success story and a powerful consumer brand.” HOWARD SCHULTZ, Starbucks "Meg Whitman makes a compelling connection between achieving success and holding firm to high standards of integrity and personal values. It's clear and effective advice for motivating people to do their very best." W. JAMES MCNERNEY, JR., Boeing

Anthony Bianco plunged into Silicon Valley. "[A] gripping, well-sourced and illuminating book, "The Big Lie" [is] a gossipy and at times vulgar account of the battle of wills between Dunn and Tom Perkins, one of California's wealthiest venture capitalists. Think Tyra Banks meets "American Idol" judge Simon Cowell in a televised food fight... A splendid account of the very flawed stars of HP's sideshow." SAN FRANCISCO CHRONICLE "An authoritative account." NEW YORK TIMES “Bianco’s reporting (and he’s done plenty of it at BusinessWeek) is complete, nasty, with plenty of villains, no heroes, and perhaps one victim… Read this alongside Jeffrey Pfeffer’s recent book, Power, and you will understand much of the dysfunction of Fortune 500 capitalism.” NEW YORK JOURNAL OF BOOKS

Jay Greene cast a designing eye. "A series of case studies of attractive and efficient design, from journalist Greene, makes a persuasive case for regarding design as an essential component of the development process of any product, which must be attended to at all stages, not just at the end....Through case studies of design-savvy companies like Porsche, Nike, LEGO, OXO, Clif bars, and Virgin Atlantic, Greene discusses the brands' origins and presses home the point that successful companies turn their customers into cultists of a sort, admirers of both the form and function of the products they're using." PUBLISHERS WEEKLY "Greene provides valuable information and insight for companies in all businesses as he explains the importance of design thinking. He quotes Apple’s Steve Jobs in discussing the iPod, 'It’s design’s not just what it looks like and feels like. Design is how it works.'” MARY WHALEY, Booklist


2009

Joan Hamilton also offered sage counsel to a lawyer. "Well written and engaging, this book opens a door into big city crime and how to address it. A must-read for any would-be prosecutor and urban resident, in particular. It dispels myths about the impact of crimes with a balanced eye on the one wronged, the perpetrator and law enforcement, and should make any California resident comfortable--and hopeful--about seeing Harris in higher office. Hamilton does an excellent job of capturing the prosecutor's perspective without letting this drift into hagiography. M. DUNKERLY, Texas attorney "This book, so clearly and well written, describes a comprehensive and sensible approach for actually reducing crime. Kamala Harris is a no-nonsense prosecutor who has thought about how to address the actual causes of crime, as well as appropriate punishments. Everyone who is concerned about the safety of our neighborhoods, now and in the future, needs to read this book and ask our friends in law enforcement and the judiciary to carefully consider her proposals for reform of the criminal justice system." JANE HICKIE, Stephenville, Texas

Check out Linda Himelstein's much-praised work. "...a colorful chronicle of the rise of a business. Ms. Himelstein, a veteran journalist, keeps her narrative moving neatly along, distilling complex matters of commerce into a clear and readable form." JOSEPH TARTAKOVSKY, The Wall Street Journal. "Himelstein makes Russian history and even current politics come alive through an unlikely narrative thread — the creation of a fortune and the eventual demise of a vodka-producing family." STEVE WEINBERG, USA Today "The book is an impressive feat of research, told swiftly and enthusiastically, and brings depth and substance to a product that is otherwise bereft." JORDAN MACKAY, San Francisco Chronicle

Giles Blunt hit again. "An utterly vivid, completely disturbing account of how thugs with authority unrestrained by the rule of law and untempered by the quality of mercy can go about the physical, mental and emotional destruction of a person." THE GAZETTE "Giles Blunt writes with uncommon grace, style and compassion and he plots like a demon." JONATHAN KELLERMAN, author "A tour de force, sorrowing and direct, sharp as a knife blade, beautifully written — an unforgettable window into the human capacity for cruelty and courage." THE GLOBE AND MAIL

Howard Gleckman, long a pillar of the D.C. bureau, was moved to write about his elders. "Compelling personal stories, helpful information about where to turn for assistance, and ideas for ways to strengthen the safety net that too often fails families facing crisis." JOHN ROTHER, AARP "Howard Gleckman knows first hand about caring for his elderly parents. In his illuminating Caring for Our Parents, Gleckman shines a spotlight on the financial and physical price we pay to help our loved ones in a fractured and inadequate network of long-term care services. As he profiles families who meet those challenges with love, determination, and grace, he raises important questions about how our nation will cope as the enormous Baby Boomer generation ages. Caring for our Parents is a wake-up call to a graying nation." MARY BETH FRANKLIN, Kiplinger's Personal Finance "By telling his personal story and those of others, Howard Gleckman helps us understand why caring for our parents is such a challenge. This is a must read for every Baby Boomer." SUZANNE MINTZ, National Family Caregivers Association

Count Stacy Perman in, too. "Amazon Best of the Month, April 2009: [A] chronicle of how a family-run California hamburger joint went on to become an American pop culture icon.... If you've never had an In-N-Out burger, Perman's book just might inspire you to find a good reason to get yourself to Southern California and seek out an off-the-menu 3x3 with a side of Animal Style fries." BRAD THOMAS PARSONS Intriguing video of Stacy, too.

Sandra Dallas wowed 'em. "In her charming new novel, Dallas (The Persian Pickle Club; Tallgrass; etc.) offers up the unconventional friendship between Hennie Comfort, a natural storyteller entering the twilight of her life, and Nit Spindle, a naïve young newlywed, forged in the isolated mining town of Middle Swan, Colo., in 1936.... This satisfying novel will immediately draw readers into Hennie and Nit's lives, and the unexpected twists will keep them hooked through to the bittersweet denouement." PUBLISHERS WEEKLY "*Starred Review* Like the lives narrated, this novel, by the author of Tallgrass (2007), runs the gamut of heartache, hardship, and happiness as Dallas skillfully weaves past into present and surprises everyone at the end. Fans of Lee Smith (Fair and Tender Ladies, 1988), Sue Monk Kidd (The Secret Life of Bees, 2002), and Kaye Gibbons (Charms for the Easy Life, 2003), will love this book." JEN BAKER, Booklist


2008

Sandra Dallas nailed another. "An ugly murder is central to this compelling historical, but the focus is on one appealing family, the Strouds, in the backwater town of Ellis, Colo. Soon after Pearl Harbor, the U.S. government rounded up all the Japanese residents of the West Coast and shipped them off to "internment camps" for the duration of the war. One of the camps is Tallgrass, based on an actual Colorado camp, as Dallas (The Chili Queen) explains in her acknowledgments. The major discomforts and petty indignities these (mostly) American citizens had to endure are viewed through the clear eyes of a young girl who lives on a nearby farm, Rennie Stroud.... Dallas's terrific characters, unerring ear for regional dialects and ability to evoke the sights and sounds of the 1940s make this a special treat." PUBLISHERS WEEKLY "Dallas has made a major contribution to a growing body of literature about the internment of Japanese Americans during World War II. Based on the one camp in Colorado (named Amache, and renamed Tallgrass by the author), the story focuses on the impact it had on the local farmers and townspeople....Part mystery, part historical fiction, part coming-of-age story, Tallgrass has all the elements of a tale well told: complex characters, intriguing plot, atmospheric detail, pathos, humor, and memorable turns of phrase. But most of all, the book offers a fresh look at a theme that can never be ignored: the interplay of good and evil within society and within people." ROBERT SAUNDERSON,Berkeley Public Library, CA, School Library Journal

Alex Beam has made quite a mark, too. "Alex Beam's colourful history narrates how this extraordinary project got off the ground at the University of Chicago, under the stewardship of chalk-and-cheese duo Robert Hutchins (who, a friend said, "made homosexuals of us all") and Mortimer Adler (who "often added his own works to Great Books reading lists for courses he taught")." STEVEN POOLE, Guardian "Boston Globe columnist Beam looks at how and why this multi-year project took shape, what it managed to accomplish (or not), and the lasting effects it had on college curricula (in the familiar form of Dead White Males). Beam (Gracefully Insane: Life and Death Inside America's Premier Mental Hospital) describes meetings endured by the selection committee, and countless debates ... but tells it like it is regarding the Syntopicon they devised-at "3,000 subtopics and 163,000 separate entries, not exactly a user-friendly compendium"-and the resulting volumes, labeling them "icons of unreadability-32,000 pages of tiny, double-column, eye-straining type." By lauding the intent and intelligently critiquing the outcome, Beam offers an insightful, accessible and fair narrative on the Great Books, its time, and its surprisingly significant legacy." PUBLISHERS WEEKLY

Steve Hamm pursued the ideal. “This is a really remarkable book! Covering past, present, and-most excitingly-the future of mobiles, it brings back extremely vivid memories to me and puts in context the many challenges and great opportunities still out there.” JOHN ELLENBY, creator of the GRiD Compass, the first laptop computer “If you have a couple of mobile devices in your pocket and wonder why there isn't a perfect single device, this book is for you.” ROBERT SCOBLE, the Scobleizer blog and former chief blogger for Microsoft

Giles Blunt ventured into the youth market. "Blunt presents readers with a well-crafted plot and lovable, eccentric characters who are magnetizing from page one. Teens will fall in love with this handsome, insightful 18-year-old and his questionable girlfriend, and will be charmed by this quirky, fast-paced tale." ELLEN BELL, Amador Valley High School, Pleasanton, CA

Steve Baker did some close counting on this one. "In this captivating exploration of digital nosiness, business reporter Baker spotlights a new breed of entrepreneurial mathematicians (the numerati) engaged in harnessing the avalanche of private data individuals provide when they use a credit card, donate to a cause, surf the Internet—or even make a phone call.... An intriguing but disquieting look at a not too distant future when our thoughts will remain private, but computers will disclose our tastes, opinions, habits and quirks to curious parties, not all of whom have our best interests at heart." PUBLISHERS WEEKLY "This is a fascinating outing of the hidden yet exploding world of digital surveillance and stealthy intrusions into our decision-making processes as we buy food, make a date, or vote for president. Yet, as Baker assures us, we are not helpless. For one thing, machines still can’t process sarcasm. Read and resist." DONNA SEAMAN, Booklist

Michael Mandel waxed academic. Another text I use in my biz-econ journalism class. Need you know more?












2007

Tony Bianco went shopping. “[The Bully of Bentonville]…is filled with direct quotations from current and former Wal-Mart employees, paraphrased anecdotes from Wal-Mart lore, Sam Walton legends, data from government documents and studies from academic researchers such as Basker. Not a single page…is boring, whether the reader is a Wal-Mart lover, Wal-Mart hater, or a conflicted in-between sometimes shopper.” THE KANSAS CITY STAR “In The Bully of Bentonville Bianco produces the most penetrating examination of Wal-Mart’s business practices and their ripple effects in American society that has been published since Wal-Mart watching became a serious pursuit of the business press and academia.” THE STAR TELEGRAM

Ann Therese Palmer, a devoted grad of Notre Dame, showed her fealty to alma mater. "This book is a great read. It includes letter from early Notre Dame female grads along with other famous ND folks who were there when coeducation began. Included are letters from sports coaches and the first female ND undergraduate." PAUL BLILEY JR. "This book is amazing! Reading all the stories and experiences of Notre Dame women pioneers, famous Notre Dame graduates, and various administrators is inspiring! Read the book, it's wonderful!" R. O'CONNOR, BingoBooks

Paul Barrett wrapped this one up on Steve Adler's watch at BW. "Paul M. Barrett has written a rich book full of insights into a religion many Americans don't know enough about." CHICAGO TRIBUNE "A thoughtful exploration that is both comforting and alarming . . . American Islam reveals the variety of Muslim experience in the U.S., as well as profound aspects of Islam that are underappreciated in this country." THE WALL STREET JOURNAL "Well wrought and engaging . . . A welcome antidote to the wide spread Islamophobia that has infected so many Americans over the last five years . . . The book makes a compelling argument that the greatest tool in America's arsenal in the 'war on terror' may be its own thriving and thoroughly assimilated Muslim community." THE WASHINGTON POST BOOK WORLD

And he is nailing down this one, the story of the fast and deadly growth of the Glock semiautomatic pistol due in January, under the mag's current editor, Josh Tyrangiel. Barrett put the topic in his sights with a cover story, tied to the shooting of Gabrielle Giffords. Paul has talked about the subject, too.

Julia Flynn Siler knows a bit about wine, it seems. "Call it Greek tragedy or Shakespearean drama, Biblical strife, Freudian acting out or even soap opera. You wouldn't be exaggerating, and you wouldn't be wrong...." ERIC ASIMOV, The New York Times "[A] lesson in business, family, greed and hubris that reads like a thriller novel. You will never look at a glass of wine the same way again." GEOFF OLDFATHER, Treasure Coast Palm "With stellar reporting and clear, enjoyable writing Julia Flynn Siler... describes the long rise and sharp descent of California's most iconic vintner ... her research is simply outstanding. She captures the scope of Mondavi's story, which amounts to King Lear in wine country." W. BLAKE GRAY, Vinography

Larry Light and his bride, Meredith Anthony, proved versatile in fiction. "Ladykiller is an intriguing, compelling and suspenseful crime novel packed with enticing twists and turns to keep you on the edge. The authors have created a powerful thriller that tantalizes with a sense of suspense and a steady flow of action. The characters are believable, finely developed and engaging. Ladykiller is superbly crafted with vivid detail that draws you into the story." TERRY SOUTH, Quality Reviews




2006

Larry Light addressed timeless topics. "Light brings back intrepid reporter Karen Glick, feature writer for Profit magazine, for a second outing (following Too Rich to Live) with largely satisfying results. The three Reiner sisters, Linda, Ginny and Flo, have created a computer program called Goldring that accurately predicts the stock market, and have used it to make themselves incredibly wealthy. But the digital goose that lays the golden eggs proves deadly.... Light is skillful setting the multiple and complicated plots spinning, and despite the body count he manages to keep the tone light and quick; however, the story—nicely tied up though it is—relies heavily on coincidence and overly talky characters, and much of the supporting cast feel stock. That said, Glick remains a strong, witty heroine; her latest adventure should please fans of Wall Street thrillers." PUBLISHERS WEEKLY

Giles Blunt chilled 'em with this. "Set in remote Algonquin Bay, Ontario, Blunt's compelling fourth crime novel to feature John Cardinal (after Blackfly Season) finds the police detective mourning the death of his wife, an apparent suicide. Then Cardinal starts receiving cold, hate-filled notes gloating over his loss.... An unexpected yet utterly realistic twist lifts this novel into extremely interesting (and entertaining) territory. Sharp dialogue, complex characters and a satisfying conclusion should help Blunt, who has won Britain's Silver Dagger and Canada's Arthur Ellis Award, win new readers in the U.S. PUBLISHERS WEEKLY "The fourth crime novel featuring Detective John Cardinal may give acclaimed Canadian author Blunt the popular recognition he is due." ALLISON BLOCK, Booklist

Steve Hamm rode the tiger. "Business Week senior writer Hamm, who has focused on the emergence of India and China as global economic powers, chose to profile Wipro to tell the story of India's rising technology industry. Founder Azim Premji built the company from a failing vegetable oil company into a high-tech engineering lab serving clients such as Aviva and Texas Instruments. Premji (who has been called the Bill Gates of India) pioneered the "Wipro Way," which, much like the famed HP Way, emphasizes ethical values, process excellence, and a central focus on customer relations. On track to become the Wal-Mart of IT services, Wipro is already a fierce global competitor and will be a company to keep an eye on. DAVID SIEGFRIED, Booklist

Gary Weiss found the fraudsters -- again. "Never mind Enron—corruption, fraud and towering incompetence are Wall Street's daily bread and butter, insists this lively j'accuse. Ex-BusinessWeek reporter Weiss (Born to Steal: When the Mafia Hit Wall Street) details the myriad ways the financial industry preys on small investors... He also pillories the industry's toothless watchdogs—the New York Stock Exchange, a business media addicted to hype and puffery, and a do-nothing Securities and Exchange Commission." PUBLISHERS WEEKLY "If you're like half of America, and you own stocks, either directly or through mutual funds, IRAs, or 401(k)s, you may not want to hear what Weiss has to say about the industry--but you'd better read it anyway, for your own good. Weiss, an award-winning investigative journalist, formerly with Business Week, refuses to toe the party line. He describes practices we thought were confined to the fringe dark side of The Street, such as boiler room fraud; overpaid, uncaring fund managers; ineffectual SEC regulations; and Wild West-style hedge funds. The wall that is supposed to separate CEOs, analysts, underwriters, and the media has long disappeared, according to Weiss, as these forces cozy up to form a coalition designed to separate you from your money." DAVID SIEGFRIED, Booklist

2005

Sandra Dallas struck a chord. "Old fans will recognize Dallas' trademark leisurely pace in a new setting, a gothic-tinted South instead of the wide-open Midwest, and be pleasantly surprised. The languid pacing will not keep readers from eagerly turning pages to discover why Amalia was murdered and the reasons behind Nora's failed marriage. Dallas has crafted a honey-and-Spanish-moss-tinged tale certain to please gentle fiction readers who don't mind a little mystery." KAITE MEDIATORE, Booklist

Giles Blunt stung. "Silver Dagger–winner Blunt spins a highly disturbing but truly memorable tale about a Canadian cult's murder spree.... Based on a true crime, the pulsing, tightly plotted narrative again shows why Blunt (Forty Words for Sorrow) should be considered among the new practitioners of crime drama's elite." PUBLISHERS WEEKLY "His characters, even to the lonely guy sitting by himself at the end of the bar, are wonderfully realistic; his pacing never flags; his knowledge of police procedure is accurate without being show-offy; and he leaves the reader not so much with a story as with a glimpse into a perfectly realized world. First-rate." CONNIE FLETCHER, Booklist

Sheridan Prasso made a mark early with this effort. "Prasso's ambitious agenda focuses on both Asian women and our perceptions of them, exploring the historical and pop cultural roots of the 'Asian Mystique' and ending with a 'reality tour of Asia.' Her stories about the lives of Asian women from diverse cultures and socio-economic backgrounds are compelling." PUBLISHERS WEEKLY "... Prasso explains the symbiotic nature of Western fantasy and Asian fulfillment--often to great profit--of that fantasy, the roles that Asian women play and defy in the West, even the dangerous implications of this still-active fantasy upon global politics. Especially interesting are her observations on the emasculated role of Asian men in Western media--picture, for instance, Jackie Chan even kissing a Western woman." ALAN MOORES, Booklist

Paul Raeburn shared some tough material. "Raeburn fully discloses the daily struggles he faces with his children -- one bipolar, the other chronically depressed -- but what emerges is less about them than about him. He is the center of the narrative -- a pragmatic journalist with an anger problem and a failed marriage who wants what's best for his children, but like most parents is groping in the dark for what that is.... Raeburn's greatest gift is his brave honesty. He challenges all parents to take responsibility and claim their part in their children's pain." PUBLISHERS WEEKLY

Larry Light took readers inside. "Light draws us into a Wall Street world full of well-chosen and telling details that only someone who's had inside access would know. TOO RICH TO LIVE melds humor and suspense in this entertaining mystery that explores the heady worlds of some very rich men from the point of view of one feisty investigative journalist."CARROLL JOHNSON, Reviewing the Evidence.