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Prestbo is markets editor of the "Wall Street Journal" and Sease is a WSJ editor and writer. That's one clue to how plugged in this book is. And the authors take a pretty orderly approach, outlining the risks, rewards, vehicles to approach (such as American depositary receipts) and those to avoid (such as foreign bonds). Issues such as privatization, primitive management and the quirks of emerging markets are touched on. It would be hard to top Jim Rogers' great international investing book from a few years back, "Investment Biker." This book doesn't try, being more of a dry, journalistic reference. And no one should assume that one book is enough to get a handle on such a large topic. Still, Prestbo and Sease do a yeoman's job of defining some of the parameters, telling how to choose the right kind of money manager, and outlining how to structure an international portfolio. Result? The book is a great way to prepare for testing some deep waters.
Michael Bloomberg is one of the most intriguing characters of the late 20th century. When he took a multimillion-dollar retirement from Salomon Brothers, instead of investing it in the stock market (where he arguably had some expertise) or sailing around the world for a few years, he immediately plunged a large portion of his stake into a brand new company with very dicey chances of success. Now, almost 20 years later, it looks like his bet was a solid one. The name Bloomberg stands for innovation in the world of financial data-gathering. In many ways Michael Bloomberg is the Ted Turner of the 1990s.
Several years ago Bloomberg hired "Wall Street Journal" reporter Matthew Winkler to spearhead his news operation, and Winkler has also been on tap to help with this book which has been several years in the making. The book is told as though one were interviewing Bloomberg, with a narrative as smooth and readable as natural conversation. Of course there's a lot of self-aggrandizement, but it seems deserved. Bloomberg has accomplished a lot. Plus, he is not so full of himself that he can't boil some of his success down to some simple, transferable maxims. As a result, his book is entertaining, informative and potentially helpful to people who take risks with their own businesses.
Michael Pellecchia writes about business and finance books each month He can be reached at michael_pellecchia@bookpage.com.
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