Showing posts with label Guest Post. Show all posts
Showing posts with label Guest Post. Show all posts

February 7, 2012

We Were Soldiers Once...And Young by Lt. Gen. Harold G. Moore and Joseph L. Galloway

Another great guest review by my father, Denny. This sounds like both a difficult but fascinating book.

I recently asked a well-read friend to name the one book, scriptures excluded, that he would recommend I read. I find that this is a good way to gain exposure to powerful, thought-provoking books that I would otherwise overlook. His answer surprised me then and still does today; We Were Soldiers Once…And Young by Lt. Gen. Harold G. Moore and Joseph L. Galloway. This is the historical book upon which the Mel Gibson movie, We Were Soldiers, is based. Neither I nor my friend have seen the movie but I decided with some trepidation to read the book.

I say “some trepidation” because there are some epochs of recent history that require some personal resolve to revisit again and again. For example, reading stories about the Holocaust require that I brace myself emotionally for what I am going to experience. Likewise, 9-11 is a raw nerve straight to my heart. The Vietnam War is another topic that takes an emotional toll on me. In college I took an elective course called “Vietnam War Literature” where, for a semester, I was immersed in the fictional writings from the hell that was Vietnam. This was back in 1984 when the movie Platoon won the best picture Oscar. For those of you who have seen that movie, imagine reading book after book with the same basic storyline; that was my semester. So I approached We Were Soldiers Once…And Young with a fear of re-opening some old wounds.

Although I was born in the army, my father was discharged before I was a year old and I have never been particularly interested in the military or warfare. I am as unqualified as possible to review a non-fiction book about a specific battle during the Vietnam war.

The battle in question is Ia Drang; a series of conflicts fought in the forests of the Ia Drang Valley over a course of a month. In the end 305 American and 3,561 North Vietnamese soldiers were killed and many more wounded. It was one of the first significant battles in the war and prompted Defense Secretary McNamara to confide to reporters that “it will be a long war.” Moore and Galloway are not after-the-fact historians; they were both on the ground as either commander (Moore) or imbedded reporter (Galloway). The primary narrative is Moore’s while Galloway’s voice (presumably the actual author) is hidden in the background.

The evolution of the “calvary” is an important theme in this book. For Vietnam, the horse was replaced by the helicopter as the the mode of transport for the modern army. The helicopter added true mobility to the fighting force; strike, destroy and retreat. It made battle lines obsolete. U.S. soldiers could attack anywhere in enemy territory; at least anywhere that the politicians allowed. Moore and Galloway describe how the army prepared to use this new technology, the intense training involved and the advantage it provided over the enemy and the North Vietnamese strategies for combating U.S. troop mobility.

But the heart of the story is a complete recounting of two major battles in the Ia Drang Valley. The first battle began almost immediately as Moore and his battalion (approximately 450 men) entered the Ia Drang Valley at Landing Zone “X-Ray.” Spotted almost immediately by several thousand North Vietnamese soldiers, Moore’s soldiers found themselves in a horrific fight for survival that lasted several days. The Vietnamese withdrew temporarily and so Moore’s soldiers were able to return to camp. Their replacements, however, were not as lucky. The second battle was centered at another Landing Zone, Albany, and the U.S. took more serious casualties with entire squads being decimated.

While both sides felt like they had won the battle; it was for different reasons. In terms of “kill ratio,” the U.S. had scored an overwhelming victory with only 1 American dead to every 12 North Vietnamese dead. For the North Vietnamese, however, they felt as if they had fought the Americans to a stand still and this had given their soldiers hope that they could conquer the more technologically advanced enemy. In the end, the North Vietnamese logic proved the most correct. Just like the French they had fought earlier, patience, perseverance and political commitment allowed them to outlast the Americans. As the book points out, few of us realize that the ultimate cost in Vietnamese lives was well over a million.

One of the book’s strengths is also its greatest weakness. Moore and Galloway attempt to provide as complete a picture of these two battles as possible. This means that they take into account as many perspectives as possible including commanders, support staff, soldiers, helicopter pilots, bombadiers, and even the enemy commanders. Whenever possible, every U.S. soldier’s death is memorialized and described so that we truly understand the sacrifice given. Ultimately we are shown each of these battles from the perspectives of a number of different squads. I found the final portrait both complete, fascinating and eye opening. The authors allowed me to become a witness to these battles; at least from the point of view of an American.

But this is also one of the greatest weaknesses of the book. Professionally, I am a market researcher and often write reports from qualitative studies. A strategy I employ to write these reports is to highlight transcripts of interviews with my subjects, “cut out” the highlighted quotes, and physically organize these quotes by topic. I find that I can only use 1/3rd of the quotes that I originally highligted or else my report becomes overburdened. In their desire to be complete, Moore and Galloway interviewed hundreds of participants in the battle of Ia Drang. In my opinion, they rely too heavily on these quotes at the sacrifice of the crispness and flow of their narrative.

As I think back about the books that I read during my college course on Vietnam and this book, I realize that one thing that has changed is my own personal a priori assumptions about Vietnam and our participation in that war. As a sheltered college junior who had never ventured outside of four western states, I felt pride that America was willing to stand with and defend the South Vietnamese people. As a still sheltered but a little more traveled father of 6, I harbor few illusions that the American people ever truly cared or loved the Vietnamese people. American lives were always more important than Vietnamese lives. So my personal approach to We Were Soldiers Once…And Young was one of sadness. Many American and Vietnamese soldiers gave the ultimate sacrifice in the Ia Drang Valley but I am just not sure for whom they made this sacrifice. I give the book 4 stars.

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November 11, 2011

The Quants by Scott Patterson

This is a first for Book Nook, a guest book review. This review is written by my dad, Dennis.

In college I took an elective course called “Recreational Mathematics” in which the professor took an interest in the way that I solved some of the gaming and logic problems that we studied.  He handed me a book and suggested that I read it and write a report as extra-credit; the book was from the 1960s and called Beat the Dealer by Ed Thorp, a mathematics professor.  I quickly devoured the book, wrote my paper and, like many others, tested the blackjack techniques live in Wendover, Nevada on a drive to California for Christmas.  The core idea of the book was mischievously appealing; through my knowledge of math I could and would make untold amounts of money all at the expense of a corrupt entity, the casino.  

I did not know what happened to Ed Thorp after he publicized his blackjack strategy until I recently read Scott Patterson’s The Quants:  How a New Bread of Math Whizzes Conquered Wall Street and Nearly Destroyed It.  In the early 70s, Thorp turned his expertise towards a different casino; Wall Street.  He and others like him developed sophisticated programs and strategies aimed at finding exploitable weaknesses in our financial system.  Patterson is clearly enamored with Thorp and portrays him as the book’s protagonist (calling him the “Godfather”) whose early writings and funds inspired imitators.  

Patterson details how some of the best minds in mathematics, physics and computer programming gravitated to banks, investment firms and private equity funds in order to “beat the market.”  Thorp’s first discovery was that the accepted models for pricing a speculative investment called warrants were flawed so he developed a better model and invested in warrants that were under priced; leading to significantly higher returns that the S&P.   Soon other “quants” were discovering other loopholes in the financial system and profiting from them.  Rather than close the loopholes, large investment houses such as Morgan Stanley and Lehman Brothers invested and profited from these “quants.”  Over the next thirty years the financial system would be become a cyclical house of cards with large institutions becoming dependent on mining these statistical loopholes.  One of the problems was that nobody truly understood from where the money was generated.  Nobody disputes where the money comes from when you win at 21; the casino.  But if you discover out and exploit a guaranteed loophole in our financial system (making billions of dollars in the process), who writes the check?  

The Quants is a well-written examination into the world of investment and quantitative models.  Patterson is generally sympathetic to his subjects and takes care not to vilify anyone.  This is both a strength and a weakness of the book.  As a writer, Patterson is morally ambiguous towards his topic and his subjects.  If anything, he seems sympathetic to the quants and envious of their earning power.  His portrayal of Ed Thorp is emblematic of his approach.  As a reader, Patterson makes me want to believe in Ed Thorp; a scrappy everyman who uses his mathematical gifts to “beat” large institutions such as casinos and Wall Street.  Thorp never seems to make a misstep and is always the one who predicts the market’s problems before the other quants do.  He gets out of the market in 2002 well before the current recession.  He jumps back in 2008 and delivers a return of 18% (despite massive losses in the Dow that year).  

But Patterson tells some stories about Thorp make me wonder if we are getting a saintized version of the man.  For example, In 1991 Thorp decides to stop managing an investment fund and works as a consultant for some large pension funds.  He is asked to evaluate their holdings including a fund that has been making unbelievable returns for the past 10 years (returns even higher than his own).  It took Thorp one day to delve into the fund’s holdings and to conclude that the pension fund should sell its holdings immediately out of Bernard L. Madoff Investment Securities.  Thorp had discovered that the fund was a fraud.  Patterson uses this story to celebrate how smart Ed Thorp is.  For me, this story is wrought with ethical issues.  Didn’t Thorp have a responsibility to share this information with more than just the pension fund?  The Madoff fund continued to function for the next 15 years?  Wasn’t Thorp ever tempted to share his findings with others?  How many investors could have been saved by a little charity from Thorp?   Thorp did what he was legally and financially obliged to do (just like Joe Paterno).  But there is part of me that expects a little more.  Patterson’s portrayal of Thorp as a quantitative saint is little hard for me to swallow; maybe it is because I expect more from my saints than just being smart, clever and rich.   

The biggest difficulty that Patterson overcomes is taking two extremely difficult subjects (advanced mathematics and Wall Street) and crafting a readable narrative.  He does this by 1) never intricately discussing the most difficult math, 2) focusing on the fund managers and 3) using gambling and poker as an organizing motif.  While Patterson is able to make his narrative easy to read, I never fully understood the world I was witnessing because the math was never fully explained.  To better understand the quants  Patterson’s book is a good outline but I am hesitant to make conclusions based on the nature evidence he has provided.  

Patterson attempts to make the case that most of the market meltdowns that we’ve witnessed in the past 30 years have been directly linked to the activities of the quants.  This includes Black Monday, the tech stock bubble and the current recession.  While I agree that the quants contributed to all three events, I believe that Patterson overstates the impact of the quants.  Nevertheless, the book’s biggest impact on me is that I will never view Wall Street in the same way as I did before reading his book.  4 stars

June 28, 2011

The Library@Facebook App

This is a guest post from the creators of The Library@Facebook App.

The Library@Facebook is a free app that allows people to share books they are happy to give away and get new books in return.

Our goal is simple but big: Before buying a book see if you can get it for free. List the books you are done with, send them to people that request them and earn credit for new books. Involve your friends, exchange books, share experiences and get ideas on what’s good to read 

When we looked online we found that online book-sharing sites were popular in America and some European countries however they were standalone communities that only a really committed book reader was likely to join. Facebook of course was the ideal avenue but we didn’t find anything on there that really matched our needs so we figured: let’s build it. 

We wanted to expand our Facebook skill-set so we figured, at worst, The Library @ Facebook would make a good training project. We mapped out the idea and we began to research and spec how it might work. The beta version has just been completed and over the coming weeks we are looking for feedback (good and bad!) as we look to fine-tune the launch version.

We now have over 5,000 members in 30+ countries after our first few weeks, and are growing at a rate of about 150+ per  day.

We are now adding an author’s section where you can promote your book to the community and their friends on Facebook. The process is really simple:

We are now adding an author’s section where you can promote your book to the community and their friends on Facebook. The process is really simple:
1.      Donate 5-10 books to the membership
  • We will advertise your donation to the members and we can select who will get your donated books based on your criteria e.g. You may only want US residents to get the books, women aged 25-44, etc. 
  • The Library updates the newsfeed of the person that gets your book so all of their friends will see that they are reading your book. On average our members have 187 friends on Facebook. They will also see any review that the person posts of your book. You can use these reviews to publicise your book.
2.      Discuss
  • You can set up an Author’s Bookclub and invite people to join your club in the library.
  • Alternatively you may want this discussion to take place on your Facebook page or your own website. We will be guided by your requirements.
  • We will list your book launch in our weekly membership email, The Library Card.
  • We will announce your book launch on twitter, LinkedIn, and all relevant social media. You just tell us where you would like us to send the users.

Cost
The listing cost will rise as our membership increases but we are offering an initial offer of $69 for authors that sign up now.

If you’ve got any questions or comments, or need to get in touch for any reason, don’t hesitate to email me:    aidan.skehan@luceytechnology.com

Alternatively, find us on
Twitter: http://twitter.com/facebooklibrary
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