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When the markets crash, your nest egg goes splash and you wish you had cash, that’s a bear market. Sadly, most investors spent the summer watching portfolios shrink and blue chips sink as money retreated from Wall Street. That, my friends, is the downside of investing.

If you’re in the market for the long term, here’s what to do seek the advice of people, like the authors below, who’ve weathered the storms. Most will recommend that you diversify, diversify, diversify. Then, hold tight, remembering that a diversified portfolio will share in the gains when the bulls return to Wall Street and in the meantime, your money will be far less likely to smash, crash or splash.

Common sense reigns I know these first guys well. From their days as the hip” investment advisors on AOL to their current monopoly on common sense in the financial world, the Gardner brothers preach a sensible, stable approach to personal finance and investing. So I wasn’t surprised to find that The Motley Fool’s What to Do With Your Money Now: Ten Steps to Staying Up in a Down Market by David and Tom Gardner (Simon ∧ Schuster, $23, 212 pages, ISBN 0743233786) mimics the no-nonsense advice they dispense daily on their Web site, on TV and radio and in their news column. What’s new in this book is the Gardners’ self-deprecating ability to use their own flops as examples of what’s wrong with investing” right now. They admit to financial and business-building mistakes, offering personal examples designed to keep you from taking the wrong turns in your own portfolios. This is sage advice from Fools.

Time to learn Safer Investing in Volatile Markets: Twelve Proven Strategies to Increase Your Income and Financial Security by Carolann Doherty-Brown is a straightforward guide to understanding the strategy and timing issues most financial advisors and stock brokers use to advise their clients. Knowing how long you will hold and then sell a stock is as important as understanding a company’s P/E ratio or its audit practices. Knowing what your broker knows, and how he should react to market trends, is insurance for you and your portfolio. In the long run, the smart investor survives by being educated about all the issues at work in the markets. As Brown says, my 12 strategies will not work all the time for all people, but history has shown they do work most of the time.” Follow her lead for long-term growth and an escape from the roller coaster markets.

Is it a stock or a bond? Most people don’t know the difference between stocks and bonds. Over the years, I’ve encountered many investors who just think bonds pay less” than stocks. So I’m delighted to report there’s finally a book that shows how this integral part of a portfolio works. The Money-Making Guide to Bonds: Straightforward Strategies for Picking the Right Bonds and Bond Funds by Hildy and Stan Richelson (Bloomberg, $26.95, 304 pages, ISBN 1576601226) delivers a wealth of information on what bonds are, how to pick bonds and how to plan bond investing. Bonds should not be trendy additions to portfolios in bad times, the authors argue, but a well-thought out portion of any serious investment or retirement plan. Get off the bubble Bubbleology: The New Science of Stock Market Winners and Losers by Kevin Hassett (Crown Business, $18.95, 128 pages, ISBN 0609609297) offers an interesting and timely look at why stock market prices rise and fall and how group psychology intersects with finance. Recent market reactions would make any investor wonder are we all a group of untrained lemmings rushing toward the cliff? Hassett, an economist and frequent contributor to The Wall Street Journal, argues that traditional ways of assessing a stock’s inherent risk (equating it with volatility) are flawed. He offers a set of simple principles to explain why investors panic when they see a bubble” or steep rise in the markets and what you can do to profit from the market’s overreactions to bubblespotting.” A timely book, yes, but one that teaches long-term approaches to investing and offers interesting insight into the mind of the market.

When the markets crash, your nest egg goes splash and you wish you had cash, that’s a bear market. Sadly, most investors spent the summer watching portfolios shrink and blue chips sink as money retreated from Wall Street. That, my friends, is the downside of investing. If you’re in the market for the long term, […]
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In his provocative new book, April 4, 1968: Martin Luther King Jr.’s Death and How It Changed America, author, educator and activist Michael Eric Dyson rekindles grim memories for readers who made it through that tough time, while giving needed perspective to those of later generations. Dyson wrests the image of King from that of a conciliatory, peaceful figure, and recasts him as a visionary change agent whose goals weren’t merely to address injustices, but to radically remake American society.

In Dyson’s view, King inspired black Americans to be proud of their heritage, to demand equality rather than ask for it, and to recognize the potential for greatness within their ranks. He also puts King squarely in the forefront of several global struggles: for the recognition of emerging nations in Africa, Asia and Latin America; for acknowledgement of the West’s responsibility toward less fortunate countries; and for the establishment of links between oppressed people regardless of color, gender or sexual preference. April 4, 1968 addresses the conflicts King’s evolving views caused with more traditional elements in both black and white America, and Dyson makes it clear that there were questions about direction, philosophy and viewpoint within the ranks of the civil rights movement.

Dyson faithfully recalls the details of King’s assassination and the atmosphere of genuine despair and anger that followed, one that led to riots in several cities and numerous conspiracy theories. He also covers lingering controversies – for example, whether James Earl Ray acted alone or even fired the fateful shot.

April 4, 1968 is an analysis and examination of the 1960s and black politics, with an occasional side trip into musical dissection and film lore. Dyson, a Georgetown University professor, credibly and effectively ties these subjects together, offering a broad and valuable picture of King’s life and impact.

Ron Wynn writes for the Nashville City Paper and other publications.

In his provocative new book, April 4, 1968: Martin Luther King Jr.’s Death and How It Changed America, author, educator and activist Michael Eric Dyson rekindles grim memories for readers who made it through that tough time, while giving needed perspective to those of later generations. Dyson wrests the image of King from that of […]
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The years during and following the Civil War saw momentous social, polticial, religious, scientific and artistic ferment. Art and activism were closely aligned and, for many, there was a change in sensibility. For a loosely connected cluster of American writers and artists, the hummingbird came to symbolize their epoch. Christopher Benfey explores this phenomenon in his engaging A Summer of Hummingbirds: Love, Art, and Scandal in the Intersecting Worlds of Emily Dickinson, Mark Twain, Harriet Beecher Stowe and Martin Johnson Heade.

Benfey skillfully explores the personal histories as well as the work of his primary subjects and explains how hummingbirds came to symbolize “a new dynamism and movement in their lives.” For Harriet Beecher Stowe, for example, with her personal tragedies and outrage at slavery, the hummingbirds represented, in part, freedom in world of captivity. Heade had a lifelong obsession with the birds and intended to use his expert knowledge of them to launch a career as an artist. Mark Twain greatly admired Heade’s work and Benfey shows how it may well have influenced the best descriptions of the river in Adventures of Huckleberry Finn.

Emily Dickinson’s signature poem focused on the hummingbird. She sent it to seven correspondents, more than any of her other poems, and sometimes even signed it “Humming-Bird,” as though she herself were its subject. There are numerous other hummingbird references throughout her work. Other hummingbird enthusiasts also figure in A Summer of Hummingbirds, including Thomas Wentworth Higginson, a leading abolitionist and commander of the first African-American unit to fight for the Union. His essay, “The Life of Birds,” published in 1862, regards birds as exiles from another, better world and gives special attention to hummingbirds. Dickinson was impressed by Higginson’s essays on nature and wrote several poems inspired by his descriptions of spring flowers and hummingbirds. They also corresponded about her work over many years.

Another person profiled is Henry Ward Beecher, the preacher who was once “the most famous man in America.” Beecher was known as an abolitionist, accepted evolution, and emphasized the “Gospel of Love” in contrast to the Calvinist approach he had known in his childhood and during his preparation for the ministry. A lover of nature, he also had a collection of stuffed hummingbirds. Already controversial for his views, he was at the center of highly publicized adultery trials that failed to find him guilty.

There is also Mabel Loomis Todd, one of the few people who recognized Dickinson’s genius and was an editor, along with Higginson, of the first published volume of her poems. Heade brought Mrs. Todd to an appreciation of nature through art and then became infatuated with her; much to Heade’s disappointment, she began an adulterous affair with Dickinson’s brother.

Benfey adroitly presents this group in vivid scenes that recreate what it must have been like during a time of great cultural transformation. This is not a strict literary or cultural history and some readers may find it too episodic or feel that the author digresses too much. But it is all interesting and helps us to understand how nature and freedom began to move some cultural figures beyond conviction and restraint.

Roger Bishop is a retired Nashville bookseller and frequent contributor to BookPage.

The years during and following the Civil War saw momentous social, polticial, religious, scientific and artistic ferment. Art and activism were closely aligned and, for many, there was a change in sensibility. For a loosely connected cluster of American writers and artists, the hummingbird came to symbolize their epoch. Christopher Benfey explores this phenomenon in […]
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What are the military aspirations and capabilities of the world’s real and would-be nuclear powers? These are the basic questions husband-and-wife reporters Nathan Hodge and Sharon Weinberger set out to answer. That they fail in their quest should surprise no one. Not only are governments secretive about such matters, governmental approaches to forming a unified nuclear policy also tend to be piecemeal and politically driven. In their two-year odyssey, which began in 2005, Hodge, a writer for Jane’s Defense Weekly, and Weinberger, a contributor to Wired‘s national security blog, Danger Room, visited nuclear sites in the U.S., the Marshall Islands, Kazakhstan, Russia and Iran. They discover a milieu in which the terrible clarity of the Cold War doctrine of mutually assured destruction no longer applies but where the political momentum to do something nuclear is too strong to stop.

Most of A Nuclear Family Vacation covers American installations – from the design labs at Los Alamos and Livermore to archaic missile silos sprinkled across the Great Plains. At each stop, the authors encounter turfs to be protected and missions to be rationalized. They do not find, however, anything approaching a national strategy for the development and use of nuclear weapons and defenses. Little wonder, then, that their narrative is shot through with flashes of dark humor and incredulity.

"During our journey across the U. S. nuclear complex," they report, "it occasionally felt like we were visiting an Oldsmobile factory: outmoded facilities with a cynical workforce and little in the way of a vision for the future. . . . In Russia, the United States and its allies threw money at nonproliferation programs without any clear way to gauge their success. Iran’s nuclear program – whether peaceful or not – was doing little beside guaranteeing the country’s continued political and economic isolation." One can only imagine what Hodge and Weinberger might have discovered had they extended their forays into such other hot zones as North Korea, China, Pakistan, India and Israel.

Edward Morris reviews from Nashville.

 

What are the military aspirations and capabilities of the world’s real and would-be nuclear powers? These are the basic questions husband-and-wife reporters Nathan Hodge and Sharon Weinberger set out to answer. That they fail in their quest should surprise no one. Not only are governments secretive about such matters, governmental approaches to forming a unified […]
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Larry McMurtry is, of course, best known for his novels, many of which have been made into movies, including The Last Picture Show, Terms of Endearment and Lonesome Dove. But in his memoir Books he barely addresses those years spent writing. Instead, he focuses on his lifelong love of books, and his hidden life as a bookseller.

The genesis of McMurtry’s passion for books and reading was not his early family life; his family’s Texas ranch house was "totally bookless," he writes. It was a cousin, departing for war in 1942, who dropped off a box of books with Larry, then six. When the family moved to Archer City, Texas, the young McMurtry ensconced himself in the library; by his senior year he was obsessed with books. In 1970, he and a partner bought the stock of Lowdermilks, a D.C. shop that was going out of business. This became the core of his own store, Booked Up, a Georgetown fixture for 32 years before moving to its current location in Archer City.

McMurtry fills his short chapters with details of bookshops across the country, the ins and outs of major auctions, and the importance of book scouts who visit junk shops and yard sales. He also offers detailed profiles of a m∧#233;lange of booksellers and their very specific areas of expertise. He eschews online bookselling and bemoans the preponderance of computers now in public libraries saying they "drive out books" from their rightful space.

McMurtry admits that this volume, filled with the "arcane detail" of the antiquarian book trade, may not appeal to the general reader. But for book lovers who can’t pass a used bookstore without ducking inside, this memoir will make that next visit even more enticing.

 

Larry McMurtry is, of course, best known for his novels, many of which have been made into movies, including The Last Picture Show, Terms of Endearment and Lonesome Dove. But in his memoir Books he barely addresses those years spent writing. Instead, he focuses on his lifelong love of books, and his hidden life as […]
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Bill Patten’s family acquaintances were some of the most powerful figures of the 20th century, names like Winston Churchill, Franklin Roosevelt and John Kennedy. As the scion of a diplomat father and socialite mother, Patten grew up surrounded by people of wealth and influence. He attended some of the finest boarding schools, spent weekends at his family’s country estates, and studied at Harvard and Stanford universities. But Patten eventually discovers his real father was not the man with whom he shared a last name: his mother conceived her son during an affair with another man.

Thus forms the backstory for Patten’s memoir, My Three Fathers, a tale about a trio of influential men who shaped the author’s life. The first was William S. Patten, an East Coast aristocrat who spent much of his life as a diplomat in Europe. In 1939, Patten married debutante Susan Mary Jay, a descendent of John Jay, the first chief justice of the Supreme Court. The Pattens moved to Paris for one of his diplomatic assignments, where they met Duff Cooper, a British war hero, Churchill confidant and fellow diplomat. Susan Mary Patten carried on an affair with Cooper, became pregnant and gave birth to a son. Whether her husband ever knew his son was not his biological child is unknown; Patten took that answer to his grave when he died in 1960.

A year later, the author’s mother became Susan Mary Alsop when she married syndicated columnist Joseph Alsop, a longtime family friend. Bill Patten, then 12, was introduced to another social sphere when he moved from Europe to Washington, D.C., where Joseph Alsop rubbed elbows with presidents, senators and other Beltway luminaries. The Kennedys were regular guests, as were Henry Kissinger, newspaper publisher Katherine Graham, even Truman Capote.

It wasn’t until 1996 that a 47-year-old Bill Patten learned the identity of his real father, revealed in an offhanded comment by his mother while she was in rehab for alcohol abuse. Initially crushed by the news, Patten came to terms with the revelation by researching the lives of his mother and her paramours, and expressing his words on paper.

My Three Fathers is the result of that effort, and, despite the title, is as much about Patten’s tortured relationship with his strong-willed mother. It is also a fascinating glimpse into the gilded lives of the American aristocracy and how often glamorous appearances are a deceptive veneer that conceals the untidy truth.

John T. Slania is a journalism professor at Loyola University in Chicago.

Bill Patten’s family acquaintances were some of the most powerful figures of the 20th century, names like Winston Churchill, Franklin Roosevelt and John Kennedy. As the scion of a diplomat father and socialite mother, Patten grew up surrounded by people of wealth and influence. He attended some of the finest boarding schools, spent weekends at […]

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