Books published by Columbia University Press

Most investment books try to assess the attractiveness of a stock price by estimating the value of the company. Expectations Investing provides a powerful and insightful alternative to identifying gaps between price and value.

Charlie Munger, Berkshire Hathaway's visionary vice chairman and Warren Buffett's indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. His notion of "e;elementary, worldly wisdom"e;-a set of interdisciplinary mental models involving economics, business, psychology, ethics, and management-allows him to keep his emotions out of his investments and avoid the common pitfalls of bad judgment.Munger's system has steered his investments for forty years and has guided generations of successful investors. This book presents the essential steps of Munger's investing strategy, condensed here for the first time from interviews, speeches, writings, and shareholder letters, and paired with commentary from fund managers, value investors, and business-case historians. Derived from Ben Graham's value-investing system, Munger's approach is straightforward enough that ordinary investors can apply it to their portfolios. This book is not simply about investing. It is about cultivating mental models for your whole life, but especially for your investments.

"e;This is that rarity, a useful book."e;--Warren BuffettHoward Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor.Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways. Marks expounds on such concepts as "e;second-level thinking,"e; the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "e;contrarian,"e; Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing.

Howard Marks's The Most Important Thing distilled the investing insight of his celebrated client memos into a single volume and, for the first time, made his time-tested philosophy available to general readers. In this edition, Marks's wisdom is joined by the comments, insights, and counterpoints of four renowned investors and investment educators: Christopher C. Davis (Davis Funds), Joel Greenblatt (Gotham Capital), Paul Johnson (Nicusa Capital), and Seth A. Klarman (Baupost Group). These experts lend insight into such concepts as "e;second-level thinking,"e; the price/value relationship, patient opportunism, and defensive investing. Marks also adds his own annotations, expanding on his book's original themes and issues. A new chapter addresses the importance of reasonable expectations, and a foreword by Bruce C. Greenwald, called "e;a guru to Wall Street's gurus"e; by the New York Times, speaks on value investing, productivity, and the economics of information.***Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor.Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways.Marks expounds on such concepts as "e;second-level thinking,"e; the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "e;contrarian,"e; Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing."e;This is that rarity, a useful book."e;--Warren Buffett

Rethink your business for the digital age.Every business begun before the Internet now faces the same challenge: How to transform to compete in a digital economy?Globally recognized digital expert David L. Rogers argues that digital transformation is not about updating your technology but about upgrading your strategic thinking. Based on Rogers's decade of research and teaching at Columbia Business School, and his consulting for businesses around the world, The Digital Transformation Playbook shows how pre-digital-era companies can reinvigorate their game plans and capture the new opportunities of the digital world.Rogers shows why traditional businesses need to rethink their underlying assumptions in five domains of strategy-customers, competition, data, innovation, and value. He reveals how to harness customer networks, platforms, big data, rapid experimentation, and disruptive business models-and how to integrate these into your existing business and organization.Rogers illustrates every strategy in this playbook with real-world case studies, from Google to GE, from Airbnb to the New York Times. With practical frameworks and nine step-by-step planning tools, he distills the lessons of today's greatest digital innovators and makes them usable for businesses at any stage.Many books offer advice for digital start-ups, but The Digital Transformation Playbook is the first complete treatment of how legacy businesses can transform to thrive in the digital age. It is an indispensable guide for executives looking to take their firms to the next stage of profitable growth.

Timothy Morton argues that ecological awareness in the present Anthropocene era takes the form of a strange loop or Mobius strip, twisted to have only one side. Deckard travels this oedipal path in Blade Runner (1982) when he learns that he might be the enemy he has been ordered to pursue. Ecological awareness takes this shape because ecological phenomena have a loop form that is also fundamental to the structure of how things are.The logistics of agricultural society resulted in global warming and hardwired dangerous ideas about life-forms into the human mind. Dark ecology puts us in an uncanny position of radical self-knowledge, illuminating our place in the biosphere and our belonging to a species in a sense that is far less obvious than we like to think. Morton explores the logical foundations of the ecological crisis, which is suffused with the melancholy and negativity of coexistence yet evolving, as we explore its loop form, into something playful, anarchic, and comedic. His work is a skilled fusion of humanities and scientific scholarship, incorporating the theories and findings of philosophy, anthropology, literature, ecology, biology, and physics. Morton hopes to reestablish our ties to nonhuman beings and to help us rediscover the playfulness and joy that can brighten the dark, strange loop we traverse.

First published in Taiwan in 1995, The Membranes is a classic of queer speculative fiction in Chinese. Chi Ta-wei weaves dystopian tropes-heirloom animals, radiation-proof combat drones, sinister surveillance technologies-into a sensitive portrait of one young woman's quest for self-understanding.

In The Joys of Compounding, value investor Gautam Baid builds a holistic approach to value investing and philosophy from his wide-ranging reading, combining practical approaches, self-cultivation, and business wisdom. He integrates the strategies and wisdom of preeminent figures whose teachings have stood the test of time.

How can a company that has never turned a profit have a multibillion dollar valuation? Why do some start-ups attract large investments while others do not? Aswath Damodaran, finance professor and experienced investor, argues that the power of story drives corporate value, adding substance to numbers and persuading even cautious investors to take risks. In business, there are the storytellers who spin compelling narratives and the number-crunchers who construct meaningful models and accounts. Both are essential to success, but only by combining the two, Damodaran argues, can a business deliver and sustain value.Through a range of case studies, Narrative and Numbers describes how storytellers can better incorporate and narrate numbers and how number-crunchers can calculate more imaginative models that withstand scrutiny. Damodaran considers Uber's debut and how narrative is key to understanding different valuations. He investigates why Twitter and Facebook were valued in the billions of dollars at their public offerings, and why one (Twitter) has stagnated while the other (Facebook) has grown. Damodaran also looks at more established business models such as Apple and Amazon to demonstrate how a company's history can both enrich and constrain its narrative. And through Vale, a global Brazil-based mining company, he shows the influence of external narrative, and how country, commodity, and currency can shape a company's story. Narrative and Numbers reveals the benefits, challenges, and pitfalls of weaving narratives around numbers and how one can best test a story's plausibility.

Jeanne Liedtka and Tim Ogilvie educate readers in one of the hottest trends in business: "e;design thinking,"e; or the ability to turn abstract ideas into practical applications for maximal business growth. Liedtka and Ogilvie cover the mind-set, techniques, and vocabulary of design thinking, unpack the mysterious connection between design and growth, and teach managers in a straightforward way how to exploit design's exciting potential. Exemplified by Apple and the success of its elegant products and cultivated by high-profile design firms such as IDEO, design thinking unlocks creative right-brain capabilities to solve a range of problems. This approach has become a necessary component of successful business practice, helping managers turn abstract concepts into everyday tools that grow business while minimizing risk.

Sacred Knowledge is the first well-documented, sophisticated account of the effect of psychedelics on biological processes, human consciousness, and revelatory religious experiences. Based on nearly three decades of legal research with volunteers, William A. Richards argues that, if used responsibly and legally, psychedelics have the potential to assuage suffering and constructively affect the quality of human life.Richards's analysis contributes to social and political debates over the responsible integration of psychedelic substances into modern society. His book serves as an invaluable resource for readers who, whether spontaneously or with the facilitation of psychedelics, have encountered meaningful, inspiring, or even disturbing states of consciousness and seek clarity about their experiences. Testing the limits of language and conceptual frameworks, Richards makes the most of experiential phenomena that stretch our understanding of reality, advancing new frontiers in the study of belief, spiritual awakening, psychiatric treatment, and social well-being. His findings enrich humanities and scientific scholarship, expanding work in philosophy, anthropology, theology, and religious studies and bringing depth to research in mental health, psychotherapy, and psychopharmacology.

Herve This (pronounced "e;Teess"e;) is an internationally renowned chemist, a popular French television personality, a bestselling cookbook author, a longtime collaborator with the famed French chef Pierre Gagnaire, and the only person to hold a doctorate in molecular gastronomy, a cutting-edge field he pioneered. Bringing the instruments and experimental techniques of the laboratory into the kitchen, This uses recent research in the chemistry, physics, and biology of food to challenge traditional ideas about cooking and eating. What he discovers will entertain, instruct, and intrigue cooks, gourmets, and scientists alike.Molecular Gastronomy, This's first work to appear in English, is filled with practical tips, provocative suggestions, and penetrating insights. This begins by reexamining and debunking a variety of time-honored rules and dictums about cooking and presents new and improved ways of preparing a variety of dishes from quiches and quenelles to steak and hard-boiled eggs. He goes on to discuss the physiology of flavor and explores how the brain perceives tastes, how chewing affects food, and how the tongue reacts to various stimuli. Examining the molecular properties of bread, ham, foie gras, and champagne, the book analyzes what happens as they are baked, cured, cooked, and chilled. Looking to the future, Herve This imagines new cooking methods and proposes novel dishes. A chocolate mousse without eggs? A flourless chocolate cake baked in the microwave? Molecular Gastronomy explains how to make them. This also shows us how to cook perfect French fries, why a souffle rises and falls, how long to cool champagne, when to season a steak, the right way to cook pasta, how the shape of a wine glass affects the taste of wine, why chocolate turns white, and how salt modifies tastes.

In Think Bigger, Sheena Iyengar-an acclaimed author and expert in the science of choice-provides essential tools to spark creative thinking and help us make our most meaningful choices. She draws from recent advances in neuro- and cognitive sciences to give readers a set of practical steps for coming up with powerful new ideas.

The Best American Magazine Writing 2021 presents outstanding journalism and commentary that reckon with urgent topics, including COVID-19 and entrenched racial inequality.

The Shape of Sex is a pathbreaking history of "hermaphrodites"-as individuals who allegedly combined or crossed sex or gender binaries were called-from 200-1400 C.E. Ranging widely across premodern European thought and culture, Leah DeVun reveals how and why efforts to define "the human" so often hinged on ideas about hermaphrodites.

Michel Chion's landmark Audio-Vision has exerted significant influence on our understanding of sound-image relations since its original publication in 1994. In this updated and expanded edition, Chion considers many additional examples from recent world cinema and formulates new questions for the contemporary media environment.

Blossoming from a correspondence between Luce Irigaray and Michael Marder, Through Vegetal Being is an intense personal, philosophical, and political meditation on the significance of the vegetal for our lives, our ways of thinking, and our relations with human and nonhuman beings. The vegetal world has the potential to rescue our planet and our species and offers us a way to abandon past metaphysics without falling into nihilism. Luce Irigaray has argued in her philosophical work that living and coexisting are deficient unless we recognize sexuate difference as a crucial dimension of our existence. Michael Marder believes the same is true for vegetal difference.Irigaray and Marder consider how plants contribute to human development by sustaining our breathing, nourishing our senses, and keeping our bodies and minds alive. They note the importance of returning to ancient Greek tradition and engaging with Eastern teachings to revive a culture closer to nature. As a result, we can reestablish roots when we are displaced and recover the vital energy we need to improve our sensibility and relation to others. This generative discussion points toward a more universal way of becoming human that is embedded in the vegetal world.

Jeffrey D. Sachs is one of the world's most perceptive and original analysts of global development. In this major new work he presents a compelling and practical framework for how global citizens can use a holistic way forward to address the seemingly intractable worldwide problems of persistent extreme poverty, environmental degradation, and political-economic injustice: sustainable development. Sachs offers readers, students, activists, environmentalists, and policy makers the tools, metrics, and practical pathways they need to achieve Sustainable Development Goals. Far more than a rhetorical exercise, this book is designed to inform, inspire, and spur action. Based on Sachs's twelve years as director of the Earth Institute at Columbia University, his thirteen years advising the United Nations secretary-general on the Millennium Development Goals, and his recent presentation of these ideas in a popular online course, The Age of Sustainable Development is a landmark publication and clarion call for all who care about our planet and global justice.

Despite their conceptual allergy to vegetal life, philosophers have used germination, growth, blossoming, fruition, reproduction, and decay as illustrations of abstract concepts; mentioned plants in passing as the natural backdrops for dialogues, letters, and other compositions; spun elaborate allegories out of flowers, trees, and even grass; and recommended appropriate medicinal, dietary, and aesthetic approaches to select species of plants.In this book, Michael Marder illuminates the vegetal centerpieces and hidden kernels that have powered theoretical discourse for centuries. Choosing twelve botanical specimens that correspond to twelve significant philosophers, he recasts the development of philosophy through the evolution of human and plant relations. A philosophical history for the postmetaphysical age, The Philosopher's Plant reclaims the organic heritage of human thought. With the help of vegetal images, examples, and metaphors, the book clears a path through philosophy's tangled roots and dense undergrowth, opening up the discipline to all readers.

For more than a century, from 1900 to 2006, campaigns of nonviolent resistance were more than twice as effective as their violent counterparts in achieving their stated goals. By attracting impressive support from citizens, whose activism takes the form of protests, boycotts, civil disobedience, and other forms of nonviolent noncooperation, these efforts help separate regimes from their main sources of power and produce remarkable results, even in Iran, Burma, the Philippines, and the Palestinian Territories.Combining statistical analysis with case studies of specific countries and territories, Erica Chenoweth and Maria J. Stephan detail the factors enabling such campaigns to succeed and, sometimes, causing them to fail. They find that nonviolent resistance presents fewer obstacles to moral and physical involvement and commitment, and that higher levels of participation contribute to enhanced resilience, greater opportunities for tactical innovation and civic disruption (and therefore less incentive for a regime to maintain its status quo), and shifts in loyalty among opponents' erstwhile supporters, including members of the military establishment. Chenoweth and Stephan conclude that successful nonviolent resistance ushers in more durable and internally peaceful democracies, which are less likely to regress into civil war. Presenting a rich, evidentiary argument, they originally and systematically compare violent and nonviolent outcomes in different historical periods and geographical contexts, debunking the myth that violence occurs because of structural and environmental factors and that it is necessary to achieve certain political goals. Instead, the authors discover, violent insurgency is rarely justifiable on strategic grounds.

Only by inhabiting Dao (the Way of Nature) and dwelling in its unity can humankind achieve true happiness and freedom, in both life and death. This is Daoist philosophy's central tenet, espoused by the person-or group of people-known as Zhuangzi (369?-286? BCE) in a text by the same name. To be free, individuals must discard rigid distinctions between right and wrong, and follow a course of action not motivated by gain or striving. When one ceases to judge events as good or bad, man-made suffering disappears, and natural suffering is embraced as part of life.Zhuangzi elucidates this mystical philosophy through humor, parable, and anecdote, using non sequitur and even nonsense to illuminate truths beyond the boundaries of ordinary logic. Boldly imaginative and inventively written, the Zhuangzi floats free of its historical period and society, addressing the spiritual nourishment of all people across time. One of the most justly celebrated texts of the Chinese tradition, the Zhuangzi is read by thousands of English-language scholars each year, yet, until now, only in the Wade-Giles romanization. Burton Watson's conversion to pinyin in this book brings the text in line with how Chinese scholars, and an increasing number of other scholars, read it.

Hartmut Rosa advances an account of the temporal structure of society from the perspective of critical theory. He identifies three categories of change in the tempo of modern social life: technological acceleration, evident in transportation, communication, and production; the acceleration of social change, reflected in cultural knowledge, social institutions, and personal relationships; and acceleration in the pace of life, which happens despite the expectation that technological change should increase an individual's free time.According to Rosa, both the structural and cultural aspects of our institutions and practices are marked by the "e;shrinking of the present,"e; a decreasing time period during which expectations based on past experience reliably match the future. When this phenomenon combines with technological acceleration and the increasing pace of life, time seems to flow ever faster, making our relationships to each other and the world fluid and problematic. It is as if we are standing on "e;slipping slopes,"e; a steep social terrain that is itself in motion and in turn demands faster lives and technology. As Rosa deftly shows, this self-reinforcing feedback loop fundamentally determines the character of modern life.

In this groundbreaking book, leading Arab and Jewish intellectuals examine how and why the Holocaust and the Nakba are interlinked without blurring fundamental differences between them. It searches for a new historical and political grammar for relating and narrating their complicated intersections.

This book shows that while great strategic thinking is hard, it is not a mystery. Widely applicable and relevant for managers and leaders at all levels, especially executive teams charged with setting the course of their organizations, it is essential reading for anyone faced with practical problems of strategic management.

"Information" has become a core concept across the disciplines, yet it is still often seen as a unique feature of the Western world or the digital age. Leading experts turn to China's textual tradition to show the significance of information for reconceptualizing the work of literary history, from its beginnings to the present moment.