The New Finance: The Case Against Efficient Markets (2nd Edition)

Book Description

The Second Edition makes the case for the inefficient market, positioning the efficient market paradigm at the extreme end of a spectrum of possible states. It presents a comprehensive and organized collection of the evidence and the arguments which constitute a strong and persuasive case for over-reactive markets. Updates the expected 30-year future returns to growth and value stocks. Adds a much more comprehensive study of the international evidence on the relative returns to growth and value stocks. Includes a critique of the FAMA—the French three-factor model. Presents new evidence exploring how expensive stocks tend to have rapid trailing earnings growth but not rapid future growth. Offers new evidence demonstrating the nature of subsequent earnings revisions for cheap and expensive stocks. An excellent book for professionals in the financial market field.

Customer Reviews:

Obvious and yet not.......2007-06-15

It is nice to have someone spell out exactly why the market can be inefficient. In this regard, Robert Haugen makes a valient and concise attempt to tackle the subject. A quick and easy read that will help articulate that which is intuitive.

Read Without Prejudice.......2005-02-19

This book is controversial.
It defends the opposite of what almost all mainstream financial academics belive : Markets are inneficient and somehow forecastable by a money manager with proper analysis tools. Thats exactly why this book is important for a serious finance thinker. It forces one to rethink key assumptions - yes, Haugen's arguments, reasoning and numbers are convincing - for a better understanding.
An open minded reader with adequate finance knowledge (beginners wont benefit much) will truly benefit from this challenging book, be it changing his mind/view on finance (accepting some of haugen's ideas), or simply reassuring his own previous belifs/approach.

Poorly Written and Thoughtless.......2000-03-29

"The New Finance" has basically everything going against it.

First, Haugen's writing style is annoying and childish. An engaging use of humor and metaphor are apparently beyond his skill.

Second, Haugen's story is unconvincing. The case against the efficient market hypothesis has been made much more rigorously and interestingly by other authors (e.g. Andrei Shleifer, Hersh Shefrin, and Richard Thaler, among others). Haugen in some case makes mountains out of statistical molehills and misses vital information in others. In short, Haugen is neither convincing nor complete in his critique. The field of economics covered here has a name, by the way, which Haugen never once cites: behavioral finance.

Third, in many cases Haugen is just plain wrong in his assertions. The cases are too numerous to count, but I'll give two examples from page 12. First, Haugen asserts that if no one uses the CAPM to construct their portfolios then markets cannot be efficient. This is not true. The efficient market hypothesis can hold, as Milton Friedman pointed out, if people act AS IF they use the CAPM, even if they don't really use it. Second, of evidence that markets generally react to new information quickly and without bias, Haugen says "Not true." Which is overstating the case, if not outright misrepresenting it. While there is some evidence of investor overreaction and/or underreaction, the case is far from closed. Moreover, anecdotal evidence of occasional over- and under-reaction does not prove the efficient market hypothesis to be a "Fantasy," as Haugen claims.

Fourth, and this point is somewhat related to the third, Haugen is far too full of himself. Assertions of his own intellectual superiority cloud his arguments and reasoning. This can be dangerous when dueling with men like Eugene Fama, Harry Markowitz, Bill Sharpe, and Milton Friedman. More importantly, it leaves Haugen apparently very comfortable making blanket, absolute statements about financial economics that no self-respecting, respected, or respectful economist has any business making. And I say that not only because Haugen is very frequently wrong. It also isn't very becoming. And since the material in this book is reviewed in far superior books, there is little reason to pay much attention to Haugen and his rantings.

The Emperor has no clothes!!!.......1999-09-25

Only a courageous professor willing to really find truth would write this insightful book. The fact that he also has a great sense of humor is to be greatly commended. This man deserves a Nobel Prize. It APPEARS THAT HE WILL BE ABLE TO FUND IIT!

Great book that really makes you think about finance !.......1999-09-02

The author's humor is not always funny and is mostly used to fill up the pages, but the contents are interesting and enlightening. It gave me courage to continue what I was already doing in the stock market, buying "losers". A must read for everybody interested in investing or finance !!

Book Description

Traditionelle Investitionsbewertungsverfahren können zu unternehmerischen Fehlentscheidungen führen. Handlungsflexibilitäten, die eine große Rolle in der sich schnell wandelnden Unternehmensumwelt unserer Zeit spielen, werden vernachlässigt. Eine stetig steigende Zahl von Unternehmen wendet zur Lösung dieses Problems den Realoptionsansatz an. Er ermöglicht die Bewertung von Investitionsprojekten mit einer bisher nicht zu erzielenden Genauigkeit. Handlungsspielräume werden unmittelbar erfasst, ebenso wird die Unsicherheit über die zukünftige Entwicklung wesentlicher Rahmenbedingungen berücksichtigt. Bei Verzicht auf die Anwendung des neuen Ansatzes besteht die Gefahr, zunehmend an Wettbewerbsfähigkeit zu verlieren. Der vorliegende Band vermittelt kompetent die Grundzüge der Realoptionstheorie und gibt konkrete Hilfestellungen zur Anwendung im Unternehmensalltag.

Book Description

The essays in Communities and Courts in Britain, 1150-1900 all reflect the wider concept of legal history - how legal processes fitted into the social and political life of the community and how courts and other legal processes were used by contemporaries. In doing so they aim both to justify the study of legal history in its own right and to show how legal records, including those of a variety of central and local courts, can be used to further our understanding of a wide range of social, commercial, popular and political history.

Fields of Rich Toil. the Development of the University of Illinois College of Agriculture
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Fields of Rich Toil. the Development of the University of Illinois College of Agriculture
Richard Gordon Moores
Manufacturer: University of Illinois Press
ProductGroup: Book
Binding: Paperback
ASIN: B000OPV3MA

Book Description

A founder of and leading thinker in the field of modern ethnobiology looks at the widespread regularities in the classification and naming of plants and animals among peoples of traditional, nonliterate societies--regularities that persist across local environments, cultures, societies, and languages. Brent Berlin maintains that these patterns can best be explained by the similarity of human beings' largely unconscious appreciation of the natural affinities among groupings of plants and animals: people recognize and name a grouping of organisms quite independently of its actual or potential usefulness or symbolic significance in human society. Berlin's claims challenge those anthropologists who see reality as a "set of culturally constructed, often unique and idiosyncratic images, little constrained by the parameters of an outside world." Part One of this wide-ranging work focuses primarily on the structure of ethnobiological classification inferred from an analysis of descriptions of individual systems. Part Two focuses on the underlying processes involved in the functioning and evolution of ethnobiological systems in general.

Customer Reviews:

A challenge for cultural anthropologists because Berlin establishes the validity of his thesis.......2005-11-26

This is easily the most difficult book I have ever read, both because it deals exclusively in taxonomic nomenclature and because the the theory Berlin presents is a radical upheavel in the world of cultural anthropology and ethnobiology. How do human beings come to name, order, define and organize species of the natural world they live in? Intended for an audience of experts in the fields listed above, Berlin's work argues that there is a universal scheme shared by all human beings in the way we classify and organize our knowledge of the natural world. Furthermore, these classifications have a perceptual, cognitive basis rather than a functionalist one (i.e. culturally specific useful plants more likely to be known, named, utilized rather than colorful plants). Berlin presents volumes of scientifically valid evidence to support each claim he makes; his data are compiled from years of research with several different discrete cultural groups residing in neotropical rainforest areas.

The perceptual bases of ethnobiological classification: Evidence from Aguaruna Jívaro ornithology (Estudios en la etnobiología Aguaruna Jíbaro)

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The perceptual bases of ethnobiological classification: Evidence from Aguaruna JiÌvaro ornithology (Estudios en la etnobiologiÌa Aguaruna JiÌbaro)
Brent Berlin
Manufacturer: Language Behavior Research Laboratory, University of California
ProductGroup: Book
Binding: Unknown Binding

General | Birdwatching | Outdoors & Nature | Subjects | Books
ASIN: B00070TXD8

Tracers in the Ocean (Royal Society Discussion Series)
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Tracers in the Ocean (Royal Society Discussion Series)
J. E. Lovelock
Manufacturer: Princeton Univ Pr
ProductGroup: Book
Binding: Paperback

General | Science | Subjects | Books
General | Geology | Earth Sciences | Science | Subjects | Books
General | Oceanography | Oceans & Seas | Nature & Ecology | Science | Subjects | Books
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ASIN: 069102443X

Arctic tritium, 1973-1991 (Tritium Laboratory data report)
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Arctic tritium, 1973-1991 (Tritium Laboratory data report)
H. Gote OÌˆstlund
Manufacturer: University of Miami, Rosenstiel School of Marine and Atmospheric Science
ProductGroup: Book
Binding: Unknown Binding

General | Oceanography | Oceans & Seas | Nature & Ecology | Science | Subjects | Books
ASIN: B0006PGQDO

A chemical tracer strategy for WOCE: Report of a workshop held in Seattle, Washington, January 22 and 23, 1987 (U.S. WOCE planning report)
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A chemical tracer strategy for WOCE: Report of a workshop held in Seattle, Washington, January 22 and 23, 1987 (U.S. WOCE planning report)
Jorge Louis Sarmiento
Manufacturer: U.S. Planning Office for WOCE, Dept. of Oceanography, Texas A&M University
ProductGroup: Book
Binding: Unknown Binding

General | Oceanography | Oceans & Seas | Nature & Ecology | Science | Subjects | Books
ASIN: B00071NPI6

Constraining the North Atlantic circulation with transient tracer observations (MIT/WHOI)
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Constraining the North Atlantic circulation with transient tracer observations (MIT/WHOI)
Xingwen Li
Manufacturer: Woods Hole Oceanographic Institution
ProductGroup: Book
Binding: Unknown Binding

General | Oceanography | Oceans & Seas | Nature & Ecology | Science | Subjects | Books
ASIN: B0006S716W

Cycling of organic carbon in the ocean: Use of naturally-occurring radiocarbon as a long and short term tracer
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Cycling of organic carbon in the ocean: Use of naturally-occurring radiocarbon as a long and short term tracer
Peter Montague Williams
Manufacturer: s.n
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0007C9LVK

The determination of mixing and circulation in the ocean with radioactive tracers, (University of Miami. Institute of Marine Science. Final report)
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The determination of mixing and circulation in the ocean with radioactive tracers, (University of Miami. Institute of Marine Science. Final report)
J. M Prospero
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0007HERGE

Dispersion of tracers by the oceanic eddy field modelling programme: Final report, October 1987 (Report / Institute of Oceanographic Sciences, Deacon Laboratory)
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Dispersion of tracers by the oceanic eddy field modelling programme: Final report, October 1987 (Report / Institute of Oceanographic Sciences, Deacon Laboratory)
K. J Richards
Manufacturer: Institute of Oceanographic Sciences
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0007BJDUU

Dispersion of tracers by the oceanic eddy field modelling programme: Interim report, April 1986 (I.O.S. report / Institute of Oceanographic Sciences)
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Dispersion of tracers by the oceanic eddy field modelling programme: Interim report, April 1986 (I.O.S. report / Institute of Oceanographic Sciences)
K. J Richards
Manufacturer: Institute of Oceanographic Sciences
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0007B7KIC

GEOSECS Indian Ocean radiocarbon and tritium results (Miami) (Tritium Laboratory data report)
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GEOSECS Indian Ocean radiocarbon and tritium results (Miami) (Tritium Laboratory data report)
H. Gote OÌˆstlund
Manufacturer: Rosenstiel School of Marine and Atmospheric Science, University of Miami]
ProductGroup: Book
Binding: Unknown Binding

General | Oceanography | Oceans & Seas | Nature & Ecology | Science | Subjects | Books
ASIN: B0006YLMFW

Hawaii botanical science paper
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Hawaii botanical science paper
Maxwell Stanford Doty
Manufacturer: University of Hawaii
ProductGroup: Book
Binding: Unknown Binding

Algae | Plants | Biological Sciences | Science | Subjects | Books
ASIN: B0007HZMK4

Book Description

In the 1950s and 60s a revolution took place in our ability to handle and manipulate particle beams. This revolution cleared a path for major advances and changed forever the way matter is explored at the subnuclear level. This volume gathers together for the first time the seminal papers on the development and expansion of collider physics. Included are groundbreaking writings from Gersh Budker, Donald Kerst, Bruno Touschek, Nobel laureate Simon van der Meer, Gerry O'Neill, Ernest Courant, Keith Symon, and others. The editors, Claudio Pellegrini and Andrew Sessler, were colleagues of many of these notable contributors and witnesses to the development of virtually every machine mentioned in the book.

Out of control: Lessons learned from the Superconducting Super Collider : a staff report

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Out of control: Lessons learned from the Superconducting Super Collider : a staff report

Manufacturer: For sale by the U.S. G.P.O., Supt. of Docs., Congressional Sales Office
ProductGroup: Book
Binding: Unknown Binding
ASIN: 0160464552

Physics Potential and Development of mu-mu Colliders: Fourth International Conference: The Fairmont Hotel, San Francisco, California 10-12 December 1997 (AIP Conference Proceedings)

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Physics Potential and Development of mu-mu Colliders: Fourth International Conference: The Fairmont Hotel, San Francisco, California 10-12 December 1997 (AIP Conference Proceedings)

Manufacturer: American Institute of Physics
ProductGroup: Book
Binding: Hardcover

Experiments & Projects | Experiments, Instruments & Measurement | Science | Subjects | Books

General | Science | Subjects | Books

General | Physics | Science | Subjects | Books

General | Medicine | Subjects | Books

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Science | Qualifying Textbooks - Fall 2007 | Stores | Books
ASIN: 1563967235

Physics Potential and Development of Muon Colliders and Neutrino Factories: Fifth International Conference, San Francisco, California, 15-17 December 1999 ... Proceedings / High Energy Physics)

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Physics Potential and Development of Muon Colliders and Neutrino Factories: Fifth International Conference, San Francisco, California, 15-17 December 1999 ... Proceedings / High Energy Physics)

Manufacturer: American Institute of Physics
ProductGroup: Book
Binding: Hardcover

General | Science | Subjects | Books

General | Physics | Science | Subjects | Books

General | Medicine | Subjects | Books

All Titles | Qualifying Textbooks - Fall 2007 | Stores | Books

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ASIN: 156396970X

Book Description

These proceedings report the ever increasing interest and scientific case for the muon collider and the neutrino factory. There were intense sessions on the current design of neutrino factories in Europe, Japan, and in the USA, and there is growing evidence for a low-mass Higgs boson from the precision electroweak parameters to motivate the development of a Higgs factory. The twin themes of a neutrino factory and a Higgs factory have provided a possible plan for a future program in the USA.Some of the highlights of this conference were: The very latest news on the Higgs search at LEP II, the strong case for a low-mass Higgs, the push to find SUSY particles, the neutrino mass, the interesting possibility that the SuperKamiokande results could somehow be the result of neutrino decay, the beautiful arguments for a scalar collider, the summary of the future of CERN, and particle physics in general, and the overview of the Standard Model.

Physics Potential and Development of u + u - Colliders: Proceedings of the Conference held in Sausalto, CA, 1994 (AIP Conference Proceedings)

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Physics Potential and Development of u + u - Colliders: Proceedings of the Conference held in Sausalto, CA, 1994 (AIP Conference Proceedings)

Manufacturer: American Institute of Physics
ProductGroup: Book
Binding: Hardcover

General | Science | Subjects | Books

General | Physics | Science | Subjects | Books

Proceedings of the Symposium on Detector Research and Development for the Superconducting Super Collider: October 15-18, 1990 Fort Worth, Texas

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Proceedings of the Symposium on Detector Research and Development for the Superconducting Super Collider: October 15-18, 1990 Fort Worth, Texas
Symposium on Detector Research and Development for the superconducting , Valerie Kelly , and Tom Dombeck
Manufacturer: World Scientific Pub Co Inc
ProductGroup: Book
Binding: Hardcover

General | Science | Subjects | Books

General | Physics | Science | Subjects | Books

Superconducting Super Collider: Joint hearing before the Committee on Energy and Natural Resources and the Subcommittee on Energy and Water Development ... Collider project, August 4, 1993 (S. hrg)

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Superconducting Super Collider: Joint hearing before the Committee on Energy and Natural Resources and the Subcommittee on Energy and Water Development ... Collider project, August 4, 1993 (S. hrg)
United States
Manufacturer: For sale by the U.S. G.P.O., Supt. of Docs., Congressional Sales Office
ProductGroup: Book
Binding: Unknown Binding
ASIN: 0160414512

UO physicist works on collider.(Higher Education)(The complex atom smasher, called Einstein's Telescope, is an international project) : An article from: The Register-Guard (Eugene, OR)

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UO physicist works on collider.(Higher Education)(The complex atom smasher, called Einstein's Telescope, is an international project) : An article from: The Register-Guard (Eugene, OR)

Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Digital

General | Science | Subjects | Books

Science & Technology | Subjects | e-Docs | Formats | Books
ASIN: B000BCI20W
Release Date: 2005-09-09

Book Description

This digital document is an article from The Register-Guard (Eugene, OR), published by Thomson Gale on September 5, 2005. The length of the article is 979 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: UO physicist works on collider.(Higher Education)(The complex atom smasher, called Einstein's Telescope, is an international project)
Publication: The Register-Guard (Eugene, OR) (Newspaper)
Date: September 5, 2005
Publisher: Thomson Gale
Page: b1

Distributed by Thomson Gale

Department of Energy's Superconducting Super Collider project : hearing before the Subcommittee on Energy Research and Development of the Committee on ... April 16, 1991 (SuDoc Y 4.En 2:S.hrg.102-65)

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Department of Energy's Superconducting Super Collider project : hearing before the Subcommittee on Energy Research and Development of the Committee on ... April 16, 1991 (SuDoc Y 4.En 2:S.hrg.102-65)

Manufacturer: U.S. G.P.O.
ProductGroup: Book
Binding: Unknown Binding
ASIN: B000106SQY

Federal research: Concerns about the Superconducting Super Collider : statement of Victor S. Rezendes, Director, Energy Issues, Resources, Community, and ... House of Representatives (Testimony)

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Federal research: Concerns about the Superconducting Super Collider : statement of Victor S. Rezendes, Director, Energy Issues, Resources, Community, and ... House of Representatives (Testimony)
Victor S Rezendes
Manufacturer: The Office [distributor
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0006DJ7QE

The Aardvark Is Ready for War
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Reads like a bad MFA thesis

Not really all that ready

A latter-day "Catch-22"

A Pale Echo of CATCH 22

A thinking mans view of the war

The Aardvark Is Ready for War
James Blinn
Manufacturer: Doubleday
ProductGroup: Book
Binding: Paperback

War | Genre Fiction | Literature & Fiction | Subjects | Books
ASIN: 0385408951

Book Description

In the great American tradition of subversive war novels, The Aardvark Is Ready for War is a tour de force black comedy about one man's adventure inside the techno-military machine as he ships out aboard a naval aircraft carrier to the Persian Gulf War. Caustic, disturbing, and fiercely funny, The Aardvark is Ready for War is the defining novel of modern warfare — that conducted with smart bombs and cathode ray tubes, and transmitted by CNN to homes across the world.

Customer Reviews:

Reads like a bad MFA thesis.......2005-09-25

A dismal read. No wonder the book is a financial flop. I got it for 75 cents but I should have waited, I see some places have it for a penny. A penny! Now THAT would've been a deal!

Not really all that ready.......2004-09-15

A slightly off kilter book about how the media is the message. Our hero Greg Bender is impossible to like as is all the characters. Their vulgarity has become so integrated in their personalities, that they think they are normal. Sometimes Blinn goes off on his own surveillance mission, trying to define what is real, and if it stays real and truthful after it's processed through the media, and its transmission devices. This occurs every ten pages or so. Of course, in reality, nothing really changes unless the humans who handle the media and its devices intentionally distort the story, creating lies to sell copy. Contrary to Blinn's view it is not the machines that are the culprit, but as always, man. I also find it difficult to believe that an enlisted person, with only a high school education waxing so philosophical, reaching out to Baudrillard, Sartre or Chomsky; trying to "find meaning in the chaos of life," that's just too much. There are a few funny musings, that give you a "ha!." The book was purchased from the extreme discount area of the bookstore.

A latter-day "Catch-22".......2001-05-14

Though it is not as good as "Catch-22", this novel sparkles with sassy dialogue, military argot and flashy gadgets, becoming, in the process, an authentic account of the technologised conflict which was the Gulf War. It implies how, in the light of how life today is dominated by digital satellite technology, camcorders and computers, everyone has assumed the role of voyeur. The anonymous narrator is a recruit enlisted to fight in the "hyperral" Gulf War crisis, in which, by virtue of the hi-tech surveillance equipment employed, the perception of a thing becomes a way of "manipulating" it. The book is stuffed with borrowings from such postmodern epigones as Baudrillard, and is far more philosophically complex than one might expect, though redeemed also by its irreverent humour.

A Pale Echo of CATCH 22.......2000-03-05

I suppose a comparison to Joseph Heller's CATCH 22 isn't a completely fair one. CATCH 22 is one of the great novels of the century, a startlingly funny and original story that captures both the insanity of war, and the humanity of people stuck in the middle of it. It is a novel that is as true and relevant now as when it was written. It hasn't aged a day.

That's one of the problems with THE AARDVARK IS READY FOR WAR. It attempts to do for the Gulf War what CATCH 22 did for World War II, and to some extent, it does succeed. AARDVARK does capture the language of warfare in today's age, and it contrasts nicely against the overall shallowness of modern society. The Gulf War was a war fought via MTV and Nintendo, a war that never felt like one, a war with no personal impact for the majority of the North American population.

From this angle, AARDVARK succeeds. Its unnamed protagonist is a true product of the times, a video voyeur who views life as a more personal and intimate experience when experienced through a camera lens.

But this is not a new idea. It is already a cliche' that society's version of intimacy has devolved into a detatched cynicism. Through the overwhelming media intrusion into our lives, we have become numb to the shocks that the world still has in store for us.

By adopting this outlook, AARDVARK unfortunately falls prey to the very trap it condemns. AARDVARK, like its hero, is shallow, only fooling itself into thinking it's deep and meaningful. Unlike CATCH 22, which AARDVARK mirrors in many ways (including major plot points), AARDVARK simply doesn't have anything new to say. It carpets its unoriginality in a new form, and does it well enough. But, similar to the Gulf War itself, once it ends, it's forgotten as soon as you change the channel.

A thinking mans view of the war.......1999-06-16

This book captures the twisted and often ridiculous views and actions from our little adventure in the gulf. Read this if you really want to know what the military is like from a logical perspective......excellent.

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The Aardvark Is Ready for War: A Novel
James W. Blinn
Manufacturer: Little Brown & Co (T)
ProductGroup: Book
Binding: Paperback
ASIN: B000OTQA2O

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The Aardvark is Ready For War
James W. Blinn
Manufacturer: little, Brown
ProductGroup: Book
Binding: Hardcover
ASIN: B000NUNLC6

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