Thursday, June 20, 2013

[S724.Ebook] Download PDF The Power of Passive Investing: More Wealth with Less Work, by Richard A. Ferri

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The Power of Passive Investing: More Wealth with Less Work, by Richard A. Ferri



The Power of Passive Investing: More Wealth with Less Work, by Richard A. Ferri

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The Power of Passive Investing: More Wealth with Less Work, by Richard A. Ferri

A practical guide to passive investing

Time and again, individual investors discover, all too late, that actively picking stocks is a loser's game. The alternative lies with index funds. This passive form of investing allows you to participate in the markets relatively cheaply while prospering all the more because the money saved on investment expenses stays in your pocket.

In his latest book, investment expert Richard Ferri shows you how easy and accessible index investing is. Along the way, he highlights how successful you can be by using this passive approach to allocate funds to stocks, bonds, and other prudent asset classes.

  • Addresses the advantages of index funds over portfolios that are actively managed
  • Offers insights on index-based funds that provide exposure to designated broad markets and don't make bets on individual securities
  • Ferri is also author of the Wiley title: The ETF Book and co-author of The Bogleheads' Guide to Retirement Planning

If you're looking for a productive investment approach that won't take all of your time to implement, then The Power of Passive Investing is the book you need to read. Q&A with Author Rick Ferri Author Rick Ferri What is passive investing? Passive investing is about achieving the returns you need in the markets by using low cost index funds and exchange-traded funds. Passive investing is all about earning your fair share of financial market returns whether the market is US stocks, international stocks, bonds, commodities, or any combination of those investments. The opposite of passive investing is active investing. This is the act of trying to beat the markets by using an infinite number of higher-cost strategies that probably won’t work. Nobel Laureates in Economics have been telling us for decades that passive investing is a better investment strategy than active investing. The Power of Passive Investing brings many of those studies together in one book. How is this book different from your previous ones, such as The ETF Book, All About Asset Allocation, and All About Index Funds? My previous books explain how to select low-cost index funds and ETFs, and how to create a portfolio using these funds. The Power of Passive Investing provides the proof about why this is a superior strategy to trying to beat the markets. The evidence in the book is irrefutable. Who is the target audience of this book? The Power of Passive Investing is written for any investor who wants to understand more about the mutual funds they are investing in, including people who have a 401(k) or similar work savings plan. It’s also an important book for brokers and consultants who make a living recommending mutual funds and ETFs, as well as banks, trust departments and investment advisors who manage other people’s money. Finally, it’s a particularly important book for people who oversee endowments, foundations, and pension funds. An observation you make is that while it’s possible to beat the market, it’s not probable. What are the odds a mutual fund will beat the market? Mutual fund companies that try to beat the market argue that it’s possible to do so. They are right. It is possible; it’s just not probable, and the payout stinks. Active managers often point to Warren Buffett, the famous CEO of Berkshire Hathaway as an example. They imply that since Warren beats the markets that we should believe that they, too, will win. That’s nonsense. Here are three reasons why it can’t be true:

    About one-third of mutual funds go out of business every 10 years, and about 50 percent are defunct after 20 years. Only about 1 in 3 of the surviving funds outperform index funds. Surviving funds are the ones that don’t close, and it assumes you know which ones those will be, which is not possible. The excess return from the winning surviving funds doesn’t come close to the shortfall from the losing funds, and this is before accounting for the losses in the defunct funds before they closed.
The Power of Passive Investing explains the near certainty that a portfolio of index funds will beat a portfolio of active funds over time. Tell me about this conclusion. We’ve addressed one mutual fund versus one index and the low probability for active fund success. But that’s doesn’t define the whole problem because people don’t own just one mutual fund. They own several funds across diversified asset classes such as US stock, international stock, bonds, real estate, and so forth. Having several active funds in a portfolio exponentially lowers the probability that the portfolio will beat a comparable index fund portfolio. As more active funds are added, and the longer their held, the probability that a portfolio of index funds will outperform the active fund portfolio increases dramatically to the point where the index funds have a 99 percent probability of outperforming a comparable portfolio of active funds. Now that’s something that all investors should consider! Why do active investing strategies fail to beat the market for the vast majority of investors? There are several reasons that active funds fail to deliver, not the least is the cost of trying to beat the markets. Hundreds of thousands of investment managers, investment advisors, brokers, mutual funds manager, pension funds managers, banks, trust departments, individual investors, traders, etc., are attempting to out-fox the markets. They spend hundreds of billions of dollars each year trading securities, paying managers and consultants, buying research, etc. The cost of trying to beat the market makes doing so impossible for most people. A second reason investors fail to beat the market is due to poor behavior. They seek high returns by looking in the wrong places for outperformance. Active investors chase after past performance, they chase star ratings, and they chase the news. They’re putting money in places today where they should have already had money. This tail chasing game costs investors dearly. You make the case for low-cost index funds. But mutual fund fees aren’t the only cost. What other costs do investors bear? There are trading costs, commissions, advisor fees, taxes, 12b-1 fees, administrative costs, research costs and the list goes on. Much of these costs are hidden from investors. For example, most investors in 401(k) plans don’t provide investors good transparency on the costs they’re paying. Another bastion of gluttony is high advisor fees. This issue is just starting to come out in the media. The typical investment advisor charges one percent per year to manage a portfolio of mutual funds for clients. That’s crazy-high given the huge advances in portfolio management software and other technology that have occurred over the years. Advisors today should be able to handle five times the amount of clients with half the amount of staff than they did in the 1990s. These productivity gains have not been passed on to clients in the form of lower fees. What should investment advisers charge their clients? Well, it’s not one percent, which is the ‘standard fee’ you’ll hear in the marketplace. I believe Investors shouldn’t pay more than 0.5 percent per year to an advisor, and probably less. My firm, Portfolio Solutions, charges only 0.25 percent in annual fees. We’ve been charging this low fee for more than a decade, and it has saved our clients millions of dollars over the years. That’s real money is in their pockets. Why do so many people try to beat the market if the proof that passive investing outperforms active investing is irrefutable? There’s big advertising dollars promoting active management - much more than passive managers can afford. Remember, actively managed funds charge 5 to 10 times the fee of a comparable index fund. Much of this huge revenue stream is spent bombarding the public with nonsense about how active mangers can beat the market, and it basically ensures that the truth about passive investing gets lost in the noise. Did you know that for every new book published on passive investing there are at least a dozen books published on how you can beat the market? Did you know that for every media interview with a passive investing advocate like myself there are at least 100 interviews with people who claim they can beat the market? It’s actually amazing to me that any information about passive investing gets to the public, and it’s a credit to investors who have looked beyond the smoke and mirrors. How can someone adopt a passive investment strategy? What’s the first step? The answer is to start learning the real facts about the markets and investing. You can start with The Power of Passive Investing if you’re already knowledgeable about mutual fund investing. I’ve also written several how-to books on low-cost index fund investing, exchange-traded funds, asset allocation and planning for retirement.

  • Sales Rank: #448705 in Books
  • Published on: 2010-12-07
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.10" h x 1.00" w x 6.30" l, 1.04 pounds
  • Binding: Hardcover
  • 264 pages

From the Inside Flap

Investing is serious business and mistakes cost money. Whether you're acting for yourself or as a fiduciary for others, your aim should always be to reduce mistakes and increase the probability that the portfolio you're responsible for succeeds in achieving its objective.

Nobody understands this better than author Richard Ferri, an investment expert and founder of the advisory firm Portfolio Solutions®. Now, in The Power of Passive Investing, he reveals how this proven strategy can effectively put your portfolio in a better position to gain its fair share of market returns. This approach is done with a strong understanding and commitment to low-cost, passively managed index funds and exchange-traded funds (ETFs)—which, today, span almost every asset class and style, including U.S. and foreign equity funds, bond funds, commodities funds, and even currencies.

Filled with in-depth insights and expert advice, this reliable resource offers practical guidance on creating a sound, long-term investment plan—within a framework of controlled risk—and helps clarify and quantify the purpose of investing along the way. Containing dozens of historical studies covering several decades and financial markets, it will clearly show you how passive investors who buy the market will capture better results than most active investors who try to beat the market.

Divided into three comprehensive parts, The Power of Passive Investing:

  • Tracks the passive versus active debate from its beginnings early in the twentieth century to today and explores the advantages of investing in individual index funds and ETFs over individual actively managed funds

  • Focuses on portfolio decisions and investor behavior and looks at some of the reasons more people haven't put the power of passive investing to use yet

  • Discusses the purpose of investment policy and makes the case for passive investing in terms of four different groups: individual investors and their families; trustees of charities and private accounts; pension trustees and those who select investment options for employer-sponsored pension plans; and professional investment advisors

Attempting to earn above-market returns with a portfolio of actively managed funds is both a waste of time and money. A well-designed, passive investment approach that utilizes index funds and ETFs has the highest probability of meeting your financial goals and is the most prudent choice for your money. The Power of Passive Investing will show you why this is true as well as how this approach can work for you.

From the Back Cover
"Rick Ferri has done investors a great favor by collecting in one place the consistently overwhelming evidence that index funds keep beating active funds. The only remaining problem for 'passive' investing is the name. Why don't we all agree on a single change and call indexing success investing?"
—CHARLES D. ELLIS, bestselling author of Winning the Loser's Game and The Elements of Investing

"Indexing wins because indexing must win. The best index funds win simply because they eliminate management fees and sales loads, and minimize operating costs and portfolio turnover and its costs. But Ferri takes us from theory to reality, providing scores of examples and tabulations that prove that very point. I commend it to you."
—JOHN C. BOGLE, founder, The Vanguard Group

"Ferri writes in beautiful, simple language what I have been trying to tell all but the largest institutional investors—to build a diversified portfolio of index funds. I wish I had written the book myself."
—LAURENCE SIEGEL, Research director, Research Foundation of CFA Institute

About the Author
RICHARD A. FERRI is the founder of the investment firm Portfolio Solutions® and a Forbes writer. Portfolio Solutions manages nearly $1 billion in separate accounts for high-net-worth individuals, families, non-profit organizations, and corporate pension plans. Ferri has written or cowritten six investment books, including the Wiley titles The ETF Book and The Bogleheads' Guide to Retirement Planning. He earned a bachelor of science in business administration from the University of Rhode Island and a master of science in finance from Walsh College. Ferri is also a CFA Charterholder as designated by the CFA Institute, a global association of investment professionals. For more information, visit www.RickFerri.com and www.PortfolioSolutions.com.

Most helpful customer reviews

1 of 1 people found the following review helpful.
Enjoyed the book
By pablo
Enjoyed the book, affirmed and supported what I already knew. Low cost indexing is the prudent path. A point I need to be reminded of given my penchant to wanting to try to beat the equity indexes (book reminds, and supports, that this is incredibly hard to do over longer time frames).

3 of 3 people found the following review helpful.
Excellent. I'm a financial advisor and due to this ...
By Amazon Customer
Excellent. I'm a financial advisor and due to this book(and a bunch of other reading and research) have transitioned my entire practice to passive investing.

0 of 0 people found the following review helpful.
Don't just do something, stand there!
By stillastudent
Some investors do too little, by not becoming informed about large scale issues ("What is asset allocation?") or by delegating all their investment decisions (e.g. to an actively managed mutual fund). Others do too much, by chasing last year's winners or imagining that reading advice columns is a good substitute for immersing oneself in really understanding companies and their economic sector, i.e., quitting the day job to gamble in the market. This book, like others in the genre, urges us to learn enough so that we understand the value of investing, of diversifying our investments, and of reducing both costs and risks through passive investing in broad index-based funds... and of exercising the discipline of doing nothing, once the big-picture issues are understood and sensible investments made. After that, rebalance periodically. When? How often? Well, that is another murky area. Good luck to us all.

See all 24 customer reviews...

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Wednesday, June 19, 2013

[Q705.Ebook] Free Ebook A Blast from the Past (A Second Chance Romance), by Sharon Cummin

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A Blast from the Past (A Second Chance Romance), by Sharon Cummin

A Blast from the Past (A Second Chance Romance), by Sharon Cummin



A Blast from the Past (A Second Chance Romance), by Sharon Cummin

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A Blast from the Past (A Second Chance Romance), by Sharon Cummin

Warning: This story contains content which is intended for readers over the age of 18.

I had a best friend. His name was Zander. We spent four amazing years together. Then he left me.

It had been sixteen years since I'd heard his voice or seen his face.

I'd spent the last two of those years helping his mom care for his sick father.

Not for one second did I think he'd come back.

I was wrong.

When he walked back into my life as if nothing happened, I didn't know what to do.

A few days. He was only going to be there a few days. What could it hurt?

When secrets were revealed, I realized something. Maybe he hadn't left me. Maybe he was the there the whole time.

I just had to figure out what that meant.

  • Sales Rank: #82385 in eBooks
  • Published on: 2015-09-20
  • Released on: 2015-09-20
  • Format: Kindle eBook

Most helpful customer reviews

1 of 1 people found the following review helpful.
Fantastic second chance love story
By Tiger08
Another great story from Sharon Cummin! Every time I read one of Sharon's books I think it is the best ever, until I read the next one.

This is the story of Olivia (Livie) and Zander (Z) as they come to call each other. Z moves in next door to Livie when they are both 14. Z is very unhappy to have been moved from New York, and swears he will leave when he turns 18. Livie loves the small town.

They come to share a secret place in the woods. The first time they go there, Livie tells him she will marry him someday! Livie goes there to escape a physically and mentally abusive father and Z to escape a father that always bullies him. Nothing Z does measures up. His father is distant and withdrawn. Livie and Z become best friends. On Prom night Livie's date assaults her when she resists, dumps her on the street, and goes back and brags to everyone he had sex with her. Z hits him in the face and goes home to find Livie devastated in their place. They are both virgins and make passionate love to each other.

Z leaves and goes to New York when he is 19, where he becomes a world class doctor, with a fantastic practice and reputation. Livie feels abandoned. I'm not going to tell you the story. For the next 18 years they never talk. Z's mother and Livie's mother lie to him and tell him she is happily married, which is not true. She has never loved anyone but Z. He does not want to interfere with her 'happy' marriage. A series of near 'incidents' keeps them apart over the years. However, he has always kept up with her, paying her doctor bills after her husband attacked and injured her and she took her two children and moved back in with her mother. She was mysteriously able to buy her dream bakery, when the owners suddenly cut the price in half.

Z returns for his father's funeral. EVERYTHING changes during that visit. Livie helps him through the challenges of the whole ordeal. Z falls in love with Livie's 2 children, even though he has not wanted children because he doesn't want to hurt anyone like his father hurt him.

Livie has very mixed emotions. She hates him for abandoning her and yet still loves him. She struggles trying to figure out her true feelings for him. He is also struggling, realizing he has always loved her. They become the best of friends again. Before he leaves to go back to New York, they spend one unplanned, very hot, steamy, passionate, careless night of true lovemaking.

He goes back to New York to an empty life and condo. He has promised her children he would be there for them whenever they needed him. He was sitting watching cartoons one Saturday morning missing them when Livie's number comes up on his phone. It was April. She was distressed. Monday was Jack's first day of school. He was afraid and wanted Z to go with him. Z makes a decision that will change their lives forever. Will he give up his life in New York to move back to be with Livie and the kids? Will Livie move to New York? What is Livie's big secret?

There are so many unexpected and exciting unforeseen twists in the last 1/3 of the book. I highly recommend this story. I received an ARC copy in exchange for an honest review. Great story, Sharon!

1 of 1 people found the following review helpful.
A feel good story!!
By TatLover
I received an advanced review copy from the author for a honest review.

What a sweet read!! There was something so true behind this story that most people don't stop to consider. Just because you want something doesn't mean it will make you truly happy.

I'd love to read their story fast forward 10-20 years!!

0 of 0 people found the following review helpful.
"So touching it will bring tears to your eyes!"
By Kindle Customer
This is a sweet,touching tear jerker of a book!. It will make you cry, smile and bring a sigh to your lips. The story lineis incredible and the characters are charming!. This story is of two friends who met and grow to love each other when they were fourteen. Only life takes them on different paths when they grow up. Zander always told Livie that when he grew up he was going to New York to make something of himself. But Livie fell in love with him any ways and it about broke her heart when he left. They kept in contact till a friend Mike from school talks Livie into marring him. Still before she marries Mike Livie goes to New York to see Zander only to see him with a beautiful woman.Later Livie has two children and Mike hurts Livie so they divorce. Zander had always loved Livie but they wanted different things in life. This did not stop him from helping Livie while they are apart. When Zanders Dad dies Zander come back to town to help his Mom with things then plans to go back to New York when he has become a high in demand surgeon. Mike gets jealous of Zander and hurts Livie again which sends Zande after him. Mike is a drunk ends up wrecking his car and Zander ends up saving Mikes life!. Livie and Zander grow closer again and many surprises are in their future plus several trials. You can not help but love this sweet and touching Romance! It is a five star plus plus book!

See all 25 customer reviews...

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[N292.Ebook] Download Geometric Modeling: The mathematics of shapes, by Nikolay Golovanov

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“Geometric modeling continues to grow in importance... Understanding the constructs that underlie geometric modeling will place students and developers at the forefront of these new advancements. Nikolay Golovanov has paved the way to that understanding with this comprehensive presentation.” - Ken Versprille, Ph.D. “Golovanov has created a text that will enable any serious student of geometric design to grasp the full power and beauty of the mathematics behind this essential set of tools, and put them to work. I am deeply impressed by the logical and methodical presentation, and by the clarity of the teaching. Highly recommended!” - Joel N. Orr, Ph.D. This book is intended for those who study, use, or develop geometric modeling systems. It is devoted to the mathematical apparatus of these systems and provides methods for constructing numerical models of the geometry of real and imaginary objects. The book outlines the methods of geometric modeling, including methods for constructing curves, surfaces, and solids. It describes the algorithms and data structures of geometric objects. It also presents principles of interconnection between elements of a model. The book examines some applications of geometric models. This book is based on the author‘s experience gained during the development of the C3D geometric kernel. Learn more about C3D at http://c3dlabs.com/

  • Sales Rank: #602608 in Books
  • Published on: 2014-12-24
  • Original language: English
  • Number of items: 1
  • Dimensions: 10.00" h x .79" w x 7.00" l, 1.33 pounds
  • Binding: Paperback
  • 348 pages

About the Author
Nikolay Golovanov is a graduate of the Mechanical Engineering department of Bauman Moscow State Technical University as a designer of space launch vehicles. Upon his graduation, he began to work with the Kolomna Engineering Design Bureau. While at the bureau, Mr. Golovanov developed software for analyzing the strength and stability of shell structures. In 1989 his colleagues Alexander Golikov and Tatiana Yankina left Kolomna Design Bureau to found software developer called ASCON. Although they began with just an “electronic drafting board,” they were already conceiving the idea of three-dimensional parametric modeling. This radical concept eventually changed flat drawings into three-dimensional models. Nikolay Golovanov joined ASCON in 1994 to began development of C3D – the geometic modeling kernel of the company’s CAD KOMPAS-3D. Today he continues to develop algorithms and to improve the C3D kernel – the only commercial 3D kernel from Russia.

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1 of 1 people found the following review helpful.
Five Stars
By Jose Martinez
Essential, concise and clear exposition. A must for anyone seriously interested in understanding and application of geometric modeling.

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Monday, June 17, 2013

[V851.Ebook] Download German in Review, by Kimberly Sparks, Van Horn Vail

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GERMAN IN REVIEW, a complete grammar of the German language, is a highly regarded program offering both innovative online activities and timeless skill-building exercises for classroom use.

  • Sales Rank: #178662 in Books
  • Brand: Brand: Heinle
  • Published on: 2003-06-11
  • Original language: English
  • Number of items: 1
  • Dimensions: .60" h x 7.44" w x 9.16" l, 1.34 pounds
  • Binding: Paperback
  • 400 pages
Features
  • Used Book in Good Condition

Language Notes
Text: English, German

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0 of 0 people found the following review helpful.
This 2nd edition is a great deal! Not quite different than the 4th edition ...
By lynic
This 2nd edition is a great deal! Not quite different than the 4th edition except missing some "contemporary" footnotes. But the tables and some important notes are in green, which makes it more visually stimulated than the black-and-white 4th edition. Love it!

7 of 7 people found the following review helpful.
The Best I've Ever Seen
By Riversider
I studied linguistics in college and have studied and learned several languages to fluency. This is the best grammar review text I have ever used. It's straight forward, comprehensive, well laid out and unusually readable. The use of green ink to illustrate examples and highlight what's important is especially effective. I wish it were part of a series that included similar texts for French, Russian and Italian.

11 of 11 people found the following review helpful.
for frustrated students
By wendybird
I lived in Germany for two years as a child and attented a German school...but I never took a class on German grammer until now (college). Different verb forms especially had my brain in a knot. Fortunately this book was required for my German Lit class, and suddenly it's all begining to make sense. The book is laid out in chapters(verbs, adjective endings, passive voice, ect.) and each chapter is further divided into levels (I, II, III) according to your experience with German. Start with level I verbs and work your way up, or skip right to the more advanced levels if you are so inclined. The current book also features skill-building excercised at the end of each level. The answers can be found online.
All in all, I found this book to be readable and well-laid out. (Take a highlighter to it if you need to!)

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Wednesday, June 12, 2013

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Sea Vegetables: Okinawan Home Cooking, by Katsuko K Grigsby Yurimi M Grigsby

  • Sales Rank: #7369886 in Books
  • Published on: 2010-04-16
  • Original language: English
  • Dimensions: 8.50" h x .16" w x 8.50" l,
  • Binding: Paperback
  • 64 pages

About the Author
Katsuko Kobashigawa GrigsbyMrs. Katsuko Kobashigawa Grigsby was born and grew up in the northern part of Okinawa. She moved to the US 40 years ago, is married, and has two children. She is a 1996 graduate of East Tennessee State University. She has also studied culinary art and paralegal fields from Walters State Community College. She is a sushi chef specializing in Okinawan home cooking.Dr. Yurimi Michael Grigsby, PhdDr. Yurimi Michael Grigsby is half Okinawan and half Appalachian. She grew up in East Tennessee and received her Phd in Esl Education from the University of Tennessee. She is currently a college professor at Concordia University Chicago. She lives with her dog, Sunny, and too many plants.

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0 of 0 people found the following review helpful.
Great book!
By B. Ackley
Much has been made over the benefits of the Okinawan diet. Okinawa boats one of the largest populations of centenarians (people over the age of 100) with many attributing their longevity to the warm Okinawan climate and natural diet.

I was excited to try some of the recipes offered in the book. Sea Vegetables offered lots of dishes.i tried several chanpurru type dishes. Overall a fantastic book!

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Tuesday, June 11, 2013

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Social Stratification and Inequality, by Harold R Kerbo

  • Published on: 2000
  • Binding: Hardcover

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Tuesday, June 4, 2013

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Practicing Java questions is an essential part of the preparation for the “Oracle Certified Associate Java SE 8 Programmer“ exam.
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  • Sales Rank: #450511 in eBooks
  • Published on: 2015-08-19
  • Released on: 2015-08-19
  • Format: Kindle eBook

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0 of 0 people found the following review helpful.
Five Stars
By Alex Pascal
Very good book !

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