Ford Library

Mayer-Schönberger, Viktor and Kenneth Cukier. Big data : a revolution that will transform how we live, work, and think. Houghton Mifflin Harcourt, 2013. also available as a Kindle e-book.

Occasionally, a database provider restricts Duke users’ access to their database after a researcher downloads too much data.  Database vendors know that there is an emerging demand for large quantities of data and they do not want to supply it at the discounted price that the library is paying.  The mindsets of both researchers and commercial enterprises are shifting about the way data should be extracted and used.  In Big Data a professor at Oxford and a business journalist explain that the world of information is about to change.

Authors Mayer-Schonberger and Cukier explain that in traditional academic research, faculty members look for causation.  When researchers collect data, they are concerned with sample size, measurement error and bias.  But in the world of big data, none of this matters because the N=all.  Researchers trade their small sample size and rigorous accuracy for a comprehensive messy dataset that in the end is closer to reality.  Instead of searching for causation, researchers look for patterns and correlations that offer novel insights.  These correlations are also used to make predictions, without knowing the cause.  Big data fundamentally changes the way research is conducted.

Every three years the world’s stock of information doubles.  Processing power doubles in half that time. The volume of information available today combined with powerful data processing technologies means that researchers can process information in original ways to predict the stock market, health epidemics or societal trends.  Companies can harness information as an economic input, producing services or creating innovation.  With big data, things can be done at a large scale that cannot be done at a smaller one.   Coursera tracks the web interactions of 10,000 students in a class to change the pedagogy based on what students understand.  Experian sells data on peoples’ income levels estimated from 800 million credit histories.  A third of Amazon’s sales result from its computer-generated recommendations which are based on associations among products in billions of transactions.  These are far more successful than the personalized recommendations by human book critics formerly on Amazon’s staff.

Risks are abundant.   Google records how we browse and Amazon knows what we buy.  Verizon records who we talk to.  Twitter stores what we say.  Facebook logs who we like.  Privacy issues are significant.  In addition, computer algorithms predict the stock market with varying degrees of success but the power to pre-judge individual human behavior threatens our personal freedom.  Yet big data also offers solutions to problems, both vexing everyday problems and transformational societal issues.  Big Data is a clear look into how information is changing our world in surprising ways.  A remarkable and readable book, Big Data is highly recommended.

© Reviewer: Meg Trauner & Ford Library – Fuqua School of Business.
All rights reserved.

Brown, Brené. Daring greatly : how the courage to be vulnerable transforms the way we live, love, parent, and lead. Gotham Books, 2012. Also available as a Kindle eBook.

Last week the NYT best seller Gone Girl by Gillian Flynn landed on my desk.  At the time, I was reviewing a complicated and challenging book, Daring Greatly by Brené Brown, for this week’s post.  The novel was a distraction and after a quick reading, I realized that both main characters in the book would have benefited from Brown’s serious work.  For example, the female protagonist Amy turns herself into Cool Girl to attract the man she loves.  But over time Cool Girl is unsustainable, and two years later Amy dissolves into her true self, a disappointment to her husband.   If only these characters had the courage to put their true selves out there, daring greatly, from the beginning.

In Daring Greatly, sociologist Brené Brown reports on data collected over 12 years, interviews with men and women about their meaningful life experiences.   Her research uncovers a shift in social climate, which Brown names a culture of scarcity, a pervasive sense that there is never enough – money, time, opportunities, rewards, sleep…  People never feel  good enough, thin enough, smart enough, successful enough.  Our culture obsesses on celebrities, and normal people feel unexceptional, too inferior to be noticed, to be loved, or to belong.  People feel unworthy, and judge their personal value in comparison with others.  They hide behind a mask of perfection and perform to please other people, instead of themselves.

Opposing our culture of scarcity is Brown’s concept of Wholehearted Living, cultivating an authentic life, defined by compassion, connection and courage.  Wholehearted people nurture a personal sense of worthiness, accepting themselves just as they are – flawed, but worthy of love and belonging.  They resist perfectionism and comparisons with others.  They let go of anxiety and self-doubt.  They resist the pressures of our culture and “dare greatly” to risk creating something new or to struggle with something difficult, like overcoming adversity or standing up for themselves.  To live a wholehearted life is to be vulnerable to hurt, fear and failure.  Much of Brown’s book is about vulnerability, which she calls the core of human experience.

Daring Greatly presents many compelling ideas but understanding this book requires concentration. Concepts like scarcity, vulnerability, shame and wholeheartedness are defined clearly but the connections between them are not intuitive.  The last chapter of the book, Wholehearted Parenting, is the most engaging, showing how to apply Brown’s concepts in daily life with children.   Brené Brown also explains her concepts in her TED talk, which is consistently among the most popular with viewers.  Both the book and the TED talk are recommended.

© Reviewer: Meg Trauner & Ford Library – Fuqua School of Business.
All rights reserved.

We hope our Fuqua MBAs and MMS students are enjoying their Fall Break! Because classes for these programs are not in session; and don’t resume until Monday, October 28, you may experience a delay in receiving personal account credentials for the following resources if you register for access after 1:00 PM on Friday, October 25, 2013.

• Frost & Sullivan
• Capital IQ
• EMT Database
• WRDS (Masters Accounts)
• Database Training Classes

Registrations received after 1:00PM on Friday, October 25, will be processed on Monday, October 28.

Good luck in Term 2!

Here are the remainder of October’s new DVD titles:

After Earth
The Bling Ring
Disconnect
The East
The Kings of Summer
Much Ado about Nothing
Savannah
World War Z
Bless Me, Ultima

You may browse the entire DVD collection via the library catalog.

Welcome to Fall Break at Fuqua! These 5 easy reads are perfect for downtime.

The Wisdom and Teachings of Stephen R. Covey by Steven R. Covey

The man who recommended this book to me later apologized because the book has more white space than text.  Yet Stephen Covey fans on fall break may enjoy reading his pithy quotes on principles from Accountability to Win-win. Also available as an audiobook.

Smart Talk by Lisa B. Marshall
This warm and engaging book demonstrates how to introduce yourself, how to speak tactfully, how to have a difficult conversation and how to use language to influence coworkers, friends and family. Also available as an audiobook.

Finerman’s Rules by Karen Finerman
Hedge fund CEO and CNBC Fast Money contributor uses her life and career story to dispense advice on getting ahead at work, on managing money and emotions, on taking risks and making decisions.

The Icarus Deception by Seth Godin
Godin’s books are over 200 pages but they are fast reads.  The content gets thinner with every new publication.  This book explains how to follow your dream in the internet economy, about developing the attitude, courage and resilience of an artist. Also available as an audiobook.

Bloggers Boot Camp by Charlie White and John Biggs
This beautifully illustrated book shows how to design a blog for millions of followers, providing information on equipment and accessories, what to write about, and how to keep the audience engaged.

© Reviewer: Meg Trauner & Ford Library – Fuqua School of Business.
All rights reserved.

Here are the first of the new DVDs for October:

Behind the Candelabra
In the Flesh, season 1
The We and the I
The Croods
Fill the Void
The Frozen Ground
Iron Man
Jiro Dreams of Sushi
Language of a Broken Heart
This is the End
Unfinished Song

You may browse the entire DVD collection via the library catalog.

Fall term 1 ends next week! Congratulations, students.  You have almost made it through the pressure of the first fall term.  Soon you move beyond the lectures, textbooks, cases, readings, team meetings and exams.  Finally, you can relax.  Here are five new books that offer new ideas for anyone taking it easy.

All in by Adrian Gostick and Chester Elton

Employees who believe in the company’s vision, values and goals and those who respect their leaders achieve outstanding results.  Companies that want to create a culture of belief will generate a sense of urgency; create a customer focus; foster agility to manage change; build trust though transparent communication; value high potential employees; and establish clear accountability. Also available as an audiobook.

The Athena doctrine by John Gerzema and Michael D’Antonio

Wise, courageous, humane and cooperative are traits that produce success with broad benefits, including profits and lasting relationships with customers and communities. Women and men who lead their organizations with these skills and values in our super-connected world share their stories. Also available in online e-book, and Kindle format.

The challenger sale by Matthew Dixon and Brent Adamson

The classic sales technique of relationship building is no longer working, particularly in complex B2B situations.  This book describes a new collaborative sales technique that brings creativity and insight to customers, challenging their thinking and offering solutions to problems. Also available as an audiobook.

Icons and idiots by Bob Lutz

An icon of the auto industry reveals the complexities of 11 leaders, many from the automobile industry, whom he knows personally.  He chronicles their successes and charisma, while exposing their idiosyncrasies and weaknesses, ultimately concluding that just as much can be learned from stupid and corrupt leaders as from inspiring champions.

Worthless, impossible and stupid by Daniel Isenberg

Entrepreneurs worldwide have created and captured extraordinary value by seeing opportunity where it was unnoticed or disparaged by others.  Successful entrepreneurs share a contrarian mind-set that allows them to perceive potential where others do not or to create opportunity by solving problems under adversity.

© Reviewer: Meg Trauner & Ford Library – Fuqua School of Business.
All rights reserved.

Whitacre, Edward E. American turnaround : reinventing AT&T and GM and the way we do business in the USA. Business Plus, 2013. Also in audiobook format

Former Fuqua Dean, Rex Adams, is a bulldog of a man with a blunt communication style.  He grew up in modest circumstances in rural West Virginia and attended Duke on a football scholarship.  During his long  career at Mobil, he rose through the ranks to the executive suite.  After retirement, he returned to Duke as the Dean of the Fuqua School of Business where he cultivated a talented team of staff members to accomplish his goals.  I thought of Rex often when I read a new book, American Turnaround by Ed Whitacre, the former chairman/CEO of AT&T and later GM.

When this story begins, Ed Whitacre is living in Texas, retired CEO from AT&T, where he worked 44 years.  The year is 2009, soon after the Chapter 11 proceedings and the $50 billion bailout of General Motors.  Car czar Steve Rattner asks Whitacre to serve as chairman at GM and he agrees. When Whitacre gets to Detroit, he discovers a chaotic management structure, with no clear lines of authority or responsibility, and no sense of accountability.  Senior leadership seems unsure about their roles in the company.  There is no sense of urgency, no teamwork toward crafting a solution.  Whitacre holds senior management completely responsible for the bankruptcy and he immediately institutes changes.  After simplifying the organizational structure, he replaces top management, but because salary caps under TARP are uncompetitive in the industry, he taps talent from lower levels in the company. Then he fires the CEO and assumes that position himself.

Whitacre takes steps to change the culture at GM.  He goes on “walkarounds” to talk to employees throughout the company, and to union leadership as well.  He presses his management team to clarify and simplify their communications and presentations to the board.  He begins the process of building confidence in the company with a strong message and a plan for returning to profitability.  As CEO, his role is to articulate a higher vision and to communicate it to the entire organization to get all levels, entry-level to top managers, focused and moving in the same direction.

At the heart of the book is a flashback to Whitacre’s formative years in rural Texas.  While a senior at Texas Tech, he takes an internship at Southwestern Bell, where he rises through the ranks to chairman and CEO.  Under his leadership, the company is transformed into the telecommunications giant AT&T.  Whitacre discusses the people and strategy at the company, and uses this material to explain the development of his management model – to run a lean operation staffed by people with clearly defined jobs, accountability and authority.

American Turnaround is a heartfelt story and an entertaining and rewarding book.  The writing is both personal and blunt, replete with verbal tics, you know?   But like any conversation, the story is subjective.  Whitacre says much about his leadership philosophy but he includes few details about strategy at either AT&T or GM.  Whitacre writes about men by name, but women are invisible, “this lady in a white coat” (at the GM lab) or “this woman” (who managed the Corvette plant).” The only woman manager named at either company is GM’s head of marketing Susan Docherty, but after she conflicts with Whitacre’s heir apparent, she finds herself in Shanghai.  In addition, key details are missing.  Near the end of the book, President Obama meets with Whitacre, but the reader is not told what motivates the President to say, “I hope you will stay.”  And it is puzzling why, during the same meeting, Whitacre decides to resign his position.  He serves at GM for only 18 months.  Yet despite the flaws in American Turnaround, I highly recommend this lens into the mind, views and opinions of American corporate leadership.  Well worth reading.

© Reviewer: Meg Trauner & Ford Library – Fuqua School of Business.
All rights reserved.

Fresh off the best seller lists, here are the new business titles available via the Ford Library Kindles:

• $100 Startup: Reinvent the Way You Make a Living, by Chris Guillebeau
• Athena Doctrine: How Women (and the Men Who Think Like Them) Will Rule the Future, by John Gerzema
• Big Data: A Revolution That Will Transform How We Live, Work, and Think, by Viktor Mayer-Schonberger et al
• Contagious: Why  things catch on, by Jonah Berger
• Decisive:  How to Make Better Choices in Life and Work, by Chip & Dan Heath
• End this Depression Now, by Paul Krugman
• Give and Take:  A Revolutionary Approach to Success, by Adam Grant
• Great Degeneration:  How Institutions Decay and Economies Die, by Niall Ferguson
• Happy Money:  The Science of Smarter Spending, by Elizabeth Dunn et al
• One Thing:  The Surprisingly Simple Truth Behind Extraordinary Results, by Gary Keller
• Quiet:  The Power of Introverts in a World That Can’t Stop Talking, by Susan Cain
• Start:  Punch Fear in the Face, by Jon Acuff
• To Sell is Human:  The Surprising Truth About Moving Others, by Daniel Pink
• Unthink:  Rediscover Your Creative Genius, by Erik Wahl
• Billionaire’s Apprentice:  The Rise of the Indian-American Elite, by Anita Raghavan
• End of Power:  From Boardrooms to Battlefields, by Moises Naim
• How Asia Works, by Joe Studwell
• Race for What’s Left:  The Global Scramble for the World’s Last Resources, by Michael Klare
• Private Empire:  ExxonMobil and American Power, by Steve Coll
• Why Nations Fail:  The Origins of Power, Prosperity, and Poverty, by Daron Acemoglu
• This is How:  Surviving What You Think You Can’t, by Douglas Rushkoff
• Naked Statistics:  Stripping the Dread from the Data, by Charles Wheelan

Connaughton, Jeff. The payoff : why Wall Street always wins. Easton Studio Press, 2012. Also in audiobook format.

This insiders account of how Wall Street manipulates Washington explains why no financial firms or individuals have been prosecuted for causing the 2008 financial crisis, why our too-big-to-fail banks have grown even larger, and why our leaders in government fail to support financial reform.

In the beginning of The Payoff, Connaughton is in Washington in 2009 to seek justice against fraud and misconduct by Wall Street executives and directors.  But the Justice Department is unwilling to prosecute and the SEC is administering painless monetary fines.  As a “Professional Democrat,” one of thousands in the revolving door between the public sector and the private sector, Connaughton uses his own story to illustrate how government is staffed by a financial elite whose personal agenda differ from the national interest.   Ambitious staffers serve in government, then they earn millions on Wall Street while positioning themselves for better political posts in Washington.  Public servants in name only, they resist change for personal gain.

The Payoff describes the same political environment as Neil Barofsky’s Bailout, which was reviewed in this blog almost a year ago.  Both books are personal stories about the difficulty in dealing with the aftermath of the 2008 financial crisis.  Both present candid portrayals of the Washington elite.  Connaughton’s rendering of Joe Biden is particularly honest and unflattering.  Both books detail how change does or does not happen in Washington.  Both books are engaging reads yet neither offers hope for the future.  At the end of The Payoff, Connaughton calls on voters to reclaim their government from the ruling elite, but does not say how.  Both are recommended.

© Reviewer: Meg Trauner & Ford Library – Fuqua School of Business.
All rights reserved.