The New Normal: Great Opportunities in a Time of Great Risk

According to the author, globalization and technology will substantially change our world. This is nothing new, but the author provides a forecast of what tomorrow's business climate will look like. The individual will have more power than ever as employees and consumers. Independent contractors and will be far more in demand as well as service organizations designed fill a niche for larger ones. Anyone who has strong specialized skills will have far more leverage in the company. China and India will be a powerful, if not dominant, force in the global economy. The stock market will be influenced more by individual investors. Most business will require longer operations, requiring workers to work longer hours and be on alert for 24/7. Technology will enable smaller business to effectively compete against larger business better than any other time in history. Scale matters less than ever. Overall, we are moving towards a very favorable long term trend towards the global economy where especially the talented will be richly awarded, but those who lack specialized skills might be left out of the all the wealth generated by the increase in globalization and technology. The author is a very deep business thinker, almost as insightful as Peter Drucker, which is really saying something. The author is gifted in forecasting the future trends based on the present data. The 2nd half of this book wasn't nearly as good. Maybe the author was writing fillers (as many authors are forced to do to meet page quotas mandated by the publishers).

If you're looking for a "how-to" book to help you find your way in the new economy, there are countless insights in "The New Normal" that will help you understand the major issues facing investors today. If you are looking for an honest account of how an individual in his twenties with good instincts and a willingness to do research, created his own place in the world, this book is for you. What was valuable to me in reading "The New Normal" were McNamee's strategies for thinking outside the box, and his suggestions about how to develop a sound approach to entrepreneurship. The book also gives the clear message that technology IS the future. No matter what field you are in, there are ideas and points of reference here that will enhance your career and heighten your success. In this book, you will find no-nonsense, sound advice based on experience, intelligence and a genuine desire to help others achieve their goals.

A "rock star venture capitalist" in the literal sense, I was curious to hear McNamee's views beyond the two-minute clips aired on CNBC. Unlike many of the business books penned by one-hit wonders from the last few years, McNamee has posted super-size returns on early stage and public investments for two decades. While the title suggests a total paradigm shift in today's market economy, the chapters are refreshingly rooted in basic business fundamentals. McNamee doesn't attribute his success to a genius mind or visionary powers -- he writes about working smarter (utilizing technology, exploiting your own competitive advantages, cultivating your network). The New Normal echoes multiple authors: Horatio Alger (get out and do something); Howard Schultz (love what you do); Peter Lynch (invest in things you understand...learn from your mistakes); Warren Buffett (buy and hold...stay the course). McNamee layers in enough self-deprecating stories to remind you he's not Superman (despite succeeding in life, work, music, etc.). His investment theories offer good counsel to portfolio managers and college students alike (e.g. innovation comes in three phases: infrastructure, enabling technology, content & applications. Know what phase we're in to avoid investing in good ideas before their time.). He seems like the kind of guy you'd want to invest your money (he stays in Best Westerns on the road!), serve as your mentor or professor, negotiate multilateral trade agreements, play guitar at your wedding or babysit your kid. Good read.

Roger McNamee writes compellingly and The New Normal helped me take a big-picture look at my career. We're always hearing about leaders and followers, but McNamee talks too about individuals and our value in the world and marketplace. Some of his advice is simultaneously motivating and funny:"As always, delay is still a strategy. But it's a reallly, really bad one." Some is thought-provoking: "If we accept the notion that your career is a marathon, then you need nourishment along the way. Nourishment comes from having a life: family, hobbies, charities, a band. Whatever works for you. What matters is that you be passionate about your work and your life." McNamee does a great job pointing out that we could all be working 24/7 and we need to make choices. Since technology gives us new ways to both save time and waste time, McNamee cautions: "Time is the most precious thing you have. Guard it fiercely." Me, I'm glad I took the time to read this book--you will be too. (And we'll all be glad for the Investor Alerts!)