James Ellman

One of America's most controversial generals, Douglas MacArthur's rise through the U.S. Army's ranks was meteoric. However, he did not lead large formations of men in combat until he assumed command of forces in the Philippines in 1941. When war commenced with the bombing of Pearl Harbor, MacArthur's performance on the battlefield was a failure: he underestimated the Japanese, and his poorly trained forces were outmaneuvered and outfought by a much smaller invading force. However, in what became a repeating hallmark of his career, he successfully portrayed his actions to much of the American people as brilliant and heroic regardless of victory or defeat. After fleeing to Australia, MacArthur famously announced, "I will return," and followed through on a quest to retake Manila regardless of its impact on Allied global strategy or its cost in American, Australian, and Filipino blood.

 

In his subsequent role as America's shogun in Tokyo, MacArthur was again surprised by an enemy he underestimated. The Korean War yielded his greatest victory, at Inchon, but also his greatest defeat, along the Yalu River. Unwilling to accept anything but complete victory, he openly defied President Truman: MacArthur fatally undermined chances for an early peace, planned to seed a great swath of enemy territory with radioactive cobalt, and attempted to widen a conflict which threatened to become a third world war. Raging against his subsequent firing, he only truly faded away after he was publicly criticized by a panoply of America's greatest WWII generals.

Today, MacArthur still polarizes. Many biographies agree he was a great and patriotic leader marred by a few failures. Ellman argues the opposite: MacArthur was a lackluster battlefield commander who suffered stunning defeats while undermining the command structure of our military.

 

"In this lively, well-researched book, James Ellman deflates the MacArthur myth and persuasively shows how MacArthur's political connections, tireless self-promotion, and habitual lying enabled him to escape the consequences of his numerous failures and acquire an undeserved reputation for military genius."

     - Professor Marc Gallicchio, Villanova University, coauthor of Implacable Foes: War in the Pacific, 1944–1945

 

"History often elevates certain figures higher than the merit of their achievements deserve. As James Ellman reveals in a steady, forceful, and engaging manner, Douglas MacArthur is a case in point. With the skills that an experienced trial lawyer would envy, Ellman carefully examines MacArthur's record from a number of vantage points and makes it clear that the five-star general's heightened reputation as a military strategist and commander is far from warranted."

     - Edward F. Aldrich, author of The Partnership: George Marshall, Henry Stimson, and the Extraordinary Collaboration that Won World War II

 

"In his new book MacArthur Reconsidered, Ellman pronounces MacArthur a poor wartime commander whose "insubordiantion" was a threat to the Republic."

     - New York Journal of Books 

  

 

On June 22, 1941, Hitler invaded the Soviet Union in Operation Barbarossa, one of the turning points of World War II. Within six months, the invasion bogged down on the outskirts of Moscow, and the Eastern Front proved to be the decisive theater in the defeat of the Third Reich. Ever since, most historians have agreed that this was Hitler's gravest mistake. In Hitler's Great Gamble, James Ellman argues that while Barbarossa was a gamble and perverted by genocidal Nazi ideology, it was not doomed from the start. Rather it represented Hitler's best chance to achieve his war aims for Germany which were remarkably similar to those of the Kaiser's government in 1914. Other options, such as an invasion of England, or an offensive to seize the oil fields of the Middle East were considered and discarded as unlikely to lead to Axis victory.

 

In Ellman's recounting, Barbarossa did not fail because of flaws in the Axis invasion strategy, the size of the USSR, or the brutal cold of the Russian winter. Instead, German defeat was due to errors of Nazi diplomacy. Hitler chose not to coordinate his plans with his most militarily powerful allies, Finland and Japan, and ensure the seizure of the ports of Murmansk and Vladivostok. Had he done so, Germany might well have succeeded in defeating the Soviet Union and, perhaps, winning World War II. Drawing on a wealth of primary and secondary sources (including many recently released), Hitler's Great Gamble is a provocative work that will appeal to a wide cross-section of World War II buffs, enthusiasts, and historians.

 

"This startlingly original account places one of the key episodes of World War II in an entirely new light. Deeply researched and briskly written, it contradicts the standard view that Hitler's invasion of the Soviet Union was an act of military madness. Ellman's work reshapes our understanding of history--and shows how much remains to be learned about the 20th century's great cataclysm."

 - Stephen Kinzer, author of The True Flag and Poisoner in Chief

 

"The author challenges conventional wisdom with a bold, fresh interpretation of one of the watershed events of the twentieth century: Operation Barbarossa, Adolf Hitler's attack on the Soviet Union in June 1941. In a sweeping overview of events--based in part on official archival sources and recollections of key participants, Ellman argues that, far from being a catastrophic mistake, Hitler's decision to attack Russia was a 'logical gamble . . . that came extremely close to success.' The fast-paced narrative will give laypersons and historians alike much to contemplate."

 - Craig Luther, author of The First Day on the Eastern Front

 

"Both the Russian and Western worlds are built on a degree of propaganda rooted in their victory over Nazi Germany. Deconstructing that propaganda is neither easy nor comfortable as it challenges the very story we tell ourselves about ourselves.
James Ellman does precisely that in his new book, Hitler's Great Gamble, in which he makes the deeply uncomfortable assertion that Hitler's assault upon the Soviet Union did not fail due to numbers or weather or ideology, but instead, diplomacy. If Nazi Germany had simply nudged Japan and Finland a bit more, the USSR would have fallen and the world would've ended up much different from what we know.
This is far from a historical footnote or an item limited to academic quibble. With the global order collapsing, a full and accurate reading of European history becomes critical. Ellman's work suggests we don't know our past as well as we think we do, and that triggers some seriously heavy thinking about the immediate future.

 - Peter Zeihan, author of Disunited Nations and The End of the World is Just the Beginning

 

 

 Hot Stocks is the first published guide to assist individual investors in navigating the impact of global warming on their equity portfolios. The direct costs of climate change and efforts to mitigate them may become the most important drivers of the capital markets over the next two decades.

 

The book drills down on how rising world temperatures will depress or support stocks in sectors such as hydrocarbons, automakers, renewable power providers, regional banking, property insurance, heavy equipment manufacturers, Real Estate Investment Trusts (REITs) and agricultural chemicals. The analysis then pivots away from a US-centric focus to identify those nations around the world whose economies are best positioned to successfully adjust to the impact of global warming, as well as those likely to suffer the most from the trend.

 

It is the opinion of this author that there is no reason an investment strategy attempting to maximize returns in an era of changing climate cannot be both lucrative and ethical. As investors and customers turn away from companies that harm the environment, the cost of capital for these firms will rise. Many such businesses will be unable to modify their practices sufficiently and will eventually face insolvency. Avoiding or even actively shorting the securities of such companies will improve investment performance. Conversely, a portfolio positioned for an era of climate change will help drive capital to those firms whose efforts maximize the chances that our progeny will not be confined to lives in the polar regions of the planet

 

"[Ellman] shows how climate changes will strengthen or weaken stock sectors such as automakers, property insurance, petroleum, manufacturers, and more. Ellman also provides a global look at nations whose economies will be most and least impacted by rising temperatures. Readers new to the stock market will find this book easy to read and understand and will appreciate the investing perspective. Seasoned investors will find this guide insightful if they are thinking of adjusting their portfolios in relation to climate change."

 - Booklist

 

"This book is strictly for prospective and professional investors. This go-to title advises investors on the strengths and weaknesses of companies in light of climate change. It covers key industries so that an investor can determine which industry is best to invest in. Although the author focuses more on U.S. stock there are also some recommendations on the international scale. The intent of this work is to not only show how companies fear global warming with traditional industries feeling the brunt, but to also explain how new markets can prosper in a warming world. This is also supported by various statistics that an investor can apply in the decision-making process."

 - Library Journal

 

"Hot Stocks is an authoritative and wry guide to a business landscape going haywire. What should smart investors buy in a warming world? This book." -- McKenzie Funk, author of "Windfall: The Booming Business of Global Warming"

James Ellman's insightful analysis of the catastrophe that is climate change shows how we can turn lemons into lemonade by investing wisely."

 - Jordan Hymowitz, Managing Partner of Philadelphia Financial Management

 

"A brisk and eye-opening tour through the major sectors of the stock market that makes clear how important the impacts of global warming will be for equity investment returns."

 - Andrea Mitroff, Former Managing Director, Global Equities Lead Portfolio Manager, TIAA Investments

 

"A thoughtful and comprehensive look at investment strategies for public stocks that factor in our changing climate. Ellman brings depth of analysis, and some humor, to a complex and timely topic."

 - Barney Schauble, Managing Partner at Nephila Advisors, LLC, Chair of Ceres

 

"Hot Stocks is easy to read, compelling, and game-changing. James Ellman shows a deep understanding of the science of climate change and the coming disruption in geopolitics, technology, infrastructure, government policies, and consumer behavior that will put traditional financial holdings at high risk. Sector by sector, he explains the perils and advantages for specific companies, regions, and countries. The reader emerges with a new way of analyzing future winners and losers to build the strongest financial position in the gathering storm."

 - Margaret Cheney, Commissioner, Vermont Public Utility Commission

Publisher description:

 

"The growth of the capital markets since the 1990s has handed enormous power to a handful of men and women answerable to no one except their investors. What happens when this power is used for personal greed and ambition? RISK CAPITAL takes you on a global ride from the cool glass towers of Manhattan to the steamy jungles of the Yucatan - from secret meetings in a mountain-top Swiss castle to the very depths of evil mens' souls"