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Book Review The Looming Tower: Al-Qaeda and the Road to 9/11 Patrick M. Foley, CFP®, QPFC June 2013 Those who have been receiving our Monday updates for a bit may recall that I sometimes include a book review. It has been a while though, as I have been working on a research paper (on the subject of business exit planning) that has been eating up the time I might otherwise spend writing about other subjects. In any case, the paper is finally nearing completion, and I recently finished a book that I feel compelled to recommend. Actually, I’ve read a few really interesting books in recent months that are worth mention but that I did not find time to write about. “The Signal and the Noise” by Nate Silver is an insightful look at the subject of statistical prediction with direct relevance to investing and the markets. An interesting book about statistics… that’s a real trick! “Antifragile” by Nassim Nicholas Taleb proposes that while chaos is typically thought of as a destructive force, there are some things (including economies under the right circumstances) that are actually strengthened by disorder. It is a concept with very interesting implications for the realms of politics and investing. But the book that pushed me to write another review is “The Looming Tower – Al-Qaeda and the Road to 9/11” by Lawrence Wright. It describes the genesis of the radical Islamic movement that has grown to represent a dire threat to America and to free Nations throughout the world. Reading it made me realize how little I knew about the formation and structure of Al-Qaeda and other terrorist organizations whose names have become – tragically – so familiar to us in recent decades. I grew up during the Cold War and remember grade school drills where we were taught to hide under our desks in case of a nuclear attack. It seemed a hopeless approach, but given that the nuns at St. Philips represented a more imminent threat than the Russians, we just did as we were told. The Soviets were an enemy that you could at least get your head around. They were (seemingly) one people, one system, in one place. Radical Islam is a much more complicated and nebulous enemy. The Looming Tower, better than anything I have read before, describes the growth and nature of the threat. Al-Qaeda is an amalgamation born in many nations, of many (often conflicting) groups. It has changed shape over the years, and will likely continue to do so in the future. The book describes the birth of Islamic terrorism, and eventually Al-Qaeda, starting with a group of Egyptians who were brutally oppressed and sought the overthrow of their government. This faction came to be represented by Dr. Ayman Al-Zawahiri, an exiled Egyptian physician. Al-Zawahiri, unlike many on the FBI’s list of most wanted terrorists who have been either killed or captured, remains at large and is wanted for involvement in numerous attacks including 9/11. In fact, he is probably the highest-profile target now that Osama Bin Laden is dead. Bin Laden, a son of Saudi Arabia’s most prominent construction tycoon, rose to prominence by funneling money to rebels in Afghanistan during their war against the Soviets. Eventually he became one of the leading voices of radical Islam, and most infamously the architect of the 9/11 attacks. Rage from Egypt, money from Saudi Arabia, training on the battlefields of Afghanistan… this was the basic recipe, stirred by ancient grudges and virulent interpretations of the Koran, that brought forth Al-Qaeda. In addition to depicting the roots and structure of the terrorist threat, the book highlights the efforts of a small number of CIA and FBI agents who tried, against a wall of bureaucratic in-fighting and ineptitude, to raise the alarm and head off what came to be the worst attack to ever occur against our Nation at home. One of the key players in the story is FBI agent John O’Neill. A flawed but relentlessly driven man, he was one of few that recognized the danger posed by Osama Bin Laden and saw him and his cohorts as an imminent threat to America. In a horrible case of irony, John stepped down from the FBI and accepted a job as head of security at the World Trade Center weeks before the attack. When his worst fears were realized, he stayed in the lobby of the North Tower and assisted with the evacuation. He perished along with so many other police, firemen, and others who responded to the chaos as a call to action and tried to help. In his own words he summarized the sacrifice of those who put themselves in harm’s way for us: "You have been born in the greatest country in the world”, O’Neill wrote to his grandson, in a letter that his brokenhearted son read at the funeral service. “It is well to learn the ethnic backgrounds of your parents, to love and cherish the ancient folklore. But never, never forget you are an American first. And millions of Americans before you have fought for your freedom. The Nation holds all the terms of our endearment. Support, defend and honor those whose duty it is to keep it safe." I cried when I first read that passage. Which was awkward, because I was on the bus to the airport after a Baird training event. I was afraid my colleagues might think I was crazy. I mean, it was a perfectly good series of investment seminars, but nothing to get emotional about! Upon finishing The Looming Tower I was struck by the sense that it should be required reading in schools. Only through widespread understanding of the dangers we face – something sorely lacking prior to 9/11 – can our Nation chart its way through such complicated waters. Maybe someday, as with the Cold War, we can look back upon the threat from Islamic terrorists as something that only seemed like it would never end. In the meantime though, this book provides a terrific overview of the enemy we face. And despite the weighty subject, the information is presented in an easy-to-read, compelling format. This is a book that I urge people to read. ____________ The Foley Group ® Michael C. Foley Janet G. Kelly Patrick M. Foley, CFP , QPFC Senior Vice President Assistant Vice President Vice President (215)553-7822 (215)553-7829 (215)553-7821 Visit the Foley Group website: www.foleywealthmanagement.com Important Disclosures Past performance does not guarantee future results. Diversification does not ensure against loss. Any transaction that may involve the products, services and strategies referred to in this presentation will involve risks, and you could lose your entire investment or incur substantial loss. The products, services and strategies referred to herein may not be suitable for all investors. While further diversifying a portfolio with alternative investments can help to reduce risk, this asset class can include higher fees, greater volatility, higher credit risk, can be more complicated, less transparent, less liquid, less tax friendly, may disappoint in strong up markets and may not diversify risk in extreme down markets. You should consult with your Financial Advisor prior to engaging in any transaction described in this communication. Robert W. Baird & Co. Incorporated, member SIPC .

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