Book Description
The million-copy bestseller, revised and updated with new investment strategies for retirement and the most current research into behavioral finance.
Updated with a new chapter that draws on behavioral finance, the field that studies the psychology of investment decisions, here is the best-selling, authoritative, and gimmick-free guide to investing. Burton Malkiel evaluates the full range of investment opportunities, from stocks, bonds, and money markets to real estate investment trusts and insurance, home ownership, and tangible assets such as gold and collectibles. This edition includes new strategies for rearranging your portfolio for retirement, along with the book's classic life-cycle guide to investing, which matches the needs of investors in any age bracket. A Random Walk Down Wall Street long ago established itself as a must-read, the first book to purchase before starting a portfolio. So whether you want to brief yourself on the ways of the market before talking to a broker or follow Malkiel's easy steps to managing your own portfolio, this book remains the best investing guide money can buy.
Customer Reviews:
Quarterlife Finance says, "A Classic that Every Investor Should Read".......2007-10-03
I recently finished reading the 9th edition of Burton Malkiel's classic text A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Edition. First published in 1973, this book is a classic text that deserves a place on any investor's bookshelf.
Malkiel presents two possible security valuation models - one based on a firm foundation of value and one based on finding a "greater fool" to sell your speculative buys to. He analyzes the history of investment bubbles from the Dutch tulip mania some two hundred years ago all the way through the tech stock bubble of the late 1990s. He discusses fundamental analysis of stocks and thoroughly trashes technical analysis. Finally, Malkiel presents a strategy that virtually guarantees that your investments will keep pace with the market with minimal investment of time.
I enjoyed and recommend this book for several reasons. First and foremost, it blows the whistle on many common "beat the market" strategies, including all manner of technical analysis. As a relatively young investor, I was always intimidated by the chartist strategies (moving averages, buy points, etc) but after reading Malkiel there is no cause for fear. Those strategies simply do not work.
Moreover, I found the book to be an easy read relative to many texts on investment. While he covers different types of stock analysis, modern portfolio theory, the efficient market hypothesis, and asset allocation in detail, the book is not weighted down with too much heavy terminology. His writing style, use of historical anecdotes, and ability to challenge your beliefs again and again keeps you riveted to the book.
Finally, I believe that the strategies presented in the book are clear, concise, and can be employed by anyone to their immense gain. Too many people pay for poor investment advice, make mistakes by chasing gains and paying for active portfolio management, or even pay absurd 12b-1 fees on underperforming mutual fund investments. By reading this book and taking Malkiel's advice to heart, I believe that just about anyone can end up with more dollars in hand.
On the other hand, the book does delve into financial topics that may be intimidating for someone completely new to the investment world. The basic message (buy and hold a well-diversified portfolio of extremely low-cost index funds) could be expressed much more succinctly. However, I wouldn't change a thing with this book...just be prepared for a wild ride that challenges everything you thought you knew about investing.
not a fan........2007-10-03
This book was not what it was trumped up to be, as far as I am concerned. It's a gloomy, negative, pessimistic, unending drivel of known and common sense information and data presented in a much more complicated manner that they are in real life. After reading this book you may be inclined to start taking anti-depressants and definitely stay away from the stock and other securities markets. Weeooogh!!
Excellent Message. Sweeps some exceptions (particularly those noted herein) under the rug........2007-10-02
Particularly in a day and age where mutual funds are often touting themselves on the television, this book has an excellent, largely unbiased message for the average investor: buy low cost index funds and stay in them for the long haul.
The book is exceptionally well written, covering most of the lessons of an introductory to intermediate finance course in a very accessible format (i.e. all the right *ideas* without the confusing math). He utilizes dozens of powerful examples and good data to show that his basic premise, despite now being 30 years old, is sound. Due to its theoretical strength and accessible style, this book could be of particular value to Undergrad Business and MBA students who find the professor's academic approach to an Introductory Finance course confusing. Get the big picture here, making the math just that much easier to follow. (5 stars for making difficult financial concepts readable and interesting)
Despite my strong recommendation for both his message and style, the book does have some drawbacks. Number one is that he has clearly taken a side on the issue and has thrown impartiality to the wind. Regularly, the author depends on "transaction costs" (the cost to trade) to ensure that a trading strategy cannot beat his preferred portfolio (implying that it would have succeeded without the transaction costs). This "sweeps under the rug" several clear counter-examples to the basic efficient market thesis in order to reinforce his index-investment message. While I understand his reasoning for doing so -- a desire not to encourage investment in high cost funds or heaven forbid day trading -- it does lead to some skepticism about his willingness to admit any possibility that his thesis has weaknesses. To that end, I would discourage readers who are familiar with CAPM and efficient-markets from reading the book (2 stars as a brush up).
In the end, however, I think the message is sound. Rather than cite trading costs, I think the message can effectively be said another way: If you spent 5h a day investigating stocks, what are the odds that you can beat a professional manager? If a manager has a staff of 20 that invest 8h per day investigating stocks, what are the odds that they're going to beat the whole financial services industry? If the whole industry is taking advantage of every opportunity to profit from small deviations, and you're going to pay a manager most if not all of that profit anyway, investing in an index basically gets you the benefit of thousands of mutual funds and investment bankers without the cost of any of them (or of your time to do research).
With qualifications to the highly technical reader, who should pass on the book, I can't, in good conscience, fail to give this book 5 stars for a profoundly valuable message targeted at the individual investor.
Best guide ever.......2007-10-02
A good informative writing on the handling of your finances in regards to investing. I found it to be quite basic but I have been investing since a club in the 1960's. It still gave me a lot of information and ideas that I knew a little or nothing on. I would recommend it highly to any and all that wish to have anything in the future for their retirement.
Still the Best.......2007-09-10
I first read this book in its seventh edition. I was great then. I recently purchased the ninth edition as a "refresher." It's still a great book and the one I recommend to prospective clients or other investors prone to believe all of the active management garbage out there. Burton Malkiel does a masterful job of dismantling all of the Wall Street hype and laying out investing in a simple, straight-forward, and long-term approach.
If you read this book and still believe in the Wall Street gurus then you're hopeless. And, you deserve every bit of the bad advice you're following.
Book Description
Recently, reorganizations, restructurings, and bankruptcies have replaced IPOs as the common financial vehicle of the times. However, these distressed companies can still provide an avenue for profitable investing. This eagerly anticipated new reference helps guide you through this treacherous landscape in order to master the multi-move chess-like strategies required to achieve financially advantageous results for your portfolio. It is the most up-to-date and comprehensive book on the market to deal with the myriad of issues surrounding a distressed company.
Providing theoretical and practical insight, Distressed Debt Analysis: Strategies for Speculative Investors presents a conceptual, but not overly technical, outline of the financial and bankruptcy law context in which restructurings take place. The book covers the broader financial environment of the reorganization and the basic process of investment analysis and investment strategies. The author uses numerous real-world examples and case studies to emphasize important concepts and critical issues.
The developments that have created these extraordinary investment opportunities have also created tremendous demand for professionals with experience and knowledge in the restructuring process. Distressed Debt Analysis: Strategies for Speculative Investors addresses the complete knowledge needs of investors and professionals in the burgeoning world of financially distressed companies. It is perfect for bankruptcy departments of law firms, restructuring advisory groups, turnaround consulting firms, and reorganization and distressed securities departments of investment banks.
Customer Reviews:
Invaluable.......2007-05-07
Extremely helpful in preparing our new hires - it is required reading. This book will be a desk reference for years to come.
Great & Comprehensive Practical Review.......2007-01-05
Unlike many academic books, this is a practical analysis of distressed debt, the bankruptcy process, and all the related financial, accounting and valuation issues that arise in this context. It is well written and well organized.
Some other books on the topic go into significantly more detail in esoteric issues; however this book is a must for a grounded detailed understanding of the topic. I have recommended this book to a number of colleagues in the industry and all were equally appreciative.
must buy.......2006-03-14
It's a must buy for people in high-yield/distressed analysis. I was suggested this book at my first day at work.
A Complete Introduction .......2005-11-02
The premise of this book is really quite simple.
Identify securities (bonds, stocks or whatever) from companies that are in trouble. Buy these securities when other investors are ignoring or even selling them. Then when the company gets turned around, you can make a fortune. What you don't want to do is buy these securities only to see the companies go out of business so that your securities are now completely worthless.
As you might guess from the title, this book is about how to analyze distressed companies that offer this potential investment path. It covers virtually every aspect of finding such companies, determining if the proposed investment is feasible, explains the differences in the company going through one of the various bankruptcy procedures, the legal and financial due diligence issues, and more. The final result is a set of basic investment strategies and analytical techniques, complete with case studies and referrences to numerous real-world examples to emphasize important concepts and critical issues.
Along with the book is a companion web site that offers additional information, checklists, sample letters, and more.
This book is a complete introduction to this new and emerging field.
Valuable insights, useful commentary, and professionally written........2005-10-22
Like many of us, perhaps you've owned some bonds that have fallen into junk status or worse, distress/bankruptcy. In most cases, did you throw up your arms either selling at a loss or confused by smallprint mail solicitations? Stephen Moyer is an absolute pro and de-mystifies what some may think of as a blackbox only understood by investment specialists, asset pirates, and/or bankruptcy lawyers.
Conversely, if you are a professional and seeking to augment your understanding, Moyer provides insightful commentary on areas like negotiation leverage points, key area to control, legal bounds of control, pre & post-bankruptcy valuation approaches, and comparisons to real deals done recently in the marketplace. Most of his examples are from 1998-2003, and he tries to use contemporary issues to highlight arguments. Unfortunately, you will not find the most recent Bankruptcy Code reforms which commenced Oct 17, 2005. For instance, he states on page 77 that management can "...extend the [bankruptcy] exclusivity period virtually indefinitely...", which today is essentially limited to 18 months. Although a shortcoming to the book, any professional investor would have access to materials to become up-to-date on the recent reforms.
Moyer's CV reads long: Stanford Law, Chicago MBA, CFA, CPA, and Drexel Lambert heritage. Obviously, he knows what he is talking about. His writing interests do seem to be lawyer-ly; for instance, he spends an inordinate amount of time explaining issues around confidentiality agreements and duties. But, I appreciated his clear and concise style and sentences. No arrogance in his style nor is he trying to sell his current firm.
Excellent book. Strongly recommend despite the price.
Book Description
This comprehensive book on bonds takes a practical real-world approach to the subject, and includes a detailed discussion of each type of bond including a wide range of products. Specific chapter coverage discusses not only the instruments, but their investment characteristics, the state-of-the art technology for valuing them, and portfolio strategies for using them. For portfolio managers, fixed income trades, and salespeople.
Customer Reviews:
Don't be misled by the title........2007-03-19
I purchased this book with a lot of expectations. But this book contains neither analysis nor strategies. It only contains glossary of terms used in various Bond markets. Don't be fooled by the planted reviews :)
I reviewed this book for the publisher (prior edition).......2004-04-22
I was a major peer reviewer for the publisher of "Bond Markets, Analysis and Strategies," and have used it several times (perhaps as many as 10 semesters) for both undergrads and MBAs. I have no incentive to give this book any particular rating, but I HIGHLY RECOMMEND IT TO EITHER PRACTITIONERS AND ACADEMICS, AS IT IS AN EXCELLENT TEXT! There are very few weaknesses, and I disagree with most of those cited by the other reviewers listed here. It is clear, concise, loaded with examples, and beautifully written. It is also closely tied to real-world practice without sacrificing the mathematical modeling. Of course, it is no high-level bond pricing text, but it is not supposed to be--it is a broad introduction to bond markets. As such, it succeeds remarkably. In fact, I often refer to it to refresh my own understanding of the structure and pricing of these markets.
I highly endorse it, and will continue using it.
Lots of Jargon.......2002-11-06
I am a senior majoring in finance at the Curtis L. Carlson School of Management, at the University of Minnesota-Twin Cities. I just got done taking a bond course called: Financial Markets and Interest Rates. For the class we used this text book. Although it is a well-rounded book on bonds, it is very hard to understand if you do not have other examples describing what is going on. My professor who holds an MBA had alternative notes on Microsoft PowerPoint made for us to supplement the hard to understand text. The examples do not fully give a clear idea of what is happening, especially to the beginner learning bonds. I would rate this book 2/5 stars and would look elsewhere for an easier type of book, perhaps a tutorial. This book is used at high level universities including mine and Princeton University. Fabozzi is not fooling around when displaying info on bonds.
Excellent introduction to Bond Markets - VERY well written.......2002-06-15
If you think of this as an introductory book to the world of Bonds rather than a field manual for professionals you will find this to be a wonderful book. I find it to be engagingly written (yes, engaging!) with well-chosen examples. It is very nice to be able to read a book about Bonds and find it stimulating. It would have been easy to write a book that could act as a sleep-aid. Instead, this book provides learning objectives for each chapter and the prose is so inviting that I felt the book to be a page-turner.
The math used is not complicated and is chosen to help understanding rather than demonstrate the sophisticated math used in the actual world of bond trading. If you want that kind of material this isn't the book for you.
I don't know if there is a solutions manual available, but I couldn't find it. If there isn't, there should be. I have never had a college course that used the problems in the book for actual coursework and yet, no matter how simple the problems seem, it is nice for the student to be able to confirm that he or she has indeed found the right answer.
There are also many helpful footnotes that point to materials for further and deeper reading on the subjects introduced in this fine book.
A lot of hand waving, but does help.......2002-04-04
A little too wordy, but as a management text, I guess its a prerequisite. It covers the gamut of fixed income securities, but only approaches the problems deterministically. The first thirteen chapters are "text" chapters, with the real math starting in chapter 14. However, the math used is elementary, and will not be of much help in the real world. For the fixed income math portion look into "Bond Pricing and Portfolio Analysis" by Olivier de La Grandville.
For a first course in bonds, and if the student has no prior background, this book will indeed be useful. But, for advanced students the book mentioned above should be more insightful.
Product Description
An accessible, reliable course for the trader looking for profits in the competitive, dynamic world of trading. Each section of the book offers clear examples, concise and useful definitions of important terms, over 90 charts used to illustrate the challenges and opportunities of the market; and how you can take advantage of patterns. Written in the parlance of the day trader s world, you ll enjoy the experience of being taught trading skills by the best of the best. This focused and effective trading resource features seven key lessons to further a trader s education including market basics, managing trades, psychology in trading and planning, technicals, utilizing charts, income versus wealth building producing trades, and classic patterns. It truly is as Paul Lange says, Many of these lessons have been taught to students worldwide over a span of 4 years. These lessons contain powerful information that goes far beyond the basics you may find in many introductory trading books.
Customer Reviews:
A disappointment.......2007-06-10
Although there are many insightful and terrific lessons to be learned here if you are a Pristine Trained Trader you will recognize the book to be a compilation of Paul Lange's weekly trading lessons. A free weekly service from Pristine. I suspect Mr. Velez' name was added for name recognition and, thus more sales. It is Mr. Lange's book, however, make no mistake. That said Paul Lange is one of the most astute traders and best educators around. I had the pleasure of working with Mr. Lange and was constantly amazed at his trading prowess and his ability to convey the information. It's simply this book offered nothing new.
A very poorly written book !.......2007-05-25
I went through this book and its not as good as the original
Velez/Capra "Tools and Tactics for the Master Day Trader" which I purchased in the past.
It's a book you just skim through and that's about it.
I agree with the last reviewer comments. Close to the poorest written book I've read...
Very poorly written, but some useful info.......2007-04-28
This is close to the poorest written book I've read. However there is useful info in it if you can decipher Velez's lingo. Basically Lange, the "co-author" typed what Velez recorded in his classes at Pristine. After I started crossing out hype and BS, I found the book much clearer.
Also I agree with other reviewers comments that the book is an advertisement for Pristine. You can get some details on how Pristies are taught to trade, but don't think like I did that Velez covers much of it.
The hardest part in finding useful info is that it appears Velez is so "elite" that he has to use his own slang in lieu of standard trading terminolgy (Ex: a play ILO a trade, topping tails ILO shooting stars on candle charts.) Velez names trade set-ups as though he discovered them. If he knew candlesticks he would realize many of his ideas are not his discovery. So why name them? Maybe because Velez seems to have a "special" word for almost every normal trading term. That's not teaching, nor conveying information which is what books like this should be written for, that's probably just to intimidate clients, make them feel like he is the master.
I don't know that I would recommend buying it as I own it and am not sure I will ever reread it to jot down the useful parts.
Sloppy edition.......2007-03-20
The senior author uses green and red candles in his website. Hasn't any reviewer, including Velez himself, noticed that the candles' colors should have been changed to black and white before publishing the book? A bad start for an otherwise welcome addition to every trader's library.
Not to be Missed.......2007-03-18
I just finished "Strategies for Profiting on every trade". Just a couple of comments up front; first, I suspect that Paul Lange had much more to do with this book than he was given credit. Second, there were constant references to the color of bars and indicators in the book but the book is in black and white. At one point they labeled the lines "red", "blue" etc. but otherwise, throughout the book you had to find the lines based on the text, not the color.
Having said that, this is not a book to be missed, especially for intraday traders. Although the writers make it clear that most of the techniques can be applied to any time frame and that the daily charts normally set up the trade, you will find charts all the way from the weekly level to the 2 minute level, with the majority of the lessons seemingly taught and the trades played out on the 5 and 15 minute time frame.
This is a much smaller book that the original Velez/Capra "Tools and Tactics for the Master Day Trader" and doesn't contain the psychology offered in that book, but it is, never the less, a book packed with information and insights focused on bar by bar chart analysis, much of it, I believe, gleaned from Paul Lang's daily, live, real world experience in the Pristine trading rooms.
If you are new to Pristine trading methods, this will give you an insight and depth into chart reading that you may not have realized is possible. If you are a Pristine trained trader, as I am, this book reinforces what you should already know but will give you many "gems" that I am sure will be new and of value. In either case, this is a "must" book for the serious trader.
Book Description
Master Traders introduces you to an outstanding group of financial experts—from seasoned hedge fund managers to top technical analysts—who discuss the methods they use to tame today’s highly volatile and unpredictable markets. Composed of chapters contributed by leading financial professionals, Master Traders contains a variety of proven strategies and techniques that will give you an edge in the world of stocks, options, and futures.
Customer Reviews:
13 diverse essays with even more diverse value/quality.......2007-09-03
If you compare this book directly with Market Wizards I & II, you will definitely be very disappointed. However, if the presence of one or two very bright ideas in one single book can already satisfy you well, you may still give it a try. IMHO, the chapter by David Miller (Keys to Biotech Investing) is outstanding, whilst the rest are just so so or even substandard. Sorry to say that there are many better alternatives in the market of the "various authors" genre, like the aforesaid ones and "Inside the House of Money" by Steven Drobny. In short, not recommended.
Good book.......2007-06-12
All in all I'm glad I read the book. There's a couple of chapters on options that I learned one thing that more than paid for the price of the book and my time to read it. I was a little disappointed with the book however. Most the technical analysis chapters are simply inpractical for the average home based investored to use. They would require a lot of manual number crunching, or a subscription to a website.
But still, there were some gems in the book, and I've changed the way I would enter some options trades after reading it, so it still gets 5 stars.
Ground Truth.......2007-03-25
Before becoming a professional trader, I had success both on an academic, professional, and entrepreneurial level. The most important thing I learned was to find successful people who were doing what I wanted to do and then learn everything I possibly could from them. This may sound simple, but research shows successful ventures often fail right after some of their most successful years. The same thing occurs in financial trading. Someone has initial success, but then fails to adapt, grow, and change. Consequently, the market crushes them. This is usually due to being too rigid in their views or a lack of rigorous discipline that enables them to continually stay ahead of the curve. The best way to avoid these pitfalls is to study the "best" and learn how they achieved and maintain their success. In the military, there is a term called "ground truth." This information is considered the most valuable. It is distinguished from the theoretical and refers to what has actually happened on the field of battle. In his well researched book, Fari Hamzei has brought together some of most relevant voices today in investing and trading financial securities. It truly is packed with some of the most valuable "ground truth" in the field of trading. Whether it is Kevin Tuttle's insights into technical analysis, quantitative screening, and divergence theory or Tim Ord's methods in identifying buy and sell signals through evaluating volume and price, Fari Hamzei gives a rare behind the scenes look at some of the best financials professionals in the field. In addition, Hamzei's pioneering work on dollar weighted put/call ratios is an extremely valuable market sentiment indicator. I have not even mentioned Alex Jacobson, Phil Erlanger, etc... Simply put, this book is guaranteed to change the way you see the market and trade it. I whole-heartedly recommend you read and reread "Master Traders."
Distinguished Market Masters of Today.......2007-01-05
I had time to read this very well compiled book over the holidays. The book is a worthwhile read for anyone interested in improving their own trading techniques as well as gaining insight to different methodologies used for successful trading. The Chapter written by well-known Investment Strategist, Jeff DeGraft was very good in pointing out the contrasting strategies used by Technicians versus Fundamentalists. Frank Barbera writes an excellent Chapter on Sector Analysis. I thought his explanation of how his methodology of using particular market tools has evolved over time was very insightful. Additionally, he explains the changes that have occured in measuring market sentiment over the years. The Traders interviewed are successful and each have a deep passion for their work. They each have their own unique methodology which has translated to trading successfully in the financial markets. The book was especially enjoyable because of the passion conveyed from each Trader regarding their work. I recommend this book if you are a student of the markets.
K. Hetzer CMT,CIMA,CFP
Gets Inside the Traders' Heads.......2006-11-17
Lots of books like this one feature Q&A interviews with traders, which can be good reading but short on detail. By contrast, Hamzei got these market masters to put fingers to keyboards and describe their strategies specifically and concretely in writing, providing a rare glimpse into how they think. In each chapter, a different trader focuses on a particular specialty--e.g. volatility, sentiment, etc.--and the sum total is a thorough survey of trading by a master in each sub-discipline. Technical analysis, which often gets short shrift in these types of books, is covered in depth right at the beginning, setting a chartist-friendly tone. Options trading, another frequently overlooked subject, gets its due as well. The ideas are up-to-date and reflect the latest changes in the markets. This is not an introductory-level book, but experienced traders should find it rewarding.
Book Description
Arms traders and sophisticated individual investors with the tools they need to play the markets successfully
Many traders believe that they must perform at least one trade every day, no matter what. However, as expert Price Headley clearly demonstrates in this groundbreaking book, not only is that assumption false, it can also be dangerous. He shows why focusing too narrowly on the daily ebb and flow of the markets minimizes a trader's chances for the big returns. He explains why maximum results are achieved by identifying the big market trends and riding them for all their worth. Headley explores the major market indicators-including the popular CBOE Volatility Index, Nasdaq 100, Rydex Mutual Fund Flows, and Equity Put/Call Ratio-and shows readers how to use them to identify the stocks that are about to take off. Emphasizing the aggressive use of options, he also empowers investors with stock selection techniques and options strategies that work in virtually every type of market.
Customer Reviews:
Good book but.......2007-06-27
The book contents is OK but it is not a thorough analysis of the option strategies and techniques.
It's ok........2007-06-27
Some of the nuggets are more like pebbles. The book seems more like an infomercial to sign up for his picks through his website/stock picking services. If you're looking for real tips to reading the market, I'd say check out some of J. Cramer's books. Cramer isn't perfect, but who is? At least Cramer tells it like he sees it. If Eliot Spitzer likes Cramer, then he can't be that bad!
Worth the cost - Psychology and Money Management are the keys to trading well.......2006-11-15
I haven't had any experience personally with the Bigtrends advisory services, but I can say that this book was worth my time to read. It's a bit heavy for me at first on all the systems used, but I found the final chapter on the psychology and money management alone to be well worth the cost of the book. That's where I always seem to lose my money in the market, by getting too high or too low (at the wrong times, of course!). It appears that his systems are designed to profit from these emotional fear and greed panics of the rest of the crowd.
Clearly this is not a book for beginners, but since I had already gotten my feet wet in trading over the last couple of years, I definitely have some ideas I look forward to applying from this book. The Acceleration Bands indicator (appears different than Bollinger bands) looks very promising to me, and I may also now try my hand at options (on a small scale at first)!
Horrible experience with Big Trends advisory service.......2005-08-15
After reading this book you might go check out their website and you'll see that they offer a few advisory services. Don't be fooled by the track records they email you, I lost thousands of dollars being SUCKERED into a non-refundable yearly membership fee to one of their services only to lose a lot more following their advisory emails. I quit following their stock pick recommendations about 3 months into the service with 9 more months left and watched their picks for almost a year. THEY DID SO HORRIBLE, I WOULD LITERALY DO BETTER PICKING STOCKS OUT OF A HAT, not to mention the horrible customer service. They did not respond my emails when I had questions or concerns about what is going on with these recommendations.
Very Bad Customer Service from BigTrends.......2004-12-31
i bot the book and later subscribed to its Bigtrends newsltter service and i had the worst experience ever in my whole trading career. I wrote to them several times for problems i had in its service and i received no replies. They charged me upfront for thousands of dollars and no refund despite cancellations after two weeks.
This is one newsletter that i would not recommend...trust me ! there is no customer service at all !!
Book Description
Financial experts agree: Asset allocation is the key strategies for maintaining a consistent yet superior rate of investment return. Now, Roger Gibson's Asset Allocation - the bestselling reference book on this popular subject for a decade has been updated to keep pace with the latest developments and findings. This Third Edition provides step-by-step strategies for implementing asset allocation in a high return/low risk portfolio, educating financial planning clients on the solid logic behind asset allocation, and more.
Customer Reviews:
Asset Allocation: Balancing Financial Risk.......2007-07-11
Good overview. Perhaps a little technical. Graph oriented. Author does a good job of explaining his view point and backing it up with historical data.
asset allocation by gibson.......2007-05-24
The book was in excellent condition and was received in about five days.
Most solid advice on asset allocation ever.......2007-01-28
I had to read this book when I was taking a course to get a CIMA designation. I thought the book would be dullsville. But to the contrary, his strategies when tested are nothing short of amazing. To move away from the simple stock bond mix that every other book pimps out, is brave, but more importantly, he is right. Since reading the book I have obtained as many of his writings as possible. If you take the advice in this book and implement it, it will create a low stress, high return strategy. Good near term and long term advice. I will look to by more of this book to give to others. BEST BOOK ON ASSET ALLOCATION I HAVE EVER READ.
Gibson's Asset Allocation.......2006-08-23
Among the many books on this subject, this is one of the best. Unlike most of the other authors, Gibson does not limit himself to list the different asset classes and then provide recommended allocations. He goes one step further and describes in very practical terms the different issues that one faces when developing a portfolio and how to resolve them. In my view, Gibson ranks next to Bernstein and Malkiel. A good buy!
Asset allocation practically eliminates all risk while increasing returns........2005-07-01
This book informs the current political struggle to reform the Social Security program. In the case of a foreign invasion or some other calamity, it's true that one's private investments would be insecure, but so would one's "investments" in government bonds, so such cases are irrelevant.
In all relevant circumstances, private investments, if one adheres to even a primitive asset allocation strategy, are 100-percent safe. Mr. Gibson explains why.
He also cites studies concluding that the most significant variable in differences among institutional investor performance is emphasis on stock-picking and market-timing versus asset allocation. Those who emphasize asset allocation perform better than those who emphasize stock-picking and market-timing. A good companion to this book is "A Random Walk Down Wall Street", by Burton G. Malkiel.
Of course, Mr. Gibson introduces the reader to the theory and methods of asset allocation.
Book Description
Learn how these superstars invest, where they invest, what works--and what doesn't
Since people have been making money in the markets, investors and would-be investors have been fascinated with the money managers and traders who have extracted superior returns. In The New Investment Superstars, Lois Peltz examines fifteen of today's most successful investors by their area of expertise, including stock-picking, global macro trading, sector investing, and more. Readers will learn how these great investors approach the markets at a time when volatility is high and certainty low. From the thirty-five-year-old Lee Ainslie (Maverick Capital), dubbed the "Win-Win Investor" by Worth magazine, and Ken Griffin, the thirty-one-year-old who started his first hedge fund as a freshman at Harvard, to Lee Cooperman, long a star stockpicker at Goldman, we meet today's superior managers and learn how they do it.
Peltz reveals that these new stars are flexible traders who inherently understand that long-term wins come from recognizing that markets are ever-changing and that they must adapt. By reading about how they've succeeded and where they lost, investors will learn about market change, and how success is achieved.
Lois Peltz (New York, NY) was editor-in-chief of MAR/Hedge Funds, an investment performance reporting service, for eight years. She is now President and CEO of Investment Information Providers, an information services company that provides investment information services to the professional investment community.
Customer Reviews:
Useful background detracted by gross errors.......2002-11-11
Contains useful background information and insights on managers, and the industry though it is of limited use regarding the strategies those managers use. Two really glaring errors (page 48 & 49 on incentive fees, and Page 65 on correlations - perhaps a misquote or a quote out of context) cast doubt on the reliability of other statements in the book for me. Consequently I recommend reading it, but with more than the usual level of skepticism.
If you are looking for trading ideas, look elsewhere.......2001-10-12
This book contains an almost painful amount of detail concerning the organizational structure as well as the investor base of the hedge funds whose managers it profiles. Unfortunately, as far as actual trading strategies are concerned, it is a complete failure. It will tell you in which areas a fund is active, but give you excactly zero detail about the strategies and tactics used by its managers. Even some rather bad books I have read at least contained one or two ideas that were worth investigating, but I couldn't gain anything at all from this book. Also, some of the track records really aren't that impressive. Not really bad, but definitely not what you'd expect from "Superstars".
Waste of Time.......2001-09-04
Very poorly written. Comments were too general. Offered little insight regarding reasons for the success of the managers. Best part of the book was the compilation of track records for each of the managers.
A long awaited.......2001-07-11
complement to the John Train/Jack Schwager series of books on managers. This book measures up well with its well-regarded peers. Lois Peltz has collected interesting information on hedge fund manager, most of whom are unknown even to investment cognoscenti. They are in her book because of their stellar records, despite the low profile many share (due to strict marketing regs for these investment pools). For readers who want a peek behind the hedge fund curtain, this book is ideal. It captures the personalities and backgrounds of the managers, and it benefits from Peltz's analysis of commonalties and future thoughts on the industry. If you are investment professional looking to add a couple of nuggets to your repertoire, you might feel slightly let down (hence 4, not 5, stars). The eye opening aspect for me was the annual returns revealed for each of the managers. This information is not widely available, and the magnitude and consistency of the annual returns was amazing for several of the managers. The extent of and rationale behind leverage is explored as well. Overall, the book was excellent, and I was happy to add it to my extensive collection of investment related tomes.
An Immensely Valuable Book.......2001-06-06
It is rare to be able to read one book on a complex topic and have it contain information of use to both the novice and the veteran. Lois Peltz has done it in regard to hedge funds...the most erudite of investment arenas. Whether it be basic information (definitions, tables showing manager spin-offs, industry disasters) or advanced (the irony of having the objective of superior performance over the long-term being measured in 90 day intervals), this easily readable and fascinating treatise delivers. From her overview of superstar managers (including the counter-intuitive observation that they're not in it for the money but rather because they love the challenge) to the side-bars concluding each that allow the reader to compare highlights, the profiles are enlightening. Specific insights on managers (Bruce Kovner's analogy of managing money to painting, Paul Singer's analysis of model and herding risk, to Raj Rajaratnam's requirement that analysts performing due diligence fax in a daily "What I've learned" or risk not being reimbursed for their expenses) provide enormous understanding of each manager. Finally, her own perspective, including highlighting the issue of manager capacity, offers unusual help in selecting/understanding managers. A must-read!
Book Description
Trying to trade stock, bond, commodity and currency markets without intermarket awareness is like trying to drive a car without looking out the side and rear windows—very dangerous. In this guide to intermarket analysis, the author uses years of experience in technical analysis plus extensive charts to clearly demonstrate the interrelationshps that exist among the various market sectors and their importance. You'll learn how to use activity in surrounding markets in the same way that most people employ traditional technical indicators for directional clues. Shows the analyst how to focus outward, rather than inward, to provide a more rational understanding of technical forces at work in the marketplace.
Customer Reviews:
Must Read.......2006-04-13
This is a book that everyone should read. Even if you don't trade this is a great book about economics and will help anyone to understand what moves the markets and why. There are numerous charts in this book comparing different markets to each other in a plain easy to understand format. As a technical book goes this one is easy to comprehend will give the reader a much greater knowledge of the markets and the economy in general. As a trader myself this is one of the best books out on this subject I know of and one of the best books I have read on trading period. As an example a few years ago lots of economists were talking deflation. If you had of read this book you would have known that we were not heading into a period of deflation but inflation. What is presented in this book is not an exact science but will give the reader insight to what the future economic situation will be.
If you liked this book, you'll love his new book...........2004-01-09
Those who were reluctant to accept the benefits of intermarket analysis after reading Intermarket Technical Analysis (1991) will find making the paradigm shift much easier after reading his latest book published in February 2004 called Intermarket Analysis. Murphy has the benefit of some monumental market events in the last three decades to demonstrate his case and he uses them to great effect.
As John pointed out in an interview for Stocks & Commodities magazine I did with him in December 2003, it was his original goal to write the quintessential intermarket book but then found the topic so involved that each chapter could have become a book. There is just so much to discuss. Attempting to cover anything but a small snippet in a review is sheer folly. It is also impossible to do the book justice.
Markets have become so interdependent in the last decade, a correlation that continues to strengthen with time. If those who suffered financial ruin between 2000 and 2002 had read Intermarket Technical Analysis, how many of them could have avoided huge losses and even profited from what occurred? We will never know for sure but is it a risk they anyone can afford to take, especially when considering that the cost of avoidance (cost of the book) is less than $50? For those serious about making money in the market and keeping it, his new book, Intermarket Analysis is an absolute must!
Matt Blackman - Technical writer/review and regular contributor to Technical Analysis of Stocks & Commodities Mag, Traders Mag (Europe), Working Money, Traders.com Advantage, SFO Magazine
The textbook on market forecasting.......2003-11-05
You'll learn a lot from this book. Most investors sit obsessively focused on the market averages. They'll cut on their TV and see the ticker on CNBC be in the green and feel elated or else they'll see it red and get worried. Murphy's book will show you how a study of the bond, currency, and commodities markets along with an analysis of the stock market will help you see the big picture and get a better feel for where the economy and all of the markets are going. The past 3 years has proven to us that just because the stock market has a rally doesn't mean we are on the verge of a big economic boom or a new bull market.
Murphy demonstrates how each of these four sectors interact with one another and the business cycles and if you can grasp the lessons he teaches you then you'll have a clearer understanding of what drives the financial markets. Once you understand these cycles you will be able to forecast the intermediate term trend of the markets. It really isn't that complicated.
The only negative about this book is that it reads like a textbook. It takes a theory of how these markets rotate with one another and demonstrates it with example after example. It takes work to get through the book, but the payoff is well worth it. In fact the lessons in this book are critical to anyone who wants to become a successful investor. In today's environment of rapid boom and bust in which market timing is critical they are more important than ever. Even though it is 10 years old, this is the best book on the subject.
Covers insights many miss.......2003-06-01
This book and its concept dwells into the area of the financial markets and how they affect each other. Its theory meshes with various other market theories in that if one market goes up, another may respond differently. This is one of the handful of books i would recommend to anyone beginning to get serious about the financial markets. I first picked this up in a state library, much to my amazement it was brand new and never borrowed, much like a lot of the information in it.
Badly needs updating & poorly executed.......2002-11-18
This book is old (1991) and does not cover the important
facet of sector rotation or how to intrepret this book into a meaningful stock play. Murphy in this book does not even hint at it, thus allot of this information is not truly useful. The concept is superb but the execution quite flawed.
Instead get the other Murphy book:Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications OR Martin Pring's new edition to his updated Complete Technical Analysis. Even Murphy's chapter in New Thinking in Technical Analysis: Trading Models from the Masters
was better than this book, despite its short 25 page conciseness.
Funnily his video on this topic DOES update the book and cover Sector Rotation so Murphy obviously is aware of the oversight.
This book is boring with no payoff. There is too much repitition with no real payoff (sector rotation); if you are truly interested in this important field of study look elsewhere.
Book Description
Learn Dynamic Price Projection Techniques and how to project, well in advance, the specific price zones for support, resistance and trend termination.
Learn Dynamic Time Projection techniques including Projected Turning Point Periods, Time Rhythm Zone and Trend Vibration projections, which allow you to project days and weeks in advance the specific time zones for trend reversal.
Learn Elliott Wave Made Practical. Quickly determine if a market is in a trend or counter-trend position.
Learn low-risk and low-capital exposure trade entry strategies including trend-reversal and trend-continuation entry and stop-loss techniques.
Learn how to develop and stick to a trading plan.
Learn how to maintain a structured, patient and disciplined approach to technical analysis and trading strategies.
Learn a Consistency of Approach to trading.
Learn how to Trade Market Behavior, Not Market Forecasts.
Customer Reviews:
Best elliot wave book !!.......2006-10-26
If you really want to learn the elliot wave then this book is the best of the bunch. Miner has done a very good job of bringing the elliot wave into laymans terms.
Very Highly Recommended.......2006-10-11
Do yourself a favor, buy this book first ... before investing thousands in training or software programs. Not to downgrade the need for a mentor if one is to learn trading for a living ... there is always a learning curve ... but Dyanmic Trading really does outline all you need to take a living from the markets. The best practical exposition of Elliott Wave and Fibonacci/Gann time/price relationships there is.
Practical Trading Advice.......2004-04-12
This is by far the best book on practical Elliott Wave and Fib Trading strategies for futures and stocks. A key section is on trade management and trade strategies which make the difference between success and failure in the business of trading.
I've been trading for 20 years for funds and my personal account and this is one of the most practical if not the best book on trading I have read.
A truly must read for serious students.......2004-04-11
Robert focuses his books on the three critical aspects a trader has to consider: time, price and pattern and for each of them, the book provides PRACTICAL, sound techniques that once mastered can truly give your trading habits a quantum leap.
The pattern section focuses on practical application of Elliott wave theory, here not meant to describe evey market condition, but just to understand if a market is trending or counter-trending. This is in my opinion a great achievement, having read numerous non-sense books on Elliott.
The sections on price and time describe techniques on how to forecast in advance price and time clusters where change in trend are highly probable. Synthetically, the reader is equipped with a good arsenal of techniques that will allow him to combine the pattern (trend/counter-trend analysis) with time and price projections in order to forecast high-probability set-ups on the markets.
The book provides also a good section on how to build trading strategies, plan and rules and this has helped me a lot to finally put some order into my trading. A number of extremely useful entry and stop-loss techniques are also provided.
Robert Miner IS A TRADER, not sort of guru who talks about markets without having risked a penny on a stock and that adds tremendous value to the practical application of his ideas.
I strongly suggest not only to read but to study this book.
A rather poor attempt...........2004-03-25
Do yourself a favour, save your money and do not purchase this book. You will gain more valuable information elsewhere. A lot of the stuff presented really does not hold up to the cold harsh scrutiny of backtesting. Mr Miner might be a knowledgeable man, however, you have to wonder. Why is he selling rather expensive software/courses/book, has a website, subscription service, seminars, etc, etc? Why isn't he trading and making huge amounts of cash, successfully applying the information "taught" in this book? Why is he even sharing this information with us? Do you reckon that Morgan Stanley or Goldman Sachs provide any information about their trading strategies and quantitative models that take years to develop and validate?
You also have to wonder about the format of the book. Huge thick pages, largish fonts, wide separation of lines. Maybe Mr Miner believes that a sizable tome impresses readers, like his (at times) mindless drivel.
I bought this book because it was highly recommended by a friend, and because of the great reviews received here - although there was at least one bad review that appears to have been mysteriously removed - what a mistake that was.
Best left on the shelf where you found it.
However, I have found one use for this book. Because of its size, it makes a nice stand for one of my trading monitors!
Books:
- Advances in Behavioral Finance, Volume II (The Roundtable Series in Behavioral Economics)
- An Introduction to Credit Risk Modeling (Chapman & Hall/Crc Financial Mathematics Series)
- Architectural Graphic Standards, Tenth Edition (Book only)
- Asking Questions: The Definitive Guide to Questionnaire Design -- For Market Research, Political Polls, and Social and Health Questionnaires
- Beyond Philosophy: Ethics, History, Marxism, and Liberation Theology (New Critical Theory)
- BusinessWeek Guide to The Best Business Schools
- Cabin Fever
- Commodities and Commodity Derivatives: Modelling and Pricing for Agriculturals, Metals and Energy
- Competing on Analytics: The New Science of Winning
- Cost Accounting (12th Edition) (Charles T Horngren Series in Accounting)
Books Index
Books Home
Recommended Books
- Rick Steves' Croatia and Slovenia 2007
- Keys to the Vault: Lessons From the Pros on Raising Money and Igniting Your Business
- Decorative Hardware: Interior Designing With Knobs, Handles, Latches, Locks, Hinges, and Other Hardw
- Golf's Red Zone Challenge: A Breakthrough System to Track and Improve Your Short Game and Significan
- History: Fiction or Science
- Logistics & Supply Chain Management: creating value-adding networks
- Hush Money
- The Poetics of Gardens
- European Dream Homes: 200 French, English and Mediterranean Designs
- Homicide My Own
General
| Popular Economics
| Business & Investing
| Subjects
| Books
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Little Book Big Profits)
Buffett: The Making of an American Capitalist
The Four Pillars of Investing: Lessons for Building a Winning Portfolio
The Only Investment Guide You'll Ever Need
One Up On Wall Street : How To Use What You Already Know To Make Money In The Market
