Book picks similar to
The Art of Short Selling by Kathryn F. Staley
investing
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How to Trade in Stocks
Jesse Livermore - 1940
Written shortly before his death in 1940, How to Trade Stocks offered traders their first account of that famously tight-lipped operator's trading system. Written in Livermore's inimitable, no-nonsense style, it interweaves fascinating autobiographical and historical details with step-by-step guidance on: Reading market and stock behaviors Analyzing leading sectors Market timing Money management Emotional control In this new edition of that classic, trader and top Livermore expert Richard Smitten sheds new light on Jesse Livermore's philosophy and methods. Drawing on Livermore's private papers and interviews with his family, Smitten provides priceless insights into the Livermore trading formula, along with tips on how to combine it with contemporary charting techniques. Also included is the Livermore Market Key, the first and still one of the most accurate methods of tracking and recording market patterns Jesse Livermore is a stock market legend who made and lost four stock market fortunes in 40 years. Livermore's revolutionary timing techniques, money management systems, and high-momentum approach to trading are as valid today as they were three-quarters of a century ago. Richard Smitten teaches the “Jesse Livermore Trading System" and is developing "Trade Like Jesse Livermore" software. His other books include How to Trade Like Jesse Livermore and a number of novels About The Author: Jesse Livermore is a stock market legend who made and lost four stock market fortunes in 40 years. Livermore's revolutionary timing techniques, money management systems, and high-momentum approach to trading are as valid today as they were three-quarters of a century ago. Richard Smitten teaches the “Jesse Livermore Trading System" and is developing "Trade Like Jesse Livermore" software. His other books include How to Trade Li
The Behavioral Investor
Daniel Crosby - 2018
Joint Gold medallist at the Axiom Business Book Awards 2019 - Personal Finance / Retirement Planning / Investing. In The Behavioral Investor, psychologist and asset manager Dr. Daniel Crosby examines the sociological, neurological and psychological factors that influence our investment decisions and sets forth practical solutions for improving both returns and behavior. Readers will be treated to the most comprehensive examination of investor behavior to date and will leave with concrete solutions for refining decision-making processes, increasing self-awareness and constraining the fatal flaws to which most investors are prone. The Behavioral Investor takes a sweeping tour of human nature before arriving at the specifics of portfolio construction, rooted in the belief that it is only as we come to a deep understanding of "why" that we are left with any clue as to "how" we ought to invest. The book is comprised of three parts, which are as follows: - Part One - An explication of the sociological, neurological and physiological impediments to sound investment decision-making. Readers will leave with an improved understanding of how externalities impact choices in nearly imperceptible ways and begin to understand the impact of these pressures on investment selection. - Part Two - Coverage of the four primary psychological tendencies that impact investment behavior. Although human behavior is undoubtedly complex, in an investment context our choices are largely driven by one of the four factors discussed herein. Readers will emerge with an improved understanding of their own behavior, increased humility and a lens through which to vet decisions of all types. - Part Three - Illuminates the "so what" of Parts One and Two and provides a framework for managing wealth in a manner consistent with the realities of our contextual and behavioral shortcomings. Readers will leave with a deeper understanding of the psychological underpinnings of popular investment approaches such as value and momentum and appreciate why all types of successful investing have psychology at their core. Wealth, truly considered, has at least as much to do with psychological as financial wellbeing. The Behavioral Investor aims to enrich readers in the most holistic sense of the word, leaving them with tools for compounding both wealth and knowledge.
Beyond Candlesticks: New Japanese Charting Techniques Revealed
Steve Nison - 1994
The man who revolutionized technical analysis by introducing Japanese candlestick charting techniques to Western traders is back--this time with a quartet of powerful Japanese techniques never before published or used in the West. Stunningly effective on their own, these new techniques pack an even greater wallop when teamed up with traditional trading, investing, or hedging strategies, and Steve Nison shows you how to do it. Beyond Candlesticks provides step-by-step instructions, detailed charts and graphs, and clear-cut guidance on tracking and analyzing results--everything you need to pick up these sharp new tools and take your place at the cutting edge of technical analysis. Critical praise for Steve Nison's first book . . destined to become the classic reference on the subject. --Charles Lebeau and David Lucas Technical Trader's Bulletin I believe Steve Nison's new candlestick book is destined to become one of the truly great books for this time period.. Whether you trade futures, commodities, or equities, day trade or hold positions overnight, this book is a must. --Lee Siegfried Investor's Library, Data Broadcasting Corp. It is hard to be too effusive about the quality of NiSon's work . this is clearly one of the best investment books ever written in terms of covering a subject with pedagogical ability and writing skill. The organization is impeccable . reading it was a pleasure. --Commodity Traders Consumer Report
The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It
Scott Patterson - 2010
They were preparing to compete in a poker tournament with million-dollar stakes, but those numbers meant nothing to them. They were accustomed to risking billions. At the card table that night was Peter Muller, an eccentric, whip-smart whiz kid who’d studied theoretical mathematics at Princeton and now managed a fabulously successful hedge fund called PDT…when he wasn’t playing his keyboard for morning commuters on the New York subway. With him was Ken Griffin, who as an undergraduate trading convertible bonds out of his Harvard dorm room had outsmarted the Wall Street pros and made money in one of the worst bear markets of all time. Now he was the tough-as-nails head of Citadel Investment Group, one of the most powerful money machines on earth. There too were Cliff Asness, the sharp-tongued, mercurial founder of the hedge fund AQR, a man as famous for his computer-smashing rages as for his brilliance, and Boaz Weinstein, chess life-master and king of the credit default swap, who while juggling $30 billion worth of positions for Deutsche Bank found time for frequent visits to Las Vegas with the famed MIT card-counting team. On that night in 2006, these four men and their cohorts were the new kings of Wall Street. Muller, Griffin, Asness, and Weinstein were among the best and brightest of a new breed, the quants. Over the prior twenty years, this species of math whiz --technocrats who make billions not with gut calls or fundamental analysis but with formulas and high-speed computers-- had usurped the testosterone-fueled, kill-or-be-killed risk-takers who’d long been the alpha males the world’s largest casino. The quants believed that a dizzying, indecipherable-to-mere-mortals cocktail of differential calculus, quantum physics, and advanced geometry held the key to reaping riches from the financial markets. And they helped create a digitized money-trading machine that could shift billions around the globe with the click of a mouse. Few realized that night, though, that in creating this unprecedented machine, men like Muller, Griffin, Asness and Weinstein had sowed the seeds for history’s greatest financial disaster. Drawing on unprecedented access to these four number-crunching titans, The Quants tells the inside story of what they thought and felt in the days and weeks when they helplessly watched much of their net worth vaporize – and wondered just how their mind-bending formulas and genius-level IQ’s had led them so wrong, so fast. Had their years of success been dumb luck, fool’s gold, a good run that could come to an end on any given day? What if The Truth they sought -- the secret of the markets -- wasn’t knowable? Worse, what if there wasn’t any Truth? In The Quants, Scott Patterson tells the story not just of these men, but of Jim Simons, the reclusive founder of the most successful hedge fund in history; Aaron Brown, the quant who used his math skills to humiliate Wall Street’s old guard at their trademark game of Liar’s Poker, and years later found himself with a front-row seat to the rapid emergence of mortgage-backed securities; and gadflies and dissenters such as Paul Wilmott, Nassim Taleb, and Benoit Mandelbrot. With the immediacy of today’s NASDAQ close and the timeless power of a Greek tragedy, The Quants is at once a masterpiece of explanatory journalism, a gripping tale of ambition and hubris…and an ominous warning about Wall Street’s future.
Ugly Americans: The True Story of the Ivy League Cowboys Who Raided the Asian Markets for Millions
Ben Mezrich - 2004
Ugly Americans is the true story of John Malcolm, a hungry young Princeton grad who traveled halfway around the world in search of the American dream and ultimately pulled off a trade that could, quite simply, be described as the biggest deal in the history of the financial markets. After receiving a mysterious phone call promising him a shot at great fortune in an exotic land, Malcolm packed up his few belongings and took the chance of a lifetime. Without speaking a word of Japanese, with barely a penny in his pocket, Malcolm was thrown into the bizarre, adrenaline-fueled life of an expat trader. Surrounded by characters ripped right out of a Hollywood thriller, he quickly learned how to survive in a cutthroat world -- at the feet of the biggest players the markets have ever known.Malcolm was first an assistant trading huge positions for Nick Leeson, the twenty-six-year-old rogue trader who lost nearly two billion dollars and brought down Barings Bank -- the oldest in England. Then he was the right-hand man to an enigmatic and brilliant hedge-fund cowboy named Dean Carney, and grew into one of the biggest derivatives traders in all of Asia. Along the way, Malcolm fell in love with the daughter of a Yakuza gangster, built a vast fortune out of thin air, and came head-to-head with the violent Japanese mobsters who helped turn the Asian markets into the turbulent casino it is today.Malcolm and his twentysomething, Ivy League schooled colleagues, with their warped sense of morality and proportion, created their own economic theory: Arbitrage with a Battle Axe. They rode the crashing waves of the Asian markets during the mid- to late 1990s, culminating in a single deal the likes of which had never been seen before -- or since.A real-life mixture of Liar's Poker and Wall Street, brimming with intense action, romance, underground sex, vivid locales, and exotic characters, Ugly Americans is the untold, true story that will rock the financial community and redefine an era.
Deep Value Investing: Finding bargain shares with big potential
Jeroen Bos - 2013
Written by an investor with a long and remarkable track record, it shares for the first time the ins and outs of finding high-potential undervalued stocks before anyone else.Deep value investing means finding companies that are genuine bargains that can pay back phenomenally over the long term. They are firms so cheap that even if they were to close tomorrow their assets would pay you out at a profit. But if they can turn things around, the rewards will be many times greater ...These were the favourite shares of Benjamin Graham, author of 'The Intelligent Investor'. Inspired by Graham's classic and with a long history of discovering these great value stocks - sometimes known as 'bargain issues' or 'netnets' - author and investor Jeroen Bos reveals:- how to use only publicly available information to discover these shares and filter the gold from the dross- everything he did when analysing, purchasing, monitoring and selling more than ten recent successful deep value investments- the complete philosophy behind deep value investing, and the ins and outs of this strategy in practice- what can go wrong and how to minimise the chances of it happening to you.Deep value investing has a better track record than almost any other approach to the market. Even better, it doesn't require minute and technical knowledge of a company, nor is it fixated on earnings or often-unreliable future projections.It's all about the balance sheet and patience. This makes it the perfect investing approach for those who want to see phenomenal stock market returns without wasting time or commission costs.
Invested: How Warren Buffett and Charlie Munger Taught Me to Master My Mind, My Emotions, and My Money (with a Little Help from My Dad)
Danielle Town - 2018
The daughter of a successful investor and bestselling financial author of Rule #1, Phil Town, she spent most of her adult life avoiding investing—until she realized that her time-consuming career as lawyer was making her feel anything but in control of her life or her money. Determined to regain her freedom, vote for her values with her money, and deal with her fear of the unpredictable stock market, she turned to her father, Phil, to help her take charge of her life and her future through Warren Buffett-style value investing. Over the course of a year, Danielle went from avoiding everything to do with the financial industrial complex to knowing exactly how and when to invest in wonderful companies.In Invested, Danielle shows you how to do the same: how to take command of your own life and finances by choosing companies with missions that match your values, using the same gold standard strategies that have catapulted Warren Buffett and Charlie Munger to the top of the Forbes 400. Avoiding complex math and obsolete financial models, she turns her father’s investing knowledge into twelve easy-to understand lessons.In each chapter, Danielle examines the investment strategies she mastered as her increasing know-how deepens the trust between her and her father. Throughout, she streamlines the process of making wise financial decisions and shows you just how easy—and profitable—investing can be.Capturing a warm, charming, and down-to-earth give and take between a headstrong daughter and her mostly patient dad, Invested makes the complex world of investing simple, straightforward, and approachable, and will help you formulate your own investment plan—and foster the confidence to put it into action.
The Richest Man in Babylon
George S. Clason - 1926
This is the book that reveals the secret to personal wealth. The Success Secrets of the Ancients—An Assured Road to Happiness and Prosperity Countless readers have been helped by the famous “Babylonian parables,” hailed as the greatest of all inspirational works on the subject of thrift, financial planning, and personal wealth. In language as simple as that found in the Bible, these fascinating and informative stories set you on a sure path to prosperity and its accompanying joys. Acclaimed as a modern-day classic, this celebrated bestseller offers an understanding of—and a solution to—your personal financial problems that will guide you through a lifetime. This is the book that holds the secrets to keeping your money—and making more. The Richest Man in BabylonRead it and recommend it to loved ones—and get on the road to riches.MORE THAN TWO MILLION BOOKS SOLD
Trader Vic--Methods of a Wall Street Master
Victor Sperandeo - 1991
No wonder he's compiled such an amazing record of success as a money manager. Every investor can benefit from the wisdom he offers in his new book. Don't miss it! --Paul Tudor Jones Tudor Investment Corporation Here's a simple review in three steps: 1. Buy this book! 2. Read this book! 3. See step 2. For those who can't take a hint, Victor Sperandeo with T. Sullivan Brown has written a gem, a book of value for everyone in the markets, whether egghead, novice or seasoned speculator. --John Sweeney Technical Analysis of Stocks and Commodities Get Trader Vic-Methods of a Wall Street Master by Victor Sperandeo, read it over and over and you'll never have a losing year again. --Yale Hirsch Smart Money I have followed Victor Sperandeo's advice for ten years, and the results have been outstanding. This book is a must for any serious investor. --James J. Hayes, Vice President, Investments Prudential Securities Inc. This book covers all the important aspects of making money and integrates them into a unifying philosophy that includes economics, Federal Reserve policy, trading methods, risk, psychology, and more. It's a philosophy everyone should understand. --T. Boone Pickens, General Partner Mesa Limited Partnership This book gave me a wealth of new insights into trading. Whether you're a short-term trader or a long-term investor, you will improve your performance by following Sperandeo's precepts. --Louis I. Margolis Managing Director, Salomon Brothers, Inc.
The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market
Pat Dorsey - 2003
His methodology is sound, his examples clear, and his approach timeless. --Christopher C. Davis Portfolio Manager and Chairman, Davis Advisors Over the years, people from around the world have turned to Morningstar for strong, independent, and reliable advice. The Five Rules for Successful Stock Investing provides the kind of savvy financial guidance only a company like Morningstar could offer. Based on the philosophy that investing should be fun, but not a game, this comprehensive guide will put even the most cautious investors back on the right track by helping them pick the right stocks, find great companies, and understand the driving forces behind different industries--without paying too much for their investments. Written by Morningstar's Director of Stock Analysis, Pat Dorsey, The Five Rules for Successful Stock Investing includes unparalleled stock research and investment strategies covering a wide range of stock-related topics. Investors will profit from such tips as: * How to dig into a financial statement and find hidden gold . . . and deception * How to find great companies that will create shareholder wealth * How to analyze every corner of the market, from banks to health care Informative and highly accessible, The Five Rules for Successful Stock Investing should be required reading for anyone looking for the right investment opportunities in today's ever-changing market.
The (Mis)Behavior of Markets
Benoît B. Mandelbrot - 1997
Mandelbrot, one of the century's most influential mathematicians, is world-famous for making mathematical sense of a fact everybody knows but that geometers from Euclid on down had never assimilated: Clouds are not round, mountains are not cones, coastlines are not smooth. To these classic lines we can now add another example: Markets are not the safe bet your broker may claim. In his first book for a general audience, Mandelbrot, with co-author Richard L. Hudson, shows how the dominant way of thinking about the behavior of markets-a set of mathematical assumptions a century old and still learned by every MBA and financier in the world-simply does not work. As he did for the physical world in his classic The Fractal Geometry of Nature, Mandelbrot here uses fractal geometry to propose a new, more accurate way of describing market behavior. The complex gyrations of IBM's stock price and the dollar-euro exchange rate can now be reduced to straightforward formulae that yield a far better model of how risky they are. With his fractal tools, Mandelbrot has gotten to the bottom of how financial markets really work, and in doing so, he describes the volatile, dangerous (and strangely beautiful) properties that financial experts have never before accounted for. The result is no less than the foundation for a new science of finance.
A Zebra in Lion Country: The Dean of Small Cap Stocks Explains How to Invest in Small Rapidly Growin
Ralph Wanger - 1997
When "USA Today" asked a group of prominent professional portfolio managers whom they would choose to manage their personal wealth, the person most often cited was Ralph Wanger (Warren Buffett came in second). Hailed by both "Newsweek" and "U.S. News & World Report" as the "dean" of small-cap investing, Ralph Wanger explains the principles of investing in small, rapidly growing companies whose stocks will yield well-above-average returns. Investors are like zebras in lion country: They must settle for meager pickings by sticking in the middle of the herd, or seek richer rewards at the outer edge, where hungry lions lurk. Wanger shows investors -- whether they are investing in mutual funds or buying stocks on their own -- how to achieve the right balance of safety and risk to survive and prosper in the investment jungle. Destined to become a classic in the field of investing, "A Zebra in Lion Country" is as entertaining as it is instructive.
Your Money and Your Brain
Jason Zweig - 2007
In Your Money and Your Brain, Jason Zweig explains why smart people make stupid financial decisions -- and what they can do to avoid these mistakes. Zweig, a veteran financial journalist, draws on the latest research in neuroeconomics, a fascinating new discipline that combines psychology, neuroscience, and economics to better understand financial decision making. He shows why we often misunderstand risk and why we tend to be overconfident about our investment decisions. Your Money and Your Brain offers some radical new insights into investing and shows investors how to take control of the battlefield between reason and emotion. Your Money and Your Brain is as entertaining as it is enlightening. In the course of his research, Zweig visited leading neuroscience laboratories and subjected himself to numerous experiments. He blends anecdotes from these experiences with stories about investing mistakes, including confessions of stupidity from some highly successful people. Then he draws lessons and offers original practical steps that investors can take to make wiser decisions. Anyone who has ever looked back on a financial decision and said, "How could I have been so stupid?" will benefit from reading this book.
Winning the Game of Stocks!
Adam Khoo - 2013
However, we live in an economic era when making money is no longer as easy as investing in good stocks and mutual funds and watching them appreciate over time. Today’s volatile and interconnected financial system means that the stocks you own can come crashing down today and climb even higher tomorrow due to developments in Europe and the Middle East. Yet, investing in the stock market still provides one of the best returns for your savings and the only way through which an average income earner can hope to become financially free. This is why it is important for you to become a savvy investor who knows how to achieve consistent profits —even in an uncertain global economy.In this book, you are going to learn to…• Invest in Winning Stocks That Generate High Double-Digit Returns• Identify Market Uptrends and Downtrends Accurately• Hedge and Protect Your Portfolio from Market Crashes• Short Sell and Profit in a Down-trending Market• Manage Your Risks and Maximize Your Returns• Develop the Psychology of a Disciplined Investor• Build a Winning Portfolio That Suits Your Investment Goals• Build a Passive Income Stream from Real Estate Investment Trusts• Build a Multi-Million Dollar Net Worth on an Average Income
The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear to Markets
Mebane T. Faber - 2009
Using the endowment Policy Portfolios as a guide, the authors illustrate how an investor can develop a strategic asset allocation using an ETF-based investment approach."The Ivy Portfolio" also reveals a novel method for investors to reduce their risk through a tactical asset allocation strategy to protect them from bear markets. The book will also showcase a method to follow the smart money and piggyback the top hedge funds and their stock-picking abilities. With readable, straightforward advice, "The Ivy Portfolio" will show investors exactly how this can be accomplished--and allow them to achieve an unparalleled level of investment success in the process.With all of the uncertainty in the markets today, "The Ivy Portfolio" helps the reader answer the most often asked question in investing today - "What do I do"?