Book Description

Back in the 40s, 50s, and 60s, it was fairly easy to plan for a secure future.People pickeda career, a spouse, and a place to live, and those basic decisions put them on apredictablecourse for the rest of their lives. Especially if they were lucky enough to landat a bigcorporation with great benefits and smart enough to buy stocks.

In the 70s, 80s, and 90s, technology and global competition transformed theworld. Anincreasingly strong economy masked spiraling instability in the workplace andthe world.A rising stock market lulled people into thinking they were in control of theirlives.

But now we’ve entered a totally new era, which Roger McNamee calls the NewNormal.It’s a time of great uncertainty—about terrorism, corporate scandals, theoutsourcing ofjobs overseas, and much more. The old safety nets aren’t coming back, even whentheeconomy recovers. But the good news is that the New Normal also offerstremendousopportunities.This book—by one of Silicon Valley’s most insightful andsuccessfulinvestors—explains how to make the most of your life, career, and money byembracingthe future.

The New Normal is the era of the individual. In companies large and small, eachpersonnow matters more than ever before. The Internet has finally made it easy tolaunch andgrow a real business. For entrepreneurs and managers, the global economy openspreviously untapped sources of supply and demand, cost savings and innovation.Individual investors now have access to tools and knowledge that were, untilrecently,restricted to professionals.

Roger McNamee has written a sweeping book in the tradition of Megatrendsthatclarifies this new era and gives readers a practical blueprint for success. ... Read more

Book Description

Definitive Guide To Companies That Have Increased Their Cash Dividends
To find the most consistent dividend-paying stocks, professional investment managers, analysts, and knowledgeable individual investors use Mergents Dividend Achievers(tm) — the definitive guide for sound investments.

Published four times a year, Mergent's Dividend Achievers features the latest data on a unique universe of companies with a history of regularly rewarding shareholders.

Mergent has been highlighting companies with outstanding dividend records since 1979 and boasts a century of experience in quality financial information publishing. Each quarterly handbook features updated profiles on approximately 300 Dividend Achiever companies, revised with the latest available quarterly earnings results, dividend announcements, and stock prices.

"Mergents Dividend Achievers is one of my favorite bedside thrillers. Here's a simple way to succeed in Wall Street: Buy the stocks on [Mergents] list and stick with them as long as they stay on the list"
—Peter Lynch

Outperform the S&P 500(r)
Mergents Dividend Achievers, profiles approximately 300 U.S. companies that have increased their regular cash dividends annually for the past ten or more consecutive years. These are truly remarkable companies. The average total return of these Dividend Achiever companies has outperformed the S&P 500 for the last 10 years.

"Where should investors start looking for high-quality dividend paying companies? Research from Mergent has an exclusive list of companies that have increased their dividends every year for the past 10 years."
—Steve Liesman, CNBC, senior economics reporters on Squakbox

Build a Winning Portfolio
From our Dividend Achievers, you can put together an extraordinary, diversified portfolio. They include large capitalization, mid-cap, and small-cap companies. The companies represent more than 50 different industries, from consumer goods to real estate to utilities.

For each Dividend Achiever Company, our handbook provides a full-page profile with in-depth investment criteria, including a stock performance chart, dividend record, business description, seven years of financial results and ratios, analysis of recent developments and more. With just a glance, you can see how the company has done in the past and decide whether you want to investigate further.

Plus, there are special features, such as a dividend reinvestment plan indicator on each page, Dividend Achiever arrivals and departures, Dividend Achiever name changes, Dividend Achiever mergers and acquisitions, as well as web site and investor contact information on each page.

"[Mergents Dividend Achievers] is the valuable source for high-quality stocks that pay great dividends"
— Len Kuker, Senior Vice President, Morgan Stanley

Unique Rankings
Companies are classified by industry. This edition includes numerous valuable rankings, such as 10-year average annual dividend growth rate, one, three, and five year total returns, top 20 return on equity and return on assets along with top 20 rankings by revenue, net income, total assets, long-term and short-term price scores, highest and lowest P/E ratios and more!

A Great Investment Has Become Even Better
And now, with new tax law changes slashing dividend taxes, investing in Dividend Achiever companies has never been better! Our Dividend Achievers will provide low-taxed income today and perhaps low-taxed capital gains tomorrow.

Historically, dividend income has been taxed at your highest rate. Under the prior tax law, as much as 38.60f dividend income could go to the IRS. The 2003 tax act changed the rules. Now, corporate dividends paid to individuals generally are taxed at ultra-low tax rates. Most investors will pay only 15% tax on dividend income. Investors in the lowest federal tax brackets will pay only 5% tax on dividends. This rate may apply to retirees whose income drops after they stop working. In 2008, those low-bracket taxpayers will owe no federal income tax on dividends they receive. What's more, if you need to sell your dividend-paying stocks, any long-term gains will qualify for those same bargain tax rates: 15%, 5%, or even 0 0n 2008.

How Does a Company Become a Dividend Achiever?
Many thousands of companies pay dividends to shareholders. Fewer than 300 U.S. companies qualified as Dividend Achievers in 2003. In fact, only 2.50f all the publicly-traded, dividend-paying U.S. companies qualify as Dividend Achievers!

To make our final cut, only high-quality companies that have increased their regular dividends for 10 years in a row are chosen from an exclusive list. Thats right...during the boom times of the late 1990s and the struggles of the early 21st century, our Dividend Achievers have steadily taken in more cash and paid higher dividends to investors. In fact, most of our Dividend Achievers have more than 20 years of higher dividends. Truly, the companies on our list have proven to be the top tier of U.S. industry.

Order Your Copy Today
For this edition of Mergents Dividend Achievers, our analysts have updated the profiles on approximately 300 Dividend Achievers, which includes high-yielding companies that can produce higher returns, after tax, than municipal bonds.

"I have been using and writing about Dividend Achievers handbook for more than 11 years, and I believe that it is one of the few true bargains in the arena of independent investment research."
—Laureen Rudd, syndicated columnist, writing in the Sarasota Tribune

A Century of Providing Trusted Information
For over a century, Mergent has been the preferred source for global business and financial information. Providing comprehensive data to savvy investors — both novice and professional — Mergent offers the easy way to pick specific stocks that excel at paying dividends and piling up profits. ... Read more

Amazon.com

The emergence of the Internet along with the increased volatility of the financial markets have combined to fuel an explosive growth in the interest and practice of day trading. So it should surprise no one that there's a parallel explosion in the number of books about day trading. Jake Bernstein, who has been involved in the futures industry as an author and trader for some 30 years, adds The Compleat Day Trader to this cadre. It offers a solid introduction to day trading and evaluates various techniques and strategies, including moving averages, intraday application of stochastics, support and resistance, gaps, and scalping. Bernstein spends several chapters discussing trading psychology, and he sees successful traders as developing a balance between technique and "art." He writes:

My experiences as a trader have led me to the conclusion that successful day trading is built upon a unique foundation combining art and science. If pressed to "guesstimate" as to the proper mix of both qualities, I'd say that approximately 70 percent of successful day trading consists of technique or science and 30 percent skill and/or art. This, however, would be a misleading statement inasmuch as both elements are symbiotic; without one, the other would be ineffective. The successful day trader combines both elements synergistically to produce profits, consistency and longevity.

Reviews (45)

An excellent and easy to read book from a great author
This book provides excellent trading tools that work equally well for both the futures and equities markets.

Jake's methods give clear entry and exit signals, significantly reducing the risk from day trading. There are also plenty of examples and charts in the book to make sure that you fully understand what Jake is taking about.

Additionally, Jake is realistic about day rading and about the attitudes and psychology of day trading. He not only provides excellent information with clear examples and charts of various trading methods, but he also lists rules that help traders avoid mistakes, learn from those that do occur, and generally trade much more effectively.

Lastly, Jake is very willing to help readers. He says at the end of his preface to call on him if he can be of any assistance, and he is not just saying this. I had a question because the trading program I use showed some charts differently than the examples in the book, and I e-mailed Jake asking him how I should modify the charts, and he quickly replied to my questions and helped me solve the problem.

A great resource for day traders...should be required reading.

A COMPLETE WASTE
Take my word for it and save your money, the techniques in this book simply do not work!

A professional trader writes 25 books?
Trading especially short term trading need great concentration and a full-time commitment. Professional traders write few or no book.

Mr. Bernstein's books and articles are everywhere. Sometimes I came across his publications, I scanned through a few pages to see what he had to say about trading. Mr. Bernstein makes statements which are generally safe and easy to say. For example, I read his article the other day. He tells the readers "Do your homework.", "The trend is your friend." etc. Of course, these are the common rules for traders. But what are the concrete steps to implement these rules in the real-life situation? Well, I could hardly find any. On the other hand, he stated in that article: "...I maintain that a good trader can make any system works." I found this statement unprofessional and phony. The reasons:

1. Many systems on the market are just trash and can not be used at all.

2. Good traders wouldn't pick up any system and risk their money with it. Good traders are very selective and only trade a few systems that have proven record and are suitable for their individual styles.

I found similar problems in other works by Mr. Bernstein. Should I bother to buy this book? No, thanks.

I have read books from many different writers and have more than 10 year active trading experience. So I know something.

A few tips(IMO) for choosing good books on trading:

1. Only a small percentage of books on the market are good or great.

2. Popular books are not necessary good books. If you automatically think so, you've probably fallen into "Herd mentality" thinking.

3. Trading is a bottom line business. Find books written by traders who had proven long-term(5 year or more) successful trading records. They are the ones "know how".

4. Be wary of the authors who write many trading books.

Good luck.

For hardcore day traders, and straight to the point
Most books for "day traders" are so general that their techniques and advice can be successfully used by swing-traders (those who keep stocks for several days), and even by longer-term investors. This one is different. The author, Jake Bernstein, strongly advocates real day trading, when no securities ever kept overnight. Therefore, his techniques are usable for very short term trading only.

The advantage of this book is that it has very little general rhetoric and comes straight to the point, that is to the techniques which the author finds profitable. Basically, 90% of the book is about the use of technical indicators (such as various moving averages and oscillators) to determine potentially profitable entry and exit points. The topics discussed in particular detailed manner are the use of moving averages, stochastic indicator, moving average channel (MAC), relative strength index (RSI), momentum, and techniques for trading of opening gaps. The author also suggests several oscillators of his own. However, despite the simplicity of these indicators, one has to own software such as Omega Research Trade Station to calculate and plot these home-made oscillators in real time, or write a program yourself. There are also several chapters applicable to futures only (actually, the whole book is about trading in the futures market, but 95% of techniques are equally applicable to stocks).

The great advantage of the book is that it is very specific, clearly illustrated, and gives plenty of detailed technical advice and a number of potentially profitable trading techniques. Be advised, however, that those who are interested in trading but do not have enough capital to take profits from half-a-tick changes (and I, too, belong to this group) cannot really take advantage of this book. No trend and no trade longer than a few hours is discussed there! Therefore, this book is for the serious day traders, and only for them. If you are a day trader, this book is a must; if you are not, do not bother buying it but rather consider other options, e.g., the excellent book "How to get started in electronic day trading" by D.S.Nassar which is good for traders on any time frame.

A few decent ideas, hardly "complete" though
I picked up this book with hesitation, aware of the reputation Bernstein has as a hypester right up there with Larry Williams, Ken Roberts etc. However I can say I was pleasantly surprised. He approaches the subject honestly and with little hype.

One problem I had with this book (and with a number of books like it) is that the authors present their methods as THE way to go without encouraging experiment. The difference between giving a man a fish and teaching him how to fish etc. I suppose you can't really blame the authors though when a majority of readers are looking for secrets and shortcuts rather than building blocks they can use to develop their own styles and tools and think for themselves.

I think Bernstein wrote off moving average based signals a little quickly, without looking into more advanced techniques of using them. His recommendation of the 3 and 24 MA's also did not look so hot on any of the charts I looked at (5 and 20 seems much better to me), nor did the moving average channels based on highs and lows seem that applicable on intraday charts.

I was also less than pleased with his countertrend interpretation of how to play gaps, though he at least went back and semi-rectified himself a little later in the book by pointing out that gaps can be indicators of an accelerating trend too- duh.

I did like his use of slow stochastics, and have found oscillators to be a fairly useful intraday tool IF applied correctly. His explanation of how to interpret oscillators in general will be useful to new traders and/or anyone who doesn't really know how to use oscillators.

I would say that if you are still looking for a methodology, there is some stuff in here that could appeal to you- IF you experiment with it rather than just taking Bernstein's methods by rote. This book is aimed at fairly new traders who have been around the block once or twice, but are still a little wet behind the ears and searching for their styles.

Last but not least, I don't see how this book could be deemed complete without a more thorough discussion of risk management, profit expectancy and reward to risk ratios. ... Read more

Book Description

Ric Edelman, best-setting author of Ordinary People, Extraordinary Wealth, provides a back-to-basics plan for getting started on the road to financial, freedom.

The time to act is now -- to preserve your financial well-being, secure your family's future, and ensure your peace of mind.

Financial expert and best-selling author Ric Edelman's 8-point plan will help you to:

Prepare for money emergencies by establishing a cash reserve, with tips on checking and savings accounts and safe places to stash that cash.

Provide for your family with the right kind of health, life, disability, long-term care, auto, homeowners, and liability insurance.

Preserve your assets with proper estate planning, from wills, titles, and trusts to probate, powers of attorney, and taxes.

Secure your home with a 30-year mortgage and do so while you still have a job and can get the loan.

Protect your income with the right questions to ask your employer about business continuity coverage, Phoenix plans, and other company-saving procedures.

Defend your business with key man coverage, cross training, data backups, off-site storage, consultants, and other strategies.

Help others in their time of need to make sure that no one is left behind.

Plan your next investment moves by developing carefully designed, highly diversified long-term portfolios that will weather any storm.

Reviews (14)

Simply Amazing
I was worried about what to do these days, and I was able to Ric's book in even less time than he wrote it. It is a very fast, easy read - and most importantly, it covers everything I needed to know right now. His writing style is friendly and accessible, and the book is filled with practical, usable information I can understand, about bank accounts, mortgages, insurance, even buying a home safe! I'll be acting on much of his advice immediately. I'm most impressed that he's giving all the money to charity. This book is a great contribution, not just to charity, but to all of us who need the information to handle these times and the confidence to get us through it. I strongly encourage you to read this, and share it with friends. I'm now going to read other books of his.

Well written book, gives great advice
With the evnets of 9/11, many of us don't know where to turn regarding our finances. This book will guide you with great advice. I'm glad I purchased it and will advise you to do the same. An easy read!!!

Helped me more than anything
I had the opportunity to buy another book by this author several years but now regretfully passed and watched by investments go down the drain as I followed advice from another financial author.

Edelmans book helped me to recoup those losses and get back on track. I have since added "The Truth About Money" and "Ordinary People Extraordinary Wealth." I also recommend "The Road to Wealth" and "The Laws of Money" by Suze Orman, another credible financial author.

don't rush to do any of this
Ric still assumes you can get 10% on investments. Right. And your Enron retirement plan will keep you cozy until you're 99.

An insurance salesman's dream!
This book should have been titled "Why you need to overinsure yourself rather than plan for retirement!" Ric uses life insurance *AS* his retirement plan and recommends you maintain enough insurance to provide an INCOME to your family. Not just pay off your debts and provide some cushion for your family, but to actually LIVE off the income. Geez, no wonder insurance rates are sky high! I can see a larger policy for a working man with a wife and young children to support -- so that his wife can have a few years to find her own way. But this man is advocating using life insurance for something it was never intended to be used for.

On top of that, he completely discounts just how much all this life and disability insurance costs. He maintains that if you can purchase a VCR and TV, you can someone find the money each month for all this insurance. Well let me tell you, I did just a basic search for the numbers he recommended for my family and we would pay out OVER $500 a month just for insurance! No thank you. We'll stick with our meager $100,000 whole life policy and the term policy for paying off the mortgage.

And that's another thing! I've never read a financial planning book that advocates not paying off your mortgage! His entire chapter about that was totally contrary to ALL the other advice out there and I couldn't disagree more. One should maintain the status quo, pay your debts, save, invest, and then pay off the morgage! Provide for your own retirement and stop using life insurance as your retirement plan. ... Read more

Amazon.com

Although sometimes derided as "plain vanilla" investments when more exotic financial flavors are the rage, mutual funds designed to mirror precisely the performance of a particular index like the Standard & Poor's 500--called, appropriately enough, index mutual funds--have performed solidly if not spectacularly ever since they were first made available to the public in 1976. In Earn More, Sleep Better: Investing with Index Funds, however, advertising executive Richard E. Evans and Princeton economics professor Burton G. Malkiel argue that these vehicles actually outperform most actively managed funds over time and should therefore be strongly considered by anyone who seeks investments with a simple foundation, low operating costs, and a profitable track record. "It is certainly true that the index-fund investor gives up the chance of boasting to one's golfing partners about the fantastic gains made by picking stock-market winners," they write. "But experience conclusively shows that index-fund buyers obtain results exceeding those of the typical fund managers." The book is divided into two parts: it first compares index and managed funds and discusses development of a relevant financial plan; its second explains how to create and monitor just such a portfolio in order to meet one's individual needs optimally. --Howard Rothman ... Read more

Reviews (5)

Best Book I Have Read on the Advantages of Index Funds
What is an index mutual fund? It is simply any mutual fund that simply mimics a stock index (such as the Standard & Poor's 500, the Mid Cap 400, or an international index). Many people equate these funds with the Vanguard Index 500 Fund, which John Bogle popularized, but many others offer the Standard & Poor's 500 as an index fund . . . and there are many other indexes you can buy mutual funds for. If you want to know more about this subject, this book has excellent explanations in chapter 14.

Let me begin by saying that this book has many flaws. An outstanding book on how to be a very successful index fund investor has yet to be written. But this book goes much further in that direction than any other book I have read on the subject. If you also read Stocks for the Long Run and Common Sense on Mutual Funds, I think these will clear up the missing elements in this book. Some embarrassing typos still remain, but they are annoying rather than fatal.

The book has two parts. The first part compares indexed mutual funds to nonindexed (or actively managed) mutual funds. The second part looks at 5 steps to creating greater wealth using indexed mutual funds.

The arguments in part one basically document that indexed mutual fund returns after taxes and after expenses have been higher than almost all managed (nonindexed) mutual funds over long time period. The reasons mostly relate to higher expenses due to management fees, marketing costs, and commissions caused by more turnover of stocks for the managed funds, disadvantages of a large portfolio for buying and selling, and inefficient tax effects of high turnover in taxable accounts. The authors also look at the effects of perfect information, and how much return you get for how much risk. These arguments are well done and accurate. Two elements that were new in this book included looking at the arguments that Peter Lynch and other active managers have made against indexed mutual funds, and looking at risk versus reward.

The five step process in the second part of the book is:

(1) Get a personal financial plan (with goals stated in dollar terms)

(2) Get a personal investment plan (a strategy to meet your goals)

(3) Invest with a diversified portfolio of index funds, tailored to fit your needs

(4) Get maximum benefits from the tax laws to delay and reduce taxes

(5) Buy and hold your portfolio, after starting as soon as possible.

Each of these points is somewhat detailed with descriptions of various ways to go about it, alternative sources of advice and information, and ways to make contacts with the advice and information. More could have been done on the first category, but the latter two were well done. The reasons for these factors are better explained in most cases in Stocks for the Long Run than here.

I particularly liked the advice to create a worldwide portfolio of indexed funds. Most books on indexing miss that point. The argument is flawed here, however, in only looking backward at what would have worked best in the past. If the rest of the world continues to grow its economies faster than the United States, the best returns will probably be from being overweighted into international indexed funds to reflect the future balance of market values rather than the current one.

The main weakness of the second part is that it lacks much quantification. But if you read the Bogle and Siegel books that I suggested above, those will more than fill in the gaps for you.

You should also be aware that recent evidence suggests that Malkiel's insistence on totally efficient equity markets is coming more and more into question. Our own research at Mitchell and Company supports the growing skepticism. However, active managers have been slow to adapt to the new information about where the markets are inefficient. Eventually, new indexed products should develop to take advantage of these inefficiencies. The main weakness seems to be a preference for basing indices on the financial data that active managers prefer. That's simply our old friend the disbelief stall in action. If the measures that active managers use do not beat the averages, why should indices based on those same measures be the best way to construct an index?

Like all books on index-based investing, this one is long on the arithmetic and short on the psychology needed to be successful. Most people know how to make more money than they do in stock market investing, but do the wrong thing anyway. Until someone makes a more psychologically appealing case for indexed mutual funds, most people will continue to favor the lower-performing nonindexed funds.

Convincing that the index funds are the best way to invest..
I certainly want my dollars invested to yield ME the most. The authors clearly show that managed funds do not put the investor first nor do they match or beat the index funds.

One word why most financial advisors and mutual fund company advertising do not trumpet index funds - greed - from the the money they skim off the top of your investment dollars in the managed funds.

A great book--the best I've read on this subject!
Here is a book on investing that is clear, practical and downright interesting. I've always been afraid of the market, but here, at last, is a book in simple English that makes things understandable. And it's not just information. It really is a guide for an investment strategy that has proven itself not just in this bull market but over the long haul.

Smart, easy to use information about investing in funds.
I came to this book for two good reasons. Now I come back to it regularly and I recommend it to others like me. I am an old pro in the advertising business but an amateur investor. My kids are out of school, business is thriving. I have some money to invest and no special feel for the market. This 270-page guide showed me how easy it is to build an investment program that could outperform most conventional "actively managed" mutual funds--and do it at lower risk. It is written in a conversational style, and intended for a wide range of people, from those who know little about investing to active investors.

The book has two parts. The first, documents the advantages of index mutual funds and explains why they will outperform conventional funds.

Part 2 explains "The 5 Giant Steps to Wealth." Here the reader is taken through a series of simple steps that can lead to a superior investment program. Topics include financial and investment planning, blending stocks and bonds, taxes, and timing. I learned the best way to build a diversified portfolio of index funds, balanced to fit my needs.

Evans explains that managers of conventional funds start out with too many strikes against them--invasive sales charges, higher costs, higher taxes, generally higher risk, and other factors. Most basic of all, he said, is human nature: "Whenever the manager of a conventional fund selects a particular stock to buy or sell, he or she is prediciting the future. Human beings do not have that ability. The times when it seems to work are largely a matter of luck--association, not causation."

I was first drawn to this book because I recognized one of its author. I hadn't spoken with Dick Evans in 15 years, he was my boss when I first broke into advertising. He taught me how to write simply, directly and humanly for some very persnickety corporate clients. Dick taught me how to make people want to read. So I picked the book off the shelf. But I bought this book because in it I found someone who would give me some markers, a simple way to make sense, and ultimately a profit out of the tumultuous and unpredictable stock market.

Dick writes like he talks and he's a compelling speaker. He frames his arguments in concise dramatic vignettes, tells you what you're going to learn, pokes and prods you into understanding, then sums it up before moving on. You travel on step at a time. You end up covering a lot of ground standing at some inescapable conclusions and some very simple how-to directions. This is the first investors guide I ever read all the way through. I did what it said. I sleep better. I wrote Dick a note of thanks. Now I can do back to being an advertising man. Read it and reap.

Blurbs from John Bogle & Beth Kobliner can`t save this book.
To begin with this reviewer owns index funds and most of them are Vanguard Index Funds. I have no problem with index investing but I do have a problem with this book. To begin with, guys, it`s Jason Zwieg at Money Magazine whom you quote not Jason Sweig.I know it`s a little bit picky but, hey, I put down some serious bucks for the book. Part one you proved your point. Index Funds beat most managed funds. Part two doesn`t do it. What I got was some hazy facts and figures and Burton Malkiel`s portfolio for a 30, 48 and 65 year old person. Should we be impressed? I mean he is the famous author of the book " A Random Walk Down Wall Street". Does he tell us how he thinks those portfolios did in the past---Not to my recollection. Does he tell us how he thinks they will do in the years to come? I don`t think so. And why only three different age groups---Is there something mysterious about the age 48 why not 50. Hey, how about Grandma and Grandpa age 75. Maybe we should write off 80 as you have been around too long. Richard Evans mentions 5 year rolling returns does he show me any--No---My point here is part two should be loaded with facts and figures not points on 401k plans, social security, and should I get an investment advisor. Those subjects are all fine but remeber this book is about index funds. I wonder if John Bogle really read this book. Beth kobliner author of "Get a Finacial Life" gave this book a blurb also---Sorry Beth I have life and this book needs help. ... Read more

Amazon.com

Everyone's looking for a special-purpose guru of some stripe or other, and Jon Markman is one of the better ones when it comes to researching investments that suit your personality and goals. Markman is known for his MSN investing column, and Online Investing is a more formal record of his ideas about investment selection, and a collection of his favorite Internet resources for investors. The result is quite good, though he more than anything else endorses careful thought and research over impulse. He also presents point and counterpoint wherever possible, leaving the decisions to readers. There are even fewer guarantees in investing than in other parts of life, but this book will help you approach the market as an informed individual investor.

Markman takes a three-pronged approach to investing. He first explains how model portfolios work, and the alternative philosophies (momentum, growth, value, and so on) on which they can be based. Second, he shows you how to assemble and track your own models. And third, he explores more explicitly some of the investor resources on the Internet. This is more than a catalog: for example, Markman comments on the characteristics and long-term performance of a number of investment newsletters. It's obvious that he does his research. --David Wall

Topics covered: Strategies for developing a personalized approach to individual investing, with emphasis on building a model portfolio (based on technical or fundamental analysis of shares) and researching potential investments with the help of online resources. ... Read more

Reviews (32)

Markman gives you all the tools needed to suceed
As a long time passive investor in 401 k's, 457's and IRA mutual funds, I felt a more active approach will be benifical as my my investment timeline shortens. Like many others I watched the 8 year bull market from the sidelines and wondered who was able to profit from runup in the narrow band of stocks that was propelling the Dow, S & P, and Nasdaq. Markman's book decsribes in clear, concise detail the most basic and the most detailed interworkings of " mechancial " investing. It's easy to buy a stock, the tough part is the correct time to sell. I followed the steps for months " on paper " with impressive results. After only one month in the real world of momentum investing, do I feel compelled to write this review. One month return - Nov 99 + 27%

The best book I've ever read on online investing.
I have been following Jon Markman's excellent work on the MSN MoneyCentral Investor web site for several months now. I am greatly impressed with his SuperModels investment strategies, which I have recently started to use. I bought Mr. Markman's new book "Online Investing" the day it came out and it is even better than I expected. The SuperModels are a set of specific technical and fundamental parameters to run on the stock screening tools on MSN Investor. Run the screen, buy the stocks, hold them a specific time period, then repeat the process. Mr. Markman's work in this area is superb and based on solid research, and the results have proven it. The first part of the book will tell you everything you need to know to implement the SuperModels in very little time. Mr. Markman then proceeds to provide the best guide I've seen to investment information and resources on the web. He even includes a clear, concise refresher on the most useful methods of fundamental and technical analysis. Mr. Markman has done a terrific job in organizing and helping readers benefit from the vast array of online information. Finally, Mr. Markman offers several investing plans which take as little as an hour a year to as much as an hour a day. Just follow the steps and you will be confident and in control of your investments. It has done that for me. I consider "Online Investing" the most valuable and useful investment book I own. It has my highest recommendation.

Second Rate
This guy has cost a lot of people a lot of money in the stock market. Fortunately I wasn't one of them. And yes it was their fault instead of his. But many are seduced by his methods since the implication is that winnning stocks may be selected by purely mechanical methods. The sections that deal specifically with the internet and how to find information are ok but the infomation is easily available elsewhere. The rest is not really up to par but will probably pass most people's inspection. Please just be skeptical and wise and realize that to take advantage of mechanical stock picking schemes requires a great deal of money or a fund of some kind. Statistically one may make money on the pot but buying a highly rated subset is seldom wise.
Also, using a little money to buy the pot almost always results in unacceptable transaction costs.

Proof that his systems don't work
Jon Markman's concept seems great, but in real life he (or anyone else) can't seem to get it to work.

Just read the first 2 chapters and you'll realize that this book is all about hindsight and probably would be very dangerous in a downward or sideways market.

He states that in 1998 & 1999 one of his model portfolios returned a 55% annual return from 1986-1999 with a standard deviation of 58%. The risk/reward ratio was too high so he tweaked it and now the results showed a return of 75% with a standard deviation of 72%. But in 2000 this model went down 39%. So he tweaked it again adding a NASDAQ market timing function where the NASDAQ has to be up a certian # to even decide to use the model. He keeps on tweaking a supposedly good model when something fails - which means if you've already used the model,you've probably lost money.

In his first chapter he talkes about the advantages of "model portfolios" that perform better because human emotions are not involved. Markman's mentor seems to be James P. O'Shaughnessy, as he mentions him in chapter 1 (author of "What works on Wall Street", "How to Retire Rich" and "Invest like the Best") - I have all three books. James O'Shaughnessy talkes about model portolios and backtesting scenarios that beat the S&P over 20, 30, 40 years.

Too bad "Online Investing" was written in 2001 because if this "model portfolio" thing really worked, why has Mr. O'Shaughnessy's mutual funds (which are supposed to buy stocks on successful back-tested models) performed so poorly? - Just look at any investment site to see his returns. Recently I read that he just sold his poorly performing funds to another financial firm. I guess the king of model portfolio's can't get his funds to follow his "historical performance".

One of the only nice things about "Online Investing" is that for a new investor, Markman narrows the masses of investment sites out there to a quality few. Use your own investment ideas and research them with the sites he point out. You'll probably make a lot more money

After reading the first few chapters and skimming throught the rest of the book, I realized this is a waste of time. I didn't finish the rest.

Serious Reservations with Markham's Systems
If you are considering purchasing a book to get you started in online investing, Markham's book is worth a look, but his advice should be taken with a great deal of skepticism. I have used Markham's recommendations to invest in stocks from the middle of 2000 through the middle of 2001 (when I liquidated my portfolio). Unfortunately, I cannot in good faith recommend this system for a novice investor (like myself), as I lost 65% of my beginning investment using this system exactly as specified.

There are several major problems with Markham's investment strategies for the novice investor, but most notably, there is a lack of discussion of risk and return, and an overemphasis on the use of these mechanical systems without what I consider to be proper testing. Markham only uses data that goes back 14 years (to 1986) to test this system. Why? Given the poor performance of these models over the last year, it's probably because these systems perform badly prior to 1986. I am not accusing Markham of being dishonest, but the narrow window of time over which Markham monitored the performance of these systems is suspect.

Using the Supermodel system requires the purchase of a significant stock spread, usually 10-15, to minimize risk. Most beginning investors do not have enough capital to invest in this number of stocks, and will select two or three, which substantially increases market risk. Beginning investors with less than $20,000 to invest are far better served by investing in broad index or even sector mutual funds.

I should mention two additional red flags: (1) Markham used to publish the results of Supermodel picks, but once the models started doing badly, MSN removed these results from the visible public view. They may be on the website somewhere, but I am hard pressed to say where. (2) Many of Markham's own stock picks have largely turned out to be atrocious money losers.

Caveat emptor! ... Read more

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. ... Read more

Reviews (14)

Best Work Available on Elliott Wave & Gann Approaches
Dynamic Trading is perhaps the best work available on the use of Elliott Wave and Gann approaches. Not only are the layout and examples clear and easy to follow, but their real-world application is extensively covered. Robert Miner has produced a seminal work in the practical use of Elliott Wave -- no easy task.

Miner clears the decks early by acknowledging that Elliott's "wave counts" work about 50% of the time. Thus, he does not resort to vague, exceptional wave counts and other fudging factors in an attempt to justify the Master's infallibility.

As a professional trader of almost 20 years, I attempted in the past to apply Elliott wave to daily and intraday trading and failed. I discounted Elliott principally due to the presentation by Elliot academicians.

I get the sense that most authors attempting to explain Elliott and Gann are theorists only and either do not want you to be able to trade using their interpretations or, in fact, are not traders. Miner has clearly been in the trenches, and his book makes the approach accessible.

Though Miner takes a less restricted approach to the interpretation of wave counts, his results are no less impressive. The author is very restrained in touting his software that accomplishes what is explained in depth in the book. However, all formulae (to my knowledge) are revealed and are adaptable to an Excel spreadsheet, which is what I have done.

Wave counts, Fibonacci retracements, time measures, trading strategies, an abundance of practical examples, and much more is covered.

The Wave Structures Check lists, Summaries of the Most Important Price Projections, Ratios by Wave, and Worksheets are invaluable and alone are worth the price of this book. If you trade or plan to, you should buy and study this book.

SOUND TRADING APPROACH
Robert Miner has done an excellent job integrating Elliott Wave, Gann, Fib ratios, and money management into a solid and sound trading approach.

I have had the opportunity to work with many traders and system developers and I recommend DYNAMIC TRADING as a quality product.

If you apply the material in this book your trading will improve!

Practical Trading Advice
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
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....
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 these sorts of things impress 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. ... Read more

Book Description

(Second edition expected to be released December 15, 1999 and will contain substantial enhancements)

This is the definitive book on stock option strategies.STOCK OPTIONS shows holders of compensatory stock options how to make the right choices and avoid costly mistakes.It is the first book to explain, in clear and understandable language, what options are, how they are taxed (including how to prepare IRS Form 1040), and how to maximize their value.

Written for the layperson, and a must read for employees who have employee stock options, STOCK OPTIONS is also used by CPA firms as a reference manual and training course for tax professionals.Michael R. Griesmer, CPA, a former senior tax manager at Arthur Andersen LLP, and now a tax partner at McClintock Accountancy Corporation, says: "STOCK OPTIONS is so comprehensive and insightful that tax professionals, financial planners, and investment advisors must read it or face the risk of embarrassment from clients knowing more about stock options than they do".

After reading STOCK OPTIONS, you will know:

* the differences between an incentive stock option (ISO) and a nonqualified stock option and how tax law treats them differently

* what happens on the date you exercise your option

* what happens on the date you sell the stock

* when to exercise options and hold the stock

* how to convert ordinary income into capital gain

* the significance of disqualifying vs. nondisqualifying dispositions

* that SEC-imposed restrictions may present you with a tax-saving opportunity

* when, why and how to shift taxable income to a different year

* how the alternative minimum tax affects the exercise of ISOs

* how the alternative minimum tax credit changes income tax planning

* how to pay the exercise price, without using cash, in a tax-deferred exchange of stock

* when to buy the stock rather than exercise an option early

* what reload options are and how they work

* what makes one option more valuable than another

* how to compare stock option packages from different employers

* what "substantial risk of forfeiture" means and why it's so important

* what is, and is not, a substantial risk of forfeiture

* the special tax rules when Section 16(b) of the Securities Exchange Act of 1934 applies

* that some optionees may exercise UNVESTED options--both nonqualified and incentive stock options

* when it's wise to exercise an UNVESTED option and why

* the risk involved in exercising an UNVESTED option

* the tax risk involved in merely asking the corporation for permission to exercise UNVESTED incentive stock options

* what a repurchase option is

* that the terms of a repurchase option can result in the stock being subject to a substantial risk of forfeiture

* the adverse tax consequences if the optionee exercises an option, makes a Section 83(b) election, and later forfeits the stock

* that you can make a Section 83(b) tax election after exercising UNVESTED options

* the income tax consequences of exercising an UNVESTED ISO and making a timely Section 83(b) tax election

Audit Proof Your Income Tax Return

Learn how to prepare a complete and accurate income tax return and make it audit proof.STOCK OPTIONS gives readers the upper hand against any IRS challenge. ... Read more

Reviews (33)

One of the few comprehensive accurate resources available
I found Pastore's "Stock Options" book to be an essential resource for any employee or entrepreneur needing to understand this very complex subject. It is one of the few comprehensive accurate resources available on the topic. While my book "Engineering Your Start-up" contains some overlapping material and more specific guidance to the entrepreneur in granting stock options, Pastore's book is an essential supplement. It is more complete in some areas, and is up-to-date on the related tax laws. The financial risk of not optimizing one's tax exposure in deciding when to exercise or sell stock options, for example, far exceeds the cost of this book. I recommended to all my friends who have any stock options at all, to buy, read, and keep this book for future reference.

Excellent, easy to understand guide to stock options
I really enjoyed this book, it is a straighforward guide written in a style for the average person. Reading about taxes is about the last thing I want to do but this book made understanding my "options" regarding my employee stock options easy. I used the knowledge from the book in working out the best tax saving strategy with my CPA. This one actually saved me money.

Helped me
This book helped me greatly with some stock options I got from my work. I had NSO stock and had not idea how the taxes worked out on it and when the best time was to exercise.
Well this book, I made a good decision and made $80,000 on my stock options.

Very informative, technical, and dry.
Just the book I was looking for in 1999. I applaud Pastore's contribution of clear explanations regarding the types of stock options, tax implications, etc. I used the knowledge gained to weed out prospective financial advisors during interviews. You'd be surprised how many of them don't understand tax law when it comes to employee stock options.

Abundance of useful information, Very easy to read
This book is the most efficient piece of writing on the taxation of stock options that I have read. I can extract more useful information with less effort than from any other source. The book explains the taxation of stock options in plain English. Anyone who has been granted stock options or who is an advisor to people with stock options should consider adding this book to his or her library. ... Read more

Reviews (21)

My first investment book
Although you don't hear too much about Marty Zweig anymore, in the late 80's and early 90's he was the authoritive voice in investing and in my book, still is.

This book was my first investment book. Showed me how to make money in any market and how to do it on my own without listening to pitched from brokers and other commissioned financial people.

This book is still a winner. Highly recommended.

Quick Read; very informative; not boring
This book is a quick and interesting read, and Zweig does a good job of demonstrating and describing his strategies and models to the everyday, stock market layman. This book, and others by Zweig, have been and were recommended to me by several money managers, whom I know to be very successful in their careers. The thing I will take most from this book is Zweig's instruction on how he uses contrarian indicators (specific ones that he finds the most critical) to predict market behavior.

a good piece of common-sense
Gives an insight in mindset of a succesful investor/trader and quite a few original perspectives about the stock market. Highly recommended, even if sometimes sounds like a generation old.

Zweig's Indicators are Not Infallible
Even though Zweig's prime rate indicator has performed well in the past (giving excellent buy/sell signals); it would not have kept you out of the recent bear market. For example, using this indicator alone (which Zweig recommends you can do), you would have been invested in the market on February 1, 2001 (the last buy signal). As a result, you would have suffered the market's incredible drop (as the sell signal never occurred). I haven't backtested his other indicators (or super model) on recent market data, but, I am assuming that these indicators also failed (please let me know if I am wrong). One never expects 100% accuracy, yet, on the otherhand, you want an indicator to do its job when its necessary. Conclusion: technical/monetary indicators are not infallible, not even Zweig's.

Nice book, but why lackluster funds
This is a seductive book since it appears to provide useful guides that will enable the investor to time the market. It is by no means a simple scheme, and based on the information provided, seems pretty foolproof. Trouble is, the data stops at 1990, just when things got interesting in the market, and has not been updated. The other troubling and puzzling thing is that Zweig's own mutual funds have not been star performers and his market letter was discontinued years ago. ... Read more

Book Description

HOW WARREN BUFFETT DID IT -- AND HOW YOU CAN TOO

In the world of investing, the name Warren Buffett is synonymous with success and prosperity. Building from the ground up, Buffett chose wisely and picked his stocks with care, in turn amassing the huge fortune for which he is now famous. Mary Buffett, former daughter-in-law of this legendary financial genius and a successful businesswoman in her own right, has teamed up with noted Buffettologist David Clark to create Buffettology, a one-of-a-kind investment guide that explains the winning strategies of the master.

* Learn how to approach investing the way Buffett does, based on the authors' firsthand knowledge of the secrets that have made Buffett the world's second wealthiest man
* Use Buffett's proven method of investing in stocks that will continue to grow over time
* Master the straightforward mathematical equipments that assist Buffett in making investments
* Examine the kinds of companies that capture Buffett's interest, and learn how you can use this information to make your own investment choices of the future

Complete with profiles of fifty-four "Buffett companies" -- companies in which Buffett has invested and which the authors believe he continues to follow -- Buffettology can show any investor, from beginner to savvy pro, how to create a profitable portfolio. ... Read more

Reviews (85)

Some possible clarifications
I liked reading Buffettology. I'm somewhat new to investing and found the principles of valuation enlightening. However, there are some necessary clarifications for the naive like me and others. First, I don't think the small time investor could ever even approach Buffett's record (not even a 15 % compounding rate of return). He's the only one in history to have achieved his remarkable rates of return over 30 odd years. Secondly, Buffett is not a mutual fund mananger but a business acquirer who applies the principles of value investing. It becomes easier to earn higher rates of return when you have the power to influence the direction of major management decisions. This is how he adds value for the shareholders and is one of the less discussed "ingredients" in Chef Buffetts arsenal. With these ideas in mind, the small time investor without the enormous capital required to acquire a major holding in a business could be undertaking high risk when building a concentrated portfolio. Therefore, a stock picking strategy may not work for us. So I would say that with the right perspective this book is valuable, but should be read with a cautious eye. I would like to hear from any small time investor who has succeeded(achieved a 15 % rate of return or higher over 15 years)using a concentrated portfolio and a value investing strategy.

a book with full of mistakes and stupility
i can't imagine anyone could misunderstand warren buffett and misled readers by that much, like a student from elementary school trying to explain what is the practical meaning of calculus.

don't follow it, instead, read the essays of warren buffett and you can tell the difference between truth and fake.

i would have given negative grad if there had such.

Ex-Buffett on Buffett
Probably the best of the Buffett books. Mary isn't part of the Buffett gang anymore, so she doesn't have anything to protect, just plenty to tell.
Mary Buffett and David Clark spell out Buffett's methodology as well as anybody. But once you get into the meat of the book, you realize that Buffett had (and has) a lot of advantages over most other investors. That, in and of itself, doesn't take away from the genius behind the method, just that you aren't going to approximate his returns without a lot of luck.
Particularly interesting is that many of his "great" purchases were made either when the market had momentarily beaten down a good company, or when the market in general was on the ropes. Both situations recall the sage advice to "buy when blood is running in the streets." Sadly, most investors are usually loaded up with stocks (and paper losses) and without the wherewithal to buy more when these panics hit.
That's where Buffett's business strategy comes in. By investing heavily in insurance companies early and often, he's the beneficiary of a steady stream of cash, ready to be put to use whenever the opportunity presents itself.
The authors' advice to mimic Buffett in seeking out consumer "monopolies" with intangible assets is good; "an unregulated monopoly that the world hasn't recognized yet," as they say. However, thousands of Wall Street's brightest are hard at work all day and into the night looking for those same jewels. So you'll have plenty of competition.

Two problems arise from this type of book. The first is that the assumptions made about the expected growth of earnings/dividends over the course of the next 10 years can easily go astray. The business environment is changing rapidly. Long-range predictions haven't held up well recently (and frequently don't). The second problem is one of practicality. Do you actually have the resources and time to do the footwork that a Buffett or a Peter Lynch can do? If so, then maybe you'll be the next superstar. Otherwise, you'll have to find an easier way of going after that 20+% return year after year.

84 reviews...let me simplify
I am weeding out my investment book collection and thought I would read the reviews of the books I am donating to the local library. This is one.

I have owned this book since it was first published. At inception it does two things well. It teaches you how to use a TI business calculator to figure expected potential returns using growth factors and, it is fun to look at the author's analysis of some of Mr. Buffett's prior common stock investments.

Many years have passed. The rules have changed, and by his own admission, Mr. Buffet's strategy has changed.

While Mr. Buffett has stated that his favorite holding period is forever, the reality is he only holds WHOLE BUSINESSes forever, because he gets to allocate all of the CASH that the business doesn't need to reinvest.

The concept of future returns and intrinsic value is an academic exercise in what "ought to be". This book takes one method of future pricing by extrapolating estimated growth rates into the future and applying a 10 year average P/E. It makes no allowance for declines in ROE, future growth rates or true free cash flow. In essence, this is speculation, arithmetic style but, not unlike most major brokerage reports present.

If you are willing to sit down and think about it, stocks are paper and have no real value unless you can purchase a controlling interest or get a cash dividend that exceeds you opportunity cost plus a round-trip commission.

Don't believe me, look in Barron's on any week at the 144 filings. You and I are sold a 100 share position for x$ for our IRA yet the principals of the company we just "invested" in sold thousands of shares (via option grants) for tens of millions of dollars. A 100 shares of stock is worth only what someone else is willing to pay for it.

Anyway. This books value is teaching you how to use a TI calculator. The book is now 8 years old. The "efficient market" has absorbed the analysis and Mr. Buffett has bought entire companies so he can get all the cash. Focus on cash on cash returns in excess of the rate of inflation. Good luck. ...

It's good - but "The New Buffettology" surpasses it.
I have amassed a total of 7 Buffett-books to date.When i first read "Buffettology" a few years back,it immediately became my favourite - for it's simple explanation of the commonsense but unappreciated strategy that has made Buffett so successful.

However,i have only given it three stars,because althou it contains insightful thoughts in its own right,the authors subsequently went on to outdo themselves in THE NEW BUFFETTOLOGY. Not only did they explain his strategy even more potently(in my view),but whilst "Buffettology" was written before the stockmarket-bubble (of the late nineties) had burst,"The New Buffettology" was written afterwards - so you get the extra benefit of seeing how Warren played that post-bubble period,on top of the text's extra potency.

So yes,"Buffettology" is good,but it is surpassed by "THE NEW BUFFETTOLOGY". ... Read more

Amazon.com

Buy low, sell high. Sounds simple? Hardly. As most traders will tell you, finding the right entry and exit points in a market is too often a stressful and even gut-wrenching experience. Ari Kiev, author of Trading to Win, wants to change all that. Kiev spent five years with a group of professional traders at SAC Capital Management, a $500 million hedge fund, studying the psychological and emotional aspects of what makes for a successful trader. Kiev found that what hinders many traders is ego, fear, emotion, and "false beliefs about yourself and the markets." Gaining mastery as a trader means seeing "the market as it is, not as a reference point for your own existence." Kiev advocates a disciplined, Zen-like approach to the markets that begins with articulating a specific goal then committing oneself to attaining that goal in the most objective way possible, overcoming the emotional baggage that too often leads to poor decision-making. Trading to Win is for professional and amateur traders of every stripe who are looking for insight into their own behavior and approach to the markets. --Harry C. Edwards ... Read more

Reviews (35)

The Softer Side of Trading
Ari Kiev's book Trading to Win might seem like just psycho-babble to some traders. That is odd, given that some of these same critics are devout followers of technical analysis, which premises that psychology factors firmly into market movements. Why then is it such heresy to believe that you can improve the performance of a trader by working on his psychology?

It is not a strange concept to Steve Cohen, who hired Ari Kiev as a "trading coach" for his hedge fund S.A.C. Kiev, who was profiled in Jack Schwager's Stock Market Wizards , teaches that traders need to stretch themselves in the goals they set. They also need to eliminate the negative thinking that prevents them from reaching those goals. Much of Trading to Win is thus actually "common sense" (as is most psychology, it seems), but sometimes it is useful to hear someone reiterate sound principles.

One principle for which critics have taken Kiev to task is his suggestion that traders should set or raise their profit goals, which seems like a veritable "no no" from a risk management perspective. The criticism misses the fact, however, that Kiev is really saying that raising your performance goals means raising your work ethic. What are you going to do to raise your game? Squeezing out extra percentage points of return requires getting onto the trading floor hours earlier (or hours later) than you normally would-and researching companies more assiduously on paper or by working the phones harder. Moreover, Kiev actually recommends stricter risk management through such time-tested techniques as understanding your reasons for each trade, as well as the setting of target entry and exit prices. He also wants you to figure out if fears and doubts are keeping you from cutting your losses and riding your winners.

This book is clearly not for everyone; it is easily too "touchy feely" for traders concerned solely with the quantitative or more tangible aspects of trading. Kiev also tends to float heavily from topic to topic, often without a clear path. But for those traders who wonder how "fixing their heads" might result in greater success, Trading to Win is definitely worth a read.

A "how to" on Life.....oh, and trading too.
If you've read any books on zen or books like the The Inner Game of Tennis and came away with a little something extra then this book will fit perfectly into your library of READ books. For me, it was really a book about trusting your yourself, your gut, trusting your feal and not getting sidetracked by the conscious brain, anxiety, down days, trusting the work you've put into something, understanding your anxiety, not running from your fears, but rather coddling them, and not letting them run your decision making process. Yes, it's a 'how to' for trading, but its also something a little more intelligent (useful for the real world too). By reading this book, you put your faith in Ari and his successful devotees such as Steve Cohen (forward) who have been incredibly successful in trusting their feal and you learn to trust yourself. Yes, some people have better feal than others. But, what trade to win tries to impress that will help you get closer to victory is that its the trusting yourself (not getting sidetracked), visualizing, taking calculated positions-not gambling, setting realistic/yet stretch goals that help you steadily build up your success rate (applicable really to anything, not just trading). Put it this way, I found so much of value in this book on trading, analysis, and life, that the book is totally marked up and I'm probably going to HAVE to buy another copy. Really worth while for amateur traders, pro traders, non-traders, portfolio managers and analysts alike, and anybody for that matter.

A So-So Book
I am a professional day and swing trader. I didn't find this book to be particularly helpful because of the disorganized way in which it was written. Also it offers so many rules and guidelines that it is confusing to one as to which is more importnant. The author also tries to impress one with the profit size of his "students", throwing around figures like $20,000 to $30,000 in profits a day that his students or clients generate. I agree with another reviewer that these for the most part is meaningless as one needs to figure return on assets to really judge how well one is doing. I have read a much better book on trading psychology and this one really analyses why we make the mistakes so common in trading. Getting to the root of the problem has helped me to improve my trading. I am now in my third year in this business and hope to be in it for a lifetime.

the emperor has no clothes
Synopsis: A psychiatrist with a clinical understanding of emotional state control but no real trading experience picks the brains of fund managers who aren't making enough money with their trading (or perhaps SAC capital is doing so well they want to improve the trading skills of their direct competitors out of charity). The blurbs suggest this book is for institutional traders and advanced investors. This is similar to the hollywood tactic of purposely making a movie rated R to give it more appeal to the 14 year olds it is marketed to. Real traders laugh at books like this for the same reason that casinos laugh at books on how to win at blackjack.

In my opinion Kiev is guilty of perpetrating a trading fantasy for the purpose of drawing in flakes and dreamers. One of the ways he does this is by constantly referring to big dollar amounts. There are countless examples, but let's just take one: Max, the guy who always seems to top out at 300K a month. Is this a great performance or a lousy one? It's impossible to tell without knowing the initial base of trading capital. If Max is trading with three million dollars, then 300K is a phenomenal monthly return (10%). If he is trading with thirty million, then his average is somewhere between ok and lousy, and if Max is running a hundred mil, then 300K a month is downright pathetic. In other words, RAW DOLLAR AMOUNTS DO NOT MATTER AS A MEASUREMENT OF PERFORMANCE. ONLY RETURN ON INVESTMENT AS A PERCENTAGE OF INITIAL CAPITAL AT RISK MATTERS AS A MEASUREMENT OF PERFORMANCE. Any trader worth his salt has to know this. Kiev's information sources at SAC capital management have to know this. So why does Kiev insist on throwing around meaningless dollar amounts instead of using more useful percentages of return? Because he wants to impress, that's why. $300,000 a month, regardless of the actual percentage return it represents, sounds like the exotic big leagues to the average guy with $2,000 in his online brokerage account. Readers of this book are supposed to go "ooh" and "ahhhh." and not think about the fact that these numbers are meaningless and calculated only to feed the fantasy and mask the reality.

While the breathing exercises are sort of fun, a lot of the advice in this book is ridiculous. For example, here is this nugget for the out of control types: "If you are a compulsive trader who frequently blows up...go back to making $5,000 to $10,000 a day and you will soon be successful." Never mind that Kiev has no idea what your problem is, what your trading size is, or even how much is in your trading account in the first place. All you have to do is go back to six figures a month and you will soon(!) be successful. The trader examples sprinkled throughout the book are often contradictory and no effort is taken to reconcile them. Bill is too distracted by noise and information and doesn't listen to his own inner guide, but Bob isn't making enough use of his information networks and should talk more to the analysts. Rick is always getting out too soon and doesn't have the courage to hold on to a good trade, but Jack holds on to long and doesn't know when to take a profit. And so on.

To make things worse, some of the advice in this book is not just bad, it is downright dangerous. For example, Kiev states that "you've got to decide in advance that this is going to be a $10,000 or $20,000 day; having decided that, you're going to have to trade in such a way as to make that a reality." I cannot stress enough how utterly, completely off base this advice is. Overtrading, and/or the need to feel that money should be taken out of the market every day like a normal job, even on days when clear opportunities aren't there, is one of the biggest problems that affects professional traders. When there are no clear opportunities, what do you do? You don't trade. You never try and force something that isn't there. When you have the mindset that "the market has to give me X dollars today," you are already dead because a) you are focusing on the money, b) you are in danger of compromising your technique, and c) you are imposing your wishes on the market before you start. Mr. Kiev is approaching trading the same way he approached his athletes, that you can get what you want if you just want it bad enough. That's great for sports motivation, but in the markets it will get you killed.

"A must read"
"Trading to Win" is a must read for traders of all levels. By using many different traders as case studies, Dr. Kiev enables the reader to identify w/ different trading scenarios he/she may have encountered in the markets. Furthermore, this book teaches you how to maximize your ability to exercise control in volatile markets. "Trading to Win" is an excellent tool for all traders and should be used as a reference not once, but many times. ... Read more

Book Description

"Covered Call Writing With Qs And Diamonds: Double-Digit Returns on Ready-Made Portfolios" is not just another new book about covered call writing. It is a highly focused and readily understandable educational tool with a unique easy-to-follow implementation program. It is designed for investors who either do not have the time or the desire to research individual stocks and administer such a portfolio, yet who seek an opportunity to achieve double-digit investment returns by using covered call writing.

Ownership of the ready-made portfolios available to you with the Qs (ticker symbol QQQ: the 100 largest companies on the Nasdaq) and Diamonds (ticker symbol DIA: the stocks composing the Dow Jones Industrial Average) eliminate the need for stock research. And, the call writing choices you have available to you with them are far broader than any individual stocks, making them the perfect equity investment to use in conjunction with covered call writing. The book delves deeply into the subject of how to obtain double-digit returns from both out-of-the-money calls and in-the-money calls. It also provides short-term technical analysis tools to assist in guiding market forecasts and making appropriate call writing decisions.

On May 3, 2003 after the annual meeting of his company, Warren Buffett (Chairman of Berkshire Hathaway) said to Maria Bartiromo of CNBC: "If you own equities, over the next twenty or thirty years you’ll get a reasonable return...maybe its 6%, maybe its 7%. People who expect 15% a year are doomed to disappointment." If you believe that "The Oracle of Omaha" is right about a slow-growth market for decades to come, then everything that you need as an investor is here for you in this book to develop and implement a covered call writing program using two of the world’s most liquid, highly diversified equity portfolios.

THE BOOK PROVIDES:

* The case for using the Nasdaq-100 Index Tracking Stock (tracks the top 100 Nasdaq stocks in market capitalization), also known as the "Qs" or "Cubes," and the Diamonds Trust Series 1 (tracks the Dow Jones Industrial Average), known simply as Diamonds, for total or substantial portfolio comp