Book Description

The Wall Street Journal Guide to Understanding Money & Investing initiates you into the mysteries of the financial pages -- buying stocks, bonds, mutual funds, futures and options, spotting trends and evaluating companies. For those who are curious but intimidated by everyday financial jargon, this guide offers a literate, forthright and lively alternative. ... Read more

Reviews (50)

Incomplete and Misleading Basic Definitions
To me a guide from a brand name source like The Wall Street Journal should always elucidate and never mislead. If this book were called a dictionary of money and investing, I would give it a five star rating. For it works well as a dictionary. In fact, it is better than a dictionary because the explanations are clearer, more detailed, and better illustrated.

In the sections on what money, stocks, bonds, mutual funds, and economic indicators are, the book functions as that five star dictionary.

Within each section beginning with stocks, the "guide" also begins to guide you in subtle ways that can cause you harm. Let me cite a few examples. The guide seems to suggest that when the market is going up, a company's earnings are doing well, and interest rates are not rising that is a good time to buy a stock. The illustrated graph seems to show other times when it is good not to buy stocks. As such, it suggests the mentality of buying and selling stocks to catch cycles. Yet research has shown that few people can master that process, so those who try will tend to do less well than those who buy and hold.

Another example is in failing to discuss the role of management fees, expenses, portfolio turnover, and diversification on which mutual fund to pick. As John Bogle shows in Common Sense on Mutual Funds, these are very important factors to consider. Yet they are not defined or cited.

The book also teaches people a little about short selling, commodities, futures, and other exotic investments. The book fails to point out that these are well beyond the skill of the average investor, and that many people get hurt in these areas. Basically, this is like a book of definitions about poisonous snakes that fails to mention that the snakes are poisonous if they bite you.

Other obvious omissions included no mention of tracking stocks, ADRs in the stock section (you find the definition in International markets, where to me it fits less well), the differences in discount brokers, electronic trading choices, and how to find information about stocks on the Internet (the only source cited in the SEC).

The focus is overly on the U.S. with only a small section on international securities. The area of interest rate futures, where Europe dominates, is barely referred to in this book.

Some of the information is just plain out of date. NAIC is cited as being the National Association of Investment Clubs. I believe it dropped that name over 10 years ago although it still goes by NAIC. The guide refers to there being 37,000 investment clubs in the U.S. I think that number was exceeded many years ago.

Further, much of the information is basically about how to read economic statistics. Many people would argue technical analysis is at least as important as economic statistics, but nothing about technical analysis is included in the book.

If you want to learn about investing, you need to know investing principles more than you need to know these terms (such as the various aspects of a stock certificate's printing and engraving). You will find most of the relevant terms covered in basic investing books like Louis Engel's book, How to Buy Stocks. You would be far better off reading ChangeWave Investing, Common Sense on Mutual Funds, and Rich Dad, Poor Dad's Investment Guide than this book for getting a sense of what the basic investing issues are.

Overcome your misconception that anything with The Wall Street Journal's name on it is bound to be the best resource. Certainly, that isn't true in this case.

My suggestion is that The Wall Street Journal revise this book and either cut it back into being an expanded dictionary, or expand it into an investing guide worthy of its name.

A foundation for investing.
I purchased this book six years ago so that I could start down the long road of learning how to invest my money. It is far and away the best beginning level investment book that I have ever seen! THE GOOD: 1) It starts from the beginning! It begins by explaining money, the Federal Reserve, and economic cycles. From there it moves on to stocks, bonds, mutual funds and futures & options. 2) It is simple! With its colored charts, simple paragraphs and real world examples even grade school kids can understand the concepts presented here. 3) It is concise! It gives you enough information so that you completely understand the concept, yet it does it in two pages! No more wading through economic textbooks looking for the meaning of "price/earning ratio." THE BAD: 1) It starts from the beginning. If you already know about money cycles, common and preferred stock or U.S. Treasury bonds then this book may bore you. 2) It is simple. Don't go looking for too much detail here. If you want detailed information about which mutual find to buy, look elsewhere. 3) It is concise. Once it covers the basics it ends. If you already know the basics, then you could be considered a graduate of this book. OVERALL: The title really says it all: it is a guide to understanding money and understanding investing. Once you understand the concepts you can move on to more detailed books.

The Best
As many have said in their reviews, this is a great starting point for those new to investing and financial markets. In fact, it's the best I've ever found and I've looked a lot. The simple, plain English explanations are what makes this book stand out. For the nuances and more detailed information regarding the topics in the book, look to a textbook from a college finance class. But for the person who knows very little, start with this.

Good for beginner investors
If you are new to investing and need a simple primer, read this book. It's well organized and written. Those that have invested for a while will find this book simplistic. Nevertheless, I think every beginning investor should get a copy and read it.

This is My Bible
Even now, after much study of investing, I always come back to this book for clarification. Consider this book as the very basic starting point for all other investing knowledge.

YOU CANNOT GO WRONG WITH THIS BOOK!!!! ... Read more

Book Description

The premise of the text is that students learn financial statement analysis most effectively by performing the analysis on actual companies. Students learn to integrate concepts from economics, business strategy, accounting, and other business disciplines. The text is designed for courses on financial statement analysis and financial reporting found in accounting, finance, and economics departments. ... Read more

Reviews (8)

Good Book for Executives and Students
This is good Financial Reporting and Analysis book. Some chapters have been presented in a bit confusing way, overall it deserves good rating.

Great book for executives-students
A good book and great resource for someone interested in viewing FSA broadly. The authors do not forget the importance of accounting and reporting to analysis, however. Very current.

a really bad and confusing book
Students in search of a good book on financial statements should look at "The analysis and Use of financial statements" from White/Sondhi/Fried. Professor Stickney seems more interested in making money than in writing a decent book

Found the book a nice balance between reporting and analysis
As someone who wants finance, accounting, and strategy all in one book, this does a nice job of integrating things. Current examples are great. Access to solutions to cases would be most helpful

broad, limited illustrations of case problems
For someone with just the basic knowledge of accounting or finance, this book would certainly pose a challenge- especially with the case problems. ... Read more

Book Description

Learn what makes a client trust you to be their financial advisor.

Put the power of story telling into selling financial products.The authors explain the process of making these intuitive connections, then translate their findings into understandable and practical strategies that any financial professional can use.They present actual stories, including many by Warren Buffet, one of the greatest "storysellers" of all time.These actual stories can help financial pros tap into the "gut reaction" of different types of clients. the book also includes special topics on communicating to women, the 50+ market, and the affluent. ... Read more

Reviews (13)

Buy it now
This is an absolute must read for financial professionals. This book has helped me to greatly improved my practice. I now use anecdotes, stories, and analogies rather than ledgers and charts. Your clients will love your new, easy to understand approach.

Must Have, Must Read!
This book explains why some very smart people fail to achieve their potential in this fascinating and competitive industry: They do not connect with their clients at the level where decisions are made. Smart investment professionals who truly want to succeed need to integrate every idea and technique it contains so they can help their clients overcome their fears of investing and move confidently toward their financial goals. As a certified financial planner, president of a securities firm, and industry veteran of fifteen years, I immediately recognized the tremendous value of this book. I ordered Storyselling for every investment representative in our company and for each executive in our financial services group.

Great for Professional Financial Advisors
I think you will find something useful in this excellent book. Anyone involved in direct client contact must to make the investment in this book. Storyselling is an absolute must read for financial professionals. You are able to use anecdotes, stories, and analogies rather than ledgers and charts. Your clients will love your new, easy to understand approach. This book provides many ways to explain difficult concepts to the average investor. I strongly recommend this book to anyone in the financial services profession. Storyselling illustrates for us how to connect with customers on the emotional plane through stories.

Disappointed
I was really disappointed with this book. I was looking for a book that would help me structure my presentation and give me a pool of metaphors and analogies that I could use to help clients understanding. Whilst the end of the book contains maybe 25 metaphor presentations on various topics (diversification, why use an adviser, bear markets etc.) the rest of the book is pretty much filler.
Quotes take up half of nearly every page.

There are chapters that discuss presenting to the 65+ market and to women that contain very little useful information.

There's a frustrating section discussing the "science" behind storyselling.[

This book isn't worth $5, let alone the $30 it retails for.]

Something for Everyone
No matter how long you have been in the financial world, I suspect you will find something useful in this excellent book. As a financial professional, a strong analytical side is imperative... but this but book is a great reminder that you need to connect with your clients and prospects on other levels as well. For veteran sales people, much of this will probably be old hat, but there are lots of specific examples, many of which I have begun to incorporate into my own presentations. Even one good idea will more than compensate for the cost of the book and your time and I suspect that most people will get far more than one. I encourage anyone involved in direct client contact to make the investment in this book. ... Read more

Book Description

Every day, stocks, bonds, and currencies bounce wildly in response to new economic indicators. Money managers obsess over those statistics, because they provide crucial clues about the future of the economy and the financial markets.

Now you can use these indicators to make smarter investment decisions, just like the professionals do.You don't need an economics degree, or a CPA... just this easy-to-use book.

Former TIME Magazine senior economics reporter Bernard Baumohl has done the impossible: he's made economic indicators fascinating.

Using real-world examples and stories,Baumohl illuminates every U.S. and foreign indicator that matters.Where to find them.What they look like. What the insiders know about their track records. And exactly how to interpret them.

Whether you're an investor,broker, portfolio manager, researcher, journalist,or student, you'll find this book indispensable.Nobody can predict the future with certainty. But The Secrets of Economic Indicators will get you as close as humanly possible.

What the numbers really mean...

...to stocks, bonds, rates, currencies, and you

Ahead of the curve: spotting turning points

Calling recessions and recoveries in time to profit from them

Leading indicators: where's the economy really heading

Decoding initial unemployment claims, housing starts, the yield curve, and other predictors

Beyond the borders

Why foreign indicators are increasingly important—and how to use them

Making sense of indicators in conflict

What to do when the numbers disagree

Finding the data

Free web resources for the latest economic data ... Read more

Book Description

In clear, simple language, The Real Estate Investor's Guide helps real estate professionals and property owners understand the complicated area of real estateinvestment tax law.Containing practical tax planning strategies, sample forms, and warnings about costly planning errors, this is a must-have reference formaking sound investment statagies.This guide also discusses taxation at the time of sale, like-kind exchange rules, real estate investment during troubled times, and applying the passive loss regulations. ... Read more

Reviews (3)

Required Reading for every real estate investor
This Third Edition is a great book for all real estate investors, whether yoa are an agent or not. In fact I think that is more valuable for the knowledgeable investor. The author is a CPA and real estate broker, who has written a marvelous book relating the Federal Tax code to real estate applications. There are chapters on Personal Residence Exclusion of $250,000/$500,000, Capital Gains, and Installment Sales. you will find detail in this book that is not present in any other tax book for real estate investors.

There are 4 chapters on the Section 1031 Like Kind exchange alone. There are also 4 chapters on the Passive Loss Rules. In addition there are other chapters on Home Mortgage Deduction, Depreciation, and the Home Office. The text is easy to read and very informative. There are lots of Tips throughout all the chapters advising the reader of good things to do as well as inadvisable tactics. Dealer Status is covered all too briefly in my opinion, as I would have liked to seen more on that subject. I would also have liked to seen more on corporations and there is no mention of Limited Liability Companies. But despite these shortcomings the book is excellent and covers the topics in good detail. This is obviously a dry subject and reading the manuals and guidelines can sometimes give one a headache. But with this book no aspirin is needed. This book is a must for any serious real estate investor, whether you do your taxes yourself or hire a professional. This book should be required reading before you get your real estate investor secret decoder ring.

Excellent details
This book is not meant to be read cover-to-cover. It would take a very patient and determined reader to go through every example and exception and tax detail. However, it is in these details that this book stands out. The language used is straightforward, the examples are well thought-out and realistic. Use the book more like a reference - go directly to the chapter related to your intended transaction; the chapters are quite self-contained.

I believe this book is a necessary addition to any real-estate investor's library. Spending 30 minutes reviewing the chapter related to your contemplated real-estate transaction will fill you with ideas for suitable tax strategies.

Practical and Understandable Tax Advice About Real Estate
This 3rd edition of Vern Hoven's book is an excellent reference for real estate brokers and agents. I have given it as a Christmas present to all my agents. I have also alerted a client to a potential tax problem his CPA overlooked, but I recognized as a result of reading this book.

I have used this tax guide as the main reference in writing a continuing education course on the subject of IRS section 1031 tax deferred exchanges. Vern does the most thorough job of covering this subject that I have read.

Vern covers the timing and consequence of most real estate transactions. He also covers personal tax consequences, such as "office-in-home" rules, which apply to real estate agents.

I recomemnd this book highly in all the real estate courses I teach and sometimes use it as a prize in classroom games. Whether you are a real estate investor or agent you should read this book and keep it near your desk. ... Read more

Book Description

Is it possible for a company to grow its revenues and profits by 10percent ormore for atleast ten consecutive years, not counting acquisitions? That’s an incrediblyhigh bar forgrowth and profitability, one that 99.99 percent of American companies can’tmeet— including the famous ones that routinely land on magazine covers.

Management expert Jason Jennings screened 100,000 companies to identify ninelittle- known firms that have delivered stellar performance for a full decade or more,despite theups and downs of the economy. And, as he reveals in his new book, thesesuperstars havea lot in common despite their wide range of industries, which includes software,foodservices, medical supplies, and sporting goods.

It turns out that the best long-term performers all combine the strengths of abigorganization with the hunger of a start-up. They build excellent relationshipswith theircustomers, suppliers, workers, and shareholders. They groom future leaders atall levels.They balance their short-term goals with their long-term visions. And they teachtheirmanagers to get their hands dirty.

Jennings did extensive interviews at his nine featured companies to find outexactly howthey consistently increase revenue and profits without using manipulation orgimmickry.He reveals their unique approach to leadership and shows how any company, nomatterwhat size or industry, can benefit from following their examples.

Think Big, Act Small may be the most powerful management book sinceGood to Great and Execution. ... Read more

Reviews (3)

A Business Novel--Read for Pleasure, Read for Profit
Telling the stories of nine companies, in a manner both fascinating and insightful, Jennings's has created a true business novel.You'll want to take this book on vacation for pleasure and then bring it home for profit.

Prudent Business Advice for any Business
I can't remember the last time I've considered a business non-fiction book a "page turner", but Jason Jennings has accomplished what very few writers in this genre do. His wit, combined with articulate facts, make "Think Big, Act Small" a much better read than similar books. However, what really encapsulated me were candid, yet invigorating details about what differentiates so-so businesses from the shockingly sparse few companies who actually maintain steady, consecutive growth along with increased profits year after year. Free from scandal, quiet, humble, down-to-earth CEO leadership appears to be one pervasive factor for a success formula. Incredibly, Jennings and his staff conduct face-to-face interviews with these precious leaders of the featured corporations more as if it were a coffee clutch than a business profile. Casual, laid-back and approachable, the words they speak aren't about themselves at all. Rather, their sage advice regarding the prosperity of their respective companies proves "big" dreams are still attainable while "acting small" as they genuinely focus on what's best for all.
As the owner of a successful computer company, one other surprise were the parallels seen within our own business. Namely, of the successful companies featured in the book, more than half are some of our BEST customers. This may be a perfect fit for any proactive sales organization. You'll be hooked from the start so this is just bonus material well worth the price of admission itself.
This book is a must read for anybody even slightly interested in learning about what makes today's best businesses tick.

Jennings' Most Important Book...Thus Far
Jennings' highly innovative, at times refreshingly unorthodox thinking was evident in his previously published books,It's Not the Big That Eat the Small...It's the Fast That Eat the Slow (co-authored with Laurence Haughton) and then Less Is More: How Great Companies Use Productivity As a Competitive Tool in Business.

As I read this volume, I was reminded of at least some of the material in Sun Tzu's The Art of War and, especially, the strategies recommended in a section called "Estimates" in Samuel B. Griffith's superb translation. For example: "All warfare is based on deception. Therefore, when capable, feign incapacity; when active, inactivity. When near, make it appear that you are far away; when far away, that you are near. Offer the enemy a bait to lure him; feign disorder and strike him. When he concentrates, prepare against him; where he is strong, avoid him. Pretend inferiority and encourage his arrogance. When he is united, divide him. Attack when he is unprepared; sally out when he does not expect you." You get the idea.

Jennings is a staunch and eloquent advocate of this principle: Do much more and do it much better, faster, and do it with less. OK, but how? The answer to that question was revealed by rigorous and extensive research which he and his two associates (Brian Solon and Greg Powell) conducted. They began with 70,000 companies as candidates for designation as the best performing companies in the U.S. Among all of them, which have increased their revenue and profits by at least 10% for ten years or longer? Only nine qualified: Cabela's, Dot Foods, Koch Industries, Medline Industries, O'Reilly Automotive, PETCO Animal Supplies, SAS Institute, Sonic Drive-in, and Strayer Education.

Back to "How?" Jennings identifies ten "Building Blocks" which, in combination, explain why each of those in an obviously mixed bag of companies has been and continues to be a best performer (i.e. among the top one-hundredth of 1% of all U.S. companies). It would be a disservice to both Jennings and to those who read this brief commentary to list them and then comment on each out of the context within which Jennings so skillfully presents them. Suffice to say that all organizations (regardless of their size or nature) need to have all ten Building Blocks as a core foundation on which to increase their revenue and profits by at least 10% and then continue to do so year after year after year.

How revealing that the CEOs whom Jennings and his research associates interviewed indicate little (if any) interest in any of Sun Tzu's deception strategies...nor in what their competitors are up to, for that matter. They seem wholly preoccupied with sticking to their own "knitting," focusing on what their companies can do best, how to do it even better, and thereby deliver even greater value to their customers. Also, each seems determined to nourish and enhance the quality of life as well as standard of living of everyone involved in the enterprise. This is precisely what Jennings means when referring to building communities, Building Block #9. Employees, customers, and allies should be viewed as "partners" and treated as such.

Ultimately, one of the most formidable challenges for those in any organization is to achieve and then maintain an appropriate balance of "thinking BIG" while "acting small." Hence the importance of Section Three, "The Quad: A Self-Evaluation and Ranking," in which Jennings "breaks down the title of the book into four scenarios, each represented by a quadrant":

TSAS Think Small, Act Small
TSAB Think Small, Act Big
TBAB Think Big, Act Big
TBAS Think Big, Act Small

He applies this template to each of the ten Building Blocks. It remains for each reader to complete the self-evaluation, one which helps to measure her or his own organization's current situation. The details of this exercise are best revealed within the text, pages 189-201.

I highly recommend this book for reasons previously indicated but also because I cannot recall a prior time since the Great Depression when it was more difficult for companies to increase their revenue and profits by at least 10% for ten years or longer. Consider these statistics which Michael Gerber shares in his recently published E-Myth Mastery: "Of the 1 million U.S. small businesses started this year [2005], more than 80% of them will be out of business within 5 years and 96% will have closed their doors before their 10th birthday." Chilling statistics indeed. Here in a single volume is a rigorous analysis of how nine quite different companies have achieved and then sustained their "full economic and human potential."

How important and potentially valuable is this book? Please re-read the statistics provided by Gerber. ... Read more

Reviews (61)

Books to read again and again. Not complete agreement w/IBD
I think this is an investing classic, for a few reasons:

1. It's very readable.
The author describes his investing style as a narrative. It takes you through his investing evolution step-by-step, detailing his actual experiences. This made it very easy to follow, and also more real.

2. It emphasizes both technical and fundamental criteria.
This is critical to good investing. Both areas tell a story. This is the best book I've seen that details an investors journey through to discover that both matter, and integrate the two pictures.

3. It makes for a better system, in some ways, than Investor's Business Daily.
I noticed other reviews that noted the similarity between IBD and Darvas. While they are similar styles, there are some key differences. First, Darvas looks for companies that have a good high-growth STORY, but does not necessarily require the company to have high-growth earnings. He doesn't look at ROI, earnings growth rate, etc. (at least not in this book)

The potential advantage of this approach over IBD is that sometimes stock prices reflect earnings potential BEFORE actual earnings show up. Alternatively, sometimes stock prices reflect perceived earnings declines BEFORE the actual decline in earnings.

4. His system makes sense from a technical standpoint, but is actually harder to do than you might think.
I like his system because it's technically sound. For example, it emphasizes taking small losses and being patient for large gains (among many other things).

Don't be fooled, however . . . it's trickier to follow that you think. Not because his system doesn't work, but because it requires a lot more discipline that you might imagine.

In his main year of gains, he records investing in only a few stocks. Also, he waits for a bull market. How many of us are really patient enough to do these two things. In reality, not many. It's just very difficult in practice.

Also, he keeps an investing journal, something which I still struggle to do, but which is essential for growth. Most people can't do this on a daily basis.

In all, it's a great book for the average investor to read and reread. I highly recommend it.

One of the Best Books Written on Stock Market Strategy
This is probably my favorite book on maneuvering in the stock market. If you read William O'neill's "How to make Money in Stocks", which is also excellent, you will find he uses and expands upon many of Darvas' principles. O'neill also lists it as one of his top ten must reads on the stock market. Darvas' rules for cutting losses have helped me to limit my losses from 2 to 5 percent on average. I have avoided some serious losses from time to time(some up to 75 percent) by using Darvas' principles and cutting my losses quickly and have avoided avery market downturn in the last two years. While everyone was in distress about the '98 bear market, I was comfortably on the sidelines with my funds in cash thanks to this wonderful book. If more stars were available to rate this book, I surely would have given them. By the way, they're out of print, but if you can get Darvas' other books, "Wall Street-The Other Las Vegas" and "You Can Still Make it the Market", these are other followups that are just as good as "How I Made $2,000,000" and will really drive the points of his methods home.

SHORT AND SWEET
I DON'T NEED TO GO ON AND ON ABOUT HOW GREAT THIS BOOK IS, BUT JUST ONE THING SUMS IT UP...I HAVE READ DOZENS OF STOCK MARKET BOOKS, BUT NONE AS GREAT AS THIS AND IT TOOK ME FROM LOSING IN THE MARKET TO WINNING...ITS THAT SIMPLE.

How I Made 2,000,000 in the Stock Market
While I did not read or know about this book until after I tuned $10,775 into $42 million in the stock market in 23 months (see articles and audit at Chartpattern.com), I heard about the book from one of my first subscribers at Chartpattern.com who sent me the book around 2001. This book clearly defines a breakout strategy that is widely used and followed today by the best traders in the world, and still this breakout method is little understood by most readers as I can see by the critics here. It is this method and the method of "Canslim" by William O'Neil in his book "How to make Money in Stocks" that works so well when correctly applied by those willing to study long hours and apply this method. Applying this method and a little bit of PI in a strong Bull Market will yield fortunes beyond the reader's wildest dreams. This is a must read for any one with a yearning to become vastly wealthy and those who have the determination to put forth the effort to study and learn.

LEARN BY EXAMPLE - DARVAS DID IT!
I love this book! Forget theories! This guy did it--what better way is there to learn?

Being that I am a BIG fan of modeling (NLP) it makes sense for me to get so excited about such a book...but all excitement aside...I recommend this book to anyone who invests money in the market.

If you were to apply the principles outlined in this book and get great results I would not be surprised. I wish you much success!

Zev Saftlas, Author of Motivation That Works: How to Get Motivated and Stay Motivated ... Read more

Book Description

Praise for Trade Like a Hedge Fund

"If you want factual advice based on real research, this is a must-read."
–Larry Williams, author, The Right Stock at the Right Time

"Altucher, a successful money manager, reveals his most profitable stock trading strategies and how to use them, despite strong protests from his partners and clients. Never look a gift horse in the mouth. Grab them ASAP!"
–Yale Hirsch, founder of Stock Trader’s Almanac and editor of thirty-seven annual editions

"I can’t believe that James Altucher has written this book! He’s given away dozens of ways I know to make money. I am glad I’m not in the game anymore. He could ruin it."
–James J. Cramer, founder and markets commentator of TheStreet.com, and cohost of CNBC’s Kudlow & Cramer ... Read more

Reviews (8)

I will keep it for reference
I liked this book because the author offers creative, original trading ideas. I plan to keep it as a reference, which is more than I can say for most books on the subject. Maybe the readers who didn't like the book were expecting the author to do their thinking for them.

Trading Tool Box
This book is like a wolf in sheep's clothing. This is quantitative finance not technical analysis. Floating in a wasteland of books about trading using technical analysis and supposed "insider" techniques, this book delivers what the others pretend to deliver validated trading techniques. Before purchasing another compendium about the latest "rocket science", check out this collection of situational trades that are tested (on a distressingly small(mostly 4 years)) data sample and proven to produce profits. Even with Altucher's minimalist writing style, I feel that he waxed too poetic about the nature of the causes behind the anomalies. After all, does it matter how they work if in fact they do? Lean on the observations and if you still feel compelled to divine a reason, go for it, just make sure that it doesn't interfere with your research.

Some of the systems have painful drawdowns and need additional tweaking or a strong constitution to make them work.

Some of the trading techniques were a little loose for my tastes suffering from a few flaws. Examples include too small of a sample size or the possibility that on occasion the number of trades take would exceed capital and therefore leaving a distorted return # (see technique 13 and think of LTCM or 9/11). Even with the flaws this book is a non-stop idea generator.

Garbage
Essentially day/trend trading at high risk.
His partner who threatened to buy all of the books issued and burn them and their secrets should have. However at least he's honest that all of one's efforts can be wiped out by rare blips.
Not worth the cover price for anyone. There are easier ways to blow your brains (and wallet) out! There are no 'get rich quick' plans without luck. Better go earn a living or invest and not trade!

As Clint Eastwood said "A man has got to know his limitations!"

Wyckoff's book on How I Trade and Invest in Stocks and Bonds is still a classic and will warn you to get out if you don't have a trader's instincts (and most traders lose too!]

Not sure if it's worth the money
I 've seen various forms of some of these strategies published and quantified elsewhere in greater detail.

I also disagree w/ another reviewer's comment regarding the book "enlightening one" to the way Hedge Funds operate and the ways of Wall Street. This is only one of the many stles in existence today.

If your looking for system ideas, better books exist but for the beginner it's a start.

Just finished this book....will read it again within 2 weeks
Four years of Economics @ an Ivy College didn't do as much as this book did to educate me about the markets....especially Hedge Funds. If you're in the busines......it's a must read! ... Read more

Book Description

Legendary trader Larry McMillan does it-again-offering his personal options strategies for consistently enhancing trading profits
Larry McMillan's name is virtually synonymous with options. This "Trader's Hall of Fame" recipient first shared his personal options strategies and techniques in the original McMillan on Options. Now, in a revised and Second Edition, this indispensable guide to the world of options addresses a myriad of new techniques and methods needed for profiting consistently in today's fast-paced investment arena. This thoroughly new Second Edition features updates in almost every chapter as well as enhanced coverage of many new and increasingly popular products. It also offers McMillan's personal philosophy on options, and reveals many of his previously unpublished personal insights. Readers will soon discover why Yale Hirsch of the Stock Trader's Almanac says, "McMillan is an options guru par excellence."
Lawrence G. McMillan (Morristown, NJ) is President of McMillan Analysis Corporation. As the foremost authority on options, Mr. McMillan is publisher of the Option Strategist, a leading advisory newsletter for the options community, and creator of the innovative fax service "Daily Volume Alerts." He is also the author of the bestselling books Profit with Options (0-471-22531-2) and McMillan on Options (0-471-11960-1). A recipient of the Trader's Hall of Fame Award, Mr. McMillan is also a sought-after speaker and options educator, and conducts options training workshops around the country. ... Read more

Reviews (15)

Nitty-gritty street smarts for options traders
"McMillan on Options" is a rare kind of book, and one of the very best.Especially revealing are the discussions in Chapter 4, "The Predictive Power of Options", on how certain patterns of option trading volume and implied volatility can be tip-offs to insider activity and sharp moves in the underlying stock, and on how to take practical advantage of such patterns.The chapters on trading systems and on how to trade volatility and the volatility skew were also well written and useful to the active options trader.All in all, I would recommend this book to anyone seriously contemplating getting involved in the options game.

In fact, "McMillan on Options" and "Options as a Strategic Investment" (a real classic, also by McMillan), were among the very few options books that I made reference to in my own recent work ("Advanced Option Pricing Models", McGraw Hill, Feb 2005)

Jeffrey Owen Katz, Ph.D.

Exercise your option and buy this book!
As a ROP (registered Options principal) I feel I am uniquely qualified to review this book. First, understand that Larry McMillan is considered by many to be the best options mind on Wall Street (sorry Bernie Schaeffer). His knowledge of this less-than-logical derivative investment is the equivalent of Alan Greenspan’s knowledge of the economy.

My assessment: this is a good book. McMillan covers virtually every aspect of options trading: history, terms, strategies, volatility, theoretical approaches, etc. I am particularly impressed by Larry’s use of historical examples to bring complicated strategies down to basic levels.

This is not to say this is an easy read. An easy investment read is Peter Lynch’s "One Up on Wall Street". McMillan on Options is more like a doctor’s guide to brain surgery: the pictures are cool but the content can be complicated. Topics covered include spreads (verts, calendar, diagonal), straddles, combos, the greeks (delta, rho, theta, vega and gamma) and strategies that employ these. If volatility is your life, and you hold a hefty position in Rolaids futures, then this book is for you. I have not read a more comprehensive, useable options book. I believe all options traders and speculators should own McMillan on Options.

Good Followup to OAASI
My first McMillan book was Options as a Strategic Investment. New investors should read that book first then move on to this one.This book goes beyond the theory and actually gets down to some real useful strategies. If you are trading options or plan to, this book is a must read.I also recommend The Option Advisor by Bernie Schaeffer and Wall Street Money Machine I, II and III by Wade Cook.

Don't Trade Options Until You Read This Book
As founder of "Traderscoach.com" I thought this book providedthe reader with a realistic view of trading options.

You will learn alotabout options and the proper approach to trading that is necessary to be aconsistant winner.

McMillion writes this book in a no-nonsense realisticstyle.Pay attention to what he says.

Fell FREE to visit our Web-site"Traderscoach.com" which deals with Trading Psycology as well asother material realted to trading.

Pays for itself after one trade.
Two things make this book very educational and useful: 1.) Several strategies and ways of using options that I never thought of.From ratio spreads to trading volatility, this book demonstrates how versatile andprofitable option trading can be. 2.) Stories of how NOT to trade.Theseare both entertaining and effective at teaching the risks and rewards ofoption trading.

I really would have liked to see more mathematicalformulas than the few in the appendix, and a supplemental web resourcelinking to Futures information and inexpensive option commisions would havemade the book more valuable. ... Read more

Book Description

The Original 1949 Edition

Benjamin Graham's classic best seller on value investing has taught and inspired hundreds of thousands of people worldwide. This reissue of the pure, unadulterated 1949 text by Graham offers the investing principles as he originally laid them out -- principles that continue to stand more than half a century since the book was first published.

Time and market developments have proven the wisdom of Graham's basic strategies, and in today's volatile market, this is the most important book you will ever read on making the right decisions to protect your investments and make them a success.

Amazon.com

To "sell short" on Wall Street, an investor finds overpriced stocks and then deals them before actually buying them. Regularly falling in and out of favor, the discipline remains one of the financial market's highest-risks but most profitable practices. The Art of Short Selling by Kathryn Staley, an expert in the field, uses examples and instructions to show how it can be done successfully--while cautioning that it "is not for the faint of heart." ... Read more

Reviews (18)

Excellent teaching manual for identifying companies to short
Staley presents a thorough examination of the process of selecting companies for shorting. While Joseph Walker's book, "Selling Short" gives us the nitty-gritty details of the shorting transaction, Staley gives us the reasons for going short in the first place. She covers in fair detail the nature of short sellers and why some are successful while others are not. The majority of the book is comprised of case studies, written in the folksy style one finds on Wall Street Week (TV show) or in books like "The Motley Fool". Unlike "The Motley Fool" this book presumes at least a basic understanding of accounting and knowledge of financial statements. My one criticism of the book is common to many others in this genre; that being nobody edits these books (or, if they do, it is by running the "Spell Check" function on the word processor). Sometimes the folksy banter and financial slang is so thick it gets confusing. Nonetheless, this book is a must read if you are considering becoming a short seller; if for no other reason that it may save you a great deal of heartache and financial loss by convincing you that shorting is not for you.

More suitable as an introduction than technical training
This book offers an excellent introduction, explanation and overview of short selling as well as success stories. There is no doubt that short selling should be an integral part of any market participant's strategy. However, if you are looking for a reference explaining how to apply technical analysis to the identification of overvalued stocks, then this book falls short.

I cannot blame the author for heavily emphasizing the psychological aspect of short selling as too much enthusiasm, confidence and greed are mostly what drive up a stock's price to unreasonable valuations. Likewise, when the "castles in the air" disappear, the stock's price normally plummets and creates a very profitable opportunity for short sellers. It is critical to recognize when these stages are at their peaks and Ms. Staley does provide tell tale signs.

I think this book has something to offer all investors. Whether or not it is found to be helpful largely depends on the individuals investment strategy and what tools he relies upon.

A Skeptics guide to Fundamental Analysis
I came across this book years ago in a bookstore, browsed through it, and put it away. Being caught up in the study of technical analysis at the time, I clearly wasn't ready at the time to find value (pun intended) in Staley's fundamental approach to the market. This time, however, I'm listening to her.

With a bit more experience, I can appreciate 3 of the many lessons _The Art of Short Selling_ teaches:

1) Fundamentals drive market action...eventually
2) It is often a costly mistake to short a stock simply because it apepars overvalued. A catalyst of some sort is needed to encourage massive selling.
3) Markets can ignore negative fundamentals for significantly extended periods of time--giving the astute trader ample time to sell at a profit, or even turn and sell short. Positive fundamentals are more rapidly incorporated into stock prices, but significant inefficiencies still exist on both sides of the market--long and short.

The author uses case histories of significant corporate failures from the 80's and early 90's in light of the publicly available info at that time, which clearly demonstrated the inivetable fall of Wall Street's institutional favorites.

Numerous fundamental techniques are discussed, such as tracking changes in inventory and receivables, as well as tricks companies play to make revenues and earnings appear better than they are.

Also interesting--a high short interest ratio in a stock is often a significant sign of potential trouble in a company. Do not let those analysts lead you to believe a high short interest ratio is always bullish. Check the fundamentals and make your own call.

Qualitative factors are also discussed, with specific examples on how a close reading of public financial data on one company would have lead you to a profitable short sale of another. This occurs frequently in the finance and insurance industries.

This book is especially important, because every book I've seen teaches which stocks to BUY on a fundamental basis. No book ever mentions what fundamental factors suggest you SELL. Even if you never sell short, this is profitable info.

Being a student of technical analysis, what struck me is the insight those skeptical shorts had about the companies mentioned. Clearly, they knew the eventual outcome in each specific instance.

Yet, despite being right, most of these guys lost millions by going strictly by fundamentals. Those who survived incorporated additional (ie. technical) factors, such as relative strength or momentum. As Keynes stated, "The market can remain irrational much longer than you can remain solvent."

It is clear to me that using both fundamental and technical analysis is the most efficient path to market profits.

disappointing,it is not helpful for short selling at all.
This book is'nt introductuction and rationale to the technical approach.

Great book for improving both long and short investing
The author presents a number of case studies and through these examples highlights certain quantative (accounting) and qualitative things to identify when evaluating an investment. Although she focuses on the short side, the practical application of accounting and business theory makes for a very effective learning tool for general financial statement analysis which can be applied by investors for their long positions as well. This is a great book for someone who is familiar with some basic finance and accounting and has a lot of useful information even for more experienced investors (it at least reinforces what some "advanced" investors think they know but unconsciously overlook). It is a good read, and not too dry or in-depth, or too superficial in its analysis. ... Read more

Download Description

"""Guy Cohen is the master when it comes to taming the complexities of options. From buying calls and puts to iron butterflies and condors, Guy explains these strategies in a clear and concise manner that options traders of any level can understand. His chapter on options and taxes is especially welcomed (and needed). The Bible of Options Strategies is a straightforward, easy-to-use reference work that should occupy a space on any options trader's bookshelf."" ¿Bernie Schaeffer, Chairman and CEO, Schaeffer's Investment Research, Inc.

""The author delivers clarity, insight and perception making learning about options a joy, and practicing the art of making money that much easier: truly a bible from a guru."" ¿Alpesh B. Patel, Author and Financial Times Columnist

""Guy Cohen truly makes learning about options easy in this fact-filled guide. Bullet points make for a quick and enlightened read, getting to the heart of what you really need to know about each options strategy. This book is a must for any serious trader's library."" ¿Price Headley, Founder, BigTrends.com

Pick the right options strategies...implement them step-by-step...maximize your profits!

Introducing today's first and only comprehensive reference to contemporary options trading!

OptionEasy creator Guy Cohen identifies today's popular strategies...and tells you exactly how and when to use each one and what hazards to look out for! It's all here....

• Basic Strategies including: Buying and shorting shares, calls, and puts. I
• ncome Strategies including: Covered Call, Naked Put, Bull Put Spread, Bear Call Spread, Long Iron Butterfly, Long Iron Condor, Calendar Call, Diagonal Call...
• Vertical Spreads including: Bull Call Spread, Bull Put Spread, Bear Call Spread, Bear Put Spread, Ladders...
• Volatility Strategies including: Straddle, Strangle, Guts, Short Butterflies, Short Condors...
• Sideways Strategies including:Short Straddle, Short Strangle, Short Guts, Long Butterflies, Long Condors...
• Leveraged Strategies including:Call Ratio Backspread, Put Ratio Backspread, Ratio Spreads...
• Synthetic Strategies including:Collar, Synthetic Call, Synthetic Put, Synthetic Straddles, Synthetic Futures, Combos, Box Spread...
• ...and many more strategies...

Plus essential tax-saving information, and more!

• No other book presents this much authoritative, current information on options trading strategies
• Covers all of today's best income, volatility, leveraged, synthetic, and sideways market strategies
• Discover why each strategy works, when it's appropriate, and how to use it¿step by step
• Includes a full chapter on tax issues associated with options strategies
• By Guy Cohen, whose OptionEasy application has helped thousands of traders achieve breakthrough results!

The Bible of Options Strategies is the definitive reference to contemporary options trading: the one book you need by your side whenever you trade.

Options expert Guy Cohen systematically presents today's most effective strategies for trading options: how and why they work, when they're appropriate, when they're inappropriate, and how to use each one responsibly and with confidence. The only reference of its kind, this book will help you identify and implement the optimal strategy for every opportunity, trading environment, and goal." ... Read more

Book Description

The last decade has brought dramatic changes in the way that researchers analyze economic and financial time series. This book synthesizes these recent advances and makes them accessible to first-year graduate students. James Hamilton provides the first adequate text-book treatments of important innovations such as vector autoregressions, generalized method of moments, the economic and statistical consequences of unit roots, time-varying variances, and nonlinear time series models. In addition, he presents basic tools for analyzing dynamic systems (including linear representations, autocovariance generating functions, spectral analysis, and the Kalman filter) in a way that integrates economic theory with the practical difficulties of analyzing and interpreting real-world data. Time Series Analysis fills an important need for a textbook that integrates economic theory, econometrics, and new results.

The book is intended to provide students and researchers with a self-contained survey of time series analysis. It starts from first principles and should be readily accessible to any beginning graduate student, while it is also intended to serve as a reference book for researchers. ... Read more

Reviews (18)

An excellent bridge to advanced econometrics
As an economist,before taking PhD lectures, I used to think that this book was too complicated. It is not for undergraduate students. Once you acquire some level in mathematics, this book becomes the best reference for time series econometricians. It covers a wide array of themes, the text is clear and understandable, even if, from time to time, you get lost in the mathematical explanations (but it's not the usual). I particularly liked the non-stationary chapters. The spectral analysis is a little bit confusing and there is no non-parametric section. I think this is one of the best books in the field. Mathematicians will find it extremely clear and graduate economists understandable. "Time series Analysis" it's an unavoidable book for those seeking to understand specialised papers.

excellent general textbook on time-series econometrics
This is an excellent introduction to time-series econometrics. It covers huge amount of material without going deep-deep into details. It assumes knowledge of matrix algebra, probability and statistical inference at the level that is expected from graduate students in economics program. The book discusses stationary and non-stationary time series, univariate and multivariate models, deterministic trends and many other topics. It has an excelent and intuitive introduction to spectral analysis. The book is easy to read and is oriented toward students, so I would say, that in general, it's a very friendly textbook and it's a great source for references. But for those who still find it difficult to read or for applied researches looking for quick recipes I would recommend to combine reading of Hamilton's book with Enders's "Applied Econometric Time Series"

this book rules
I bought this book when i studied econometrics in grad school. now i work at an investment bank, and i use the book practically every day. the derivations (which rely solely on calculus and linear algebra) are always clear, and most of the subjects are covered thoroughly but concisely. using this book, for example, i learned gmm in one day and implemented it on the next day. moreover, most of the chapters are self-contained (if you already know a bit about regression analysis), so you won't have to read a bunch of preliminary stuff before you get to what you need to learn.

btw, the author seems like a nice guy, too. one time, i had a question about his treatment of the kalman filter, and he actually responded to my email.

Quite some beach read
I got this book at the beginning of the summer and have been reading it everyday by the pool. This is not to say that you can read it mindlessly - you definitely can not - it is simply so interesting that every time I try to decide what to bring to the pool I would magically turn down Cosmo and Vogue and drag Hamilton along instead. As a rising junior in econonomics and mathematics at Duke, I find this book challenging yet doable. I have previously had an undergraduate course in econometrics and this book answers a lot of the questions I was casually wondering about when I took the class. One more thing I love about this book is that it is vey self-contained. I have a solid background in matrix algebra but not nearly enough in probability (only one undergrad course); I do not so far find it a problem at all. I recommend this book to everyone who liked his/her first econometrics course, even if you are an undergrad.

Not mathematically rigorous enough
What's funny is that everyone here is saying that it's too mathematical, and not friendly with people without a mathematical background. In my opinion, people without a mathematical background should better stay away from time series.

I actually think that Hamilton provides mathematical derivations where these are not too complicated and avoids them where it gets pretty tough. Case in point is the chapter on multivariate time series analysis, where estimation and forecasting of VMA and VARMA models is completely ignored. Actually, VARMA models are not even mentioned in the book. Hamilton only tackles VAR models, which are pretty easy to estimate due to their regression properties.

Otherwise, I think Hamilton tackles a wide range of topics. However, as an alternative I prefer Brockwell&Davis (the yellow book). It does not cover such a wide range of topics but in the end, it covers what it covers extremely rigorously, without leaving any questions unanswered and without shying away from tough mathematics. ... Read more

Book Description

Profitable Candlestick Trading

Pinpointing Market Opportunities to Maximize Profit

Misunderstood by investors for years, Japanese Candlestick charting and analysis has been described as too complicated to learn and too labor-intensive. Now, Candlestick trading expert Stephen Bigalow dispels these notions and demystifies the process of this valuable and successful technical analysis tool in Profitable Candlestick Trading: Pinpointing Market Opportunities to Maximize Profit.

In accessible and easy-to-understand language, this book bridges the gap between past wisdom and contemporary practice to give any level of investor a complete understanding of this proven, profitable, and time-tested investing technique.

"A superb exposition of Japanese Candlesticks: the oldest method of technical analysis developed more than 400 years ago. The book offers a thorough review and evaluation of this increasingly popular method of market analysis. A great source of information both for an experienced trader and a novice in this field."
–Vincent Kaminski
Managing Director, Enron Corp. ... Read more

Reviews (17)

Best Practical Candlestick Book
This book is the third Candlestick book that I have read cover to cover. The previous two were Steve Nison's two Candlestick books. While Nison's books were excellent and extremely easy to understand, this book concentrates on strategy for making money and gives more trading insights. I have been making money even in this bear market using the trading signals described in the book.

The system is simple...use stochastics to confirm candle signals to ensure that you always buy oversold stocks and sell short oversold stocks. If you are a disciplined trader and wait for confirmation of the signals you can be profitable more than 75% of the time and your losses from your losing trades will be minimal if you keep tight stops - A must in these market conditions.

There is a huge amount of overlap in Nison's and this book but I would still recommend all three as there is always some different points in each.

Top Trading Book
I have read at least 150 trading books in the last 5 years, jumping from one idea to another, looking for a plan I can feel comfortable with for short-term trading. Stephen Bigalow's book is at the top of my list. Steve supplies excellent descriptions and examples of the major and minor candlestick signals as well as a psychological explanation of them. In addition, this book, unlike other candlestick books I have read, provides a complete trading method for short, intermediate, or long-term traders/investors including money management techniques. A method (unique in my experience)for dealing with the trader's emotions is also described. The book makes candlestick charting understandable for both novice and experienced individuals. I believe the book provides a very readable and useful guide to profiting from the market.

Buy it for a lower price
If your commited to learning and using candlesticks in your trading this book is not as detailed as nisons book Japanese Candlestick Charting but is sufficient. The illustrations are good and the book is right to the point without alot of useless talk. Its a bit pricey as is nison`s book so i give it a 4.

Copycat Material
Another candlestick book that gets almost all of its material from Steve Nison's candlestick books.

Mr. Bigalow has taken Mr.Nison's work and ideas (Mr. Nison was the first to reveal candlesticks to the West) without so much as acknowledging this. This book just adds another indicator to the candlesticks without much new insight.

Mr.Nison's books are considered THE bibles of candlesticks. My feeling is if you are going to by a book on candlesticks, why not go to the master?

Better than others
Nisson wrote 3 books. all the same with different titles with a lot of useless talk. Anyway you would find many better candlesatick web pages if you want to save money like StockCharts.com. While these books and that web displays the main ones. There is actually hundreds of them and hundreds of web sites about them.
I bought this book to see trading strategy confirming Elliot waves with candle sticks pattern.. You could also use Key reversal. Open-Close reversal, Hook reversal, closing price reversals,pivotpoint and islands reversals only found at incrediblecharts.com. Tony Carbel book is out of print. Another sort term reversal/continuation pattern is gaps. Nisson thinks he invented candle sticks. I don't suggest ebook download with activation problem in Acrobat 6 web site. If it doesn't work, you don't get your money back. ... Read more

Book Description

There are two sides to everything, except the stock market. In the stock market there is only one side—the right side. In certain market conditions, selling short can put you on the right side, but it takes real knowledge and market know-how as well as a lot of courage to assume a short position.

The mechanics of short selling are relatively simple, yet virtually no one, including most professionals, knows how to sell short correctly. In How to Make Money Selling Stocks Short, William J. O'Neil offers you the information needed to pursue an effective short selling strategy, and shows you—with detailed, annotated charts—how to make the moves that will ultimately take you in the right direction.

From learning how to set price limits to timing your short sales, the simple and timeless advice found within these pages will keep you focused on the task at hand and let you trade with the utmost confidence. ... Read more