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Huge payoffs in business usually entail embracing lots of risk. That's the message of Real Options, by Martha Amram and Nalin Kulatilaka. The authors argue that standard models of evaluating strategic investments fail to consider the element of risk fully. "Uncertainty creates opportunities. Managers should welcome, not fear uncertainty," write Amram, a California-based consultant, and Kulatilaka, a Boston University finance professor, in describing the "real options approach." The book provides plenty of theoretical case studies, formulas, and charts that demonstrate how to shape business strategies using a system based on option-pricing. The method can value everything from undeveloped land to untried products. "With it, market leaders will understand how value is created in an uncertain environment and will know how much risk they are bearing," the authors write.

Risk is also inherently dangerous--that's an unintended lesson of Real Options. The two Nobel Prize-winning economists whose work serves as the foundation for this book--Robert Merton and Myron Scholes--were the brains behind Long-Term Capital Asset Management, the notorious hedge fund that was rescued under a plan engineered by the Federal Reserve. With that caveat in mind, business planners and managers should pursue Real Options with their eyes wide open. --Dan Ring ... Read more

Reviews (20)

Well-written outline, could use a little more quants..
Amram and Kulatilaka have produced an excellent overview of the real options theory and practical application. The book helps recognize real options by giving lots of examples and provides with a clear description of a "four step solution proces". Yet, the book could do with a little more attention on the quants, especially in the examples. E.g. chapter 13 on Drug development states that "it was found that a drug (..) had a value of $14.6 mln using the real options approach". That's fine with me, but how exactly did you calculate that ?

At least this book is readable
The only saving grace about this book is that it is readable. However, the reason for this is because there is not much to learn about RO from this book. The author's talk about numerous examples and the "concept" of how RO was applied. But, you will not learn the actual process of using RO, unlike Copeland's or Trigeorgis' book.

Good introductory real options book for beginner or manager
It is a good introductory book on real options targeted at the audience of managers rather than experienced financial practitioners. Its contents covered financial options, binomial pricing and Black-Scholes model where the last ten chapters or so are case studies dedicated to applications of real options where it gives readers an idea how real options can be applied in diverse industries.

It makes a good and easy read for anyone who wants a quick flavor of real options without going through too much of the horrible maths that derivatives and real options seems to have !
I personally enjoy reading it from cover to cover.

Best user friendly treaty on Real Options.
This is an excellent book on the subject. It is the most readable and user friendly book on the market on Real Options. You don't need to understand Greek to tackle this book unlike the other ones. The author clearly explains the Black Scholes option model, the foundation of option valuation. They then illustrate how this model can be applied to non option business investment opportunities. The authors establish a real option framework to handle your business decision. It explores many practical cases in detail, so you get a good feeling for this approach. The authors also flesh out when it is better to use Black Scholes vs. Monte Carlo simulation in order to make a business decision.

Shamelss self-promotion
This book is another good example of a phenomenon I call "Fad-peddling" at its worst. "Real Option Valuation" is just a fancy new name consultants-for-hire have made up to describe a set of problems economists like Dr. Pindyck have called "contingency claims" problems for years. Given the history of the two terms, I prefer "contingency claims", because of its record as a term used by economists in academic journals and because "real options" sounds too much to be like some new fad, like "reengineering" or "liberation management."

Most of the other reviews are absolutely right: this book seriously lacks any quantitative explanation. No need to look for kind words; this is a serious oversight. And yes, this book does read like a long sales resentation.

While the authors adequatley describe broadly how economists and financial executives solve contingency claims problems (generally using binomial methods, simulation, or partial differential equations), they don't teach any of these methods in any useful way. At best, after reading this book, you will be able to recognize whether or not your organization has any "real options".

Beyond the quantitative short-comings of this book, however, there are some flawed fundamentals about their whole approach: this book treats real options as a new finance panacea for the 1990's, and suggests that the world of finance in 20 years will be a very different place because of these revolutionary ideas. Contingency claims problems are limited to a very specific set of economic phenomena with specific criteria. If the criteria are not present, contingency claims models fall apart. Consider the amount of abuse something as well-known as the black-scholes option pricing equation is subject to when it is applied to "real options valuation": the black-scholes equation is a function of two variables, primarily: time and stock price variance. When you take this equation and try to apply it to, say, the valuation of an option to market patented drug, how do you define variance and time? Time in an option contract is fixed in the contract. Variance is empirically observable from stock prices. Plus, how do we know that the value of drug patents resembles stock prices (log-normal process)? What if it is more like the behavior of a commodity (mean-reverting process)? And where are we going to get the data from anyway? In that case, the black-scholes equation needs to be abandoned and an alternative partial differential equation needs to be developed. But who is going to do that? At what cost? Obviously, at a certain point the benefits derived from exactly modelling your options is eclipsed by the cost and effort involved in doing so. The scariest part, however, happens when you realize that the greater the variance (risk) and the longer the timeframe chosen, the greater the final value of a project or investment. Now the project manager who wants to sell ice to the eskimos has the quntitative methods available to justify such a high risk project. (Just think, the project manager could sell this project to top management as a long-term investment anticipating the melting of the polar ice caps, when the price of ice in Greenland is expected to go through the roof).

This book tries to reach too far, suggesting that phenomena which never should be valued as contingency claims can be valued as such. Real options (or contingency claims) are best treated as a very specialized set of quantitative techniques used to model very specific phenomena which a company may or may not be subject to see "Investment under Uncertainty" by Dixit and Pindyck for an inventory of those phenomena). Push the envelope too far and the paper tears as it does here. ... Read more

Book Description

A comprehensive study companion to The Options Course, Second Edition
In The Options Course Workbook, Second Edition, George Fontanills offers a wealth of practical exercises that will help further the readers' understanding of options, as well as test and apply what they've learned before they take their first step into the real markets-where time and money are luxuries they cannot afford to lose. This hands-on companion to The Options Course, Second Edition includes a complete answer key and covers a wide range of options issues.
George A. Fontanills (Miami, FL) is the President Emeritus of Optionetics, the world leader in Options Education, with offices around the world specializing in teaching high-profit, low-risk, low-stress option trading strategies (www.optionetics.com.) George also runs a hedge fund and money management company. He has written many books, including Trade Options Online (0-471-35938-6), The Volatility Course (0-471-39816-0), The Volatility Course Workbook (0-471-39817-9), and The Stock Market Course (0-471-39315-0) ... Read more

Reviews (9)

Over rated ...
This book contains 90 pages of (mostly) multiple choice questions with theanswers at the back of the book. It is the type of material that routinelyfollows a chapter in any textbook. Though the questions are to thepoint, my objection is that it is published as a separate book at the priceof many complete works. Properly published, these questions would not add90 pages to the original text which was itself under 300 pages. Thequestions did not help me understand the material, only tested myrecollection. I feel that publishing this material as a workbook is only amarketing ploy and cheapens the product.

The Work Bookgoes with the Options Course Book
I have bought this book and the Options Course Book. This book is designed to directly relate to the hardback book (Options Course Book) and has no application to be read on its own.

The author has used the workbook totest your knowledge of the hard back book.The work book pulls the salientpoints out so that you ensure you got what you need.

The tests areaccompanied by the answers at the back of the book.I thought it a greatidea to combine the two books as I never know if I got it all when I read abook.

This book has no practical use on its own and should have beenbought with the Course Book.

Great idea.However, if you are looking forthe detail you should buy the Options Course Book.

There is no material to review
If you're looking to read and assimilate information about options and then test yourself on the information just acquired - this is the exact wrong book!

This book contains only questions and multiple choiceanswers.The answers are in the back. The learning method is to take thetests blindly and then see how many you guessed correctly.It is learningin reverse.

I was hoping for an explanation of a term or concept and thena follow up test.There are only tests.As such it may live up to theletter of its title but it fails miserably as a teaching tool.For what itpurports to be and for what it delivers it seems ridiculouslyoverpriced.

A very unsatisfied customer.

Excellent Book to Accompany the Options Course Book
I used this book in tandem with the OCB to pull the points that I wanted to understand.The author has used the additional book to ensure that each chapter of the OCB is pointed and hits the mark.

This book is a must topurchase at the same time as his first book Options Course Book.Greatidea to reinforce for the reader the salient points that you want to getover

Thank you Mr. Fontanills

Dana

Test your knowledge from the Options Course Book
After I read each chapter of the options course I tested my understanding.It was very useful so I could goback and read if I had missed something. ... Read more

Book Description

"Outperform the Dow presents not only fascinating statistics about the performance of the Dow itself but also how to beat that performance with nearly four dozen different methods, from the basic to the sophisticated. You won't often find strategies involving futures and options included in this type of discussion, but this practical guide shows how they can be used to boost your returns in simple, safe ways you might never have considered." -DARRELL JOBMAN, CoAuthor of The Complete Guide to Electronic Futures Trading

The Dow Jones Industrial Average is the most widely followed equity index in the world, and the benchmark against which most U.S. investors measure their investment returns. Outperform the Dow outlines strategies and techniques that many investors have used to consistently beat this benchmark-and pump up their portfolio values.

Outperform the Dow goes beyond simply discussing these strategies to provide solid, statistical evidence of their consistent superiority in up, down, and sideways markets. Learn here how you can profit from Dow-beating strategies that include:
* Last Year's Winners n Smooth Risers
* Tuesday Opportunity
* Triple-Witching Days n Fool's Forecast
* Semi-Monthly Analysis
* January Momentum
* Covered Call Writing
* October/June Straddles
* Exotic Options

The objective of investing is to supply companies with capital and for the investor to gain profits. History shows that over time, certain techniques and strategies have consistently allowed savvy investors to gain exceptional profits. Discover the secrets of successful investors, climb down off the "buy-and-hold" bandwagon, and learn how to really make your money work for you with Outperform the Dow. ... Read more

Book Description

A groundbreaking collection on currency derivatives, including pricing theory and hedging applications.

"David DeRosa has assembled an outstanding collection of works on foreign exchange derivatives. It surely will become required reading for both students and option traders."—Mark B. Garman President, Financial Engineering Associates, Inc. Emeritus Professor, University of California, Berkeley.

"A comprehensive selection of the major references in currency option pricing."—Nassim Taleb. Senior trading advisor, Paribas Author, Dynamic Hedging: Managing Vanilla and Exotic Options.

"A useful compilation of articles on currency derivatives, going from the essential to the esoteric."—Philippe Jorion Professor of Finance, University of California, Irvine Author, Value at Risk: The New Benchmark for Controlling Market Risk.

Every investment practitioner knows of the enormous impact that the Black-Scholes option pricing model has had on investment and derivatives markets. The success of the theory in understanding options on equity, equity index, and fixed- income markets is common knowledge. Yet, comparatively few professionals are aware that the theory's greatest successes may have been in the derivatives market for foreign exchange. Perhaps this is not surprising because the foreign exchange market is a professional trading arena that is closed virtually to all but institutional participants. Nevertheless, the world's currency markets have proven to be an almost ideal testing and development ground for new derivative instruments.

This book contains many of the most important scientific papers that collectively constitute the core of modern currency derivatives theory. What is remarkable is that each and every one of these papers has found its place in the real world of currency derivatives trading. As such, the contributing authors to this volume can properly claim to have been codevelopers of this new derivatives market, having worked in de facto partnership with the professional traders in the dealing rooms of London, New York, Tokyo, and Singapore.

The articles in this book span the entire currency derivatives field: forward and futures contracts, vanilla currency puts and calls, models for American exercise currency options, options on currencies with bounded exchange rate regimes, currency futures options, the term and strike structure of implied volatility, jump and stochastic volatility option pricing models, barrier options, Asian options, and various sorts of quanto options. ... Read more

Reviews (3)

This is solid book that has depth
This book covers so much in the derivatives marketplace. After being involved in the business for 12 years and writing three books on futures and commodity derivatives I was definitely refreshed and enlightened by Mr.DeRosa's book.

Excellent choice of papers!
DeRosa has picked excellent papers. If one reads the papers in detail, the currency derivatives literature, as well as related derivatives literature, becomes very easy to understand.

Comprehensive
This book presents highly technical papers on diverse topics from variuous academics. It would be very helpful to anyone looking to understand theoretical aspects of FX derivatives. Since most papers are written by different authors, notation is not consistent. In addition, academics do not always write like Hemingway. Nevertheless, the book covers everyhting from vanillas to exotics very well. ... Read more

Book Description

This original text on the basics of option pricing is accessible to readers with limited mathematical training. It is for both professional traders and undergraduates studying the basics of finance. Assuming no prior knowledge of probability, Sheldon Ross offers clear, simple explanations of arbitrage, the Black-Scholes option pricing formula, and other topics such as utility functions, optimal portfolio selections, and the capital assets pricing model. Among the many new features of this second edition are: a new chapter on optimization methods in finance, a new section on Value at Risk and Conditional Value at Risk; a new and simplified derivation of the Black-Scholes equation, together with derivations of the partial derivatives of the Black-Scholes option cost function and of the computational Black-Scholes formula; three different models of European call options with dividends; a new, easily implemented method for estimating the volatility parameter.Sheldon M. Ross is a professor in the Department of Industrial Engineering and Operations Research at the University of California at Berkeley. He received his Ph.D. in statistics at Stanford University in 1968 and has been at Berkeley ever since. He has published nearly 100 articles and a variety of textbooks in the areas of statistics and applied probability including Topics in Finite and Discrete Mathematics (Cambridge University Press, 2000), An Introduction to Probability Methods, Seventh Edition (Harcourt Science snd Technology Company, 2000), Introduction to Probability and Statistics for Engineers and Scientists (Academic Press, 1999), A First Course in Probability, Sixth Edition (Prentice-Hall, 2001), Simulation, Third Edition (Academic Press, 2002), and Stochastic Processes (John Wiley & Sons, 1982).He is the founding and continuing editor of the journal Probability in the Engineering and Informational Sciences, a fellow of the Institute of Mathematical Statistics, and a recipient of the Humboldt U.S. Senior Scientist Award. ... Read more

Reviews (2)

Its easy to read!
This is a pretty good book for whom doesn't have strong background in financial engeering. It begins from probability and I think this is a very good point to start. On the other hand, you also can know the where the formula comes from because the author use a small space to explain it. It is pretty funny!
One problem, this book doesnot cover all of the importnat topics such as Ito calculus but it is still a good book.

an outstanding reference; easy to understand!
This reference starts with the basics and builds to the main subjects introductory students would want to see, for example, the derivation of the Black-Scholes equation. This is a very good book to read first since the author explains his subject very clearly, and the book is self-contained. ... Read more

Book Description

Your A to Z Guide to the World’s Largest Option Market "A clearly written manual that flows smoothly. Whether you have 20 years of experience in the FX options markets or none, you will learn something interesting from reading this book. Highly recommended for both traders and non-traders." • Adam Kreysar, Global Head FX Options Warburg Dillon Read "DeRosa presents technical material with a minimum of technical fuss. Filtered through his scholarship and practical trading experience, up-to-date topics such as exotic options, forward volatilities, and the volatility smile become accessible. The book will be extremely useful to asset managers and risk managers." • Allan M. Malz, Partner The RiskMetrics Group "This new edition of Options on Foreign Exchange provides an exhaustive review of the literature on currency options, in addition to covering the practical aspects of the business. It is greatly pedagogical and well written—as can be expected from David DeRosa." • Nassim Taleb, President Empirica Capital LLC ... Read more

Reviews (3)

Good introduction
Mr De Rosa has written a well structured
introduction into the forex option market.
The clear examples and the pleasant writing
style make it an easy read (two nights, tops!).
Starting by showing the reader an EBS
dealing screen, he explains the price setting using the Black-Scholes model.
A bit more explanation might have been
in order on how the interbank market
really works in practice (volatility runs for ATMS Straddles, market making, etc...).
The section on exchange traded options and
futures is interesting for readers unaware
of the important differences with the OTC market.
The formulas for the Greeks contain almost
no typo's thus making the book useful as
a reference for a programmer.
The section on barrier options is a bit
disappointing. The relationship between
higher order derivatives and the volatility
smile might not have been out of place
(I am referring to the celebrated "three option
method" to quickly price exotics without
having to use MC-simulation).
Also, when introducing alternatives to the
BS-model, the formulae appear as by Deus
ex Machina. Nothing is said about calibration
difficulties. And when introducing alternative
models, why not going into long term fx
options ?
All in all, I would recommend the book to
any beginning forex option trader or salesperson,
but as those people generally do not earn the
largest of salaries, it is even better if they
borrow it from their institution's library.

Non-technical but intuitive
This book is a nice introduction to the subject. A trader would benefit from reading the text more than a financial engineer would. It may be a good idea to read the author's "Currency Derivatives," as well. People who have read any text at the level of Hull or higher are advised to move on to "Currency Derivatives" directly.

Updated Second Edition
This second edition has been greatly expanded with materials on the mechanics of the foreign exchange and options markets. The sections on the international monetary system have been updated, especially with respect to the European monetary system. New sections have been added on exotic currency options, specifically on barriers, average rate, basket and quantos options. There are two new chapters, one on currency option applications and another on currency overlay management. ... Read more

Book Description

Option Writing Strategies for Extraordinary Returns details put and call writing techniques sophisticated investors can use to profit from market movement in any direction. It first outlines a strategy for selling options short, using tables and charts to illustrate each step, and then builds a three-legged model for using popular options tools when purchasing stocks. Additional features include techniques for extending a position or writing “up” a position, a valuable listing of available online option tools, and steps for taking advantage of market volatility.

Book Description

Do you take the chance of creating and amplifying risk when you are simply attempting to understand and control risk? In Phillippe Jorion's Value at Risk, learn the specifics of the value-at-risk system, the risk management program that today's leading banks and financial firms use to calculate and track financial risk. Value at Risk is the first book to thoroughly explain this increasingly influential system, which allows you to gauge financial risks and take proactive steps to control those risks. ... Read more

Reviews (6)

Best intro to VAR
Cannot think of any other book that gives you the basics and beyond of VAR. As an MBA student I liked most the practical examples. Mathematical stuff is kept to a minimum, even though it can be sometimes quite demanding. Jorion is one of the laeding academics on VAR. He "defends" the properties of VAR very well after some criticism on VAR (see Nassim Taleb's web page).

A Great Introduction to VaR
Dr. Jorion's book formally introduced the concept of VaR to me several years ago. It's written so that a novice in risk management can understand the concepts with ease.

A great book.

An excellent introduction to VaR
This provides an excellent overview and introduction to VaR and issues surrounding it. A must read for any body involved with financial risk management.

Outstanding and practical
Jorian clearly has practiced before he began to preach. I found his work to be essential in designing and implementing a var methodology for the electricity forward market. The examples he gives of the failures to measure and control risk are illuminating and entertaining. I have recommended the book to others and they have agreed that the book is excellent.

Very useful book
I am equity trader and I find this book very useful in terms of market risk management ... Read more

Book Description

Options are an investment vehicle that can enhance virtually any investment philosophy. Fundamentals of the Options Market provides a clear, concise picture of this global marketplace. Using examples drawn fromcontemporary financial news, this completely accessible guidebook describes why and how these versatile tools can be used to hedge risk and enhance return, while explaining popular products including listed stock options, index options, and LEAPS. ... Read more

Reviews (10)

Practical Options Trading
I have read several options books and they are mostly theoretical or geared towards option market makers. This was the first book I read that I felt was practical. The beginning of this book is very simplistic and explains everything from what an option is to how they are priced. I found it a little to easy, but if you do not know anything about options then this would be a great place to start. The second section and strategy section are the best I have seen for the practical retail trader. I found it very interesting how market makers make markets and how it may effect the retail trader. This was also the first book that I have read that made volatility simple to understand. The best part was the strategy section. The book is divided into bullish, bearish, flat market, and volatile market strategies. I found this to be a great reference tool. This book should be on the self of every advanced retail trader. I have seen the author, Michael Williams, speak in New York and found him very knowledgeable, but even more importantly an excellent teacher. I would rate this book 4 1/2 stars because I am already familiar with options and the beginning is introductory. This book is for the retail client that wants to take advantage of options and the leverage they provide. I would rank this book for beginners to intermediate. For an advance book I would recommend Natenberg's "Option Volatility and Pricing". These two books together are all you need for stock options.

Good but many, many errors. Were the editors asleep?
The authors appear to know their subject well. I would recommend this as a beginner-to-intermediate introduction to fundamentals except for the numerous errors.

Some errors are like "typos" such as 6 instead of 60, some are more serious and subtle such as specifying a call when a put was meant, and some are fundamental structural problems with the book. For example, the Quiz answers don't match the chapters to which they purportedly provide answers, and in some cases only some questions are answered anyway.

The errors are so numerous, and some of a type that they won't be caught by the average beginner, that it might be dangerous for a beginner to rely on this book as a reference or as an only introduction to options.

I'd really like to have a completely "cleaned up" copy, as I think that could make this the best introduction that I'm aware of.

Finally....
Finally, a book about options that is understandable and helpful. The book has been reprinted so the errors that the other readers referred to have been corrected. I loved it!

Too many errors to be used as a definitive resource
As an instructor in equity options for a major market making firm, I've been looking for an introductory text to supplement the lecture material presented in our training classes. While MacMillan and Natenberg have written great books on the topic, the former is not specific enough to our market making business and the latter is too advanced for the beginner. In looking for something in between these two fine works, someone suggested to me the Williams/Hoffman book. It has been unsatisfactory in several respects. Explanations of some concepts appear out of context with the material being covered, some others are very muddled, and some are just plain wrong. The book also suffers from a trait common to many traders-turned-authors in that while the authors may be very knowledgable about their subject they aren't very good at conveying - at least in book form - that knowledge to others. While students with previous exposure to options concepts may be able to overcome these deficiencies, I wouldn't recommend this book to the beginner. The beginner would be much better served by picking up MacMillan's timeless classic.

Outstanding primer
This book covers all the basics and a little beyond of option trading. Well written and organized. ... Read more

Book Description

An indispensable road map to the financial valuation of ESOPs

A must-read for accountants and professionals with a business valuation accreditation or certification, pension actuaries, ERISA lawyers, Financial Valuation of Employee Stock Ownership Plan Shares identifies, explains, and explores:

• The ins and outs of ESOPs, with a focus on what benefits a company/shareholder/plan participant would receive by transacting shares of stock with an ESOP
• The formula for an Employee Stock Ownership Plan
• Stock incentives and their attractiveness to employees
• The nature and function of ERISA, Department of Labor, and IRS, including training material and the full text of Department of Labor–proposed regulations
• Details of important court cases, with differences in methodologies and interpretations evaluated by their respective pros and cons
• Various examples and illustrations to be used as reference and research tools for the experienced and trained valuation professional

Book Description

Praise for Global Convertible Investing: The Gabelli Way

"Hart has just written the best book on our product. Everyone will learn something from this Graham & Dodd for convertibles . . . a must-read for investors."
–Lorraine Lodge
Director, Convertible Research, ING Barings

"With the global convertible markets going from strength to strength, Global Convertible Investing is an excellent guide to this exciting asset class."
–Grant Mackie
Head of International Convertible Bond Research, Lehman Brothers

"Hart Woodson has written the most definitive work on convertibles to date. Not only does he provide a fully comprehensive study of the technical dynamics that are the essential ingredients of the convertible instrument, he discusses at length the myriad of other considerations that go into making an intelligent investment decision."
–Richard C. Nelson
Director, Convertible Research, ABN AMRO

"A pragmatic, plain-English and incredibly comprehensive tutorial of the convertible securities marketplace. A must-read for anyone considering issuing or investing in convertibles."
–Kendrick Wakeman
Director, Convertible Research, Wachovia Securities, Inc.

"Easily the most carefully constructed work on the world of convertible bonds. Hart combines the insights of a practitioner with the precision of an academic."
–John Wagner
Managing Partner, Camden Asset Management, LP

"This book is an essential guide to convertibles for new as well as existing convertible investors. It is comprehensive, and it reflects Hart’s extensive experience as a Global Convertible Portfolio Manager."
–Anand Iyer
Group Head, Convertible Research, Morgan Stanley

"All groups of investors will gain from this comprehensive and insightful book."
–James Peattie
Head of Equity Derivative Research, Dresdner Klienwort Wasserstein

"The book admirably combines a simple down-to-earth view of convertibles with technical and analytical rigor. Hart Woodson manages to discuss topics interesting to some but intimidating to many, such as convertible pricing models or convertible arbitrage strategies, in a way that makes it easily digestible and fun."
–Katalin Tischhauser
Head of International Convertible Research, Goldman Sachs ... Read more

Reviews (9)

Global Convertible Investing: The Gabelli Way
Woodson, managing director of Gabelli Asset Management (UK) Ltd., introduces the advantages of convertible securities to the broader investment community, describing approaches and valuation methods of the convertible investment firm Gabelli Asset Management. Material is accessible enough to be understood by sophisticated independent investors, and provides detailed methods for professionals for identifying and trading high-potential issues.

Derivative investing is becoming more relevant!
The strategies that hedge funds are using now will be in the hands of ordinary investors within the next three weeks. One such strategy is the use of international convertible bonds. This is a derivative instrument that cannot be ignored. Fixed income until YOU the investor decide to switch.

How important is this. Mr.Woodson [not only shows how relevant it is for today's investor he makes sure that you know the necessary tips and tricks to outwit Wall Street at their own game. As investors wisen up to the need to retain their short term gains instruments such as convertible bonds, warrants, options, futures and many other derivative style investments will dominate the average investors portfolio.

Another two great books along this vein are "Futures For Small Speculators" and "Single Stock Futures For Small Speculators". Everyday investors are simply tired of the same old "buy and hold" strategies that don't work or give up to much value in the short run.

Buy convertible arbitrage you won't be disappointed.

I hope this is not the Gabelli Way.
I am unsure what book the rest of the reviewers are reading; but it was not this one. The book is not only ambiguous, but poorly crafted with topical transitions sloppy. I can comfortably say that there is not a single section of the book that adequately unveils the dynamics of various convertible instruments or their pricing. Indeed, the book reads more like a glossary than an explanatory text and for persons new to converts, the spate of regurgitated pricing theories will likely do more harm then good. Perhaps the one strength of the text is that it serves as a broad reference for readers truly interested in converts to seek out more educative pieces. For more informed readers, modest incremental knowledge seems to be the only gain.

Convertible tour de force
Quite a few books have been written about the specialized subject of convertible securities, but Hart Woodson has distinguished himself by writing a comprehensive book that includes all of the latest types of convertible securities as well as the latest strategies--in plain language that a beginner could comprehend, and with sophisticated equations included for the sophisticated quant. Better still, the book is not simply an ad for convertibles nor for his employer, Gabelli Asset Management. The pitfalls as well as the potentials are described. Hart can write. Hart has broad experience. He puts it all together in this practical book.

Brilliant, comprehensive, insightful
A must read for anyone interested in a clear and consise review of all the relevant information regarding this timely topic. Mr. Woodson demonstrates his precise and broad understanding of all the issues surrounding convertible investing, and presents such knowledge in a profounding easy to read fashion. This one shouldn't be missed. Clearly one of the authoritative sources out there!! ... Read more

Book Description

Larry Connors has co-authored two of the best selling trading books of the decade: "Investment Secrets of a Hedge Fund Manager" (with Blake Hayward) which brought traders strategies that are now in the mainstream of Wall Street thinking and "Street Smarts" (with Linda Raschke), a must-read treatise that revealed the in-depth secrets of two well-known, successful traders.

"Connors on Advanced Trading Strategies" is Larry's latest and most valuable contribution to the trading community.

Here's what one of his readers writes:

"Thanks to Larry Connors, "I am now a General Partner for an Investment Advisory firm.

"Things look good for the future!"

(Greg Che, Cambridge, MA)

If you trade Futures, Stocks or Options, you can now have in your hands 258 pages of the very best material Larry Connors has ever researched, tested and revealed.

In its 258 pages and 31 chapters you will learn some of the most explosive short-term market strategies ever made available to traders.

Among the 30-plus strategies revealed in the manual are:

THE 15-MINUTE ADX BREAKOUT METHOD (Chapter 20) Especially for day-traders ! This dynamic method teaches you how to specifically identify and trade the most explosive futures and stocks every day. This strategy alone is worth the price of the book. It specifically shows how to choose to enter the same market day after day. By identifying an over-all trend and then waiting for a market to "speak to you" just after the opening, you can take positions where before you might have hesitated or even refrained from entering. This is a day trader's dream. . . imagine buying low soon after the opening and selling higher late in the session. Day after day - in the same market !

OPTIONS (Section 6) Four chapters and numerous in-depth strategies for trading options. You will learn the strategies used by the Market Makers and a small handful of professionals to consistently capture options gains. Trading volatility with options Trading options with the Connors Vix Reversal Options on stock splits Exploiting overpriced stock sector options

CRASH BURN AND PROFIT (Chapter 11) Huge short-side profits occur when stocks implode. By following the simple rules of this setup you could have shorted Diana Corp at 67 3/8 - a few months later it had collapsed to 1 1/2. This, from one of the most straight-forward entry techniques you'll ever see !

The CONNORS "VIX REVERSALS" 1, 2 and 3: (Chapter 2) You will learn how the CBOE Volatility Index pinpoints short-term highs and lows in the S&P's and in the broad market. The average profit per trade is among the highest Larry has ever released in three of the most powerful strategies ever revealed.

ADVANCED VOLATILITY STRATEGIES (Section 2) Numerous never-before-revealed strategies and concepts using volatility measures to identify markets immediately before they explode.

TWO-FOR-ONE MONEY MANAGEMENT (Chapter 28) Specific money management methodology to use which helps maximize profits while keeping your risks to a minimum. It is an exit strategy which allows you to participate in potentially large moves with reduced exposure. You will find you have more confidence in taking trades as it allows you to enter into potentially explosive setups while reducing the risk inherent in these setups. This strategy helps offset your concerns about allowing profits to run.

MODIFYING TRADE SIZE AND STOP PLACEMENT Based on Volatility Measurement (Chapter 5) One of the most successful Commodity Trading Advisors in the world "blew up" his company because he ignored this one rule. His story is used as a lesson to point out the dangers of not paying attention to a market's changing volatility. You will know how to exploit market volatility when it explodes.

Also, included are chapters on : "Trin" thrusts off the ARMS index Trading where the action is Trading e ... Read more

Reviews (12)

Chart Cherry-Picking
Once again, we have a book where most of the strategies do not stand up to historical testing. There is little coverage of specific entry or exit points, and what's the point if trading strategies do not stand up to scientific testing? The book is full of typographical errors. For $150, some proof-reading could have been done.

Connors best book
This is definitely Connors best book. I have most, but this one puts a lot of Connors best strategies into one book.

Connors has made his money from these trading strategies. Like a previous reviewer pointed out, these strategies don't usually produce home runs -- mostly singles and doubles. But I think that makes these strategies more realistic in the world of trading. Anyone who is selling strategies with triple-digit retuns should be avoided like the plague.

Beware of this Overpriced book
I have to repeat here what I said in reviewing another (ridiculously overpriced) Connors book ["Street Smarts"]. The only "advanced" strategy Larry Connors knows well is how to make money out of the miriads of hopeful wannabes that overpay for his expensive books and for his TradingMarkets.com web site, which costs more than a thousand dollars per year and is just a hook to get the members to buy more overpriced "trading services", $5,000.00 tutorials, "ultimate" courses, fantastic techniques, books, etc., etc. Just think of this before you dish out your money to this guy: if he knew any "advanced" Trading strategies to make real money he wouldn't be peddling his overpriced merchandise for a living. Wouldn't it be nicer to live as a rich trader, trading from your yatch your great advanced strategies for millions, instead of busting your rear running a Web site in downtown LA to trap yet another fool who thinks that perhaps this new advisory service will "make him" money? Let Connors first show that he can make millions trading before he calls his strategies "advanced". Obviously, they are just not advanced enough to make him rich --though he will be soon, if you pay him ...for this mostly charts collection of silly trading advice. If you still feel you have to learn the basics from the popular self-appointed "gurus", do it at least with a minimal expense.

I like Connors' style
I like Connors' brevity. He doesn't try to wow you with big mathematical theorems, he just gives you common sense explanations of why he markets work the way they do and gives you the zing-bang-boom version on how to take advantage of these market conditions. Not much thought is needed once you are set-up but, does it need to be complex to work? My only problem is getting out with my profits intact. I read the 2-for-1 strategy but mentally I can't execute. Need more discipline. I'm checking out Mark Douglas' book for that part. I am still reading it but it looks good so far.

Go
This book is for anxious traders who think the found the get rich quick book. 250 page book in 16 font size, half of it are charts for stocks that worked using his system. Again no testing is done. Mostly about Wilder ADX, DDI for day trading. If your day trading system is not working you may try this one. The best method is the simplist method. And the high priced books are not the best books. ... Read more

Book Description

In this remarkable new book, career trader John Momsen has assembled the 41 most profitable, accurate, and dependable seasonal trades the future markets have to offer. ... Read more

Reviews (6)

Reliable Author
I've been using Momsen's first book "Ultra-Reliable Seasonal Trades" for years and been quite impressed. I just received "SuperStar Seasonals" and all the trades checked out. As I write this, three of the four open trades are profitable.

Highly Recommended
This book is unbelievable. While most books on seasonal commodity trading self destruct after a few years, "Ultra-Reliable Seasonal Trades" just keeps churning out profitable trades year after year with consistent results.

It didn't test out for me
I also wrote TradeStation code for each of the trades and then tested the last few years and wasn't happy with the results. It was at best a break even strategy with plenty of risk. I expect the trades were just curve fitted to write a book.

Outstanding systems
An excellent book that defines time periods for entering trades based on seasonal research, then provides fully disclosed technical systems for defining entry, exits, stops, and a back test of generally 20 years for each seasonal trade. Although the technical system varies slightly for each trade, the underlying concept is intermediate to long-term trend following, and some of the technical systems would be reasonably profitable even without considering seasonality, that is just the icing on the cake. Highly recommended, I'm repeating the back testing and anxious to start trading some of these systems.

It's a keeper
it's a little different than most. Actually has entry orders on breakout of hi or lo of x number of days, and rules for placement of stoploss and raising of stoploss. Some trades have an exit on x date if not stopped out, some don't. Some trades are designed to catch a swing either way.

He also writes a fundemental rational as to why each of these trades should work.

Each trade, 41 in all, has a different set of rules, so I am sure there is some curve fitting done here.

Some of the trades I would have never taken because a move was over and some trades should have been entered early by trend breakout. some trades were entering , take a loss and rentering at a worse position and taking a bigger loss. especially in the index's. One trade had an exhit date , so the trade ended, but technically the trade could have made much, much, "MUCH" more ( price kept going up and up.) But for test purposes I tried to stay true to the rules.

All in all I enjoyed studying the book and the trades as they would have been put on and the ones that are still open or awaiting signals at this time. I tried to build in slippage in the fills I accepted, taking the lowest price for a fill if going short and vice versa when going long.

I was unable to evaluate the recommended trades in the Value line because I don't have the data.

All in all the 41 trades less the value line trades ( some recommendation are in and out 2-3 times during the valid trade period.) posted a loss of ($3748)plus 51 commissions.

If you break out the index trades and forget them, ( or you could trade minis-(I did not figure the profit/loss for minis) Trading the remaining recommended trades- you would have made $15,827 less 38 commissions.

I eleminated another group of trades leaving only markets that can be traded in chicago as either full contracts or mid am's. The figures generated are still full contracts and the Gold is still COMEX ( but gold is traded at MidAm as well as CBOT )Now you have a profit of $12,135 less 18 commissions.

to take this one step further culling this list to Bonds, notes, beans, beanoil,and corn ( all cbot contracts ). you would have a profit trading 1 contract per position of $14,382 less 11 commissions. You would need about $10,000 margin account unless trading bonds and notes on midam, then probably $6-7000. would possible be sufficient. my testing period was from 7/6/99-7/13/99.

The book has 20 years of testing and results done for each trade thru 1997 on all and 1998 on some of the trades.

I WILL be looking at these trades in the future. ... Read more

Book Description

This book presents a simplified, step-by-step explanation of those stock option strategies that are appropriate for use by an investor primarily interested in the protection of assets, and in increased income.The strategies are explained both by words and with graphs and visual aids.There are also general discussions of market strategies, advice for stockbrokers, lawyers, and general investors interested in stock options. ... Read more

Reviews (10)

A valuable and easy-to-understand primer
Especially in these volatile times in the stock market, Hecht's book is extremely valuable reading for investors.Using plain language, Hecht explains how investors can hedge and pursue less risky strategies with stock options.Those who have some familiarity to investing in the stock market will have no trouble understanding Hecht's presentation of what is often difficult material.His book makes it easy for conservative investors, and those who want to pursue less risky approaches, to make stock options a part of their investment strategy.Thanks to Hecht's book, stock options are now an integral part of my approach to the market, and I'm benefitting handsomely.

Finally, an easy to understand book for the novice investor!
This book will really help novice investors like me to quickly understand the risks and rewards form investing in stock options.It's concise and easy to read.Within 10 hours of reading, I had a good understanding of appropriate option investments and when the risks of certain types of option investments far outweigh the potential rewards.

Great for Beginners
The author writes in an easy conversational style which makes a potentially complicated subject quite understandable. He has a relatively conservative approach which, especially in a volatile market like we're currently in, makes an investor far more comfortable than some of the more aggressive, dangerous uses of options. The step-by-step way he walks the reader through the examples adds to the clarity of the book. I found it very helpful.

not for the beginner
I found this book to confusing and the writer did not spend enough time on the basics. All this book did was turn me off to options.

This was a big help
I'm in a field related to economics, but I always found stock options difficult to understand.This book made it reasonably easy, and the examples were great.Also I found the illustrations very helpful, I guessbecause I have a visual memory.I've been using the ideas in this book,and even in this volatile market I've done well. ... Read more

Book Description

If you're after cash flow and increased monthly income, how to build it, how to enhance it, how to protect it, and how to keep it growing, then you are reading the right book. Wade Cook is a "rags to riches" story that you can profit from. He started as a cab driver, then a real estate investor, author, educator, and is now a renowned stock market cash-flow educator. His story is not only powerful, but also one the average person can copy and apply. Yes, you can use his strategies and formulas and get the same results. Or better. Wade's dynamic and innovative, yet simple to understand and easy to implement methods will get you going and keep you going. He says, "If you'll do for two years what most people won't do, you'll be able to do for the rest of your life what most people can't do." ... Read more

Reviews (98)

Powerful, useable strategies
I have a library of over a hundred or so financial books and continue to add to my library. A lot of times when I am waiting for a new batch of books to come in, I'll reread an older one. I did that recently with Wall Street Money Machine #1 and have been rewarded tremendously with Wade's advice.

I have found that options are safer than stocks and buying on margin can be done safely and successfully. I like the fact that Wade says to "not get greedy" and "know your exit" and set stop losses and use limit orders.

Generating income repeatedly via rolling stocks and with covered calls is predictable and also safe.

Earning 20% monthly and up to 1,000% returns with options on stock splits and on earnings runs is also doable.

Wade Cook provides strategies that are very powerful and useable. They flat out work.

Regarding the current status of Wade Cook's company, allI can say is that a lot of companies have had to file bankruptcy over the last few years. Wade's is not the exception but still has nothing to do with his stock market strategies. The seminar part, which is the part primarily involved in the bankruptcy to me were way too expensive (as are the seminars by others). For $4,000 you can buy a lot of books, software and paper trade. I believe that the Wall Street Money Machine series gives you the basics to start investing successfully. Want more information on options? Check out Wall Street Money Machine #2 and #4. Want to maximize covered calls? Read Wall Street Money Machine #5. WANT TO PLAY QUARTERLY EARNINGS? Read and use Wall Street Money MACHINE #6. Want to profit from the market swings? Then pick up a copy of 2 BAD Years and Up We Go and Wall Street Money Machine #3.

I would also recommend William O'Niels new book "The Successful Investor" and read other books on plaing options like "The Option Player"

Regarding the negative viewer comments on checking out goggle, all I can say is that MSN is dropping many of it's chat rooms due to outright abuse on the internet. Just because something is on the internet does NOT make it true. It's the general opinion that all of the negative reviews against Wade Cook come from one person who is in direct competition with Wade and sells seminars and stock market websites.

Regardless of what Wade is doing now, all I know is that his strategies work and work all the time for anyone and everyone who follows them correctly. Sure beats listening to brokers who generally only make you broker.

Welcome back Wade - Your the best!
I first bought Wall Street Money Machine back in 1997. My first play was a bank stock (Summit Bank) I bought call options @ $2 that ran to $12 before the split. I also bought a raliroad stock (KSU) on a stock split---invested $400 in options that were worth $4,500 three weeks later. My best play was Amazon.com. I bought call options on a post split play for $15. Three days later those $15 call options were worth $75!

I have never attended a seminar but have enjoyed a wealth of information from Wade from this book primarily (the original Wall Street Money Machine) and Stock Market Miracles.

I can understand the 1 star reviewers because people have a tendency to attack successful business people like Wade Cook. That said, the stock market should be approached with caution, but then, isn't that what Wade Cook advises?

I highly recommend Wall Street Money Machine. It started me in stocks and I have never looked back.

Great to see that you are back Wade!

Powerful book - powerful strategies
CAUTION: The advice in this book could make you rich! One caveat; you have to apply it. You can't just read the book, you have to use the information. This is the information that savvy investors always knew about but don't want the masses to know.

Revolutionary!
Wade Cook's strategies are revolutionary indeed. You won't find these techniques anywhere else. Yeah, you'll read about covered calls, options if you are lucky, but most information is long winded and boring and mostly set up to help a broker pass a test to get his license or prep the unwary investor to buy the brokers Soupdjour.

Wade doesn't sell you any securities. He teaches you what to do to become successful doing this on your own---and it works.

It's working for me!
Thanks to following the advice in this book, I had a 388% return and a 250% return on another stock in one day. The advice works. Try it. You'll like it. ... Read more

Book Description

 In the true spirit of David and Goliath, financial consultant Keith Schooley takes on his former employer in a stand to expose internal wrongdoing and cover-ups. In Merrill Lynch: The Cost Could Be Fatal—My War Against Wall Street’s Giant, Schooley’s initial excitement for a new career in finance with Merrill Lynch is clear.His enthusiasm is soon overshadowed by blatant wrongdoing in this powerhouse financial firm. In a daring move, Schooley decides he cannot look the other way and writes a lengthy memo to company management. Confident things will be put right, Schooley is shocked at Merrill Lynch’s ensuing attempts to keep him quiet. His eventual dismissal and threat of a lawsuitby his boss are followed by further steps to keep him down.Discover the fascinating details behind:

●What events led to the courtroom and binding arbitration

●Why Schooley’s appeals to regulatory agencies were futile

●How Schooley made the ultimate sacrifice, both financially and personally

●The shocking reason behind Schooley’s move from the courtroom to the court of public opinion

Merrill Lynch: The Cost Could Be Fatal is a must for all investors; anyone employed in the area of securities, insurance, financial services, employment law, or human resources; as well as anyone with an association with Merrill Lynch. This exposé of corruption and conspiracy on Wall Street strikes at America’s very foundation. ... Read more

Reviews (9)

admire Keith's courage to fight against ML by himself
After read his book, I really admire Keith's courage to fight against Merrill Lynch by himself. It tooks him a lot of time, energy, money to fight for his believing. I was a Merrill Lynch empolyee as financial advisor and was wrongfully terminated. After read this book, I was filled with the courage to fight against the giant firm. Email me at YYYY1234YYYY1234@yahoo.com.

A Securities Industry Whistleblower's Profile in Courage
This book is a profile in courage of how a private attorney general suffered great personal costs while attempting to uncover corporate wrongdoing in order to serve the public interest.Keith Schooley's well-written book is an odyssey of his struggles with Merrill Lynch management that took him on a journey through nearly every regulatory agency, a blue-ribbon arbitration panel, and finally the Tenth Circuit of the U.S. Court of Appeals.

Mr. Schooley describes in detail how the "powerful and mighty" play the game inside and outside of a court of law, including unethical and perhaps illegal activities.It is a powerful story of the personal costs of whistleblowing and doing the right thing as well as an insider's guide to the world of the securities industry.This book provides insights into institutions such as the Wall Street security moguls, regulatory agencies, arbitration, and the court system.

In view of the current climate of corporate scandals - Enron, Arthur Anderson, WorldCom, Adelphia, and others - Schooley's book is an important one that offers a hard and disturbing look at Wall Street's largest securities firm. As a former employee of Merrill Lynch, Schooley gives a backstage view at what goes on behind the impression-managed frontstage.The public relations voice of corporate America differs significantly from the reality. Mr. Schooley documents a pattern of problems at the firm ranging from brokers to senior management, and suggests that the problems could be even be traced to the board of directors.

This is a book that should be read by not only Merrill Lynch clients, but all investors.Law students and lawyers interested in employment law, securities law, and tort law would also find it a valuable case study of corporate wrongdoing.Finally, undergraduate students interested a career in the securities interest will learn about the perils of the securities industry from this insider's guide.

Michael L. Rustad
Thomas F. Lambert Jr. Professor of Law
Suffolk University Law School
Boston, Massachusetts

"The Insider" it is not
This is the kind of self-aggrendizing drivel you should expect in a self published book. I guess no one else was interested in publishing the story.

The author worked in a tiny offie in a backwater town and took it upon himself to contact "senior management" in wiritng. I bet he is writing to Bush about the war in Iraq as we speak. I'm sure he will be self-publishing a new book very soon about how Bush ignored his concerns and tried to get his day in international court in The Hague.

Save your money and by a book from an author who didn't have to pay to get it published.

What Whistle?
Memoirs are necessarily selective and subjective. They simply cannot cover everything as they share the thoughts and feelings as well as the perspectives and opinions of their author. to the extent that author wishes to share them (selectively). My own experience suggests that, in the "alley" of contemporary business, most of the "cats" are gray. It is therefore important to keep in mind that this is Schooley's account of what he believes happened...and did not happen...during his association with Merrill Lynch and thereafter. To his credit, he draws upon as many primary and secondary sources as possible to establish what he calls the "record," one which "can speak for itself."

What does it say? First, that an earnest, eager, and ambitious young man went to work for Merrill Lynch with the proverbial "high hopes" and "great expectations"; by the time he concluded his relationship, he had lost all respect for Merrill Lynch's organizational integrity. In this book, he explains why. Also, various circumstances and developments forced him to conduct rigorous soul-searching. Was he naive? Were his requests unreasonable? Should he have conducted himself differently?Was it all worth it to challenge such a large and powerful organization? Schooley responds to these and other questions in his book. Finally, the book says (to me at least) that it is difficult but not impossible for an individual to initiate and then sustain such a challenge. Perilous? Of course. Doomed to failure? Not necessarily.

Dante reserved the last (and worst) ring in hell for those who, in a moral crisis, preserve their neutrality. According to Schooley, there were many senior-level executives within the Merrill Lynch organization who did so as did officials at various regulatory agencies. I admire Schooley's efforts to act upon his principles when he composed a memorandum for Merrill Lynch's senior managers, informing them of various improprieties and possible illegalities as well as efforts to conceal them. I admire his efforts even more after he was dismissed and then threatened with litigation unless he remained silent (i.e. preserving his neutrality). His personal as well as professional sacrifices were numerous and substantial. Nonetheless, he persevered.

As Schooley's reader, I have no reason to question his sincerity or integrity and am unqualified to comment on the merits of his allegations. Nor do I presume to suggest that his book will achieve all of the objectives he had in mind when he wrote it. (Organizations as large and complicated as Merrill Lynch remind me of the fact that "jumbo" oil tankers must travel approximately 30 miles to reverse their direction.) I rate this book so highly because I think it raises a number of questions which must be addressed by senior-level corporate executives, especially now as other allegations are made by other Schooleys in their respective organizations. Schooley obviously believes that our society needs more "white cats" and fewer "black "cats," not only in the private sector but in publicly-funded regulatory agencies which have fiduciary responsibility to all citizens. Within the limitations of the memoir genre, I think this is a brilliant achievement.

Nothing sensational and no real dirt
I agree that the story is sad and the author got the short end.That said, this isn't the Greek Tragedy that some seem to imply, nor is it a realistic account of David versus Goliath in the strictest sense.

First, Mr. Schooley brought much of the mess on himself.Not for raising the issues and bringing them to the attention of Merrill Lynch's management, but for hiding behind a facade of ethics and integrity while refusing to meet the company's internal investigators half way.Would that have compromised his ethics or integrity?I don't believe so.

Merrill Lynch's first responses seemed to include a sincere effort to resolve the complaints to the satisfaction of all.While Mr. Schooley refused to budge from his demands which he claims were based on integrity, he also had strange ideas about integrity. While he was rolling dice with his family's future by rocking the boat, he neglected to let his wife in on what he was doing.That is deceit, not integrity and is only different from adultery is degree.

Second, this book is supposed to be evidence placed in the court of public opinion.Yes, the public will side with Mr. Schooley because we always root for the underdog and he was treated unfairly.If he thinks that this book will make a difference in Merrill Lynch's bottom line I contend that he's naive.The public will do what the public does.They'll feel sorry for him, but will not hesitate for a second to follow Merrill Lynch's investment advice if it'll make them money. That's the way life works.

Third, I take issue with the claims made by Mr. Schooley and the attorney who wrote the forward that arbitration is a bad thing.From personal experience I think arbitration is useful, especially in our society where we litigate at the drop of the hat.Of course an attorney is going to oppose arbitration because in most suits the only winners are the attorneys.

I do recommend this book because does have lessons to be learned.What those lessons mean is up to you. The story reads well in spite of bogging down in places in the beginning. It has the usual metaphors reported by others: Greek tragedy, Biblical David versus Goliath, and the more philosophical Good vs. Evil.It even has a bit of Karmic irony. After Mr. Schooley's life started falling apart which included a divorce his ex-wife went to work for Merrill Lynch.What it doesn't have is anything that will cause the same outrage as the Enron debacle. You'll have to look elsewhere for that kind of story. ... Read more