Book Description

A pioneering classic in Dow Theory.

"If you are a serious student of investing, you owe it to yourself to 'go back to the future' and read this book." --Charles B. Carlson, Editor of "Dow Theory Forecast".

The Dow Theory is consistently one of the best strategies for understanding and predicting the stock market, and when it is applied as a method of predictable forecast, it is known as the "barometer." This finance classic offers tips and trends that William Hamilton observed over the years in the market, offering a view of market behavior that remains perpetually current. Hamilton, a contemporary of Charles H. Dow, presents a clear and in-depth discussion of the Dow Theory and its explanation of averages and affinity for predictable cycles of panic and prosperity.

Provides an analysis of the stock market and its history since 1897.
* This book is a springboard upon which current Dow Theory has thrived.
* New foreword by Charles Carlson.

The late William P. Hamilton originally published The Stock Market Barometer in 1922. Hamilton spent a career in financial journalism and became an editor of The Wall Street Journal. ... Read more

Reviews (3)

Financial books of the past, still tell you the same truths.
This is a great book. There is just one update in the introduction. The rest of the book still maintains its 100 year old roots.

As a financial author I am always inclined to look to the past for answers. This book orignially written by Mr.Dow, of Dow Jones Industrial Average fame, still is very relevant today.

Classic elaboration of the Dow Theory
William Hamilton was the successor (both at the Wall Street Journal and in expounding the Dow Theory) to Charles Dow, and the one who clarified the Dow Theory as most people understand it today. To students of the Dow Theory, and of Wall Street and Investment history in general, this is a must-have volume. Also see works by Robert Rhea.

An unecessary defense of the stock market
The stock market barometer is a completely unecessary defense of what the stock market is. It provides an incredible amount of uninteresting and completely trivious information. It is definitely NOT a must read. ... Read more

Book Description

The Equity Risk Premium—the difference between the rate of return on common stock and the return on government securities—has been widely recognized as the key to forecasting future returns on the stock market. Though relatively simple in theory, understanding and making practical use of the equity risk premium concept has been dauntingly complex—until now.

In The Equity Risk Premium, financial advisor, author, and scholar Bradford Cornell makes accessible for the first time an authoritative explanation of the equity risk premium and how it works in the real world. Step-by-step, his lucid, nontechnical presentation leads the reader to a new and more enlightened basis for making asset allocation choices.

Cornell begins his analysis by looking at the equity risk premium in the light of stock market history. He examines the use of historical data in estimating future stock market performance, including the historical relationship between stock returns and risk premium, the impact of survival bias, and the effect of long-horizon stock and bond returns. Using the stock market boom of the 1990s as a case study, Cornell demonstrates what equity risk premium analysis can tell us about whether stock prices are high or low, whether the stock market itself may have changed, and whether indeed a new economic paradigm of higher earnings and dividend growth is now in place.

Cornell analyzes forward-looking estimates of the equity risk premium through the lens of various competing approaches and assesses the relative merits of each. Among those scrutinized are the Discounted Cash Flow model, the Kaplan-Rubeck study, the Welch survey, and the Fama-French Aggregate IRR analysis. His insights on risk aversion theory, on the types of risk that have been rewarded over time, and on changing investor demographics all supply the sophisticated investor with important pieces of the risk premium puzzle.

In his invaluable summing up of the equity risk premium and the long-run outlook for common stocks, Cornell weighs the evidence and assays the impact of a lower equity risk premium in the future—and its profound implications for investments, corporate decision making, and retirement planning.

The product of years of serious analysis and hard-won insights, The Equity Risk Premium is essential reading for institutional investors, money managers, corporate financial officers, and all others who require a higher level of market analysis.

"The Equity Risk Premium plays a critical role in legal and regulatory matters related to corporate finance. Along with the cost of debt, it is the most important determinant of a company's cost of capital. As such, it is an integral part of the decision-making process in corporate finance. For instance, whether or not a major acquisition makes sense can depend on the assumed value of the equity risk premium. In addition, the equity risk premium is an issue that regulatory bodies consider when they set fair rates of return for regulated companies. Cornell's book is an important contribution because it includes both an historical analysis of the equity risk premium and provides tools for forecasting reasonable levels of the risk premium in the years ahead."—Theodore N. Miller, Partner, Sidley & Austin.

"Estimating how well stocks will do in the future from how well they have done in the past is like driving a car while looking in the rearview mirror. Brad Cornell provides us with an important forward-looking view in this easily understood guide to the equity risk premium and confounds the popular view that stocks will do well in the future because they have done well in the past."—Michael Brennan, Past President of the American Finance Association and Professor of Finance at the University of California at Los Angeles. ... Read more

Reviews (9)

The Equity Risk Premium
The author, Professor Bradford Cornell, gives an analytical, yet very readable, explanation and forecast of the decline of the stock market during the past couple of years. In this regard Professor Cornell makes a similar conclusion about the value of equtiies and slightly earlier than did Robert J. Shiller in his book, Irrational Exuberance. It is unfortunate that Professor Cornell and his book did not get the same attention that was accorded to Professor Shiller at the start of the stock market decline.

The thesis of the book is that the equity risk premium for stocks, which is the compensation given to equity investors for holding shares of risky common stocks, was below, perhaps much below, what was historically normal. This implied that investors came to view common stocks as being a much less risky investment than stocks had been in the past. Indeed, a quite common view of many investors before the recent fall in the stock market was the view that common stock were an appropriate vehicle for "savings" rather than just for "investment." The implication of this perception by some investors is that equities in general were likely to continue to rise in price over time and thus represented a "safe" or at least low risk vehicle for discretionary income that was not spent.

However, periods of relative low perceived risk usually do not last and are followed by periods of relatively higher perceived risk. The current period we are now in appears to be one in which the uncertainties regarding the stock market have increased and thus investors are now demanding greater compensation, that is, a higher risk premium, for bearing those uncertainties.

The reason the book does not get five stars is that the book misspecifies the constant dividend growth model equation that forms the basis for the author's explanation of the adjustment in the equity risk premium. However, this oversight should not prevent the reader from getting a great explanation of how the prices of common stocks adjust to risks from this fine book.

Still don't understand the ERP puzzle
The real dillema regarding ERP is that the real ex-post ERP is irrationally different from the the ex-ante ERP required for CAPM valuations. Prof. Cornell does explore this issue well for a general audience. However, this book does not diminish my skepticism of CAPM equilibrium valuations and ex-ante ERP estimators.

Readable, Reasonalble, Rational
This book, with its many references, is a great guide to the academic literature on stock valuation. It was easy to read, very logical, and educational.

Detailed research, not targeted to a typical investor
The book seems to be targeted towards University researcher types more than people interested in learning about investing. If you are looking for a book that helps to explain how to value individual stocks for investment, skip this book.

There is a lot of detailed analysis of past history or stock market performance and other fundamentals. There is a comparison of dividend trends and lots of other stuff. Almost all of the book treats the entire market as a whole rather than analyzing individual stocks. I believe the conclusion of the book is that the stock market as a whole is over priced based on the extensive research performed by the author.

Hate it when that happens
According to Prof. Cornell, and much of academia, the Equity Risk Premium is represented by the difference between the returns from the S&P over time, and the returns from treasuries. This concept fails to consider the real growth in S&P earnings, which is a significant part of that difference, and "risk" is conceptually the rest, a much smaller number than suggested in this book.

Prof. Cornell offers the standard fundamental value formula on page 56 for calculating the fair market value of a stock. That formula provides "k", the return to investor from fair market value. On page 103, he plugs in the market value of AT&T International (sic) to solve for "k". He doesn't seem to realize he is substituting a theoretical "fair market value" for a "market price". That doesn't work in the algebra that I remember. He questions why it doesn't work in his example. "k" doesn't = "r" except by co-incidence. Sorry, Professor, but you are in good company. Burton Malkiel makes the same mistake in "Random Walk Down Wall St.", and Jeffrey C. Hooke in "Security Analysis on Wall St." I hate it when that happens. ... Read more

Book Description

The failure of optimized portfolios to meet their practical investment goals has prompted many portfolio managers to abandon optimization techniques for simpler alternatives to maximize asset value. Yet, according to financial expert Richard Michaud, readily available methods exist to help practitioners reduce instability and enhance the value of optimization--tools that the investment community has largely ignored. In his succinct new book, Michaud argues that the problems lies with the conventional perception of optimization as a numerical computation; this view has severely restricted the typical manager's understanding of inherent limitations--and resulted in optimized portfolios that frequently fall short of their potential. If, instead, managers approach optimization as a statistical estimation, Michaud argues, they can resolve many of the serious limitations. Michaud identifies and explains five powerful techniques--improved estimation, application of benchmark priors, integration of active forecasts, tests for efficiency, and tests for portfolio weights--that portfolio managers can use to reduce errors, increase precision, and enhance the value of seemingly optimized portfolios. He illustrates the impact of each method with a simple asset allocation problem. With its important implications for investment practice, Efficient Asset Management's highly intuitive yet rigorous approach to defining optimal portfolios will appeal to investment management executives, consultants, brokers, and anyone seeking to stay abreast of current investment technology. Through practical examples and illustrations, Michaud updates the practice of optimization for modern investment management. ... Read more

Reviews (4)

Thoroughly useless
This book looks like a sales pitch for someone getting into the consulting business. It is neither particularly insightful nor detailed, and is certainly not useful for portfolio construction and risk management. It lies well outside the mainstream practice and thinking within the industry, and serious alternatives are plentiful. Avoid.

Not for the asset allocation user (vs. creator)
I would agree with the comments of the first 2 reviewers. That is, the book is honest, concise and thorough in addressing the pitfalls of using Mean-Variance optimization techniques for finding optimum asset allocations (i.e., minimum risk for given expected return). However, if you don't do your own asset allocation calculations (i.e., process historical trends to find the "efficient frontier") the only value of the book is to make you aware of the issues around using Markowitz mean-variance techniques and, therefore, be questioning of any asset allocation models you come across. In other words, for the user (vs. creator) of asset allocation models be aware that if the creator wasn't careful in his statistical techniques the models could be wrong. Also, what I also got out of the book was, in many cases, rebalancing of a portfolio may not be needed as frequently as many suppose as the efficient frontier is more of a cloud then a line.

Raises important questions
Michaud raises several important issues that one is sure to encounter in portfolio optimization. Michaud exposes the fallibility of mean-variance optimization and suggests several techniques to obtain more reliable results. His conclusions merit consideration. Props for increasing the breadth of statistical scope of efficient asset management. Michaud is also a fluid writer. My largest complaint is that the majority of his work utilizes sign-constrained (long-only) optimization. If you manage, advise or consult on portfolio management and you utilize optimization techniques or have considered them, you should become knowledgeable with the contents of this book...

all you ever wanted to know...
This short, simple book offers a synthesis of research about the uses and practical problems associated with Markowitz optimization procedures. It will give you a good opportunity to see in a few interesting hours what can go wrong in implementing MV optimization and what to do to improve the process. Things that are relatively obscure, but have a direct practical relevance, such as considering the efficient frontier as having a variance, and offering some pointers on where to get arcane Stein-like estimators for the variances and covariances (Ledoit estimators).

There is no math entrance barrier (almost no equations), so this book will be of benefit to users of MV optimization who want to understand the issues deeper and not just press on a button and assume that the weights they get make sense. It is to be noticed that this is not the book for those interested in quadratic programming algorithms per se, as the focus is more from a user point of view. Also notice there are no new results in the book and that sometimes I wished some discussions were more detailed - but they may be too detailed for some other readers as well.

In brief an honest book, not too dumb and not too hard. An interesting and useful reading for all users of MV optimization. Also, a perfect book to complement an undergrad education in finance.

NOTE: Although the presentation, printing and binding is similar to the infamous NYSE "technical" books or Wiley trader's advantage series, this is actually a good vulgarization book written by somebody having an academic training. No chaos, technical analysis or other arbitrary opinions are to be found here. In case you'd be scared by the look of it... ... Read more

Book Description

Anyone who is a current or potential investor, who enjoys working with people. ... Read more

Reviews (2)

A Good Investment!
Sarah Young Fisher provides excellent value for your $18.95 spent - 325 pages of useful information plus Glossary and Resources. Her thesis is important, even if it is more subtle than explicit: running an investment club is a bit more difficult than it looks. The best proof of this resides in the now famous Beardstown Ladies who thought they were earning 23 percent on their money, only to learn that the true figure was 9 percent. Put another way, as good as they thought they were, the ladies lacked the technical expertise to calculate their rate of return. Sarah is very clear about the start up costs (about $1200) and monthly costs (about $150) paid to lawyers, accountants, and book keepers - no small consideration. Then, of course, there are taxes to consider .... This is a good deal more complex than organizing a hiking club, and yet it is supposed to be FUN! Her most valuable piece of advice is: not even a good financial advisor has the same stake in your money as you do. Her most futile piece of advice is: don't get emotionally attached to a stock - a bit like asking humans not to be human. The contention that most clubs probably need a professional financial advisor to get started almost seems to take some fun out of the group adventure. Essentially, however, the book is very comprehensive, easy to read and understand, and an invaluable guide to any club starting up. Indeed, the book itself is a good investment!

A Good Start
I was hesistant to purchase any book that in its title makes reference to the reader being an "idiot," but this book gives the fledgling investment club a good head start in organizing itself. The chapters progress logically from the history of investment clubs, to tax considerations, to keeping records of investments. Some sections are necessarily abridged, and the author points the reader to other, more robust sources (you should consult sources dedicated to the topic of stocks/mutual funds/bonds rather than rely on the section in this book). Each chapter gives good tips and warnings on how to run the club.

One topic that the author seemed to treat lightly is online brokerages and trading. The author advocates seeking the advice of a full-service broker -- something that fledgling investment clubs may not be able to afford -- to handle the club's trading. Our investment club extensively uses online brokerage services and online resources to keep the monthly club contribution low. ... Read more

Book Description

Because the Smart Investor Is the Informed Investor.
As the adage goes, "Invest in what you know." Many investor have made fortunes in energy stocks and funds—a very lucrative but risky sector. But if you don't have a background in oil or gas, how can you know how to make intelligent picks in energy? ... Read more

Reviews (5)

A huge disappointment
There are not many books on investing in the energy sector presumably because of the boring reputation of that sector (and commodities investing in general). However, that perception is simply wrong. Energy is the lifeblood of our modern societies and its future cheap and abundant avaiability is becoming more and more uncertain. Any serious book on this important subject is therefore highly welcome. Unfortunately, the book under review is not serious. To begin with, the most important issue facing the oil and natural gas industry, the issue of depletion is not mentionend in the book at all. The fact that the US oil production reached its (so called Hubbert-) peak of oil extraction in 1970 with falling production ever since then is not mentioned either. The world is facing a peak of oil production in the immediate future (this decade) with possibly dramatic consequences for the economy in general and the energy sector in particular. All of this is not addressed in the book at all.

The author is unfortunately politically biased. For instance when discussing the Russian oil reserves (among the largest in the world), not a single Russian oil company is mentioned. This is unexcusable especially since the oil reserves of the largest Russian oil companies rival those of Mobil-Exxon (a market leader which is extensively discussed in the book). Yet the Russian oil companies are valued by the stock market at a fraction of the valuation enjoyed by the the market leaders. Failing to emphasize this important point indicates that the author is not a experienced investor. He may be a enthusiastic politician, but definitely not a great investor. There are many other irritating inaccuracies and omissions. For instance, the appendix A listing the world oil reserves mentions the marginal reserves of Suriname, but fails to list the substantial reserves of Venezuela - the largest known oil reserves in North and South America. To sum up, I regret having bought this book.

Bad writing, even weaker logic and investing advice.
Having spent 13 years on Wall Street focusing on other industries, I was most excited to find what appeared to be an interesting book on energy investing. However, my enthusiasm faded very quickly. The book is a ham-handed effort to teach about the energy business and investing, in my opinion. Weak writing at best, even worse intellectual logic, Mr. Duarte cannot seem to follow a single line of thought for more than a few sentences. Further, the book suffers terribly from his attempts to be much more certain about events and connections between events than one can possibly be. A must avoid, in my view.

Excellent!
This book was absolutely fantastic. Well written, and easy to understand, it brings the reader completely through the energy sector, giving you a solid "investors" understanding of types of energy companies, as well as when to invest in them. It really helps you understand the parts behind the energy sector, and what moves the market. I highly recommend both this book and Joe Duarte's other book: Successful Biotech Investing.

Very valuable book but charts need improvement
I found the book filled with valuable information about investing in general and energy sector invesing in particular. However, I did find the charts to be frustrating. Not enough data is provided on them to fully understand them and they are not up to the quality of the text.
However, I do recommend the book.

Energy sector
Precise and easy to understand. Covers some history on Standard Oil's break-up, then comback as a portfolio of different companies. Mentions some great plays on the coming oil boom. Very smart by never predicting outcomes or making outlandish forcast.Well written, a great entry book for a novice to the energy patch. ... Read more

Book Description

An in-depth examination of money management methods for consistent trading success

In Better Stock Trading, Daryl Guppy shows readers how to improve returns by using good money management technique–not by increasing risk in trying to win more trades. Readers will learn how to level the market playing field by using the best money management strategies for their particular account size. From the straightforward two percent rule, to pyramiding methods, and overall portfolio management, Guppy presents a selection of strategies, which will allow any independent trader to capitalize on a rising market and protect funds when the bear takes over. He also shows readers how to study their own trading history and use this information to improve their trading future. Trading skill counts, but money management gives independent traders the edge.

Daryl Guppy (Australia) is an experienced and highly successful private trader. A member of IFTA and the Australian Technical Analyst’s Association, he is a popular speaker at international trading seminars in Australia and the Asia Pacific region. He is the author of five highly successful trading titles, including Market Trading Tactics (0-471-84663-5), and is the Editorial Director of The Investors’ International Bookshelf. ... Read more

Reviews (1)

deserves to be on your shelf next to tharp and elder
The book really starts out examining how risk management can affect a system with positive expectations. The main point he is making is that your average profit should be greater than average loss, which is true enough. Unfortunately, there is an implied assumption in this section that suggests you can change the stop without impacting the probabilities of success -- i've found this not to be true in my own trading. I would certainly liked to have seen some mention of this in the book, but that's a bit of a nitpick to be quite honest.

In the book, Mr. Guppy uses the 2% risk model Elder uses. However, there are bits missing. For example, he has no real way of limiting risk. He has a model whereby through diversification and position limits, he will limit outstanding risk to 20%. However, from my brief reading of the book (I plan to go over it more thoroughly later), there is nothing stopping you from entering another 20% worth of positions, and another 20%. Stopping your entire portfolio out several times. Sure, I hear you say, this could never happen to a top trader -- however, if it happened to Steve Walton , I suspect it can happen to you.

Overall, I think this is an excellent book, and I learned quite a bit from it. Mr. Guppy's writing style may not be quite as polished as some writers, but I think it's still quite good. If you are a position trader, i'd highly recommend this book -- if you opt for the swing or daytrading timeframes, I think you might be better off with Elder or Tharp -- although it certainly does no harm to study all of these authors, as they each have a lot of really good things to say about this topic. I think this book may indeed be destined to be in fine company, alongside Elder and Tharp. This work is much stronger and generally more useful than his earlier work, Market Trading Tactics. ... Read more

Book Description

The follow-up to Victor Niederhoffer's critically and commercially acclaimed book The Education of a Speculator has finally arrived. Practical Speculation continues the story of a true market legend who ran a hugely successful futures trading firm that had annual returns of over thirty percent until unforeseen losses forced him to close operations. Like a phoenix rising from the ashes, Niederhoffer returned to the world of trading stocks, futures, and options, with a new colleague and a new approach and found success. Order your copy of this compelling story of risk and survival today. ... Read more

Reviews (84)

Sumptuous fare for a hungry trading mind
Leonardo da Vinci, generally is known to the common man as an artist -- the painter of Mona Lisa. The understanding of the ratios and measures into human anatomy and the spirit of scientific and philosphical enquiries that emanated from his approach are known to fewer who have delved deeper into him.

Niederhofferwho is a champion in seven diverse fields of human activity brings this book as a sequel(Education of a Speculator) and as an independent compilation of the meticulous implementation of the spirit of scientific enquiry applied to markets in particular.

A hungry mind that is grappling to figure out the scientific method behind the art of trading would find this to be one of the most sumptuous meals offered ever.

The Science behind Mona Lisa, if Da Vinci was to explain in the same way as Niederhoffer and Kenner go into explaining the methods of the art of trading, would feed the hungry mind as much as the beauty of Mona Lisa feeds the hungry visual senses.

TWO THUMBS DOWN......
Can't believe they actually published this book....Victor Niederhoffer truly shows how confused he is about using the most elementary technical market tools...Especially chapter on candle stick charting proves once again he is doing a so called research about a subject that he doesn't even understand, and more comically he proceeds and finds a publishers that will actually print his book....What is more extraordinary to me is, Victor once actually run an investment company....And instead of going back and trying to understand and learn from his mistakes, Victor prefers to put his head into the sand, and trying to convince everybody that most of the technical indicators that are out there are basically useless....My time reading this book was totally wasted, save yours....

One of the worst investment books!
If you are looking into some advice on 'practical speculation' then, contrary to what this book title suggests, you will not find it here. After finishing this book I cannot think of anything useful I read there. The book mostly is a tribute to Victor Niederhoffer' various skills (mathematics, squash, etc.), which quite frankly I do not care about. The criticism (or bashing, should I say) of various famous investors or prominent figures of the investment world borders on ridiculous. I am not saying that these investors are right in their approaches and Niederhoffer is wrong - honestly, I don't know. But the way Niederhoffer deals with it is very condescending and lacks of any real proof. In very few cases when the author tries to support his words with some statistical calculations I found such calculations to be totally unconvincing and taking completely out of context. The only reason I gave it two stars instead of one (that this book definitely deserves as a financial education tool) is some amusing stories and facts I found there. Overal it is still a waste of time.

Don't waste your time or money
I bought this book based on the title, description of it's content, and a few abriged excerpts.And after reading half of it, I realized that I was learning nothing, and was wasting time that I could use reading something useful about investing.This book is not about investing, nor trading.And it's definitely not about the practical speculation of financial markets.It seems much more like a Wall Street Journal, Barron's, or CNBC feature that got out of hand, or a graduate students thesis paper.

Take your trading and investment lessons from those who make a lot of money from professional trading and investing, not from professional writers who make a living writing.

A wonderful fun book
Speculation is how we live our lives: we make educated guesses under uncertainty everyday; we have no other choice because this is the way that our reality is structured. The authors take this simple but profound observation and tie it to the market and the scientific method of testing a proposition to see if it can be falsified and then draw some tentative conclusions about the data and the market. This is not so much a how to do market analysis book, but more a how to think about market analysis.

The writing is stellar and fun. The writers are obviously well informed and very honest and smart. This is a very enjoyable book that I would highly recommend to anyone interested in trading, in market analysis, or in just a very good read. ... Read more

Reviews (6)

you don't need this
Well, this book's recommended by Equis.
But if you buy Metastock you won't need this book.
Why? Together with the software you'll get over 600 pages instructions on how to use Metastock to make money.
I bought Metastock Pro, and I got 1."Getting Started" - 68 pages for the basic operations in MS like opening charts, drawing lines, etc; 2."Mastering Metastock" - 66 pages just about the Power Tools like the Experts, Explorations, and System Tests; and then 3."Metastock Professional User Manual" - 570 pages about the nitty gritty like the MS formula language, making your own indicators, more options on charting or downloading data, etc, etc, etc.
And you get 4."The Downloader" - 130 pages just about the Downloader. As I got the DataOnDemand technology, I don't even need to load and store security files on my harddisk. All files are stored on eSignal's server. If you sign up with other data providers like BMI or Reuters then you should read this manual too. "Nutshell" doesn't cover the Downloader.

All in all, "Nutshell" covers and supplements what's in the "Getting Started" and "Mastering.." manuals. It gets you started with MS right away.

I gave it 2 stars because I found some things about the toolbars which are not covered in the "Getting Started" manual, and because it looks nice and handy.
But actually, you can really do without this book.
And I really wouldn't pay more than $10 for it.

You get what you pay for...or less
I wanted to get the most out of my recent investment in the MetaStock software so I went book shopping. I purchased this book because I assumed it was one of the great O'Reilly Nutshell series books; it is not. You can get more information at the MetaStock web site then you will ever get out of this book. The book mentions only a fraction of the options available in MetaStock and describes nothing in detail. It is like reading a very very high level outline. There is nothing of educational value to be gained by purchasing this book unless it is: "You get what you pay for" and in this case even less

So that's how you do things in MetaStock!
Well I got the software and then sat and wondered what to do with it. When I couldn't find the appropriate 'Dummies' book I stumbled on this little gem. A quick check of the TOC showed it was going to tell me what I needed to know. No, not how to trade (there are thousands of other books for that), but how to use the software. The book showed me all the basics of using MetaStock, step by step, which was exactly what I needed. Now I know how to create a template and layouts and as for those cutom buttons, what a time saver! Overall....well done!

Major disappointment
I learned how to open windows, save my settings, and oh wow! open up multiple windows at the same time! Geeeezzz! It's amazing what publishers will let slip by. Don't buy this, it doesn't even give you a feel for MetaStock. Zero stars if I could post zero stars - a total loss: short this turkey by not buying.

A 'must have' for Meta Stock owners!
Clear, concise and to the point. This is an excellent, easy to understand guide written by an experienced user and demonstrator of the software, to assist those less experienced with this complex program. Simon - not 'H.C.'- Sherwood takes you through the basics of the program in an informative and sometimes humourous way, making it easy for novices to learn the basics. ... Read more

Book Description

Over the last 100 years there have been 29 serious stock market corrections, with declines averaging 31.6%. There were ten in which the declines averaged 49.4%. In those, investors lost half of their invested assets. Yet, in the upside of every cycle, the endurance of the bull market transports investors into a state of confidence where they believe this time will be different. The record-breaking bull market of the 1990s certainly has had that effect, the excitement enticing investors into the market as never before, carrying them away on a euphoric wave of confidence that they've discovered something new, a risk-free money machine.

History shows otherwise. Eighty percent of public investors wind up losing money in the stock market over the long term, because few emerge financially intact from the periodic bear markets. Riding the Bear is aimed at ending that vicious cycle for its readers. It explains clearly why bear markets are inevitable, why the next one is just around the corner, and will be the longest and most severe since 1929.

But Riding the Bear is not just about bear markets. Readers learn how to maximize profits in a bull market, and unlike buy and hold investors, keep those profits, and go on to make more in bear markets. It introduces a simple, mechanical system, discovered during the research, that over the last 35 years would have almost tripled the gain of a buy and hold strategy, and with half the risk. It should work for the next 35 years.

Riding the Bear also reveals the truth about Wall Street, its misleading propaganda and deceptions, and teaches its readers to be street smart. As subscribers to Sy Harding's Street Smart Report have come to expect, Riding the Bear tells it like it is, in plain English. Just two chapters "Public Investors versus Wall Street" and "What Causes Bear Markets" are more than worth the price. ... Read more

Reviews (19)

If I could only own one book on investing, this is it
Written for the average investor (those with IRA, 401K, and perhaps some free cash for individual stocks), this is by far the best book I've ever read on investing. It is not only very entertaining, but is full of practical information. This book was published in 1999 and accurately foretold the stock market crash. (Those who followed his advice saved a lot of money).

After reading this book, you'll realize that most of the "experts" that you see on tv or read about in the paper are just shills for Wall Street. Their interest is in getting you to buy and sell stocks so that THEY can make money.

From a practical point, the author argues convincingly against the "buy and hold" approach, demonstrating with simple graphs and language how devastating this can be to your wealth. For example, the Nasdaq was at 5000 in March of 2000. It's now at 1500. While it may recover to 5000 one day, do you want to wait another 10 or 15 years merely to get back to even?

Finally, and most importantly, his research shows the average investor how to triple the returns of the S&P 500 by following the "seasonal" tendency of the stock market to rise strongly in the November to late April period and then to fall in the May through October period. The data is very, very convincing.

In a word, if you want a clear, simple, and straightforward understanding of the stock market and how to use that information to dramatically increase your returns while lowering your risk, this is the book for you. Those who read the book and follow his advice can look forward to a very comfortable retirement. Those who don't, well, good luck to you.

Very honest look at the stock market and Wall Street
The title says it all... most books only talk about the mechanics of how to trade and read signals. This one goes into great detail about not only how the stock market works, but how investor greed and fear drive it, and how professionals profit off of it. This book makes informative reading for casual investors (401k folks and the like), as well as professionals.

IT WORKS!
After finding this book in a second hand book shop, I decided to buy and read it. I noticed it predicted the bear market to come and it was actually written in 1999, two years BEFORE the bear market actually started. It seemed to make such good sense and I decided I would try the seasonal strategy. Like many, I had gained and lost spectacularly over the past seven years. Im a really good stock picker, but I just had no guiding strategy. This book appeared to actually made some sense out of what I could do, with its seasonal strategy approach. The result: In 2002, a year when the average mutual fund lost -23%, I gained +17% on my portfolio. And I sold and BOOKED the 17% profit in May. Then, as Sy advises, I bought back in again, in November. My stocks are up +55% for the last six months----and---I am getting ready to SELL! What a far cry from before! True, I made some great picks this year. But I now have a strategy,learned from this book, that will allow me to KEEP my profits by knowing WHEN TO SELL!!

Sy, your book is a true revelation. You are a born teacher and a real spirit. And you are someone the word TRUST, such a rarity in the financial professions, can be bestowed upon without any reservation. Thanks for your gift and sharing it with us. In deepest appreciation.

And to any skeptics, buy this book. It IS amazing and simple and makes so much sense. IT will change your investment ability forever.

Market Bare Essentials
Sy Harding's "Riding The Bear" is nothing less than a great public service, and Mr. Harding a hero for writing this book and getting it to press and distribution quickly in early 1999 - before the inevitable crash of 2000.
I own a few copies of RTB, one of them covered in highlighter and notes, the other a backup that I carry around for ballast, the way some people carry worry beads or a crucifix. ... There is no book on playing the markets that even faintly compares to the spare, straightforward, eyepoppingly enlightening text of this deceptively slender, refreshingly irreverant classic.
Every public investor 'must' have a copy of RTB as a reference tool, guide and blanky. No question.
Spread the word.
Riding the Bear must make most Wall Streeters awfully nervous. And that is why I say again, Sy Harding, you are a hero.

This book saved me a bundle.
This book is the best I have ever read on the stock market. I read it twice, once when it was first published and again this month (July 2002). I took Sy Harding's advice on avoiding overpriced super-high PE stocks and it saved me a lot of grief. Thank God there are people like Sy Harding who give the real scoop on what the Wall Street hypesters are all about. ... Read more

Amazon.com

Larry Williams's The Right Stock at the Right Time: Prospering in the Coming Goods Years is a marriage of investment advice with attempts at formalizing what is, essentially, market speculation.

The first three chapters trace cyclical behavior over the history of the U.S. stock market, behavior that Williams summarizes as the "10-year pattern," the "sure thing seven years," "the four-year phenomenon," the "straight eight factor," and "the October effect." Pulling these all together, he makes predictions about the likely best times in the coming decade for investors to adjust their portfolios.

While these chapters often leave the underpinnings of each cycle unexplained, by chapter four, he increasingly grounds his advice in measurable market activity, including decreases in credit, behavior of the bond market, and cash on hand in mutual funds. Later, Williams turns to more traditional investment advice about which stocks to actually pick. Here, he is committed to tracking price-to-earnings ratio and finding discounted stocks where growth is coupled with declining share price.

The Right Stock at the Right Time is not recommended as a first book for those just entering the world of investments. Williams is s seasoned veteran who has weathered years of up and down markets, and his experience will make interesting reading for those who already share his fascination for timing the market. Ultimately, he sees the investor as akin to a casino: even a slight advantage means that, over the long run, the house makes money. The claim Williams is offering--one that each reader will have to judge for himself--is that his "10-year pattern" and other market trends bring this advantage. --Patrick O'Kelley ... Read more

Reviews (16)

Solid Strategies for Investors from a Professional Trader
Larry Williams is a prolific author, trader, educator, and money manager. With over a quarter century of experience, Williams has provided investors with practical and easy-to-implement market timing and stock selection strategies in this just published book.

Williams initially focuses on the recurrent seasonal patterns in the market. Williams reveals one interesting strategy where he notes that excellent times to go long the market are years ending in twos (e.g., 1952, 1962 ...... 1992) and threes. Just look at charts in those years or view them in this book to see those excellent buying points.

Williams also covers the best years of each decade to invest - fifth, eighth and ninth years. The consistency of these three years performance is 80%(positive returns in 8 out of 10 of those decade years). Next he covers the four-year cycle from 1858 to the present time (last 4-yr cycle years were 1994, 1998, 2002) showing that they were good times to buy at their yearly lows, many times occurring in the September/October timeframe.

Another strategy Williams covers in buying in October and selling in April. This strategy was offered by Stock Trader's Almanac in 1986 developed by Yale Hirsch, and it still works today. This strategy has produced significant returns while reducing risk as investors are out of the market for half the year.

Williams provides a look at indicators to determine that a market bottom is in place. He covers such items as the Fed's Stock Evaluation Model, margin credit, odd-lot short sales, Investors Intelligence Bull/Bear Index, US Bonds, and gold prices.

Williams covers in detail the fallacy of long-term investing and the devastation that it can wreak on investors portfolios. Investors who are die-hard "buy-and-holders" should read this chapter to learn that to use that strategy is dangerous.

To do well in the market, Williams urges investors to find stocks that have the capability to outperform the market, and then find the best time to buy them. He totally disagrees with the Wall Street cognoscenti that market-timing is useless.

He spends a chapter on buying stocks at a discount, and one on measuring investor sentiment on individual stocks. He lists seven traditional measures of value (e.g., P/E ratio, Price/Book) and elucidates on which ones work best.

All-in-all this well-written, easy to understand book provides investors with a systematic, time-tested approach to investing. Williams has again provided investors with another classic.

Common Sense Formulas for Making Money in the Market
I have traded the stock market for nearly thirty years. I have always been on the lookout for a basic approach that makes common and fundamental sense on how to position oneself in the market. In this book, Larry details precisely HOW to pick stocks - which ones to pick, and WHEN to pick them. If you had used this approach in the past few years, you would have essentially missed the entire NASDAQ debacle from 1999 on. In fact, since 1999 you would have actually made money. And in the good times, this approach really shines.

Larry Williams is concise, clear and easy to follow. He shows you how to pick the most solid stocks that are making money, have good prospects and (generally) pay you a dividend that makes current bank rates pale in comparison. The book is a wealth of information that no serious stock investor should be without. Do so at your own risk.

Where are the formulas ?
I think a good book is one that give you all the details to reproduce the results if you wish. Maybe we need to seek for older books when authors didnt have a site to sell software.

My first contact with Larry Williams books was with one that he wrote in 1968. In that book things were written more clearly although in the present book several of his theories are largely ignored, as for example, the 37 year cycle he had discovered. (Why ?).
Despite that, I admire Larry Williams and I think his books are funny, and have useful information.
But I was very frustated with his PROPRIETARY sentiment indexes, and some other formulas, like the management ones that are stated in very confuse terms!

Some good things and some not so good
Larry includes some historical perspectives on market cycle analysis which is pretty good. He devotes a whole chapter on his Sentiment indicator which can be used to buy & sell stocks. The problem is at the end of the chapter he mentions a company where we can buy charts with his indicator. Larry's Williams R and A/D indicators are in most good software programs but I have never seen a "sentiment" indicator from Larry.

I really dislike books where you are taught a method only to sell us another service. They are essentially just an advertisement for another service. What a waste.

Muddled, Largely Meatless Wisdom
Larry Williams appears to be very good at investing -just ask him. According to his web site, the man is "a legend". Having been foolish enough to believe the hype, I alone am at fault for taking the bait and buying the book. But the crux of this review is it is rude to promote yourself and your merchandise while promising to show how to buy "The Right Stock At The Right Time", unless one is really prepared to deliver on that searing promise.

To the author's credit, the book was released last year, when Bubble 2 had not yet come into fruition. The book is subtitled, "Prospering in the Coming Good Years", and it takes certain courage and conviction to assume the role of a guide to the stock market when most of us would have guessed that conditions were about to get much worse. The problem is Williams' advice is muddled, and much of it is laced with sleazy self-interest in the form of other products offered by guess who.

At first glance, many will rest assured that Larry Williams offers lots of research in his book "for your perusal, study and edification". At times, as is noted in Chapter 11 of "The Right Stock At The Right Time", Williams even updates these studies on his web site: www.larrywms.com. Maybe you should stop by Williams' site for a flavor of the edification he offers if you believe this review is merely an effort to stigmatize the book and its author.

"The Right Stock At The Right Time" seems to offer a full investment system for the stock market. And like any really good investment book, it offers a chapter on money management.

Only it really doesn't. Williams unveils some ratios, many of which have already been revealed by other investment writers with much less fanfare. But he doesn't quite say how to make use of them. And the system Williams nearly articulates in his book appears already to be usurped by a newer system called "The Dow Darlings", which readers can pay $200 to learn more about in a newsletter offered by Williams. Then Williams promises astute and novel insight on money management. Only what he offers is less than half-baked, ultimately summarized in the following ill-defined formula: account balance * risk percent = contracts or shares to trade. The equation is pretty much left as a dangling platitude, although Williams says this amounts to "the keys to the kingdom". If you are confused, don't worry. There is always the possibility of elucidation in the form of some money management software offered at Williams' website.

Although I did not know anything about Williams before seeing and reading this book, it turns out I have met him before in an endless parade of gaseous, self-merchandising business books by other meatless and notoriously self-aggrandizing authors such as Robert Allen (who fittingly pens an endorsement on the book's jacket), Wade Cook (whose abilities need not be further described), Donald Trump (the great businessman who doesn't really make money), Van Tharp (the trader who doesn't really trade) and James Cramer (the stock buyer who was really selling). As in the case of books by those authors, you will likely not be referring back to this text in 10 years to find hidden meanings. ... Read more

Amazon

"Most books about the stock market tell you how to make money. This one ... will show you how to avoid losing it," begins this smart, blunt, cautionary tale based on Nobel laureate James Tobin's 1969 "q ratio," which posits, among other things, that no matter how bullish a market gets, it's bound to snap back into place at some point--and those who don't brace for the reversal will feel its sting. The authors, one a prominent asset-allocation adviser and the other a former head of macroeconomic forecasting for the Bank of England, warn that it's only a matter of time before the overexuberant market of the early 21st-century topples like its counterparts in 1929 and 1968. Here they set out to show why and how this will happen--as well as to tell stockholders what they should and should not do if they want to emerge intact.

After making a cogent new argument in defense of the still-controversial q ratio, the authors show how it plays into principles of stock-market risk and return, how it has determined the value of Wall Street in the past and will continue to do so, and how to apply it as a practical investing tool.They do a neat job of parsing the good and bad news about stocks as a sound investment for the future, and of what to do and not do with one's money come the inevitable bear market. From there, they get down to the nitty-gritty of valuing the stock market, providing four key tests for any indicator of value and explaining how to fold in such factors as the dividend yield, the price-earnings ratio, the adjusted price-earnings multiple, yield ratios, and yield differences. They wrap up with a look at what they call "the q debate" among both economists and stockbrokers, and finally, they apply the q ratio specifically to the U.S. economy, rebuking Alan Greenspan's Federal Reserve for its role in what they see as the coming U.S. bubble burst.

With its plain English, helpful illustrated charts, vivid examples from history, and even the occasional employment of the likes of Alice in Wonderland to prove its points, Valuing Wall Street should be accessible to those with a working understanding of the market and economic principles. All told, this book is not so much a how-to as it is a theoretical forecast whose tidings investors might want heed as we near what Smithers and Wright warn are rough years ahead. --Timothy Murphy ... Read more

Reviews (19)

James Tobin's "q" for quagmire
Written in 1999 to warn investors to get out of the stock market totally because prices were way too high compared to the underlying securities' net worth, Andrew Smithers and Stephen Wright were proven correct during the next three years as prices spiraled downward. The authors' measuring stick was "q," the Nobel prize-winning economist James Tobin's 1969 invention to value stocks. It is the simple formula of stock price divided by corporate net worth (replacement cost). Essentially, it works over time like an oscillator. They take considerable amount of space to prove it is a more reliable indicator of stock market value than dividends or P/E. And it foretold harrowing events when it was computed and published in early 2000 with NASDAQ at 5000. Now the bigger question: So, what use is it going forward from today?
Their method of argument is to chart 100 years of historical stock prices against historical q, then create "normal," "overvalued," and "undervalued" zones with which you should make investment decisions. A reversion to the mean (in this case downward) is what drives their prediction for an extended period of stock market "under performance" during the foreseeable future. Stocks were and still are overvalued, they say, and therefore should be avoided until values return to more "normal" levels.
By the end of 1999, there were no shortages of bears calling for a crash of monstrous proportions based on any number of indicators, P/E and dividend yield included. As it turned out, all were correct. But as with all "fundamental" analysis, timing was lacking. Some bears had prowled the investment landscape for most of the decade and had come up empty until the turning of the millennium. Smithers and Wright, however, hit the market's nail on the head.
Early on in their presentation, they admit that q is not very important most of the time because most of the time markets are not obviously overvalued or undervalued. And the authors do get sidetracked on whether you should pick stocks individually or go with index funds (they give 3 reasons why individual stock picking doesn't work). They do come through loud and clear that stocks are for buying AND selling, and although stocks are good for the long term, when they get too expensive, they should be avoided like the plague.
The worth of the work is the powerful argument, intelligently presented and documented, as to why stock prices were sure to fall at the time the work was published. And fall they did. For awhile, anyway.
Now, the question for you is not whether or not their data and logic make sense; it's whether you want to base your investment decisions on whether other people think it makes sense. And whether we like it or not, since there is no universal arbiter of stock market value except other people's money, investing comes down to Keynes' beauty contest (General Theory pages 154 - 156). If you want to be on the winning side, you don't vote for who you think is the prettiest; you vote for who you think others will consider the prettiest. Translated here, it means you should value stocks the way stocks have been valued over the past century by previous investors. The idea of q is based on what other people throughout history eventually decided were the limits of value. And yes, q says the market is still dangerously overvalued. But during the interlude of the past 14 months and 3000 Dow points (40% gain) prove, a lot of money has been left laying on the table by simply abandoning the investment environment completely until stocks once again become "cheap."Another Keynesism: "The market can stay irrational (overvalued/undervalued) longer than you can stay solvent."

The Latest Value of Q Now Available
The latest computed value of Q can always be found at http://www.smithers.co.uk/keydata.shtml . For example I visited that web page on 1-18-2004 and found: "As of 20th June, when the S&P 500 was at 995.73, the market was selling at 1.46 times its long-term average, according to q, and thus needs to fall by 31% to reach fair value." It is strongly advised that investors check this web page at least once a month for possible updates. A word to the wise is sufficient! (Also if you purchase the book, do not forget to look at the Virtual Appendix at http://www.valuingwallstreet.com/VApp.pdf )

Good but hard to read
It's hard to rate a book of this type.Some will look at with a jaundiced eye and give it a low rating, some will think carries great worth backed up with lots of research and give it a high rating.
I can sum up the gist of the book with one sentence.The stock market is often way overvalued and buying during those times will give poor return even if stocks are held for long periods.This information is valuable, but unfortunately, most of the type of people that get killed when the market corrects will not be the ones that read a book like this.
As for me, I'm not even an investor, just a student looking to gain knowledge about markets in general.I found a lot of this book to be hard to read and filled with too many statistics and mathematical formulas.It could have been written in a more basic conversational tone and still have all the charts and math in an appendix.
I can assure the reader that no stock broker is going to being singing the praises of this work, it simply states something they won't want to hear.There are times, and we may still be in such a time, that the stock market is simply overbought and money would be better off sitting on the side lines waiting for prices to be more realistic.I happen to agree with the basics they present here, they made a logical argument, and certainly the last bubble that burst proved that they weren't blowing smoke.As to the future, only time will tell, but with P/E ratios being so high, if I had to decide, I'd go with their analysis.

Buy and hold or buy and sell?
Although there's plenty of evidence one cannot time the market short term--just look at managed portfolios compared to major stock indexes--that does not mean it's not possible over much longer cycles. The usual metric, P/E ratio, for measuring these cycles is occasionally wrong, like once or twice a century, e.g. if earnings are unusually small, as in the Depression. Better to use something similar to price-to-book value, "q". Averaging over all companies, and looking back over the last hundred years of market data, q tells you when stocks are overpriced more reliably than P/E. If you buy stocks at below average q and sell them when q is above average, you'll outperform a buy and hold strategy.

Of course, people already ignoring P/E are unlikely to be swayed by a refinement. That's why the second aspect of this book is important. It's one of few books that tells you *not* to own stocks now. It presents historical data--someone unfortunate enough to have entered the market just before the 1929 crash would have had to wait 25 years to catch up with an all bond portfolio--to show how bad an investment stocks can be.

Holding bonds until P/E returns to single digits, where it was at the start of the bull market in 1982, will never appeal to some people, but that's this book's advice in a nutshell.

Lack of Practical Application
The book painstakingly sets out the case for the q ratio, which appears to have merits as a method of valuing markets. There is no doubt that the markets remain overvalued, and are due for further correction, however the q ratio, along with other blunt tools, do not offer effective market timing abilities. The authors try to make a case for market timing, using a long term time horison however if the time horison is shortened the supposed "buy" and "sell" signals would not be decipherable as with Charting there would be confusing signals. The book therefore lacks practical application as a trading tool, however does offer an alternative for market valuation. By the way the problem of bear market risk can be overcome by adopting a buy-and-hold strategy, which is rebalanced annually using a value-averaging technique (see Edleson - Value Averaging). ... Read more

Book Description

In recent years, the stock market has undergone revolutionary change at virtually every level: new players, new technologies, new information flows, and new macroeconomic conditions. These changes are radically impacting investors, whether they know it or not.

Now, you can profit from the changes––instead of being victimized by them. Wall Street insider Michael J. Panzner will show you how. Panzner reveals how falling transaction costs and a barrage of data are transforming traditional investment patterns, and how stocks are increasingly being bought and sold like commodities. Discover the impact that electronic trading, instant messaging, and hedge funds are having on intraday volatility and short-term direction. Learn how an era of "boom and bust" have altered investor behavior and risk preferences, why today's market is increasingly emotional, and why many traditional indicators simply don't work anymore.

From the growing role of derivatives to the increasing unpredictability of seasonal and cyclical patterns, this book takes you "under the hood" of today's equity markets... so you can develop a winning investment strategy for today's new realities. ... Read more

Book Description

In the high-level yet down-to-earth style for which McGraw-Hill's Streetsmart Series is known, STREETSMART GUIDE TO VALUING A STOCK covers everything from basic stock valuation to more advanced valuation models and techniques. Its nuts-and-bolts, nontheoretical methods will be invaluable in helping you locate and analyze undervalued stocks. "The book outlines the fundamentals of making an investment decision in a stock based on a reasoned evaluation of that stock's worth. The writing is direct, logical, and remarkably interesting..." - William R. McLucas, Partner, Wilmer, Cutler & Pickering, Former Director, Division of Enforcement U.S. Securities & Exchange Commission. "The authors have taken one of today's rarest commodities—good common sense—and applied it to one of today's most vexing challenges—valuing a stock. This book is a valuable tool for anyone participating in the stock market." - Warren A. Stephens President & CEO, Stephens, Inc. "Today's stock market is more complex and volatile than ever. A stock's price does not necessarily represent the intrinsic value of the company. I believe that we all need the safety net of cash flow valuation to make prudent investment decisions. Many Wall Street analysts would benefit from reading STREETSMART GUIDE TO VALUING A STOCK, and I will recommend it to all of my institutional clients." - M. Clara Tucci,Managing Director—International Equity Sales, ING Baring Furman Seltz. "This is a terrific book for investors! In a witty, fresh style the authors explain how to value a company's stock by using an easy-to-understand, 4-step approach. They explain what numbers are required, where to get them quickly, and how to use them." - Charles C. Snow, Ph.D., International Education Program Lecturer on Strategic Management,Mellon Bank Professor of Business Administration, The Pennsylvania State University. ... Read more

Reviews (14)

Insightful!
Everything you need to know about how to value a stock is inside this book - somewhere. Finding it however, can be a problem, as it sometimes seems that the editors used the random dart theory of selection in putting together the chapters. For example, in order to understand the concepts presented in Chapter two, you need information that is contained in Chapters three and five. Once you figure out how to navigate it, though, this book is a valuable resource and a powerful educational tool for investors from neophyte to intermediate. It's encyclopedic in its scope, and the pages in the included glossary are sure to become dog-eared from use. We [...] recommend this book to investors of all levels. Beginners will learn critical concepts and terms, while more experienced investors will come to rely on this book as a trusted reference companion.

As good as a Random Walk Down Wall Street
This book is the best book on the stock market since a random walk down Wall Street. Its very basic, and has some good humor to it. The book is very detailed on many areas. It espically has helped me when I decided whether or not to investe in companies such as Oakley, Coca-Cola, Microsoft, and McDonald's. The Streetsmart Guide to Valuing a Stock helps me with just this. I now know if a stock is extremely over-rated or would be a good buy. I would like to esp. express my congrats to the 3 Penn State professors who wrote this book!!!

Sound Economics
This book offers an economically sound approach to stock valuation. The associated free website is also very useful.

Really practical?
I only read this book briefly so my comments may not be correct. I am a technician, but I don't reject fundamental analysis. Actually, I want to learn more about FA. But I found the methods used by the authors require the users to forecast many values of a company e.g. sales, profits. Even more, it requires the values many years later. Is it possible to do so in such volatile market today? And is FA helpful in a bear market? Is this also a problem of FA?

Not worth the price
I expected much more from this book but it really dispointed me. The book does provide spreadsheet approach to valuating stock but it could have been reduced to half of its lenght to save paper. ... Read more

Book Description

Stock Split Secrets: Profiting From A Powerful, Predictable, Price-Moving Event is about making phenomenal money in the stock market! If you have a desire to trade in the stock market, this book is your ticket to success. Stock Splits Secrets is witty, fun, comprehensive, and a must read for anyone building wealth. No matter what trading or investing strategy you use now, or plan to use in the future, you can dramatically increase your earnings by adding the power of stock splits. ... Read more

Reviews (15)

A Complete Picture on Stock Spilts
If your looking for a book on stock splits, this is the one to buy. I can't think of an area about splits this doesn't cover in an easy to read manner. If you want to know why companies spilt their stock and how to profit from them, you can't afford not to have read this. It includes some excellent examples of real life trades, which it takes you through step by step. Definitely a must for both the novice investor and the professional.

Stock Split Secrets is Absolutely Amazing!
Stock Split Secrets by Darlene and Miles Nelson stunned me and totally impressed me. The book delivers from A to Z about 100% of what you need to know regarding the important basics on stock splits. It clearly takes you step-by-step through the facinating maze of doing stock splits. The book is fun and easy to read. And it's incredibly well organized and well written for the average person. I would rate it a "10," no doubt about it.

Most books on business are written by over-educated and over- experienced specialists and professors who can't seem to relate to the average person. This isn't so with "Stock Split Secrets." Miles is a communications expert and truly knows how to write a good book.

When you're done with it you feel confident to go out and start doing stock splits, simple as that. It's a totally empowering and enlightening book for those just starting out or the more advanced. This stock book is just a great "how-to-do-it" book.

Of all the books I've read in my life (I've read thousands over the last 30 years) I would have to rate this the #1 best business book of all-I'm not exaggerating. It's the best.

If I could have ONE BOOK on making money out of all the college areas I've studied in over 13 years, this would be the one I would keep out of all the many I've researched and studied from.

In fact - if I could have one book on making money in life, this would be The ONE.

Thank You, Dalrene and Miles for your great contribution!

Mark LaMoure, Helena, MT

Stock Splits: a highly profitable way to make money
Most people have heard about stock splits but know nothing about them or why they are so powerful. Some people have even been dupped by supposed financial authorities who claim that there is no benefit to stock splits. This is pure nonsense.

Stock splits are a powerful and highly profitable way to make money in the stock market. Stock splits substantially outperform the market as a whole. Don't believe me? Are you a doubting Thomas?

Do this this. Do back and check on the following stock symbols:
ADSK, EBAY, and CFC for starters. Then go to Yahoo and click on stock splits and check any other stock you want to and compare these stocks witht he market as a whole. Result? In good times or bad times, stock split companies have way outperformed the market as a whole. Some companies like EBAY and CFC have done incredibly well. Had you bought ADSK and held on to it after it split, you would have more than doubled your money.

One problem. How do you profitably play splits? Aside from WADE COOK's WALL STREET MONEY MACHINE series, this is the only book that discusses stock splits and it does it even better than Wade
Cook does in his books.

The Nelson's have taken stock splits and from actual experience developed it into a science.

With stock splits it is possible to make 200% annualized returns. Put that into your IRA or regular account and tell me what that is worth to you!

Great book for all success oriented investors.

The Definitive book on Trading Stock Splits
If you read and apply the information found in this book, you will be well on your way to financial freedom. Stock splits are events that really get a stock's price moving. It's that movement that will make that savvy investor a handsome return on investment. The Nelsons' book will show you all of the strategies you will need to play stock splits safely and effectively. This book made such a dramatic impression on me that I took time off from work, jumped on a plane, and flew several hundred miles to hear Darlene speak at one of her seminars. Darlene is one of the best stock options instructors in th