Book Description
The Great Bust Ahead is a concise, straight to the point book laying out in stark terms the case for a coming depression of historically unprecedented magnitude. It will be much worse than the 1930s, beginning perhaps as early as 2009-2010, and last up to thirteen years. Centered on hard fact demographics, the book boldly claims that the data presented are so irrefutable, that the outcome predicted by the book is equally as irrefutable. The compelling proof presented accurately accounts for the detailed trend of the economy from 1920 to today (something never before accomplished), and projects out to 2030 in detail. The book is very easy to read and understand, and requires no prior knowledge of economics. Down to earth things the average person can do to prepare for what is coming are covered. A summary of the catastrophic domestic social and international consequences is offered.
2006 Update: In late 2002 when this book was published, in addition to the massive depression beginning towards the end of the decade, it forecast:
1. The economy, as reflected by the DJIA, would resume its upwards march in late 2002 or 2003.
This is exactly what happened.
2. The DJIA would have a snap-back to 13,000 to 14,000 and the FTSE to 6,000 to 7,000 by 2004, but delayed possibly by wars/politics/terrorism/scandals.
This is exactly what has happened. Although still delayed from the full snap-back for the reasons described, the DJIA is now over 12,000 and the FTSE is over 6,000.
3. The inflation adjusted DJIA returns from 2003 to 2012 would average 7% to 8%. So far, with the delayed full snap-back, inflation adjusted DJIA returns have averaged a more modest 4%, as would be expected.
4. Interest rates would increase from 2003 onwards.
This is exactly what has happened.
Customer Reviews:
It is just an indicator!.......2007-09-12
Everyone is forgetting that the book is talking about a correlated indicator for the DJIA. There are many things that drive an economy and make things happen like the weakening dollar, monstrous deficits, the Federal Reserve, cheap credit and the housing market bubble, peak oil, etc. These are some of the things that move the DJIA, NOT just demographics. The fact that the 45-54 age group correlates to the DJIA is very interesting and CAN be used to predict what MAY happen to the DJIA in the long term. Demographics of the 45-54 age groups are a strong force pushing the markets, but not the only thing. Even the author says that some things like "the New Deal, the pill and the NASDAQ" affect the correlation with this indicator. The politicians and Wall Street are not going to lie down and let this monstrous depression happen without a fight. They my not win the War, but where the DJIA goes in the future has not been case in stone. The future highs and lows of the DJIA are still unpredictable.
The book is a high school treatise on this relationship and to the economically ignorant is a real eye opener. Most economists know about this force, but the key is what to do about it and when. The author's advice to get out of the markets by 2010 is silly at best. We are now in September of 2007 and the housing market bubble burst is probably the beginning of the down turn of the markets. Wait until 2010 to protect your assets and you will far less assets to protect. The author's advice to sell your home and rent and plow your money into bonds is simplistic at best. Investing in gold, foreign currencies, TIPS etc. to protect your assets are other stratigies that are not addressed. We are all speeding towards this economic depression, but the answers to when it will happen and what to do about protecting your assets is NOT even close to being addressed by this book. The book is $8.95 and you get what you pay for, "a wakeup call for the economically ignorant". Read the book and move onto a more advanced book for a better in depth discussion on economics and your money like "The Second Great Depression (Paperback) by Warren Brussee (Author)". I do agree that a lot of pain is ahead for the world.
Not Bad But Too Short and Too Extreme.......2007-08-22
Let me start by saying that this is a pretty good book for the price and if you don't know what is going on in the economy. The problem is that the book has very limited data to back up the predictions. If you are going to make huge predictions you had better justify it with a lot of credible data that has been referenced. As well, some of the predictions are just too extreme. However, all of these shortcomings aside, the author provides a nice short treatment on what will most likely occur; just not to the extent he has presented in my opinion. Of course, opinions are like debt in America - everyone has their own!
A much more useful book in my opinion is "Cashing in on the Real Estate Bubble." It not only shows you many different ways to profit from the current bubble collapse, but it also shows a lot of detail about the economy and how to profit from America's overall credit bubble. Cashing in on the Real Estate Bubble
Interesting theory but..........2007-07-09
This book is short and easy to read. The author has an interesting concept that the stock market follows the number of Americans at their peak buying age. His graphs and explanations on modifying factors make everything fit. I agree that some correction of our economy (inflation, recession, or worse) is likely in the future, but I feel other factors (energy issues, our national debt, terrorism, etc.) will come into play that he has not taken into account. I also don't agree with his investment suggestions and feel they may be reckless.
If you're concerned about possible bad times ahead, this is one book that may helpful, but I better liked the reasoning and proposals on what to do in Stephen Leeb's book The Coming Economic Collapse: How You Can Thrive When Oil Costs 200 Dollars a Barrel.
Excellent Read.......2007-05-14
Pros:
1. Brief: to the point, no fluff book(let)
2. Logical: Numbers support theory all along
3. Simple: Easy to understand
4. Value: Could save your shirt
Cons:
1. May sound too negative
2. May not consider all factors into forecasting
Pretty interesting read.......2007-05-12
This book and the argument that it lays out is pretty eye-opening. It shows you, through logical argument, how the demographics of our country will impact our coming future economic health. With these baby-boomers greying and falling from their peak spending years, our country will experience a downshift that will really challenge our concept of prosperity... A must read!
Amazon.com
This handy fact-filled book initiates you into the mysteries of the financial pages -- buying stocks, bonds, mutual funds, futures and options, spotting trends and evaluating companies. For those who are curious but intimidated by everyday financial jargon, this guide offers a literate, forthright and lively alternative. Recommended.
Book Description
The Wall Street Journal Guide to Understanding Money & Investing initiates you into the mysteries of the financial pages -- buying stocks, bonds, mutual funds, futures and options, spotting trends and evaluating companies. For those who are curious but intimidated by everyday financial jargon, this guide offers a literate, forthright and lively alternative.
Customer Reviews:
Great!.......2007-03-27
Just finished reading it. Wow, what a mind trip. Fast shipment too!
Investing for Dummies.......2005-05-03
I cant believe that I went through college without taking business or econ classes (except for political economy). This is a way for me to catch up.
I like this book because it is easy to read and understand. So easy even an elementary school kid could understand....ok maybe junior high.
Eventually I would hope to read the Intelligent Investor.
Excellent basics.......2004-12-08
This book is excellent for learning the basic concepts in investing and finance. If you would like to iniciate in this area, i recommend this book as an entry door with the basics.
The Best.......2004-05-25
As many have said in their reviews, this is a great starting point for those new to investing and financial markets. In fact, it's the best I've ever found and I've looked a lot. The simple, plain English explanations are what makes this book stand out. For the nuances and more detailed information regarding the topics in the book, look to a textbook from a college finance class. But for the person who knows very little, start with this.
Good for beginner investors.......2004-05-23
If you are new to investing and need a simple primer, read this book. It's well organized and written. Those that have invested for a while will find this book simplistic. Nevertheless, I think every beginning investor should get a copy and read it.
Amazon.com
Psychology rules the stock market, according to Hersh Shefrin. In Beyond Greed and Fear, Shefrin shows how bias, perception, and other aspects of psychology often rattle investors and move stocks. From the individual who keeps losers too long to overconfident money managers who mistakenly think they can predict financial trends, human nature foils investment returns. "Behavioral finance is everywhere that people make financial decisions. Psychology is hard to escape; it touches every corner of the financial landscape, and it's important. Financial practitioners need to understand the impact that psychology has on them and those around them. Practitioners ignore psychology at their peril," writes Shefrin, a finance professor at Santa Clara University. An academic volume geared toward financial professionals, the book details an emerging field known as behavioral finance, in which psychology is believed to be at least as important as market fundamentals, such as earnings and balance sheets. Shefrin describes how investors are motivated by fear, hope, overconfidence, and the need for short-term gratification. The book gives plenty of examples of investment mistakes, and analyzes them from a behavioral-finance perspective. While Beyond Greed and Fear targets professionals, individual investors will benefit from this look at an important mover of markets. --Dan Ring
Book Description
Even the best Wall Street investors make mistakes. No matter how savvy or experienced, all financial practitioners eventually let bias, overconfidence, and emotion cloud their judgement and misguide their actions. Yet most financial decision-making models fail to factor in these fundamentals of human nature. In Beyond Greed and Fear, the most authoritative guide to what really influences the decision-making process, Hersh Shefrin uses the latest psychological research to help us understand the human behavior that guides stock selection, financial services, and corporate financial strategy. Shefrin argues that financial practitioners must acknowledge and understand behavioral finance--the application of psychology to financial behavior--in order to avoid many of the investment pitfalls caused by human error. Through colorful, often humorous real-world examples, Shefrin points out the common but costly mistakes that money managers, security analysts, financial planners, investment bankers, and corporate leaders make, so that readers gain valuable insights into their own financial decisions and those of their employees, asset managers, and advisors. According to Shefrin, the financial community ignores the psychology of investing at its own peril. Beyond Greed and Fear illuminates behavioral finance for today's investor. It will help practitioners to recognize--and avoid--bias and errors in their decisions, and to modify and improve their overall investment strategies.
Customer Reviews:
Look to market experts for success.......2005-12-21
So long as market investors are human beings rather than machines, market participants will be governed by emotion. The efficient market theory, as Warren Buffett states, works most of the time. But when unusual or exceptional news comes into play, a stock (and/or markets) nearly always overreacts.
The best book I have found on investing is "The Intelligent Investor". There is a clear picture of what works and does not work in investing, and why. There is a fair amount of analysis of the behavior of market participants.
Warren Buffett asserts that he doesn't have much use for what is taught in a typical college business class. As he points out, if professors understand stocks and markets so well, why are so few of them wealthy? People like Ben Graham, Buffett and Peter Lynch are not 'lucky'. They read a great deal, they have keen insight into what makes a stock go up and they are unafraid to buy when prices are low if prospects look good. I would prefer to emulate those who are truly successful rather than those who postulate about what may work.
Selective Presentation of the Evidence.......2005-06-26
I am a behavioral economist with a deep belief in the notion that human decision-makers deviate in important ways from the scientific principles laid down in modern rational choice theory. There is no doubt but that very many investors hold erroneous notions of the dynamics of price movements, and having a correct understanding will, on average lead to better returns on one's portfolio. Sheffrin presents the evidence for this position in an interesting and accessible manner.
Shefrin's main advice for investors is absolutely correct, and would improve the asset positions of many poor souls with idiotic notions of stock dynamics. His advice is that if you are not a gifted and dedicated stock expert, you should invest in a low-maintenance cost array of mutual funds, and above all, do not churn your stocks. It doesn't help to be smart, lucky, a stud with the girls, or blessed by God. Moreover, if you think you have one of the "gifted analysts" for a broker, you are to be counted as among the suckers who are never given an even break.
Shefrin has another thesis which he presents with great verve, but which is on very shakey grounds. This is that "gifted stock analysts" can on average, significantly out-perform the market. He believes this MUST be the case if a significant fraction of investors are behaving irrationality. However, there is another possibility, which is that stock brokers as a group gain from the excessive churning that irrational investors permit or ask them to do, but that it is impossible to "beat the market" except by pure luck or by personally studying firm fundamentals and future prospects.
Shefrin's data in favor of the "gifted analyst" is episodic and anecdotal, and there is plenty of data on the other side. For instance, in Malkiel's classic "Random Walk Down Wall Street", he relates the evidence that chimps throwing darts do as well as major brokerage houses. Sheffrin presents contrary evidence for a more recent period in which "gifted experts" outperform the random darts. New evidence, collected by Money magazine, shows that a group of experts did far worse than the darts in 2003. All of this evidence is spotty and anecdotal. The plural of anecdote is not data.
I am not convinced by this book that the efficient markets hypothesis, applied to final returns to investors (after payments to stock brokers and other transactions costs), is not correct. I think the author makes a mistake taking so strong a position when the evidence is so weak on this account. I am certainly not convinced that Malkiel's analysis is in any way overturned by new evidence.
However, if Shefrin convinces a few investors to act more sanely, he will have fulfilled an important social function.
Packed with Knowledge ! .......2005-02-23
If only you could bring yourself to ditch those losers from your portfolio, and hang onto your winners. If you can, you are unusual. Unprofitable habits afflict nearly all investors, beginners and pros alike, writes Hersh Shefrin in this intriguing study of the role of emotions in investing. Shefrin balances the jargon with plenty of real-world examples and wisely cautions you not to delude yourself into thinking that his tips will make you rich. Viewing investing through the prism of behavior finance, he analyzes emotionally-laden decisions made by private investors, money managers, bankers and other professionals handling stocks and various other forms of investments including options, foreign currency and futures. Shefrin offers juicy case histories, so his tour of behavioral finance is mostly enjoyable and useful. At times, though, the book bogs down in the author's attempts to legitimize behavior finance, a relatively new school of thought. For instance, he charges failed investors with committing "heuristic bias" or falling prey to "representativeness." That quibble aside, we recommend this intriguing tome to investment decision makers on any level. Whether you are running billions or managing a retirement account (which, as Shefrin notes, most people do badly), maybe this book will buffer you against emotional investing and pocketbook pain.
Comprehensive, Entertaining Overview of Fascinating Field .......2004-12-25
Wondering what Brealy & Myers or Sharpe left out? Don't expect your broker (or fund manager, excepting Richard Thaler) to fill you in. This book is a must read for any active (or passive) participant in the markets, or any other citizen who is affected by said markets. Meaning all of us.
Shefrin provides a masterful exposition of the application of cutting-edge cognitive psychology to the behavior of retail and institutional investors, analysts, mutual fund managers, CEO's and even heavily-advised university investment committees. The result is the theoretical demolition of the efficient markets hypothesis in even its weakest form, and the related CAPM(s), catching up to their long-noted empirical failings. As it turns out the market does have a memory, and that's not just an anomaly any more. Not every trade is zero-NPV: trust the market price at your own peril. Think dividends are irrelevant? Think again.
What we're left with is a fascinating account of how market participants actually behave: holding on to losers too long, trading too much and trading on "noise," and most alarmingly, undersaving for retirement. What is significant is that these phenomena are so prevalent that they can no longer be dismissed as irrational with the hope that "more sophisticated" money will magically correct the market. To the contrary, what Shefrin describes is proved to be the psychological norm; if you believe you're different, you're either very lucky or overconfident about your lack of overconfidence.
One quibble, in an area that I have looked at before, is in Shefrin's discussion of takeovers. First, I found a bit of confusion between the question of whether the takeover premium should be tested by reference to the post-announcement combined value of both firms, or just the buyer. Since the buyer's CEO is initially fiduciary for just his shareholders, I see only the latter as relevant.
More significantly, Shefrin does not provide any means to rigorously discriminate among his hubris hypothesis and other, more rationalistic theories, such as agency costs and private benefits. And his brief treatment omits many puzzling follow-up questions: if CEO psychology has the potential to systematically destroy shareholder wealth, what should we then conclude about the investors and analysts who allow them to get away with it? Just a governance problem, or is there yet another psychological story to be told?
But the desire to delve further into the subject is just indicative of Shefrin's compelling and readable narrative. For bottom line types, I'm afraid the answer to your question is no, he doesn't explain how to get rich. But you'll surely do alot better with a single yellowing copy of Graham & Dodd than all the reams of abstruse, dogmatic journal articles ever spewed by the Chicago School.
A very good book, but quite academic.......2003-04-29
I had mixed feeling about this book. Content wise, it's incredible. It's full of real life stories, data, analyses, propositions of many so called market anomalies. However, I really find some of the chapters too long, especially those after chapter 5. The author had copied his style of thesis writing and actually many of his own theses (he's a renowed professor after all) into a book which has a big audience group of investors or traders who want quick fix or certain level of entertainment and personal improvement. In these respects, the "Psychology of Finance by Lars Tvede" and the "Devil take the hindmost by Edward Chancellor" are "easier" but not definitely better alternatives.
Anway, this is one of the very few "serious" books about behavioural finance that is relatively practical. If you are abound of time, go for it. Otherwise, you may try the two books I mentioned above.
p.s. I like the following the most: In April 1997 Financial Times ran a contest suggested by economist Richard Thaler. Readers were told to choose a whole number between 0 and 100. The winning entry would be the one closest to two thirds of the average entry. The winning choice is 13. The real point of this game is that playing sensibly requires you to have a sense of the magnitude of the other players' errors. Hope you got it right.
Book Description
Winner ForeWord Magazine Bronze Award for Best Business/Economics Book of the Year. This investment book uses extensive full-color graphics to explain the fundamentals of the markets-an essential resource before reading how-to books or engaging investment advice. It is a unique combination of investment art and investment science that enables the reader to differentiate between irrational hope and a rational view of current market conditions.
Customer Reviews:
Excellent for the Non Financial Dude.......2007-06-27
I am not in the financial business, but purchased this book to help me just understand the market for my 401K and mutual funds. After reading it I am starting to feel like I have an understanding of what I'm looking for to start to purchase stocks in companies. This book explained everything perfect.
Good Concepts, But Goes Astray.......2007-06-11
Unexpected return has an excellent compilation of historical data and does a good job of presenting the case for secular bull and bear markets and the components that influence market results over the longer term. However, it goes badly when the author attempts to provide a formula to predict the future market. I read this book in early 2007. If you had followed the authors predictions, you would have missed out on close to a 20% increase in the market (inlcuding dividends) from the time he wrote it. That is the risk you take when trying to simply apply regression analysis to the future (remember the demise of Long-Term Capital Management!). Overall, I would still read the book for historical content and perspective, but if you think you can predict the market with simple formulas ... forget it.
Past history is indication of future results.......2007-03-21
Excellent book on the market. It is not a 'How to get rich fast' book, but one that explains the dynamics of the stock market and how the returns correlate.
The tables, graphs, and figures are extremely well done and the book is well laid out.
If you want to learn about the market (or playing field of the market) this is the book for you. It re-enforced a lot of the views of the market for me.
One of the best.......2007-03-16
This is a book that was referred to me on the chatroom at Dorsey Wright Associates. [...] you can view his information. I am a CFP, CIMC and have an MBA infinance form Pepperdine University CA. The information is layed out so anyone can understand it. Yes I do make recommendations on where the risk is in the market and how to avoid most of that risk. Dorsey Wright helps in that regurd.
Charles W Shirey
[...]
Don't Buy and Hold, Says Ed Easterling.......2006-11-26
Ed Easterling's "Unexpected Returns: Understanding Secular Stock Market Cycles"(2005)deals with the issue of bullish and bearish "seasons" in the stock market--such as the U.S. bear markets of 1901 to 1920, 1929-1932(the Great Crash)and 1966 to 1981 and bull markets from 1921 to 1928 (the Roaring 20's)and 1982 to 1999.
Easterling's somewhat dry title belies a rich and important book. Here is the argument in a nutshell:
For the investment horizons that matter to most investors, the time of entry and exit is critical. More specifically, buying into a market with a low price/earnings (P/E) ratio average and selling into a market with a high average P/E has produces by far the best returns, both absolutely and relatively, as well as the most favorable dispersion of returns and the fewest negative return periods.
Average P/E's rise (leading to outsize investment returns) when the economy moves toward a persistent low rate of inflation, of which about 1% per annum is optimal, from either a high level of inflation or deflation. [The same trend that is bullish for stocks is also bullish for bonds, an asset class that Easterling also treats, but with less detail than stocks.] In such an environment, the increasing P/E's attached to stocks multiply the effects of rising market earnings.
These findings imply says Easterling, an activist investment strategy: "rowing," not "sailing." An investor must make strenuous efforts to respond to prevailing market conditions. As a rule of thumb, average P/E's in the 20 times plus area (such as the U.S. equity market now sports) are not sustainable for long except under ideal conditions. On the other hand, market average P/E's of around 10 times or lower present a compelling opportunity for entry.
One problem facing those who would follow Easterling is that it may be difficult while in the midst of a long-term cycle to know when it is reaching a turning point. That will only be obvious in retrospect. Then too, many investors will not feel the luxury to stay out of the market for very long periods or to go short. The practice of spreading constant investment amounts over time intervals, called "dollar cost averaging," may in part address these issues.
Easterling made the prediction in his book, released in April 2005, that then prevailing P/E's implied a coming period of lackluster returns in U.S. stock averages.
Easterling acknowledges his debt to Robert Schiller of Yale for source data and data series method. His thesis is consistent with Schiller's cautionary views and provides an important corrective to the optimistic gloss of Jeremy Siegel's "Stocks for the Long Run," at least for investment horizons going out to about 20 years. Siegel's work remains valid and important to understand for those with investment horizons going out longer than this, as well as for those to whom the criterion is not optimal timing but rather probable outpeformance of stocks compared to alternative investment in US Treasury bills and bonds.
Easterling founded and is president of Crestmont Holdings, LLC, a Dallas-based fund of hedge funds manager. He publishes research at his CrestmontResearch site. The author believes his loftily named "financial physics" lend support to a diversified fund of funds strategy--an investment approach he lauds, while giving scant attention to the heavy burden of overhead costs it generally entails.
Andrew Szabo
(Greenwich Financial Management)
Customer Reviews:
There is an alternative........2007-08-20
WSJ Guide to Money is out of print. That is why the cost has gone through the roof. Standard and Poor's Guide to Money and Investing (Standard & Poor) The Standard and Poors Guide to Money is by the same authors and is even a year more current. Take a look at the cover you can even see that it is the same book and that all that was done is WSJ in the title is changed to "Standard and Poors Guide to Money and Investing". Same book by the same author. The only difference is that is is in print so the price is reasonable.
Handy Little Book.......2007-05-03
Although this isn't the largest book in the world, I really enjoyed reading it. I thought that I was pretty savvy as far as the way things worked, but this book definitely enlightened me. I also appreciated the pictures that made things clearer.
A little bit tough to read, but worth it........2007-04-28
If you're a beginner, interested in investing, this is a very decent primer to start with. Buy it with Eric Tyson's Investing for Dummies, and you'll be fully set!
Not impressed.......2007-02-12
A nice introduction to wall street if you were raised on Mars. For people who want to do investing for a living this is a waste of time
To get the whole picture.......2006-12-22
I think this book did a great job in helping me understand the universe of money and investing beyong the scope of stock. I have been trading for 1 year and wanted to buy a small book that gave me a general education on the subject. Although much more can be written on each topic covered it is good for beginning to understand the whole picture.
Book Description
Turn financial statements into powerful allies in your decision making
Whether you're an investor, creditor, consultant, regulator, manager-or an employee concerned about your company's well-being and the stability of your job-the ability to successfully interpret and analyze financial statements gives you a leg up in today's rough-and-tumble marketplace. Analysis of Financial Statements, Fifth Edition, by Leopold A. Bernstein and John J. Wild, gives you every practical, up-to-date method for making the data in financial statements clear and meaningful. You get analytical tools that range from computation of ratio and cash flow measures to earnings prediction and valuation as you learn how to reconstruct the economic reality embedded in financial statements. User-friendly and engaging, this hands-on classic is loaded with graphs, charts, and tables, so you can see how topics relate to the business practices of actual companies. A concluding comprehensive case analysis of the Campbell Soup Company gives shape and color to the author's step-by-step lessons.
Customer Reviews:
One of the best I've read.......2006-03-17
I am not a CPA or Finance major. I am a physicist so the math is not intimidating. I have been investing as an amateur since retirement and this book gives solid and easily understood ways to get at the valuation of a company and its stock by investigating the financial statements. There is a good comprehensive case study at the end of the book, but I wish the authors would give more examples either within or at the end of each chapter.
Informative, but hard to read.......2003-07-08
I did not finish this book because it is written in a very academic and hard to grasp language. Authors, please make your sentences a little shorter and simpler, the book is very boring and verbose! However, I must give credit to the authors for including almost all of the tools one will need for analysis of financial statements.
Each edition of this book just gets better and better!.......2000-06-03
I have bought every edition of this book, and it just keeps getting better and better. As a 25 year veteran of corporate finance, I continue to use this book myself on a regular basis and to recommend it to less experienced employees who are still developing their expertise. Every finance library should have this book.
Book Description
A $10,000 investment in Warren Buffett's original 1956 portfolio would today be worth a staggering $250 million ... after taxes! What are his investing secrets? How to Pick Stocks Like Warren Buffett contains the answers and shows, step-by-profitable-step, how any investor can follow Buffett's path to consistently find bargains in all markets: up, down, or sideways.
How to Pick Stocks Like Warren Buffett sticks to the basics: how Buffett continually finds bargain stocks passed over by others. Written by an actual financial analyst who uses Buffett's strategies professionally, this tactical how-to book includes:
- Comprehensive financial tools and information
- Strategy-packed "Buffett in action" boxes
- Buffett's own stock portfoliocontinually updated on the author's website!
Customer Reviews:
Did Buffett write this?.......2006-10-15
I've read about 5 "Buffett" books and they ranged from utter garbage (the daughter-in-law books) to the mildly interesting. None really helped me invest better.
This book is different. I've read it probably 10 times now. Every chapter can change they way you think about investing.
The writing is clear and simple.
What follows is a totally groundless statement - i have zero evidence of this - but... the only other writer I know who writes so clearly on investment is Buffett himself, which leads me to suspect he may have been involved in the writing of this book ...or maybe Buffet is the real writer. (apologies to mr vick - take my comment as a compliment if you really did write this)
Even if Buffett isnt the real writer, my guess is that this is the book he would write.
It's my favourite book on investment. I have five or so copies at any one time and hand them out to friends who ask me for investment advise.
Must read for any Buffett fan..........2006-02-06
A $10,000 investment in Warren Buffett's original 1956 portfolio would today be worth a staggering $250 million ... after taxes! What are his investing secrets?
How To Pick Stocks Like Warren Buffett contains the answers, and shows, step by profitable step, how any investor can follow Buffett's path to consistently find bargains in all market conditions: up down, or sideways. Relatively short and easy to read, How to Pick Stocks Like Warren Buffett is an excellent introduction to the world of value investing.The book is relatively short and should provide a satisfying read.
Misleads readers into thinking Buffett uses the exact method.......2005-02-20
I am an avid reader of Warren Buffett's writings, and I believe that Warren Buffett would disagree with many items in this book. For example, Warren Buffett previously described his method of discounting companies in other articles, and it does not match the author's description.
I can see how this book would be highly rated to someone not familiar with the details of Buffett's own articles and letters. But in my opinion, the book appears to only about 80% in agreement Buffett's previous writings. This book can give the reader a good overview of Warren Buffett's methods if they do not pay strict attention to the author's details.
Not the Buffet way..........2004-07-06
This is book says it about Buffet's way of picking stocks, but it is not. I'm sure Buffet would scream if he ever read this book. It not only isn't Buffet's strategy, it is bad advise too. Don't buy this book. If you've read it, disregard everything you learned before you lose money. Read Buffet or Graham and get it straight from the horse's mouth, and learn the intelligent way to pick stocks. This book stinks!
One of the worst books ever written on investing.......2004-04-27
1) The first quote on the back cover is from Mary Buffett. Mary's claim to fame is that she divorced Warren's son and then got into the investment book business. If you can't do that 'math' or you buy into the '*****' reviews for this book I've got a bridge I'd like to sell you. 2) Throw out the chapter on 'Warren on Arbitrage'. I've worked in equity arb. Most of this chapter is either outright false or highly misleading. 3) Entire sections of this book read as if they were excerpted from Hagstrom's or John Train's books. 4) The only reason I didn't give this book zero stars was it had some nice quips about value investing in general.
Book Description
One of history's top-selling investment guides--800,000 copies sold!--is now updated for a new generation of investors
Praise for previous editions of Understanding Wall Street:
"One of those rare publications that delivers exactly what it promises . . .consistently good."
--Barron's
"Among the best for the novice investor."
--Los Angeles Times
"A good practical education on the stock market."
--Business Opportunities Digest
Over the past quarter century, Understanding Wall Street has helped investors at every level understand exactly how the stock market works, and how they can build strong portfolios while limiting their exposure to risk. Now completely updated to help investors prosper in the new, no-limits market environment, the "little green book" includes:
- Two all-new chapters, updated charts and graphs, and nearly 40 percent updated, revised, or new material
- Strategies for uncovering valuable investment information on the Internet
- Analysis and explanation of the recent market crash, and how to avoid similar disasters
Download Description
One of historys top-selling investment guides--800,000 copies sold!--is now updated for a new generation of investors
Praise for previous editions of Understanding Wall Street:
"One of those rare publications that delivers exactly what it promises . . .consistently good."
--Barron's
"Among the best for the novice investor."
--Los Angeles Times
"A good practical education on the stock market."
--Business Opportunities Digest
Over the past quarter century, Understanding Wall Street has helped investors at every level understand exactly how the stock market works, and how they can build strong portfolios while limiting their exposure to risk. Now completely updated to help investors prosper in the new, no-limits market environment, the "little green book" includes:
- Two all-new chapters, updated charts and graphs, and nearly 40 percent updated, revised, or new material
- Strategies f...'
Customer Reviews:
Understanding Wall Street.......2007-04-06
The first time I read this book was 20 years ago and was impressed with its thoroughness and ease in understanding. I teach at a junior college and offered the students an opportunity to learn a little more about investing that was not covered in their text. This book was complete enough to cover most of the topics and condensed enough for them to read considering their limited free time.
The Basic Ideas and Definitions.......2006-07-17
This book is like a "Dummies Guide" to Wall Street. It covers all the basic concepts and theories at a low level or introductory level. The book is one of the best books available on Wall Street investing for the general reader. But the book is more technical like a dictionary or text book. It does not tell you what to do to invest.
If you are a general investor do not rush out and buy stocks - unless it is mad money for fun based on the book. You need to read more books. Here are some more books to read on the actual investing and market trends.
As a general investor I like three books. They are "Common Sense on Mutual Funds" by John C Bogle the founder of the Vanguard Group, and "Irrational Exuberance" by professor Robert J. Shiller. If you can read these books you will have the basic information needed to become a successful and diversified investor, Also I like "Random Walk down Wall Street" by Burton G. Malkiel. If you follow these three books, for the most part you will yield superior investing results. If you follow these books you will understand the markets, the trends, the volatility, the rewards and required patience - and you will not need a pesky and expensive stock broker/financial advisor.
Great Beginner Book.......2006-03-30
I found this book in a house my father bought as a kid and began to read it. From an age of 10, it gave me a great knowledge of the market. Reading this book gave me more knowledge of the market then all the adults i knew and meet now. Now, 20ish years later, its helping me pick stocks and doing well.
packed with info, but slightly dull.......2005-11-06
I know, was I really expecting a reference book about Wall Street to be action-packed? Absolutely not. I agree with most people that this may be the perfect book for someone looking to form a solid understanding from which to start investing. I've listened to it 3 times over the past 3 months in order to reinforce all the concepts. and all the great info it provides aside, the writing and reading of this text is extremely dull and lacking in personality. Maybe I'm asking too much! I give it four stars for quality and accessibility.
Good Introductory Book.......2005-08-18
This book served its purpose well. I found that this was a very good introductory text to understanding stocks, the markets and investing. Only one downside, if you are looking for something a bit more sophistocated this book is not for you. I would name this book for anyone looking to gain basic knowledge about investing.
Book Description
In Using Technical Analysis author Clifford Pistolese shows average investors how they too can reap the benefits of technical analysis. Well-organized and easy-to-understand, this book explains a variety of approaches to analyzing and interpreting stock market charts. This edition includes chapters on moving averages and accumulation/distribution analysis.
Topics include:
- Basic and complex chart patterns
- Analyzing trading volume
- Identifying long-term trends
- Market timing tactics
- Self-teaching exercises
Glossary of terms
Customer Reviews:
Simple, Concise, Powerful Read.......2003-10-08
If you have never read a technical analysis book then I highly recommend this above everything else. For startes it's barely over 200 pages short, with more than half those pages dedicated to charts. Simply put you only read about 100 pages.
The beauty is those 100 pages are powerful and geared perfectly for the beginner. After reading this book I was bitting at the bit to apply my new knowledge, and no longer regard picking stocks as a crap-shoot.
You CAN educate yourself to financial freedom, and this book will help you do that.
A Practical Book Written By An Investor.......1998-10-04
This is a practical book about Technical Analysis written by an investor with over 30 years of experience who has "been there and done it". The book has a section with exercises. If I had a complaint, it would be that the patterns shown in the example charts are too clear; things are not that crystal clear in real life. Anyone who reads this book should also read "Trading The Plan" by Robert Deel. Both are very practical.
Basics for the Beginning Technician-It's All Here.......1998-09-01
I really like this book as it covers the basics and has examples where you have to use what you've learned to do the exercises. The reading is pretty dry but I still refer back to the book often when I'm trying to remember what a "double bottom" means or what an "ascending triangle" helps you predict.
Book Description
Everything a novice investor needs to know about getting started in stocks
While dozens of books purport to be for the beginning investor, most "beginner" books assume a level of knowledge that true novices just don't have. Understanding Stocks is targeted to the beginning investor, providing a concise yet comprehensive overview of the stock market without subjecting readers to terms and ideas they can't understand and frankly, will probably never use.
Written in an engaging and direct style, Understanding Stocks uses short, easy-toread chapters to provide a solid working knowledge of the stock market.
Topics include:
- What is a stock?
- How to place a trade
- Evaluating a stock
- Knowing when to sell
Download Description
"Everything a novice investor needs to know about getting started in stocks While dozens of books purport to be for the beginning investor, most ""beginner"" books assume a level of knowledge that true novices just don't have. Understanding Stocks is targeted to the beginning investor, providing a concise yet comprehensive overview of the stock market without subjecting readers to terms and ideas they can't understand and frankly, will probably never use. Written in an engaging and direct style, Understanding Stocks uses short, easy-toread chapters to provide a solid working knowledge of the stock market. Topics include: What is a stock? How to place a trade Evaluating a stock Knowing when to sell "
Customer Reviews:
Good basic groundwork.......2007-09-30
I am just starting to invest and this book contained great groundwork and information. Easy to read and follow the concepts.
A Good Introduction, But Not Always Clear.......2007-01-11
First of all, let me say that I did get a lot out of this book. As someone new to investing, it answered some of my questions, but not all. My main complaint is that it's descriptions are not always clear. For example, when describing a Head and Shoulders Pattern (page 120) the reader is refered to a figure as an example. This is great, except that the author does not tell the reader where to look in the figure. Thus, the explaination has little value, unless you know what this pattern looks like in the first place. It would have been nice to include a glossary of terms, especially for fundamental analysis, even if these terms were not discussed in detail in the text.
My recommendation would be to get this book if you want a quick introduction to stocks. Be prepared to invest in additional references if you want to make sense of your broker's quotes.
Great.......2006-03-24
Received the book in excellent condition and as described. Just needs to send an update via email of when the book was shipped.
Great book -- I rate it 5 stars. .......2006-03-09
I am a finance major and wanted a quick overview of the stock market. This book was fantastic. It covered more material than any other book on the shelf. Very detailed and very entertaining. (I noticed that it's listed on our supplemental reading list so the teacher knows it's a good book). 5 stars.
A quick read, but not very informative.......2006-02-13
While this book MENTIONS many basics of investing, it fails to aptly discuss many, most, or all of them. The author, quite frankly, really fails to discuss, to any understandable length, many fundamental analysis items to include such notables as earnings per share, quarterly earnings growth, and book value. He doesn't discuss in any appreciable detail what each of these mean. He fails to inform the reader what degrees in any of these metrics an investor should look to gain or avoid. He does mention them, but fails to give them any study in detail and worthiness.
As far as technical analysis goes, he sticks with his technique of mentioning items of interest without explaining them to any appreciable depth. He really fails to describe, in any usable detail, how bands or moving averages can be used, or how they are used by some. He has illustrative charts to demonstrate typical named historical patterns, but his narrative is poor. Additionally, he fails to highlight the areas on the charts he writes of and therefore fails to make anything clear. This analysis of historical patterns was very cryptic.
In the end he proposes, in about a page, and not in very good narrative, one system for investing that really is not only not generally achievable, it's not really generally feasible.
If your goal is to read a book to explain the basics of the stock markets, stock measuring, and knowledge needed for investing, please look elsewhere.
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Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books)
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