5 comments about The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition).

1. Ben Graham is a born genius! If you want to learn about stocks from anybody it would be from 4 people - Ben Graham (The Intelligent Investor), Warren Buffet, Philip Fischer (Common Stocks and Uncommon Profits), and Peter lynch (One up on Wall Street). This book contains the framework and the foundations of stock investing. If your in the market and you did not read this book GET OUT and dont go back in till you read it! This book is essential. I cant stress it more. I must warn you though, Alot of it will be very boring but hey, something just cant be simplified. There is a commentary by Jason Zweig who makes it a bit simpler and using modern day examples.
   
   In short BUY THE BOOK!!!



2. I've just taken over the management of my investment portfolio from the brainless bank that let it lose 40% of its value in 2007 - 2009.
   
   For years I had heard of Graham as the "nec plus ultra" of all writers on investments, so this book was high on my reading list as I set to my new task.
   
   Unfortunately, the financial markets of 1972 (when Graham wrote this book) are far different from today's, despite the chapters written by Jason Zweig (interleaved with Graham's) which try to update and explain Graham's ideas in terms of the market environment of 2003. Read in 2010, Zweig's updates also seem quite dated.
   
   To achieve a prudent level of diversification today, most individual investors will use at least mutual funds, if not ETF's. The analysis of individual stocks is too time consuming. First one is up against professionals who do it for a living. Secondly, the complexity of today's markets for goods and services requires huge amounts of study before even looking at a company's financials. Thirdly, one should probably expect to analyse at least 20 companies before choosing one to invest in.
   
   If one wants to undertake individual stock picking, why not read this book before turning to Graham's "Security Analysis".
   
   If not, the purchase of a cheap second hand copy of the book can be justified, but primarily on the grounds of being able to skim it to see if one agrees with the words above.



3. Two of the core types of investing are value and growth investing. Value investing looks to find commodities at a price lower than their value while growth investing looks to find commodities with the potential to become larger. If you're interested in learning about value investing, this is definitely a book to check out.
   
   Originally published in 1949, the Intelligent Investor helped paved the way for value investors like Warren Buffet, who writes a preface for this revised edition. Even though II was created over 60 years ago, it's core concepts are still useful and true today.
   
   The biggest negative about this book is that it's relatively old. It was revised by Graham as recently as 1973 and includes updates by Jason Zweig but the majority of the content in the book was written over 40 years ago. Another downside is that it can be kind of grueling to read. That often comes with this subject matter but readability would help. At any rate, despite these shortcomings, the Intelligent Investor is a core book to learn about value investing.



4. Warren Buffett always refers to chapters 8 and 20 on market volatility and margin of safety, so I read those with extra attention, but Benjamin Graham had a confidence of purpose and clarity of explanation that makes it easy to see why he developed such a (mostly posthumous) dedicated following. Investors (The Superinvestors of Graham-and-Doddsville for one famous example) who follow the philosophies that Graham touts in this book have become consistently successful. Classic.



5. Deep dyve into investing, but clear and easy to follow. Shows a clear and logic way to approach investing in public companies that also can be used to invest in private companies

5 comments about How to Make Money in Stocks: A Winning System in Good Times and Bad, Fourth Edition.

1. I read this at the urging of a friend. As background, I'm a retired professional investment advisor, have been through the Chartered Financial Analyst curriculum, and have decades of investing experience. I am therefore instantly suspicious of a book that promises on its back cover that "Anyone can learn to invest wisely with this bestselling investment system!"
   
   Granted, O'Neil clearly spends all his time with his charts, and otherwise must not get out yet. He comments that NASDAQ an OTC trading venue, not an exchange, when in fact NASDAQ gained exchange status in 2006. He thinks that air traffic accidents are investigated by the Civil Aeronautics Board, which lost its safety responsibilities to the FAA in 1978. Most tellingly, he writes, "Unfortunately, no original or thorough research on price pattern analysis has been done in the last 78 years." Even a brief perusal of the academic journals on investing and finance would have shown him that this isn't true.
   
   Much of the book focuses on chart reading. O'Neil includes many historical charts that clearly show his patterns. Unfortunately, many of the patterns are only clear in retrospect. For example, he describes a double-bottom pattern, shaped like a "W," where you should buy in as the right side moves up past the middle point of the W. Then he describes a double-bottom with handle, where the right side of the W is followed by a modest decline, and then you want to wait to buy until it reaches the top of the right side of the W. However, he describes no way to tell in advance whether the pattern will have a handle. By the time you know that there's a handle, you'll have already purchased on the right side of the W.
   
   As another example, he shows patterns for detecting market bottoms. However, you can look to the left of where he marks the bottom, and often see a false bottom that meets exactly the same criteria. I suspect that O'Neil, given his experience, has other ways to gauge the validity of these stock patterns. Unfortunately, if he can't describe them, it greatly reduces the value of the book.
   
   That probably explains why he adds the caveat that it takes years for someone to start reliably making money using his "system." Some people, with experience, will develop the same ability to figure out when the chart patterns are correct. However, it's very misleading to describe the book's contents as a "system," which in the investing world means a set of rules that can be strictly followed. Instead, it's a set of guidelines and philosophies on which you will have to add your own hard-earned experience to create a system.
   
   Which brings me back to the overinflated claim that, "Anyone can learn to invest wisely with this bestselling investment system!" It's absolutely false. So much is left to discretion that it will require someone with particular aptitudes to be successful at it. If you enjoy doing extensive analysis, have an innate skill at identifying visual patterns, and have the patience to study and learn chart reading, then you will probably be successful with O'Neil's approach. Someone who doesn't meet those criteria will almost certainly fail.



2. Good introduction to equity investing for retail investors. O'Neil's methods do not work for professional fund managers.



3. Some good thoughts mixed with some b.s. and a lot of self advertising for his business. The pro america agenda was unnecessary as was the views on politics and Iran.



4. I was really looking for a book on trading stocks (versus investing) and I believe that this book offers lessons applicable to both.
   
   When I first began trading stocks online, I made the exact mistakes that this book says not to do. When a stock jumped in price, I sold and took profits too early when I should have held on and purchased more. When a stock fell in price, I either bought more stock to bring my average cost down or held on to my losing stocks too long "knowing" that eventually they would have to come back up. I was wrong. These are the classic mistakes that according to the book, most traders make, which is why they end up losing their money. And this was the exact same thing that happened to me.
   
   If I had read this book before getting into the market, I may have been able to prevent the big losses and keep the small gains I had been able to make. I would definetly recommend this book to anyone interested in learning how to trade or invest in the stock market. I haven't tried out the "CAN SLIM" system taught in this book, so I can't tell you if it works or not or that I made money following it, but I can tell you that the system makes sense and is worth learning even if you choose not to follow it.



5. Absolutely this book is a classic!
   
   In his book, Bill O'neil calls his breakout trading system "CANSLIM". Each letter in the word C-A-N-S-L-I-M stands for one of the seven chief characteristics of great winning Growth Stocks at their early developing stages, just before they make huge profits for their shareholders. The explanation of each letter is as follows:
   
   * C = Current Quarterly Earnings Per Share
   * A = Annual Earnings Increases
   * N = New Products, New Management, New Highs
   * S = Supply and Demand: Small Capitalization plus Volume Demand
   * L = Leader or Laggard
   * I = Institutional Sponsorship
   * M = Market Direction: What is the overall Stock Market doing?
   
   This system works, and this book teaches you both fundamental and technical analysis.

5 comments about The Neatest Little Guide to Stock Market Investing.

1. I've got to say Mr. Kelly did an Amazing job with this book. I have been on a quest for knowledge for some time now and this was the Holy Grail...so far. Out of the half dozen or so books on investing that I have read in the past two weeks...this was the best.
   
   I like the approach Mr. Kelly took with stock tracking and also the explanation that went into calculating ratios and other items pertaining to growth and valuation.
   
   The only down side is that Mr. Kelly bases a large chunk of his research on the Value Line Stock Survey which is quite expensive (but it sure is handy)
   
   Thank you Mr. Kelly for this very informative yet easy read.



2. I cant recommend this book enough, even though I live in the UK and am dealing in the FTSE, the theories, strategies, references to sources of information are relevant.
   
   The book was written in a concise manner and understandable to anyone who is interested in stock market investing.
   
   Definately recommend this book to all and will be one that I pickup from time to time to refresh myself on potential strategies or ideas that I missed out on the first read!
   
   Thanks Jason Kelly for sharing your knowledge and experience!
   
   Avtar Singh



3. This book is a great book for anyone looking to invest money in the stock market. I have read many investment books and stock trading books and this is one of only 3 books that I would advise a new trader or investor to read.
   
   The author, Jason Kelly, starts by explaining "Why Stocks are Good Investments". Jason points to strong and true facts that show that owning stocks is one of the best ways of increasing wealth over time. He explains how you make money in stocks and goes into the difference between "total return" and "capital appreciation". Jason then explains why companies even sell stocks and how that works. If you are new to stock investing or trading and you do not have a clear understanding of this then you should read this. There is a quick section also about how to choose a broker to help you buy and sell stocks.
   
   Jason then goes into "How to Evaluate Stocks". He explains the difference between value and growth investing. Jason does a great job of defining and explaining all of the most common terms in evaluating the fundamentals of companies including: current ratio, EPS, ROE, Net Profit Margin, P/E, and P/S. Then he explains common terms for evaluating the technicals of the stock price including: SMA, MACD, RSI, relative price strength, and volume. Knowing and understanding these terms is a must for anyone who wants to invest or trade in individual stocks.
   
   After reading the 1st 3 chapters you will know half the things they teach you in a 4 year Business Degree. Believe me, I have a degree in Business.
   
   Then Jason tells you "How the Masters Tell Us to Invest". Here he summarizes how each of the best traders and investors of all time advise individuals to build wealth. He covers Benjamin Graham, Phillip Fisher, Warren Buffet, Peter Lynch, William O'Neil, and Bill Miller. You could read whole books about each one of these investors or you could just read these sections in Jason's book where he breaks down their main points. Jason then has a section where he finds the common points that all these investors share called "Where the Masters Agree". This section will be the backbone for the strategy of the author.
   
   Jason then explains "How History Tells Us to Invest". Here Jason explains some backtesting on various investing methods and shows that combining Value and Growth Investing is one of the best ways to build wealth over time.
   
   Then we get into the real meat of the book. Section 4 "Permanent Portfolios" introduces you to easy to follow strategies to beat the market over time. This is where both new and experienced investors who have not read this book before will be able to really benefit by reading this. If you are someone who wants to beat the market by only looking at and adjusting your portfolio for a few short minutes about 4 times a year then these strategies are for you.
   
   Jason also has the most exhaustive list of resources for stock research I have ever come across. When you read "Research to Riches" section you will have a gateway to all the best data on stocks available through many many sources.
   
   In "This Books Strategy" Jason explains how we will use the "Permanent Portfolio" to build our fortress of wealth and then create and maintain a watch-list of individual stocks that we will send out of our fortress of wealth when the time is right to bring back even higher returns. Jason thoroughly explains how and where to gather information and compare it to stocks you already have on your list so that you are not overwhelmed by all the data and stock gurus available. Jason explains when may be good times to buy and when may be good times to sell stocks. He also has a very interesting way of tracking your performance and reviewing your choices to learn from the past.
   
   And of course he has an investment website and "Letter" to compliment what we have learned in this book. The website is a great way to read his recent observations which he updates with new articles on a regular basis and is available to anyone for free. And he has the "Letter" which is a very affordable service (about $5.35/month I think) where he emails members on updates of his portfolios and his view of the market direction. I recommend at the very least to check it out on his website where you can find a sample "Letter" and see how his portfolios have performed against the "market".



4. This book provides a good basic education on stock investing. So if you are a beginner it is worth the read, if on the other hand you are already investing or trading skip to more advanced books.
   
   In the section on evaluating stocks the author advocates using classical measurements such as PE ratios, price/book etc. My experience has shown that PE ratios are not the cause of a stock performance but the result of it. That is, stocks already experiencing high growth tend to have high PE ratios and if you used PE ratios as one of your criteria you would have missed the best stocks in recent years. I have found that a combination of stock holders equity and retained earnings is a better measure of future performance. A steady increase in stockholders equity with 15% year over year growth in retained earnings is usually a better indication of future price advance.
   
   I was somewhat disappointed with the lack of depth in the section on technical analysis . These days holding times for stocks are becoming much shorter making technical analysis a major part of an investors decision on timing a stocks purchase.
   A major part of the book lists resources for investing. In my opinion this was somewhat of an overkill since these resources can be easily found just by doing a simple internet search.
   You can learn some basic investing information from this book but before acting on any specific stocks, I will be sure to read other more advanced books first.



5. It is occasionally easy to make money buying and selling stocks. This book tells you how to do just that! It gives good stock investment techniques for "home gamers" that are willing to do some simple research.

5 comments about Jim Cramer's Getting Back to Even.

1. While I have a hard time watching Mad Money on TV with all those "Booyahs" and noisemakers, Jim Cramer's writing style is very calm, clear and generally to the point. In Getting Back to Even, he gives a good overview of the market yesterday and today, followed by several strategies for getting ahead in a turbulent market. Truly a worthwhile read for beginners like myself, and maybe even for some hold hands.



2. This is a good book. It's a bit of a repeat of his show, but with more detail. I recommend reading this book, but be sure to read others on more technical detail on how to invest in the stock market. All in all, it's helpful.



3. In this book again, i catch myself reading and not trusting the author. Years ago I learned that the best way to invest is to read people that do it for living, this is why i always recommend the writings of Linda Raschke and Toby Crabel, both real traders and practicing hedge fund managers -now out of print but maybe if you check on ebay you may find them. Anyways, another read from Cramer, that suffers from the same thing as his show: integrity.



4. Getting Back To Even was a Christmas gift for my brother. He loves the book and it was a terrific purchase, arriiving quickly and in brand new condition.



5. Jim Cramer's "Getting Back To Even" can give you the keys to a money making machine. I have read other of his books and they all are worth many times the purchase price. Cramer's been there and done it, so he tells you what really works in an easy to understand way. He "gives back" so much. The Street. com is his comprehensive web site and he is on CNBC every trading day.
   Bill K

5 comments about Conquer the Crash: You Can Survive and Prosper in a Deflationary Depression.

1. The book confirmed a lot of sentiments I had about market cycles by providing a rich set of arguments combined with facts. It also made me alert to developments, which might go wrong and which started to go wrong in the recent years. The book allows to put ongoing developments into a context. So far, it helped me to protect investments and to avoid losses by being a little more alert to unusual market signals. For me, it was a help to define moments to get out of a market. I didn't really got the market entry timing right with it. For finding opportunities, a good newspaper works better for me. Maybe that's due to the gloomy sceenery which is sketched, which makes you extra cautiuous and takes away the courage required to leverage an opportunity.



2. Elliott Waves...are you serious? If you believe technical analysis, then you might enjoy this book. But I think Warren Buffett said it best..."I realized technical analysis didn't work when I turned the charts upside down and didn't get a different answer" and "If past history was all there was to the game, the richest people would be librarians."
   
   The reality of inflation or deflation will be played out - my bet is on inflation - but make your own choice. If you are convinced deflation is coming, then definitely, hoard cash so you can buy assets cheaper tomorrow. Of course you forgo the pleasure of the assets you could have purchased, and the income from investments you could have made.



3. I believe this to be one of the best investing books in the last year. It gave me a different perspective of the stock market and investing in general. I recommend this book.



4. This well written book gave me a different perspective on the stock market, money management and societal behavior in crises. I now know how to protect myself financially during this crisis. Now, I just need to implement the ideas!



5. I bought this book to see if it provided any revelations from 2003 - present in the "new" 2nd edition. Unfortunately, there was a lot of fluff and nothing remarkable in the new material just reprints from the 2003 - 2007 commentaries in various publications. So, if you have the first book, you pretty much have the second book. I'm returning this one.

5 comments about Stock Investing For Dummies.

1. I knew very little about the stock market before I read this book (only what I learned in High School). I read it from cover to cover and it is very informative covering what I believe is all the bases. Some topics were covered more in depth than others. An example is discussing what options are, but not going into incredible detail about them. However, the author cites several web sites and other books that one could read to understand more about any subject that he covered. The focus of the author's strategy is more fundamental analysis than technical analysis. Both are discussed, but fundamentals are stressed. After having read it, I would describe it as a reference. Each section is self explanatory and when needing answers, one could skip to that page/section and understand it without having to read previous chapters (although that does help). I am still not an expert, but I feel I know enough to begin a small portfolio and start my retirement now.



2. If you have no clue at all about stocks/investing, this might well be a good starting place. It is a very easy to read book, well written and informative, but it does start right at the basics and only takes you a little way up the ladder of knowledge.



3. Well written, does not bore. If you want to invest in stocks a must read for beginners and novice. You have no idea how little you know until you read this. Lots of helpful resources in there as well.



4. This book gives readers a basic overview of the entire world of stock investing. Investing is where people get excited when the merchandise gets more expensive and depressed when it get cheaper. I like how the author explains the concept of value to readers.
   
   "The grocery store is the stock market. What if two brands of eggs are similar, but one costs 50 cents a carton and the other costs 75 cents? Which would you choose? Odds are that you'd look at both brands, judge their quality, and if they're indeed similar, take the cheaper eggs. The eggs at 75 cents are overpriced. The same is true for stocks."
   
   I liked how the author described to readers different brokers and their functions. Other authors criticize the brokerage industry, but this author describes to readers that brokers fall into two categories: full-service and discount brokers. Full-service brokers are more expensive because they provide other services besides just executing trades as discount brokers do. But he also makes readers aware that in the end, brokers are salespeople and are compensated based on commissions. I recommend this book.
   
   - Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market



5. I purchased this book for my wife who kept hounding me about getting into the stock market. I told her that she should learn as much as possible before investing.
   
   I have formal training in personal finance, and I wound up reading the book myself. It has great information to get you started.

5 comments about A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Revised and Updated).

1. The book was in better condition than stated in the Amazon ad
   The book was very well packaged against damage in transit
   The book arrived much earlier than expected.
   
   All in all, I am delighted
   
   Dal Burns



2. This book is an extensive and complete review of the investing sector, with a particular focus on equities. If you are trying to read one book only on this subject, this is probably the book that I would recommend. If you are quite familiar with this subject, you may not find as much depth as you hope but this book would serve as a historical reference. I particularly recommend reading the sections relating to the formation of bubbles and the subsequent collapses throughout the decade. The author clearly demonstrates how this is an inherent phenomena in the investing world, as we have recently experienced, and shows us ways to better understand and deal with these situations. I also liked the discussion about technical vs fundamental analysis of equities, when each should be used and how to harness the power of each. Finally, although the author does take a side on some of the topics he discusses, he does a great job of objectively presenting the different view points which is key for any reference material. A recommended primer!



3. For those who don't have 4 years and lots of $$$ to get an undergraduate finance degree, this book is an excellent substitute. It is packed with the same academically sound investment advice that all the top business schools teach, it explains it all in an amazingly accessible and entertaining way, and is chock full of interesting and memorable examples --- some of which I will never ever forget! In short, it has to be the best popular investment book ever written.



4. Let's say you were afflicted with the unhealthy notion that you could correctly predict which investment vehicles would outperform the market. This book would be a reasonable component of your therapy regime. In this book (the 2007 edition) Malkiel basically shows why the broad market indices (S&P, Dow, Russell 3000, etc) generally outperform even professional stock market gamblers. Actually, he doesn't really show us why exactly. The author more accurately just tells us it's true and hopes we'll take his word for it. Turns out, I do, but that's only because I've read a lot of other books (mostly by skeptical statisticians) that show in greater detail that Malkiel's premise is essentially correct.
   
   The author is, I suppose, merely conservative in his investment outlook while I must be tin foil hat insanely paranoid. The main problem I have with his thinking is that while I agree with him that neither you nor I can not outperform general market indices, i.e. "the market", I'm not sure that the market can outperform investments like cash in the mattress or gold fillings. In the past couple of years, the market has even failed to outperform investments in cocaine and prostitutes.
   
   I'm sure this book reads a lot better when you're not slogging through a Depression-like quagmire dominating the investment landscape. Here are some examples.
   
   "I also think you should keep your risk within reasonable bounds by sticking with issues rated at least A by Moody's and Standard & Poor's rating services". Well isn't that precious? Turns out that bond ratings have been shown to be largely a scam. Even if they're not categorically corrupt, they stink enough that anyone relying on them when not dealing with "other people's money" is making a mistake.
   
   "You may also wish to consider ownership of commercial real estate..." I guess the management at GE read this book. I'm under the impression that CRE is one of the main reasons GEs stock is about 1/6 of what it was 2 years ago. In Oct 2007 in my area of San Diego (including sublease space) the CRE vacancy rate is 25.6% with unprecedented vacant capacity. Of course you can't see that kind of anomalous event coming, however, I did. Which brings us to:
   
   "Own your own home if you can possibly afford it." In 2004, I *could* have possibly purchased a house, but it would have been a financial disaster of such catastrophic proportions as to completely negate any gains of the magnitude envisioned by this book. In a different part of the book there is a table showing the earnings on a steady investment of $1200/year over *28* years. That's a long time and when I saw the final retirement tally, $277k, I thought, great, three decades of $100/month so one could recover from the disastrous loss one would have incurred buying the median home in San Diego in 2005. No thanks. It's never been a better time to be a renter.
   
   It turns out that life is full of risks and that even being conservative in the way this book outlines is a huge gamble. The quotes above are really minor points in the book. My bigger problem is the major premise of the book which is that over the *long term*, stocks don't suck. Perhaps it's just my delightfully awful luck to be interested in investment science at a time of secular market trends that are like some kind of horror movie, but the fact is that the entire market can suck and suck you down with it for impressively long runs. He mentions the period he calls "The Age of Angst", 1969-1981, where the general returns on stocks was 5.6% and 3.8% for bonds. Could be worse, right? Beats a savings account. Wait... What's that? Inflation was 7.8%? Ouch! And 12 years is a big chunk of anyone's investment window.
   
   If you're 20 and somehow miraculously have way more money than lifestyle and want to invest it in the stock market, *and* the notion holds that general stock market returns are positive over 50 years, then maybe this is some helpful advice. However, if you are such a person and such assumptions are correct, it'd be hard to screw that up.
   
   Malkiel doesn't really give good fundamental reasons why the stock market should go up over the long term. The fact that it has in the past is a myth that he explicitly debunks, for example, when talking about selecting a mutual fund. I respected his low sensationalism approach. He knows that his strategy is boring but that is because he believes it is the safest bet and maybe it is. I, however, wasn't really convinced that it was any safer than any random investment, including spending all your money on fun things you like. The best piece of advice from the book is that many of the materials to help you research various investments can be found at your local library. Yes. Like this book.



5. This is a classic investment book. It gives a brief introduction to the major investing styles/theories and explains why the best bet for most people is to buy and hold (mostly index funds).
   
   The book is separated into 4 parts:
   
   1. Stocks and their value
   2. How the Professionals operate
   3. New Investment Methods
   4. A Practical Guide
   
   Even though this book provided me with no new insight, I believe this is a great book for anyone interested in learning about investing in the stock market.
   
   The fact remains that buying and holding good companies over the long run works. The question is, what are the good companies? Why not just buy them all with an index fund!

5 comments about Reminiscences of a Stock Operator Annotated Edition.

1. For me, this was one of the most powerful books I have read to help my trading career. In fact, each time I read it again, I get a new insight into trading and watch my trading go to the next level.
   
   It showed me the aspects of trading that I would not have even considered. The markets are made of people, and people stay the same, and the markets do the same thing over and over again.
   
   This book was so educational. At times though, I found the stories a bit pointless, but then I realised that it was only when I went back to read them the next few times around, did I get the point of the story, since the concepts were a bit beyond me the first time around.
   
   The first couple of chapters I found a bit boring, but after that I was hooked.
   
   If you are serious about becoming a trader then this book really is a must ready.
   I know many great traders and this is also a book they recommend.
   
   The book is based on the story of Larry Livingston and explains how Livingston was not an investor, but rather a speculator and didn't care if he was Long or Short on the market. His goal was to make money and he made multi millions from the stock market and he explains how.
   
   Some of the great concepts that he details are:
   * The trend
   * Buying tops and bottoms
   * Letting your winners run and cutting the losers
   
   These are just some of the very powerful concepts he explains in detail and allows you to really get your head around the idea and fully understand it.
   
   If you are new to trading, then this book will teach you the powerful concepts that you want to build your trading career on, and if you're an experienced trader, then this book will likely take your trading to the next level.
   
   If there was only one book you were going to read on Trading, please make it this one.



2. I downloaded the Markman annotated version of "Reminiscences of a Stock Operator" as the first book purchase for my new KindleDX. Sadly, once I opened the file on my Kindle I discovered that there were no annotations in it--only the original "Stock Operator" text. Because I paid almost 10 dollars for the annotated download and because I could get the original text for almost four or five dollars less, I was very unhappy with my purchase, and thus I am giving the book one star, but with the caveat that this is more about service than the book content itself, which promised to be very good (based on a sample I saw from the publisher's website). Anyway, and happily, a nice lady from Amazon refunded my money (and took the unannotated book back off my Kindle) with no questions asked, so that was good. But buyer beware--if you are looking for an annotated edition for your Kindle, you may not get what you are paying for here!



3. When I first read "Reminiscences of a Stock Operator" in 1985, I have to admit, I found myself skimming it as it did not hold my attention. Markman has enhanced that book many fold. Not only is it now rich with financial history during that era, it brings to light much of the message that was not apparent in the original. If you have ever read the original, read this one, and my bet is you will appreciate it much more. You can read the original here, or you can read a detailed history of the financial world in the late nineteenth century and early twentieth century, or you can read them both, all in this book. Nice!



4. ...yow want to really fast track your development as a successful stock trader?...then read this book!
   
   Learn from a stock legends mistakes, experience's and learnings, deep insights onto the mind of a stock trader!



5. I read Reminiscences of a Stock Operator around ten years ago. I was trying to understand trading dynamics in the market, and the book was mentioned frequently.
   
   It is a classic. But can a classic be made better? In this case yes. Jon Markman, an able financial writer, has written notes around the narrative, with pictures and graphs that illustrate many things that would be obscure to the reader of the book. Markman brings forgotten people to life, and motivates the events that transpired.
   
   It was an exciting era, one where the common law of contracts played a greater role, and statutory law played a lesser role. It wasn't no-holds-barred, but it was close.
   
   We are experiencing our own era of leverage that is too high, and what happens when it breaks. The protagonist of the book, Jesse Livermore, aims for best advantage, and learns as he goes along, going broke several times in the process, and dying broke as well. Leverage cuts two ways. Live by leverage; die by leverage.
   
   Paul Tudor Jones II writes an appendix to the volume, as well as a foreword. Being a trading billionaire who started from scratch and went broke a few times, he is an excellent man to get into the mind of Livermore on a modern basis.
   
   Who would benefit from this book: Historians would benefit, as would those interested in trading. Economists wanting to get a look at market microstructure would also benefit. Livermore, more than most, gives a full view of technical analysis, because he lays bare the motivations of players, and how other players attempt to devine those motivations.

5 comments about One Up On Wall Street : How To Use What You Already Know To Make Money In The Market.

1. This book offers general concepts more so than specific technique. If you are looking for a book about the creature called "fundamental analysis," you may find the last half of this book interesting. However, if you want specific, practical advice you will be disappointed in the vagueness of the author. The only detailed bullets occur in chapters 15 and 17--all of 20 pages long, and even there the bullets are really just key points about indicators (things to watch for). How to calculate, how to interpret the value of, and where to find the indicators is left to the reader. Even, with his several page long description of price-to-earnings ratio (pp165-173), he ultimately advises, "Once again, your broker may be your best source for p/e analysis." (p. 170)
   
   20/20 hindsight seems to be his emphasis throughout. He offers many, many just imagine if... anecdotes--both supporting and refuting his advice. As a result, contractions invade throughout. For example, he calls "Whisper Stocks" a bad investment (pp 157-159). Okay. Then he regretted missing Cisco in 1990 when they were just a start-up. Why? Because looking back, he could have make $480 for every $1 invested (Intro). But wait, it was a "whisper stock" in 1990. He is against "diworsefication" (p 153), unless the stock price goes up afterwards (pp 154-157). Then he laments buying into an IPO with solid fundamentals and a smart business plan. Why? The expansion failed and he lost money (pp 180-182). Since most of the book is about finding young companies early (Street Lag, p 57) with solid fundamentals (ch 8-15) and taking a chance that they will grow maybe 10-fold (ch 6), his lament is lost on me.
   
   There are some saving graces to this book. The author does a decent job defending the importance of researching and understanding what a company does before investing. Frankly, there are better books out there about investing for beginners and experts alike. The financial advice industry has evolved over the past twenty years, and this million seller just doesn't stack up. I would recommend instead reading any Suzie Orman, Phil Town's "Rule #1," Bartiromo's "Use The News," or anything about Warren Buffet.



2. Cover page slightly worn-out. Pages color are yellish. But, apart of this, everything seems OK.
   in the website it announced I 'd have received the book on first Marc, more than 1 and half month!.
   But it arrives "just2 after a month. I'd not expect such a long time for an international package.



3. This an excellent book that presents how fund managers think in selecting companies to invest in.
   It is very easy to understand and written easy to follow format. And alotugh Peter Lynch is no longer around investing actively, it remains as a classic. However, in reality these methods take time to implement. Many times you would not have the advantage to find such companies. And there are other methods to make money that are based on more technical methods. Check out the books of Toby Crabel and Linda Raschke - they are hedge fund managers. Although their books are out of print you will see how they make money though showing you the patterns they use. IF you are lucky you may still their books on Ebay or Amazon somewhere.



4. Peter Lynch is a successful value investor who get recognized by Warren Buffett. Peter shows some really good points in this books which still apply in today's market.
   
   Stocks you should avoid:
   # The hottest stock in the hottest industry
   # Beware the next something



5. This book is perfect for beginners, or for those looking for a quick, yet still comprehensive review of how to choose stocks on your own. A fun read too!

5 comments about The Little Book That Beats the Market (Little Books. Big Profits).

1. If you are a fan of Magic Investing, you should read this. Well written, a quick read, and gives some background to the online website.



2. Well worth a read and a good start for the beginning or intermediate investor who wants to beat the market over time.



3. First of all, I purchased this book, and did it as it suggested, but failed!!!
   
   then I tried to learn some other basic book, such as "Stock Trend analysis", you will find this book did NOT teach you anything, and just ask you to believe some "Magic" in the world, if everyone has this book and follow what the author suggested, then everyone will make money from stock market, it is simply not true!!!



4. 1. The best equation is buying good companies with high rates of return on the capital and high earnings yields.
   2. Margin of safety assumes the investor can not know the future; therefore, the best opportunity is to buy the stock of a good company, at discount. The optimum discount pricing for buying is near or below liquidation price. Graham identified prices at this level, as, "unreasonable prices". Most, investors shy away from seizing the opportunity at discount prices fearing greater valuation losses due to some undiscovered information, they are not aware.
   3. Buying stock is equivalent to owning a percentage of the company. Knowing the value of the company and having confidence the future value of the company will appreciate validates the buying price of the stock. Otherwise, he will invest his money into bonds and gain a fixed interest income.
   4. Investors have a hard time at making predictions. For some time after the great depression stock investment was considered risky.
   5. Suppose, you own a company and that company is making a profit. The business valuations are known and you decide to sale part of the company as stock. The stock price can be easily computed. The stock price is equal to the business valuation divided by the number of stock. The stock price, at this point is deterministic. The company continues to operate and report profits. The profits are reflected on the income statement. However, the price of the stock fluctuates randomly away from the price too earnings, it initially started. The price swings vary, at times people are paying out outrageous price; and at other times missing bargain prices. But should you care that the price is fluctuation wildly? No. You don't care, about the causes, for the price fluctuation, only that price fluctuated!
   6. You want to know the valuation of the business and using this valuation will predict the stock's value and support price to buy and sale. Buying high earning stock at bargain price allows you to earn income from dividend payments with relative without price dropping out.
   7. The equation equals buying stocks with high earnings and high return on capital; these stocks come from good companies and are bargain priced.
   8. How do we choose good companies at bargain prices? Find 30 stocks with the equation criteria for your portfolio. In one case study, the stocks performed 30% returns for 17 years. Choose companies through a ranking system. Companies with high rates of return on the capital and high earnings yields are ranked highest. Companies with good brand name can perform against competitors, who want a portion of the profits. Companies with a high return on capital are likely to achieve an advantage of kind. Eliminate companies that earn ordinary or poor returns on capital. Readjust your portfolio every three years according to rank. The equation works better than market averages and did not lose money. Don't buy and sell short term because the chances are high that you will lose, instead, invest long-term. Do be afraid of losing clients during short term drops in the valuation of the portfolio, instead, have confidence the equation will work long term.
   9. If we know how a group of stock high earnings and high capital returns perform on the average, we gain greater confidence of how they will perform in the future. However, short term price fluctuation will not reveal any future pattern. You will have to be patient. The equation is a long-term performer and eventually outperforms the competition significantly. The equation will work in the long-term.
   10. Look for companies you believe will be able to continue in business for many years and companies that should be able to grow their earnings over time.



5. Unless you are a novice investor, what you're paying for is the "magic formula" given in the middle of the book. The rest is a simplied version of how the market works.