Market Sense and Nonsense: How the Markets Really Work (and How They Don't)

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Bestselling author, Jack Schwager, challenges the assumptionsat the core of investment theory and practice and exposes commoninvestor mistakes, missteps, myths, and misreads

When it comes to investment models and theories of how marketswork, convenience usually trumps reality. The simple fact is thatmany revered investment theories and market models are flatlywrong—that is, if we insist that they work in the real world.Unfounded assumptions, erroneous theories, unrealistic models,cognitive biases, emotional foibles, and unsubstantiated beliefsall combine to lead investors astray—professionals as well asnovices. In this engaging new book, Jack Schwager, bestsellingauthor of Market Wizards and The New Market Wizards,takes aim at the most perniciously pervasive academic precepts,money management canards, market myths and investor errors. Like somany ducks in a shooting gallery, Schwager picks them off, one at atime, revealing the truth about many of the fallacious assumptions,theories, and beliefs at the core of investment theory andpractice.

  • A compilation of the most insidious, fundamental investmenterrors the author has observed over his long and distinguishedcareer in the markets
  • Brings to light the fallacies underlying many widely heldacademic precepts, professional money management methodologies, andinvestment behaviors
  • A sobering dose of real-world insight for investmentprofessionals and a highly readable source of information andguidance for general readers interested in investment, trading, andfinance
  • Spans both traditional and alternative investment classes,covering both basic and advanced topics
  • As in his best-selling Market Wizard series, Schwagermanages the trick of covering material that is pertinent toprofessionals, yet writing in a style that is clear and accessibleto the layman

 

 

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About the author

JACK D. SCHWAGER is a recognized industry expert onfutures and hedge funds and the author of the widely acclaimedMarket Wizards and Schwager on Futures book series.He is currently the co-portfolio manager for the ADM InvestorServices Diversified Strategies Fund, a portfolio of futures and FXmanaged accounts. He is also an advisor to Marketopper, anIndia-based quantitative trading firm. Previously, Mr. Schwager wasa partner in the Fortune Group, a London-based hedge fund advisoryfirm, which specialized in creating customized hedge fundportfolios for institutional clients, and also spent over twentyyears as a director of futures research for some of Wall Street'sleading firms.

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Additional Information

Publisher
John Wiley & Sons
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Published on
Oct 19, 2012
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Pages
368
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ISBN
9781118523162
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Language
English
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Genres
Business & Economics / General
Business & Economics / Investments & Securities / General
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Content Protection
This content is DRM protected.
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Available on Android devices
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Even after repeated boom and bust cycles on Wall Street, it’s still possible to make real money in the stock market—provided investors take a disciplined approach to investing. Financial guru Jim Cramer shows how ordinary investors can prosper, no matter the climate on Wall Street.

How do we find hot stocks without getting burned? How do we fatten our portfolios and stay financially healthy? Former hedge-fund manager and longtime Wall Street commentator Jim Cramer explains how to invest wisely in chaotic times, and he does so in plain English in a style that is as much fun as investing is—or should be, when it’s done right.

For starters, Cramer recommends devoting a portion of your assets to speculation. Everyone wants to find the big winners that can bring outsized gains, and Cramer explains how to allocate your portfolio so that you can afford to take this kind of risk wisely. He explains why “buy and hold” is a losing philosophy: For Cramer, it’s “buy and homework.” If you can’t spend an hour a week researching each of your stocks, then you should hand off your portfolio to a mutual fund—and Cramer identifies the very few mutual funds that he’d recommend.

Cramer reveals his Ten Commandments of Trading (Commandment #5: Tips are for waiters). He explains why he’s not afraid to compare investing to gambling (and tells you which book on gambling you should read to become a better investor). He discloses his Twenty-Five Rules of Investing (Rule #4: Look for broken stocks, not broken companies).

Cramer shows how to compare stock prices in a way that you can understand, how to spot market tops and bottoms, how to know when to sell, how to rotate among cyclical stocks to catch the big moves, and much more. Jim Cramer’s Real Money is filled with insider advice that really works, information that Cramer himself used to make millions during his fourteen-year career on Wall Street.

Written in Cramer’s distinctive turbocharged style, this is every investor’s guide to what you really must know to make big money in the stock market.
An accessible look at the art of investing and how to adopt thepractices of top professionals

What differentiates the highly successful marketpractitioners—the Market Wizards—from ordinary traders?What traits do they share? What lessons can the average traderlearn from those who achieved superior returns for decades whilestill maintaining strict risk control? Jack Schwager has spent thepast 25 years interviewing the market legends in search of theanswers—a quest chronicled in four prior Market Wizardsvolumes totaling nearly 2,000 pages.

In The Little Book of Market Wizards, Jack Schwager seeksto distill what he considers the essential lessons he learned inconducting nearly four dozen interviews with some of the world'sbest traders. The book delves into the mindset and processes ofhighly successful traders, providing insights that all tradersshould find helpful in improving their trading skills andresults.

Each chapter focuses on a specific theme essential to marketsuccessDescribes how all market participants can benefit byincorporating the related traits, behaviors, and philosophies ofthe Market Wizards in their own tradingFilled with compelling anecdotes that bring the tradingmessages to life, and direct quotes from the market greats thatresonate with the wisdom born of experience and skill

Stepping clearly outside the narrow confines of most investmentbooks, The Little Book of Market Wizards focuses on thevalue of understanding one's self within the context of successfulinvesting.

Take advantage of price swings in strongly trending securitiesand pump up your portfolio!

Want to know the strategies of successful swing trading? Thisfriendly guide covers the ins and outs of this risky but profitableinvesting approach, explaining all the basics in plain English.You'll see how to use the two investment approaches - technical andfundamental analysis - to indentify promising securities instrongly trending markets. In addition, this guide covers how tocalculate investment returns and, most important, how to manageyour portfolio's risk.

Learn from a highly experienced trader, analyst, and portfoliomanager - the author shares his insider knowledgeUnderstand often overlooked topics such as money management,journal keeping, and strategy planning - key areas that willlargely determine your successFocus on the fundamentals - often overlooked by swing traders,fundamental analysis can increase your chance of successDetermine your entry and exit points with technical analysis -read charts, apply indicators, and compare marketsEvaluate companies with fundamental analysis - grasp the basicsof financial statements and the criteria to screen for undervaluedor overvalued stocksDevelop and implement your trading plan - outline what youtrade and how often, decide your risk tolerance, and calculate yourperformance

Open the book and find:

The differences among swing trading, day trading, andbuy-and-hold investingThe pros and cons of technical and fundamental analysisA step-by-step anatomy of a tradeA wealth of charts and screenshotsReal-world examples of swing trading successesThe 10 deadly sins of swing trading - avoid at all costs!Sample trading plansUseful resources for navigating data
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