Practical Speculation

Practical Speculation

by Victor Niederhoffer, Laurel Kenner
Practical Speculation

Practical Speculation

by Victor Niederhoffer, Laurel Kenner

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Overview

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

Product Details

ISBN-13: 9780471677741
Publisher: Wiley
Publication date: 01/21/2005
Pages: 400
Product dimensions: 6.00(w) x 8.98(h) x 1.03(d)

About the Author

VICTOR NIEDERHOFFER's storied career as a speculator spans more than twenty-five years. In the introduction to Practical Speculation, Vic describes the rollercoaster his hedge fund rode from No. 1 in 1996 to the debacle in 1997 that forced him to close his fund. Rather than giving up, he wrote this book "figuring that by trying to teach others, I might learn something myself," apparently with some success. Niederhoffer was ranked No. 6 for the year 2003 among 200 managed futures hedge funds in the TASS database, and is No. 4 in the performance rankings through mid-2004. Niederhoffer is the author of the critically acclaimed Education of a Speculator as well as numerous groundbreaking academic articles about markets. A magna cum laude graduate of Harvard, he holds a doctorate in economics from the University of Chicago Graduate School of Business. He is a five-time national champion in squash and claimed the world title in 1976.

LAUREL KENNER has written several hundred columns on the stock market with Victor Niederhoffer for CNBC money, Active Trader magazine, worldlyinvestor.com, and TheStreet.com. She previously spent five years as chief U.S. stocks editor at Bloomberg News and five years as an award-winning aerospace reporter for Copley Newspapers.

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Table of Contents

Introduction.

PART ONE: MUMBO JUMBO AND MOONSHINE.

1. The Meme.

2. Earnings Propaganda.

3. The Hydra Heads of Technical Analysis.

4. The Cult of the Bear.

5. "We Are Number One" Usually Means "Not Much Longer".

6. Benjamin Graham: Mythical Market Hero.

7. News Flash: Computer Writes Stock Market Story!

PART TWO: PRACTICAL SPECULATION.

8. How to Avoid Spurious Correlations.

9. The Future of Returns.

10. The Periodic Table of Investing.

11. When They Swing for the Fences, We Run for the Exits.

12. Boom or Bust?

13. Market Thermodynamics.

14. Practical Market Lessons from the Tennis Court.

15. The Fine Art of Bargaining for an Edge.

16. An Amiable Idiot in the Biotechnology Revolution.

17. Earnings Impostors.

18. Finale.

Afterword.

Notes.

Index.

What People are Saying About This

Andrew Lo

Pearls of investment wisdom from a Wall Street legend that should be treasured not only for their insights into the workings of the market, but also for their candor and humor . . . I've learned more from reading Niederhoffer's works than I care to admit, and recommend this to anyone with serious financial aspirations.

Edwin S. Marks

A fascinating read, one that will both entertain and educate.

James H. Lorie

This is a wonderful book. Victor Niederhoffer and Laurel Kenner probably know more about short-term movements than anyone else. Their knowledge, based on sophisticated analysis of their unique database, underlies the findings in this book–an invaluable guide for speculators.

Richard Zeckhauser

A Rabelaisian romp down Wall Street. Always taking the unconventional course, this book is fearless and occasionally shocking, but always the conclusions are backed up by supporting numbers. It leaves no sacred cow unskewered. Bold analogies and clever insights spill from its pages. Recommended to those seeking both fun and profit.

From the Publisher

"Niederhoffer and Kenner dispense pearls of wisdom for both the seasoned professional and the novice about investing and much more. Though you may not agree with all that they write – I can’t imagine anyone would – they will compel you to think and very often, cause you to smile." —Mark P. Kritzman

Martin Edelston

Practical Speculation is so good that I'll guarantee it. If it's not for you just return it to me with your sales receipt for a full prompt refund.

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