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Practical Speculation by Victor Niederhoffer and Laurel Kenner (2003, Hardcover)

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One of the most successful stock market traders joins with a financial journalist to offers readers the inside track on trading stocks, futures, and options.

About this product

Product Identifiers

PublisherWiley & Sons, Incorporated, John

ISBN-100471443069

ISBN-139780471443063

eBay Product ID (ePID)1977101

Product Key Features

Book TitlePractical Speculation

Number of Pages400 Pages

LanguageEnglish

TopicInvestments & Securities / Futures, Finance / General, Personal Finance / General, Investments & Securities / General

Publication Year2003

IllustratorYes

GenreBusiness & Economics

AuthorVictor Niederhoffer, Laurel Kenner

FormatHardcover

Dimensions

Item Height1.2 in

Item Weight0 Oz

Item Length9.3 in

Item Width6.4 in

Additional Product Features

Intended AudienceTrade

LCCN2002-190747

Dewey Edition21

Reviews". . . the best trading book of the young millenium. . . offers more trading 'truth' than a dozen typical market books combined. It's in a league of it's own." ( Active Trader magazine) "...At last, some modest proof of what some of us have long suspected - beware of lords on boards..." ( Financial Times , 3 June 2003) "...will enable the investor to make independent decisions about their investments with confidence..." ( Portfolio International , June 2003) "...shows how far pension fund figures are out of line with long -term share market expectation..." ( Liverpool Daily Post , 6 August 2003), ". . . the best trading book of the young millenium. . . offers more trading 'truth' than a dozen typical market books combined. It's in a league of it's own." ( Active Trader magazine) At last, some modest proof of what some of us have long suspected - beware of lords on boards. Authors Victor Niederhoffer and Laurel Kenner* studied the relationship between stock returns and the number of board members with titles in the 50 largest companies by market value in the FTSE 100. Over a five year period, the more titles on the board, the worse the performance of the shares. Niederhoffer and Kenner even invented a valuation indicator, the earnings/lords ratio, dividing the earnings per share by the number of titles in the boardroom. At the time they did the study, Powergen, with just one lord, looked the most attractive stock on this basis. The finding raises the obvious question of causality. As the authors write: "Was it the lords who caused the lackluster performance or the lackluster performance that prompted the companies to use lords as window-dressing?" That comment, however, suggests a possible American misunderstanding of the British honors system. The presence of titles on UK boards does not simply indicate the lingering influence of the ancient British aristocracy. Charities may still want to recruit Lord Ponsonby-Snodgrass just to make the notepaper look respectable; boards of FTSE 100 companies don't really need to do so. Instead, the preponderance of titles shows the tendency for the honours system to reward people for business success. Rise to the top of a FTSE 100 company and you can be pretty sure a gong is heading your way, especially if you have the foresight to make some political donations. The "lords on boards" effect may thus be merely another indication of the old rule of "reversion to the mean". Executives get awarded titles when profits are strong and the share price is rising, not in the aftermath of profit warnings and failed acquisitions. Since all companies eventually suffer some sort of bad news, the disasters are more likely to occur after the honours are awarded. When the queen brings the sword down on an executive's shoulder, the blade of Damocles may not be far behind it. *Practical Speculation , published by John Wiley & Sons ( The Financial Times , June 4, 2003) "...At last, some modest proof of what some of us have long suspected - beware of lords on boards..." ( Financial Times , 3 June 2003) "...will enable the investor to make independent decisions about their investments with confidence..." ( Portfolio International , June 2003) "...shows how far pension fund figures are out of line with long -term share market expectation..." ( Liverpool Daily Post , 6 August 2003) "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 I consider Victor Neiderhoffer's highly entertaining Practical Speculation to be a modern classic. In Practical Speculation , Neiderhoffer explores a wide range of fascinating topics ranging from the wisdom of value investing to the implications of a company slapping its name on a shiny new stadium. - Street.com

Dewey Decimal332.63/2

Table Of ContentIntroduction. 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.

SynopsisPraise for PRACTICAL SPECULATION "This is a wonderful book. Victor Niederhoffer and Laurel Kenner probably know more about shortterm 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." –James H. Lorie, Eli B. and Harriet B. Williams Professor Emeritus of Business Administration Graduate School of Business, University of Chicago "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." –Richard Zeckhauser, Frank P. Ramsey Professor of Political Economy, Harvard University "A fascinating read, one that will both entertain and educate." –Edwin S. Marks, Chairman, Carl Marks & Co., Inc. "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." –Martin Edelston, Publisher, Bottom Line Personal "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." –Andrew Lo, Harris & Harris Group Professor MIT Sloan School of Management, 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., 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.

LC Classification NumberHG6041.N52 2003