Investment and securities Books
Nosy Crow Ltd Inspire Me
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£7.59
Pearson Education Fundamentals of Investing Global Edition
Book SynopsisFor undergraduate courses in Investments. The Core Concepts and Tools Students Need to Make Informed Investment Decisions Fundamentals of Investing helps students make informed investment decisions by providing a solid foundation of core concepts and tools. Smart/Gitman/Joehnk use practical, hands-on applications to introduce the topics and techniques used by both personal investors and money managers. The authors integrate a consistent framework based on learning goals to keep students focused in each chapter. Students leave the course with the necessary information for developing, implementing, and monitoring a successful investment program. The Thirteenth Edition uses a conversational tone to make the foreign language, concepts, and strategies of investing accessible to a student audience. With the help of examples throughout, students learn to make informed decisions in order to achieve investment goals. The book focuses on both individual securities and portfolios, teaching stude
£49.49
Harriman House Publishing The Psychology of Money
£21.24
Simon & Schuster One Up On Wall Street
Book SynopsisPeter Lynch believes that average investors have advantages over Wall Street experts. Since the best opportunities can be found at the local mall or in their own places of employment, beginners have the chance to learn about potentially successful companies long before before professional analysts discover them. This headstart on the experts is what produces ''tenbaggers'', the stocks that appreciate tenfold or more and turn an average stock portfolio into a star performer. In this fully updated edition of his classic bestseller, Lynch explains how to research stocks and offers easy-to-follow directions for sorting out the long shots from the no shots. He also provides valuable advice on how to learn as much as possible from a company''s story, and why every investor must ignore the ups and downs of the stock market and focus only on the fundamentals of the company in which they are investing.Trade ReviewAnise C. Wallace The New York Times Mr. Lynch's investment record puts him in a league by himself.Table of ContentsContentsIntroduction to the Millennium EditionPROLOGUE: A Note from IrelandINTRODUCTION: The Advantages of Dumb MoneyPART I Preparing to Invest1 The Making of a Stockpicker2 The Wall Street Oxymorons3 Is This Gambling, or What?4 Passing the Mirror Test5 Is This a Good Market? Please Don't AskPART II Picking Winners6 Stalking the Tenbagger7 I've Got It, I've Got It -- What Is It?8 The Perfect Stock, What a Deal!9 Stocks I'd Avoid10 Earnings, Earnings, Earnings11 The Two-Minute Drill12 Getting the Facts13 Some Famous Numbers14 Rechecking the Story15 The Final ChecklistPART III The Long-term View16 Designing a Portfolio17 The Best Time to Buy and Sell18 The Twelve Silliest (and Most Dangerous) Things People Say About Stock Prices19 Options, Futures, and Shorts20 50,000 Frenchmen Can Be WrongEPILOGUE: Caught with My Pants UpACKNOWLEDGMENTSINDEX
£11.69
Harriman House Publishing Best Loser Wins
Book SynopsisBest Loser Wins is an intimate insight into one of the most prolific high-stake retail traders in the world. Author, Tom Hougaard, is the winner of multiple trading competitions and on one occasion traded the equivalent of $30,000 into more than $1.3 million over the course of a year.While the average retail trader risks $10 per point in the underlying asset, Tom Hougaard frequently risks up to $3,500 per point. This risk exposure requires a mindset that is out of the ordinary.Normal thinking leads to normal results. For exceptional results, traders must think differently.This book will guide and inspire you in ways no other trading book has. It is not about strategies and money management. It is about mind management. Tom Hougaard provides a unique and refreshingly personal account of how an ordinary trader elevated his game to incredible heights by focusing as much on his mental approach as on his technical analysis.Best Loser Wins explains how you, by thinking differently when you are trading, can elevate your game from mediocre and sporadic, to excellent and consistent. No amount of technical analysis will ever do that for you.Tom Hougaard says, ?People don?t fail because they don?t know enough about technical analysis. They fail because they don?t understand what the markets are doing to their minds.? Best Loser Wins is an antidote to conventional and flawed thinking in trading, and a blueprint for a new belief system for both professional and retail traders who want to elevate their results to levels they never dreamed they could reach.
£21.24
Simon & Schuster Ltd Warren Buffett and the Interpretation of
Book SynopsisWith an insider's view of the mind of the master, Mary Buffett and David Clark have written a simple guide for reading financial statements from Buffett's successful perspective. They clearly outline Warren Buffett's strategies in a way that will appeal to newcomers and seasoned Buffettologists alike. Inspired by the seminal work of Buffett's mentor, Benjamin Graham, this book presents Buffett's interpretation of financial statements with anecdotes and quotes from the master investor himself. Destined to become a classic in the world of investment books, Warren Buffett and the Interpretation of Financial Statements is the perfect companion volume to The New Buffettology and The Tao of Warren Buffett.
£9.49
HarperCollins Publishers When Genius Failed: The Rise and Fall of Long
Book SynopsisPicking up where Liar’s Poker left off (literally, in the bond dealer’s desks of Salomon Brothers) the story of Long-Term Capital Management is of a group of elite investors who believed they could beat the market and, like alchemists, create limitless wealth for themselves and their partners. Founded by John Meriweather, a notoriously confident bond dealer, along with two Nobel prize winners and a floor of Wall Street’s brightest and best, Long-Term Captial Management was from the beginning hailed as a new gold standard in investing. It was to be the hedge fund to end all other hedge funds: a discreet private investment club limited to those rich enough to pony up millions. It became the banks’ own favourite fund and from its inception achieved a run of dizzyingly spectacular returns. New investors barged each other aside to get their investment money into LTCM’s hands. But as competitors began to mimic Meriweather’s fund, he altered strategy to maintain the fund’s performance, leveraging capital with credit on a scale not fully understood and never seen before. When the markets in Indonesia, South America and Russia crashed in 1998 LCTM’s investments crashed with them and mountainous debts accumulated. The fund was in melt-down, and threatening to bring down into its trillion-dollar black hole a host of financial instiutions from New York to Switzerland. It’s a tale of vivid characters, overwheening ambition, and perilous drama told, in Roger Lowenstein’s hands, with brilliant style and panache.Trade Review'A must-read thriller for anyone who works, or invests in markets. It is a story of how arrogance can drive greed and fear to extremes.' Scotsman 'Richly textured and lucid…A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure.' New York Times 'Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris.' Business Week 'This book is story-telling journalism at its best' The Economist
£10.44
John Murray Press Mastering The Market Cycle
Book SynopsisNEW YORK TIMES BESTSELLERMastering the Market Cycle is a must-read Ray DalioWhen I see memos from Howard Marks in my mail, they''re the first thing I open and read Warren BuffettHoward is a legendary investor Tony RobbinsEconomies, companies and markets operate in accordance with patterns which are influenced by naturally occurring events combined with human psychology and behaviour. The wisest investors learn to appreciate these rhythms and identify the best opportunities to take actions which will transform their finances for the better. This insightful, practical guide to understanding and responding to cycles - by a world-leading investor - is your key to unlocking a better and more privileged appreciation of how to make the markets work for you and make your money multiply.Trade ReviewMastering the Market Cycle is a must-read -- Ray Dalio, author of 'Principles'Howard Marks's Mastering the Market Cycle is a must-read, because the cycles covered in this book are important and because Howard is one of the investing greats of his generation. -- Ray Dalio, Co-Chief Investment Officer and Co-Chairman, Bridgewater Associates, author of PrinciplesI always say, 'There's no better teacher than history in determining the future.' Howard's book tells us how to learn from history . . . and thus get a better idea of what the future holds. -- Charlie Munger, Vice Chairman, Berkshire HathawayHoward Marks, among the world's most successful investment managers as well as an intellectual leader of the profession [has written a new book]. Mastering the Market Cycle is...wise...A careful reading can make us better investors and protect us from the all too frequent errors that ruin investment results. * Wall Street Journal *While most investment professionals take the standard out - that 'you can't time the market' - in Mastering the Market Cycle Howard Marks, a living investment legend, takes the contrarian point of view that not only can you time markets, but it's imperative that you do so. -- Bill Gurley, General Partner, BenchmarkMastering the Market Cycle reveals how cycles not only coincide with, but also cause, financial market risk and opportunity. Written in plain English, Howard Marks's hard-earned wisdom will help readers tilt the odds in their favor. -- Jeffrey Gundlach, Founder, DoubleLine CapitalIf you're uncertain as to whether there will be a correction in the market - or if you think there's no reason to worry because 'it's different this time' - you have to read this book before you make a move. -- Carl C. Icahn, Chairman, Icahn Enterprises
£13.49
Harriman House Publishing Same as Ever: Timeless Lessons on Risk,
Book SynopsisWhen planning for the future we often ask, "What will the economy be doing this time next year?" Or, "What will be different ten years from now?" But forecasting is hard. The important events that will shape the future are inherently unpredictable. Instead, we should be asking a different question: What will be the same ten years from now? What will be the same one hundred years from now? Knowledge of the things that never change is more useful, and more important, than an uncertain prediction of an unknowable future. In Same As Ever, bestselling author Morgan Housel shares 24 short stories about the ways that life, behaviour, and business will always be the same. Armed with this knowledge of the unchanging, you will have a powerful new ability to think about risk, opportunity, and how to navigate the uncertainty of the future. As you see familiar themes repeat again and again in the years ahead, you'll find yourself nodding and saying, "Yep, same as ever."
£13.49
Mango Media Conceptos básicos de Bitcoins y Blockchains: una
Book SynopsisAprende sobre invertir en Bitcoin, blockchains, y criptomonedas“Antony nos ayuda a entender claramente los mecanismos de bitcoins y blockchains.” —Rob Findlay, fundador de Next MoneyEl autor más vendido en inversión de derivados financieros, industria extractiva de recursos naturales, futuros, bancos y bancas, energía y minas, y política monetaria.Hay mucha información sobre criptomonedas y blockchains, pero para un principiante, esto puede ser indescifrable. Conceptos básicos sobre bitcoins y blockchains ofrece una guía clara sobre carteras digitales, esta nueva moneda y la tecnología revolucionaria que la impulsa.Bitcoin, Ethereum, Altcoin, criptografía y otras criptomonedas. Gana entendimiento de temas relacionados a Bitcoin, precio Bitcoin, moneda Bitcoin, minería Bitcoin, invertir en Bitcoin y los Bitcoins blockchains. Aprende cómo se realizan los pagos y cómo establecer el valor de las criptomonedas y de los tokens digitales.Aprende qué es blockchain. ¿Cómo funciona? ¿Y por qué es importante? Conceptos básicos sobre bitcoins y blockchains da respuestas a estas preguntas y más.Aprende sobre minería de criptomonedas y criptomonedas. Conceptos básicos sobre bitcoin y blockchains ofrece una perspectiva confiable de cómo invertir en Bitcoin y otras criptomonedas. Descubre los riesgos y las estrategias de mitigación, aprende cómo comprar Bitcoins, identificar estafas, y entender el cambio de criptomonedas, billeteras digitales, y regulaciones.Aprende sobre: Tecnología blockchain y a invertir en Bitcoin. Cómo trabajar en el mercado de las criptomonedas. La evolución y los impactos potenciales del Bitcoin y los blockchains a nivel mundial. Si has leído Descubre Blockchain, Blockchain Bubble or Revolution, Bitcoin Clarity, The Bitcoin Book, y Bitcoin and Cryptocurrency Trading for Beginners, entonces vas a aprender mucho con Conceptos básicos sobre bitcoins y blockchains.Trade Review“Una lectura útil, utilizable y agradable. Antony nos ayuda a entender claramente los mecanismos de bitcoins y blockchains”. —Rob Findlay, fundador de Next Money“Mi familia me pidió que les explicara lo que hago, y les di una copia de este libro. Antony explica las tecnologías de criptomonedas y blockchains clara y articuladamente, a la vez que mantiene su ingenio". —Colin Platt, coanfitrión del podcast Blockchain Insider e investigador de criptomonedas y DLT (Tecnología de libro contable distribuido)“Uno de los pocos libros creíbles que sugiero cuando la gente me pregunta dónde puede aprender sobre bitcoins. Es un libro excelente y sensato sobre todo lo relacionado con la criptografía. Estuve en el espacio por un buen tiempo y aun así aprendí de Conceptos básicos de bitcoins y blockchains”. —Zennon Kapron, director gerente de Kapronasia“Una guía interesante, clara y autorizada sobre las aplicaciones e implicaciones de las blockchains”. —Greg Wolfson, jefe de desarrollo empresarial de Element Group“El primer libro que he visto que rompe conceptos. Una excelente percepción de los conocimientos clave y las implicancias en el mundo real de bitcoins y blockchains”. —Zennon Kapron, director gerente de Kapronasia“Un gran recurso para cualquiera que quiera entender de qué se tratan realmente las blockchains y las criptomonedas.”—Paul Griffin, profesor asociado de la Escuela de Sistemas de Información de la Universidad de Gestión de Singapur“Einstein dijo que ‘si no puedes explicarlo simplemente, entonces no lo entiendes suficientemente bien’. Antony comprende y articula claramente los fundamentos de las criptomonedas y las tecnologías blockchain”. —Colin Platt, coanfitrión del podcast Blockchain Insider e investigador de criptomonedas y DLT (Tecnología de libro contable distribuido)“Una visión general de los principios básicos. Una de las pocas lecturas recomendadas para mis nuevos empleados”.—Yusho Liu, cofundador de Coinhako “Una lectura agradable que acaba con las expectaciones, encuentra la señal en el medio del ruido y va a toda máquina de adelante hacia atrás”. —John Collins, asesor de Fintech
£14.24
Penguin Books Ltd Fooled by Randomness
Book SynopsisEveryone wants to succeed in life. But what causes some of us to be more successful than others? Is it really down to skill and strategy - or something altogether more unpredictable? This book intends to change the way you think about business and the world.
£10.44
Harriman House Publishing The Investment Trusts Handbook 2026
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£23.99
WW Norton & Co A Random Walk Down Wall Street The Best
Book SynopsisOne of the “few great investment books” (Andrew Tobias) ever written, with 2 million copies in printTrade Review"Talk to 10 money experts and you’re likely to hear 10 recommendations for Burton Malkiel’s classic investing book." -- The Wall Street Journal"A Random Walk has set thousands of investors on a straight path since it was first published in 1973. Even if you read the book then or more recently, a refresher course is probably in order.… A lucid mix of the theoretical and the pragmatic." -- Chicago Tribune"Not more than half a dozen really good books about investing have been written in the past fifty years. This one may well belong in the classics category." -- Forbes"Do you want to do well in the stock market? Here’s the best advice. Scrape together a few bucks and buy Burton Malkiel’s book. Then take what’s left and put it in an index fund." -- The Los Angeles Times
£15.29
HarperCollins Publishers Inc Intelligent Investor
Book SynopsisOffers the investing principles as the author originally laid them out - principles that continue to stand more than half a century since the book was first published. This book tells about making the right decisions to protect your investments and make them a success.Trade Review"By far the best book on investing ever written." -- Warren Buffett "If you read just one book on investing during your lifetime, make it this one" -- Fortune "The wider Mr. Graham's gospel spreads, the more fairly the market will deal with its public." -- Barron's
£21.25
John Wiley & Sons Inc Advanced Portfolio Management
Book SynopsisTable of ContentsChapter 1 For Whom? Why? And How? 1 1.1 What You Will Find Here 2 1.2 Asterisks; Or, How to Read This Book 3 1.3 Acknowledgments 3 Chapter 2 The Problem: From Ideas to Profit 5 2.1 How to Invest in Your Edge, and Hedge the Rest 7 2.2 How to Size Your Positions 8 2.3 How to Learn from Your History 8 2.4 How to Trade Efficiently 9 2.5 How to Limit Factor Risk 9 2.6 How to Control Maximum Losses 10 2.7 How to Determine Your Leverage 10 2.8 How to Analyze New Sources of Data 10 Chapter 3 A Tour of Risk and Performance 11 3.1 Introduction 12 3.2 Alpha and Beta 14 3.3 Where Does Alpha Come From? 15 3.4 Estimate Risk in Advance 18 3.4.1 What Is Risk? 18 3.4.2 Measuring Risk and Performance 20 3.5 First Steps in Risk Decomposition 25 3.6 Simple Hedging 26 3.7 Separation of Concerns 28 3.8 Takeaway Messages 29 Chapter 4 An Introduction to Multi-Factor Models 30 4.1 From One Factor to Many 31 4.2 ★Frequently Asked Questions About Risk 35 4.3 ★The Machinery of Risk Models 40 4.4 Takeaway Messages 43 Chapter 5 Understand Factors 44 5.1 The Economic Environment 47 5.1.1 Country 47 5.1.2 Industries 48 5.1.3 Beta 50 5.1.4 Volatility 54 5.2 The Trading Environment 56 5.2.1 Short Interest 56 5.2.2 Active Manager Holdings (AMH) 58 5.2.3 Momentum 60 5.3 The Company: Valuation Factors 66 5.3.1 Value 66 5.4 Takeaway Messages 71 Chapter 6 Use Effective Heuristics for Alpha Sizing 72 6.1 Sharpe Ratio 74 6.2 Estimating Expected Returns 76 6.3 Risk-Based Sizing 79 6.4 ★Empirical Analysis of the Sizing Rules 81 6.5 From Ideas to Positions 88 6.6 Time-Series Risk-Based Portfolio Targeting 89 6.7 ★Frequently Asked Questions About Performance 95 6.8 Takeaway Messages 96 Chapter 7 Manage Factor Risk 98 7.1 Tactical Factor Risk Management 99 7.1.1 Optimize If You Must 104 7.2 Strategic Factor Risk Management 107 7.2.1 Setting an Upper Limit on Factor Risk 107 7.2.2 Setting a Limit on Market Exposure 111 7.2.3 Setting an Upper Limit on Single-Stock Holdings 113 7.2.4 Setting an Upper Limit on Single-Factor Exposures 116 7.3 Systematic Hedging and Portfolio Management 118 7.4 Takeaway Messages 121 Chapter 8 Understand Your Performance 123 8.1 Factor 124 8.1.1 Performance Attribution 124 8.2 Idiosyncratic 127 8.2.1 Selection, Sizing, Timing 128 8.2.2 The Relationship Between Performance and Diversification 136 8.3 Trade Events Efficiently 139 8.4 ★Use Alternative Data! 142 8.5 ★Frequently Asked Questions About Performance 146 8.6 Takeaway Messages 148 Chapter 9 Manage Your Losses 149 9.1 How Stop-Loss Works 150 9.2 Why a Stop-Loss Policy? 151 9.3 The Costs and Benefits of Stop-Loss 154 9.4 Takeaway Messages 158 Chapter 10 ★Set Your Leverage Ratio for a Sustainable Business 160 10.1 A Framework for Leverage Decisions 162 10.2 Takeaway Messages 166 Chapter 11 ★★Appendix 168 11.1 Essential Risk Model Formulas 168 11.1.1 Factor Model 168 11.1.2 Factor-Mimicking Portfolios 169 11.1.3 Percentage Idio Variance 170 11.1.4 Betas 170 11.1.5 Marginal Contribution to Factor Risk 170 11.2 Diversification 171 11.3 Mean-Variance Formulations 172 11.3.1 Mean-Variance Portfolios 172 11.3.2 A Robust Mean-Variance Formulation 173 11.4 Proportional-Rule Formulations 174 11.5 Generating Custom Factors 175 11.5.1 Interpretation and Use 179 11.6 Optimization Formulations 179 11.6.1 Equal-Sized Portfolio with Constraints on Participation Rate 179 11.7 Tactical Portfolio Optimization 180 11.7.1 Variants 182 11.8 Hedging Formulations 182 11.9 Optimal Event Trading 186 References 191 Index 197
£25.60
Penguin Books Ltd Gambling Man
Book SynopsisGambling Man is the biography of one of the world's least known but most consequential investors. Japan's Masayoshi Son has made and lost several fortunes, investing or controlling assets worth $1 trillion in the past two decades through his media-tech giant, SoftBank. He bankrolled Alibaba, China's internet colossus, before the world had heard about it; plotted with Steve Jobs to turn the iPhone into a wonder product; and financed hundreds of tech start-ups, fuelling the biggest boom Silicon Valley has ever seen. This book takes you on Son's wild ride, from his birthplace in a Korean slum in post-war Japan to the modern-day temples of power. It speeds through Donald Trump's golden skyscraper in Manhattan, the royal palaces of Riyadh and the throne rooms of China's Marxist rulers; all places where Son has deployed his unique blend of financial engineering and crazy risk-taking. Son's story captures a 25 year-span of hyper-globalisation in which money, technologies and ideas flowed freely. From the launch of the microchip to the advent of artificial intelligence, he has ridden the technological wave which has created extraordinary wealth and economic change. His topsy-turvy business career is testimony to the power of optimism, daring to dream, ever in search of the Next Big Thing. As an ethnic Korean in Japan, Son has overcome adversity and discrimination to become Japan's best-known businessman and empire-builder but he remains an elusive, intensely private figure. This book, by a former editor of the Financial Times, contains a wealth of new information and has had the co-operation of many of the key participants, including Son himself. Written with a verve appropriate to its subject, Gambling Man reveals the man behind the money, what drives him, why he matters, and what he plans for his next act.
£10.44
Columbia University Press The Most Important Thing
Book SynopsisTrade ReviewEveryone knows about the anticipation leading up to Warren Buffett's annual shareholder letters. But for a certain Wall Street set, there are equally high expectations for the writings of Howard Marks. -- Peter Lattman Wall Street Journal Regular recipients of Howard Marks's investment memos eagerly await their arrival for the essential truths and unique insights they contain. Now the wisdom and experience of this great investor are available to all. The Most Important Thing, Marks's insightful investment philosophy and time-tested approach, is a must read for every investor. -- Seth A. Klarman, president, The Baupost Group When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something, and that goes double for his book. -- Warren Buffett, Chairman and CEO, Berkshire Hathaway Few books on investing match the high standards set by Howard Marks in The Most Important Thing. It is wise, witty, and laced with historical perspective. If you seek to avoid the pitfalls of investing, you must read this book! -- John C. Bogle, Founder and former CEO, The Vanguard Group If you take an exceptional talent and have them obsess about value investing for several decades, including deep thinking about its very essence with written analysis along the way, you may come up with a book as useful to value investors as this one--but don't count on it. -- Jeremy Grantham, cofounder and chief investment strategist, Grantham Mayo Van Otterloo The Most Important Thing is destined to become an investment classic-it should easily earn its place on every thinking investor's bookshelf. Howard Marks has distilled years of investment wisdom into a short book that is lucid, entertaining, and ultimately profound. -- Joel Greenblatt, Columbia Business School, founder and managing partner of Gotham Capital A clear and expert resource for all investors. Kirkus Reviews Veteran value-investing manager Howard Marks draws on pithy memos he wrote to clients over the years to dispense insightful advice on everything from risk taking to the role of luck. Money Magazine There is, quite simply, an incredible amount of wisdom between the covers of his book and an investor is doing them a disservice if they don't read, and re-read, this book. FocusInvestor.com The book is written in a way that both seasoned investors and novices should appreciate. -- Brenda Jubin Seeking Alpha If Benjamin Graham's and David Dodd's Securities Analysis was the essential, must have investment book of the end of the 20th century, then Howard Marks's The Most Important Thing is a serious contender for parallel status in the 21st century. -- Stephen E. Roulac New York Journal of Books ...many valuable insights into the psychological roots of investors' habitual errors. -- Martin Fridson Barron's All investors should read it. -- Alex Dumortier The Motley Fool "The Most Important Thing"... offers readers an overview of how to think when considering an investment opportunity, which is quite valuable indeed, considering studies have shown most people tend to make impulsive, indiscriminate investment decisions. Syracuse Post-Standard [A] must-read book. -- David J. Waldron Seeking AlphaTable of ContentsIntroduction The Most Important Thing Is... 1. Second-Level Thinking 2. Understanding Market Efficiency (and Its Limitations) 3. Value 4. The Relationship Between Price and Value 5. Understanding Risk 6. Recognizing Risk 7. Controlling Risk 8. Being Attentive to Cycles 9. Awareness of the Pendulum 10. Combating Negative Influences 11. Contrarianism 12. Finding Bargains 13. Patient Opportunism 14. Knowing What You Don't Know 15. Having a Sense for Where We Stand 16. Appreciating the Role of Luck 17. Investing Defensively 18. Avoiding Pitfalls 19. Adding Value 20. Pulling It All Together
£22.50
Bloomsbury Publishing PLC The Snowball
Book SynopsisTHE NUMBER ONE BESTSELLER Shortlisted for the Financial Times and Goldman Sachs Business Book of the Year Prize 2008Trade Review'An epic account of the greatest capital accumulator in history.' Dominic Lawson, The Times 'Warren Buffett's opinions are so hotly sought that THE SNOWBALL, a biography with which he has enthusiastically cooperated, would be of interest even if it answered only softball questions. It approaches him seriously, covers vast terrain and tells a fascinating story.' New York Times 'Buffett has been ahead of the curve for most of the past 50 years, making him one of the world's richest people. THE SNOWBALL provides some clues about how he's done it.' Financial Times 'A monumental work ... you feel like you've been in the presence of a monumentally flawed but riveting character ... utterly compelling.' Evening Standard
£15.29
Profile Books Ltd Richer, Wiser, Happier: How the World’s Greatest
Book Synopsis'A brilliant book packed with powerful insights from the world's most successful investors' Tony Robbins 'A profound, eloquent, and much-needed call for a reassessment of how we build our portfolios and live our lives' Stig Brodersen 'A classic ... for generations, will define what it means to be a better investor and a better human' Guy Spier Billionaire investors. If we think of them, it's with a mixture of awe and suspicion. Clearly, they possess a kind of genius - the proverbial Midas Touch. But are the skills they possess transferable? And would we really want to be them? Do they have anything to teach us besides making money? In Richer, Wiser, Happier, award-winning journalist William Green has spent nearly twenty-five years interviewing these investing wizards and discovered that their talents expand well beyond the financial realm and into practical philosophy. Green ushers us into the lives of more than forty of the world's super-investors, visiting them in their offices, vacation homes, and even their places of worship - all to share what they have to teach us. Green brings together the thinking of some of the best investors, from Warren Buffett to Howard Marks to John Templeton, and provides gems of insight that will enrich you not only financially but also professionally and personally.Trade ReviewEngaging ... Throughout the book [Green] underscores the central premise that originality is overrated when it comes to investing ... 'Nothing is more essential than our capacity to survive the most difficult times not only financially but emotionally' * New York Times *This is a brilliant book packed with powerful insights from the world's most successful investors. Do you want to achieve total financial freedom while also leading an abundant life that's truly rich in purpose, fulfillment, and joy? Then read Richer, Wiser, Happier. -- Tony Robbins, author * #1 New York Times bestseller Money: Master the Game *What a wonderful book! Richer, Wiser, Happier is a profound, eloquent, and much-needed call for a reassessment of how we build our portfolios and live our lives. -- Stig Brodersen, Cofounder of The Investor's Podcast Network and host of the podcast * We Study Billionaires *Endlessly fascinating...Richer, Wiser, Happier is going to be a classic and, for generations, will define what it means to be a better investor and a better human. -- Guy Spier, CEO of Aquamarine Capital, author * The Education of a Value Investor *Those who finish this book will find, to their delight, that they're smarter about much more than money -- Peter H. Diamandis, author * Abundance *Does a wonderful job of showing how to consistently stack the odds in your favour, both in markets and life -- Annie Duke, author * Thinking in Bets *
£10.79
Penguin Books Ltd The Man Who Solved the Market
Book SynopsisNEW YORK TIMES AND SUNDAY TIMES BUSINESS BESTSELLER SHORTLISTED FOR THE FT AND MCKINSEY BUSINESS BOOK OF THE YEAR AWARD 2019''Reads more like a delicious page-turning novel...Put it on your holiday gift list for your favourite hedge-fund honcho'' Bloomberg''A compelling read'' Economist''Captivating'' New York Times book reviewJim Simons is the greatest moneymaker in modern financial history. His record bests those of legendary investors, including Warren Buffett, George Soros and Ray Dalio. Yet Simons and his strategies are shrouded in mystery. The financial industry has long craved a look inside Simons''s secretive hedge fund, Renaissance Technologies and veteran Wall Street Journal reporter Gregory Zuckerman delivers the goods.After a legendary career as a mathematician and a stint breaking Soviet codes, Simons set out to conquer financial markets with a radical approach. Simons hired physicists, mathematicians and computer scientists - most of whom knew little about finance - to amass piles of data and build algorithms hunting for the deeply hidden patterns in global markets. Experts scoffed, but Simons and his colleagues became some of the richest in the world, their strategy of creating mathematical models and crunching data embraced by almost every industry today.As Renaissance became a major player in the financial world, its executives began exerting influence on other areas. Simons became a major force in scientific research, education and Democratic politics, funding Hilary Clinton''s presidential campaign. While senior executive Robert Mercer is more responsible than anyone else for the Trump presidency - he placed Steve Bannon in the campaign, funded Trump''s victorious 2016 effort and backed alt-right publication Breitbart. Mercer also impacted the success of the Brexit campaign as he made significant investments in Cambridge Anatlytica. For all his prescience, Simons failed to anticipate how Mercer''s activity would impact his firm and the world.In this fast-paced narrative, Zuckerman examines how Simons launched a quantitative revolution on Wall Street, and reveals the impact that Simons, the quiet billionaire king of the quants, has had on worlds well beyond finance.Trade ReviewSo compelling, filled with so many fascinating characters and new information... The book reads more like a delicious page-turning novel... Destined to become an instant classic...my nominee for financial book of the year * Barry Ritholtz, Bloomberg *A terrific book, a terrific read... I recommend it highly... It's a hell of a story * Lou Dobbs, Tonight, Fox News *Tells a surprisingly captivating story. It turns out that a firm like Renaissance, filled with nerdy academics trying to solve the market's secrets, is way more interesting than your typical greed-is-good hedge fund * Joe Nocera, New York Times *Gregory Zuckerman lifts the lid on the most fascinating man in financial markets...superb reporting * Robin Wigglesworth, Financial Times *Zuckerman brings the reader so close to the firm's inner workings that you can almost catch a whiff of the billionaire's Merit cigarette * Brandon Kochkodin, Bloomberg *A gripping biography of investment game changer Jim Simons... readers looking to understand how the economy got where it is should eat this up * Publishers Weekly *Worthwhile reading for budding plutocrats and numerate investors alike * Kirkus *Zuckerman vividly tells the story of how Jim Simons and his team of scientists developed the most successful quantitative trading operation in history. . . . Immensely enjoyable * Edward O. Thorp, author of A Man for All Markets *An extremely well-written and engaging book . . . a must read, and a fun one at that * Mohamed A. El-Erian, author of The Only Game in Town *Leave it to the Wall Street Journal's Greg Zuckerman to lay open the golden mysteries of quantitative investing. With this fine, humane, and eye-opening book, he's well and truly broken the code * James Grant, Grant’s Interest Rate Observer *The fascinating, page-turning tale of a complicated man and the movement he started, rendered in accessible prose and full of bravura storytelling * Gary Shteyngart, author of Lake Success *One of Inc.com's Top 20 Business and Leadership Books of the Year 2019 * Inc.com *A compelling read * the Economist *
£11.69
Harriman House Publishing Positive Trading Psychology
a huge range and FREE tracked UK delivery on ALL orders.
£21.24
Simon & Schuster Beating the Street
Book SynopsisDevelop a Winning Investment Strategy-with Expert Advice from The Nation''s #1 Money Manager. Peter Lynch''s invest in what you know strategy has made him a household name with investors both big and small. An important key to investing, Lynch says, is to remember that stocks are not lottery tickets. There''s a company behind every stock and a reason companies-and their stocks-perform the way they do. In this book, Peter Lynch shows you how you can become an expert in a company and how you can build a profitable investment portfolio, based on your own experience and insights and on straightforward do-it-yourself research. In Beating the Street,Lynch for the first time explains how to devise a mutual fund strategy, shows his step-by-step strategies for picking stock, and describes how the individual investor can improve his or her investment performance to rival that of the experts. There''s no reason the individual investor can''t match wits with the experts, and this book will show you how.Table of ContentsCONTENTSPrefacePreface to the Trade Paperback EditionIntroduction: Escape from BondageOne: The Miracle of St. AgnesTwo: The Weekend WorrierThree: A Tour of the Fund HouseFour: Managing Magellan: The Early YearsFive: Magellan: The Middle YearsSix: Magellan: The Later YearsSeven: Art, Science, and LegworkEight: Shopping for Stocks: The Retail SectorNine: Prospecting in Bad News: How the "Collapse" in Real Estate Led Me to Pier 1, Sunbelt Nursery, and General HostTen: My Close Shave at SupercutsEleven: Blossoms in the Desert: Great Companies in Lousy IndustriesTwelve: It's a Wonderful BuyThirteen: A Closer Look at the S&LsFourteen: Master Limited Partnerships: A Deal with a YieldFifteen: The Cyclicals: What Goes Around Comes AroundSixteen: Nukes in Distress: CMS EnergySeventeen: Uncle Sam'a Garage Sale: Allied Capital IIEighteen: My Fannie Mae DiaryNineteen: Treasure in the Backyard: The Colonial Group of Mutual FundsTwenty: The Restaurant Stocks: Putting Your Money Where Your Mouth IsTwenty-One: The Six-Month Checkup25 Golden RulesPostscriptIndex
£10.44
The Cunningham Group The Essays of Warren Buffett
Book SynopsisA modern classic, The Essays of Warren Buffett: Lessons for Corporate America is the book Buffett autographs most and likes best. Its popularity and longevity over three decades attest to the widespread appetite for this definitive statement of Mr. Buffett's thoughts that's uniquely comprehensive, non-repetitive, and digestible. New and experienced readers alike will gain an invaluable informal education by perusing this classic arrangement of Mr. Buffett''s best writings.
£23.99
Harriman House Publishing Buffett and Munger Unscripted
Book SynopsisFor decades, thousands of people have gathered in Omaha, Nebraska for the Berkshire Hathaway AGM, and quizzed Warren Buffett and Charlie Munger on everything from the psychology of successful investors to the future of Coca-Cola and Apple. But unless you attended, for manyyears you only had access to what people could remember and report back from the meetings.In 2018, Berkshire released the archives of the annual meetings going back to 1994. Alex Morrisan equities analyst and financial writerwatched hundreds of hours of video from these annual meetings (as well as the six AGMs held since 2018), covering more than 1,700 questions asked by Berkshire Hathaway shareholders over the past 31 years. He then gathered, organized and edited the most interesting material into a comprehensive and accessible form. Buffett and Munger Unscripted is the result.From the art of intelligent capital allocation to the best ways to judge and compensate management, from understanding the nature of markets to embracing the power of long-term time horizons, this is a book with compelling insights on every page. In addition to collecting many famous quotes in their original context, it is a deep treasure trove of profound insights on all aspects of investing and business.Discover the importance of avoiding difficult decisions, the first question you should ask on a potential new investment, how to recover from unsuccessful investments, the importance of finding the right owners to partner with, Buffett and Munger's book recommendationsand much more.The perfect companion to The Essays of Warren Buffett: Lessons for Corporate America and Poor Charlie's Almanack, Buffett and Munger Unscripted belongs on the bookshelf of everyone interested in the keys to long-term success in business and investing.
£23.99
Christopher Stoakes Ltd All You Need To Know About The City
Book Synopsis
£12.30
McGraw-Hill Education - Europe Stan Weinstein's Secrets For Profiting in Bull
Book Synopsis"Stan Weinstein's Secrets For Profiting in Bull and Bear Markets" reveals his successful methods for timing investments to produce consistently profitable results. Topics include: Stan Weinstein's personal philosophy on investing; the ideal time to buy; refining the buying process; knowing when to sell; selling short; and using the best long-term indicators to spot Bull and Bear markets Odds, ends, and profits.
£17.09
Harriman House Publishing The Traders Journey
a huge range and FREE tracked UK delivery on ALL orders.
£21.24
Urban Land Institute,U.S. Real Estate Market Analysis Trends Methods and
Book SynopsisMaximize opportunities and minimize risk with this practical guide for analysing real estate markets. Whether you are a developer considering the suitability of a location, a lender evaluating financial feasibility, or a planner gauging the best land uses for a community, this book explains how to assess development potential.Trade ReviewReal Estate Market Analysis 3rd Edition is an essential resource at our real estate advisory services firm. The updated content provides insights into current methodologies as well as established and new data sources, organized by development type. This is a great primer for new staff members and an important reference guide for experienced practitioners. Well done." — Elizabeth Beckett, CRE, President of a real estate advisory firm"This edition of Real Estate Market Analysis provides valuable insights and a great 'how to' handbook for market analysts, planners, developers, lenders and students. In addition to the different types of residential, retail, office and industrial project examples, it explains the nuances one must consider, and includes a great guide to data sources. Everyone from long-time practitioners like myself to first-year students can learn from this book." — Valerie S. Kretchmer, President of a real estate and urban planning consulting firm
£102.00
John Wiley & Sons Inc The Credit Investors Handbook
Book SynopsisTable of ContentsDisclaimer xi Foreword xiii Acknowledgments xv About the Author xxi About the Editor xxiii Preface: My Story xxv Introduction: Structure of the Book xxxi Part One Building Blocks of the Leveraged Credit Markets 1 Chapter 1 Description and History of the Leveraged Finance Markets 3 Chapter 2 Credit Cycles 13 Chapter 3 A Primer on Leveraged Credit Trading Terminology 29 Chapter 4 A Primer on Leveraged Buyouts (LBOs) 39 Part Two The Seven- Step Process of Evaluating a Debt Investment 49 Chapter 5 Step 1 of the Credit Analysis Process: Sources and Uses 51 Chapter 6 Step 2 of the Credit Analysis Process: Qualitative Analysis 57 Chapter 7 Step 3(a) of the Credit Analysis Process: Financial Statement Analysis— Profitability 75 Chapter 8 Step 3(b) of the Credit Analysis Process: Financial Statement Analysis—Cash Flow and Liquidity 103 Chapter 9 Step 3(c) of the Credit Analysis Process: Financial Statement Analysis— Capital Structure 121 Chapter 10 Step 4 of the Credit Analysis Process: Forecasting 147 Chapter 11 Step 5 of the Credit Analysis Process: Corporate Valuation 171 Chapter 12 Step 6 of the Credit Analysis Process: Structuring and Documentation 189 Chapter 13 Step 7 of the Credit Analysis Process: Preparing an Investment Recommendation and Credit Committee Memo 203 Part Three Distressed Debt Investing 265 Chapter 14 Introduction to Distressed Debt Investing 267 Chapter 15 Bankruptcy 101 271 Chapter 16 Bankruptcy Fights 283 Chapter 17 How Subordination Works in Bankruptcy 301 Chapter 18 Liability Management and Creditor- on- Creditor Violence 317 Chapter 19 Making Money in Distressed Situations 329 Closing Comment Chapter 20 My Closing Comment 365 Appendix Appendix The Quinn Case Study 369 Index 375
£56.25
Harriman House Publishing Investing for Growth Second Edition
a huge range and FREE tracked UK delivery on ALL orders.
£16.99
McGraw-Hill Education Investments ISE
Book SynopsisInvestments set the standardas a graduate (MBA) text intended primarily for courses in investment analysis.The guiding principle has been to present the material in a framework that isorganized by a central core of consistent fundamental principles and will introducestudents to major issues currently of concern to all investors. In an effort to link theory to practice, the authorsmake their approach consistent with that of the CFA Institute. Many features ofthis text make it consistent with and relevant to the CFA curriculum. The common unifying theme is that securitymarkets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. Investments is alsoorganized around several important themes: The central theme is the near informational-efficiency of well-developed security markets and the general awareness that competitive markets do not offer free lunches to particiTable of ContentsPART I: IntroductionChapter 1: The Investment EnvironmentChapter 2: Asset Classes and Financial InstrumentsChapter 3: How Securities Are TradedChapter 4: Mutual Funds and Other InvestmentCompanies PART II: Portfolio Theory and PracticeChapter 5: Risk, Return, and the HistoricalRecordChapter 6: Capital Allocation to Risky AssetsChapter 7: Efficient DiversificationChapter 8: Index Models PART III: Equilibrium in Capital MarketsChapter 9: The Capital Asset Pricing ModelChapter 10: Arbitrage Pricing Theory andMultifactor Models of Risk and ReturnChapter 11: The Efficient Market HypothesisChapter 12: Behavioral Finance and TechnicalAnalysisChapter 13: Empirical Evidence on SecurityReturns PART IV: Fixed-Income SecuritiesChapter 14: Bond Prices and YieldsChapter 15: The Term Structure of Interest RatesChapter 16: Managing Bond Portfolios PART V: Security AnalysisChapter 17: Macroeconomic and Industry AnalysisChapter 18: Equity Valuation ModelsChapter 19: Financial Statement AnalysisPART VI: Options, Futures, and Other DerivativesChapter 20: Options Markets: IntroductionChapter 21: Option ValuationChapter 22: Futures MarketsChapter 23: Futures, Swaps, and Risk ManagementPART VII: Applied Portfolio ManagementChapter 24: Portfolio Performance EvaluationChapter 25: International DiversificationChapter 26: Alternative AssetsChapter 27: The Theory of Active PortfolioManagementChapter 28: Investment Policy and the Frameworkof the CFA Institute REFERENCES TO CFA PROBLEMS GLOSSARY NAME INDEX SUBJECT INDEX NOTATION, FORMULAS
£58.89
Harriman House Publishing Anatomy of the Bear
Book SynopsisHow does one spot the bottom of a bear market? What brings a bear to its end?There are few more important questions to be answered in modern finance. Financial market history is a guide to understanding the future. Looking at the four occasions when US equities were particularly cheap - 1921, 1932, 1949 and 1982 - Russell Napier sets out to answer these questions by analysing every article in the Wall Street Journal from either side of the market bottom.In the 70,000 articles he examines, one begins to understand the features which indicate that a great buying opportunity is emerging.By looking at how markets really did work in these bear-market bottoms, rather than theorising how they should work, Napier offers investors a financial field guide to making the best provisions for the future.This new edition includes a brand new preface from the author and a foreword by Merryn Somerset Webb.
£23.99
Cornerstone Payback Time: Eight Steps to Outsmarting the
Book SynopsisMillions of people have done everything recommended by professional financial advisors only to see their retirement funds dwindle or even disappear entirely in the global financial crisis. Does anyone really still believe that methods such as 'buy and hold' investing will protect them from risk?In Payback Time, Phil Town - author of New York Times bestseller Rule #1 - demonstrates the investment tactics that will enable you to ensure a safe and profitable financial future for yourself. Calling on time-proven strategies used by the world's best investors, he shows how you can reverse your nest egg's downward direction by purchasing the stock of solid companies at windfall prices - prices that can only head in one direction: up!This simple method will help you to achieve 15% or better annual returns, with the least amount of risk. The time has never been better for making money in the stock market - if you know how.
£9.99
Random House USA Inc King of Capital
Book Synopsis
£15.29
Simon & Schuster Ltd What It Takes
Book Synopsis'This story literally has what it takes: the anecdotes, the insights and, most of all, the values to guide the next generation of entrepreneurs' - Mark Carney Blackstone chairman, CEO and co-founder Stephen A. Schwarzman shows readers how to build, transform and lead thriving organisations. Stephen Schwarzman took $400,000 and cofounded Blackstone, the investment firm that manages over $500 billion and invests in hundreds of companies globally. He’s the CEO whose views are sought by heads of state around the world and supports universities with funding for cutting edge research and technology. But behind these accomplishments is a man who has spent his life learning and reflecting on what it takes to achieve excellence, make an impact and live a life of consequence. Schwarzman’s story is an empowering, entertaining and informative guide for anyone striving for greater personal impact. From deal-making to investing, leaTrade Review'The real story of what it takes from a man who could turn dreams into realities.' -- Ray Dalio, bestselling author of Principles'Steve Schwarzman has lived the American dream: a self-made icon in his field, turned philanthropist, who has long worked with creativity and vision to deepen relationships between individuals and countries. Steve shares the full measure of his personal journey with us in What It Takes - part memoir, part playbook for success in any field. Humble, candid, funny and real, Steve offers wisdom and the gift of much-needed common sense chapter by chapter and experience by experience. A great read!' -- John Kerry, Secretary of State 2013-17'What It Takes is a must-read book, filled with the experiences of one of the great business success stories of the last 30 years - Blackstone. In this book, Steve Schwarzman chronicles his and Blackstone’s journey to the top of global business. The book is filled with fresh insights and personal experiences that everyone - from students to CEOs - will relate to and learn from.' -- Jack Welch, former Chairman and CEO of GE'A series of thoughtful reflections derived from the author’s extraordinary life, which has already left its mark on the worlds of finance, politics and education and made each the better for it. In this brief and insightful volume, Schwarzman has identified several key qualities required for excellence in any field, including a tireless sense of curiosity, a tolerance for risk and an eye for the humble detail.' -- Henry A. Kissinger, Secretary of State 1973-77'What It Takes is a must-read, inspirational account of how Stephen A. Schwarzman built Blackstone into one of the world’s top global asset management companies and leveraged his resources, know-how and vision to spearhead bold philanthropic programmes and provide trusted advice to a generation of political leaders around the globe.' -- Janet Yellen, Chair of the Federal Reserve 2014-18'Steve’s life lessons challenge me to think bigger and move even faster. His insights apply to both our work and personal lives, and his leadership has always embodied the principle of doing what is right, even when it is hard. Steve challenges us all to be better leaders, better citizens, better people.' -- Mary Barra, Chairwoman and CEO of General Motors'From his start as an entrepreneur working in his family’s linen store in 1950s Philadelphia, Steve Schwarzman has made towering contributions to finance, relations between the US and China, and computing, including a seminal investment in AI research that will help establish the age of intelligence. Steve always takes the long view and then helps move us in the direction that will pay the greatest dividends. This book reveals how he has achieved the rarest kind of leverage in multiple fields.' -- Eric Schmidt, former CEO of Google
£19.00
Harriman House Publishing The Zurich Axioms
Book SynopsisHarriman Classics with a new foreword by James P. O''ShaughnessyIf you want to get rich, no matter how inexperienced you are in investment, this book can help you. Its message is that you must not avoid risk, nor court it foolhardily, but learn how to manage it - and enjoy it too.The 12 major and 16 minor Zurich Axioms contained in this book are a set of principles providing a practical philosophy for the realistic management of risk, which can be followed successfully by anyone, not merely the ''experts''. Several of the Axioms fly right in the face of the traditional wisdom of the investment advice business - yet the enterprising Swiss speculators who devised them became rich, while many investors who follow the conventional path do not.Max Gunther, whose father was one of the original speculators who devised the Axioms, made his first capital gain on the stock market at the age of 13 and never looked back. Now the rest of us can follow in his footsteps. Startlingly straightforward, the Axioms are explained in a book that is not only extremely entertaining but will prove invaluable to any investor, whether in stocks, commodities, art, antiques or real estate, who is willing to take risk on its own terms and chance a little to gain a lot.
£13.49
Harriman House Publishing Systematic Trading
Book SynopsisThis is not just another book with yet another trading system. This is a complete guide to developing your own systems to help you make and execute trading and investing decisions. It is intended for everyone who wishes to systematise their financial decision making, either completely or to some degree. Author Robert Carver draws on financial theory, his experience managing systematic hedge fund strategies and his own in-depth research to explain why systematic trading makes sense and demonstrates how it can be done safely and profitably. Every aspect, from creating trading rules to position sizing, is thoroughly explained. The framework described here can be used with all assets, including equities, bonds, forex and commodities. There is no magic formula that will guarantee success, but cutting out simple mistakes will improve your performance. You'll learn how to avoid common pitfalls such as over-complicating your strategy, being too optimistic about likely returns, taking excessive risks and trading too frequently. Important features include: - The theory behind systematic trading: why and when it works, and when it doesn't.- Simple and effective ways to design effective strategies.- A complete position management framework which can be adapted for your needs.- How fully systematic traders can create or adapt trading rules to forecast prices.- Making discretionary trading decisions within a systematic framework for position management.- Why traditional long only investors should use systems to ensure proper diversification, and avoid costly and unnecessary portfolio churn.- Adapting strategies depending on the cost of trading and how much capital is being used.- Practical examples from UK, US and international markets showing how the framework can be used.Systematic Trading is detailed, comprehensive and full of practical advice. It provides a unique new approach to system development and a must for anyone considering using systems to make some, or all, of their investment decisions.Trade Review"A remarkable look inside systematic trading never seen before, spanning the range from small to institutional traders. This isn't only for algorithmic traders, it's valuable for anyone needing a structure - which is all of us. Carver explains how to properly test, apply constant risk, size positions and portfolios, and my favorite, his "no rule" trading rule, all explained with scenarios. Reading this will benefit all traders." - Perry Kaufman, author of Trading Systems and Methods, 5th Edition (Wiley, 2013);Table of ContentsPreamble Preface - Systematic trading and investing - Who should read this book - Overview - what is coming Introduction - September 2008: The Billion Dollar Day - January 2009: Why (most) humans make poor traders - The black box is simpler than you think - An open source revolution - An open source systematic framework PART ONE: THEORY The good, the bad and the ugly of systematic trading - Humans should be great traders - in theory -- The death of rational economic man -- Why we run losses and stop out profits - Introducing a systematic rule for trading -- Stick to the rules and don't meddle -- Overcoming instinct - why 'contra' instinctive behaviour works -- Why subjective 'systems' don't work - Commitment mechanisms - how do we stop ourselves 'meddling'? -- Automation - the use of dogs in finance and engineering - Systematic trading in financial institutions The commitment problem does not go away... -- . but there are benefits - The ideal systematic trading shop - Two more tricks to reduce meddling -- Abstraction -- Ignorance - Designing systems to discourage meddling - the three virtues -- Trust your system -- Understand the limits of your ignorance -- Sleep at night: Position size is as important than position sign - When is meddling acceptable? -- Unacceptable meddling -- Acceptable meddling - Irrationality in trading system development - the three sins -- Overfitting -- Overtrading -- Overbetting Systematic strategies - Why do strategies 'work'? -- Risk premia -- Frictions and barriers to entry -- Information less trading -- Returns to effort and cost -- Behavioural effects -- Pure alpha:skill - What makes a good strategy? -- Intuitive -- Well motivated -- As simple as possible -- Can be systematised - Categorising the strategy universe -- Static versus Dynamic -- Buying and selling insurance -- Technical vs fundamental -- Fast vs Slow -- Directional vs cross sectional -- Low versus high leverage -- Many positions vs few positions -- Crowd following vs contrarian PART TWO: THE TOOLBOX - Model selection, calibration and fitting -- The perils of overfitting -- Distinguishing dud models from good models -- Fitting and overfitting - Four rules for effective fitting -- Start with a small number of ideas, not with data -- Save real data for a rainy day; use artificial data -- Don't fit unless there is a gun to your head -- If you must fit to real data, be very, very careful - Portfolio allocation -- Anecdote: When smart people make stupid decisions -- The bad news: Portfolio optimisation is hard -- A simple fix: bootstrapping -- 'Handcrafting' the weights: The heuristic method -- Some problems -- The good news PART THREE: THE FRAMEWORK An 'open source' framework for systematic trading and investing - Why an open source framework? -- Parallels with open source software -- Flexibility -- Individual seperable components with well defined interface -- Underlying logic exposed a+' easily modified - The elements of the framework -- Instruments to trade -- One or more signals -- Forecasts - combinations of signals -- Scaled positions -- Portfolios of positions -- Total capital scaling - money management -- Risk measurement and control - Modifying and extending the 'open source' framework Instruments - the building blocks - Asset classes: Stocks, bonds, ETF's, futures, CFD's ... - The character of different instruments - Portfolios as instruments - Spreads - a special kind of portfolio instrument - Summary - key points Signals - looking under the hood - What is a signal? - What properties should signals have? -- A signal is a scaled quantity -- But what scale -- Why it makes sense to have a unit variance signal -- Are jumpy signals okay? -- Should we allow signals to be as large as possible? -- Three signals in detail -- Summary From signals to forecast - Combination -- Linear versus non linear -- Choosing the weights - we need portfolio optimisation -- The diversification multiplier - Mapping function -- Binary -- Linear -- Linear with cutoffs (recommended) -- Linear with flat spot - Summary - the default system does... Position scaling - The magic number - Position is signal over standard deviation - Expected volatility -- How do we measure expected volatility? -- Dangers of low volatility -- A rule for low volatility - Summary - the default system position scaling is... Instrument weights - more portfolio allocation - Linear weighting for portfolios - Portfolio optimisation amongst instruments -- Which grouping for the heuristic? -- Multiple dimensions -- Portfolios of spreads - The diversification multiplier, part two - Summary Total capital scaling: Risk appetite and money management - How much can you lose? - A brief primer on the Kelly Criteria - From Sharpe to Kelly - The total capital scaling rule -- Low risk target, high worst loss; or high risk target, low worst loss? -- Upside ratcheting and downside adjustment - Special cases: Interest paying, living off the proceeds and principal protection - Summary Risk measurement and risk control - Some risk management issues -- What is risk and how do we measure it? -- Risk that's hard to measure -- Two key flavours of system for risk management - Built in risk management -- Risk managing at a signal level -- Risk managing at an instrument level - System level risk management -- Maximum estimated risk -- Correlation risk - the perfect storm -- Jump risk redux - low volatility -- Combining them - the worst case scenario multiplier -- The clipping problem - Outside the system - the risk envelope -- The risk envelope exists to avoid meddling -- Measuring the envelope -- Applying the envelope - Buying an insurance against poor performance - Summary Tailoring - Speed of trading -- Calculating the damage from trading too quickly -- Decomposing and calculating the cost of trading -- Applying the brakes - how to slow down -- Costs and calibration -- Some subtleties - Trading with more or less capital -- Trading with more capital -- Trading with less capital PART FOUR: PRACTICE Example one: Systematic trading for discretionary traders - Why use a systematic framework with discretionary decisions? -- Instruments -- Signals -- Forecasts -- Position scaling -- A 'portfolio' of trades - Total capital scaling - Risk control - Worked portfolio example - Extensions Example two: Systematic asset allocation; a long only risk parity portfolio - A risk parity system - Instruments to trade - World's dullest signal and forecast - Position scaling - Portfolio construction - the difficult part -- Bootstrap method -- Heuristic method - Total capital scaling - Risk control - Worked portfolio example - Extensions Example three: Fully systematic futures trading system - A futures system - Instruments - Signals -- Momentum -- Carry - Combining signals to get forecasts -- Cost estimation -- Heuristic -- Bootstrapping - Position scaling - A portfolio of instruments -- Heuristic -- Bootstrap - Total capital scaling - the dangers of easy leverage - Risk measurement and control - Worked portfolio example - Extensions Appendices Appendix A: Resources Further reading Data sources Brokers and platforms Coding Appendix B: Formulas Backtesting - Accounting - Costs - Judging the results -- Sharpe ratio -- T- test -- Skew Fitting Iterative binary grid search Portfolio construction - Markowitz portfolio optimisation - Bootstrapped portfolio optimisation - By hand portfolio optimisation -- Means -- Costs - specific case of means - Linear portfolio weighting and calculating the diversification effect - Nearest portfolio Signals - Random entry stop loss - Flip flop stop loss - Basic moving average crossover - Exponetial moving average crossover - Raw carry signal for generic asset - Raw carry signal futures contracts - Smoothed carry signal From signal to forecast - Individual signal scaling - Linear signal combination and calculating the diversification effect - Forecast mapping functions - Linear with cap -- Binary -- Cutoff - Position scaling -- Volatility estimation - Minimum volatility rule - Final position calculation - Portfolios of instruments - Total capital scaling -- Establishing the initial scalar -- The auto ratchet down -- The manual ratchet up - Risk measurement and control -- Natural risk scalar -- Vol shock risk scalar - Correlation shock scalar - Total risk scalar - System performance envelope
£36.00
Columbia University Press Expectations Investing
Book SynopsisMost investment books try to assess the attractiveness of a stock price by estimating the value of the company. Expectations Investing provides a powerful and insightful alternative to identifying gaps between price and value.Trade ReviewAs I read the new edition of the book, it is clear that Al and Michael are writing a book for the times that we are in, with much more attention paid to disruption, and the value it creates and destroys, and user/subscriber platforms, which can be exploited for gain and thus provide optionality. -- from the foreword by Aswath DamodaranIn Expectations Investing, Michael Mauboussin and Al Rappaport break down investing into its component parts, explaining what makes for good companies and attractively priced stocks. Which isn’t to say they make it easy. This is second-level thinking: a graduate-level course in intelligent investing. -- Howard Marks, cofounder and cochairman, Oaktree Capital Management, and author of The Most Important Thing Illuminated and Mastering the Market CycleMauboussin and Rappaport’s approach to corporate valuation is as relevant and intelligent today as ever. Understanding expectations, assessing competitive strategy, appreciating optionality, and a laser focus on cash flow will make you a more effective investor in private or public markets. -- Bill Gurley, General Partner, Benchmark CapitalIn Expectations Investing, Michael Mauboussin and Al Rappaport build off the simple yet powerful observation that a company’s stock price embeds expectations. They then offer investors a rigorous method to identify gaps between what the price reflects and what is likely to happen. Truly a must have in any investor’s library. -- Annie Duke, author of Thinking in Bets and How to DecideOne of the few investing books that gave me an 'ah-ha' moment and changed how I think about investing. -- Morgan Housel, Partner, The Collaborative Fund, and author of The Psychology of Money: Timeless Lessons on Wealth, Greed, and HappinessExpectations Investing was one of the first books that sparked my interest in investing. The core idea is as powerful as any, and the authors explain it in a way that makes it unforgettable. This excellent update to the original classic is must reading for all investors. -- Patrick O'Shaughnessy, CFA, CEO, O'Shaughnessy Asset Management, and author of Millennial Money: How Young Investors can Build a FortuneIn this book Mauboussin and Rappaport teach readers how to achieve an investing edge by inverting a conventional investing process. The market’s expectations as implied by the current stock price are assessed before an analysis about how that price might change in the future. This method is straight up Charlie Munger-style inversion. Since margin of safety can be restated as a discount to expected value, understanding this process is invaluable. -- Tren Griffin, author of Charlie Munger: The Complete Investor and A Dozen Lessons for EntrepreneursThis book is a special one. It’s a classic that … has been revised for modern time[s]. If you have been in the investmentverse, Michael Mauboussin and Alfred Rappaport don’t need an introduction. They are both pillars in investment research. Mr. Mauboussin is known for his top-notch research and knowledge. Al Rappaport is professor emeritus at Kellogg School of Management and one of the most respected experts on markets. Most financial textbooks share three things in common: massive, boring and expensive. Not this one. Expectations Investing is 272 pages of wisdom. * Brian Langis blog *A revised and updated Expectations Investing by Michael Mauboussin and Al Rappaport was released in 2021 by Columbia University Press and it's the best investing book I've ever read! Period. * The Motley Fool *A must-read if you are pondering the best way to value certain start-up and technology companies. * Enterprising Investor *A 'top personal finance book' selection. Investors will be able to evaluate companies’ stocks more effectively after reading this book and gain useful insights from the examples and case studies too. * Top Best in Singapore *Mauboussin is a prolific researcher but also a gifted writer, and he puts those abundant talents to good use in [Expectations Investing: Reading Stock Prices for Better Returns] with [Alfred] Rappaport. Laden with examples and checklists and thoughtfully organized, it is a good and very readable manual for experienced and novice analysts alike. * Morningstar's Recommended Reading List *Table of ContentsForewordPrefaceAcknowledgments1. The Case for Expectations InvestingPart I. Gathering the Tools2. How the Market Values Stocks3. The Expectations Infrastructure4. Analyzing Competitive StrategyPart II. Implementing the Process5. How to Estimate Price-Implied Expectations6. Identifying Expectations Opportunities7. Buy, Sell, or Hold?8. Beyond Discounted Cash Flow9. Across the Economic LandscapePart III. Reading Corporate Signals and Sources of Opportunities10. Mergers and Acquisitions11. Share Buybacks12. Sources of Expectations OpportunitiesNotesIndex
£20.90
Harriman House Publishing How Not to Invest
Book SynopsisThis book was designed to reduce mistakes.Your mistakes with money.Tiny errors, epic fails and everything in between.You can do thousands of things right, but make just a few of the errors we discuss, and you destroy much of your portfolio.If you could learn how to avoid the unforced errors investors make all the time, you would make your life so much richer and less stressful.The counterintuitive truth is avoiding errors is much more important than scoring wins.How Not To Invest shows you a few simple tools and models that will help you avoid the most common mistakes people make with their money. Learn these, and you are ahead of 98% of your peers.Make fewer errors, end up with more money.We all make mistakes. The goal with this book is to help you make fewer of them, and to have the mistakes you do make be less expensive.
£14.24
Harriman House Publishing Just Keep Buying
Book SynopsisPopular finance blogger Nick Maggiulli crunches the numbers to answer the biggest questions in personal finance and investing, while providing you with proven ways to build your wealth right away.
£13.49
McGraw-Hill Education (Asia) Technical Analysis Explained, Fifth Edition: The
Book SynopsisThe guide technicians turn to for answers--tuned up to provide an advantage in today's global economy The face of investing has significantly changed in the 30 years since this book's first publication, but one essential component of the markets has not--human behavior. Whether you're trading cornerstone commodities or innovative investment products, observing how investors responded to past events through technical analysis is your key to forecasting when to buy and sell in the future. This fully updated fifth edition shows you how to maximize your profits in today's complex markets by tailoring your application of this powerful tool. Tens of thousands of individual and professional investors have used the guidance in this book to grow their wealth by understanding, interpreting, and forecasting significant moves in both individual stocks and entire markets. This new edition streamlines its time-honored, profit-driven approach, while updating every chapter with new examples, tables, charts, and comments that reflect the real-world situations you encounter in everyday trading. Required reading among many professionals, this authoritative resource now features: Brand-new chapters that analyze and explain secular trends with unique technical indicators that measure investor confidence, as well as an introduction to Pring's new Special K indicator Expanded coverage on the profit-making opportunities ETFs create in international markets, sectors, and commodities Practical advice for avoiding false, contratrend signals that may arise in short-term time spans Additional material on price patterns, candlestick charts, relative strength, momentum, sentiment indicators, and global stock markets Properly reading and balancing the variety of indicators used in technical analysis is an art, and no other book better illustrates the repeatable steps you need to take to master it. When used with patience and discipline, Technical Analysis Explained, Fifth Edition, will make you a better decision maker and increase your chances of greater profits.Table of ContentsPreface ixPart I: Trend-Determining Techniques1. The Definition and Interaction of Trends 32. Financial Markets and the Business Cycle 173. Dow Theory 294. Typical Parameters for Intermediate Trends 415. How to Identify Support and Resistance Zones 556. Trendlines 707. Basic Characteristics of Volume 978. Classic Price Patterns 1159. Smaller Price Patterns and Gaps 16610. One- and Two-Bar Price Patterns 18611. Moving Averages 20912. Envelopes and Bollinger Bands 23313. Momentum I: Basic Principles 24614. Momentum II: Individual Indicators 27915. Momentum III: Individual Indicators 31116. Candlestick Charting 34017. Point and Figure Charting 37318. Miscellaneous Techniques for Determining Trends 38319. The Concept of Relative Strength 40120. Putting the Indicators Together: The DJ Transports 1990–2001 423Part II: Market Structure21. Price: The Major Averages 43122. Price: Sector Rotation 45523. Time: Analyzing Secular Trends for Stocks,Bonds, and Commodities 47124. Time: Cycles and Seasonal Patterns 49925. Practical Identification of Cycles 52526. Volume II: Volume Indicators 53127. Market Breadth 560Part III: Other Aspects of Market Analysis28. Indicators and Relationships That Measure Confidence 59329. The Importance of Sentiment 61030. Integrating Contrary Opinion and Technical Analysis 63531. Why Interest Rates Affect the Stock Market 65332. Using Technical Analysis to Select Individual Stocks 67333. Technical Analysis of International Stock Markets 69434. Automated Trading Systems 71335. Checkpoints for Identifying Primary StockMarket Peaks and Troughs 739Epilogue 753Appendix: The Elliott Wave 755Glossary 761Bibliography 767Index 773
£30.39
Harriman House Publishing Unknown Market Wizards
Book SynopsisREVISED PAPERBACK EDITION WITH NEW MATERIAL IN EVERY CHAPTERJack D. Schwager has returned to the traders to ask them how they navigated the unprecedented markets of 20202022, including the pandemic bear market, an abrupt reversal to new highs, rising inflation, and the emergence of another bear market. All chapters updated with exclusive new interviews with the Unknown Market Wizards. The Market Wizards are back! Unknown Market Wizards continues in the three-decade tradition of the hugely popular Market Wizards series, interviewing exceptionally successful traders to learn how they achieved their extraordinary performance results. The twist in Unknown Market Wizards is that the featured traders are individuals trading their own accounts. They are unknown to the investment world. Despite their anonymity, these traders have achieved performance records that rival, if not surpass, the best professional managers. Some of the stories include: - A trader who turned an initial account of $2,500 into $50 million. - A trader who achieved an average annual return of 337% over a 13-year period. - A trader who made tens of millions using a unique approach that employed neither fundamental nor technical analysis. - A former advertising executive who used classical chart analysis to achieve a 58% average annual return over a 27-year trading span. - A promising junior tennis player in the UK who abandoned his quest for a professional sporting career for trading and generated a nine-year track record with an average annual return just under 300%. World-renowned author and trading expert Jack D. Schwager is our guide. His trademark knowledgeable and sensitive interview style encourages the Wizards to reveal the fascinating details of their training, experience, tactics, strategies, and their best and worst trades. There are dashes of humour and revelations about the human side of trading throughout. The result is an engrossing new collection of trading wisdom, brimming with insights that can help all traders improve their outcomes.
£16.99
Harriman House Publishing Stock Market Maestros
Book SynopsisLee Freeman-Shor is a researcher, writer, mentor and public speaker. His fund management career saw him ranked as one of the world's top fund managers in the Citywire 1000 Report in 2012. He has been AAA rated by Citywire, Gold rated by S&P Capital IQ fund research and Bronze rated by MorningstarOBSR. Lee managed assets exceeding $2 billion across 5 Equity Funds (Global and European) and 5 Multi-Asset Funds. He has extensive expertise in unstructured qualitative research using NVIVO (specialist CAQDAS software) and is particularly interested in how chronic stress and mood impact peak performers. Lee holds an MSc in Psychology and Neuroscience of Mental Health from King's College London and is a HeartMath Certified Mentor and Trainer. Additionally, Lee has an LL.B (Hons) Law Degree From Nottingham Trent University and the Investment Management Certificate from the UK Society of Investment Professionals. He is the author of The Art of Execution and co-author of Stock Market Maestros.Clare Flynn Levy is the founder and CEO of Essentia Analytics, a fintech firm that uses decision attribution analytics to help both fund managers and allocators of capital to them to identify investment skill and bias and continuously improve their decision-making. Prior to founding Essentia, Clare spent 10 years as a fund manager, running over $1bn of pension funds for Deutsche Asset Management and later as CIO of Avocet Capital Management, a London-based technology hedge fund. Passionate about understanding human behaviour through data, she has spent the last decade analysing the investment decision-making of professional investors. Clare is the co-author of Stock Market Maestros.
£18.69
John Wiley & Sons Inc Common Stocks and Uncommon Profits and Other
Book SynopsisRegarded as one of the pioneers of modern investment theory, Philip Fisher's principles are studied and used by numerous contemporary finance professionals, including Warren Buffett. Common Stocks and Uncommon Profits and Other Writingsis invaluable reading and has been since it was first published in 1958.Trade Review"...written by American Investment genius.... We are delighted to have the opportunity to reproduce an extract from this classic, recently reissued..." (Financial Director, November 2003) "...these updated classics are packed with investment wisdom..." (What Investment, November 2003)Table of ContentsPreface What I Learned from My Father’s Writings xiKenneth L. Fisher Introduction 1Kenneth L. Fisher Part One Common Stocks and Uncommon Profits Preface 31 1. Clues from the Past 34 2. What “Scuttlebutt” Can Do 44 3. What to Buy: The Fifteen Points to Look for in a Common Stock 47 4. What to Buy: Applying This to Your Own Needs 79 5. When to Buy 89 6. When to Sell: And When Not To 105 7. The Hullabaloo about Dividends 114 8. Five Don’ts for Investors 123 9. Five More Don’ts for Investors 135 10. How I Go about Finding a Growth Stock 162 11. Summary and Conclusion 172 Part Two Conservative Investors Sleep Well Epigraph 176 Introduction 177 1. The First Dimension of a Conservative Investment 180 2. The Second Dimension 187 3. The Third Dimension 198 4. The Fourth Dimension 207 5. More about the Fourth Dimension 213 6. Still More about the Fourth Dimension 218 Part Three Developing an Investment Philosophy Dedication to Frank E. Block 226 1. Origins of a Philosophy 227 The Birth of Interest 228 Formative Experiences 229 First Lessons in the School of Experience 231 Building the Basics 232 The Great Bear Market 234 A Chance to Do My Thing 235 From Disaster, Opportunity Springs 236 A Foundation is Formed 237 2. Learning from Experience 238 Food Machinery as an Investment Opportunity 239 Zigging and Zagging 242 Contrary, but Correct 243 Patience and Performance 244 To Every Rule,There Are Exceptions . . . But Not Many 247 An Experiment with Market Timing 248 Reaching for Price, Foregoing Opportunity 249 3. The Philosophy Matures 252 E Pluribus Unum 253 History versus Opportunity 255 Lessons from the Vintage Years 257 Do Few Things Well 259 Stay or Sell in Anticipation of Possible Market Downturns? 260 In and Out May Be Out of the Money 263 The Long Shadow of Dividends 264 4. Is the Market Efficient? 266 The Fallacy of the Efficient Market 267 The Raychem Corporation 270 Raychem, Dashed Expectations, and the Crash 271 Raychem and the Efficient Market 274 Conclusion 275 Appendix Key Factors in Evaluating Promising Firms 279 Functional Factors 279 People Factors 281 Business Characteristics 282 Index 283
£17.85
Harriman House Publishing Just Keep Buying
Book SynopsisEveryone faces big questions when it comes to money: questions about saving, investing, and whether you're getting it right with your finances.Unfortunately, many of the answers provided by the financial industry have been based on belief and conjecture rather than data and evidenceuntil now.In Just Keep Buying, hugely popular finance blogger Nick Maggiulli crunches the numbers to answer the biggest questions in personal finance and investing, while providing you with proven ways to build your wealth right away.You will learn why you need to save less than you think; why saving up cash to buy market dips isn't a good idea; how to survive (and thrive) during a market crash; and much more. By following the strategies revealed here, you can act smarter and live richer each and every day. It's time to take the next step in your wealth-building journey. It's time to Just Keep Buying.
£17.60
Dorling Kindersley Ltd Girls Just Wanna Have Funds
Book SynopsisCamilla Falkenberg, Emma Due Bitz, and Anna-Sophie Hartvigsen are the founders of Female Invest, a global financial educator targeting women. Through their subscription business, which has members in 82 countries, they educate women on personal finance and investing with a mission to close the financial gender gap. More than 100,000 women have taken their courses, and they are listed on the Forbes 30 under 30 list within finance. They have also won the worlds' largest startup competition and authored the Danish bestseller Ready, Set, Invest. In 2021, they joined Y Combinator and they have found global fame with their work, featuring in Vogue, Elle, Harper's Bazaar and many others.Trade Review"A 101 guide to safe, smart, and sustainable investing" -- Francesca Brown * Stylist *"This practical guide to money from Female Invest is a reassuring and non-patronising read that can help you review your finances and achieve goals for the year ahead" -- Francesca Brown * Stylist *"[Girls Just Wanna Have Funds] has rave reviews, bringing together history and social issues with the business of investing." -- Abha Shah * Evening Standard *
£13.49
Simon & Schuster Ltd The Warren Buffett Stock Portfolio
Book SynopsisThe book that every investor wants and needs - an insider's guide to what Warren Buffett buys and why
£9.49
Harriman House Publishing The Worlds Simplest Guide to the Stock Market
Book SynopsisThe World's Simplest Guide to the Stock Market provides a crash course on the essentials of stocks and the stock market.
£14.39
