本文发表在 rolia.net 枫下论坛Book Description
John J. Murphy has now updated his landmark bestseller Technical Analysis of the Futures Markets, to include all of the financial markets.

"If one could read only one book on technical analysis, this should be the one." --Knight-Ridder Financial Products and News (on the first edition, Technical Analysis of the Futures Markets, 0-13-898008-X)

This outstanding reference has already taught thousands of traders the concepts of technical analysis and their application in the futures and stock markets. Covering the latest developments in computer technology, technical tools, and indicators, the second edition features new material on candlestick charting, intermarket relationships, stocks and stock rotation, plus state-of-the-art examples and figures. From how to read charts to understanding indicators and the crucial role technical analysis plays in investing, readers gain a thorough and accessible overview of the field of technical analysis, with a special emphasis on futures markets. Revised and expanded for the demands of today's financial world, this book is essential reading for anyone interested in tracking and analyzing market behavior.

"One way to get started in technical analysis is to read a good book on the subject. One of my favorites is Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy. It's an easy read." Ralph J. Acampora, CMT, Managing Director, Prudential Securities Inc.

About the Author
John J. Murphy is President of MURPHYMORRIS, Inc., a producer of interactive educational products for technical analysis. A former technical analyst for CNBC and director of Merrill Lynch's Technical Analysis Futures Division, he is the author of The Visual Investor and Intermarket Technical Analysis.更多精彩文章及讨论，请光临枫下论坛 rolia.net

本文发表在 rolia.net 枫下论坛The leveraged buyout of the RJR Nabisco Corporation for $25 billion is a landmark in American business history, a story of avarice on an epic scale. Two versions of the fierce competition for the largest buyout ever consummated are presented by skilled journalists with contrasting styles. Burrough and Helyar are clearly fascinated with the personalities of the players in the deal and with the trappings of corporate wealth. The restless, flamboyant personality of Ross Johnson, CEO of RJR Nabisco, is portrayed as the key to the events that were to unfold. The colorful description of all of the players and the events will likely have broad appeal. Lampert signals the complexity of her story by introducing her narrative with a three-page cast of characters. Her focus on the strategy of the players and on the fast-paced action provides a more concise description of a deal big enough to augment the wealth of many rich people. Business libraries will want both versions of this story of capitalism drawn to the extreme, but students, looking for a more comprehensive treatment, will favor Lampert's version.
- Joseph Barth, U.S. Military Acad. Lib., West Point, N.Y.
Copyright 1990 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.更多精彩文章及讨论，请光临枫下论坛 rolia.net

As described by Lewis, liar's poker is a game played in idle moments by workers on Wall Street, the objective of which is to reward trickery and deceit. With this as a metaphor, Lewis describes his four years with the Wall Street firm Salomon Brothers, from his bizarre hiring through the training program to his years as a successful bond trader. Lewis illustrates how economic decisions made at the national level changed securities markets and made bonds the most lucrative game on the Street. His description of the firm's personalities and of the events from 1984 through the crash of October 1987 are vivid and memorable. Readers of Tom Wolfe's The Bonfire of the Vanities ( LJ 11/15/87) are likely to enjoy this personal memoir. BOMC and Fortune Book Club selection.
- Joseph Barth, U.S. Military Acad . Lib., West Point, N.Y.

本文发表在 rolia.net 枫下论坛This 29-week PW bestseller, a QPB main selection, tells of the rise and fall during the 1980s of the biggest insider trading ring in Wall Street history. Updated in paperback. Photos.
Copyright 1992 Reed Business Information, Inc.

From Library Journal
Michael Milken, Ivan Boesky, Martin Siegel, and Dennis Levine will long be remembered for the Wall Street insider trading scandals of the 1980s. Stewart, a Pulitzer Prize-winning Wall Street Jour nal reporter who covered the various scandals, has used his reportage as well as an exhaustive culling of court documents, testimony, and interviews with all of the participants to fashion an authoritative account of what happened. Stewart has done a thorough job in assembling the facts and has made connections that may surprise some readers. For example, Milken, the Drexel Burnham Lambert junk bond king who convinced many savings institutions and insurance companies to buy these bonds in large quantities, may have indirectly contributed not only to the bailout of various thrifts but also to the insolvency of some insurance companies. While this is a well-researched and highly readable work, there is such an abundance of financial details that a glossary of terms and related Wall Street jargon would have been helpful. This minor caveat aside, Stewart's contemporary morality tale is recommended for all business collections in public, special, and academic libraries. (Index not seen.) Previewed in Prepub Alert, LJ 5/15/91.
- Richard Drezen, Merrill Lynch Lib. , New York更多精彩文章及讨论，请光临枫下论坛 rolia.net

本文发表在 rolia.net 枫下论坛How can you join the ranks of America's wealthy (defined as people whose net worth is over one million dollars)? It's easy, say doctors Stanley and Danko, who have spent the last 20 years interviewing members of this elite club: you just have to follow seven simple rules. The first rule is, always live well below your means. The last rule is, choose your occupation wisely. You'll have to buy the book to find out the other five. It's only fair. The authors' conclusions are commonsensical. But, as they point out, their prescription often flies in the face of what we think wealthy people should do. There are no pop stars or athletes in this book, but plenty of wall-board manufacturers--particularly ones who take cheap, infrequent vacations! Stanley and Danko mercilessly show how wealth takes sacrifice, discipline, and hard work, qualities that are positively discouraged by our high-consumption society. "You aren't what you drive," admonish the authors. Somewhere, Benjamin Franklin is smiling. --This text refers to the Hardcover edition.

From Library Journal
In The Millionaire Next Door, read by Cotter Smith, Stanley (Marketing to the Affluent) and Danko (marketing, SUNY at Albany) summarize findings from their research into the key characteristics that explain how the elite club of millionaires have become "wealthy." Focusing on those with a net worth of at least $1 million, their surprising results reveal fundamental qualities of this group that are diametrically opposed to today's earn-and-consume culture, including living below their means, allocating funds efficiently in ways that build wealth, ignoring conspicuous consumption, being proficient in targeting marketing opportunities, and choosing the "right" occupation. It's evident that anyone can accumulate wealth, if they are disciplined enough, determined to persevere, and have the merest of luck. In The Millionaire Mind, an excellent follow-up to the highly successful first analysis of how ordinary folks can accumulate wealth, Stanley interviews many more participants in a much more comprehensive study of the characteristics of those in this economic situation. The author structures these deeper details into categories that include the key success factors that define this group, the relationship of education to their success, their approach to balancing risk, how they located themselves in their work, their choice of spouse, how they live their daily lives, and the significant differences in the truth about this group vs. the misplaced image of high spenders. Narrator Smith's solid, dead-on reading never fails to heighten the importance of these principles that most twentysomethings should be forced to listen to in toto. Highly recommended for all public libraries. Dale Farris, Groves, TX
Copyright 2001 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.更多精彩文章及讨论，请光临枫下论坛 rolia.net

Updated with a new chapter that draws on behavioral finance, the field that studies the psychology of investment decisions, here is the best-selling, authoritative, and gimmick-free guide to investing. Burton G. Malkiel evaluates the full range of investment opportunities from stocks, bonds, and money markets to real estate investment trusts and insurance, home ownership, and tangible assets such as gold and collectibles. This edition includes new strategies for rearranging your portfolio for retirement along with the book's classic life-cycle guide to investing, which matches the needs of investors in any age bracket. A Random Walk Down Wall Street long ago established itself as a must-read, the first book to purchase before starting a portfolio, and it remains the best investing guide money can buy.

本文发表在 rolia.net 枫下论坛“The biggest event in the world of investment publishing this year looks certain to be the re-publication of a book that came out almost three-quarters of a century ago.”
(Financial Times )

Product Description

First published in 1934, Security Analysis is one of the most influential financial books ever written. Selling more than one million copies through five editions, it has provided generations of investors with the timeless value investing philosophy and techniques of Benjamin Graham and David L. Dodd.

As relevant today as when they first appeared nearly 75 years ago, the teachings of Benjamin Graham, “the father of value investing,” have withstood the test of time across a wide diversity of market conditions, countries, and asset classes.

This new sixth edition, based on the classic 1940 version, is enhanced with 200 additional pages of commentary from some of today’s leading Wall Street money managers. These masters of value investing explain why the principles and techniques of Graham and Dodd are still highly relevant even in today’s vastly different markets. The contributor list includes:

* Seth A. Klarman, president of The Baupost Group, L.L.C. and author of Margin of Safety
* James Grant, founder of Grant's Interest Rate Observer, general partner of Nippon Partners
* Jeffrey M. Laderman, twenty-five year veteran of BusinessWeek
* Roger Lowenstein, author of Buffett: The Making of an American Capitalist and When America Aged and Outside Director, Sequoia Fund
* Howard S. Marks, CFA, Chairman and Co-Founder, Oaktree Capital Management L.P.
* J. Ezra Merkin, Managing Partner, Gabriel Capital Group .
* Bruce Berkowitz, Founder, Fairholme Capital Management.
* Glenn H. Greenberg, CFA, Co-Founder and Managing Director, Chieftain Capital Management
* Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School
* David Abrams, Managing Member, Abrams Capital

Featuring a foreword by Warren E. Buffett (in which he reveals that he has read the 1940 masterwork “at least four times”), this new edition of Security Analysis will reacquaint you with the foundations of value investing—more relevant than ever in the tumultuous 21st century markets.更多精彩文章及讨论，请光临枫下论坛 rolia.net

本文发表在 rolia.net 枫下论坛Stock investing is a relatively recent phenomenon and the inventory of true classics is somewhat slim. When asked, people in the know will always list books by Benjamin Graham, Burton G. Malkiel's A Random Walk Down Wall Street, and Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher. You'll know you're getting really good advice if they also mention Reminiscences of a Stock Operator by Edwin Lefèvre.

Reminiscences of a Stock Operator is the thinly disguised biography of Jesse Livermore, a remarkable character who first started speculating in New England bucket shops at the turn of the century. Livermore, who was banned from these shady operations because of his winning ways, soon moved to Wall Street where he made and lost his fortune several times over. What makes this book so valuable are the observations that Lefèvre records about investing, speculating, and the nature of the market itself. For example:

"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon."

If you've ever spent weekends and nights puzzling over whether to buy, sell, or hold a position in whatever investment--be it stock, bonds, or pork bellies, you'll be glad that you read this book. Reminiscences of a Stock Operator is full of lessons that are as relevant today as they were in 1923 when the book was first published. Highly recommended. --Harry C. Edwards

Review
“…whilst stock market tomes have come and gone this remains popular and in print 80 years on…” (GQ Magazine November 2003)更多精彩文章及讨论，请光临枫下论坛 rolia.net

本文发表在 rolia.net 枫下论坛Writing with Rothchild ( A Fool and His Money ), Lynch, director of the Fidelity Magellan Fund, the nation's largest equity fund ($9 billion in assets), argues that average investors can beat Wall Street professionals by using the information that they encounter in their everyday lives. For example, Lynch invested in Hanes after his wife told him about the popularity of L'eggs pantyhose. Other winning stocks that average investors could have picked well before Wall Street became aware of them include LaQuinta motels, the Limited clothing store chain and Agency Rent-A-Car, note the authors. They advise readers to look for spectacular growth among companies that sound dull; do something disagreeable; are spinoffs; are buying back theor own stock. They caution readers to avoid companies touted as the next IBM or Xerox; that are diversifying ("diworseifying"); that depend on a single customer. The book is also a primer on how the stock market works and is written in a light, entertaining style. Investors will be able to put the shrewd insights presented to good use. Author tour.
Copyright 1988 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.更多精彩文章及讨论，请光临枫下论坛 rolia.net

Capital Ideas(Peter Bernstein)
Against the Gods(Peter Bernstein)
When Genius Failed (Roger Lowenstein)
The Fortune Sellers(William Sherden)
Freakconomics (Steven Levitt)
Conspiracy of Fools (Kurt Eichenwald)

本文发表在 rolia.net 枫下论坛This book contains lots of factual information and useful overviews as to what the key economic indicators are, how they are constructed, what their purpose is, and how they work. With that said, it felt more like a pocketbook of facts and figures, similar to the ones published by The Economist, than an actual "guide" for traders.

In the introduction, the book is offered as a useful source for anyone new to these indicators, but Yamarone never really mentions one of the most important aspects of trading: how to prioritize information flow.

The drawback of fundamental trading is the susceptibility to "analysis paralysis," i.e. the danger of information overload causing you to freeze like a deer in the headlights. On the other side of the coin, traders who try to digest a mountain of information without prioritizing it are more likely to make their decisions based on a handful of dominating factors, or even hunches, and then simply use the additional supportive data they find to justify those decisions. Studies of decision-making habits conducted on CIA intelligence analysts show that, when there is a surplus of information, it's a natural tendency to use only a small portion of the information available, while incorrectly assuming that all of it is being utilized.

Yamarone does not mention these pitfalls, nor does he cover the reality of theme trading and indicator fashion. Indicators and market relationships go in and out of style, much like short skirts or thigh high boots on the catwalks of Paris and Milan. Traders will collectively switch their focus from one relationship to another, one data set to another, and so on; the trade deficit means nothing for a while, then suddenly it means everything. The Employment Situation is critical for a time, then later inconsequential as long term yields come to the fore. It's all about context, and that isn't addressed at all.

In writing for a large audience, Yamarone also made sure to keep his opinions bland and uncontroversial. I found this a little disappointing in terms of what was left out. For example, consider this tidbit from the chapter on New Residential Construction:

"Before the 2001 recession, housing starts were the most reliable and accurate measure of U.S. economic health... the 2001 recession broke this pattern. Housing starts remained strong during the downturn because historically low inflation kept mortgage rates low..."

For a student of economic history--or a trader wishing to profit from macroeconomic movements--this is highly provocative subject matter. Questions come tumbling forth: Has a longstanding relationship been declared invalid by the 2001 pattern, or was it a case of unprecedented doubling down via credit stimulus? Were mortgage rates low simply because inflation was low, or more because the fed was hell-bent on pumping easy money into the economy to avoid a reckoning? Is it historically a good thing to try and avoid all painful recessions, or are painful recessions occasionally necessary, as a cleansing process after a period of extreme speculative excess, with bad-to-worse consequences for putting them off? Is there greater risk when a paper asset bubble transitions into a real estate valuation bubble?

Yamarone sails past all of this, like an amateur checkers player doing commentary for a chess tournament. My guess is that he is well aware of these subtexts, but his overriding goal was to avoid fistfights and not offend anyone. When conflict avoidance is a key factor, milktoast commentary is often the lukewarm result!

In my reviews I occasionally suggest alternate titles that better reflect a book's contents. I would call this one "the MBA grad's guide to economic indicators," or maybe "the junior analyst's guide to economic indicators." If it were truly aimed at traders, it would (or should) have more to say about prioritizing information flow, gaming expectations, and paying attention to context, context, context.

As it stands, Yamarone has put together a decent reference source to grab off the shelf when a wallflower data set becomes the latest belle of the Wall Street ball. By that measure, it's a worthwhile purchase.更多精彩文章及讨论，请光临枫下论坛 rolia.net

本文发表在 rolia.net 枫下论坛A recommended read if you are a risk management guy.
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Volume I: Quantitative Methods in Finance

Volume II: Practical Financial Econometrics

Volume III: Pricing, Hedging and Trading Financial Instruments

Volume IV: Value at Risk Models.

Although the four volumes are very much interlinked, each containing numerous cross-references to other volumes, they are written as self-contained texts.

Volume I covers the essential mathematical and financial background for subsequent volumes. There are six comprehensive chapters covering all the calculus, linear algebra, probability and statistics, numerical methods and portfolio mathematics that are necessary for market risk analysis. It is a complete and pedagogical introduction to quantitative methods applied to finance.

Volume II provides a detailed understanding of financial econometrics, with a unique focus on applications to asset pricing, fund management and market risk analysis. It covers equity factor models, including a detailed analysis of the Barra model and tracking error, principal component analysis, volatility and correlation, GARCH, cointegration, copulas, Markov switching, quantile regression, discrete choice models, non-linear regression, forecasting and model evaluation.

Volume III has five extensive chapters on the pricing, hedging and trading of bonds and swaps, futures and forwards, options and volatility, and detailed descriptions of mapping portfolios of these financial instruments to their risk factors. There are numerous examples, all coded in interactive Excel spreadsheets, including many pricing formulae for exotic options but excluding the calibration of stochastic volatility models, for which Matlab code is provided.

Volume IV builds on the three previous volumes to provide a comprehensive and detailed treatment of market VaR models. The exposition starts at an elementary level but, as in all the other volumes, the pedagogical approach accompanied by numerous interactive Excel spreadsheets allows readers to experience the application of parametric linear, historical simulation and Monte Carlo VaR models to increasingly complex portfolios. Starting with simple positions, readers are soon applying risk models to large international securities portfolios, commodity futures, path dependent options and much else. This rigorous treatment includes many new results and applications to regulatory and economic capital allocation, measurement of VaR model risk and stress testing.

Each volume is accompanied by a CD-ROM which features numerous interactive Excel spreadsheets that illustrate the vast majority of the problems and case studies in these texts. For further information see the accompanying CD-ROM更多精彩文章及讨论，请光临枫下论坛 rolia.net