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Jeffrey Ptak on Twitter: "1) In today's WSJ, there's a lengthy story re how retail investors have missed out on equity bull market. The story seems to suffer from som…"
1) In today's WSJ, there's a lengthy story re how retail investors have missed out on equity bull market. The story seems to suffer from some pretty serious flaws, though. Bottom-line: Retail investors haven't missed out, as I'll try to illustrate.
3 hours ago by ramitsethi
Why we won't have a long term bear market, and how to systematically pick your future investments in crypto : CryptoCurrency
With so much uncertainty right now it would be a good time to take some time to go over what happened recently and how to invest moving foward....
cryptocurrency  howto  investing 
yesterday by dirtpupfc
Wealthfront: Silicon Valley Tech at Wall Street Prices
For the last 60 hours, he’s been A/B testing one word against another (“Get” or “Buy!” or “Install”?), one screenshot against the next. Delirious, he starts to A/B test reality — is that penguin…
finance  investing  wealthfront 
yesterday by darren_n
1. Reminiscences of a Stock Operator by Edwin Lefevre—This classic book from the 1920s is a narrative told from the perspective of the narrator widely assumed to be Jess Livermore. The book so perfectly captures the mind of a trader that when I read the book nearly forty years ago many readers assumed it was actually written by Jesse Livermore (that is, they assumed Edwin Lefevre was a pseudonym for Jesse Livermore). Having done some research on the matter as I wrote the foreword for the 75th anniversary edition, I can assure you that LeFevre was a real person who was a journalist and an author. He wrote some other market-related books. One that I would recommend is a book of short stories, Wall Street Stories, a book for which I wrote the Introduction for the modern edition. My personal favorite in this collection is A Lady and Her Bonds, a response that was apparently shared by readers at the time as well.

Reminiscences is filled with sage quotes on trading that are as pertinent today as the day they were written. Reminiscences was the book most recommended by the traders in my Market Wizards series. Finally, I would add that Reminiscences was my goal model when I wrote my first Market Wizards book. I was impressed how the book was still totally relevant for its trading insights sixty years after it was published. My ideal objective was to write a book that would also still be totally relevant sixty years later.

2. Fooled by Randomness by Nassim Taleb—All of Taleb’s books are worth reading but this is the first one I read and is still my favorite. Taleb provides important insights on how markets really work and explains the trap of confusing luck with skill and the failure of conventional models to reflect tail risk.

3. Liar’s Poker by Michael Lewis—Lewis is a phenomenal writer. Anything he has written can be assumed to be a great read. Liar’s Poker is Lewis’s account of his experiences as a trainee and bond salesman at Solomon Brothers in the 1980s—A very entertaining and humor-filled narrative.

4. The Big Short by Michael Lewis—Lewis’s account of the traders who got it right in 2008 is a magnificent achievement in that he somehow manages to take highly complex and esoteric material and make it both comprehensible to the lay reader and wildly entertaining. To give credit where due, I found one of my interview subjects for Hedge Fund Market Wizards (Jamie Mai) by reading this book.

5. More Money than God by Sebastian Mallaby—Personally, I am not crazy about the title, but this book is an excellent account of the history of hedge funds. The book is thoroughly researched, very well written, and accurate based on my experience in writing about some of the same subject matter.

6. Fortune’s Formula by William Poundstone—An account of risk measurement and its historical connections to gambling with a cast that spans the centuries from the 18th century mathematician Daniel Bernoulli to the 20th century Bell Labs Physicist John Kelly of the Kelly Criterion fame, and mathematician Ed Thorp, author of the best-selling Beat the Dealer, which changed the way casinos operated, and hedge fund manager extraordinaire (also profiled in Hedge Fund Market Wizards). The book is informative, yet accessible and entertaining.

7. The Quants by Scott Patterson—An inside look at some leading algorithmic traders, and a highly readable account of their successes and failures.

8. Option Volatility and Pricing by Sheldon Natenberg—This is the first I book I recommend to someone who wants to get an education in options. The book is comprehensive without being overwhelming or requiring any particular mathematical facility (all the mathematics are relegated to an appendix). Natenberg is about as clear as you can be in fully explaining subject matter that can easily be confusing in the hands of less skilled authors.

9. Predictably Irrational by Dan Ariely—A behavioral economist’s entertaining, anecdote-filled survey of human irrationality.

10. When Genius Failed by Roger Lowenstein—The true story behind the rise and fall of Long Term Capital Management. Most people think it was simply about excess leverage. When you read Lowenstein’s account, you will see that there was a lot more to it than that. As a financial author, I admire authors who can take esoteric financial subject material and transform it into a comprehensible and entertaining narrative. In this respect, this book is similar to Michel Lewis’s The Big Short.

11. What I Learned Losing A Million Dollars by Jim Paul and Brendon Moynihan—Another book I liked enough to agree to write the foreword. To quote from my own foreword, “There is more to be learned from Jim Paul’s true story of failure than from a stack of books promising to reveal the secret formula for success. Not only that, What I Learned Losing A Million Dollars is a much more entertaining read.”

12. A Fool and his Money by John Rothchild—I love the humor in this narrative of the misadventures of a financial novice. As entertaining a financial book you will find.

13. Diary of a Professional Commodity Trader by Peter L. Brandt—Peter is a friend, and I can attest he is the real deal. He is as the title states “a professional commodity trader.” This book is especially recommended to readers who want to learn chart analysis from an expert practitioner. Peter’s consistent success as a trader for four decades is due not only to his skill and experience as a chart analyst but perhaps even more importantly to his strict adherence to risk management. The risk management lessons inherent in this book make it a valuable read for any trader.
investing  books  toread 
yesterday by gdubz

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