Market Sense and Nonsense: How the Markets Really Work (And How Bestselling author, Jack Schwager, challenges the assumptions at the. In this engaging new book, Jack Schwager, bestselling author of Market Wizards and The New Market Wizards, takes aim at the most perniciously pervasive. Bestselling author, Jack Schwager, challenges the assumptions at the core of investment theory and practice and exposes common investor mistakes, missteps .
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The simple fact is that many revered investment theories and market models are flatly wrong that is, if we insist that they work in the real wchwager. Unfounded ahd, erroneous theories, unrealistic models, cognitive biases, emotional foibles, and unsubstantiated beliefs all combine to lead investors astray professionals as well as novices.
In this engaging new book, Jack Schwager, bestselling author of Market Wizards and The New Market Wizards, takes aim at the most perniciously pervasive academic precepts, money management canards, market myths and investor errors. Like so many ducks in a shooting gallery, Schwager picks them off, one at a time, revealing the truth about many of the fallacious assumptions, theories, and beliefs at the core of investment theory and practice.
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Flap copy When it comes to investment models and theories of how marketswork, convenience usually trumps reality. The simple fact is thatmany revered investment theories and market models are flatlywrong–that is, if we insist that they work in the real world.
Unfounded assumptions, erroneous theories, unrealistic models, cognitive biases, emotional foibles, and unsubstantiated beliefsall combine to lead investors astray–professionals as well asnovices. In this engaging new book, Jack Schwager, bestselling author of theMarket Wizards series, takes aim at some of the mostpervasive market precepts, money management misconceptions, andirrational investor behaviors.
From the theory of efficient marketsto buying in up markets and selling in down markets, Schwager turnseach misguided idea on its head, one at a time. Supported by awealth of well-documented historical evidence and a healthy dose ofcommon sense, he exposes the truth about the cherished assumptionsand fallacious thinking at the core of some of the most respectedinvestment theories and models and explores many common investorerrors.
In this book, you’ll discover why: Expert opinion is NOT more reliable than the proverbialdart-throwing chimpThe markets are NOT efficientLow volatility does NOT necessarily imply low risk, and highvolatility does NOT necessarily imply high riskMarket prices are NOT normally distributedInvesting in equities when markets wchwager doing well is NOTconducive to achieving above-average returnsConcentrating on funds with the strongest record of returns isNOT a sound strategyPast returns are NOT a reliable indicator of futureperformanceA hedge fund portfolio strategy is NOT riskier than atraditional portfolio approachVaR does NOT provide a good indication of worst-case riskSuperior performance jakc NOT necessarily imply managerskill But Schwager does much more than simply burst bubbles; he offersa sobering draught of real-world investment insight and guidancespanning both traditional and alternative investment classes.
Drawing upon his years as an asset manager and trader, he sharespriceless lessons on an array of investing topics, both basic andadvanced, including portfolio management, risk assessment, investment selection, hedge fund investing, investment timing, andmuch more.
Market Sense and Nonsense: Why Almost Everything You Know about Investing Is Wrong
Market Sense and Nonsense is an indispensable source ofreal-world market wisdom and investing know-how for investors ofevery ilk. Smart, clever, funny; deliciouslyconcise. It tells you what investing is really about, which most certainly isn’t what the fakes in the financial servicesindustry, and their paid cheerleaders maret the media and academia, want you to think it is schwwager.
Schwager has performed a majorservice for anyone who ever gets a spare dime to invest and wantsto know how to avoid making a mistake. This book is destined to beone of the greatest texts on markets and investing for discussionin schools, universities and barrooms the world over. Itis not a book with just one idea explained repeatedly withdifferent anecdotes.
It covers a huge amount of ground across thespectrum of risk and investing, both sensr theory and in practice. Itaddresses many of the difficult issues faced by investmentprofessionals today, but written in a way which schwagsr designed to beunderstood by people without a background in investing orfinance. A great guide to understanding how investingand markets really work.
Thorp, author of Beat the Dealer andBeat the Market “Jack Schwager’s new book, Market Sense and Nonsense, deftly addresses a large number of seldomly clarified facts andmyths about the investment management business.
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Market Sense and Nonsense: How the Markets Really Work (and How They Don’t) [Book]
Review Text ‘Everybody, and I mean everybody who has an investment portfolio will profit from reading this book Mr Schwager’s book starts off with plenty of sound, basic advice Review quote Everybody, and I mean everybody who has an investment portfolio will profit from reading this book kudos to the author for offering the investing world an uncommonly worthwhile book. He is also an advisor to Marketopper, an India-based quantitative trading firm. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm, which specialized in creating customized hedge fund portfolios for institutional clients, and also spent over twenty years as a director of futures research for some of Wall Street’s leading firms.
Our customer reviews I found this book interesting and data-filled. It is essentially a more technical version of Michael Dever’s “Jack Investing”, although it doesn’t cover the range of “myths” outlined by Dever. I found the section on hedge funds particularly helpful. The book contains many mathematical formulae for various concepts like Sharpe ratio, etc. The writing is more pedestrian and academic. Dever’s book is much more readable.
I would buy both books, with a priority to Dever’s if you could only buy one. I bought both and don’t regret the decision.
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