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I'm taking a stroll down memory lane to look at trading from a perspective of the so called founding fathers. George Soros would definitely be one of these.
Once again I find myself looking at the markets in areas much more macro than I ever thought I would have. This book goes deep into market perception and the understanding of trading principles of economics . This is not a book of Soro's secrets rather a look into the education and the way Soro's mind turns. I can't say this book is too well written but it's the challenge of reading a classic that excites me.
The book details Soros market theory. Financial theory is something that is not well spoken of outside of academia but it's something I enjoy learning and applying.
Soro's is as well tuned in financial theory as Black, Markowitz and Fama were. His ideals and philosophies are strong enough to make him one of the greatest investors and richest men in the world. The book offers a background for that platform.
I recommend this but take it with a grain of salt. This book was not written for entertainment or to sell copies. It was written to tell a story of greatness just as many of the classics are.
This book will bring value for years to come. What emotions drive us to believe about the wealthy are far from the truth.
The book breaks downs true data of the lifestyles of the rich. What the public believes about the top 1% is drastically opposite then the actual majority of the rich. Everything from cars, investing, and occupations yield to the way of the turtle. Slow and steady proves that the rich succeed. Being thrifty and saving are common characteristics as well.
The more someone tends to flock there so called wealth, the less that person typically has in terms of net worth.
The book also discusses what the definition of true wealth is. It has nothing to do with a pay check, rather net worth. I recommend this to all but especially the younger crowd. Understanding these principles can take you far in life if you follow along.
Ok so I'm on a Victor Niederhoffer kick and he has a foreword in this book, so it had to be read.
Pre 1900 we commonly hear about the gilded age but it was also a time where tycoons were made!
The book goes into details with the dealings of Henry Clews but gives a better account of the environment for speculation at the infancy of capital markets.
As some of you might have guessed, even back then markets were corrupt and manipulated. The bigger idea though was that we had no regulation during this time. It truly was there for the taking if you knew the loop holes and had friends in high places.
I'm a firm believer that you must know market behavior and psychology to be a successful speculator. The book drove this point home. As my time in investing and trading increases I'm learning to start looking at markets on a macro level even while using "micro" strategies.
Don't waste time folks, Fifty Years in Wall Street is a Classic!
I would say Niederhoffer is the modern day Livermore minus the suicide. His intelligence and passion for statistics, art, philosophy and history are hard to match. The amazing thing is that it comes back full circle to trading.
The book entails everything from childhood to trading to lessons of life and racket ball!
This is a very long book so there is something in here for everyone.
The most amazing thing is when reading this book you have to know your history. Shortly after this published, Niederhoffer would go flat broke. A fear that he details multiple times in the book.
If you are looking for the post bust you can also read "Practical Speculation."
The more I read about Victor, the more I envy for his passion of life and mastery. I highly recommend the book!
Ok So I'm hooked..the 4 Hour Body was a read after I read the 4 hour work week and it's a culture I'm starting to love. Doing less for more. By being smarter and doing unconventional exercises, diets, and routines, your life can be transformed for the better.
I think the best part I like about it is that it gives us just another opportunity to stick it to the man by proving traditional science and advice wrong.
The 4-H Body is fascinating with accounts from Ferris and others who logged incredible results with not so incredible methods. They tend to be rare in theory (unique ingredients, bizarre meal schedules) but in reality not very difficult for many of the insane results!
To those who email me regularly on book commentary from my list I know this is not a business or finance book. What is though is a book about testing our mental limits and to never bee too stubborn to try something news. I believe that has so much carry over into the world of business.
Pick up a copy of Ferriss's work and join the 4-hour culture!
Myron Scholes, John Merriweather and Robert Merton were known as the brightest minds in capital markets and pre 1998, some of the smartest men in the entire world. They had Nobel Peace prizes, Ivy league pedigrees and hundreds of millions in net worth.
All was well until suddenly things went wrong, very wrong which brought the firm to its' knees dropping from 4.5 Billion in capital to 500 million in only a couple months.
For a few years the models developed by these managers were untouchable. They used many methods deriving from the Black and Scholes model itself. What a better way to use it when Myron Scholes is one of the Analyst for Long Term Capital Management.
The leverage was insane. At times 30:1 with capital over 4 billion. When the fund tanked the derivatives exposure of the hedge fund was over 1 trillion with asset risk and leverage at 100:1 on bonds and equities.
The Fund bet against volatility trading in what they thought were uncorrelated markets. The flight to safety in US treasuries turned out to be the kiss of death as global bounds went into chaos!
There is not enough time to break down the complexity of the fall from glory or the mess that could have been. Take time to read this great classic. A must read for all finance junkies.
This book is a a classic and I'm a bit embarrassed I had not read it by now.
I would put this in the same camp as "The Richest Man in Babylon" and "Think and Grow Rich Every Day."
The book describes how to get rich ie acquiring material possessions. The author describes the process as actually a science that starts with a creating of idea and forming substance to that idea. By taking a formless idea and putting it into form you have created energy in some respect. After that it becomes a question of faith and ideals of character. If you want to acquire something in good light your concise must be clear and your focus unwavering.
The idea simple but most fail. The world temptations and negative emotions tend to interfere.
This book discusses much more than just obtaining wealth. It also is a parable of life and the trials those on the outside looking in may face. I recommend this book for those looking for a deep thinking challenge. It will give the reader a chance to learn a lot about ones self that you may have been denying.
Dawson is the man and this may be the best book I've read this year. The book outlines negotiating theory from both points of view. It breaks down the emotional process that allows us to make one decision or another (sound familiar traders).
The book uses tons of examples form billion dollar government negotiations to many non monetary negotiations you might have everyday with a spouse or child.
I like the book because if you think about it, as traders, we negotiate constantly with buyers and sellers across the world. the tools and ideas mentioned in this book will carry far in improving my mental strength as a trader.
This is my 2nd time reading this book and it's definitely worth it!
This is an inside look of how boiler rooms of the 90's operated. It was the most unethical practice known to man. What was masked as pitching or selling stocks over the phone was really wire theft. Fake companies with no assets or real business were sold to investors who believed the guy on the phone who promised future riches beyond desire.
The money was so easy that the mafia was soon to be involved. Some members of organized crime started their own boiler rooms while others just took a piece of the pie. If companies didn't pay a percentage some one was getting hurt.
You have got to check this book out! 20 years later American's are still doing the same thing except now it happens online and are disguised a bit better.
In my last review I mentioned that I try to treat my trading like a business so I started reading more business minded books instead of niche trading which has not been as good.
The 4-Hour Workweek is incredible. It gives stories of people who work less and make more than the typical "old money" crowd. New Money crowds use their brain to leverage the business model instead of constantly just working harder in the physical sense.
In my trading I thought of how I could be more efficient and what can be used to utilize time and performance. One thing that I really enjoyed learning about was the power of outsourcing and letting go of some mundane tasks. Despite paying a cost to outsource it, you free up so much time to work on the cash cows of your business.
I recommend anyone who is in a rut with their job or trading to read this. It's a book that may "set you on fire" and get your life, business or trading style back on track!
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