CNBC 24/7 Trading: Around the Clock, Around the World

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9780471215301: CNBC 24/7 Trading: Around the Clock, Around the World
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"Marshall McLuhan said, 'We have become a global village,' CNBC has helped lead the way in creating a global village for the financial markets. Readers will finish CNBC 24/7 Trading feeling smarter about the markets and really understanding how important it is to be in the information flow." -Mary Meeker, Managing Director, Morgan Stanley Dean Witter
"CNBC 24/7 Trading unlocks the mystery of how individual investors can invest and trade everywhere all the time. This book will become the investment bible that levels the playing field between Wall Street and Main Street." -Robert J. Froehlich, Vice Chairman, Kemper Funds Group Managing Director, Scudder Kemper Investments
"TD Waterhouse has operations in eight countries, so we see that growth in international investing is accelerating. To be successful investing around the globe, investors need both information and insight. CNBC 24/7 Trading covers what individual investors need to know in a thorough, easy to understand way." -Steve McDonald, CEO, TD Waterhouse
From the Foreword
"CNBC 24/7 Trading . . . embraces the reality that the markets never stand still . . . this book is a guide to the emerging 24/7 marketplace, a road map to the potential rewards for investors who can grasp that marketplace's opportunities and understand its risks."-Sue Herera
"This definitive book on investing in the 24/7 markets provides the comprehensive tools for active investors and market pros alike. Offering information and advice on trading, obtaining research, measuring market volatility, and assessing local market risk, no smart investor should venture without it." -Linda R. Killian, CFA, Principal, Renaissance Capital

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Review:

Nothing has so altered the investment landscape in the past five years as the Internet and the CNBC network. The availability of real-time financial news, data and analysis, and instant order entry and execution have empowered investors and democratized financial markets. Barbara Rockefeller's CNBC 24/7 Trading is a primer for what's fast approaching--a trading day that never ends, where at least 500 international stocks can be bought or sold electronically anytime, anywhere.

The book's main theme is the importance of including foreign stocks in a portfolio to lower risk and increase returns. Current portfolio-management theory, or "modern portfolio theory," holds that foreign stocks have historically outperformed American stocks and tend to move up and down at different times, as well. Thus, a portfolio that includes both is not only less risky but also likely to perform better over time. The point of optimum diversification, the "efficient frontier," is where the greatest returns are achieved with the least risk. They make the case that to not diversify is to actually take a bigger risk. In fact, today more money is invested and managed according to the tenets of modern portfolio theory than by any other method. Yet, missing in this book is any discussion about the impact of an increasingly wired world on stock volatility everywhere, and especially on the "noncorrelation" between U.S. and foreign stocks, on which modern portfolio theory is predicated. Recall how quickly the Asian financial crisis spread to Brazil and then to Russia just a couple of years ago. In the near future, events may well impact all stocks globally in the same way at the same time.

The book explains well the many risks in buying foreign securities. There's currency risk; country-specific economic and political risks; foreign-market, liquidity, broker, and back-office risk; foreign-company operational risk; and accounting standards that are anything but standard. What's more, it's harder, at least for now, to get timely and accurate news and financial data from overseas. The book does cover several theoretically safer methods of investing abroad, including American Depositary Receipts, iShares (foreign index shares), and open- and closed-end funds. And there are sections on the basics of foreign exchange and even charting for beginners.

Investors interested in taking a financial worldview will find here all the reasons they should--and plenty of things to worry about if they do. --Scott Harrison

From the Inside Flap:

The advent of the Internet has turned investing into a round-the-clock, global occupation-24 hours a day, seven days a week. Profits are just waiting to be made somewhere, any time of the day or night-if you know how to find them.

Now, CNBC, the world leader in business news, draws on its renowned resources to provide a road map to today's ever expanding wide-open world of information and investment opportunities. In CNBC 24/7 Trading, CNBC and financial expert Barbara Rockefeller show individual investors how to make sense of the flood of facts, figures, and theories coming our way-and reap the rewards they offer.

Orienting you to the challenges of today's new markets and technology, and presenting the strategies that work best around the world, CNBC 24/7 Trading helps you synthesize, clarify, and prepare to profit from the market that never sleeps. Here you will learn:
* Why liquidity is key to successful trading-and how to assess it
* How to analyze risk to minimize losses
* How global ECNs work
* How to scan and screen for stocks around the world
* The ins and outs of ADRs, exchange-traded funds, and iShares

. . . and much more. And this is only the beginning. As accessible yet savvy as CNBC's television programs, this is a groundbreaking book that investors of all levels will turn to again and again. Because every time a closing bell rings, another market is opening somewhere in the world-and another opportunity awaits.

CNBC is the recognized global leader in business news, providing real-time financial market coverage and business information to more than 160 million homes and offices worldwide. CNBC and Wiley are proud to launch the "CNBC Profit from it" book series with this initial title, CNBC 24/7 Trading.

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