The Master Trader + Website: Birinyi's Secrets to Understanding the Market

ISBN 10: 1118774736 / ISBN 13: 9781118774731
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About this title:

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Synopsis:

Alongside Laszlo Birinyi's stories from his more than forty years of trading experience, the book provides guidance on critical trading and investment issues, including:

  • What the market will likely do if Spyders are up one percent in pre-trading
  • Whether to buy or sell when a stock reports better that expected earnings and trade up to $5 to $50
  • The details behind group rotation and market cycles
  • The seasonal factors in investing
  • Indicators, explained: which are indicative and which are descriptive
  • The importance of sentiment and how to track it

The book will include chapters and details on technical analysis, the failure of technical analysis efforts, the business of wall street, trading indicators, anecdotal data, and price gaps. The Website associated with the book will also feature data sourcing and video.

Review:

Q&A with Laszlo Birinyi, author of The Master Trader

Laszlo Birinyi

John Maynard Keynes once referred to the stock market as a game. If that is the case, this game, like all others, has winners and losers. The purpose of The Master Trader is to help individuals avoid being losers.

This is not a get rich; retire early book but one which details some of the disadvantages and pitfalls for investors today. Mr. Buffett once suggested that the secret to investing was to make a big snowball and find a steep hill. Alas today that hill is not only steeper but it is slanted up, now down.

We asked Mr. Birinyi who was inducted into the Wall Street Week Hall of Fame in 1999 for more details and information on his effort:

What should readers learn from your book?

Making money on Wall Street is no easier than any other profession. While money managers may seem to lead glamorous lives, the truly successful ones work every bit as hard as your average doctor or engineer. For example, we are told that Peter Lynch supposedly came to the office most Saturdays.

What should individuals then do?

First there are a lot of don'ts. One being to recognize that the term "expert" is a title, not a description and the majority of commentators are not experts, they are available and their job is too often one of public relations, not detailed research and analysis.

Secondly be an informed consumer. It is disappointing to see how little research individuals put into their decisions. To us, they too often treat ideas like a salad bar; a little of this, some of these and one of those. Rather than ascertain an individual's credentials or background, they assume that since you are quoted or on camera, you really know something.

Anything specific which you discuss?

One is to pay close attention to the market. One recent example was Boeing's introduction of the 767 which did not go well. There were issues with the batteries, planes were grounded and there was real pressure on management. But the stock did not go down and after losing money on the short side, I realized that the market was looking ahead and bought the stock.

One practical suggestion, which we term anecdotal research, is to keep an extensive file of clippings, magazines, and other articles as history is a great inefficiency in this business. Our files go back to 1962 and it is fascinating to find parallels and antecedents. We have even gone so far as to go to dealers and buy every available copy of the famous 1979 BusinessWeek issue, "The Death of Equities."

Anything else?

One controversial section is likely to be my conclusion that technical analysis is not helpful. From the perspective of many years on the Salomon Brothers trading desk, we found it to be of almost no value.

"About this title" may belong to another edition of this title.

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Title: The Master Trader + Website: Birinyi's ...
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Book Description John Wiley Sons Inc, United States, 2013. Hardback. Book Condition: New. New.. Language: English . Brand New Book. Alongside Laszlo Birinyi s stories from his more than forty years of trading experience, the book provides guidance on critical trading and investment issues, including: * What the market will likely do if Spyders are up one percent in pre-trading * Whether to buy or sell when a stock reports better that expected earnings and trade up to $5 to $50 * The details behind group rotation and market cycles * The seasonal factors in investing * Indicators, explained: which are indicative and which are descriptive * The importance of sentiment and how to track it The book will include chapters and details on technical analysis, the failure of technical analysis efforts, the business of wall street, trading indicators, anecdotal data, and price gaps. The Website associated with the book will also feature data sourcing and video. Bookseller Inventory # AAS9781118774731

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Book Description John Wiley Sons Inc, United States, 2013. Hardback. Book Condition: New. New.. Language: English . Brand New Book. Alongside Laszlo Birinyi s stories from his more than forty years of trading experience, the book provides guidance on critical trading and investment issues, including: * What the market will likely do if Spyders are up one percent in pre-trading * Whether to buy or sell when a stock reports better that expected earnings and trade up to $5 to $50 * The details behind group rotation and market cycles * The seasonal factors in investing * Indicators, explained: which are indicative and which are descriptive * The importance of sentiment and how to track it The book will include chapters and details on technical analysis, the failure of technical analysis efforts, the business of wall street, trading indicators, anecdotal data, and price gaps. The Website associated with the book will also feature data sourcing and video. Bookseller Inventory # AAS9781118774731

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