guy@slu70.UUCP (03/12/86)
Here is a belated and somewhat edited summary of the responses I recieved
to my request for reading suggestions. Thanks for the responses
Guy M. Smith
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I got hold of a "paperback" a few years back when the stock was really
hot. This book "How to Buy Stocks" by Louis Engel and Brendan Boyd
was $3.95 from Bantam Books. It can be found in most bookstores.
What a buy for $3.95 these days..... It has most things we should
know if we try to invest money wisely. It has basic info on differences
between bond, stock, .... and how Wall Street works.
T. paul Lee
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I also just took a book out of the library which I haven't had a
chance to read, so maybe someone else will comment. It's called
How to Read and Profit from Financial News, by Gerald Krefetz.
>From the table of contents, it looks like it gives you alot
more information that the other book. More of what are the
relevent factors in different markets than what the actual
details of the workings of the markets. Comments?
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I would like to recommend the "No-Nonsense Financial Guide" series of
paperback publications selling for $3.50 each. Topics include;
'Understanding the Stock Market"
"Understanding mutual Funds"
"Understanding Money Market Funds"
"Understanding Common Stocks"
and "Understanding IRSs"
These titles arte available at B. Dalton and Waldenbooks. Excellent for
beginners.
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There are probably hundreds of newsletters out there, which one you choose
is up to you. At least take the following into consideration when choosing:
1. What is the track record of the author?
In otherwords what is the percentage of winning positions
to total positions held.
2. What is the annual rate of return from these positions.
This does not include taking into account commissions,
but does take into account dividends. You still can
make transactions through your regular broker like me.
3. The news letter should monitor the market conditions as
well as recommendations.
4. A good quality news letter should not cost more than $150/yr.
5. The newsletter should not come out once a month or 3 weeks.
Too much happens in this period of time. I mean you will not
come close to market lows to buy and near market highs to
sell.
If you can monitor the market conditions yourself (i.e., not aiming at
market lows and highs but in the general time vicinity before these
event occurs then I would try a news letter by Dick Davis which I am
getting interested in. This letter goes against my previous
recommendations. But this newsletter monitors other newsletters
recommendations and is published monthly at 95 or was it 195 dollars.
leroy litzhoff
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I think the book "Gaining on the Market", by Charles Rolo is very good.
I can't recommend any particular periodical, but I subscribe to a lot of
stuff, including Barrons'. I enjoy their publication and would probably
take it even if I wasn't in the market.
Maurice
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I highly recommend any of Richard Ney's books on the stock market. They
are real eye-openers. You may not agree with him, but he does offer an
interesting perspective about the stock exchange and the way it REALLY
works, and provides plenty of documentation to back up his opinions.
There are three books out by him:
The Wall Street Gang
The Wall Street Jungle
Making It In The Market
Some may be out of print by now, but look for them in your library.
Dave Kirby
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I'd *highly* recommend "A Random Walk Down Wall Street" by
Malkiol (sp?). Well written, debunks a lot of myth and
nonsense; a real classic.
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Louis Engel's "How to Buy Stocks" is considered the definitive
text on the inner workings of the stock market. It describes the beginnings
of the market (some friends meeting under a large tree on Wall Street) and
other interesting historical facts, in addition to those nuances of the
markets, Big Board and Over-The-Counter, that make sense out of security
trading. In addition, it has recently been updated to include the dereg-
ulation of the larger markets and what other changes may occur.
I recommend it highly.
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A few books, not necessarily in order, I have found most useful over
the years are:
The Sophisticated Investor
The Art of Contrary Thinking
The Battle for Investment Survival
The Gambling Secrets of Nick the Greek
Reminisences of a Stock Operator
The last is a novel but useful nonetheless. The Gambling book teaches
some basic rules about risk management.
Bob Peirce, Pittsburgh, PA
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I recommend "The Intellegent Investor" by Ben Graham.
dan johnston