A Wall Street Strategist Made An Awesome Presentation Explaining Everything In Markets And The Economy

oppenheimer

Oppenheimer & Co.

The Dow crossed 17,000 for the first time on Thursday after a monster U.S. jobs report.

"Six months into the year it’s become clear to us that 2014 is likely to be remembered in market history books as a year of big surprises," writes Oppenheimer's John Stoltzfus.

"From our vantage point on the market radar screen it confirms that indeed the economy is getting better, that stocks continue to gather a following among investors after many years of being ignored, untrusted and unloved by more than a few."

Stoltzfus believes that investors and traders will be watching the upcoming earnings season closely.

"Market participants will be looking for further improvements in revenues and earnings growth that along with financial engineering in the form of share buybacks have helped move the market higher through the recovery since 2009," he said. "Guidance as to what corporate leadership sees ahead will likely carry increasing weight."

As the Federal Reserve continues to let up on its easy monetary policy, Stoltzfus warns that the market could experience a ramp up in volatility.

Stoltzfus just published a 35-page presentation putting every corner of the financial markets into perspective.

Thanks to Oppenheimer & Co. for giving us permission to feature this presentation.


Interest rates are slowly climbing to more normal levels.

Interest rates are slowly climbing to more normal levels.

Oppenheimer & Co.

Utilities have been beating consumer discretionary stocks.

Utilities have been beating consumer discretionary stocks.

Oppenheimer & Co.

Everything's up a healthy amount from their lows of the year.

Everything's up a healthy amount from their lows of the year.

Oppenheimer & Co.

Valuations for cyclicals are rich, but earnings expectations could be too conservative.

Valuations for cyclicals are rich, but earnings expectations could be too conservative.

Oppenheimer & Co.

Valuations for defensive stocks are also rich, but earnings expectations for these could also be too conservative.

Valuations for defensive stocks are also rich, but earnings expectations for these could also be too conservative.

Oppenheimer & Co.

Here's a look at the biggest winners and losers of the S&P 500 since the beginning of the year.

Here's a look at the biggest winners and losers of the S&P 500 since the beginning of the year.

Oppenheimer & Co.

Investors are bullish, but not extremely bullish.

Investors are bullish, but not extremely bullish.

Oppenheimer & Co.

The expected return of stocks relative to bonds is shrinking.

The expected return of stocks relative to bonds is shrinking.

Oppenheimer & Co.

European stocks have been doing great.

European stocks have been doing great.

Oppenheimer & Co.

Only the frontier markets saw red in June.

Only the frontier markets saw red in June.

Oppenheimer & Co.

But the frontier markets are still having a huge year.

But the frontier markets are still having a huge year.

Oppenheimer & Co.

Job growth should boost corporate earnings and revenue.

Job growth should boost corporate earnings and revenue.

Oppenheimer & Co.

Consumer confidence is moving higher.

Consumer confidence is moving higher.

Oppenheimer & Co.

Manufacturing and services industry survey indices are well above crisis levels.

Manufacturing and services industry survey indices are well above crisis levels.

Oppenheimer & Co.

Auto sales should keep moving higher.

Auto sales should keep moving higher.

Oppenheimer & Co.

Tight inventory has held back the housing market.

Tight inventory has held back the housing market.

Oppenheimer & Co.

Stock market volatility is at historic lows.

Stock market volatility is at historic lows.

Oppenheimer & Co.

Commodity prices are moving up due to supply issues.

Commodity prices are moving up due to supply issues.

Oppenheimer & Co.

Geopolitics appear to be driving gold and silver prices.

Geopolitics appear to be driving gold and silver prices.

Oppenheimer & Co.

High gas prices are bad news. But consumers aren't nearly as vulnerable as they used to be.

High gas prices are bad news. But consumers aren't nearly as vulnerable as they used to be.

Oppenheimer & Co.

The shale boom has insulated the U.S. from overseas oil shocks.

The shale boom has insulated the U.S. from overseas oil shocks.

Oppenheimer & Co.

U.S. energy exports have been booming.

U.S. energy exports have been booming.

Oppenheimer & Co.

A lot of things are weighing on the U.S. dollar.

A lot of things are weighing on the U.S. dollar.

Oppenheimer & Co.

Mid-cap stocks are making a notable rally.

Mid-cap stocks are making a notable rally.

Oppenheimer & Co.

Individual sectors will do different things in any given year.

Individual sectors will do different things in any given year.

Oppenheimer & Co.

Bonds and gold usually move in the opposite direction of stocks.

Bonds and gold usually move in the opposite direction of stocks.

Oppenheimer & Co.

Investors' reach for yield has fueled rallies in junk bonds and munis.

Investors' reach for yield has fueled rallies in junk bonds and munis.

Oppenheimer & Co.

By far, the U.S. remains the biggest economy in the world.

By far, the U.S. remains the biggest economy in the world.

Oppenheimer & Co.

Here's a summary of Oppenheimer's outlook.

Here's a summary of Oppenheimer's outlook.

Oppenheimer & Co.

Oppenheimer & Co.

Oppenheimer & Co.

Oppenheimer & Co.



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Here's Why We Call Them 'Bear' And 'Bull' Markets



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When stocks are up 20% from a low, we're in a bull market. And when stocks are down 20% from a high, we're in a bear market.

But where do these names come from?

According to Scottrade, these characterizations were designated because of the respective animals' methods of attack.

When you get gored by a bull, your usually getting launched into the air. And when a bear attacks you, it's coming down on you from its standing position.



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A Young Ex-Goldman Trader Thinks His $8.25 Million Bonus Was Too Low

Deeb Salem

Getty Images/ Eugene Gologursky

Deeb A. Salem and Lauren C. Salem.

A young former Goldman Sachs trader thinks that the $8.25 million bonus the bank awarded him was too low, Bloomberg News reports.

Deeb Amin Salem, a 35-year-old star mortgage trader, told his mom he was expecting $13 million for his 2010 bonus, the report said citing Financial Industry Regulatory Authority arbitration documents. Instead, he got $8.25 million. 

The year before, Salem was paid a $15 million bonus. That was more than Goldman CEO Lloyd Blankfein took home for his 2009 bonus, Bloomberg pointed out.

According to the report, Salem thought he was being punished for what he wrote in his 2007 self-evaluation. His review was made public back in 2011 by a U.S. Senate panel.

Here's what he wrote about what he did well during the mortgage meltdown: 

"In May, while we were remain[ing] as negative as ever on the fundamentals in sub-prime, the market was trading VERY SHORT, and susceptible to a squeeze. We began to encourage this squeeze, with plans of getting very short again, after the short squeezed [sic] cause[d] capitulation of these shorts. This strategy seemed do-able and brilliant, but once the negative fundamental news kept coming in at a tremendous rate, we stopped waiting for the shorts to capitulate, and instead just reinitiated shorts ourselves immediately."

Salem joined Goldman in 2001 after graduating from Princeton. While at Goldman, he became the head trader in the structured product group and led that desk during the mortgage crisis.

According to Bloomberg News, a $3 million bonus for his 2011 performance is what caused him to leave for a hedge fund in 2012. He's currently working as a portfolio manager for GoldenTree Asset Management. 

A spokesperson for Goldman told Bloomberg News that Salem's claims are "utterly ridiculous." 

Salem's claims were recently rejected by a FINRA panel. His attorney has just filed a petition in New York State Supreme Court.

Salem is seeking $16.5 million from the bank ($9.5 million and about 41,000 shares in deferred compensation), the report said. 



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29 Successful People Who Wake Up Really Early



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howard schultz

Spencer Platt / Getty

Howard Schultz gets up at 4:30 a.m.




It's no coincidence that so many successful people get up early. The early bird schedule is good for responding to people and events around the world, getting a head start on people in your own time zone, and also finding time for exercise and family. What's more, research shows that early risers tend to be happier and more proactive.

While a late schedule may make sense for some occupations, most people should take notes from the executives and other successful people on this list.


GE CEO Jeff Immelt

GE CEO Jeff Immelt

Immelt gets up at 5:30 in the morning every day for a cardio workout, during which he reads the papers and watches CNBC, he told Fortune. He claims to have worked 100 hour weeks for 24 straight years.  

Xerox CEO Ursula Burns

Xerox CEO Ursula Burns

AP Images

Burns uses early morning hours to get caught up on emails, getting up at 5:15 and sometimes working until midnight, she told Yahoo Finance.

She also uses the time to stay in shape, scheduling an hour of personal training at 6:00 A.M. twice a week, according to Laura Vanderkam's "What The Most Successful People Do Before Breakfast."

Fiat and Chrysler CEO Sergio Marchionne

Fiat and Chrysler CEO Sergio Marchionne

Marchionne splits his time between Turin, Italy and Auburn Hills, Mich.

When in the U.S., he gets up at 3:30 in the morning to deal with the European side and still have time for everything else, he told "60 Minutes."

"You and I have lived among workaholics in our day. I have never seen anything like Sergio," Obama "car czar" Steve Rattner said on the show. "When it was a holiday in Italy he'd come to America to work. When it's a holiday in America he goes to Italy to work. Saturdays and Sundays were just workdays to him and for his whole team. And anybody who signed up with Sergio signed up for the program.

PIMCO Co-founder Bill Gross

Running the world's largest bond fund in the world from California pretty much guarantees early mornings. According to Fortune, Gross wakes up at 4:30 in the morning to check out the markets and gets into the office by 6. 

Square CEO Jack Dorsey

Dorsey described his morning routine to New York Magazine, revealing that he wakes up at 5:30 to meditate and go for a six-mile jog.

He kept up that routine during a period where he shuttled back and forth between Square and Twitter, spending around 8 hours a day at both companies. 

Richard Branson, founder and chairman of the Virgin Group

In an interview with Business Insider's Aly Weisman, Branson revealed that he wakes up at around 5:45 in the morning, even when staying at his private island, leaving the curtains drawn so the sun gets him up. 

He does his best to use those early hours to exercise before an early breakfast and getting to work. 

PepsiCo CEO Indra Nooyi

Nooyi wakes up as early as 4:00 A.M., telling Fortune that "They say sleep is a gift that God gives you ....that's one gift I was never given."

In a speakers series at Pepsi, she revealed that she's at work every day by no later than 7.

General Motors' CEO Dan Akerson

General Motors' CEO Dan Akerson

GM website

Akerson told the AP he will "rarely sleep past 4:30 or 5," waking up so he can talk to GM Asia before it gets too late. He calls it the best job he's ever had: "It's complex and interesting and exciting."

But the stress gets to him too, leading to "a lot of sleepless nights."

Virgin America CEO David Cush

Virgin America CEO David Cush

Getty Images

Cush described his morning routine to the AP: Wakes up at 4:15 a.m., sends emails, calls business associates on the East Coast, and that's before listening to Dallas sports radio, reading the paper and hitting the bike at the gym.

Apple CEO Tim Cook

Cook is known for getting up and sending out company emails at 4:30 in the morning, according to Gawker's Ryan Tate. By 5 AM he can be found in the gym. And he works late too, priding himself on being the first in the office and the last out.

Disney CEO Bob Iger

Disney CEO Bob Iger

Business Insider

Iger told the New York Times he gets up at 4:30 every morning. He takes the quiet time to do a number of things, claiming to read the papers, exercise, listen to music, look at email, and watch TV all at once. Even though it's quiet time, he's "already multitasking."

Hain Celestial Group CEO Irwin Simon

Hain Celestial Group CEO Irwin Simon

AP Images

Simon wakes up 5 a.m. and immediately starts working, going through emails and calling operations in Europe and Asia. He also prays, walks the dog and exercises before his kids wake up, often scheduling a breakfast meeting before arriving at his Long Island office by 9 a.m.

"I have always been an early riser. As you can see, I accomplish a lot in four hours and now feel pumped for the remainder of the day," Simon told National Post, also saying he works 75 to 100 hours a week running the company behind brands like Rice Dreams and Celestial Seasonings.

Former Peugeot GM Jean-Martin Folz

Former Peugeot GM Jean-Martin Folz

AP Images

Now headed to the board of Eutelsat Communications, the former head of Peugeot was said to catch the 4 a.m. train from Dijon to Paris and would finish up a briefing paper within minutes of arriving to his office at 7 a.m. According to The Guardian, Folz also had his Renault Espace converted into an office so he could work while commuting.

Starbucks CEO Howard Schultz

"I get up at 4:30 every morning to walk my three dogs and work out. Around 5:45 a.m. I make coffee for myself and my wife, using an 8-cup Bodum French press," Schultz told Bloomberg Businessweek

The coffee magnate still gets to the office by 6 a.m., according to Portfolio.com.

Brooklyn Nets CEO Brett Yormark

The youngest CEO in the NBA told SellingPower that he gets up at 3:30 in the morning in order to get to the office by 4:30. From there, he works out and sends motivational emails to his team.

He takes it easy on the weekends, arriving at the office by 7 a.m. instead.

Former Oxygen Channel CEO Gerry Laybourne

Former Oxygen Channel CEO Gerry Laybourne

Getty Images

The founder of Oxygen is awake by 6 a.m. and out of the house a half hour later. If you get up early enough she might even take you under her wing, she tells Yahoo! Finance:

"Once or twice a week, I go for a walk in Central Park with a young person seeking my advice. This is my way of helping bring along the next generation. And if someone is up early in the morning then they are serious about life. I can't take time at the office to do this, but doing it in the morning allows me to get exercise and stay connected with young people at the same time."

Cedar Fair Entertainment CEO Matt Ouimet

Cedar Fair Entertainment CEO Matt Ouimet

Getty Images

Ouimet likes to get to the office early, waking up at 5:30 in order to get out of the house by 6 a.m.

“I’ve always been anxious to get to work: game time," he told Yahoo Finance.

Cisco CTO Padmasree Warrior

Cisco CTO Padmasree Warrior

Getty Images

After waking up at 4:30 a.m., Warrior spends an hour on email, reads the news, works out, and gets her son ready for school. She is still in the office by 8:30 at the latest, according to Yahoo Finance.  

Procter & Gamble CEO A.G. Lafley

The head of Proctor & Gamble, who took the job again after a hiatus, told Fortune that he makes it a habit to be up between 5 and 5:30 a.m. and at his desk by 6:30 or 7.

He also takes care to have a good breakfast:  "I used to eat virtually nothing for breakfast. Now I have a V-8 juice, half a bagel, and a cup of yogurt. And I eat five or six times a day. It's about managing your glycemic level. You don't want to boom and bust."

Unilever CEO Paul Polman

The Dutch-born Polman gets up at 6 a.m. so he can run on the treadmill in his office. This also gives him time to "reflect on the work day ahead," which is probably pretty hectic at a multinational food and detergent company.

AOL CEO Tim Armstrong

"I usually get up at 5 or 5:15am," Armstrong told The Guardian. "Historically, I would start sending emails when I got up. But not everyone is on my time schedule, so I have tried to wait until 7am. Before I email, I work out, read, and use our products. By 7am, I usually have questions or feedback about AOL. I am not a big sleeper and never have been. Life is too exciting to sleep."

He says he tries to get six hours of sleep a night, but often ends up operating on less. "It isn't ideal," he admitted.

Newton Investment CEO Helena Morrissey

Morrissey told The Guardian that she gets up "at 5 in the morning, sometimes earlier," and immediately starts sending emails until her kids get up. She has family dinner scheduled at 7:30 p.m. but works again after that, sometimes for as much as two hours, prepping for the next morning's meetings.

She admits to feeling a bit sleep deprived. But that's the job, especially when you've got nine children in addition to running a global investment company.

Incoming GM CEO Mary Barra

Incoming GM CEO Mary Barra

General Motors

Barra, who will replace current CEO Dan Akerson next year is a GM lifer and will be the first female head of a major auto company.

She's in the office before many people even wake up, usually by 6 A.M. according to the New York Times.

Starwood Hotels CEO Frits Van Paaschen

The former Coors CEO makes a habit of going for a run or bike ride at 5:50 in the morning and being ready for the day by 6:30, according to "What The Most Successful People Do Before Breakfast."

According to the AP, he might be America's fittest CEO, and completed his first Ironman triathlon earlier this year in 12 hours and 44 minutes. 

It's that effort that's helped him succeed. One of the three life lessons he shared with Bloomberg Businessweek was that "effort is more important than talent." Another excellent lesson was that "anyone who believes he is a self-made man has a very selective memory." 

Former PepsiCo CEO Steve Reinemund

Former PepsiCo CEO Steve Reinemund

AP Images

While running PepsiCo, this Marine veteran would run 4 miles every morning at 5 a.m., according to CEO.com. This was the only way he could be sure he would have time for his run and would not get caught up in corporate affairs. He also made a habit of reading The New York Times, The Wall Street Journal, Financial Times, and The Dallas Morning News before heading to work.

Now dean of the Wake Forest University School of Business, Reinemund has invited students and faculty to join him on early morning jogs he calls "Dawn with the Dean," according to the Business Journal.

Baltimore Ravens Head Coach John Harbaugh

Baltimore Ravens Head Coach John Harbaugh

Wikimedia Commons

For ESPN, Harbaugh chronicled his work week as he prepared for a game with the Chicago Bears. He usually wakes up well before 6 A.M. and often works until 11. On at least a few nights of the week, he sleeps on his office couch in order to wake up earlier, work later, and get down to work faster.

And despite a packed schedule where pretty much every minute is taken up with watching tape, meetings, or practices, he manages to work out almost every day. 

Vogue editor-in-chief Anna Wintour

Vogue editor-in-chief Anna Wintour

Getty Images / Gareth Cattermole

The famously intense magazine and fashion icon wakes up every morning at 5:45 to play an hour of tennis, according to The Guardian. After that comes a daily blowout at quarter to 7 to maintain her famous hairstyle. 

Former presidents George HW Bush and George W Bush

The first Bush would get up at 4 a.m., go running, be in the office by 6 a.m. and stay up until 2 a.m. "He was a horror," said a former White House nurse who had to try to keep up with him.

The second Bush kept a similar schedule, going to the office by 6:45 a.m. and often holding meetings at this ripe hour, according to The NYT.

So did W. Bush's cabinet. Colin Powell put in "perfectly appalling" hours, arriving to the office at 6 a.m., and not leaving until after 7 p.m., according to his former students. Condoleeza Rice woke up every day at 4:30 in the morning in order to get to the gym before work.



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reference:http://www.businessinsider.com/16-words-that-will-make-you-sound-like-a-wall-street-hotshot-2012-7?op=1

16 Words That Will Make You Sound Like A Wall Street Hotshot



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The financial markets are much more complicated than just stock market price-earnings ratios and bond market interest rates.

Thanks to complex statistics-based theories and the explosion of derivatives, reports analyzing the financial markets are now riddled with incredibly intimidating jargon.

We selected some of the key terms that are both advanced and also used pretty frequently by Wall Streeters to describe what's going on in the markets.

Learning to use them will make you sound like a real hotshot.


Crack spread

Definition: The "crack spread" is the difference between cost of crude oil and price of a refined petroleum product, usually using gasoline and distillate fuel. Both single and multi-product crack spreads are calculated. The most common multi product figure is the 3:2:1 crack spread, calculated by subtracting the cost of three barrels of crude oil from the price of two barrels of gasoline, and one barrel of distillate.

Use: Crack spreads are a useful way to look at supply trends and refinery margins in different markets, as it compares a locally priced commodity (wholesale products) to a globally priced one (crude oil). Crack spread futures are used by independent refiners to hedge against adverse price movements.  

Source: U.S. Energy Information Administration

Contango

Definition: "Contango" is when the prices along a futures curve rises successively as the contracts' expiration increases. More basically, it is when the futures price is trading above the spot price for a commodity.  

Use: If a commodity is in contango, it usually reflects weak demand today or strengthening demand over time. The obvious current example is the natural gas market, which is in severe contango.  

Source: Options, Futures, And Other Derivatives

Backwardation

Definition: Backwardation is the opposite of a contango.  It occurs when prices in the futures chain fall as the contracts grow more distant in time. The futures price will be below the spot price.    

Use: Backwardation tends to occur when there are deflationary expectations for a commodity. Recently, we've seen backwardation in the silver market. 

Source: Options, Futures, And Other Derivatives

2s10s

Definition: This term refers to the difference in yield between a sovereign debt issuer's 2 year bond (2s) and its 10 year bond (10s). 

Use: A steeper curve, where the yield on the 10 year is higher than the 2 year, indicates an increasing growth and/or inflation expectations. 

Duration

Duration

Definition: Duration is a weighted average of the times that interest payments and the final return of principal are received. The weights are the amounts of the payments discounted by the yield-to-maturity of the bond.

Duration is also used to describe the risk of a bond as reflected by the change in price as the market interest rate moves.

Use: Duration allows the comparison of bonds with different maturities and coupons. A bond with a higher duration is riskier and will likely have higher price volatility. 

Source: Options, Futures, And Other Derivatives

Convexity

Convexity

Definition: Convexity is the first derivative of duration, so it measures the sensitivity to interest rates of a bond's duration.

If a bond exhibits positive convexity, the price increases at an accelerating rate when market interest rates fall.  And vice versa.

Use: Generally used as a risk management tool for a bond portfolio, along with duration. 

Source: Options, Futures, And Other Derivatives

Swap spread

Definition: A swap spread is the difference between the rate paid on an interest rate swap and the rate of the most recently issued treasury with the same maturity as the swap.

Use: Higher swap spreads reflect higher risk in the bond market. 

Source: Investopedia

Alpha

Definition: Alpha is a measurement of a portfolio's risk adjusted return.  

Use: Often used to measure fund manager's performance. 

Source: Corporate Finance

Delta

Delta

Definition: Delta is the the spot change in the price of a call (or put) option relative to the change in the price of the underlying stock.

Use: Delta hedging is a strategy that aims to reduce the risk from movements in an asset price by offsetting positions at a ratio determined by delta. 

Source: Options, Futures, And Other Derivatives

Gamma

Gamma

Definition: Gamma is the first derivative of delta, and measures its rate of change. 

Use: A trader may seek to minimize Gamma when delta hedging, so as to make the hedge effective over a wider variety of price movements.   

Source: Options, Futures, And Other Derivatives

Theta

Theta

Definition: Theta measures the "time decay" of an option, it captures the sensitivity of the price of the option to elapsed time as the option approaches maturity.

Use: Options can either be exercised immediately or held until a date nearer its expiration. Theta can give an idea of how much the price of the option might move as it approaches maturity. 

Source: Options, Futures, And Other Derivatives

Vega

Vega

Definition: Vega is the sensitivity of the price of an option to volatility. 

Use: Especially important in today's volatile market, volatility can significantly affect certain options strategies. 

Source: Options, Futures, And Other Derivatives

Implied volatility

Implied volatility

Definition: Implied volatility is the solution value for volatility in an option pricing model like Black Scholes, the value implied by the market price of an option and its underlying security. 

Use: Used in options pricing, particularly for Black Scholes. 

Source: Options, Futures, And Other Derivatives

Straddle/strangle

Definition: A long straddle involves purchasing a put and call for a security at the same strike price and expiration. The trader will profit should the price move a long way in either direction. A long strangle is similar, except that the options have different strike prices. 

Use: Allows a trader to profit if a security moves, the only potential loss is the price of the options. This is a strategy for volatile markets, in that a trader might expect a big move, but is unsure of the direction.   

Source: Options, Futures, And Other Derivatives

Prepayment risk

Definition: Prepayment risk comes from the possibility of an early, unscheduled return of the principal of a bond or other fixed income security, usually a mortgage-backed security.

Use: Fixed income securities are used to provide a steady cash flow, should the principal be paid early it could cause problems in the future. This is a particular risk for mortgage backed securities. 

Source: Investopedia

Reinvestment risk

Reinvestment risk

Federal Reserve Bank of St. Louis

The federal funds rate target has never been lower, indicating that commercial interest rates are at their lowest levels ever.

Definition: Reinvestment risk stems from the possibility that payments from an investment, usually a bond, occur when market rates are low.   

Use: This is a particular risk for pension funds that have a required rate of return. Should an investment end early, they may be unable to find a suitably high rate elsewhere. This risk is particularly high when interest rates are falling.  

Source: Investopedia



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The Most Important Finance Books Ever Written


한국어판 책.이미지 출처:http://www.kyobobook.co.kr/
원본 자료출처:http://www.businessinsider.com/

Benjamin Graham, 'The Intelligent Investor'




John Burr Williams, 'The Theory of Investment Value'




Philip Fisher, 'Common Stocks and Uncommon Profits'

Eugene Fama, 'The Foundations of Finance'


Peter Lynch, 'One Up On Wall Street'

Aswath Damoradan, 'Damodaran on Valuation'

  • eBook
  • Damodaran on Valuation새창열기
  • 장바구니 담기바로 구매하기보관함 담기
  • [외국도서]Damodaran on Valuation
  • Aswath Damodaran 지음 Wiley 2014년 03월
  • 71,490원 0원(0%적립)
  • 파일 형태 : ePUB
  • 해당상품은 별도의 배송 없이 바로 PC에서 열람하실 수 있는 전자책 입니다.
  • PC 이외에 지원가능한 이용환경은 해당 상품의 상세페이지 내 “이용가능환경”에서 확인하실 수 있습니다.




Jeremy Siegel, 'Stocks for the Long Run'

Robert Shiller, 'Irrational Exuberance'

북리뷰:http://booklog.kyobobook.co.kr/pcjkbc1106/1308136/#0

2011년 미국 뉴욕에서는 금융권의 탐욕과 소득 불평등에 맞서 월가를 점령하라!(Occupy Wall Street!)’는 반금융 시위가 벌어졌고 급기야 전 세계 1500여개 도시로 확산됐다. 2008년 미국의 서브 프라임 모기지 사태로 발발한 세계 금융위기는 일반 대중으로 하여금 금융권을 아예 사기꾼’, ‘약탈자’, ‘범죄집단으로 낙인찍게 만들었다우리나라에서도 최근 동양그룹의 CP(기업어음불완전판매 사태국민은행의 고액 사기대출 사건 등이 터지면서 금융에 대한 시민들의 불신과 불안이 팽배해지는 건 아닌지 우려된다.
 
그렇다면 과연 금융은 정말 이렇게 부도덕하고 탐욕스럽기만 한 악의 무리인가과연 금융의 본질은 무엇인가하는 물음에 답은 없는가비록 완전하지는 않지만 분명히 답은 있다고 말하는 사람이 있다바로 올해 노벨경제학상 수상자로 선정된 로버트 실러 예일대 교수다그는 예일대 경제학과 교수이자 예일 경영대학원 금융학과 교수로서주택시장과 닷컴 버블을 경고한 <이상 과열Irrational Exuberance>, 금융위기를 행동경제학으로 분석한 <야성적 충동Animal Spirits>, 부동산 거품과 경제 시스템 간의 상관관계를 분석한 <버블 경제학The Subprime Solution> 등의 저자이며행동경제학의 대부이자 사회심리학을 전통적인 경제학과 결합시켜 버블 형성과 붕괴서브 프라임사태 등을 정확히 예측한 바 있다.
 
실러 교수는 2012년에 발간한 신작 <새로운 금융시대Finance and the Good Society>에서 금융은 여전히 중요한 사회적 도구이자 절대적으로 필요한 장치라고 말한다그는 글로벌 금융위기의 주범은 금융’, 혹은 금융기관’ 자체가 아니라 금융시스템이라고 분석한다나아가 금융이 좋은 사회를 만드는 데 기여할 수 있다고 단언하며구체적으로 실행 가능한 여러 가지 아이디어도 제시하고 있다.




<신간

새로운 금융시대
[국내도서] 새로운 금융시대
저자 로버트 쉴러
출판사 알에이치코리아 | 2013.11.15
정가 17,000 원 판매가 15,300 원 ( 10% +10% P)
평점 내용  디자인 



John Murphy, 'Technical Analysis of the Futures Market'






Robert C. Merton, 'Continuous-Time Finance'


John Bogle, 'Common Sense on Mutual Funds'


Warren Buffett, 'The Essays of Warren Buffett'



Anthony Crescenzi, 'The Strategic Bond Investor'






Geoffrey Moore, 'The Gorilla Game'












Adam Smith, 'The Money Game'

Nassim Taleb, 'The Black Swan'




George Soros, 'The Alchemy of Finance'

한국어판 책은 아무리 찾아도 없어서.
원문 pdf 첨부

파일은...10MB까지 첨부..이구만...40MB라서 필요하신분은 출처로부터.









참고

Kathryn Staley, 'The Art of Short Selling'





Posted by Johns Shin
,


D. 진정한 독립은 자신의 노력으로 자활하는 것이다. -제인포터


S. 매력은 여자의 힘이고, 힘은 남자의 매력이다. -해브록 엘리스


D. 가장 큰 피로는 마치지 않은 일에서 온다. -에릭호퍼


D. 실패하는 사람들의 90%는 정말로 패배하는 것이 아니라 포기하는 것이다. -폴J 마이어


L. 역경은 사람을 약하게, 강하게 만드는 것이 아니라 그의 본 모습을 드러낼 뿐이다. -페이스 포사이트


L. 운명의 여신이 우리에게서 무엇을 잃게 하든, 정직성과 독립심을 잃게 하지 않는 한, 그녀가 멋데로 하게 내버려 둬라. -알렉산더 포프


L. 당신과 나에게 사과가 하나씩 있고 우리가 그 사과를 서로 맞교환하면 여전히 사과하나를 갖게 될 것이다. 하지만 당신과 나에게 아이디어가 하나씩 있고 우리가 그 아이디어를 서로 교환하면 우리는 두개의 아이디어를 갖게 된 것이다. -조지 버나드쇼


DD. 동화에는 진실이 담겨있다. 용이 존재한다는 것을 말해 줘서가 아니라. 용을 물리칠 수 있다는 것을 말해주기 때문이다. -G.K 체스터 틴


D. 과거의 실수와 실패는 잊어라. 지금 하고자 하는 바를 제외한 모든 것을 잊고 그것에 매진하라. -윌리엄 듀랜트


D. 성공의 비결은 기회가 찾아 왔을 때 준비된 상태로 있는 것이다. -벤저민 디즈레일러


D. 모험은 해볼 만한 가치가 있다. -아멜리아 이어하트


D. 경쟁전략의 생명은 차별화에 있다. 그것은 자기만의 가치체계를 전달하기 위해 의도적으로 차별적 활동을 선택하는 것이다. -마이클 포터


D. 조언으로 남들을 귀찮게 하지 말고, 모범을 보여서 가르쳐라. -몽테스키외(프랑스 사상가 1689-1755)



Posted by Johns Shin
,

http://www.businessinsider.com/the-most-important-finance-books-2012-5?op=1


The Most Important Finance Books Ever Written

Peter Lynch

Peter Lynch wrote a few books in his time.

Investment books are a dime a dozen. Book stores have sections devoted to investing in the stock market, personal finance, and how to 'get rich quick.'

These 21 selected books appear on must-read lists over and over.  They are the best finance books ever written, and the list should save you some time when perusing a book store or online searches.

Many of the books are niche investment books, focusing on the bond market, futures market, or some other particular feature of investing. Others get down to the basics and have been pillars of the investing world for decades.


Benjamin Graham, 'The Intelligent Investor'

Benjamin Graham, '<a href=http://www.amazon.com/gp/product/0060555661/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0060555661>The Intelligent Investor</a>'

Benjamin Graham was a mentor to Warren Buffett, and is considered to be the father of value investing, which Graham became famous for in both his teachings at Columbia Business School and in his book, Security Analysis.

'Security Analysis' is the longest running investment text ever published, and 'The Intelligent Investor' was called "the best book about investing ever written" by Warren Buffett.

John Burr Williams, 'The Theory of Investment Value'

John Burr Williams, '<a href=http://www.amazon.com/gp/product/087034126X/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=087034126X>The Theory of Investment Value</a>'

John Burr Williams was one of the first financiers to utilize the discounted cash flow theory, which is still an extremely popular method for company evaluation.

Williams is a founder of fundamental analysis and his 1938 book, 'The Theory of Investment Value', is one of the most popular investing books in history. In this book, he articulates the DCF theory and focuses heavily on dividend based valuation.

Williams held four Harvard degrees and taught economics at the University of Wisconsin. Along with 'The Theory of Investment Value', Williams published 'International Trade Under Flexible Exchange Rates' in 1954 as well as many articles for economic journals.

Philip Fisher, 'Common Stocks and Uncommon Profits'

Philip Fisher, '<a href=http://www.amazon.com/gp/product/0471445509/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0471445509>Common Stocks and Uncommon Profits</a>'

Wikimedia Commons

Philip Fisher's book, which was published in 1958 and titled 'Common Stocks and Uncommon Profits' contains many studies that are still applied heavily by investors nearly 50 years later. It was the first ever investment book to make the New York Times bestseller list.

Fisher's claim to fame was his focus on growth investing. Along with his writing, Fisher founded Fisher and Company, a money management firm, in 1931. He is famous for buying shares in Motorola in 1955 and holding those shares until his death in 2004. In Fisher's opinion, the best time to sell a stock is "almost never."

Eugene Fama, 'The Foundations of Finance'

Eugene Fama, '<a href=http://www.amazon.com/gp/product/0465024998/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0465024998>The Foundations of Finance</a>'

Eugene Fama received his undergraduate degree from Tufts University and his MBA from the Booth School of Business at the University of Chicago. He continued to teach at the University of Chicago after receiving his Ph.D.  He's known as the father of the efficient market hypothesis.

'The Foundations of Finance: Portfolio Decisions and Securities Prices' is one of many pieces of work by Fama, and covers many of the ground works of finance and investment practices. Fama has published many works for journals and other publications, but 'Foundations of Finance' is a highly recommended text.

Peter Lynch, 'One Up On Wall Street'

Peter Lynch is a research consultant at Fidelity Investments. He received his undergraduate degree from Boston College and his MBA from the Wharton School of the University of Pennsylvania. As a portfolio manager, Lynch drove Fidelity's Magellan Fund from holding just $18 million in assets to $14 billion when he retired.

Lynch has two very popular books, 'One Up On Wall Street' and 'Beating the Street.' The first book details Lynch's investment technique and provides many of his theories on investing. The second provides the application of said techniques and theories, and elaborates on many specific stocks and investments that Lynch made.

Aswath Damoradan, 'Damodaran on Valuation'

Aswath Damoradan, '<a href=http://www.amazon.com/gp/product/0471751219/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0471751219>Damodaran on Valuation</a>'

Damodaran / NYU

Aswath Damodaran, NYU

Aswath Damodaran is the legendary finance professor at the Stern School of Business at New York University. He teaches both corporate finance and equity finance, and graduated from UCLA, The Indian Institute of Management Bangalore, and Madras University.

One of Damodaran's many books, 'Damodaran on Valuation' is his most popular book, in which he elaborates on which models to utilize in any valuation scenario.

Jeremy Siegel, 'Stocks for the Long Run'

Jeremy Siegel is a finance professor at the Wharton School of the University of Pennsylvania, and contributes regularly to nearly every financial television network and also Yahoo! Finance. Siegel completed his undergraduate studies from Columbia University and received his Ph.D. from MIT.

Siegel's most popular book is 'Stocks for the Long Run.' In this book, he argues that the stock market is actually very safe as he details the history of the stock market and why investing in stocks long-term is a wise decision. Siegel states that he would much rather see investors push for long-term, diversified investments rather than pursuing hot stocks or trying to time the market.

Robert Shiller, 'Irrational Exuberance'

Robert Shiller, '<a href=http://www.amazon.com/gp/product/0767923634/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0767923634>Irrational Exuberance</a>'

Robert Shiller is an economics professor at Yale University and is one of the developers of the Case-Shiller index. Shiller graduated from the University of Michigan and received his masters and Ph.D. from MIT.

Shiller authored 'Irrational Exuberance' looks at the market crash of 2000, when the first edition of the book was published. He had predicted the peak and crash, but was not attempting to educate potential investors on market timing, but rather on understanding long-term investments.  The second edition of the book predicted the housing market crash.

John Murphy, 'Technical Analysis of the Futures Market'

John Murphy, '<a href=http://www.amazon.com/gp/product/0735200661/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0735200661>Technical Analysis of the Futures Market</a>'

Amazon

John Murphy is widely considered to be the father of inter-market technical analysis. He graduated from the University of Rhode Island with a degree in Economics and also received his MBA from URI.

Murphy's book, 'Technical Analysis of the Futures Market' has a rather straight forward title. Murphy provides a history of the futures market and conversationally discusses how to attack a very complex market. While this is a niche book, there is likely no better book in regards to analyzing the future market than Murphy's book.

Robert C. Merton, 'Continuous-Time Finance'

Robert C. Merton, '<a href=http://www.amazon.com/gp/product/0631185089/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0631185089>Continuous-Time Finance</a>'

Amazon

Robert C. Merton is a professor at the MIT Sloan School of Management and Nobel laureate in Economics. He received his undergraduate degree from Columbia University and received his masters from the California Institute of Technology, as well as a doctorate in economics from MIT. Merton also co-founded Long-Term Capital Management.

Merton's book 'Continuous-Time Finance (Macroeconomics and Finance)' dives into modern finance and as the title states, continuous-time finance. The book is a collection of papers written by Merton over 25 years, and the combination of the papers makes for one of the most intellectually stimulating investment books ever created.

John Bogle, 'Common Sense on Mutual Funds'

John Bogle, '<a href=http://www.amazon.com/gp/product/0470138130/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0470138130>Common Sense on Mutual Funds</a>'

John Bogle founded and was the CEO of The Vanguard Group before his retirement. He earned his undergraduate degree from Princeton University.

'Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor' is nearly universally known as a must read among anyone who wants to learn about investing. Bogle elaborates on investment strategies, mutual fund values, and uses quantifiable reasoning to come to his conclusions. Three main keys that Bogle notes are to stay the course, that impulse is your enemy, and that time is your friend.

Warren Buffett, 'The Essays of Warren Buffett'

Warren Buffett is one of, if not the, most popular investors in the history of the world. Buffett graduated from the University of Nebraska at the age of nineteen and earned his masters in economics from Columbia, under the teachings of Benjamin Graham and David Dodd.

'The Essays of Warren Buffett: Lessons for Corporate America' is a series of letters that Buffett sent to shareholders of his company, Berkshire Hathaway. The letters serve as an education of business principles and concepts that he has utilized throughout the existence of his tremendously successful company, and provide a first hand look at how he has made his business so successful.

Anthony Crescenzi, 'The Strategic Bond Investor'

Anthony Crescenzi, '<a href=http://www.amazon.com/gp/product/0071667318/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0071667318>The Strategic Bond Investor</a>'

Bloomberg

Anthony Crescenzi is a graduate of the City University of New York and also received his MBA from St. John's University. Currently, Crescenzi is an executive vice president, market strategist, and portfolio manager for PIMCO.

Crescenzi has published five books, the most notable of which is 'The Strategic Bond Investor: Strategies and Tools to Unlock the Power of the Bond Market.' There are many stock and investing books, but very few focus heavily on bonds as Crescenzi does in this book. He helps explain every detail of the market. Bill Gross has a very kind review of his book on Amazon.com.

Geoffrey Moore, 'The Gorilla Game'

Geoffrey Moore, '<a href=http://www.amazon.com/gp/product/B000IOEP8Q/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=B000IOEP8Q>The Gorilla Game</a>'

Amazon

Geoffrey Moore is a venture partner at Mohr Davidow Ventures, and formerly worked at The McKenna Group and a company in which he founded, The Chasm Group.

'The Gorilla Game' details Moore's opinion on how to invest in high tech companies. Moore uses a more conversational approach, rather than mathematically heavy, to determine which technology companies are bound to grow and which ones are bound to tumble. He breaks companies down to three categories, The Gorilla (the leader), the Chimp (the challenger), and the Money (the follower).

Burton Malkiel, 'A Random Walk Down Wall Street'

Burton Malkiel, '<a href=http://www.amazon.com/gp/product/0393340740/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0393340740>A Random Walk Down Wall Street</a>'

Burton Malkiel was twice the chairman of the economics department at Princeton University. He graduated from Boston Latin School and received his MBA from Harvard University.

Malkiel's most famous work, and one of the most popular finance related books of all time, is 'A Random Walk Down Wall Street.' The book examines many popular investing techniques, specifically both technical and fundamental analysis. Malkiel breaks down both strategies and notes the flaws in each, suggesting that passive strategies will provide better results than either of these methods.

Adam Smith, 'The Money Game'

Adam Smith, '<a href=http://www.amazon.com/gp/product/0394721039/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0394721039>The Money Game</a>'

Amazon

Adam Smith is a pen name for the Harvard-and-Oxford trained George W. Goodman. Smith is the author of three books, most notably 'The Money Game.' Goodman was once the editor of The Harvard Crimson.

In 'The Money Game' breaks down the stock market and was his first non fiction title. Smith discusses skepticism revolving around reported numbers and uses a humorous and conversational tone to discuss the inner workings of Wall Street.

Nassim Taleb, 'The Black Swan'

Nassim Taleb, '<a href=http://www.amazon.com/gp/product/B00139XTG4/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=B00139XTG4>The Black Swan</a>'

Nassim Taleb is a professor at Oxford  University, after having formerly been a hedge fund manager and Wall Street trader. He completed his undergraduate studies at the University of Paris, where he also received a Ph.D., and received his MBA from the Wharton School at the University of Pennsylvania.

Taleb's book, 'The Black Swan' focuses on how large, improbable events can completely disrupt any forecasts or expectations of the future. The unpredictable nature of such large events that alter markets adds an additional layer of risk that is often not considered by investors.

George Soros, 'The Alchemy of Finance'

George Soros is the chairman of Soros Fund Management, and he is a graduate of the London School of Economics.

His book, 'The Alchemy of Finance' acts as an instructional guide of the marketplace. He interprets how instrumental investors' perception of market values are, and states that this is what really moves prices up and down.

Edwin Lefevre, 'Reminiscences of a Stock Operator'

Edwin Lefevre, '<a href=http://www.amazon.com/gp/product/0471770884/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0471770884>Reminiscences of a Stock Operator</a>'

Amazon

Edwin Lefevre was an American journalist and stockbroker who graduated from Lehigh University.

Lefevre's book, 'Reminiscences of a Stock Operator' is a the only fiction book on this list, but his detail of the happenings of Wall Street during the early 20th century make this one of the most classic finance books in history. The book was a 12 article series published in a newspaper, but was eventually put together and published.

Kathryn Staley, 'The Art of Short Selling'

Kathryn Staley, '<a href=http://www.amazon.com/gp/product/0471146323/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0471146323>The Art of Short Selling</a>'

Amazon

Kate Staley is an expert short seller, and her book 'The Art of Short Selling' breaks down the market of overpriced stocks and how to sell short to make substantial profits. This is an extremely specialized niche, and there are not many publications that break down short selling in the same manner that Staley does in her book.

Charles Mackay, 'Extraordinary Popular Delusions and the Madness of Crowds'

Charles Mackay, '<a href=http://www.amazon.com/gp/product/0471133124/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=thebusiinsi-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0471133124>Extraordinary Popular Delusions and the Madness of Crowds</a>'

Amazon

Charles Mackay is a journalist who was educated at the Caledonian Asylum.

Mackay's book, 'Extraordinary Popular Delusions and the Madness of Crowds' attempts to explain why relatively intelligent individuals decide to follow crowds rather than sticking to their own opinions on matters. This is vital in finance due to the nature of the market and its swings.


Posted by Johns Shin
,

자료출처:http://www.businessinsider.com/best-advice-worlds-greatest-investors-2012-7?op=1

The Best Advice From The Most Brilliant Investors In History



Read more: http://www.businessinsider.com/best-advice-worlds-greatest-investors-2012-7?op=1#ixzz36p862bmR



There's a bewildering amount of advice on how to invest. People divide into camps, schools and strategies, then proselytize on the internet, in books, and on televisions. 

It's worthwhile, especially in today's volatile markets, to take a look at what's actually worked, as opposed to what people claim works.

We've collected some of the finest wisdom on markets from the most respected and successful investors, past and present.   


John Templeton: This time is not different.

John Templeton: This time is not different.

"The four most dangerous words in investing are 'This time it's different.'"

Source: Marketwatch

Barton Biggs: There are no relationships or equations that always work.

Barton Biggs: There are no relationships or equations that always work.

"Quantitatively based solutions and asset allocation equations invariably fail as they are designed to capture what would have worked in the previous cycle whereas the next one remains a riddle wrapped in an enigma."

Source: Barton Biggs via The Gartman Letter

Benjamin Graham: Beware of forecasts.

Benjamin Graham: Beware of forecasts.

"It is absurd to think that the general public can ever make money out of market forecasts."

Source: The Intelligent Investor

Jack Bogle: Losses are a reality of the market.

"If you have trouble imaging a 20% loss in the stock market, you shouldn't be in stocks."

Source: ritholtz.com

Philip Fisher: Know the value of your investments.

Philip Fisher: Know the value of your investments.

Wikimedia Commons

“The stock market is filled with individuals who know the price of everything, but the value of nothing.”

Source: Investopedia

Warren Buffett: Be greedy when others are fearful.

Warren Buffett: Be greedy when others are fearful.

"Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful." 

Source: 2004 shareholder letter

Bob Farrell: Don't join the herd.

Bob Farrell: Don't join the herd.

An imagining of Bob Farrell

"The public buys the most at the top and the least at the bottom"

Source: Marketwatch

Jeremy Grantham: Recognize your advantage over professionals.

Jeremy Grantham: Recognize your advantage over professionals.

"By far the biggest problem for professionals in investing is dealing with career and business risk: protecting your own job as an agent. The second curse of professional investing is over-management caused by the need to be seen to be busy, to be earning your keep. The individual is far better-positioned to wait patiently for the right pitch while paying no regard to what others are doing, which is almost impossible for professionals."

Source: GMO 

Ken Fisher: Keep history in mind.

Ken Fisher: Keep history in mind.

"You can’t develop a portfolio strategy around endless possibilities. You wouldn’t even get out of bed if you considered everything that could possibly happen..... you can use history as one tool for shaping reasonable probabilities. Then, you look at the world of economic, sentiment and political drivers to determine what’s most likely to happen—while always knowing you can be and will be wrong a lot."

Source: Markets Never Forget (But People Do)

Charles Ellis: Invest for the long run.

"The average long-term experience in investing is never surprising, but the short term experience is always surprising. We now know to focus not on rate of return, but on the informed management of risk"

Source: Winning The Loser's Game

Bill Miller: Think about how the market reflects information.

"The market does reflect the available information, as the professors tell us. But just as the funhouse mirrors don't always accurately reflect your weight, the markets don't always accurately reflect that information. Usually they are too pessimistic when it's bad, and too optimistic when it's good."

Source: 2006 Letter to Shareholders

George Soros: Good investing is boring.

"If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring."

Source: Winning Investment Habits Of Warren Buffet And George Soros

Thomas Rowe Price Jr.: Know who's running the business, and why.

“Every business is manmade. It is a result of individuals. It reflects the personalities and the business philosophy of the founders and those who have directed its affairs throughout its existence. If you want to have an understanding of any business, it is important to know the background of the people who started it and directed its past and the hopes and ambitions of those who are planning its future.”

Source: Valuewalk

Carl Icahn: The corporate governance system is not your friend.

Carl Icahn: The corporate governance system is not your friend.

 “We have bloated bureaucracies in Corporate America. The root of the problem is the absence of real corporate democracy.”

Source: The Icahn Report

Peter Lynch: Do your homework.

Peter Lynch: Do your homework.
"Investing without research is like playing stud poker and never looking at the cards."
 


John Neff: Do what's smart, not what's popular.

John Neff: Do what's smart, not what's popular.

Wiley

"It's not always easy to do what's not popular, but that's where you make your money. Buy stocks that look bad to less careful investors and hang on until their real value is recognized."
 

Henry Kravis: Be honest.

Henry Kravis: Be honest.

"If you don't have integrity, you have nothing. You can't buy it. You can have all the money in the world, but if you are not a moral and ethical person, you really have nothing."

Source: Academy of Achievement

Ray Dalio: Understand the system.

"An economy is simply the sum of the transactions that make it up. A transaction is a simple thing. Because 
there are a lot of them, the economy looks more complex than it really is. If instead of looking at it from the 
top down, we look at it from the transaction up, it is much easier to understand."

Source: How The Economic Machine Works



Read more: http://www.businessinsider.com/best-advice-worlds-greatest-investors-2012-7?op=1#ixzz36p8CAI9i

Posted by Johns Shin
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