Market Sense and Nonsense: How the Markets Really Work (and How They Don't) 1st Edition, Kindle Edition

4.1 out of 5 stars 60 ratings
Flip to back Flip to front
Audible Sample Playing... Paused   You are listening to a sample of the Audible narration for this Kindle book.
Learn more
ISBN-13: 978-1118494561
ISBN-10: 1118494563
Why is ISBN important?
ISBN
This bar-code number lets you verify that you're getting exactly the right version or edition of a book. The 13-digit and 10-digit formats both work.
Scan an ISBN with your phone
Use the Amazon App to scan ISBNs and compare prices.

Download the free Kindle app and start reading Kindle books instantly on your smartphone, tablet, or computer - no Kindle device required. Learn more

Read instantly on your browser with Kindle Cloud Reader.

Using your mobile phone camera - scan the code below and download the Kindle app.

QR code to download the Kindle App

Enter your mobile phone or email address

Processing your request...

By pressing "Send link," you agree to Amazon's Conditions of Use.

You consent to receive an automated text message from or on behalf of Amazon about the Kindle App at your mobile number above. Consent is not a condition of any purchase. Message & data rates may apply.

Share <Embed>
Loading your book clubs
There was a problem loading your book clubs. Please try again.
Not in a club? Learn more
Amazon book clubs early access

Join or create book clubs

Choose books together

Track your books
Bring your club to Amazon Book Clubs, start a new book club and invite your friends to join, or find a club that’s right for you for free.
Buy
$24.00
Price set by seller.

Deliver to your Kindle or other device

Buy for others

Give as a gift or purchase for a team or group.
Learn more

Buying and sending eBooks to others

Select quantity
Buy and send eBooks
Recipients can read on any device

Additional gift options are available when buying one eBook at a time.  Learn more

These ebooks can only be redeemed by recipients in the US. Redemption links and eBooks cannot be resold.

Quantity: 
This item has a maximum order quantity limit.

The Amazon Book Review
The Amazon Book Review
Book recommendations, author interviews, editors' picks, and more. Read it now
Create your FREE Amazon Business account to save up to 10% with Business-only prices and free shipping. Register today

Editorial Reviews

Amazon.com Review

From the Author: "(Almost) Everything You Know About Investment Is Wrong"

Jack D. Schwager
Jack D. Schwager

When it comes to the markets, academics, professionals and novice investors have one thing in common: They all operate on assumptions that fail to hold up in the harsh light of reality. The following are a sampling of observations about how markets really work:

  1. The market is not always right. The best opportunities arise when the market is most wrong.
  2. Big price moves begin on fundamentals but end on emotion.
  3. Past returns are not future returns. Past returns can be very misleading if there are reasons to believe that future market conditions are likely to be significantly different from those that shaped past returns.
  4. The best-performing past investments often do worse than the worst-performing past investments in the future--and the future after all is where we all have to make our investment decisions.
  5. The best time to initiate long-term investments in equities is after extended periods of underperformance.
  6. Faulty risk measurement is worse than no risk measurement at all because it will lull investors into unwarranted complacency.
  7. Volatility is frequently a poor proxy for risk. Many low volatility investments have high risk, while some high volatility investments have well-controlled risk.
  8. The real risks are often invisible in the track record.
  9. High past returns sometimes reflect excessive risk-taking in a favorable market environment rather than manager skill.
  10. Return alone is a meaningless statistic because return can always be increased by increasing risk. Return/risk should be the primary performance metric.
  11. Leverage alone tells you nothing about risk. Risk is a function of both the underlying portfolio and leverage. Leveraged portfolios can often be lower risk than unleveraged portfolios--it depends on the assets in the portfolio.
--This text refers to the hardcover edition.

About the Author

JACK D. SCHWAGER is a recognized industry expert on futures and hedge funds and the author of the widely acclaimed Market Wizards and Schwager on Futures book series. He is currently the co-portfolio manager for the ADM Investor Services Diversified Strategies Fund, a portfolio of futures and FX managed accounts. He is also an advisor to Marketopper, an India-based quantitative trading firm. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm, which specialized in creating customized hedge fund portfolios for institutional clients, and also spent over twenty years as a director of futures research for some of Wall Street's leading firms. --This text refers to the hardcover edition.

Product details

  • ASIN ‏ : ‎ B009UG7DCS
  • Publisher ‏ : ‎ Wiley; 1st edition (October 19, 2012)
  • Publication date ‏ : ‎ October 19, 2012
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 8083 KB
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Not Enabled
  • Word Wise ‏ : ‎ Enabled
  • Print length ‏ : ‎ 373 pages
  • Page numbers source ISBN ‏ : ‎ 1118494563
  • Lending ‏ : ‎ Enabled
  • Customer Reviews:
    4.1 out of 5 stars 60 ratings

About the author

Follow authors to get new release updates, plus improved recommendations.
Brief content visible, double tap to read full content.
Full content visible, double tap to read brief content.

Mr. Schwager is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. He is perhaps best known for his best-selling series of interviews with the greatest traders and hedge fund managers of the last three decades: Market Wizards (1989), The New Market Wizards (1992), Stock Market Wizards (2001), Hedge Fund Market Wizards (2012), and The Little Book of Market Wizards (2014). His other books include Market Sense and Nonsense (2012), a compendium of investment misconceptions, and the three-volume series, Schwager on Futures, consisting of Fundamental Analysis (1995), Technical Analysis (1996), and Managed Trading (1996). He is also the author of Getting Started in Technical Analysis (1999), part of John Wiley’s popular Getting Started series. A revised edition of his first book, A Complete Guide to the Futures Markets, is scheduled for release in late 2016.

Mr. Schwager is a Co-founder and Chief Research Officer of FundSeeder, a firm that seeks to find undiscovered trading talent worldwide via its trader platform (FundSeeder.com), and a Co-founder of FundSeeder Investments (FundSeederinvest.com), which seeks to connect properly regulated traders with sources of investment capital. Previously, Mr. Schwager was a partner in the Fortune Group (2001-2010), a London-based hedge fund advisory firm. His prior experience also includes 22 years as Director of Futures research for some of Wall Street’s leading firms, most recently Prudential Securities.

Mr. Schwager is a frequent seminar speaker and has lectured on a range of analytical topics including the characteristics of great traders, investment fallacies, hedge fund portfolios, managed accounts, technical analysis, and trading system evaluation. He holds a BA in Economics from Brooklyn College (1970) and an MA in Economics from Brown University (1971).

Customer reviews

4.1 out of 5 stars
4.1 out of 5
60 global ratings

Top reviews from the United States

Reviewed in the United States on January 7, 2013
Verified Purchase
5 people found this helpful
Report abuse
Reviewed in the United States on December 13, 2015
Verified Purchase
2 people found this helpful
Report abuse
Reviewed in the United States on October 18, 2013
Verified Purchase
Reviewed in the United States on March 2, 2013
Verified Purchase
4 people found this helpful
Report abuse
Reviewed in the United States on June 19, 2015
Verified Purchase
3 people found this helpful
Report abuse
Reviewed in the United States on January 11, 2013
Verified Purchase
4 people found this helpful
Report abuse
Reviewed in the United States on October 18, 2015
Verified Purchase
Reviewed in the United States on August 21, 2013
Verified Purchase
One person found this helpful
Report abuse

Top reviews from other countries

Amazon Customer
5.0 out of 5 stars A Practical Guide for Separating 'Theory from Reality' in the Market
Reviewed in the United Kingdom on December 22, 2012
Verified Purchase
6 people found this helpful
Report abuse
Silviu Ciubotaru
5.0 out of 5 stars great
Reviewed in the United Kingdom on August 17, 2020
Verified Purchase
One person found this helpful
Report abuse
r.j. potter
5.0 out of 5 stars Five Stars
Reviewed in the United Kingdom on August 10, 2016
Verified Purchase
Immy
2.0 out of 5 stars don't know what's the point of this... stopped mid way
Reviewed in the United Kingdom on October 3, 2016
Verified Purchase
Yoshim
2.0 out of 5 stars Two Stars
Reviewed in the United Kingdom on February 28, 2015
Verified Purchase