Ebook Free The Seven Rules of Wall Street: Crash-Tested Investment Strategies That Beat the Market, by Sam Stovall
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The Seven Rules of Wall Street: Crash-Tested Investment Strategies That Beat the Market, by Sam Stovall
Ebook Free The Seven Rules of Wall Street: Crash-Tested Investment Strategies That Beat the Market, by Sam Stovall
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From the Back Cover
Markets go up. Markets go down. But the Seven Rules of Wall Street never lose their value. “In my many interviews with Sam Stovall over the years, the depth of his common-sense strategies for investment success was always apparent. Happily, he has put his expertise into writing, which can serve as an invaluable guide for investors.†-Paul Kangas, anchor, Public Television's “Nightly Business Report†“Sam assembles his encyclopedic knowledge of stock market history into a perspective that provides invaluable, practical guidance for making investment decisions.†-Wallace F. Forbes, CFA, president, Forbes Investors Advisory Institute “With wit and wisdom, Sam Stovall adds more punch to seven old famous Wall Street one-liners.†-Ralph J. Acampora, CMT, Director of Technical Analysis Studies, New York Institute of Finance “The Seven Rules of Wall Street zeros in on how to put these proven market postulates to work for your portfolio.†-Yale Hirsch, founder, and Jefrey A. Hirsch, editor, Stock Trader's Almanac “Since I have known the author from the day he was born, I feel qualified in making a helpful comment on his new book. . . . Simply stated, if a serious reader remembers each point and puts it to use, he or she should have a good chance of enhancing performance.†-Robert H. Stovall, CFA, global investment strategist, Wood Asset Management
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About the Author
Sam Stovall, chief investment strategist at Standard & Poor's Equity Research, serves as chairman as the S&P Investment Policy Committee, where he focuses on market history and valuations. He is the author of The Standard & Poor's Guide to Sector Investing and “Stovall's Sector Watch,†a column featured on www.spoutlook.com.
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Product details
Hardcover: 192 pages
Publisher: McGraw-Hill Education; 1 edition (February 18, 2009)
Language: English
ISBN-10: 0071615172
ISBN-13: 978-0071615174
Product Dimensions:
5.2 x 0.6 x 7.5 inches
Shipping Weight: 11.2 ounces (View shipping rates and policies)
Average Customer Review:
3.7 out of 5 stars
24 customer reviews
Amazon Best Sellers Rank:
#187,039 in Books (See Top 100 in Books)
I love this book because, to me, it seems to embody Einstein's advice that "Everything should be made as simple as possible, but not simpler." Mr. Stovall's concise treatise wastes few words, and is precise and quantitive, but never pedantic and always fun to read. Starting with the simplest possible sector rotation strategy, he leads us through a natural exploration of "seven" variations. Most can be applied either to leading sectors or to leading industries. All are back-tested against the S&P 500 in terms of both annual growth and standard deviation.My only complaint: Stovall's industry strategy is built around determining the 10 leading GICS sub-industries based on trailing twelve month performance. This is less easy than it sounds -- Fidelity, for example, reports data for the 67 GICS "industries" rather than the 154 GICS "sub-industries". I subscribe to S&P Outlook Online, which does provide sub-industry data, but doesn't provide TTM comparisons, nor does it provide a direct comparison of all subindustries.
This book hits on a major topic of interest in today's modern market - ETF's and how to prudently create a modern portfolio using them w/o just sitting back and employing the buy-hold-forget theory. And for others, trading equities and trying to pick winners while avoiding the losers is simply too difficult and time consuming, especially if one has another day job! Targeting sectors and industries just makes sense and I thought his "momentum" style of investing was better counsel than what I have ever heard from the various "professional" investment advisors I have used at the big brokerage houses using the "diversified pie chart approach". All many of these guys do is take your money and invest it with money managers (pass the buck and all decision making except annual rebalancing) who, in turn, make the decisions - all while each cog in the wheel takes a point here and a point there in fees. As we all know, that diversified pie chart approach (large cap, small cap, int'l, growth, etc.) has been pretty "correlated" in the past decade - and not in a good way!I think some people missed the author's "tongue in cheek" humor and took some of his words too literally (like the fact that he is an impatient investor, etc). I personally found his comments humorous - as much as can be hoped for in a book of this nature discussing pretty dry material.The fact that Sam provides an opinion in the end is a real bonus and I credit him for taking a stand and telling us his #1 preferred method.So the flaw - as others have pointed out....there is no discussion of the after tax implications of his system. The fact that one portfolio churns nearly 300% annually as compared to the S&P's lower annualized return but mere 5% churn. It would have been easy, given the author's background, to provide 1-2 tax brackets of examples as to the after tax returns and short versus long term gain issues implicit in his system. He does discuss the merits of using retirement money, but certainly many of us will consider using our taxable accounts as well. I may estimate this myself (best I can) and then compare this back to the regular old S&P performance to see if his system still has legs in the end. All in all - a very good read!
This book has some good ideas, however, the websites and information are no longer active, and are probably too outdated to be very useful at this time. It can be read for ideas, but no more.
Nobody backs up his claims better than Sam Stovall. His humor is corny but it works for me. I picked up a few ideas in this book and that's all I ask for.
The book is written for investors at all levels. I consider myself a seasoned investor and trader, but yet still found this book to be enlightening. The principles in the book are very simplistic but yet they will change your view of the markets and your investing strategies. I consider it a book every investor and trader should read. It is an easy read and worth every penny I paid for it.
very worthwhile book. A must for all serious investors.
Stovall's helpful ideas are presented with great clarity for the inexperienced individual investor. As a thoroughly research-based investment text for non-professional investors, The Seven Rules of Wall Street belongs on your bookshelf.
Great book on sector investing
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