A book that rises above the old nlp model of the 80s and provides insights on how our relationship with the market is indeed a very personal one. Victor niederhoffer born december 10, 1943 is an american hedge fund manager, champion. Practical intuition by laura day ebook online pdf yngvar. The education of a speculator 1997 edition open library. Practical speculation continues the story of a truemarket legend who ran a hugely successful futures trading firm thathad annual returns of over thirty percent until unforeseen lossesforced him to close operations. Worth magazine victor niederhoffer gives us page after page of distilled investment wisdom. More praise for practical speculation practical speculation distills an unusual breadth of hardwon and costly experience and insight into an immensely readable and instructive book. The education of a speculator is a sojourn inside the oneofakind mind of victor niederhoffer, a trader in commodities and a keen observer of life.
This edition has been updated with a new chapter on mutual funds and sections at the beginning of each chapter relate investments concepts to the real world using current. He uses a lot of metaphors from other fields and relates it to trading. The followup to victor niederhoffers critically and commerciallyacclaimed book the education of a speculator has finallyarrived. Victor niederhoffer was born in brooklyn to a jewish family. At times it was a dull and excruciating read but i thought seven of the sixteen chapters are a must read for anyone interested in finance and speculation. Niederhoffer brings forth the best from each of these fields and shows the investor how. Acclaim for the education of a speculator, a provocative and penetrating look into the mind, the soul, and the strategies of one of the most controversial traders of all time a compelling and an entertaining read. In finance, speculation is also the practice of engaging in risky financial transactions in an attempt to profit from short term fluctuations in the market value of a tradable financial instrumentrather than attempting to profit from the underlying. He has trained himself to look at the world in a singular fashion. Taken together, this is pure nectar to those who aim for consistently superior. The speculator victor niederhoffer, in the speculator as hero 4 describes the benefits of speculation. Practical speculation kindle edition by victor niederhoffer, laurel kenner. The followup to victor niederhoffer s critically and commercially acclaimed book the education of a speculator has finally arrived. Thanks to jim cramer, for answering my 5,000 emails and bringing me on board as a writer for.
It is also a beguiling rumination on the mysteries of intimacy, trust, faith, knowledge, and the condition of universal shipwreck that unites us all. This firm is now called niederhoffer henkel, and was run by lee henkel who died. Born victor niederhoffer december 10, 1943 1943 12 10 age 67 nationality american. Niederhoffer brings forth the best from each of these fields and shows the investor how their principles can enrich ones life and net worth. Niederhoffer jumps from topic to topic, going backwards and forwards in time. The education of a speculator niederhoffer, victor. Best investing books beginner, intermediate, expert. Education of a speculator by victor niederhoffer 1998 scanned into pc free ebook download as pdf file. The followup to victor niederhoffers critically and commercially acclaimed book the. Oct 09, 2007 niederhoffer doesnt claim to be able to say what the dow or the s. Buy the education of a speculator book online at low prices.
Victor niederhoffer born december 10, 1943 is a hedge fund manager, champion squash player, bestselling author and statistician. Thanks also to dave morrow, the editorinchief of thestreet, for not telling jim to go to hell when he suggested me. Buy practical speculation by victor niederhoffer isbn. If i can be forgiven i like to use a poker metaphor to describe the difference between investing and speculation. These items are shipped from and sold by different sellers. A book that rises above the old nlp model of the 80. Speculation, hedging and intermediation in the foreign.
There is no particular order to this book, at least that i could discern. Finding the best investing books can be difficult because there are so many different resources for investors with varying levels of experience. Buy the education of a speculator by author victor niederhoffer march, 1998 by victor niederhoffer isbn. However, only readable if you have some years of exeperience trading. Like a phoenix rising from the ashes, niederhoffer returned to the world of.
I agree with most of the points made in the book, i. The education of a speculator is the first meaningful book on speculating. Download it once and read it on your kindle device, pc, phones or tablets. Market making and reversal on the stock exchange pdf. The education of a speculator offers plenty of insights into the way markets work, but the epiphanies are what a reader might expect from laotzu rather than, say, graham and dodd.
Victor niederhoffer analyzed the performance of companies buying naming rights from 1990 to 2001, in his book practical speculation. What is the difference between investing and speculation. Everyday low prices and free delivery on eligible orders. Victor niederhoffer born 1943, is a hedge fund manager, champion squash player, best selling author and statistician he studied statistics and economics at harvard university b. Practical speculation by victor niederhoffer, laurel. In niederhoffers book, practical speculation, an entire chapter is devoted to refuting grahams pursuit of bargain issues. Like a phoenix rising from the ashes, niederhoffer returned to the world of trading. Practical speculation kindle edition by niederhoffer, victor, kenner, laurel. Kop practical speculation av victor niederhoffer, laurel kenner pa. Lets consider some of the principles that explain the causes of shortages and surpluses and the role of speculators. Nierderhoffers practical speculation is also a very good book. For a summary of this and other criticisms of technical analysis, see philip coggan, technically flawed.
Practical speculation, by victor niederhoffer and laurel kenner wiley, 2005. In 1965, while still at college he cofounded with frank cross a company called. Speculation is the purchase of an asset a commodity, goods, or real estate with the hope that it will become more valuable in the near future. Building bridges between positive psychology and personcentred psychotherapy by stephen joseph ebook online pdf positive thinking every day. Victor niederhoffer gives us page after page of distilled investment wisdom. Education of a speculator by victor niederhoffer 1998 scanned into. Victor niederhoffer author of the education of a speculator.
His paternal grandfather martin martie, an accountant and court interpreter, married birdie nee kuminsky in 1916. Tools and techniques for minding the markets, the, by. He was a finance professor at the university of california, berkeley 19671972. Building practical solutions for dynamic documents and streamlining digital transformation. The education of a speculator by victor niederhoffer. Practical speculation continues the story of a true market legend who ran a hugely. The eras of great speculation in america, 17701970. The education of a speculator by victor niederhoffer and a great selection of related books, art and collectibles available now at. The long view, the financial times, june 78, 2003, p. Rather than giving up, he wrote this book figuring that by trying to teach others. Building practical solutions for dynamic documents and. Practical speculation, by victor niederhoffer and laurel kenner, is a mustread.
The education of a speculator is a long, sometimes meandering account of the life of speculator victor niederhoffer. Practical speculation victor niederhoffer, laurel kenner haftad. Practical speculation niederhoffer, victor, kenner, laurel on. Victor niederhoffer, chief speculator, manchester investments author, the education of a speculator and practical speculation how refreshing.
Niederhoffer doesnt claim to be able to say what the dow or the s. The third fall of victor niederhoffer seeking alpha. Download product flyer is to download pdf in new tab. Practical speculation by victor niederhoffer, laurel kenner. The concepts condensed into trend commandments were gleaned from michael covels 15 years of pulling back the curtain on great trend following traders. There are reasons to hold till end of day relating to vig and margin calls but nothing relates to arc sign law. Beginner investors need different types of books and information than more advanced and professor investors. A semiautobiographical treatise of a speculator, sportsman and a music dilettante. The wall street journal victor niederhoffer gives us page after page of distilled investment wisdom. Essentials of investments zvi bodie, alex kane, alan j. It is a one of a kind money making experience that forever lays to rest the notion that successful trading is akin to winning the lottery. The followup to victor niederhoffers critically and commercially acclaimed book the education of a speculator has finally arrived. Successful speculating is as fine an art as chess, checkers, fishing, poker, tennis, painting, and music.
Buy the education of a speculator book online at low. The followup to victor niederhoffers critically and commercially acclaimed book the education. Books on investing and capital allocation chai with pabrai. Identify several psychological biases held by investors that defy traditional models. For me investing is where you are dealt a good hand and slowly increase your stake as the hand improves, seeing how the other players react and how the cards are played, speculation is more a bluff, you are dealt a hand and you can take a guess at how good it may be but you cannot. But this is a statistical thing and not predictive other than randomness at any time of day for subsequent movements. Practical speculation continues the story of a true market legend who ran a hugely successful futures trading firm that had annual returns of over thirty percent until unforeseen losses forced him to close operations.