- Paperback: 288 pages
- Publisher: NYIF (Dec 1998)
- Language English
- ISBN-10: 0735200785
- ISBN-13: 978-0735200784
- Product Dimensions: 22.6 x 15.2 x 2.3 cm
- Average Customer Review: 5.0 out of 5 stars See all reviews (2 customer reviews)
- Amazon Bestsellers Rank: 1,165,484 in Books (See Top 100 in Books)
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Product Description
Product Description
How to succeed and profit by not following conventional trends, that is the secret to Contrarian investing: buy assets that are out of favor. Here Anthony Gallea -- a Contrarian with impressive credentials -- and William Patalon -- a savvy business writer -- explain this strategy for everyone in the market, novices and professionals alike.
Contrarian Investing gives readers the investing tips and techniques used by a portfolio manager overseeing $600 million in assets, with a track record for focusing on increasing returns while attempting to reduce risk. Written in a conversational style with exciting stories about big name but (at one time) out-of-favor stocks like Chrysler, IBM, Citicorp, and Xerox.
Gallea and Patalon show how the Contrarian approach can be systematized. They identify the key indicators -- backed by solid research -- that tell an investor when to buy and sell stocks. The authors have created a set of guidelines or trading rules that any investor can learn and put to immediate use.
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Customer Reviews
Most Helpful Customer Reviews
3 of 4 people found the following review helpful
Format:Paperback
This book is an excellent work on exercising rational techniques for investing in the stock market with a long view of returns. Not intended to be a "speculators" guide, the authors describe specifically what indicators prompt an investor to buy and sell, actions that will be contrary to prevailing market sentiment, but validated by the results of several long-term studies on the success of these indicators in the market. The book doesn't pretend to be fool-proof in its methodology, offering sound advice on how to protect against losses, save profits, and distribute risk in one's portfolio. All this adds to the credibility of the authors and raises the reader's confidence in the thoroughness of their approach to stock market investing.
2 of 3 people found the following review helpful
Format:Paperback
I recommend that all people who wish to invest in common stocks read this book first. I suggest this book to all my clients.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
13 reviews
20 of 22 people found the following review helpful
Good in places, weak in others
7 Mar 2000
Format:Paperback
The research support for the authors strategy is weak but the book is worth buying for the wisdom it contains on risk, insiders, and investor psychology. Inexperienced investors could find themselves stranded when implementing the books' often subjective sell criteria.
One of the authors admit to having to give up part of their occupations to write the book, it shows. Is this book really a value investing book in disguise? Take out one rule about stocks being down 50% and you are left with a book on insiders and low P/E investing.
There is an absense of any testing of the final recommended set of rules. A clue as to why is when the authors admit that in September 1996 only a handful of stocks met their recommended strategy criteria.
Where is the authors own performance following thier criteria?
The research cited in the book is only on each core components of their purchase criteria but not on the combination, or risk management rules or acombination thereof, and therfore claiming the whole is suported by the research is a giant leap.
This lack of research leaves many questions unanswered. How did their strategy do with gold stocks, or steel stocks, which have been contrarian plays for years? What would have happened to their strategy in this raging growth stock bull market?
The authors too often fir example of their strategy by making exceptions to their rules by using subjective analysis and hindsight: such as "when the company's prospects are clearly improving, when the stock price seems to be climbing a 'wall of worry.'"
Too often the authors use the words "often", "can". which are useless as rules or criteria. Too often the authors contradict themselves.
However the good sections on risk, investor psychology make it worthwhile reading.
7 of 7 people found the following review helpful
Simple guidelines remove emotional errors of stock trading
5 July 1999
Format:Paperback
This book is an excellent work on exercising rational techniques for investing in the stock market with a long view of returns. Not intended to be a "speculators" guide, the authors describe specifically what indicators prompt an investor to buy and sell, actions that will be contrary to prevailing market sentiment, but validated by the results of several long-term studies on the success of these indicators in the market. The book doesn't pretend to be fool-proof in its methodology, offering sound advice on how to protect against losses, save profits, and distribute risk in one's portfolio. All this adds to the credibility of the authors and raises the reader's confidence in the thoroughness of their approach to stock market investing.
5 of 5 people found the following review helpful
Worth the time and the price
14 Jan 2003
Format:Paperback
Nowadays many people so easily refer themselves as contrarians as if the title will easily make them winners in the investment game. Of course, common sense, though not really common, tells us something otherwise.
In this book, many historical examples had been quoted about how those genuine contrarians bought on panic and sold on eurphoria, and it's only when the market consensus was at its extreme that the contrarian play would pay. It makes no sense just to think that you are playing opposite to the crowd whilst you simply belong to one of them.
In this respect, the authors had put forth a contrarian system for investors to follow, rules based on value/fundamental investing but with solid technical elements of when to enter a market and when to stop profit/loss. So called real life stories and testimonials to support the authors' theories and propositions are abundant everywhere. Psychology behind a trend is vividly elaborated.
I think that the book is a good leisure reading for veterans and a good starter for beginners. Definitely you wont get bored. The lovely pigs on the front cover do tell something about how the authors would like it to be.
p.s. The foreword by Jim Rogers, reprinted from an article In Rogers' own book Investment Biker, and also many of those adages in the beginning of every chapter, are excellent.
"Dont fight forces; use them."
"The easiest job I have ever tackled in this world is that of making money. It is, in fact, almost as easy as losing it. Almost, but not quite."
In this book, many historical examples had been quoted about how those genuine contrarians bought on panic and sold on eurphoria, and it's only when the market consensus was at its extreme that the contrarian play would pay. It makes no sense just to think that you are playing opposite to the crowd whilst you simply belong to one of them.
In this respect, the authors had put forth a contrarian system for investors to follow, rules based on value/fundamental investing but with solid technical elements of when to enter a market and when to stop profit/loss. So called real life stories and testimonials to support the authors' theories and propositions are abundant everywhere. Psychology behind a trend is vividly elaborated.
I think that the book is a good leisure reading for veterans and a good starter for beginners. Definitely you wont get bored. The lovely pigs on the front cover do tell something about how the authors would like it to be.
p.s. The foreword by Jim Rogers, reprinted from an article In Rogers' own book Investment Biker, and also many of those adages in the beginning of every chapter, are excellent.
"Dont fight forces; use them."
"The easiest job I have ever tackled in this world is that of making money. It is, in fact, almost as easy as losing it. Almost, but not quite."
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