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Review
“Technical trading is ubiquitous in financial markets, which might explain some major financial–market anomalies and makes it an important topic for research. Like good scientists, Lo and Hasanhodzic explore this territory by gathering first–hand observations, with fascinating results.”
—Carol Osler
Program Director, Lemberg Masters in International Economics and Finance
Brandeis International Business School, Brandeis University
“The Heretics of Finance is a fascinating view of the art and craft of technical analysis. For finance professionals and academics alike, this book is an excellent introduction to what technical analysts do and why it may make sense in modern markets. An enjoyable and very enlightening book.”
—Maureen O’Hara
Robert W. Purcell Professor of Finance
The Johnson School, Cornell University
“In the last twenty years, academics have piled up evidence on the puzzling success of technical analysis, yet few researchers are very familiar with the thinking of technicians. Lo’s and Hasanhodzic’s interviews with well–known technicians illuminate their thinking on the markets and their profession. The Heretics of Finance is a must–read for economists studying technical analysis, behavioral finance, or related market anomalies. I recommend it highly.”
—Christopher J. Neely, PhD
Assistant Vice President, Federal Reserve Bank of St. Louis
—Carol Osler
Program Director, Lemberg Masters in International Economics and Finance
Brandeis International Business School, Brandeis University
“The Heretics of Finance is a fascinating view of the art and craft of technical analysis. For finance professionals and academics alike, this book is an excellent introduction to what technical analysts do and why it may make sense in modern markets. An enjoyable and very enlightening book.”
—Maureen O’Hara
Robert W. Purcell Professor of Finance
The Johnson School, Cornell University
“In the last twenty years, academics have piled up evidence on the puzzling success of technical analysis, yet few researchers are very familiar with the thinking of technicians. Lo’s and Hasanhodzic’s interviews with well–known technicians illuminate their thinking on the markets and their profession. The Heretics of Finance is a must–read for economists studying technical analysis, behavioral finance, or related market anomalies. I recommend it highly.”
—Christopher J. Neely, PhD
Assistant Vice President, Federal Reserve Bank of St. Louis
Product Description
in the heretics of finance, the most significant practitioners of technical analysis talk with andrew lo, himself one of the most respected figures in academic and professional finance, about tactics, market trends and their industry successes. dismissed by many academics and professionals, technical analysis has become increasingly popular with professional and active investors. to find out how and why that happened, andrew lo and jasmina hasanhodzic have reached out to the very practitioners who know the most about it and are seen as the drivers of its success.
these extensive interviews cover favourite patterns and indicators, effective strategies and the nature of the work that has defined the subject's success. they also provide a look at the role of creativity in their work, emotional aspects of the craft, and even the role of luck and intuition in analysis. with these rare introspective interviews, readers will learn how some of the most successful investors operate and have found the lucrative opportunities that others may have missed.
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Customer Reviews
Most Helpful Customer Reviews
3 of 3 people found the following review helpful
Format:Hardcover
I enjoyed reading the book as it makes you feel as if you are participating in a group discussion with experts -especially the later chapters . In that process you pick up gems of wisdom which help you ( at least me) to refine your own trading style and achieve better results. The most valuable advice being given by all is to preserve your capital against massive losses to enable you to stay in the game.
It does not teach anything new to technicians ( it's not a manual) yet helps you to clear your mind and sharpen your individual market approach.
It does not teach anything new to technicians ( it's not a manual) yet helps you to clear your mind and sharpen your individual market approach.
Format:Hardcover|Amazon Verified Purchase
Book is a collection of interviews with the big names in the field of Technical Analysis.
Same questions are asked to each interviewee and the answers reflect the various points of views on the utilization of technical analysis in decision making and market timing.
I found the parts where each analyst talks about the indicators they use and the way they are utilized quiet useful and even started to use some of them in my own trading. Overall nice and easy book and worth the price.
Same questions are asked to each interviewee and the answers reflect the various points of views on the utilization of technical analysis in decision making and market timing.
I found the parts where each analyst talks about the indicators they use and the way they are utilized quiet useful and even started to use some of them in my own trading. Overall nice and easy book and worth the price.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
17 reviews
13 of 13 people found the following review helpful
It could have been so much more!
2 April 2009
Format:Hardcover
I can't help but feel that much more could have been done with and asked of the incredible pool of talent that the authors spoke to in putting this book together. While I can understand that coming up with a list of standard questions probably made it easier to write--it would have been so much more interesting for the reader had the questions been specific to the work each of these technicians does. Still, this book will be for many a wonderful introduction to the men and women who have been working in this field for several generations. Insights and experiences are shared--and if you are truly interested in technical analysis, as I am, and want to hear from some of the people who have forever changed the work we do--I don't see how you can resist buying this book.
35 of 42 people found the following review helpful
Excellent read on how leading T/A practitioners think and what they believe
1 Feb 2009
Format:Hardcover
What a gem of a book, especially for a new or intermediate level investor who is looking for a broader perspective on the type of investment methods they might want to follow. There are no charts in the book, and only a few techniques or systems get described in any detail. This is a "why" book more than a "how to" book, although some of the analysts have written books on their techniques if you find something that lights a bulb for you.
The basic flow is a set of common questions asked of leading technical analysts, like John Murphy, Stan Weinstein, Bob Farrell, Paul Desmond and Ralph Alcampora (similar to the "Market Wizard's" books). The questions and the complete set of answers provides a rich look inside the thoughts and beliefs of some of the giants of technical analysis, like insights on why technical analysis is a study of market psychology as analyzed through the filter of supply and demand, that technical analysis is really the best way to "time" a trade, even if fundamental analysis is used to find better potential candidates, on how to increase the "signal to market noise" ratio to improve performance, and the critical differences between an analyst/investor and a trader, and how you better find out which suits your personality best if you hope to succeed in the markets.
Some of the questions take the analysts back to the start of their career to see how they found their way to becoming leading analysts, and why they made some of the choices that they did. For someone who wants to know "why" someone did what they did in the investing world, this is a great read. If you still think that fundamental analysis is the only way to analyze markets and that technical analysis is voodoo, this book will open your eyes.
Enjoy!
The basic flow is a set of common questions asked of leading technical analysts, like John Murphy, Stan Weinstein, Bob Farrell, Paul Desmond and Ralph Alcampora (similar to the "Market Wizard's" books). The questions and the complete set of answers provides a rich look inside the thoughts and beliefs of some of the giants of technical analysis, like insights on why technical analysis is a study of market psychology as analyzed through the filter of supply and demand, that technical analysis is really the best way to "time" a trade, even if fundamental analysis is used to find better potential candidates, on how to increase the "signal to market noise" ratio to improve performance, and the critical differences between an analyst/investor and a trader, and how you better find out which suits your personality best if you hope to succeed in the markets.
Some of the questions take the analysts back to the start of their career to see how they found their way to becoming leading analysts, and why they made some of the choices that they did. For someone who wants to know "why" someone did what they did in the investing world, this is a great read. If you still think that fundamental analysis is the only way to analyze markets and that technical analysis is voodoo, this book will open your eyes.
Enjoy!
31 of 37 people found the following review helpful
Disappointing
16 Feb 2009
Format:Hardcover
I had hoped this book would be similar to "Market Wizards", or a more recent book like "Hedge Hunters". These books contained *interviews* with successful traders. Unfortunately this book doesn't really contain interviews, it's more like a single questionnaire that was sent out to a bunch of people, and this book collects all of their answers. It makes for pretty boring reading, because there's no conversation between interviewer and interviewee, no followup questions or any kind of reaction to the answers given.
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