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The Master Trader + Website: Birinyi's Secrets to Understanding the Market (Wiley Trading) [Hardcover]

Laszlo Birinyi

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Book Description

24 Dec 2013 Wiley Trading
Alongside Laszlo Birinyi′s stories from his more than forty years of trading experience, the book provides guidance on critical trading and investment issues, including: What the market will likely do if Spyders are up one percent in pre–trading Whether to buy or sell when a stock reports better that expected earnings and trade up to $5 to $50 The details behind group rotation and market cycles The seasonal factors in investing Indicators, explained: which are indicative and which are descriptive The importance of sentiment and how to track it The book will include chapters and details on technical analysis, the failure of technical analysis efforts, the business of wall street, trading indicators, anecdotal data, and price gaps. The Website associated with the book will also feature data sourcing and video.

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From the Inside Flap

"Trading is a game," asserts veteran market analyst and industry legend Laszlo Birinyi in The Master Trader: Birinyi's Secrets to Understanding the Market . And "like all games, there are winners and losers. Hopefully, you will emerge a winner by understanding the reality of today's markets and being aware of the land mines and pitfalls." For more than forty years, Laszlo Birinyi has been one of the financial world's leading voices—a brilliant trader, prognosticator, and unique personality unafraid to speak hard truths that rattle the cages of Wall Street. Now, in The Master Trader, this Wall $treet Week Hall of Famer gives us a frank, entertaining, and highly applicable road map to navigate a stock market riddled with potholes of misinformation. In The Master Trader , Birinyi debunks widely accepted, but often faulty, financial advice through hard, realistic scrutiny of financial analysts, experts, academics, and even Nobel Prize winners. He emphasizes the marketing incentives that too often override truthfulness in the stock market, befuddling investors and leading to overwhelming economic strain. With a thorough but no-nonsense tone, Birinyi exposes technical analysis and its potential for failure, demystifies the business protocol of Wall Street, and deciphers trading indicators, anecdotal data, and price gaps. Brimming with insider strategies and personal trading vignettes, The Master Trader addresses: Market changes that will likely occur as Spyders adjust in pre-trading Techniques for predicting the future success of a stock that reports better than expected earnings Methods for determining when to buy or sell stock The real function of money flows as a fundamental input instead of a technical indicator How to use magazines and newspapers, which are actually databases in disguise, to your advantage The futility of stock market research as an indicator of the future instead of an assessment of the past Combining case studies and real data with Birinyi's fearless insights and trademark wit, The Master Trader is a rare window into the mind of a master. Read this book less as a cheat sheet for making money than a guide to not losing it. In today's struggling economy, that may be enough to come out on top.

From the Back Cover

Praise for The Master Trader "Early in this excellent book, the author and rightly acclaimed market expert Laszlo Birinyi rails against 'mealy' worded analysis. He goes on, in his fashion, to mince no words, but to deliver a solid lesson in how to avoid the pitfalls presented by exaggeration, pomposity, and misleading data, and also how one should approach the market—singularly, with skepticism, and unemotionally. The Master Trader summarizes years of experience from one of the great veterans of Wall Street and offers the reader a very valuable lesson in historical perspective. It's a must-read for anyone who takes investing in the stock market seriously." —Joe Saluzzi and Sal Arnuk, cofounders of Themis Trading and coauthors of Broken Markets "Laszlo Birinyi is the king of market analysts and this book is destined to become a classic. Filled with facts and evidence instead of anecdote and opinion, it should be read and studied by every serious investor." —Bill Miller, Chairman and Chief Investment Officer, LMM, LLC "Laszlo Birinyi has been one of the most sagacious and successful investors of our time. For those of us who have listened to him, we have been rewarded handsomely. Media snippets from him have provided periodic insights into his thinking, but this book is a superb compendium of his decades of market insight." —Mike Holland, Holland & Company LLC

Inside This Book (Learn More)
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most Helpful Customer Reviews on (beta) 3.2 out of 5 stars  9 reviews
19 of 20 people found the following review helpful
5.0 out of 5 stars Everyone who follows markets will profit from this book 4 Nov 2013
By James M. Bogin - Published on
Laszlo Birinyi has been following the markets for around 50 years, and he's developed a methodology which has made a lot of money for himself and his clients. On that basis alone, it is worth reading this informative book filled with charts and tables. Birinyi believes that his strategy of following money flows of non-block trades in individual stock names is clearly superior to others. In effect, you are `following the money' and if money is flowing into a stock on a net basis that is a hugely positive thing, and the stock is likely to rise. In its essence, I believe this is what he does. However, I think it is hard for the novice to grasp this quickly, and I only really fully understood it after I went to a website link provided by the publisher in the back of the book.

Professional investors will find much that is useful. I had often wondered what the outlook might be, statistically speaking, for a stock which plunges or surges at the close. Will the plungers recover and how much and how soon? Birinyi has done a lot of great work on this. He shows how many indicators are useless or overrated, such as sentiment. Many of us know deep down that sentiment and market forecasts are not worth paying attention to. Birinyi explains why and explains it well. He works with 200 years of stock market history to make his points. There are sections on market cycles, rotation, growth vs. value, issues with strategists and timers, stock price and order flow issues---he covers a lot of territory and it's very useful for serious investors.

There is also a lot of other good common sense investment strategy for the amateur. Define your objectives, maybe it's not necessary to take the risks to beat the index. Be careful to understand ETFs and mutual funds, their strengths, weaknesses and fees. Don't pay attention to today's news. It's easy to be bearish, being bullish makes one sound pollyannish or naive. There is a lot of great stuff in here.

Birinyi devotes the first 50 pages to explaining and proving why technical analysis is a waste of time. Yet, what Mr.Birinyi himself practices does indeed have its own technical aspect, and he is somewhat sheepish when he admits to being a trend follower---not a crime in my view, but still. All of this is fine, but I prefer to read why he is right rather than why everyone else is wrong. I rate this book highly because it is compelling, well-written, useful--can actually help you make money--and has an original view. Yet at times I thought it could have been subtitled `If only everyone had listened to me'. There are also sports metaphors, some of which are lost on me and would definitely be lost on, say, a non-American style football playing investor from Germany.
14 of 14 people found the following review helpful
4.0 out of 5 stars Mr. Birinyi Remembers 11 Nov 2013
By G. Durgin - Published on
Format:Hardcover|Verified Purchase
An appropriate title for this book would be "Reminiscences" -- the title of Birinyi's monthly newsletter. The book has an organizational flow to it but it also contains a potpourri of experiences and anecdotes - one of them about William Simon he likes so much he repeats the whole story a second time. Birinyi takes the scorced earth approach and criticizes a variety of approaches but primarily technical analysis. As a result, the last man standing is Lazlo with his approach to Money Flow. He starts the book by saying that "This is not a book about making money in your spare time" and provides limited assistance in that regard. He does have a helpful chapter (The Trading Day) that provides general patterns to price movements during the day. It is 17 pages with 23 graphs (glad I didn't get the Kindle version - no longer available).

He pulls snippets from his long investing career. I liked the mention of his appearances on Wall Street Week that I remember well. Birinyi has drilled down and dissected a large number of approaches and strategies over the years and he provides glimpses of that through graphs and data. The associated website has a 40 page paper on his view of Money Flow.

I personally enjoyed the book but it could have been even better with more editing.
11 of 11 people found the following review helpful
3.0 out of 5 stars a bit of disappointment 1 Jan 2014
By Peter Steel - Published on
Format:Hardcover|Verified Purchase
I'm afraid I was a bit disappointed by this book. I have always enjoyed Mr. Birinyi in his appearances on CNBC. But the book was not as engaging. It seems a bit random in its organization--a series of anecdotes and thoughts-in-passing rather than a developed manuscript. His tone is too often self-congratulatory while also being biting and sarcastic about others. And the financial suggestions also come in a relatively random and disconnected sequence, which makes them less useful for readers.
3 of 3 people found the following review helpful
2.0 out of 5 stars Useless Advice 15 Jan 2014
By Jon - Published on
Format:Hardcover|Verified Purchase
I purchased a copy of The Master Trader after viewing an interview with Laszlo Birinyi. I was impressed with what he had to say about investing and, as an active manager of my own stock portfolio I presumed his book would be enlightening. I was dead wrong. Birinyi fills the pages with examples of why you can’t trust economists, market analysts, and financial pundits as well as graphs that are often confusing and add little to the text. He cites market trends but then shows why you can’t count on them as the market is often unpredictable. Birinyi is a successful trader as he has good instincts but these do not translate well into the written word. His “secret” is to read a wide variety of sources and to learn by doing. Good advice but you don’t need to plow through 300 pages of endless graphs and equivocations to become better investor.
2 of 2 people found the following review helpful
3.0 out of 5 stars Good Theory - more about the what than the how 28 Dec 2013
By LRoberts - Published on
Format:Kindle Edition|Verified Purchase
kind of a boring slog of theory though good if you have not been exposed to it. New investors, it's worth a ready. It does not really get at the how so I was disappointed.
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