- Hardcover: 192 pages
- Publisher: McGraw-Hill Professional (1 Mar 2009)
- Language English
- ISBN-10: 0071615172
- ISBN-13: 978-0071615174
- Product Dimensions: 18.3 x 13.5 x 2 cm
- Amazon Bestsellers Rank: 1,045,735 in Books (See Top 100 in Books)
- See Complete Table of Contents
The Seven Rules of Wall Street
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Product Description
Product Description
“Sell in May, and then go away.”
It's an old saying, but this Wall Street adage is as relevant today as when it was first uttered. It worked once again during the market decline that began in 2008. In The Seven Rules of Wall Street, Sam Stovall, master investment strategist and expert on stock market history, presents seven familiar sayings that not only convey enduring truths but also serve as superb investment strategies.
In this engaging guide, Stovall subjects his chosen sayings to the facts of history and to his own personal experience. When it comes to building a portfolio, for instance, should you “let your winners ride, but cut your losers short”? Absolutely. “On average,” Stovall writes, “the 'winners' beat the market by a near two-to-one margin. The winners also beat the losers most years: seven out of every 10 years.”
Other Wall Street one-liners that emerge as timeless truisms include:
- As goes January, so goes the year
- Don't get mad--get even
- Don't fight the Fed
- There's always a bull market someplace
To support his conclusions, Stovall complements his sharp insight with the results of detailed back-testing, as well as tables and charts drawing on decades of stock market data.
A fun and lively read, The Seven Rules of Wall Street provides an abundance of wisdom in remarkably few words--proving that investing books can be as entertaining as they are educating.
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
Inside This Book
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12 reviews
10 of 11 people found the following review helpful
Investment Advice Based Upon the Statistical Analysis of History
9 Mar 2009
Format:Hardcover
I found the "Seven Rules of Wall Stret" to be a fairly easy read even though it utilized sophisticated statistical analysis techniques - a lot of math... The basic approach is to use the Standard Poor investment products to select stocks or EFT's based upon the S&P 500's historical trends. So if you are the type of person that bets on the odds, then this book will make a lot of sense to you. If you like to bet against the odds, again, this book will make sense to you (determine which investments the pack will chase and go the opposite way). If you like to analyze individual companies, then this book will not help you. I can't imagine day traders looking at this book, but if you are managing your 401k, it will provide its users with strategies to grow their portfolio based upon the historical performance of the S&P sectors and industries.... Good luck!
5 of 5 people found the following review helpful
A very good read with just one flaw
4 Jan 2010
Format:Hardcover|Amazon Verified Purchase
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!
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!
5 of 6 people found the following review helpful
Really good read
22 Mar 2009
Format:Hardcover
Just as Sam Stovall, the Chief Investment Strategist for Standard & Poor's, author, and investment guru did with his first two books, this newest one: "The Seven Rules of Wall Street," he made the third one into a super interesting, informative read. I love his chatty writing style. It makes the subject so easy to understand. I too am my own worst enemy when it comes to investing, so I'm thrilled to learn about disciplines that will take the emotion out of investing.
I'm also comforted by his extensive back-testing. He really knows his stuff! He back-tests everything - and I am an avid listener of his advice. This book definitely contains 5-star information. As Sam would say, "The Rules `Rule,' As A Rule! -Lauren Keyson
I'm also comforted by his extensive back-testing. He really knows his stuff! He back-tests everything - and I am an avid listener of his advice. This book definitely contains 5-star information. As Sam would say, "The Rules `Rule,' As A Rule! -Lauren Keyson
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