By Ned Davis
I learn this ebook and enjoyed it. all the different review/criticism appear to specialize in the truth that it truly is too simplistic or too brief. for those who understand that stepping into you then will not be disappointing like they have been.
The charts are stable assets. The 70 pages of charts illustrate one corporation inventory chart consistent with web page. they offer degree of price/dividend or price/sales ratios that point out overly worried and overly convinced levels. To today, even if they're superseded, I discuss with these ratios and levels if i'm doing due diligence on one of many shares he has charted.
I loaded up on Budweiser in 2005-06, partly due to their overly apprehensive positioning (and after all dividend and optimistic attributes now not incorporated during this book). That exchange used to be highly winning for me and those charts and variety research additional to my self belief point. If NDR wrote an up to date model of this with these businesses and extra, and their inventory charts and overlyfearful/overly convinced guages, i might purchase the ebook simply as a source. It basically takes one alternate, one stable name to have assets greater than pay themselves. I retain this one achieving distance from my table besides approximately 2 dozen others I reflect on worthy. Now that it truly is previous i might quite provide it a four megastar score, yet i needed to weight the typical up simply because i assumed the entire one celebrity scores have been quite severe.
Buy it used or test it out out of your neighborhood library, yet do not allow these adverse studies deprive you of seeing what nuggets you may find.
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Additional info for The Triumph of Contrarian Investing : Crowds, Manias, and Beating the Market by Going Against the Grain
Example text
Also, it is because of the importance of crowd sentiment in the market that Ned Davis Research (NDR) builds so many indicators of crowd psychology; they can allow us to pass judgment devoid of emotionalism. This page intentionally left blank. At least part of the answer can be found in social psychology. The studies show that people make decisions based on their emotions, and their emotions are partially created by their surroundings. The stock market is nothing more than a reflection of investors’ aggregate emotions, or as we like to say at Ned Davis Research, the stock market is the manifestation of group psychology in motion.
In fact, the aftermath is violent and often retraces a 34 THE TRIUMPH OF CONTRARIAN INVESTING FIGURE 33 Historical market bubbles. All rights reserved. These few examples show that over different time periods, disparate cultures, and various degrees of technological innovation, the powerful forces of crowd psychology have, given the right conditions, repeatedly given rise to manias and their inevitable crashes. By acting contrary to the magazine covers after 30 days, you would have beaten the equivalent buyandhold return by about five times over the next 11 months.
8% of NASDAQ Composite Gains Notes: 1) Common stocks only (excludes preferred, mutual funds) 2) Static, beginning-period cap weight used 3) Price change only, no dividends included This page intentionally left blank. C H 3 A P T E R BRIEF HISTORY OF MANIAS AND PANICS T HE PREVIOUS CHAPTER DESCRIBED PSYCHOLOGICAL studies illustrating how people are influenced by their surroundings when making decisions, including investment choices. The stock market is nothing more than an aggregate account of the opinions of millions of individual investors.