Book Description
Learn How To:
Master the Mindset of a Professional Trader.
Profit from Tony Oz's Highly-Acclaimed Money Management System.
Effectively use MTF Charting Techniques in your Trading.
Write and Execute a Trading Plan Successfully.
Take Advantage of the Tony Oz Stock Market Calculator to Forecast Stock Prices.
Utilize Real-Time Scanning Strategies to Find High Probability Trades.
Time Your Entry and Exit to Capture Higher Rewards while Maintaining Lower Risk.
Differentiate Between Classic Swing Trading Strategies and Oz's Low Risk Strategies.
There are several key elements that Tony explains in a very digestible fashion. They include:
A well-defined money management system.
Significant but not overwhelming technical analysis indicators.
Risk/reward ratios with defined entry/exit points.
Trade setups to watch for.
And a how to use his new proprietary real-time scans.
Customer Reviews:
Confusing, and I'm not sure the method still holds up.......2006-06-02
This was the first book I ever read on trading stocks, and it almost turned me off of technical analysis forever. It suffers from a sort of catch-22-the book contains information that is pretty basic (support/resistance trading) and straightforward, and thus should be suitable for a beginner, and yet at the same time Oz's teaching jumps around so much and leaves such holes in the teaching of his techniques that one would almost need to already know what he's teaching before reading the book (which would, of course, defeat the purpose).
This brings me to another point about the clarity of the book. Oz's writing is, well, awful. I wish there was a more delicate way to put it--there isn't. I found myself reading and rereading almost every sentence, searching for a meaning and trying to follow every non-sequitur and piece of faulty logic through to Oz's disconnected conclusions. I recognize that the man is not a professional writer and that some allowance should be made, but I think its enough to have to understand the technique being taught without trying to figure out what he means by every misused word that comes out of context. Of course this criticism is coming from someone who studied literature and history in college, so I guess my judgment can be taken for what it's worth.
As a previous reviewer has pointed out, one of the problems inherent in a system like Oz's is that it depends on the participation of enough people (who also use support and resistance) to make the system viable; otherwise, it fails. I believe his system is too oversimplified for today's market, and I for one only started to make any money to speak of when I moved away from his technique and used it only as an afterthought.
In all fairness to Tony Oz his section on psychology is pretty good, and his risk/reward calculator can be useful (though the formula is so simple and obvious that it could be done easily with a calculator). These points, however, would not be sufficient reason to read the book, let alone buy it at such a high price. There are much better books out there on technical analysis that are easier to get and are much more thorough and straightforward. I'd recommend looking for something more readily available (and published by a major publisher)-I really don't think you'll miss out.
searching for non-randomness.......2004-05-17
I always find it amusing when someone publishes a book detailing a specific trading strategy. Why, because although certain behaviors never change in the markets (fear and greed), the market internals are always changing and evolving. What this means is that virtually all trading strategies become useless over time. This is the most recent of Oz's three trading books, and although published in 2002, it was written mid-year 2001.
Oz started trading during the Roaring Nineties, and in all of his books he states that his trades are always based on support and resistance levels. Support and resistance levels are self-fulfilling prophecies, in that if a critical mass of enough traders believe in such levels, they will cause these levels to materialize by entering and exiting trades at such levels. This works great in powerful markets when such a critical mass of traders are present. However, the 2000-2002 bear market effectively purged the markets of this critical mass of traders, and hence I no longer see consistently tradable support and resistance levels in the major indexes, and also in individual stocks.
Traders are always searching for non-randomness, that is any pattern that repeats itself enough of the time that it can be profitably traded. I have reviewed Oz's system of support and resistance trading, and also his use of scans to find breakouts, reversals and gaps, and have not found them to be viable in today's market. I also note that his website does not appear to have been updated since 2002, which makes me wonder if he is still able to trade profitably using this system. I doubt it.
This book is worthwhile as an introduction to using scans to find specific stocks to trade, if one is interested in trading stocks rather than indexes, which are inherently more risky (for example, Oz mentions that he once was long in a stock at 13 when it was halted for trading; it opened several days later at around 5). Also, his practice of seeking a minimum 3 to 1 return on every trade is important, because it allows you to be profitable even when only 50 percent of your trades are successful. I would not, however, pay the inflated price of the book.
Amazing Book.......2004-04-16
This is an amazing book - in fact it is one of the better trading books that I have ever read.
If you're a novice trader, however, I would recommend you read one of the many introductory books and then a more advanced book on technical analysis before reading this one.
This is a marvelous piece of work by someone that can convey the message to his readers in a very clear way. The book is an easy one to read, it's well put together in simple English. It has a lot of charts and well classified.
this is how a pro would trade.......2003-12-20
this is an easy to read, straight forward book.
tony oz simply shows you how he trades in one month. this is what's in the book. tony oz opens a new account for writing this book. in the next month, he recorded all his trades on this account. giving you every detail about his trade. it is like living in his mind (during trading hours only, of course...) for this month. he tells you how he chose entry and exit points, why he chose them, how he manages his trading money etc everything you need to know to trade well.
this book is about as close as you can get to understanding how to make day trading successful. assuming the author is honest in his writing here (i dont doubt him), he has just shown us how you can make money on ONLY on the long side of the market in one of the most bearish months for decades (he made some pretty decent profits!).
read this book, if only to get some inspiration!
Wasn't expecting this good.......2003-11-20
From some of the negative reviews I was kind of expecting a book that was probably useless except for maybe a few helpful tips. Boy was I wrong. This book is right up there with Alexander Elder's books as far as giving you a widespread view of trading, along with detailed views of Oz's preferred methods. Excellent coverage of money management and risk evaluation. He includes a link to a free download of his risk calculator.
Oz even takes you into his daily world, both psychologically and technically, and has a ton of examples of real trades with detailed explanations of why he made them, why he entered them when he did, and why he exited them when he did. He even includes some of his failed trades. There is plenty of coverage of chart patterns, including candelsticks, and what Oz considers to be the most important indicators.
I found this to be an honest and detailed look into the mind and procedures of a trader. I know he pushes some of his other services, but you really don't feel that too much from the book, although his screening parameters might make you want to subscribe to the Oz Screener if you use Real Tick. He also mentions that the screening formulas are available in his earlier books, but for some legal reason he can't print them in this one (maybe some kind of agreement with Real Tick, since the other books are out of print). He goes into detail about his screens and why he uses them. You could probably figure out the formulas without too much effort just by understanding what he's screening for.
The other thing I really enjoyed about this book was its concise nature. Oz is an excellent author. There is no filler here. He writes simply and to the point. Unlike many other authors he seems to understand that clear communication and not showing off his IQ is the goal of writing a book. For those who have read a lot of trading books you know how rare that is. Oz is a relaxing read, not a tension-filled one.
I've read a lot of trading books, but along with Elder's books this is probably the only book I've read that by itself has enough to get you started on the right track in trading.
Book Description
The Wall Street Journal Guide to Understanding Your Taxes is an easy-to-use, easy-to-understand guide that de-mystifies the process of taxes.
It initiates you into the mysteries of the tax process and educates you regarding tax strategies.
Customer Reviews:
Good basic guide.......2007-02-01
This is a picture friendly small handbook that puts a happy face ont taxes. Its a small history book that feels like a TAXES FOR DUMMY book. Its a little too happy really for a subject that is not the most upbeat.
Good basic guide - helps understand the vocabulary of taxes.......2003-02-07
First, this is NOT a tax manual. This small and colorful book is designed as a general introduction to the process and vocabulary of the various taxes we all pay under varying conditions of income and investment. It is not a current guide to assist you in tax planning.
It gives you a basic introduction to the kinds of taxes we pay at the federal and local levels, the IRS, "paying as you earn", the annual (federal) return (with a nice general overview of the general applicable forms), audits (shiver!), and a little overview of tax planning. But, again, this guide's purpose is to provide a general overview and to provide you with basic concepts and vocabulary. Think of this as a good introduction to the topic rather than a practical preparation guide and you will understand what this book is trying to do.
It has lots of color and every page also uses helpful illustrations of the forms and processes involved in the tax process. Great for young people trying to learn what they are facing as the goverment(s) remove large chunks of their income to keep us in whatever it is we think we have from the government(s).
OBSOLETE.......2001-11-02
Tax laws have changed dramatically since 1995. A lot of the information in this book is irrelevant now. Does not include infomation on newer tax credits.
WSJ must introduce a new and updated edition.
Taxes in brief for beginners.......2000-03-31
This book was the right price and the right pace for a young person begining his or her life on their own. The Wall Street guide is comprehensive covering a quick history of taxes and then expounding upon the present state of US tax codes and the IRS. This book won't help you fill out your taxes nor contain the most up todate codes but may help make the frustration and confusion associated with filing much lest daunting and more bearable
Product Description
In this book, the reader will learn about the history of street beats, second-line, and the Mardi Gras Indians as well as the importance of clave to New Orleans drumming. The reader will also learn how to put a New Orleans spin on traditional rhythms like mambo, guaguacno, shuffle, and samba. Stanton also teaches the reader how to play between the cracks, bring more inflection and variation to a groove, and how to incorporate a bit of Crescent City flavor into linear playing. Drummers of all styles should pick up this book to improve your groove, expand your vocabulary and learn to Take It To The Street. Accompanying CD includes performances by the Dirty Dozen, George Porter, and Ivan Neville.
Book Description
For 15 years Street Fighter II has been a dominant force in fighting games, and now the ultimate collection has arrived. Let our Tournament pros teach you all the expert strategy you need to master any character in Hyper Street Fighter II: The Anniversary Edition or Street Fighter III 3rd Strike: Fight for the Future. The
Street Fighter Anniversary Collection Official Fighter's Guide includes the following:
Street Figher II The Anniversary Edition:
Tournament Combos Give You the Edge in Every Match!
Detailed Descriptions of Each Characters Moves and Special Abilities!
Best Case Scenario Match-ups for Every Character!
Advanced Techniques and Strategy!
Anniversary Art Gallery!/
Street Fighter III 3rd Strike: Fight for the Future
Detailed Analysis of Every Character's Moves, Special Moves, and Super Arts!
Devastating Tournament Combos to Crush Your Opponents!
Frame Data for Every Street Fighter III 3rd Strike: Fight for the Future Character!
Advanced Tips and Tactics from the Pros!
Street Fighter III 3rd Strike soundtrack included!
Platform: PlayStation 2
This product is available for sale in the U.S. and Canada only.
Customer Reviews:
If you play 3rd Strike, you should own this.......2007-02-14
It's really simple: if you own and actively play 3rd Strike, and have any will or drive to be a competitive player, then you really should own this. Frame data, matchup information -- all the good stuff that you should want and should expect to see in a GOOD fighting game strategy guide is included here. This is not your old-school, garbage Mortal Kombat guide that you bought on a whim while browsing the bookstore: this is real information provided by real, top competitive USA players of the game. Do yourself a favor and pick this up.
Better than average..but still some flaws........2006-08-04
I got the guide in the mail today. Just upon flipping through it quickly, it is definetly a good guide. So before I criticize it at all: If you want to learn to play SF3: Third Strike, this is a great guide, and is the best way, [...]so it's worth it without a doubt.
Anyway, so when you actually use the guide, and try to use it to get better with a character, you may run into some problems. First off, there are definetly some mistakes. From looking at the Oro page, some of the descriptions don't match the actual move, as in just a typo, printing error..but still could confuse a newbie.
Also, the thing that REALLY annoys me about the guide is how it labels each move of a character. For an example of what I mean, everyone knows Ryu's special moves: Hadou-Ken, Shoryuken, and the whirlwind kick. But have you ever heard of...Sakotsu Wari? Me neither. But apparently, Sakotsu Wari is F+MP, Ryu's overhead punch. Now, that would be fine, but it is definetly NOT fine when the guide says to use Sakotsu Wari when the opponent is crouching, and I have no idea WTF Sakotsu Wari is, so I have to flip back to the moves index, only to find out that I would have understood them 100% if they had just said F+MP, which they said previously in the guide anyway. That applies to all of the characters.
My last beef is the so called "matchups". It seems for most characters, the matchups are total bull****. For example, Q's good matchup is...Twelve? Uh, okay. Twelve sucks. Everyone's good against Twelve. Let's look at Twelve matchups. Twelve's good matchup is...CHUN-LI? I don't think so. I think most scrub Chun-Li's would beat the [...] out of any Twelve. But the guide's reason for this is that Chun-Li has no standard anti-air...uh..so what? He's frickin Twelve. He sucks.
ANYWAY, those aside, this is a really awesome guide. What surprised me is that it even goes into advanced tactics like Makoto's Kara-Karakusa/her Abare Tosanami combos. With that said, some combos and tactics are noticeably missing, like Makoto's 100% stun combo, Kara-Oroshi/Fukiage, etc., but that's alright.
Overall, I'd say this is something that people who want to get into 3rd Strike should pick up, because it has up-to-date tactics, and most of the combos and info you're going to need when you want to learn a character, and an easy-to-read and easy-to-find page for each one. Plus, it comes with the 3rd Strike soundtrack. That alone is worth the 10 (LESS!) dollars that this'll cost you.
Awesome Guide to an Awesome Game.......2006-03-10
The Street Fighter Anniversary Collection Official Startegy Guide is a very good, it goes well with the game. Very well actually. There is alot of useful information is this guide about both of the games present in The Street Fighter Anniversary Collection. The guide list every character present in both Hyper Street Fighter and Street Fighter 3 Third Strike, plus it also lists every move in each mode in Hyper Street Fighter for each character and it also lists every move for each character in Third Strike with a brief description of each move and frame data of each move. It also lists some strategys for each character and bad match ups for each character. And as an extra treat it comes with the Third Strike soundtrack. This is definitly worth reading. FINAL ATOMIC BUSTER!!
Street Fighter Anniversary Collection Stragetgy Guide .......2005-12-26
The guide had great visuals and easy instructions on executing the moves/strategies of the characters. However, it worked far better with the Street Fighter 3rd Strike characters than the classic Street Figher characters.
This is the guide you'll want.......2005-10-10
First of all, one important thing. This review assumes you're actually someone willing to play Street Fighter more often than once a month casually at a friend's house. If that's the case with you, you shouldn't bother buying this book - it isn't for you. This book is for dedicated SF players. Now, that I've made this one thing clear, I can move on.
Probably everyone who plays SF knows that this is not a typical fighting genre game. Mashing will get you nowhere here and the game certainly isn't "user friendly". The guide follows this notion - it's very clearly written, explicitly describes all the techniques, but isn't a "for dummies" material because, let's face it, SF is not a game "for dummies".
That said, the strategy guide has it all. The basic techniques, their implementations, specials, combos, tactics, together with advanced tactics involving the more technically difficult aspects of SF3:TS such as kara techniques and red parrying. This isn't a guide to beat the comp, this a guide dedicated to people who want to play another person. It excells in that, both in the SF2 and SF3:TS section. The strategies are ones tested in real-life, not ones the authors thought up against a computer player.
If you want to learn to play SF2 or 3:TS for real, this is the book you'll want.
Book Description
In
Take on the Street, Arthur Levitt--Chairman of the Securities and Exchange Commission for eight years under President Clinton--provides the best kind of insider information: the kind that can help honest, small investors protect themselves from the deliberately confusing ways of Wall Street.
At a time when investor confidence in Wall Street and corporate America is at an historic low, when many are seriously questioning whether or not they should continue to invest, Levitt offers the benefits of his own experience, both on Wall Street and as its chief regulator. His straight talk about the ways of stockbrokers (they are salesmen, plain and simple), corporate financial statements (the truth is often hidden), mutual fund managers (remember who they really work for), and other aspects of the business will help to arm everyone with the tools they need to protect—and enhance—their financial future.
Customer Reviews:
You Owe it to Yourself to Read This Book!.......2006-05-27
What if... the former head of the American Stock Exchange... the former president of the Shearson brokerage giant... or the former Chairman of the Securities and Exchange Commission...
CARED ENOUGH ABOUT SMALL INVESTORS TO WRITE A GREAT 'HOW TO' BOOK ON INVESTING? WOULDN'T YOU OWE IT TO YOURSELF TO READ IT?
Arthur Levitt is the man who filled all of these positions and the guy who cared enough about small investors to write this book. While Levitt covers some well-trodden ground, he also gives investors-- including experienced ones-- superb advice about selecting investments, monitoring brokerage fees, obtaining best execution on stock trades and on reading corporate financial statements. He also provides useful tips on retirement investing and on the publicly-available information that will help investors to plan their finances and enhance their returns. And better yet, Levitt and his accomplished co-author accomplish all of this clearly, without jargon. If you own stock, even a small amount held in a company retirement plan, you owe it to yourself to read this book.
Levitt's book also provides an illuminating discussion of how the accounting and securities industry lobbies in Washington to limit regulation by the Securities and Exchange Commission (SEC), often to the detriment of investors. Some of the material is comical-- most notably a September 2000 letter from then-Enron Chairman Kenneth Lay stating that Enron's accounting system is state-of-the-art in its ability to protect shareholders against corporate fraud.
Levitt's efforts to stand up for individual investors during his term as Chairman of the SEC are also described in detail. These efforts are heroic, poignant and frequently hilarious. You see, the securities and accounting industries just do not expect an industry insider like Levitt to actually... strengthen... the protections for retail investors at the expense of industry profits. When Levitt tries to do so, he is treated like a guest dropping a dead mouse on the serving platter at a formal dinner. Arthur couldn't really care about the investing public... could he?
Levitt is equally candid about his post-SEC activities, which has included service on corporate boards-- at least on the boards of those companies sufficiently comfortable with Levitt's exacting standards on board conduct. Again, to the shock and dismay of some corporate titans, Levitt actually believes that the directors of a publicly-traded firm should act in the interest of shareholders rather than as a rubber stamp for management. In an especially revealing and funny episode, Levitt's invitation to join Apple Computers' Board of Directors is rescinded the day after Levitt presents Steve Jobs with an essay detailing Levitt's views on corporate governance. Arthur couldn't really care about the investing public...could he?
Fortunately for you and me Arthur Levitt cares passionately about the investing public and has written a superb guide to lead non-insiders safely through the hidden perils of Wall Street. You owe it to yourself to read this gem of a book.
Levitt's Life Story.......2005-09-13
This book is mostly about Levitt's life story. There's not a whole lot of stuff you can learn by reading this book. It mostly says the same things other books say.... know what you buy, research what you buy, etc.
However, there are 2 chapters in the book that were really good. One tells you how the ECN system works and the other one tells you what to look for and how to read financial statements. I would buy the book for these two chapters alone. The book is fairly cheap anyways. There's also a chapter about 401Ks that may interest those that haven't given much thought to retirement funds.
Most of the book is about Levitt's life story. He bashes both Republicans and Democrats for obstructing the regular joe (or jane) investor. His life story is interesting but that's not the reason I bought the book.
*****.......2004-06-09
(...)when I say I was completely impressed with this book and applaud Clinton for having appointed Arthur Levitt as Chairman of the Securities and Exchange Commission, you can be sure I mean it! This book is absolutely required reading for anyone even thinking of investing in the stock market. It was a total eye opener and written in an accessible, readable style. I highly recommend it.
Pithy and Informative.......2004-04-14
Sometimes the truth hurts. In "Take on the Street," Levitt tells it like it is. A sobering account of Wall Street's hidden mishaps, the book examines such things as the opaque accounting practices that precipitated the Miltonic fall of Enron and Worldcom. The real merit of the book resides in a chapter Levitt devotes to the reading of financial statements, wherein he recapitulates the necessity of doing one's due diliegence before investing in any company. A classic, indeed.
Must Read.......2004-02-02
I've been reading a lot of books about personal finance and the markets, and Levitt's is my favorite. He explains technical concepts in simple terms that are understandable to the average person. His stories about his years as SEC chairman wonderfully illustrate his points. If you insist on believing that basic intergrity prevails on Wall Street and in corporate America, don't read his book. As Levitt so ably demonstrates, it's like believing in the Easter bunny.
Book Description
This book empowers the individual investor by showing how to technically chart and then analyze the critical items that fundamental analysts use.
Elegant in its simplicity, the author's message is especially welcome for those who still believe in a long term, buy and hold stance that doubles your profits steadily and surely. Written for those who are new to investing, as well as for those who've yet to take their "first walk down Wall Street", this book presents a sound but simple savings strategy.
Customer Reviews:
Buy it; you'll like it.......2004-05-23
What an excellent book. Well written, clear, and easy that read that gives great insight. Ellis Traub has written a superb text on investing. I thoroughly recommend this book to all those interested in successful investing.
Last book I'll need........2004-04-06
This book gives a simple, yet time honored approach to selectiong stocks. It uses fundamental analysis to select quality growth companies. So don't look here for technical analysis. Look here to find good stocks for the long term.
With the included Take Stock software you can now access online data (subscription required) and have the forms all filled out for you. You can manually fill them out also at no other charges. The program applies conservative judgments and gives you a analysis of the company's quality and the risk reward benefits of buying the stock from the current price. What could be simplier.
Also included is a demo copy copy of Mr. Traub's other software he writes for the NAIC called Investor's Toolkit which is a full blown stock evaluation, stock selection, and portfolio management tool. It requires more understanding than the Take Stock program does, but the online help screens do a good job of explaining its purpose.
My only complaint is that many of the stocks I've romanticized about are not quality companies. At least they are not companies I'd invest my money in for retirement.
I've read this book several times and learn more each time.
Mr Traub has mentioned the NAIC & AAII investment organizations and I recommend both of them to further your investing education.
Last book I'll need........2004-04-06
This book gives a simple, yet time honored approach to selectiong stocks. It uses fundamental analysis to select quality growth companies. So don't look here for technical analysis. Look here to find good stocks for the long term.
With the included software you can now access online data (subscription required) and have the forms all filled out for you. The program applies conservative judgments and gives you a analysis of the company's quality and the risk reward benefits of buying the stock from the current price. What could be simplier.
My only complaint is that many of the stocks I've romanticized about are not quality companies. At least they are not companies I'd invest my money in for retirement.
I've read this book several times and learn more each time.
Mr Traub has mentioned the NAIC & AAII investment organizations and I recommend both of them to further your investing education.
There are better books. Avoid this one........2004-01-31
The book does not really go into any investment process and is confusing. I prefer Value Investing Today or Ben Graham's books. Avoid this one.
Take Stock: A Roadmap to Profiting from Your First Walk Down.......2001-04-10
Benjamin Graham is a classic on investment. Years from now folks will be buy "Take Stock" as another one of those "must have" timeless classics. Ellis's book is the best I have read that explains things in plain (non-technical) English with examples most people can easily grasp.
Book Description
Investors today are being fed lies and distortions, are being exploited and neglected. In the wake of the last decade’s rush to invest by millions of households and Wall Street’s obsession with short-term performance, a culture of gamesmanship has grown among corporate management, financial analysts, brokers, and fund managers, making it hard to tell financial fantasy from reality, salesmanship from honest advice.
In Take on the Street, Arthur Levitt—former chairman of the Securities and Exchange Commission—shows how you can take matters into your own hands. At once anecdotal (names are named), informative, and prescriptive, Take on the Street expounds on, among other subjects: the relationship between broker compensation and your trading account; the conflicts of interest inherent in buy-hold-or-sell recommendations of analysts; what exactly happens—and who gets a piece of the action—when you place an order; the “seven deadly sins” of mutual funds; the vagaries and vicissitudes of 401(k) investments; how accountants engage in sleight of hand to fake impressive company performance; how to find the truth in a company’s financial statements; the real reason for the Street’s hostility to full disclosure; the crisis in corporate governance, and, given these shenanigans and double-dealings, what specific steps you can take to safeguard your financial future.
With integrity and authority, Levitt gives us a bracing primer on the collapse of the system for overseeing our capital markets, and sage, essential advice on a discipline we often ignore to our peril—how not to lose money.
Customer Reviews:
Title is more aggressive than the content........2007-03-26
The book is full of inside stories of corrupt corporations and the SEC's involvement to correct them. As far as any portfolio use, chapter ten is 26 pages of 401(k)tips. Otherwise there was nothing truly useful for investing. I am self-employed, so this one chapter was of no help to me either. No disrespect to Arthur Levitt and his understanding of the market but this is more of a non-fiction or autobiography than a guidebook to "Take On The Street." If you like direct and helpful books such as the "All About ...." series of books by Richard A. Ferri or William Bernstein's style, you should overlook this one and it's similarly named clone.
Should be Required Reading for Every American Investor.......2006-02-03
"Take on the Street" should probably have been titled: The Most Corrupt Industry in America. Over the last 100 years (and more), the brokerage industry in America has to comprise the most corrupt bunch of crooks of any industry past, present, and hopefully in the future. Because of deception played upon investors with the full knowledge and intent of the major brokerage houses, individual investors lost trillions of dollars they had invested in the stock market. All the major brokerage houses practiced the art of recommending stocks to their 'customers' while knowing full well those stocks were already vastly overpriced.
Arthur Levitt has intimate knowledge of the situation having been the Chairman of the SEC. He pulls no punches in telling the secrets of the industry, even naming names of the biggest culprits to this travesty. When you read how these companies swindled their investors, you will get sick just wondering how the government could let them get away with this for so long. But, of course, significant political contributions by the brokerage houses have a way of making the government look the other way.
Are all of the abuses now in the past? It's doubtful, although Levitt is to be highly praised for his accomplishments in getting things at least to their current level of open information sharing for all investors. But, after you read this, you will think twice before you ever think about trusting a stock broker again.
The Pitfalls of Wall Street & How the Average Investor Can Avoid Them........2005-12-08
Arthur Levitt was the longest-serving chairman of the U.S. Securities and Exchange Commission (SEC), 1993-2001, the regulatory agency that oversees many aspects of the stock market. Coming from a background of 28 years on Wall Street as a broker and chairman of the American Stock Exchange, Levitt joined the SEC as the bull market of the 1990s was getting underway and would remain through the bust of the technology stock bubble, leaving the agency shortly before the accounting scandals of Enron, WorldCom, et al exploded into the public eye -just the sort of accounting deception he had fought to prevent during his years at the SEC. "Take on the Street" is a memoir of Levitt's years at the SEC and an argument for his philosophy of investor-friendly regulation. But, more than that, it is a how-to guide for small investors that explains the "web of dysfunctional relationships among analysts, brokers, and corporations" and how to avoid falling victim to them, whether you research and buy stocks yourself or invest in the market through mutaul funds or a 401(k).
"Take on the Street"'s 10 chapters are each dedicated to one issue -usually a conflict of interest- in some stage of the investment game, which can cost the investing public a great deal. Levitt explains each issue in detail, with examples, as well as what the SEC tried to do to remedy the problem when he was in office. And he always includes advise on how to avoid the pitfall in question. The first chapter is about brokers. The second addresses the "Seven Deadly Sins of Mutual Funds". Chapter 3 reveals the conflicts of interest faced by many analysts. Chapter 4 discusses Regulation Fair Disclosure (FD) in detail, which prevents analysts from getting earnings information before it is announced. Chapter 5 addresses the issue of accounting standards, which would come to a boil shortly after Levitt left the SEC, including his crusade to prevent accounting firms from providing both consulting and auditing services to the same company. Chapter 6 is a lesson for investors in how to read company financial statements or 10-Ks. Chapter 7 explains how stock orders were placed and filled on the NYSE and the NASDAQ. (Note that this is not up-to-date, as the NYSE just converted to a computerized system.) Chapter 8 talks about the role and failures of corporate governance boards (boards of directors). Chapter 9 is about Levitt's experiences with the powerful business lobbies and their influence on Congress. The last chapter, "Getting Your 401(k) in Shape", tells investors what they need to do to get the most out of their 401(k) retirement plans.
"Take on the Street" offers a lot of useful advice for the average investor. Even those who know little about their investments and prefer that others manage their money will find the chapters on mutual funds and 401(k)s invaluable. They just might save you a lot of money. Arthur Levitt is opinionated and is sometimes accused of advocating over-regulation. But he is, above all, an advocate of transparency, without which the stock market and all of its participants are ultimately imperiled. As in any memoir, Levitt takes the opportunity to grind his axe against his foes: the politicians who opposed the SEC's regulatory agendas during the 1990s. In Chapter 9, he says just who opposed Regulation FD, auditor independence rules, and expensing options -many of whom had to eat their words in the wake of the Enron scandal. But "Take on the Street" is mostly a book for the average American investor, whose cause Arthur Levitt always champions, if not always flawlessly.
Explains what's wrong with wall street and why it gonna change soon.......2005-10-15
Book has some fluf, but it's interesting.
The book give some insight into how courupt Wall Street and many brokers are.
Levittation.......2004-09-17
Arthur Levitt's "Take on the Street" is a worthwhile read for both those familiar and unfamiliar with the inner workings of investment banks, "numbers games" played by public companies to smooth earnings, and the role of regulators. All three are imperfect. Levitt exposes many of the abuses that have been known to most public market insiders. He has done much, helped by the market meltdown in 2000-02, to rectify some of these abuses.
He provides extensive background, from his point of view, on the difficulty of making the markets more transparent and consumer (retail) friendly. He details his butting heads with Wall Street chieftains, corporate CEOs, the high tech industry, and the very agencies and oversight boards charged with insuring fair markets.
There are many gems that are instructive. For instance, I was surprised to learn about the matching of buyers and sellers within a single organization, like Schwab, that increased profits...but to the detriment of customers. Now that there are new rules on this, I understand why Schwab and others are struggling with profitability and must redefine themselves. Schwab's success initially was derived from a rules change Charles Schwab supported, and now its difficulties are derived from a rules change the firm fought.
Levitt also shows regulatory zeal in areas requiring much more discussion and debate to insure the public good. Single-minded regulators, while they can do good, can also inflict great harm. While stock options may need a change in accounting treatment, we must make sure that we understand the "how" to insure that we do not drive a stake into development stage companies that have led the world in innovation, job creation, and value creation. Levitt's single-mindedness on this issue is scary.
He showed ignorance about development stage companies and the role of stock options. He frequently used companies like Cisco, Microsoft, and Intel as examples in his discussion. These are growth companies but they are no longer development stage companies. Stock options are a critical tool for the growth and survival of a true development stage company. Most, if not all, development stage firms only offer healthcare benefits, non-matching 401k plans, and an opportunity to fail (80% fail). Stock options provide an off-set to the personal and career risk one takes to join a start-up.
Development stage companies have proven crucial to the health of the US economy with jobs, and global leadership in areas like health and high-tech. We are the envy of the world. We as country must make sure that we do not throw the baby out with the bath water.
Those who are interested in these subjects and controversies will enjoy getting a behind the scenes view, courtesy of Arthur Levitt. A good book to complement "Take on Wall Street" is Andy Kessler's "Wall Street Meat" - a first hand account of a Wall Street analyst on the abuses Levitt moved to correct. These two books could serve as bookends!
Customer Reviews:
Law firm Life as Struggle.......2001-08-21
This is a pretty good book. Fifty some years after John McCloy slapped his name on this firm, at a time when law firm compensation was more regimented and egalitarian among all equity partners, being compensated as a lawyer resembled getting tenure at a university--no one cared if you sat around dozing all day, because those still awake looked forward to sleeping all day eventually, but still getting paid just as much as some young lawyer pounding down 2000+ billable hours per year.
This changed among New York law firms, but Millbank, Tweed was slower than most to move to a multi-track partner system, or to key compensation to the revenue a given lawyer generated. At the core of this unwillingness to change was the mindset of the senior, contolling partners: it was the firm, and not any given lawyer, that got the business. During the time period covered by this book, several key younger partners begged to differ, and most of this book describes how these young "turks" influenced the older "Brahmins" to adapt the legal structure of the firm to the underlying economic structure. Use ot "Turks" also suggest an element of destruction, which is also a fair reading of how these younger lawyers were perceived by the older partners.
One younger turk in particular, by the name of Worenklein, is profiled, since he controlled millions of dollars in business as a result of learning the legal end of nuclear power plant financing. An interesting epilogue to his particular story is that Worenklein later left the firm he helped modernize, and last I heard, he was an investment banker, working on the same deals but making even more money off of them.
So should the old guys have stood fast and let Worenklein leave earlier? Or do you not hold the superachievers inside a law firm anyway? This book tackles questions like these in an evenhanded manner. Especially for law students who might be inclined to uncritically yearn to work in one of these bigger firms, this book casts accurate light on what goes on at the ruling levels, where compensation and quality of life decisions are made, uaually way beyond the purview of the younger lawyers.
Book Description
Investor Revolution! shows you how to take control of your finances and make your money work for you. Learn how to create a customized wealth management plan for your ideal future--a fulfilling and wealthy life. The status quo of investing through the Wall Street method (being sold investment products from large corporations) and merely using wealth to accumulate assets will not work for todays investor as he looks to a retirement that now often spans as long as many careers. Hardin shows readers how to create a vision of their ideal future (some starting a new career, traveling the world, or creating a non-profit), and realize it through a mix of wealth management coaching and proprietary wealth management techniques.
Customer Reviews:
A MUST READ FOR ALL INVESTORS!.......2007-08-15
A MUST READ FOR ALL INVESTORS - or anyone who is actively involved in the financial services industry today. After working on Wall Street for more than 20 years, I wholeheartedly agree with Tom Hardin's contention that the traditional Wall Street model of pushing fee-based OR commissioned products is not in the investors' best interests and does not offer a process that is sufficiently dynamic to deal with today's rapidly changing investment environments.
By trying to beat benchmarks and market indexes, Wall Street tends to promote what would have worked in the very recent past, causing investors to make decisions based upon past performance. "Buy and hold, and don't worry about the annual fluctuations, even big declines", is their mantra. Most investors don't do as well as they should over the long term because of this entrenched philosophy. How many investors have lost precious dollars that cannot easily be regained as a result - the most recent example being the unwinding of the credit markets in August 2007 without swift Fed intervention.
Investor Revolution outlines a process for the reader that offers the highest probability of not failing in changing market environments and makes it possible to take advantage of new tools to create a dynamic investment program to preserve and grow your money TODAY and in the future. Markets will always fluctuate up and down and this revolutionary process allows the investor to actually benefit from the volatility that can and will occur - rather than remain trapped in buy and hold investments. For any investor who has been in search of a better way to invest and grow their capital, Tom Hardin's revolutionary investment process is a long-awaited solution and welcomed antidote to what isn't working on Wall Street any longer. This is an excellent resource to educate the investor on what is required to truly take control of one's financial future, and manage risk for profit.
Books:
- Information Technology Control and Audit, Second Edition
- International Financial Management (McGraw-Hill/Irwin Series in Finance, Insurance, and Real Est)
- International Financial Management (McGraw-Hill/Irwin Series in Finance, Insurance, and Real Est)
- International Financial Markets and the Firm (Current Issues in Finance)
- Introduction to Management Accounting, Chap. 1-17 (13th Edition) (Charles T Horngren Series in Accounting)
- Introduction to Management Accounting, Chap. 1-17 (13th Edition) (Charles T Horngren Series in Accounting)
- Introduction to Management Accounting, Chap. 1-17 (13th Edition) (Charles T Horngren Series in Accounting)
- IT Portfolio Management: Unlocking the Business Value of Technology
- Keeping the Books: Basic Recordkeeping and Accounting for the Successful Small Business (Keeping the Books)
- Key Performance Indicators: Developing, Implementing,and Using Winning KPIs
Books Index
Books Home
Recommended Books
- The Motley Fool Investment Guide for Teens: 8 Steps to Having More Money Than Your Parents Ever Drea
- Learning to Weave, Revised Edition
- An Audit of the Case Study Method:
- Birds of Wisconsin Field Guide, Second Edition
- Dropping the Ball: Baseball's Troubles and How We Can and Must Solve Them
- Life: Picture Puzzle
- Histochemical and Immunohistochemical Techniques: Applications to pharmacology and toxicology
- Write It Down, Make It Happen: Knowing What You Want And Getting It
- Advanced Accounting with FARS CD
- Flood: A Romance of Our Time
General
| Business & Investing
| Subjects
| Books
Stock Trading Wizard : Advanced Short-Term Trading Strategies for Swing and Day Trading
High Probability trading
Mastering the Trade (McGraw-Hill Trader's Edge)
How I Made $2,000,000 In The Stock Market
Come Into My Trading Room: A Complete Guide to Trading
