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"A major contribution . . . on the behavior of common stocks in the United States."
--Financial Analysts' Journal
The consistently bestselling What Works on Wall Street explores the investment strategies that have provided the best returns over the past 50 years--and which are the top performers today. The third edition of this BusinessWeek and New York Times bestseller contains more than 50 percent new material and is designed to help you reshape your investment strategies for both the postbubble market and the dramatically changed political landscape.
Packed with all-new charts, data, tables, and analyses, this updated classic allows you to directly compare popular stockpicking strategies and their results--creating a more comprehensive understanding of the intricate and often confusing investment process. Providing fresh insights into time-tested strategies, it examines:
- Value versus growth strategies
- P/E ratios versus price-to-sales
- Small-cap investing, seasonality, and more
- Sales Rank: #806759 in eBooks
- Published on: 2005-06-14
- Released on: 2005-06-14
- Format: Kindle eBook
Review
"What Works on Wall Street is indisputably a major contribution to empirical research on the behavior of common stocks in the United States." - Financial Analysts' Journal
From the Back Cover
[BACK COVER]
Long-term strategies that have always beaten the markets, and how to make them work for you
What Works on Wall Street, Third Edition, cuts straight to the chase, examining actual historic performance figures to tell you which strategies have provided investors with the best returns, which should be avoided at all costs, and why. Comprehensively updated from its bestselling second edition, this investor classic goes beyond hype and rumor to focus on actual results, and tell you what smart investors are doing now.
Critical praise for previous editions of What Works on Wall Street
“O’Shaughnessy’s conclusion that some strategies do produce consistently strong results while others underperform could shake up the investment business.”--Barron’s
“What Works on Wall Street is indisputably a major contribution to empirical research on the behavior of common stocks in the United States….Conceivably, the influence of What Works on Wall Street will prove immense.”--The Financial Analysts’ Journal
“O’Shaughnessy’s latest, What Works on Wall Street, is a serious inquiry into the investment strategies that stand up under long-term scrutiny and is refreshing research for every investor.”--Stocks and Commodities
“O’Shaughnessy’s study is already making waves in the investment community….could well become a classic.”--Smart Money
“James O’Shaughnessy…has enshrined P/S in the investing hall of fame in his superb new book, What Works on Wall Street.”--James K. Glassman, The Washington Post
[FLAP COPY]
"What investment strategies have worked over the last 40 years? Ask this man."--Barron's
For many investors, the stock market is little more than a guessing game. The stock market bubble of the late 1990s had many investors convinced that the rules of the game had changed and that this time, it really was different. What Works on Wall Street, Third Edition--with all new data through 2003--shows that it's never different this time. Armed with earlier editions of this book, investors would have avoided the devastation visited on the high risk stocks that were the favorites of investors during the bubble.
What Works on Wall Street, Third Edition, takes the guesswork out of your investment decision-making. This in-depth, updated and data-driven book looks at key strategies and benchmarks that millions of investors rely on to make their investment decisions, and tells you which of these tools have provided investors with the best long-term results.
Acclaimed author and portfolio manager James P. O'Shaughnessy presents factual, unbiased and unexpected findings that prove you can do vastly better than the market simply by consistently using stock selection strategies that have withstood the test of time. Moreover, these five decades of results warn investors to steer clear of some popular investment strategies that are toxic to your wealth.
Expanded to include how various investment strategies perform when used on All Stocks, Large Stocks, Market Leaders and Small Stocks, this new edition of the book also covers all the new research O'Shaughnessy has conducted since the last edition.
Which investment strategies are winners--and which are losers? What factors most reliably indicate that a stock will rise or fall? Are value strategies better than growth? Do small capitalization stocks do better than large? What's the worst-case scenario for the various investment strategies and how long did it take for them to recover? Do these strategies work outside the United States?
What Works on Wall Street answers these questions and outlines a methodical, scientific, and results-based method for making intelligent stock market decisions. "To make the best investment plans for the future, investors need access to unbiased, long-term performance results," O'Shaughnessy writes. And that is exactly what he gives you in this history-making book.
James P. O'Shaughnessy is the Director of Systematic Equity for Bear Stearns Asset Management and a Senior Managing Director of the firm. O'Shaughnessy's investment strategies have been featured in The Wall Street Journal, Barron's, The New York Times, The Washington Post, Investor's Business Daily, The Financial Times, London's Daily Mail, Japan's Nikkei Shimbun Daily, and many other publications worldwide, as well as on NBC's "Today Show," "The Oprah Winfrey Show," CNBC and CNN.
About the Author
James P. O'Shaughnessy is the senior managing director and director of quantitative investments for Bear Stearns Asset Management. The former chairman and CEO of Netfolio, Inc., he has been featured in Barron's, Forbes, and other major financial publications.
Most helpful customer reviews
1 of 1 people found the following review helpful.
A popular book, valuable but flawed introduction to stock screening; consider paying for the current edition.
By Mark THOMPSON
A couple of reviews I read before purchase claimed that there was not much new material in the fourth edition compared to the third. Those reviews are not correct. There are a several new strategies tested and (somewhat) improved presentation of the data.
When the first edition came out it was a pioneering attempt to quantify various well-known trading strategies through backtesting. That was pretty valuable! Now, of course, everybody backtests their strategies before losing money on them. Still, this book is a good introduction to popular strategies (especially in the "value" realm), and an overview of what sort of things you can learn from backtesting.
It is also fair to point out that O'Shaughnessy is far from consistent in his testing, and his charts and graphs tend to make up in volume what they lack in clarity. In the end, if you are learning the art of stock screening, you likely want this book. But you should plan to learn a lot more than what you get here.
1 of 1 people found the following review helpful.
A Scientific Approach to Stock Selection
By N. Johnson
Investment books taut a number of filtering strategies to find profitable stock investments. This book provides valuable information on what works and what doesn't work. The method is systematic and scientific. The book contains a lots of data, but less analysis. It remains, nonetheless, a valuable work and belongs on the shelf of most serious investors.
The one significant weakness in O'Shaugnessy method is that it does not reflect the impact of a more complete trading system that includes money management and technically-based entry and exit poitns. The investment plan used to compare stock selection strategies is to run a stock filter annually and to rebalance the portfolio into the 10, 25 or 50 stocks in the screen on an equal weight basis. There are no stop loss orders, no position sizing based on volatility, and no trade timing based on whether the security is trending down or in a trading range.
O'Shaughnessy concludes that value-oriented factors (price-to-sales, price-to-book, price-to-cash flow, price-to-earnings, and dividend yield) are much more important to stock performance long term than growth factors (earnings growth rate, return on equity, etc.), except for relative strength. While this may be true using the annual rebalance approach under which O'Shaughnessy tested the stock selection strategies, it may not be true in a more complete investment/trading system that includes technical entry and exit points to ensure that the buyer does not pay too much for a given stock or run to much downside risk, position sizing and stop orders. I would like to see these results re-run in conjunction with a basic objective trading system that includes a money management component (i.e., stop loss, risk-based position sizing, etc.). It may be that value factors are vital to O'Shaughnessy selection strategy because they serve as a proxy for the missing money management and timing components of a complete trading system.
Despite this weakness, the book is a significant contribution to our understanding of which fundamental factors are most important to selecting less risky, more profitable investments for the long term. Recommended.
2 of 3 people found the following review helpful.
Statistical conclusions presented with more brevity in other books
By moneymanager
I bought this book because it was referred to in Ken Fisher's latest book and wanted to learn more about using statistical analysis to generate better returns in the market. The author does a great job of presenting his analyses and going through his rationale for why he carried them out the way he did. But whereas Fisher stressed doing statistical analysis with emphasis on generating trading tools to use in a forward looking fashion and to see which trading trends are useful under current market conditions, the author's analyses are performed looking back over decades of previous data with mainly a long term buy and hold strategy in mind. Consequently he arrives at simple value investing conclusions (ie, buy low P/E stocks, buy low P/S stocks, buy high E/P stocks, and avoid growth stocks with high P/Es). But again, in many cases he uses fairly long time periods for the analyses and assumes the use of a buy and hold strategy in which you can buy the stocks and then just let them sit in your portfolio whithout any worries for years to come. Also, he seems to like including the "tech wreck" disaster as an example of why overpriced growth stocks give poor returns to support his conclusions; again assuming you would buy tech stocks and then try to hold them for a long time even if they have a P/E of 200. Overall, gives good advice for people who don't want to do homework or trade often, but not of much value if you're an active trader and the idea of investing in low P/E stocks is presented better elsewhere.
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