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Full Description
This book takes the reader on an insider's tour of the psychology of stock market investing. In more than 3,000 hours of interviews and observations, Smith granted some of the most famous insiders on Wall Street the protection of anonymity to procure their deepest and most frank views on the operation of the market. Their words are heard here in vivid and often surprising detail. What emerges is a startling portrait of how the prejudices of six different types of players—fundamentalists, insiders, cyclists, traders, efficient market believers, and transformational idea adherents—influence the ups and downs of the market. Smith explains how new trends, such as computer trading and mutual and retirement fund investing, interact with these psychologies—drawing a remarkable picture of how market behavior is inherently more human than technical.
Contents
Part 1 The Ambiguity of the Market Part 2 The True Believers Part 3 Selling the Market Part 4 Cynicism, Faith and Foolishness Part 5 Putting it All Together Part 6 Some Practical Advice for the Individual Investor Part 7 A Theoretical and Methodological Note Part 8 A Selected Glossary of Stock Market Terminology