3 replies to this topic

[James Quillian]

I am just now getting around to reading George Soros's The Alchemy of Finance

It is right decent so far.

James

[selecto]

I have tried that Soros book a couple of times, but its a soporific for me.

It can be argued that Galileo's beholding of the moons of Jupiter is one
of the most significant events in the history of Western civilization. It
is surely one of the most impacting events in the history of technology.

I am reading this delightful book for the second time.
It tells the story of Galileo's times and tribulations.

Galileos Daughter

Edited by selecto, 13 January 2007 - 10:32 PM.

[James Quillian]

I have tried that Soros book a couple of times, but its a sophorific for me.

I am glad my wife is home. I asked her what sophoric means and she told me.
Come to think of it, I haven't found any day to day applications.

[caspary]

James My best book of all time is "Uncertainty and Expectation" by Gerald Ashley. He has traded currencies and commodities for more than 25yrs. Maybe one day it will be as well known as "Reminiscences..". Let me give you a few quotes from the book that I hope the TT censors won't delete as my postings are censored and go through their approval process: Page xiii: This is of course why so much financial advice is entirely worthless, as the end of the day most of the market is more interested in your activity as a customer than if you are actually successful in your trading. xii: More money is lost in misunderstanding time within the market than almost any other factor 8: Others have tried to develop "foolproof" systems to conquer gambling games; this is a total waste of effort unless you can manage to persuade people to buy your supposed secrets 36: This is why market time is slightly strange. It is this element that gives rise to capitulation sell-off and buying climaxes. 37: (One of my favs): All well and good but this misses the point, we can plot and map past data as much as we like, and we can dream of future price movements, but the price now remains the only price that counts. 39: Equally uncertainty about the future trend or inkling that a new trend is under way often stimulates options activity from the more adventurous investors, or speculators if your prefer. 43: (something you posted about a while back, an article from ages ago): ...no market maker provides a bid or offer with limitless volume Avoid chapter 6 if you are a chartist, economist or guru!! It is a bit scathing but brilliant!! there is a section entitled: BRING ME ANOTHER SUPPORT, THIS ONE'S BROKEN. I love where he talks about economists "forecasting" what the revisions to past data will be i.e. essentially forecasting the past! to quote: "In the best traditions of turning an obstacle into an opportunity, economists now routinely forecast both future economic data, and likely revisions to past data. So they are in the business of predicting the past!" Chapter 7 on "Quantum(ish) Finance" has a section on CHAOS, CORRELATION AND COINCIDENCE etc. many fantastic views, quite different thinking from what we get fed everyday. He goes thru gold, currencies and equities fairly well. The book is well written in simple language (even a caveman like me can understand), I doubt you will need your wife to translate anything. I have no relation to this guy but just one of the books in my small collection.