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Title: Ahead of the Market : The Zacks Method for Spotting Stocks Early -- In Any Economy by Mitch Zacks, Mitchel Zacks ISBN: 0-06-009968-2 Publisher: HarperBusiness Pub. Date: 18 March, 2003 Format: Hardcover Volumes: 1 List Price(USD): $26.95 |
Average Customer Rating: 4.27 (15 reviews)
Rating: 5
Summary: Very useful for investors and swing traders alike.
Comment: The path to superior returns in the stock market is to anticipate changes in investor expectations. The multi-million question is how to do that.
An investor needs to realize the market is made up of 2 broad groups: retail investors (little guys like you and me) and big insitutions (mutual funds, insurance companies, hedge funds, etc.).
Big institutions drive market movements. The people responsible for these market movements have the same professional training, and tend to think alike. They focus primarily on reports provided by the analysts at major brokerages.
Many novice retail investors look at an analyst recommendation and mistakenly believe it is profitable to act on it. This book demonstrates why this is the way to the poorhouse.
Even though analyst recommendations are worthless, analysts do provide very profitable info--if you know how to use it. If you look for changes in earnings estimates (upward or downward), you will be able to profitably anticipate the actions of the big guys--who typically chase after earnings momentum. A positive revision will typically send the stock higher for 1-3 months, making such stocks profitable long candidates for shorter-term traders. Likewise, negative earnings revisions are good short candidates.
Incorporate this fundamental framework with preferred technical screening, trade entry, and exit criteria, and you can develop a very reliable and profitable trading system regardless of market direction.
The book will also educate you on the pressures analysts are under to remain positive about a stock despite the fact fundamentals suggest the company is a poor investment. The situation will not change, despite government action to correct it, since there really isn't any incentive for major brokerage analysts to be honest. They have much more to lose than to gain by issuing more sell recommendations. The stock buyer should beware.
Rating: 3
Summary: And the meat is still in Zacks' own pocket
Comment: With recommendations on the back cover from John Bollinger, Burton Malkiel and Victor Niederhoffer, I did have high expectation on this book but I had been a little bit disappointed. The recommendation or the content is very straightforward. As concluded by the author, they include 1) buy stocks that are receiving upward earnings estimate revisions and sell stocks that are receiving downward earnings estimate revisions owing to "analyst creep" and delayed price response. 2) buy companies that are reporting earnings better than expectations and avoid companies that are reporting earnings worse than expectations owing to post earnings announcement drift and "cockroach effect". 3) subscribe the Zacks Rank, which somebody did the homework of the above for you with a fee 4) focus on changes in analysts' recommendations over time. The catch is: I doubt only a very small percentage of home investors have the time or resources to execute any one of the recommendations above for long and as a result they can only go to Zacks Investment Research for help, and thus bringing the whole book to something not far from a sales talk.
In short, if you are already aware of the innate problem with any analysts' recommendation and you are not going to subscribe to any fee based research, this book is not for you. However, if you are a green hand in the investment game, prepared to shop for a research report and pick the stocks yourself, this book may still worth a read.
Rating: 4
Summary: Good book for those interested in earnings estimates
Comment: I believe that combining the strategies discussed in this book with CANSLIM provides a very powerful approach.
Like O'Neil, Zacks bases his research on real data; this data has been collected by the Zacks Investment Company for 15+ years.
This book is filled with dozens of graphs to better explain the research. Just like the Zacks ranking system this book is largely focused on one of the few good things a market analyst can give you - earnings estimates.
I believe that in the upcoming years Ahead of the market will be a book that I will be referring back to since it is excellent. The research is practical and I believe is an interesting strategy.
In closing I just want to say that this is one of the books I have read which I found to be really good and have the potential to assist us in our investing endeavors.
Reed Floren
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Title: The Successful Investor: What 80 Million People Need to Know to Invest Profitably and Avoid Big Losses by William J. O'Neil ISBN: 007142959X Publisher: McGraw-Hill Trade Pub. Date: 01 September, 2003 List Price(USD): $10.95 |
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Title: Swing Trading: Power Strategies to Cut Risk and Boost Profits by Jon D. Markman ISBN: 0471206784 Publisher: John Wiley & Sons Pub. Date: 17 January, 2003 List Price(USD): $29.95 |
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Title: The Right Stock at the Right Time: Prospering in the Coming Good Years by Larry Williams ISBN: 047143051X Publisher: John Wiley & Sons Pub. Date: 02 May, 2003 List Price(USD): $27.95 |
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Title: Yes, You Can Time the Market! by Ben Stein, Phil DeMuth ISBN: 0471430161 Publisher: John Wiley & Sons Pub. Date: 04 April, 2003 List Price(USD): $24.95 |
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Title: Practical Speculation by Victor Niederhoffer, Laurel Kenner ISBN: 0471443069 Publisher: John Wiley & Sons Pub. Date: 21 February, 2003 List Price(USD): $29.95 |
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