Practical speculation

"In Practical Speculation, Victor Niederhoffer and Laurel Kenner explore the backdrop of myth, misinformation, and propaganda that bombards investors daily through every media channel. Superstitions, backward looking observations, and out and out old wives tales are exposed. Then, after debunking market fallacies, they provide the antidote to manipulation - the scientific method - a testing that verifies the probabilities of obtaining practical profits. Niederhoffer and Kenner uncover and test tradable ideas so you can become a more independent and successful investor." "After tearing down the barriers to profitable investing in Part One, Niederhoffer and Kenner outline a constructive series of approaches in Part Two of Practical Speculation that will serve as a solid foundation for making rational decisions about the markets. In-depth insight and expert advice guide you every step of the way. You'll learn how to survive and thrive in the markets by setting up a defend/attack game plan; avoiding false correlations; utilizing market thermodynamics to make predictions; negotiating an edge when trading; and profit from studying the patterns linking real estate and business cycles. With additional discussion about the story of Value Line and the biotechnology revolution, Practical Speculation skillfully bridges the gap between theory and practice." "In the quest for investment success, there are no shortcuts. Practical Speculation gets to the heart of wealth creation by providing honest, accurate advice and everlasting techniques that will enable you to confidently make independent decisions about your investments."--Jacket.