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Title: The Art of Short Selling by Kathryn F. Staley, Marketplace Books ISBN: 0-471-14632-3 Publisher: John Wiley & Sons Pub. Date: 20 December, 1996 Format: Hardcover Volumes: 1 List Price(USD): $45.00 |
Average Customer Rating: 3.78 (18 reviews)
Rating: 5
Summary: Excellent teaching manual for identifying companies to short
Comment: Staley presents a thorough examination of the process of selecting
companies for shorting. While Joseph Walker's book, "Selling
Short" gives us the nitty-gritty details of the shorting transaction,
Staley gives us the reasons for going short in the first place. She
covers in fair detail the nature of short sellers and why some
are successful while others are not. The majority of the book is
comprised of case studies, written in the folksy style one finds
on Wall Street Week (TV show) or in books like "The Motley Fool".
Unlike "The Motley Fool" this book presumes at least a basic
understanding of accounting and knowledge of financial statements.
My one criticism of the book is common to many others in this genre;
that being nobody edits these books (or, if they do, it is by running
the "Spell Check" function on the word processor). Sometimes the folksy
banter and financial slang is so thick it gets confusing. Nonetheless,
this book is a must read if you are considering becoming a short seller;
if for no other reason that it may save you a great deal of heartache
and financial loss by convincing you that shorting is not for you.
Rating: 5
Summary: Best on Short Selling, Adds little to "Stocks Crash Nicely"
Comment: Best book available on selling short using fundamental balance sheet analysis. If you already read her prior work "When Stocks Crash Nicely" 1991, Don't waste your money on this minor update. It adds 2 or 3 new examples but no significant insights
Rating: 5
Summary: A Skeptics guide to Fundamental Analysis
Comment: I came across this book years ago in a bookstore, browsed through it, and put it away. Being caught up in the study of technical analysis at the time, I clearly wasn't ready at the time to find value (pun intended) in Staley's fundamental approach to the market. This time, however, I'm listening to her.
With a bit more experience, I can appreciate 3 of the many lessons _The Art of Short Selling_ teaches:
1) Fundamentals drive market action...eventually
2) It is often a costly mistake to short a stock simply because it apepars overvalued. A catalyst of some sort is needed to encourage massive selling.
3) Markets can ignore negative fundamentals for significantly extended periods of time--giving the astute trader ample time to sell at a profit, or even turn and sell short. Positive fundamentals are more rapidly incorporated into stock prices, but significant inefficiencies still exist on both sides of the market--long and short.
The author uses case histories of significant corporate failures from the 80's and early 90's in light of the publicly available info at that time, which clearly demonstrated the inivetable fall of Wall Street's institutional favorites.
Numerous fundamental techniques are discussed, such as tracking changes in inventory and receivables, as well as tricks companies play to make revenues and earnings appear better than they are.
Also interesting--a high short interest ratio in a stock is often a significant sign of potential trouble in a company. Do not let those analysts lead you to believe a high short interest ratio is always bullish. Check the fundamentals and make your own call.
Qualitative factors are also discussed, with specific examples on how a close reading of public financial data on one company would have lead you to a profitable short sale of another. This occurs frequently in the finance and insurance industries.
This book is especially important, because every book I've seen teaches which stocks to BUY on a fundamental basis. No book ever mentions what fundamental factors suggest you SELL. Even if you never sell short, this is profitable info.
Being a student of technical analysis, what struck me is the insight those skeptical shorts had about the companies mentioned. Clearly, they knew the eventual outcome in each specific instance.
Yet, despite being right, most of these guys lost millions by going strictly by fundamentals. Those who survived incorporated additional (ie. technical) factors, such as relative strength or momentum. As Keynes stated, "The market can remain irrational much longer than you can remain solvent."
It is clear to me that using both fundamental and technical analysis is the most efficient path to market profits.
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Title: The Streetsmart Guide to Short Selling: Techniques the Pros Use to Profit in Any Market by Tom Taulli ISBN: 0071393943 Publisher: McGraw-Hill Trade Pub. Date: 24 September, 2002 List Price(USD): $29.95 |
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Title: Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, Second Edition by Howard M. Schilit ISBN: 0071386262 Publisher: McGraw-Hill Trade Pub. Date: 01 March, 2002 List Price(USD): $27.95 |
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Title: Sold Short : Uncovering Deception in the Markets by Manuel P. Asensio, Jack Barth ISBN: 0471383384 Publisher: John Wiley & Sons Pub. Date: 15 April, 2001 List Price(USD): $29.95 |
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Title: Reminiscences of a Stock Operator by Edwin Lefèvre, Marketplace Books ISBN: 0471059706 Publisher: John Wiley & Sons Pub. Date: 11 May, 1994 List Price(USD): $19.95 |
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Title: Quality of Earnings by Thornton L. O'glove ISBN: 0684863758 Publisher: Free Press Pub. Date: 01 October, 1998 List Price(USD): $15.75 |
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