Offbeat reminiscences and observations from a Wall Street pro who
appreciates that there's more to life than balance sheets, income
statements, and price charts. A champion squash player as well as
world-class investor (whose associates include the storied George
Soros), Niederhoffer grew up in Brooklyn's Brighton Beach, a
bustling Jewish enclave that had a perdurable influence on his
values and viewpoints. While unwilling to share whatever real
secrets he has for making money in futures or securities, the
author offers a series of discursive takes on aspects of a
secular-humanist version of the Great Chain of Being, which in the
aggregate afford would-be speculators some guidance on playing the
markets. In addition to reviewing cost-effective lessons on
self-reliance learned from boyhood chums like the neighborhood
bookie, Niederhoffer examines what, if anything, links board games
(chess, checkers), casino gambling, horse racing, music, sex,
sports, and the weather to the capital or commodities markets. The
author (who earned a Ph.D. in economics) also delves into financial
panics, crashes, cyclical shifts in market trends, and allied
issues. Trader Vic even constructs a comprehensive ecology of
markets in which- he credibly equates fixed-income investors with
herbivores, hedge funds with carnivores, and brokers with
decomposers (bacteria, crows, et al.). In a concluding chapter,
Niederhoffer manages to combine a graceful, heartfelt tribute to
his late father with a clutch of antic advisories for those who
aspire to quick killings in the market; a highlight of this
potpourri is so-called LoBagolo analysis, a plausible surmise that
suggests bears may trap bulls along the path that bore the latter
upward in much the same way as African villagers snare itinerant
elephants on the routes the herd invariably takes to and from its
starting point. Edifying pieces of a lively mind whose education
has been both broad and deep. (Kirkus Reviews)
Acclaim for The Education of a Speculator, a provocative and penetrating look into the mind, the soul, and the strategies of one of the most controversial traders of all time
"A compelling and an entertaining read." —The Wall Street Journal
"Victor Niederhoffer gives us page after page of distilled investment wisdom. Taken together, this is pure nectar to those who aim for consistently superior stock market performance." —Barron's
"The Education of a Speculator offers plenty of insights into the way markets work, but the epiphanies are what a reader might expect from Lao-tzu rather than, say, Graham and Dodd." —Worth magazine
"The Education of a Speculator is the first meaningful book on speculating. Successful speculating is as fine an art as chess, checkers, fishing, poker, tennis, painting, and music. Niederhoffer brings forth the best from each of these fields and shows the investor how their principles can enrich one's life and net worth." —Martin Edelston, President, Boardroom Inc., publishers of Boardroom Classics and Bottom Line/Personal
"With an original mind and an eclectic approach, Victor Niederhoffer takes the reader from Brighton Beach to Wall Street, visiting all stops of interest along the way. What emerges is a book full of insights, useful to the professional and layman alike." —George Soros, Principal Investment Advisor, The Quantum Fund
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