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How To Make Money In Stocks: A Winning System in Good Times or Bad, 3rd Edition (Paperback)
by William J. O'Neil
| Category:
Investing, Stock market, Investment, Personal finance |
| Market price: ¥ 158.00
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¥ 128.00
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MSL rating:
 Good for Gifts |
| MSL Pointer Review:
Now an established classic on investing, this is an outstanding reference for all the investors. |
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Author: William J. O'Neil
Publisher: McGraw-Hill; 3 edition
Pub. in: May, 2002
ISBN: 0071373616
Pages: 272
Measurements: 9 x 6 x 0.8 inches
Origin of product: USA
Order code: BA00590
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- Awards & Credential -
The BusinessWeek, USA Today, and Wall Street Journal Business Bestseller, with more than one million copies sold to date. It ranked # 752 in books on Amazon.com as of November 29, 2006. |
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- MSL Picks -
Haven't finished the 3rd edition yet, but I couldn't wait to comment here. The naysayers reflect the general state of the market, as well as anything else does. I can relate. I feel your pain. I started CANSLIM exactly at the market top and have nil to show for it in 2 1/2 years except for the account I started with. 0% increase. Pretty horrible performance eh? Well what do you think of having 160% of the returns of the S&P500, or how about 440% of the performance of the NASDAQ? Or of outperforming 99% of the diversified mutual funds and other money managers out there that are joined at the hip with the averages? That's what O'Neils cash position would net you, and that's why it IS a good system in these bad times. What have the returns been with your system?
My estimation is that only those glued to the screen fulltime, flipping short term positions have anything positive to show for the last couple years. That is their day job. This is not a system for the full time trader, although there's not a good one out there that isn't very familiar with it. It is, I think, the best hope for lots of part time investors that have not fallen for the terrible buy, hold, and pray method preached in the mainstream. For the rest there's no hope. Their accounts are already mostly gone and unlikely to return in their lifetimes.
For such a little book, it does an incredible job of covering the critical aspects of fundamental and technical analysis and should set ones thinking straight on basic trend following, stock selection, market timing, chart price and volume reading, loss cutting, entries and exits. It is for the mainstream but only those willing to give the moderate work required. Those here complaining that you need the IBD paper to make it work seem to think we should be able to buy a [edit $]book and then go collect a $million the next day. How utterly childish. You can definitely apply the principles without the paper using other resources and tools. The paper will just cut the time needed to do so by tenfold. Don't be fooled. This takes some work.
And to complain that it doesn't cover shorting, or options or whatever, is to complain that it doesn't cover the care and feeding of ones horse. This is a fundamental book on intermediate term trading. The trading world is enormous, it is unavoidably imprecise and difficult. And yes, I don't agree with everything WJO says. I like using real stops, and I'm perplexed that he doesn't apply his market timing to mutual funds (though he does say to buy more when their cheap).
This book offers as sound a set of timeless principles as one can find, if there are any in the market. You won't be able to give up your job this year with this book. But should the markets again offer some opportunity on the long side, a reasonable assumption, then this book can help you recognize it and benefit far better than the vast majority will. Meanwhile, you'll leave your cash safe and find something else to do. Like maybe work for a living? And what better time to study and prepare for that new bull, but when it hasn't begun yet. Don't make my mistake and start learning at the top. Take your lesson now. Your investing education is incomplete if you don't read this book. (From quoting Doug M., USA)
Target readers:
Investors and would-be investors
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William J. O'Neil is the founder and chairman of Investor's Business Daily and the author of the million-copy best-seller How to Make Money in Stocks. Born in Oklahoma and raised in Texas, William J. O'Neil began his investment career as a stockbroker. He started investing with less than $500, but through continued study, mistakes, and a desire to find out exactly how the stock market really worked, O'Neil realized a 20-fold increase in his own account in 26 months from October 1962 to December 1964.
He then purchased a set on the New York Stock Exchange and opened his own investment management and research firm, William O'Neil + Co., Incorporated, at the age of 30. Founded in 1963, William O'Neil + Co. was the first to create a computerized stock-market database, which is used today by over 400 major U.S. institutions across the country, including banks, insurance companies, pension and mutual funds, corporations, and government organizations.
O'Neil wanted to provide individuals with the same critical data the professionals use in order to make smarter investment decisions so he launched Investor's Business Daily in 1984. By virtue of a proprietary contract with William O'Neil + Co., Investor's Business Daily is able to access the historical securities database for use in publication of the newspaper.
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From the Publisher:
The BusinessWeek, USA Today, and Wall Street Journal Business Bestseller.
The bestselling guide to buying stocks, from the founder of Investor's Business Daily¬¬, now completely revised and updated.
When it was first published, How to Make Money in Stocks hit the investing world like a jolt, providing readers with the first in-depth explanation of William J. O'Neil's innovative CAN SLIM investing method. Five years later, O'Neil, founder for the industry icon Investor's Business Daily, revised his classic text and provided readers with a newer glimpse on how the average investor can make money in the equities market.
This third edition of How to Make Money in Stocks has been revised and updated with new chapters designed to help investors increase their performance. New discussions include:
- Greater clarification of the key CAN SLIM investment strategy
- Expanded analysis of the general market from the top of year 2000 to the market bottom of 2001
- New models of the greatest stock market winners that provide more basis for the ongoing effectiveness and superior performance of the CAN SLIM strategy
- Fresh stock charts featured in two colors for easier analysis of trends
- And an invaluable guide on how to maximize both Investor's Business Daily and www.investors.com to find winning stocks.
Like his international bestselling 24 Essential Lessons for Investment Success, which stayed on international business bestseller lists for close to 6 months in 2000, How to Make Money in Stocks is the best reference for the individual investor in how to stay afloat and ahead in the rocky and volatile equities markets of the 21st century.
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| View all 12 comments |
A British reader (MSL quote), UK
<2006-12-31 00:00>
O'Neil's book is now an established classic, influencing millions of readers and other investment writers. I live in the UK and I know that Bernice Cohen and Jim Slater were deeply influenced by O'Neil's philosophy. Both are very accomplished investors themselves.
William O'Neil doesn't tell you anything new about growth investing. He tells them in a way that makes sense. Accelerating EPS, something new, leadership, market direction, institutional support...these are well-known growth investment criteria. So people who are slagging off O'Neil here don't really know much about investing. And yes, you have to spend a lot of time/money on charts, on price movements, and on researching companies. I spend a fortune on Company REFS every year. Why not? Has someone told you that getting rich was easy? If you are not ready to give investing a great deal of your time, money and passion, you can forget about it.
William O'Neil doesn't tell you anything new about growth investing. He tells them in a way that makes sense. Accelerating EPS, something new, leadership, market direction, institutional support...these are well-known growth investment criteria. So people who are slagging off O'Neil here don't really know much about investing. And yes, you have to spend a lot of time/money on charts, on price movements, and on researching companies. I spend a fortune on Company REFS every year. Why not? Has someone told you that getting rich was easy? If you are not ready to give investing a great deal of your time, money and passion, you can forget about it.
I have followed his methods and yes, I have made good money from them. That too living here in the UK, where you cannot get all the information we need on O'Neil's criteria (and no, I haven't subscribed to IBD, there is no use of IBD for UK markets). So you have to be imaginative. I don't have access to IBD's proprietary relative strength measure, so I use Company REFS's measure instead, and analyze charts of a stock (against FTSE-100 and sector index) very closely using ShareScope. UK companies don't have quarterly reports, so I use half-yearly reports instead. I don't have access to IBD's SMR rating (sales + margin + relative strength). So I take a very close look at each of these measures on Company REFS and ADVFN. If you are driven enough, you can find a solution to every problem.
My only complaint is that O'Neil doesn't emphasize the importance of cash flow and balance sheet enough. He does mention the requirements of 1) low debt and 2) cash flow per share higher than EPS, but only fleetingly. But that's really nitpicking. Everybody has (at least should have, anyway) their own investment strategy. So you need to decide which bit you want to stress on.
Great book A must read for every investor. |
Robert Katz (MSL quote), USA
<2006-12-31 00:00>
I have read many books on investing, and this one is, all things considered, the best. It has it's weaknesses--the section on technical analysis is inadequate, and the numerous signs by which one can supposedly tell when a stock is topping out are simply too vague to be be followed. Nevertheless, the system does work. Though retrospective (and therefore subject to the charge of data mining), O'Neil's 40 year database has identified numerous factors associated with stocks that are likely to go up. James O'Shaughnessy, in What Works on Wall Street, has performed a similar study, and has found roughly similar results, the main difference between the two being that O'Shaugnessy's data supports the idea that a low p/e stock is more likely to be successful, while O'Neil discounts the influence of p/e. No matter. Both have confirmed that a stock that has been going up is likely to continue going up. Relative strength counts. In addition, O'Neil's insistence on cutting your losses while they are still small is perhaps the single most important lesson an aspiring millionaire can learn. About two years ago, I was telling a colleague of mine that I felt lucky to have sold Cisco, Juniper and Sun for small losses. His comment was an amazed, "You mean you locked in a loss?" A few days ago, I made a similar comment to him, figuring that he had probably forgotten our earlier discussion. This time, he listened attentively, smiled sadly, and nodded. The many Amazon reviews which regard the book as an advertisement for Investor's Business Daily do have a point. However, there are many free search engines (stockpoint.com, marketguide.com) with which one can identify stocks satisfying the CANSLIM criteria. Similarly, there are a number of free online charting sites (clearstation.com, bigcharts.com) which give much of the same information as O'Neil's proprietary charting service. I've lost money the past few years, but I haven't lost much, thanks to the fact that I've been mostly in cash, which puts me way ahead of most professionals. William O'Neil gives very, very good advice. |
An American reader (MSL quote), USA
<2006-12-31 00:00>
First, I would have to comment that the criticism about IBD as a normal newspaper is unfair. Its analysis and opinions are encapsulated in the numbers, systematically compiled for any common stocks worth considering as investments. Any individual investor would see that at one dollar, IBD is a bargain. "How to Make Money in Stocks" is the guide to understanding the ratings of IBD, as well as a clear introduction to O'Neill's investing philosophy. The prevailing market conditions are very important to the success of CANSLIM, and reviews of the book written in the depths of the 2000-2002 stock funk may be colored indeed.
I, too, had some questions about "pivot points," etc. that seem sparsely described. This is because you are supposed to look at the charts. If this isn't enough, look at more charts (the book has plenty). "Pivot points" and "accumulation" are not exact concepts, so one has to practice looking at the chart and acquire an understanding of these concepts. "How to Make Money in Stocks" is one of those rare books that relies on the graphical presentation of data as much as copy writing to communicate its sometimes fuzzy ideas.
This book is superb at describing the CANSLIM method on analysis, which can be done these days with free internet sources. An excellent description for novices of investing research.
My advice would be to pick up this book, read it, buy a copy of IBD, and keep track of ten or so stocks for 60 days or so. If the market goes up and these stocks don't, look for a better method. If you need more comforting words in the newspaper to guide your money decisions, drop this stuff and hire some investment professional. |
John Zones (MSL quote), USA
<2006-12-31 00:00>
Successful investing requires that you focus on a system that you identify with. It has to fit your personality or you won't succeed. Many of the concepts in this book contradict the common wisdom; ideas like, diversification is bad and dollar cost averaging is stupid will make many investors uncomfortable. Before embarking on this system make sure you have the temperament for this approach.
Even if you don't decide to engage in this approach the book contains many useful investing ideas/tools. There is a discussion on when to sell. There are great concepts on cutting losses quickly, take the hit and get into something productive.
Another interesting thing that happened - after reading the book I culled my portfolio and sold everything that was a looser and/or under performing. This moved over 1/2 of my portfolio into cash. The interesting thing was that the portfolio immediately started going up in value! Of course this makes sense because the losers aren't pulling down the winners any longer.
If you get nothing else out of this book remember to cut losses quickly and don't be afraid to sell at a loss so you can get into something better. |
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