"This is a
wonderful book. Victor Niederhoffer and Laurel Kenner probably
know more about short-term movements than anyone else. Their
knowledge, based on sophisticated analysis of their unique database,
underlies the findings in this book -- an invaluable guide for
-- James H. Lorie, Eli B. and Harriet B. Williams Professor
Business Administration, Graduate School of
University of Chicago
romp down Wall Street. Always taking the unconventional course,
this book is fearless and occasionally shocking, but always the
conclusions are backed up by supporting numbers. It leaves no
sacred cow unskewered. Bold analogies and clever insights spill
from its pages. Recommended to those seeking both fun and
-- Richard Zeckhauser, Frank P. Ramsey Professor of Political
read, one that will both entertain and educate."
-- Edwin S.
Marks, Chairman, Carl Marks & Co., Inc.
Speculation is so good that I'll guarantee it. If it's not
for you just return it to me with your sales receipt for a full prompt
-- Martin Edelston, Publisher, Bottom Line Personal
investment wisdom from a Wall Street legend that should be treasured
not only for their insights into the workings of the market, but also
for their candor and humor . . . I've learned more from reading Niederhoffer's
works than I care to admit, and recommend this to anyone with serious
-- Andrew Lo, Harris & Harris Group Professor, MIT Sloan
Speculation distills an unusual breadth of hard-won (and costly)
experience and insight into an immensely readable and instructive
book. Bulls and Bears are drawn and quartered alike by the
authors' exquisitely honed quantitative scalpel."
-- Stephen M. Stigler, Professor of Statistics, University of
judgment, Victor Niederhoffer is the single most insightful speculator
in the world. This new book displays Victor's unique gift for
recognizing the subtle confluence of seemingly disparate events.
Although this book is partially a guide on investment strategy, it is
principally a remarkable explanation of market function."
-- Herbert London, John M. Olin Professor of Humanities,
University, and President, Hudson Institute
Victor Niederhoffer writes is worth reading -- not once but at least
twice. His analysis of markets is as brilliant as it is
unorthodox. Readers will discover a host of nuggets in Practical
Speculation that will stretch their minds and tease their
-- Lawrence S. Ritter, John M. Schiff Professor of Finance
Niederhoffer outdoes himself beginning with the first paragraph of the
introduction. Victor and Laurel uniquely see the
interrelationships and dependencies among the complex factors that are
daily life and are able to interpret observations in terms of how
people will react to the sequences of events. Practical
Speculation is an extraordinary insight into the thinking of
probably the most original thinker of our time."
-- Kenneth W. Rendell, Founder, Kenneth W. Rendell, Inc.
Laurel are breathtakingly insightful. They paint on a global
investment canvas stretching across space and time. This is
their dazzling journey through the art, science, sport, and literature
of investing. Don't risk a penny on stocks until you have read Practical
-- Professor Elroy Dimson, London Business School
of the Optimists