Already on the second page the author has repeated a whole paragraph. So this book continuous in the american tradition of being a bloated book with its over 600 pages. The book is filled with tables. I think the tables should be reduced. So many numbers are just not very readable. Show the data visually - to convey the message better.
The author goes through fundamental indicators like Price/Earnin, Price/Sales and so on. For each chapter I think it is enough to say something about the geometric mean, std, and sharp ration. As well as some info about the rolling 5 and 10 year return (really only 10 year return is interesting). And a histogram with the 10 - 10% interval of return. And some words about its correlation with the relevant indexes.
Having got through the first 15 chapters - where I learned about the most important fundamental indicators - the really interesting chapters starting. Looking at how to aggregate these fundamental indicators with each other and with technical indicators. This is where the book shines, and Im willing to look past all the bloated and repeating chapters.
key take away is:
1. Most investors underperform because they don't have a time-tested investment strategy.
2. Second reason is that even if they have, they fail to carry it through ups and downs, changing it at the exact time when they shouldn't.
What I would really like to see in a revision of this book is how we can perform the kind of analysis in todays market that the author has made in the historical dataset. E.g. how can I find the top 25 stocks in one of the multifactor strategies mentioned.
For those that dont have time for 600 pages of this - i recommend The Little Book That Still Beats the Market
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What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time Kindle Edition
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James O'Shaughnessy
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James O'Shaughnessy
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Product description
About the Author
McGraw-Hill authors represent the leading experts in their fields and are dedicated to improving the lives, careers, and interests of readers worldwide
--This text refers to the hardcover edition.
Product details
- ASIN : B005NASI8S
- Publisher : McGraw-Hill Education; 4th edition (11 November 2011)
- Language : English
- File size : 36391 KB
- Simultaneous device usage : Up to 4 simultaneous devices, per publisher limits
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Enabled
- Word Wise : Enabled
- Print length : 882 pages
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144 global ratings
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Amazon Customer
5.0 out of 5 stars
Learn the performance of fundamental indicators, learn to aggregate them to improve performance
Reviewed in the United Kingdom on 22 November 2017Verified Purchase
7 people found this helpful
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Mr. H.
3.0 out of 5 stars
Great concepts and backtests.
Reviewed in the United Kingdom on 7 March 2021Verified Purchase
This is a great book looking at what "factors" are associated with better returns and at highlighting the importance of being systematic. However these principles are difficult to utilise in the real world for small individual investors with a small investment capital. Nevertheless there are useful principles to be taken from and applied to your investing strategy. As such the theory is exceptional but hoping to be able to systematically apply the theory for anyone with a full time job and fewer resources is not easily feasible.

casp
5.0 out of 5 stars
The "Bible" for the "lone" investor.
Reviewed in the United Kingdom on 27 April 2017Verified Purchase
This is a thick book! But the authors writing is never boring and you will be taken by the hand and if you make it to the end you will be equipped with knowledge and tools that will beat not only S/P 500 but many mutual funds too!. I wish I had read it earlier,it would have saved me a lot of grief and money.
One person found this helpful
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C J Shannon
4.0 out of 5 stars
Great book, but not an easy read.
Reviewed in the United Kingdom on 25 September 2014Verified Purchase
Not an easy read by any means, but Mr O'Shaughnessy's grasp of detail, his detailed understanding of statistics, combined with an evidence based, mathematical approach, is compelling.
He essentially distills 30 odd years of stock market performance into a number of key parameters that help maximise investment performance, whilst crucially, reducing risk.
He essentially distills 30 odd years of stock market performance into a number of key parameters that help maximise investment performance, whilst crucially, reducing risk.
2 people found this helpful
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arlene from Trinidad
5.0 out of 5 stars
Thrilled!!!
Reviewed in the United Kingdom on 24 December 2020Verified Purchase
Very pleased that it arrived before the 25th of December. My son would be thrilled on Christmas morning!! Thank you Amazon!!