Recommended Books on Wall Street History
- Liars Poker. Michael Lewis. Liar’s poker was a game played in idle moments by workers on Wall Street in the 1980’s. Lewis describes his years working for Salomon Brothers, a Wall Street firm, from his hiring to his training and working life. He illustrates how economic decisions changed securities markets from 1984 through Black Monday in 1987.
- The Big Short. Michael Lewis. This is the story of those who went short and bet against the mortgage machine before one of the greatest crashes in history. Lewis explains, in layman terms, what the mortgage market is, how it became so large and why its demise was inevitable (at least to those managers who were so sure of their thesis, they put hundreds of millions betting against it).
- When Genius Failed. Roger Lowenstein. The gripping roller-coaster ride of Long-Term Capital Management. Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall.
- More Money Than God. Sebastian Mallaby. A history of hedge funds and the wealthy, powerful hedge fund managers who have become the “it boys” of twenty-first century capitalism. Financial writer Mallaby tells the inside story of hedge funds, from their origins in the 1960s to their role in the financial crisis of 2007 to 2009.
Recommended Books on Trading
- Technical Analysis of the Financial Markets. John Murphy. A comprehensive guide to trading methods and applications. Murphy, a highly respected market technician, begins by explaining how to read charts and describing the various technical indicators. He takes the reader through each indicator and the crucial role technical analysis plays in investing.
- Trading for a Living. Alexander Elder. Successful trading is based on three M’s: mind, method and money. Elder explains how to develop a trading system and become a calm and collected trader. More importantly, he explains how to find entry and exit points.
- Sell and Sell Short. Alexander Elder. In The New Sell and Sell Short, Elder explains how to exit a stock at the right time and how to initiate a short position to profit from a stock that is showing weakness. Often overlooked, selling properly enables a trader to cut losses and maximize profits. Moreover, short selling in a weak market can generate big profits and should be a part of every trader’s arsenal of tools.
Recommended Links on Investing
- CBOE VIX: CBOE Volatility Index.
- Cobra’s Market View: Technical analysis of the S&P 500 index.
- T3 Live: Daily market commentary and trader education.
- Seeking Alpha: Stock market news and financial analysis.
- StockCharts.com: Create stock charts and analyze technical indicators.
- StockCharts Chart School: Learn about the analysis of stock charts.
- WSJ Money Flows: Tracks the largest stock inflows and outflows each day.
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