Practical Speculation
The follow-up to Victor Niederhoffer's critically and commercially acclaimed book The Education of a Speculator has finally arrived. Practical Speculation continues the story of a true market legend who ran a hugely successful futures trading firm that had annual returns of over thirty percent until unforeseen losses forced him to close operations. Like a phoenix rising from the ashes, Niederhoffer returned to the world of trading stocks, futures, and options, with a new colleague and a new approach and found success.
Praise For Practical Speculation
"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 speculators."
— James H. Lorie, Eli B. and Harriet B. Williams Professor Emeritus of Business Administration Graduate School of Business University of Chicago
"A Rabelaisian 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 profit."
— Richard Zeckhauser, Frank P. Ramsey Professor of Political Economy, Harvard University
"A fascinating read, one that will both entertain and educate."
— Edwin S. Marks, Chairman, Carl Marks & Co., Inc.
"Practical 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 refund."
— Martin Edelston, Publisher, Bottom Line Personal
"Pearls of 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 financial aspirations."
— Andrew Lo, Harris & Harris Group Professor, MIT Sloan School of Management