The Master Trader: Birinyis Secrets to Understanding the Market + Website

Praise for The Master Trader "Early in this excellent book, the author and rightly acclaimed market expert Laszlo Birinyi rails against 'mealy' worded analysis. He goes on, in his fashion, to mince no words, but to deliver a solid lesson in how to avoid the pitfalls presented by exaggeration, pomposity, and misleading data, and also how one should approach the market—singularly, with skepticism, and unemotionally. The Master Trader summarizes years of experience from one of the great veterans of Wall Street and offers the reader a very valuable lesson in historical perspective. It's a must-read for anyone who takes investing in the stock market seriously." —Joe Saluzzi and Sal Arnuk, cofounders of Themis Trading and coauthors of Broken Markets "Laszlo Birinyi is the king of market analysts and this book is destined to become a classic. Filled with facts and evidence instead of anecdote and opinion, it should be read and studied by every serious investor." —Bill Miller, Chairman and Chief Investment Officer, LMM, LLC "Laszlo Birinyi has been one of the most sagacious and successful investors of our time. For those of us who have listened to him, we have been rewarded handsomely. Media snippets from him have provided periodic insights into his thinking, but this book is a superb compendium of his decades of market insight." —Mike Holland, Holland & Company LLC

Preface Acknowledgments Chapter 1: Technical Analysis–Forgetaboutit Indicators: Pick One, Any One Notes Chapter 2: The Failure of Technical Efforts A Lack of Analysis….(Again) The Advance/Decline Line: A Favorite Tool but Why? Volume?  Another Important Indicator? Really? Newsletters – Once Upon a Time… Predicting Rain Doesn’t Count; Building Arks Does Technical Analysis Fails a Rigorous Test Notes Chapter 3: Technicals—The Last Word Topical Studies: An Introduction Notes Chapter 4: Wall Street–Games People Play A Brokerage Firm Can’t Calculate Performance? Mr. Prechter Notes Chapter 5: Money Flows: The Ultimate Indicator Playing With Blocks It Is Not How Often, It Is How Much The SEC’s Study on the Information From Large Trades Wall Street Week: The Record Apple Is a Buy at $3? Mr. Market’s Voice Notes Chapter 6: Anecdotal Data Magazines and the Paper Are Databases in Disguise Dow Theory in Real–time Magazine Covers – Overrated Notes Chapter 7: Always Cut the Cards Strategists: More Marketing Than Markets Stock Market Research: An Oxymoron Dr. Shiller Goes to Washington What Do Stocks Really Return A Successful Model Except for “Irrational” Investors The Press Should Be in The Reporting, Not Forecasting, Business Notes Chapter 8: DOW: 19,792? Citibank (The Company) vs. Citi (The Stock) World War I: The Market Swoons, Oops, Rallies The Dow Trades Above 1,000 Notes Chapter 9: That’s Easy for You to Say BusinessWeek: 1998, 1999 Including AOL BEST: Real–time, Real Money, Real Results Notes Chapter 10: Playing the Game Mr. Buffett Buys and Sells Silver Bonds Can Go Down Mr. Ellis: The Loser’s Game Wall Street Week; We Were Lucky (for Eight Years) Money Managers Don’t Get It? Notes Chapter 11: Have it Your Way Weasel Words, Not Our Choice, But Know and Recognize Chapter 12: The Market: Yesterday, Today and Tomorrow? 1970s Commissions Go Down; ERISA Changes the Rules London’s Big Bang: A Failure There, a Good Idea Here? The Public vs. “All Others” High Frequency Traders Get Billions, Brokers Prosper But You Are Benefitting? The Demise of the Japanese Market Was Structural Notes Chapter 13: Get Ready, Get Set… Tracking Sentiment or Keeping Score of the Players Notes Chapter 14: Market Cycles & Rotation How to Tell We Are In The Eighth or Ninth Inning Group Rotation Exists, It Is Random But Worth Understanding Small Stocks: On Average Yes But… Growth vs. Value: Advantage Growth But… Notes Chapter 15: The Economy and the FRB GDP and The Market, No Surprises ere The Fed Tightens: Only Hurts For a Little While 1994: A Little Perspective If You Please 1995: Economists Predict Because They Are Asked, But Why? Notes Chapter 16: Picking Stocks Seeds: Ideas to Get You Started, Planting and Harvesting Come Later Sprained Wrists Eventually Heal (And Prosper) Capitulation, Another Example of the Anecdotal Process Trend Charts: Late In, Early Out But Profitable and Comfortable Notes Chapter 17: The Trading Day The Morning After a Big Day What Do Futures Tell Us? It’s 10:00 am, Do You Know Where Your Stocks Are Going? Chapter 18: “Mind the Gap" After the Post Market Fall…or Rally Gaps Provide Opportunities and Have Some Tendancies But Not Written in Stone Gaps Squared Old Rule: Large Gaps Have to Be Closed.  New Rule: About 25%. Chapter 19: You Must Remember This It’s Smart to Be Bearish But Not Necessarily Profitable You Can Never Know Too Much About Too Many Things on Wall Street Notes Chapter 20: Wall Street Week and Other Adventures Salomon Brothers, The Bar Was High, Even For The Chef Notes Appendix: A Appendix: B Appendix C:  History of Regulation Glossary About the Author About the Companion Website Index

Laszlo Birinyi is the founder and President of Birinyi Associates, Inc. In 1976, he joined Salomon Brothers as the Head of Equity Market Analysis and developed the firm's weekly commentary, Stock Week . He has developed countless market tools, the most famous being the widely recognized Money Flows tool. In 1989, Birinyi began his own firm, Birinyi Associates, and served as Global Trading Strategist for Deutsche Bank Securities from 1998 to 2002. A frequent guest on business news shows and broadcasts, Birinyi has been inducted into the Wall $treet Week Hall of Fame and named one of Smart Money 's "Power 30" market movers. He holds degrees from the University of North Carolina at Chapel Hill and the New York University Stern School of Business Administration.