“The government’s master planners have done it again! Usurping the role of ‘invisible hand,’ they have inadvertently destabilized the stock market and frightened off long-term investors. McTague sardonically chronicles how this happened and the new dangers the meddling has created for the investing public.”
–Larry Kudlow, Host, The Kudlow Report, CNBC
“Jim McTague is the best, because he refuses to report like the rest. He was the first to report in the dot-com boom that earnings should matter, and in the real estate boom, that simple math matters. Some might call that being the skunk at the picnic. Pity we don’t have more skunks.”
–Neil Cavuto, Host, Your World with Neil Cavuto, Fox News Channel
“Jim McTague presents a ferocious verdict on the state of the markets after the Flash Crash of 2010. It takes a strong mind to read the anecdotes and reporting in Crapshoot Investing and not break down laughing. Cash under the mattress or in a coffee can? Far more secure than the ticker tape.”
–John Batchelor, Host, The John Batchelor Show, WABC Radio Network
“This fascinating and compelling book is a must-read for anyone that invests in the stock market. Jim McTague pulls no punches in telling the alarming story of how these markets have been transformed into risky casinos. If you plan to be one of the winners, this is a book for you.”
–James R. Barth, Lowder Eminent Scholar in Finance, Auburn University
“This book is like a fast, furious, and sometimes airborne motorcycle ride. It hurtles along, avoiding the obstacles that lie in the path of investors, devilishly constructed by Wall Street and haplessly beyond the ken of the regulators. It is not a book that makes you feel good about your 401K, but you will laugh aloud often.
–Llewellyn King, Host, White House Chronicle, PBS
“McTague’s book is an indispensible read for everyone interested in the problems and benefits of replacing human traders with algorithmic machines in one of the most important markets in the world. The equity markets play a central role in the allocation of scarce resources to many of the most productive enterprises that provide jobs for workers, and goods and services for consumers. Short-term retail investors should also consider Jim McTague’s advice: ‘It has become a shark tank and we are the anchovies.’”
–Robert Auerbach, Professor of Public Affairs, The Lyndon Baines Johnson School of Public Affairs, The University of Texas at Austin
The equity markets are now nothing more than high-speed casinos: white-knuckle rollercoaster rides that have left individual investors legitimately terrified of equities. The Flash Crash of May 6, 2010—when the DJIA plummeted 734 points in 17 minutes and dozens of top companies traded as low as zero—was just a harbinger of even greater disasters.
In Crapshoot Investing, Jim McTague, Barron’s Washington Editor, reveals the twin causes of this massive transformation: high-frequency traders using mathematical hocus pocus and blundering regulators whose new rules have massively backfired.
McTague takes you through the Flash Crash moment by moment, revealing what happened and how it happened. Next, he burrows “under the volcano” to uncover the titanic, uncontrolled forces at work in equity markets, showing you exactly what you’re up against when you trade stock. Last but not least, he presents a rational strategy for investors who need to get ahead in markets that have become riskier than most casinos!
Very interesting, informative, and enlightening book.
Yes, there are some things the little guy can still do successfully, such as anticipate that a certain company will do well over the next decade, and buy and hold.
Some times when you read a Wall Street financial book you have a journalist who is a great writer trying to write about things he does not really understand.
I got this Kindle ebook for free one day when Amazon was having a special. I have to thank Amazon because it was a decent read, and I probably would not have read it otherwise. Read morePublished 24 months ago by Jason
I have to admit I picked this book mainly because of the title and cover. Not the best reason to pick a book for investing, I know, but I play craps, so I couldn't resist. Read morePublished on August 23, 2012 by Leeanna Chetsko
I thought that the author hyped his points. The market is a complicated mechanism. We must be concerned abot computerized trading and the like, but that said, it is still the... Read morePublished on August 23, 2012 by Charles W. Houseworth
Scared, yes, I am. This bunch on Wall Street and various other places have questionable integrity not to mention unlimited greed. Read morePublished on July 31, 2011 by Kevin Spoering
An interesting and informational background on the stock market and how it spun out of control through the lack of contol and regulation as greed took over. Read morePublished on June 16, 2011 by T. Stratton
Jim Tague is the Washington editor for Barrons magazine and thus well-positioned to comment on how the laws and regulations made in Washington affect the markets in New York (and... Read morePublished on May 20, 2011 by K. Hernandez
Very interesting books explaining what high-frequency trading is, why the markets became so volatile, why prices of 1,500 largest capitalization stocks do not reflect their... Read morePublished on May 20, 2011 by Stream Ripper
Let's start with this simple statement. I enjoyed this book immensely, and this is my industry. Author Jim McTague first of all is the real thing. Read morePublished on May 18, 2011 by Richad of Connecticut
This book was disappointing. I felt like I was back in school with a boring teacher.
I had hoped for more insight but failed to find it. Read more