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The Indomitable Investor: Why a Few Succeed in the Stock Market When Everyone Else Fails Hardcover – April 3, 2012
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"Great investors focus first on risk, then return. Steven M. Sears' The Indomitable Investor serves as an antidote to all those get-rich-quick investment books by doing exactly the same thing." - Tadas Viskanta, author of Abnormal Returns: Winning Strategies from the Frontlines of the Investment Blogosphere.
From the Inside Flap
Most people realize they may never lead lives of financial ease, but now many live in fear of never even retiring. We must rethink how we approach investing—and even acknowledge we never understood it in the first place—before it is too late.
The stock market is here to stay and remains one of the few ways to truly grow your money in the long run. The Indomitable Investor: Why a Few Succeed in the Stock Market When Everyone Else Fails not only simplifies Wall Street's most complicated facts and ideas, but reveals the disciplines used by the few investors who consistently overpower the stock market.
Most people never own stocks long enough to qualify as long-term investors. They "greed in" to Wall Street's latest craze and "panic out" just as prices bottom. Deconstructing popular, often inaccurate portrayals of investing, The Indomitable Investor offers a fascinating look inside Wall Street's intellectual and operational machinery.
The Indomitable Investor applies an analytical, sometimes contrarian, approach to gathering and synthesizing fragmented facts long known by the best investors but unknown to almost everyone else.
Comprehensive and written in a lively, accessible style, The Indomitable Investor covers everything from buying and selling stocks intelligently to dealing with the market mob, behavioral finance, managing brokers, analyzing financial news, increasing mutual fund returns, and understanding how seasonality and economic cycles pace the market.
The Indomitable Investor is a compendium of insider knowledge. Ignore The Indomitable Investor at your own risk.
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Top Customer Reviews
Steve Sears undoubtedly has one of the most fluent and comprehensible styles of any financial writer and he makes his book an insightful and elegant read. I was captivated throughout the first 100-pages and couldn't put the book down again until I was finished.
The study provides the investor with dozens of well-sourced references flowing from a fountain of knowledgeable sources throughout. The book breezes through the marketplace with a well-delivered chapter devoted to sector investing tied to a series of economic indicators in a highly successful way that I have not seen attempted before.
Perhaps the greatest feature of the book is its explanation of investors' behavior and the psychology of investing as it applies to the market. So few people recognize how little they know about the subject and this book rips the cover write off that notion and offers a reasoned approach with an actionable philosophy to help you avoid the pitfalls of simply throwing darts at the wall.
Mr. Sears weaves a consistent thread explaining the behavioral nature of investing throughout the book, which is a critical element for anyone wanting to know how to best succeed in the years ahead. His revelation of the nature of Wall Street and its practices is illuminating reading for anyone who would like to believe they are smarter than an investment banker. And while you might be smarter, only when you understand how the odds are stacked against you will you figure out which crowd you should be running with. An excellent job Mr. Sears. Simply excellent!
Steven Sears has been a columnist for Barron's for many years. He has read a lot of analyses, and written a lot of columns. In this book he attempts to explain why many investors are the dumb money that clever investors profit from. Or, why many investors get sucked dry by brokers, funds with high loads, other illiquid investments, etc.
There is a constant in investing and it frustrates me, because I try to educate retail investors. People panic as a crisis unfolds, and they sell near the bottom. Conversely, people buy as a trend nears its peak, because they conclude that they have missed out.
What would it take to educate these people, which are many among us? Losses for one. Second, a willingness to read historical finance, which few will do, because it doesn't seem relevant. If you will not learn from history, you will not learn.
As is sometimes said, "Wise men learn from the errors of others. Average men learn from their own errors. Dumb men never learn."
Financial markets have more than their share of average and dumb men. They get fleeced, and rapidly. That dichotomy is key to investment markets. Think about it -- if you were going into a war, would you spend more to make sure you had the best armaments? I think you would. If so, why do you go virtually undefended in contention against Wall Street?
There are two ways to do this. First, go passive and index. Safe, reasonable, good.Read more ›
Fast forward to 2012 and the "Indomitable Investor" has eclipsed the previously mentioned title.
Managing investments is about managing risk. Author Steve Sears provides an insight into how some of the brightest investment managers and advisors of our time go about the process of risk management.
In addition Mr. Sears takes a thoughtful look at volatility indexes and what to make of them, the pitfalls of Modern Portfolio Theory, behavioral psychology as applied to investing and a fantastic discussion on the "challenges" of regulation and why such efforts nearly always fall short of intentions.
An added bonus was a brief update on the whereabouts of Victor Neiderhoffer.
My biggest critique of the book would be that the author covers so much ground that there are a number of topics that only get a brief mention where they would provide ample ground for further reflection.
In the spirit of "Give a man a fish, feed him for a day, teach him how to fish feed him for a lifetime;" The Indomitable Investor is an invaluable piece of teaching that will provide knowledge and wisdom for a life time of investing.
Most Recent Customer Reviews
Everybody who is contemplating investing in equities needs to first read this book.Published 17 days ago by Steven H.
Good solid book for individual investors interested in getting a peek at how "Wall Street" works. Read morePublished 2 months ago by pauli
A critically important read for every aspiring independent investor. Highly recommended.Published 3 months ago by Steve Zissou
Excellent survey. Covers a lot of ground and is data-driven, not just anecdotal like most books in this space.Published 9 months ago by Michael B.