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Your Next Great Stock: How to Screen the Market for Tomorrow's Top Performers (Hardcover)

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Key Phrases: next great stock, net payout yield, daily trading volume greater, Wall Street, Dutch East, United States (more...)

4.2 out of 5 stars See all reviews (11 customer reviews)

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Editorial Reviews

Review

"Your Next Great Stock makes a clear and persuasive case for a systematic investment strategy. Though simply written, both amateurs and professionals can profit greatly from the wisdom revealed in its pages."—Joel Greenblatt, author, The Little Book That Beats the Market

"Jack Hough has written a thoughtful and disciplined book about picking stocks. In an age where most people look for the quick buck, his commonsense approach will outlive bull and bear markets alike."—Jonathan Hoenig, Portfolio Manager, Capitalistpig Hedge Fund LLC and Fox News personality

"Hough has put together an easy read that's actually fun. Most of the book focuses on why stock screening works, while the last half of the book helps the reader put together some stock screens of their own."--Stockpunk.com

"The book covers some fairly challenging concepts, but it doesn't read like a dry academic study. That's a testament not just to Mr. Hough's knack for explaining arcane financial concepts in everyday language, but also to his sense of humour; it's not often that you find an investing author who spent year doing standup comedy in New York."--Globe and Mail

Product Description

A comprehensive look at how to profit from the power of stock screening

With thousands of stocks to choose from, how can you find the best ones to invest in? Simple: start with a handful of clues that tend to predict outstanding returns, and then search the entire market in seconds for stocks that are producing those clues. That's stock screening, and it's the best way—the only way, really—to consistently beat the market.

Written by experienced investment journalist Jack Hough, Your Next Great Stock reveals the most powerful screen strategies ever produced. The strategies are easy to follow. If you have Internet access and can balance a checkbook, you can find winning stocks with this book as your guide. You'll learn how to find young companies poised for explosive growth, mature companies whose true profit potential is temporarily hidden, and more. Stop relying on overrated stock tips. Start using proven screening strategies to find your next great stock.

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Product Details

Hardcover: 250 pages
Publisher: Wiley (October 26, 2007)
Language: English
ISBN-10: 0470117931
ISBN-13: 978-0470117934
Product Dimensions: 9.1 x 6.3 x 1.2 inches
Shipping Weight: 15.2 ounces (View shipping rates and policies)

Average Customer Review: 4.2 out of 5 stars See all reviews (11 customer reviews)

Amazon.com Sales Rank: #321,483 in Books (See Bestsellers in Books)

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Inside This Book (learn more)

Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
next great stock, net payout yield, daily trading volume greater, guru screens, screen survivors, finding great stocks, share price momentum, preprogrammed screens, brew temperature, screen recipe, stock screener, stock screening, stock screens, share price gains, broad stock market, lurking variables, past volatility, insider buying

Key Phrases - Capitalized Phrases (CAPs): (learn more)
Wall Street, Dutch East, United States, Stock Screening Is the Best Way, Dogs of the Dow, Not-So-Great Ones, Which Screen Survivors, Telling Great Screening Strategies, Buy High, The Accrual, The Bold Is Beautiful Screen, The New Dogs Screen, Sell Higher, Merrill Lynch, Electronics Boutique, Financial Analysts Journal, The Screeners, Dow Jones Industrial Average, John Bogle, Screening Tool, Surprise Screen, The Surprise, Free Two-Week Trial, Journal of Finance, World War

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Customer Reviews

11 Reviews

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4.2 out of 5 stars (11 customer reviews)

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28 of 29 people found the following review helpful:

5.0 out of 5 stars Highly recommended, November 11, 2007

By	hi2125 (New York, NY) - See all my reviews

This is an outstanding guide to picking stocks. It presents some of the best-supported and most logical strategies I've seen for beating the market, and serves as an easy-to-read backgrounder on many financial subjects (some of which can be pretty complicated). The writing is clear and jargon-free and funny in parts.

There are basically three parts to the book. The first is not to be missed. You won't buy another actively managed mutual fund after you read it. You might not buy an index mutual fund, either. The author demystifies (debunks, really ) such high-brow finance topics as the efficient markets hypothesis and capital assets pricing model by tracing the history of probability math and showing how it was gradually misapplied to the stock market. I suffered through several investment courses in college and have long wondered about the everyday usefulness of the material, so I was fascinated by the author's case that much of it amounts to "mathematical incest" and a mischaracterization of risk. This part also has a highly useful guide to telling reliable stock picking strategies from bad ones. There's a list of "financial parlor tricks," or ways that investment firms and stock-picking services sometimes fabricate their performance numbers.

The middle section is short. It contains just enough of an intro to financial statements so that you're familiar with most of the terms used in the later strategies chapters. It also has a brief review of screening tools. (The author writes for a company that has one, but he's up-front about this and mostly just lists the features of each
screener.) This section also has basic info on how to use screening tools. Keeping this section so short was a good idea, I think. It keeps the reader from getting bogged down before getting the to payoff in the next part.

The last part contains what many people will probably buy the book
for: a round-up of the best stock-screening strategies the author says he has found during his work writing columns on the subject. I found several that Ive already started using. One chapter has a way to considerably improve the returns to a strategy I already knew about (Dogs of the Dow). Another is about using research spending to find companies whose earnings might be about to surge. Whether you're a growth investor or value investor (or both) you'll almost certainly find something here that can boost your investment returns. To me that makes the book a bargain.

All told: Excellent beginning, good (and short) middle and excellent end. I highly recommend this book to anyone who invests.

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15 of 16 people found the following review helpful:

2.0 out of 5 stars Basic Overview, Zero Real World Examples, January 12, 2008

By	P. Pray (Prague, Czech Republic) - See all my reviews (REAL NAME)

I was looking forward to this book, as it seemed to be consistent with my own investment philosophy: do your own research, screen for potential winners, etc. The author does a good job of presenting why stocks are your best type of investment, and why stock screening can lead to higher annual returns. But the book itself seems to be written for a beginner. As an example, Hough gives a one page overview of how to read a balance sheet, income statement, and cash flow statement. I'm not sure three pages of material does that topic justice. Nor do I believe anyone with no conception of these financial reports should be picking their own stocks: better to just invest in index funds if you're still at this very basic level.

Hough does give some examples of screen strategies he apparently uses himself in real life, and this is helpful. However, it's never clear if these screening techniques work in practice because - and here's the biggest weakness of the entire book - Hough does not give one example of a company he found with these screening techniques. Not one. Why couldn't he include some winners that he initially found from using the techniques recommended in the book? It's a huge omission, and really hurts the credibility of his message.

His general approach seems sound. But I wanted a lot more details, especially real world examples of success (and perhaps even a few failures) he's had with these strategies. Very disappointing.

Still, if you are new to investing, this is probably a good overview of stock screening, and can get you started. However, I strongly recommend doing additional study on a host of items briefly discussed in this book before committing a lot of capital to the stock market. Until you feel comfortable, stick with index funds. But definitely invest. On that I agree with the author completely.

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12 of 14 people found the following review helpful:

4.0 out of 5 stars Useful and avoids the hype, November 9, 2007

By	Balint Kacsoh (Macon, GA USA) - See all my reviews (REAL NAME)

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In general, the book is an easy read even for a novice investor, and contains solid ideas as well as practical advice.

The stock screen web site that Jack Hough and Smart Money make available for free is pretty limited. The book points out the features of various for-fee stock screen services, and informs the reader about their cost.

Some of the screens recommended in the book are difficult to implement in practice.

This book is strictly about stock picking, and does not cover portfolio design that is probably more important than individual stock picking for achieving superior returns. Therefore, the book's true value can be best realized if its used together with other books (e.g., Ken Fischer's "The only three questions that count").

Chapter 3 has some excellent insight about behavioral finance; the reader should re-read this chapter when doing the post-screen selection.

Chapter 9 was probably the most disappointing part of the book. It attempted to explain how to read and interpret income statements, balance sheets, and cash flow statements, but the coverage was cursory - insufficient even as an introduction.

There were some errors in the book that were pretty self-evident, and indicated that additional proofreading would have been needed.

I also missed a number of things from the book. For example, the Author stated about the various stock-picking screens that they could beat the market by a certain percentage point per year, and when back-tested over a long period, what was the total and annualized return. What is missing here is the actual holding period after buying the stock. The stock screen reveals good prospects that are, by definition, good today. But it is obvious that their advantage is temporary; buying them today does not guarantee market-beating returns for the next five years without selling the stock and buying another that takes its place by the same screening process. The turnover rate of the screens is extremely important because of the impact of commissions and taxes on the realized gains. Just as the compounded interest is powerful to increase wealth, the compounded impact of taxation is powerful robbing one of that wealth. Hough describes screens that beat the market by e.g. 6%, but if it is in a taxable account, and the screen requires a less than 12 months holding period, much of the gain will be eaten up by the taxes to the point that a merely market-matching index fund that does not incur tax expenses (no realized gain, very long holding period) may come out ahead. Of course, that is not an issue in an IRA account.

It is highly respectable that Hough does not promise outlandish results - no hype here. All in all, this book is a good addition to your library's selection on stock market investing.

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Most Recent Customer Reviews

4.0 out of 5 stars Not bad, but not "great"
I agree with the earlier reviewer who noted that the most effective section of this book is the one that explains why many investors could be better off selecting their own stocks... Read more

Published 10 months ago by R. Cepuch

2.0 out of 5 stars Fades in the stretch
I liked this book and was really excited to start screening for stocks as the book suggests, but found myself unable to follow through with its screening techniques. Read more

Published 12 months ago by Harrison Judd

5.0 out of 5 stars stock screening
Your Next Great Stock: How to Screen the Market for Tomorrow's Top Performers
I believe it is important to have a repeatable method that can be monitored, tested and tweaked... Read more

Published 21 months ago by Stockmon

5.0 out of 5 stars Stocks the easy way
Mr. Hough has made the stock Market easy to understand and follow. I always felt intimidated by the process, but now I am finally able to make my own decision and not rely on... Read more

Published 22 months ago by Domenico Sacramone

4.0 out of 5 stars One of the best
This is one of the best investment books I have read. It presents a strong case for why you should invest in stocks and why you should rely on yourself in doing that (instead of... Read more

Published 23 months ago by Husam Abu-Haimed

5.0 out of 5 stars Helpful and through!
Excellent details on setting up the stock screens discussed both in the book and the author's monthly column in SmartMoney magazine (also weekly on [...]). Read more

Published 23 months ago by Joseph L. Leppo

5.0 out of 5 stars great book
I bought this book because I sometimes read Jack Hough's stock stories on SmartMoney and two picks of his I followed have done great. Read more

Published on November 1, 2007 by Gary

5.0 out of 5 stars Very practical stock investing guide
I've read a lot of books on investing and put simply, this is one of the best books about stock picking I've read. Read more

Published on October 30, 2007 by jenny

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