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Beyond the Random Walk: A Guide to Stock Market Anomalies and Low-Risk Investing (Financial Management Association Survey and Synthesis) Paperback – June 1, 2006
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"Beyond the Random Walk is the definitive work on how stocks can be persistently mis-priced, lucidly and comprehensively cataloging market inefficiencies. It offers investors sensible strategies to exploit valuable investment opportunities and is a critical reference for researchers." --Lawrence A. Cunningham, Boston College, author of The Essays of Warren Buffett: Lessons for Corporate America
"Vijay Singal's interesting book provides an overall treatment of the return anomalies that have gripped the attention of academics and investors alike. It is a good source for those who want to understand stock market anomalies, and a useful guide for those who want to trade on them. As always, those seeking to beat the market would do well to remind themselves about the perils of overconfidence, and the attendant risks that trading on sentiment entails."--Hersh Shefrin, Santa Clara University, author of Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing
"We can thank Vijay Singal for categorizing the major stock market inefficiencies, and for telling us how to make money from them."--Roger G. Ibbotson, Yale School of Management, and Chairman, Ibbotson Associates
"Singal provides an easy-to-read introduction to the pricing anomalies discovered by academics and exploited by traders. Understanding these anomalies will help you identify the systematic mistakes traders make and how you might profit from them."--Larry Harris, Fred V. Keenan Chair in Finance, Marshall School of Business at USC, author of Trading & Exchanges: Market Microstructure for Practitioners
"Understanding how the markets work and how to exploit them for profit is what makes Wall Street tick. Successful investing is based on extracting small low risk profits; this is what separates good managers from great ones. By explaining how to look for, spot and take advantage of anomalies Singal is about to create a whole new class of great managers. It is clear that his research, experience, and expertise are something all investors should take advantage of as they try to navigate the randomness and not so randomness that is the market."--Daniel A. Strachman, author of Essential Stock Picking Strategies and Editor of The Strachman Report
"This is a comprehensive look at financial market anomalies in language that is accessible to all. While no book on the market offers foolproof ways of making money, this book will certainly be an instructive read and bring the lay person up to speed on the latest research."--Raghuram Rajan, Joseph Gidwitz Professor of Finance, University of Chicago
"This is a very nice summary of the academic literature on anomalies, and contains some intriguing suggestions for taking advantage of them." --Andrew W. Lo, MIT
"A great Christmas gift for investors."--SmartMoney
About the Author
Top Customer Reviews
The book talks about these mispricings in a refreshingly simple language though it relies on amazing amount of research. Also has trading strategies that are useful.
I would recommend it.
This is a detailed look at ten market anomalies. Singal's goal is to move us well beyond descriptions and academic evidence and offer trading strategies intended to achieve an outsized market return. Each chapter summarizes key points and projects potential returns from implementing the outlined strategy. Additional market anomalies are briefly identified in the final chapter. As a bonus of sorts an appendix gives the most detailed explanation of short selling I have read.
From a practical standpoint some anomalous situations would appear to be more exploitable than others. Mergers between public companies occur with some frequency, so an understanding of how to play the merger premium paid by acquiring companies for their target is useful. Changes to the composition of the S&P 500 Index and their impact on stock prices occur with less frequency, but this is balanced by opportunities from the January and "New December Effect" (mark your calendars).Read more ›
Table of contents:
Chapter 1: Market Efficiency and Anomalies
Chapter 2: January Effect and the New December Effect
Chapter 3: The Weekend Effect
Chapter 4: Short-term Price Drift
Chapter 5: Momentum in Industry Portfolios
Chapter 6: Mispricing of Mutual Funds
Chapter 7: Trading by Insiders
Chapter 8: Changes to the S&P 500 Index
Chapter 9: Merger Arbitrage
Chapter10: International Investing And The Home Bias
Chapter11: Forward Rate Bias
Chapter12: Understanding And Learning From Behavioral Finance
Chapter13: A Description Of Other Possible Mispricings
Pros: All of the anomalies seem to be based on real research, not just hot air. The trading strategies are clear and easy to implement. Singal is cautious in making recommendations. The summary table at the beginning of the book lets you choose what you want to read and use. Seems very credible. Easy to read and understand. Many, many new things all investors wish they knew.
Cons: Confusing title. More more description about each anomaly would have helped but may be the author did not want to make it into an encylopedia. The list of references helps for further exploration. Each anomaly has a discussion of about 25 pages, which is okay as a start.
Value: Excellent. Strongly recommended.
Most Recent Customer Reviews
A wonderfully written book from a Professor of Finance. It is chock full of insights and written in a very lucid and accessible manner. Read morePublished 24 months ago by Apollo Digital
Like he says, he points out isolated occasional anomalies. This is of little use in day-to-day investing.Published on August 22, 2014 by Harvey
This book is a great tool to understand some of the subtler points of investing. There are many inefficiencies out there and while some cannot directly be taken advantage of, it... Read morePublished on December 7, 2012 by Brando
A fascinating and balanced read on well-researched market anomalies. Singal identifies 11 past anomalies and estimates practical abnormal returns going forward. Read morePublished on November 25, 2012 by Allan S. Roth
This is an academic book written by a Professor who admits that he is not a full time trader. This book contains solid research on the subject of non random (predictable)... Read morePublished on September 8, 2012 by Pat
I don't think anybody is going to get rich implementing the ideas in this book. I do think people can do very well with ideas that this book will give you. Read morePublished on April 15, 2009 by Scott C. Locklin
Buy ' This book has unique advantages over its peers. It states things believed to be true. The anomalies that is describes are supported with careful research. Read morePublished on April 15, 2009 by Jeff Owens
This is an "easy to read" well written book. It does not immediately bore the reader to death like many other investment and economics books. Read morePublished on February 15, 2009 by J. Meyer
I'm impressed with what a good job Vijay Singal has done. Beyond the Random Walk is very clear and thorough, turning what is normally overly academic research/text into easy to... Read morePublished on January 10, 2006 by Much Prefer Print to eBooks