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Buy High, Sell Higher: Why Buy-And-Hold Is Dead And Other Investing Lessons from CNBC's "The Liquidator" Hardcover – January 3, 2012

4.1 out of 5 stars 52 customer reviews

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Editorial Reviews

Review

Stock market rules have changed-and with them, so should your strategy, advises Terranova. After many years working at MBF, one of the biggest natural gas and oil trading firms in the world, and witnessing the astonishing market events of recent years, Terranova realized that the average investor needed a new plan to survive and profit in this market and that anyone prepared to do the homework and tackle the unexpected could become a better investor. While investors have been trained to look for bargains, that's not a great strategy. Blending case studies and instruction, Terranova teaches readers the basics of the new investing: keeping an investing calendar; choosing professionals for your team; avoiding the temptations of day trading; and investing in assets you believe are important. As Terranova effectively argues, the key to long-term success in any market depends on the investor's ability to recognize when the story has changed.
Publishers Weekly

One of Joe Terranova's greatest strengths is his ability to take vast amounts of complex financial data, break the data down to its moving parts, and then explain what it means in an easy-to-understand way."
Mark B. Fisher, founder/CEO MBF Clearing Corp, and author of The Logical Trader: Applying a Method to the Madness

Run, don't walk, to read "Chaminade" Joe Terranova's book, Buy High, Sell Higher: Why Buy-And-Hold Is Dead And Other Investing Lessons from CNBC's "The Liquidator".
About 10 days ago, Joe was nice enough to send me a copy, and I immersed myself in it last weekend.
In his book, Joe delivers a thoughtful approach in deciphering the reams of data and information an investor and/or trader needs to dissect and analyze in order to maximize one's decision making process.
What is great about Joe's book is that he is quite specific about rounding up and filtering out the noise. I particularly like his recommendations on how investors and traders can become more organized. As well, his timing ideas and methodology -- check out the chapter entitled "Know When to Enter and Exit the Market" -- are very valuable and pragmatic.
Joe's methodology is backed up by 18 years of hard-hitting and strong experience in managing risk and managing investment professionals at MBF Clearing and now as chief market analyst for Virtus Investment Partners.
On the back cover of Joe's book, "Fast Money's" The Divine Ms. F. (Karen Finerman) writes in her endorsement, "Confidence and perseverance -- tempered by humility and strength of character -- is Joe Terranova's winning combination." And throughout Buy High, Sell Higher, Joe's sensitivity to Mr. Market and to his associates comes through loud and clear.
When I finished Joe's book, I couldn't help but anticipate his next book on trading.
Read Buy High, Sell Higher and consider buying it as a holiday present for your friends who want to become more skilled in the markets.
Doug Kass, "The New Real Money Pro"

Joe Terranova knows what it takes to win. His research and knowledge go into every trade he makes. I can't wait for him to share his passion in his new book and to learn the secrets that Wall Street professionals don't want you to know.
Mike Bossy, National Hockey League Hall of Famer, New York Islanders

About the Author

Terranova is a series regular on CNBC's Fast Money and the Chief Market Strategist for Virtus Investment Partners, a $25 billion Hartford-based asset management firm. Prior to joining Virtus, he spent 18 years at MBF Clearing Corp., where he was the director of trading and managed more than 300 traders.
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Product Details

  • Hardcover: 272 pages
  • Publisher: Business Plus; 1 edition (January 3, 2012)
  • Language: English
  • ISBN-10: 1455500666
  • ISBN-13: 978-1455500666
  • Product Dimensions: 6.5 x 1 x 9.5 inches
  • Shipping Weight: 15.2 ounces
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (52 customer reviews)
  • Amazon Best Sellers Rank: #1,357,573 in Books (See Top 100 in Books)

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Customer Reviews

Top Customer Reviews

By Giuseppe C. HALL OF FAMETOP 500 REVIEWERVINE VOICE on January 4, 2012
Format: Hardcover
Terranova is familiar to many as one of the financial gurus on "Fast Money," a daily post-market show that's capable of holding the viewer's attention longer than the rather loud and repetitious one that follows it. He comes off as a thoughtful, cogent contributor and is equally communicative and lucid as a writer--important, since despite appearances, most books that offer advice about money share in common the following: 1. the author's key points can be summarized in a paragraph or two; 2. after reading the first several, they begin to sound suspiciously alike. So besides pointers that might help the reader make a buck, it's important that the writer have a personal voice as well as a knack for conveying familiar ideas in fresh language. Terranova's book succeeds on both counts, as the author offers the reader the opportunity to shadow him during some of his "big money" moves and offers potentially useful concepts like having an "investment calendar" and a "winning team" to lessen the pain and increase the gain of the non-professional investor.

From listening to some of the fast talk about fast money on the show, the reader might expect the book to be focused primarily on trading with excessive attention to exotic trading approaches unlikely to be of much interest to the time-challenged, over-burdened "little money" investor. But there's useful, solid advice here even for readers who do not fancy themselves "traders" much less students of derivatives and complex leveraging plays. I've never paid much attention to a stock's "moving average," but the author explains its importance and tells you which one of many such averages is most followed by the pros.
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Format: Hardcover Verified Purchase
Having written a book myself on trading, I know that most people are still looking for the book with "the big secret to trading". When they don't find it, they usually give the book a bad review. What this book is: A well written book on how Joe Invests (this book is more geared to the investor than trader). That's not to say that a trader can't get anything out of it. The book covers things like seasonality and how fund managers re-balance. Certain days of the month and year to pay attention to, etc. The way I look at it, if you can read a book and take just one thing away from it that will help you in the market, then the author did his job and it was worth the read. Joe did that and then some.
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This book is a pretty good read. Nothing ground shaking but interesting concepts. Off the top of my head I recall - keep investing in stocks that are doing well, have a team as a sounding board, and keep close watch on your porfolio allocations. He does not tell enough personal stories about success or failure - i prefer Jim Cramer books. This book does not dig in very deep - high level stuff.
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Format: Audio CD Verified Purchase
A great "read". Well explained and logically presented. His philosophy for entering into a position is a little too robotic for me, but, having missed a lot of good entry points waiting for better ones, it rings true to his personal and professional experience
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Format: Kindle Edition
Meh. The author's thesis is logical: buy on momentum and stocks that are priced at a premium usually often have momentum on their side. The problem is that momentum doesn't last forever and momentum stocks generally dump very quickly as all the other momentum traders are bailing out together. I tend to skim books and early on in the book the author makes a statement to the effect: "never day trade". He doesn't explain why, he just makes this proclamation from the burning bush. I'm not even sure what he means. Does he mean to not get out of a stock the same day that you buy it? What if you buy it and an hour later it caves down to your stop price? Should you stay in it because you shouldn't day trade? The author presents his arguments fairly cogently but there really isn't much new under the sun or ideas that will suddenly make you into a star trader. Average.
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By DAG on December 3, 2013
Format: Hardcover
I'm an engineer and I have master's in comp sci... at this point I'm what I would call a hobbyist investor. I hope to outperform my 401k in the long haul... and I'm very open to learning. I'm really into numerical and pattern analysis - which is right up Joe Terranova's alley. I've written a couple software packages in the past to do things like internet data mining of financial data and vast computational analysis... I keep an IRA and simulated stock account as well for testing strategies.. I've been studying investing off and on for almost 10 years. So not a complete novice, but by no means a "professional".

To the book - Joe is very much a patterns and numerical analysis kind of guy. This book explicitly promotes a trading philosophy that is opposite to buy-and-hold (aka value investments). Joe doesn't go into it a whole lot, but does repeatedly say that buy and hold is dead. Others disagree with him (Warren Buffett and his entourage).. and I'm not experienced enough to give my thoughts on this debate.

For those who believe that buy and hold is dead, Joe has some advice for you. Honestly, I felt that it was all around shallow. I certainly hope he's got more up his sleeve... given he's a professional. The useful content of this book could probably be wrapped up in a few pages.. but, it does have useful content. Some of it seems borderline astrological, but I can see his points. I would summarize it by saying I'm glad I read it (I was taking notes btw), but in a couple decades I doubt this book will make my top 5 investment reads.
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