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The Nature of Risk (Fraser Publishing Library) (Contrary Opinion Library) Paperback – November 19, 1999
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About the Author
After serving as Assistant Director of the NYSE Floor Department, Justin Mamis founded and edited The Professional Tape Reader in 1972, selling it in 1977 to its current editor with thoughts of retirement. Instead he spent several years as an "upstairs" Member-Trader for Phelan, Silver, an NYSE specialist firm and subsequently settled into his roles as market advisory letter writer, forecaster, and philosopher on behalf of Wertheim & Co., and then Gordon Capital. He then became Senior Vice President and Chief Market Technician at Hancock, where he wrote his weekly Mamis Letter. Quotes from the Mamis Letter appear frequently in Barron's and The Wall Street Journal and his often heretical and usually grumpy comments can be heard from time to time on CNBC. Among his credentials he has been voted for several consecutive years to the Institutional Investor "All-Star Team" in the categories of Market Timing and Market Technician. Justin continues to write his market letter and do forecasting and philosophizing.
Top customer reviews
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Much of the market is counter-intuitive to new investors. I think that this book does a terrific job in highlighting WHY that is so. One of the most helpful (to me) ideas in the book was the nature of information, price and time risk. I've never seen any book frame these important (and oft-expensive) risks in such a way. In fact, I would recommend that you buy the book SOLELY for your understanding these risks.
For example, Mamis states, "At the moment of maximum information risk, the price risk is minimal" and "The more information that comes along, the greater the price risk." These seem on the face as superficial statements, but they really are not because of the emotion that comes along at these junctures that mutes the import of such perspicacious statements.
If this is psycho-babble, then it is pscyho-babble at its finest! The book is written in an accessible, conversational tone. It is like sitting in a comfortable chair with a drink (or two!) and talking with an old friend from whom you will learn much.
A favorite passage: "The risk can never be cured by knowing enough. We need, we crave, trust and belief from others, and their acceptance, even though they really may 'not know us.' But when information is insufficient we need the trust and belief in ourselves, and the inner acceptance that we'll be okay anyhow. We need the discipline to accept whatever is available. We need the experience to understand all the ifs, ands and buts, and yet still confront the risk, and make the decision. Setting ourselves free from the quest for information, oddly enough , is what reduces risk even as it appears from the freedom itself that risk is being scarily increased. Oh my, freedom, that's dangerous."
Mr. Mamis is one of my 'all-time favorite' writers.
What it does have is priceless guidelines on how to think and beat natural instincts and social conditioning that are detractors from success when making trading and investment decisions. I'd like to give more specific examples but it would be difficult to top dbphoenix's review.
So read his review if you need more convincing, read the book, understand yourself better, and make more money.
In-fact, I have given his other books, When to Buy and How to Sell the Five Star ratings as they are very useful and well written.
However, after reading those, this book seems to repeat some of the points made in them and seems a little defensive about Technical Analysis. Avoid this one but positively buy the other two.