This title offers long-term strategies that have always beaten the markets, and how to make them work for you. "What Works on Wall Street, Third Edition", cuts straight to the chase, examining actual historic performance figures to tell you which strategies have provided investors with the best returns, which should be avoided at all costs, and why. Comprehensively updated from its bestselling second edition, this investor classic goes beyond hype and rumor to focus on actual results, and tell you what smart investors are doing now. 'O'Shaughnessy's conclusion that some strategies do produce consistently strong results while others underperform could shake up the investment business' - Barron's. '"What Works on Wall Street" is indisputably a major contribution to empirical research on the behavior of common stocks in the United States! Conceivably, the influence of "What Works on Wall Street" will prove immense' - "The Financial Analysts' Journal".'O'Shaughnessy's latest, "What Works on Wall Street", is a serious inquiry into the investment strategies that stand up under long-term scrutiny and is refreshing research for every investor' - "Stocks and Commodities". 'O'Shaughnessy's study is already making waves in the investment community! Could well become a classic' - "Smart Money". 'James O'Shaughnessy has enshrined P/S in the investing hall of fame in his superb new book, "What Works on Wall Street"' - James K. Glassman, "The Washington Post". 'What investment strategies have worked over the last 40 years? Ask this man' - "Barron's".For many investors, the stock market is little more than a guessing game. The stock market bubble of the late 1990s had many investors convinced that the rules of the game had changed and that this time, it really was different. "What Works on Wall Street, Third Edition" - with all new data through 2003 - shows that it's never different this time. Armed with earlier editions of this book, investors would have avoided the devastation visited on the high risk stocks that were the favorites of investors during the bubble. "What Works on Wall Street, Third Edition", takes the guesswork out of your investment decision-making. This in-depth, updated and data-driven book looks at key strategies and benchmarks that millions of investors rely on to make their investment decisions, and tells you which of these tools have provided investors with the best long-term results.Acclaimed author and portfolio manager James P. O'Shaughnessy presents factual, unbiased and unexpected findings that prove you can do vastly better than the market simply by consistently using stock selection strategies that have withstood the test of time. Moreover, these five decades of results warn investors to steer clear of some popular investment strategies that are toxic to your wealth. Expanded to include how various investment strategies perform when used on All Stocks, Large Stocks, Market Leaders and Small Stocks, this new edition of the book also covers all the new research O'Shaughnessy has conducted since the last edition.Which investment strategies are winners - and which are losers? What factors most reliably indicate that a stock will rise or fall? Are value strategies better than growth? Do small capitalization stocks do better than large? What's the worst-case scenario for the various investment strategies and how long did it take for them to recover? Do these strategies work outside the United States?"What Works on Wall Street" answers these questions and outlines a methodical, scientific, and results-based method for making intelligent stock market decisions. 'To make the best investment plans for the future, investors need access to unbiased, long-term performance results,' O'Shaughnessy writes. And that is exactly what he gives you in this history-making book. James P. O'Shaughnessy is the Director of Systematic Equity for Bear Stearns Asset Management and a Senior Managing Director of the firm. O'Shaughnessy's investment strategies have been featured in "The Wall Street Journal", "Barron's", "The New York Times", "The Washington Post", "Investor's Business Daily", "The Financial Times", London's "Daily Mail", Japan's "Nikkei Shimbun Daily", and many other publications worldwide, as well as on NBC's "Today Show," "The Oprah Winfrey Show," CNBC and CNN.
詹姆斯·奥肖内西,奥肖内西资产管理公司主席兼CEO,该公司是一家位于康涅狄格州的资产管理公司。奥肖内西曾在贝尔斯登担任投资组合经理、系统证券主任与高级管理主任。他是证券定量化分析与投资管理领域的专家。同时他还善于投资模型与调研决策系统的运作。从1995年开始。他就将标准普尔数据库的投资策略数据进行定量化分析,并将结果整理到他的著作《投资策略实战分析》中,这本书是驰名华尔街的经典畅销书。奥肖内西因其投资策略而荣获美国专利,并被福布斯网站评为最传奇的投资者之一。
这本书和作者[詹姆斯·奥肖内西]在《聪明的投资者》第1章书评中被贾森·兹威格直接点名抨击,原因是这位“不知名”的作者通过分析既往美股市场数据制定了一套用于预测和判断未来市场的投资模型,申请专利并且成立基金公司。可是经过市场检测后作者跑路了,他的信奉者和追随者财...
评分4、回测时间越久越好 5、龙头股组合: 1、“大盘股”中非公共事业股;2、流通股份>平均;3、现金流>平均; 4、销售额>1.5*平均 增强: 股息率top25%,1.5倍权重 股息率25%~50%,1.25倍权重 。。。 。。。 增强有一定效果 6、回购收益率:相当于向股东分配股息 7、...
评分 评分这本书和作者[詹姆斯·奥肖内西]在《聪明的投资者》第1章书评中被贾森·兹威格直接点名抨击,原因是这位“不知名”的作者通过分析既往美股市场数据制定了一套用于预测和判断未来市场的投资模型,申请专利并且成立基金公司。可是经过市场检测后作者跑路了,他的信奉者和追随者财...
评分很不错,给五星。理念是行为金融学解释了市场定价可能是错的,方法是通过量化回测找出长期定价错误发生概率最大的那一类股票,结论很明确。虽然不一定可以直接应用到A股,但非常值得参考…… 倒数第二章的最后一部分是精华,用整本书700页的量化分析最后导出结论:价值投资(价...
这本书的阅读体验,可以用“层层剥笋”来形容。它没有给你一个简单粗暴的答案,而是给你一把解剖刀,让你自己动手去拆解市场结构。我必须承认,初读时,其中涉及的一些财务分析术语略显专业,但我坚持读了下去,因为我意识到,作者正引导我进入一个更高维度的思考空间。最让我印象深刻的是,它颠覆了我对“专业化”的理解——真正的专业不是深陷于单一领域,而是能够从宏观经济、行业趋势、公司治理、财务健康等多个维度进行交叉验证。书中关于“价值回归”的论述,极具启发性,它不仅仅是价格与内在价值的偏离,更是一种市场情绪与基本面逻辑的背离,而这种背离,恰恰是优秀投资者最大的狩猎场。读完后,我不再仅仅关注每股收益的微小变化,而是开始关注一家公司的“系统性韧性”。这本书的厚度,与其说是页数上的重量,不如说是其中蕴含的经验和智慧的重量,它要求读者投入时间与精力,但回报是建立在坚实逻辑之上的长期投资信心。
评分读完这本书,我最大的感受是,作者似乎将华尔街那些精英们私藏的“不传之秘”——那些真正能带来持续超额回报的秘密武器——用一种近乎残酷的诚实态度公之于众了。它挑战了太多我过去深信不疑的市场共识。比如,关于“热门板块”的追逐,书中用了大量历史数据来证明,投资者往往在泡沫的顶点才后知后觉地涌入。这种基于事实而非情绪的论证方式,极大地重塑了我的风险认知。我尤其欣赏其中关于“因子投资”的深入探讨,它不是简单地罗列因子,而是细致入微地分析了每一个因子背后的驱动逻辑和适用周期。这让我在构建多元化投资组合时,不再是盲目地听信各种“黑箱策略”,而是能够基于对市场结构更深刻的理解去进行主动选择。书中的案例分析,更是精彩绝伦,它们往往选取了那些看似平淡无奇,却在默默积累巨大价值的公司,揭示了“慢工出细活”在金融市场同样适用。总而言之,它是一剂清醒剂,让你从追逐市场噪音的狂热中抽离出来,重新审视价值的本质。
评分这本书的文字风格,与其说是一本投资手册,不如说是一部详尽的实战案例集,充满了“泥土的芬芳”,而不是象牙塔里的理论臭味。它成功地将复杂的定量分析过程,转化为普通投资者可以理解和操作的步骤。我发现自己不再对那些复杂的数学模型感到畏惧,因为作者总是能用最直观的例子来阐述其背后的经济含义。特别是在风险控制章节,作者强调的“安全边际”概念,被提升到了哲学的高度——这不仅是财务上的留白,更是一种心态上的从容。这种强调长期主义和抗压能力的叙事方式,让我对市场的短期波动有了更强的免疫力。我过去常常因为市场的小幅震荡而夜不能寐,但现在,我更关注那些驱动公司长期盈利能力的核心要素,这些要素在书中得到了详尽的剖析。这本书的价值在于,它教会你如何建立一套可以抵御时间侵蚀、人性弱点和市场恐慌的“内部操作系统”。读完之后,你会感觉自己站在了一个更高的山头,俯瞰着山谷中那些追逐短期波动的散户。
评分这本书,我得说,简直是为那些在金融市场摸爬滚打多年,却依然感觉像在迷雾中航行的人准备的指南针。它没有那些华而不实的理论堆砌,更像是经验丰富的老船长在告诉你,面对风暴时,哪些航道是真正可靠的。我记得当时翻开第一页,就被那种直截了当的语气吸引住了——没有拐弯抹角,直奔主题,直击核心的投资难题。它不像某些学术著作那样,把简单的概念用复杂的公式包装起来,让人望而生畏。相反,它更像是你在华尔街某个不起眼的角落,遇到一位愿意分享真知灼见的导师。书中对于如何识别那些被市场低估的“价值陷阱”和真正具有爆发潜力的“成长型”公司,提供了非常具体且经过时间检验的方法论。特别是关于财务报表的解读部分,作者的分析角度非常独到,能帮你穿透那些精心粉饰的数字表象,看到公司运营的真实健康状况。对于那些渴望建立长期、稳健投资组合的人来说,这本书提供的框架是极其宝贵的资产。它教你的不是短期投机技巧,而是构建财富的哲学基石。那种深入骨髓的实用性,让我在接下来的投资决策中,感觉自己多了一层可靠的保护网。
评分我向来对那些承诺“一夜暴富”的金融书籍持高度怀疑态度,但这一本却以其深厚的实证基础赢得了我的尊重。它更像是一部厚重的历史文献,通过回溯过去几十年的市场数据,系统性地解构了哪些策略在不同的经济周期中展现出了稳定的超额收益。作者的严谨性令人印象深刻,他没有回避策略的局限性,反而诚恳地指出了在特定市场环境下,某些看似有效的策略可能会失效,并给出了应对预案。这种坦诚,在金融写作领域中是相当罕见的。它教会我的最重要的一点是:投资的成功往往不是因为你找到了一个“圣杯”,而是因为你持续执行了一套经过验证的、概率更高的行为模式。书中对于“质量因子”的深入挖掘,尤其让我受益匪浅,它不仅仅关注盈利能力,更深入到管理层的道德操守和商业模式的护城河。这本书,更像是一堂高强度的量化分析速成课,但讲课的人却有着近乎散文诗般的洞察力,将枯燥的数据转化成了引人入胜的财富密码。
评分只是一些backtesting结果的罗列,没什么内容,看来James O'Shaughnessy只是想挣点版税。
评分非常不错,应该是我看过的关于股票最好的书,根据因子投资。
评分读过中文版
评分读过中文版
评分author sold his business at the bottom of cycle and underperformed over 3 consecutive years.
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