Sinn und Unsinn an der Börse Wie die Märkte wirklich funktionieren - und wie nicht

pt. 1. Markets, return, and risk -- pt. 2. Hedge funds as an investment -- pt. 3. Portfolio matters.;BBestselling author, Jack Schwager, challenges the assumptions at the core of investment theory and practice and exposes common investor mistakes, missteps, myths, and misreads/b/ When it comes to investment models and theories of how markets work, convenience usually trumps reality. The simple fact is that many revered investment theories and market models are flatly wrong'that is, if we insist that they work in the real world. Unfounded assumptions, erroneous theories, unrealistic models, cognitive biases, emotional foibles, and unsubstantiated beliefs all combine to lead investors astray'professionals as well as novices. In this engaging new book, Jack Schwager, bestselling author of iMarket Wizards/i and iThe New Market Wizards/i, takes aim at the most perniciously pervasive academic precepts, money management canards, market myths and investor errors. Like so many ducks in a shooting gallery, Schwager picks them off, one at a time, revealing the truth about many of the fallacious assumptions, theories, and beliefs at the core of investment theory and practice./ ulliA compilation of the most insidious, fundamental investment errors the author has observed over his long and distinguished career in the markets/liliBrings to light the fallacies underlying many widely held academic precepts, professional money management methodologies, and investment behaviors/liliA sobering dose of real-world insight for investment professionals and a highly readable source of information and guidance for general readers interested in investment, trading, and finance/liliSpans both traditional and alternative investment classes, covering both basic and advanced topics/liliAs in his best-selling iMarket Wizard/i series, Schwager manages the trick of covering material that is pertinent to professionals, yet writing in a style that is clear and accessible to the layman/li/ul.

Praise for Market Sense and Nonsense

"This book is a real joy. Smart, clever, funny; deliciously concise. No bull. It tells you what investing is really about, which most certainly isn't what the fakes in the financial services industry, and their paid cheerleaders in the media and academia, want you to think it is about. Mr. Schwager has performed a major service for anyone who ever gets a spare dime to invest and wants to know how to avoid making a mistake. This book is destined to be one of the greatest texts on markets and investing for discussion in schools, universities and barrooms the world over."
—Martin Taylor, Investment Manager, Nevsky Fund PLC

"This is a very ambitious book which succeeds on all counts. It is not a book with just one idea explained repeatedly with different anecdotes. It covers a huge amount of ground across the spectrum of risk and investing, both in theory and in practice. It addresses many of the difficult issues faced by investment professionals today, but written in a way which is designed to be understood by people without a background in investing or finance."
—Colm O'Shea, Founding Partner and CIO, COMAC Capital LLP

"If this book had been available when I started out in the financial markets I would have saved a lot of learning time over the next fifty years. A great guide to understanding how investing and markets really work."
—Edward O. Thorp, author of Beat the Dealer and Beat the Market

"Jack Schwager's new book, Market Sense and Nonsense, deftly addresses a large number of seldomly clarified facts and myths about the investment management business."
—Jaffray Woodriff, cofounder, Chairman, and CEO, Quantitative Investment Management

"If you believe in investigating before you invest, and in knowing what works and what doesn't work, you are likely to do well reading Schwager."
—Ed Seykota

Bestselling author, Jack Schwager, challenges the assumptions at the core of investment theory and practice and exposes common investor mistakes, missteps, myths, and misreads When it comes to investment models and theories of how markets work, convenience usually trumps reality. The simple fact is that many revered investment theories and market models are flatly wrong--that is, if we insist that they work in the real world. Unfounded assumptions, erroneous theories, unrealistic models, cognitive biases, emotional foibles, and unsubstantiated beliefs all combine to lead investors astray--professionals as well as novices. In this engaging new book, Jack Schwager, bestselling author of Market Wizards and The New Market Wizards , takes aim at the most perniciously pervasive academic precepts, money management canards, market myths and investor errors. Like so many ducks in a shooting gallery, Schwager picks them off, one at a time, revealing the truth about many of the fallacious assumptions, theories, and beliefs at the core of investment theory and practice. A compilation of the most insidious, fundamental investment errors the author has observed over his long and distinguished career in the markets Brings to light the fallacies underlying many widely held academic precepts, professional money management methodologies, and investment behaviors A sobering dose of real-world insight for investment professionals and a highly readable source of information and guidance for general readers interested in investment, trading, and finance Spans both traditional and alternative investment classes, covering both basic and advanced topics As in his best-selling Market Wizard series, Schwager manages the trick of covering material that is pertinent to professionals, yet writing in a style that is clear and accessible to the layman Es gibt eine ganze Reihe von Börsenweisheiten, etwa die, dass ein optimales Portfolio aus nur rund zehn Positionen bestehen sollte. Mit Regeln wie dieser räumt Jack Schwager radikal auf und stellt Statistiken, Beispielrechnungen und kleine Episoden zur Veranschaulichung seiner Thesen dagegen. Das macht der Börsenexperte mit Verve, pointiert und geradezu unterhaltsam. Anders als der Titel vermuten lässt, liefert Schwager allerdings keinen Überblick über das ganze Anlagespektrum. Neben dem Aufzeigen typischer Anlegerfehler widmet er sich in weiten Teilen den von ihm favorisierten Hedgefonds. Dabei leistet er zwar so manche wichtige Aufklärungsarbeit, überzeugt mit seinen Argumenten aber nicht immer. Zudem kann zumindest in Deutschland nicht direkt in Hedgefonds investiert werden, daher sind dort viele Tipps nicht umzusetzen - und Dachfonds sind sehr teuer. Ein guter Augenöffner ist Schwager aber allemal. Für den normalen Privatanleger mögen seine Ausführungen zu weit gehen - nicht jeder, der sein Geld arbeiten lassen will, wird sich für die Vor- und Nachteile von Sharp oder Sortino Ratio interessieren -, Fondsmanagern und (semi-)professionellen Händlern kann getAbstract das Buch aber sehr empfehlen

Expertenratschlägen kann man guten Gewissens vertrauen? Um die geheimnisvollen Hedgefonds sollte Otto Normalanleger lieber einen großen Bogen machen? Volatilität frisst Renditen auf? Lauter beliebte Börsen-"Wahrheiten" - die sich als falsch oder zumindest zweifelhaft erweisen, wenn man genauer hinsieht. Jack Schwager geht in die Tiefe und deckt Fehleinschätzungen, Irrtümer und Missverständnisse auf. Nach der Lektüre wissen die Leser, wie die Märkte wirklich funktionieren und welche Lehren Kleinanleger wie Finanzprofis daraus ziehen sollten.

Challenging the assumptions at the core of investment theory and practice, presents insight for investment professionals that spans both traditional and alternative investment classes.