Average Reviews:
(More customer reviews)Author's credibility suffers when you read that
Long Island is in Connecticut (p. 40), and is a city (on p. 48, it is listed with Milwaukee, Des Moines and Santa Fe)
University of Southern California is part of UCLA (p. 55), and employs "microstructure professors" - as does "the Wharton School of Finance" (p. 97)
"Volatility [is] the measure of the average change in stock prices" (p. 15)
"A linear combination of two stocks, such as buying Yahoo! and shorting eBay, will reduce the volatility by 50%" (p. 85)
"Conventional wisdom suggests markets are efficient, random walks" (p. 1)
"Investment strategies that are confirmed with understanding these intraday correlations are known as "statistical arbitrage" (or high-frequency) traders" (p. ?)
Etc., etc. (I won't quote a non-sequitur, but these do come up regularly, and impress me a lot more). How am I suppposed to trust the author's competence and judgement where I can't check his assertions? I cannot, so the book has limited (although definitely non-zero) value.
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Conventional wisdom suggests that markets are efficient, random walks and that stock prices rise and fall with the fundamentals of the company. How then have black-box traders prospered and how do they exploit market inefficiencies? Are their strategies on their last legs or will they adapt to the new landscape amidst the global financial crisis?
Chasing the Same Signals is a unique chronicle of the black-box industry's rise to prominence and their influence on the market place. This is not a story about what signals they chase, but rather a story on how they chase and compete for the same signals
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