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The Education of a Speculator, by Victor Niederhoffer
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Acclaim for The Education of a Speculator, a provocative and penetrating look into the mind, the soul, and the strategies of one of the most controversial traders of all time
"A compelling and an entertaining read." -The Wall Street Journal
"Victor Niederhoffer gives us page after page of distilled investment wisdom. Taken together, this is pure nectar to those who aim for consistently superior stock market performance." -Barron's
"The Education of a Speculator offers plenty of insights into the way markets work, but the epiphanies are what a reader might expect from Lao-tzu rather than, say, Graham and Dodd." -Worth magazine
"The Education of a Speculator is the first meaningful book on speculating. Successful speculating is as fine an art as chess, checkers, fishing, poker, tennis, painting, and music. Niederhoffer brings forth the best from each of these fields and shows the investor how their principles can enrich one's life and net worth." -Martin Edelston, President, Boardroom Inc., publishers of Boardroom Classics and Bottom Line/Personal
"With an original mind and an eclectic approach, Victor Niederhoffer takes the reader from Brighton Beach to Wall Street, visiting all stops of interest along the way. What emerges is a book full of insights, useful to the professional and layman alike." -George Soros, Principal Investment Advisor, The Quantum Fund
- Sales Rank: #669666 in Books
- Published on: 1998-02
- Original language: English
- Number of items: 1
- Dimensions: 8.94" h x 1.24" w x 5.98" l, 1.31 pounds
- Binding: Paperback
- 444 pages
Amazon.com Review
What you typically hear about Victor Niederhoffer is that he trades for "the great Soros," that he doesn't wear shoes in his office, that the only newspaper he reads is the National Enquirer, and that a picture of the Titanic hangs in his office.
That's all true. But it's the logic behind the eccentricities that is the real story. The Education of a Speculator is a sojourn inside the one-of-a-kind mind of Victor Niederhoffer, a trader in commodities and a keen observer of life. He has trained himself to look at the world in a singular fashion: where the guy on the street sees opportunity, Niederhoffer has scoped out all the downsides and done the contrarian thinking necessary to turn a profit. Niederhoffer draws material from disciplines as varied as biology, music, cards, and sports. His book, written with humor and verve, offers readers a chance to see the world through his lenses. The result is a genuinely new perspective on life (unless you too happened to grow up a speculator). This is a terrific, rewarding book.
From Publishers Weekly
Spiked with irreverent, often self-deprecating humor, this rambling memoir by the head of Niederhoffer Investments, a top-ranked Wall Street commodities trading firm, is entertaining, outspoken and sometimes maddening. Born in Brooklyn in 1943, the author, who grew up playing stoop ball, applies his street smarts to the art of speculation as he distills lessons from handball, chess, checkers, gambling, poker and also tennis, which he played while attending Harvard. National men's squash champion for 10 years, he retired from the game on principle after he was denied membership in athletic clubs that excluded Jews. Sketching an eclectic history of forecasting techniques from ancient Greece's Delphic oracle to the Federal Reserve, Niederhoffer extrapolates from weather predicting and handicapping horse races to estimating price movements, and draws strained if intriguing parallels among sex, music and speculation. Finally, he turns to ecology for an "ecosystem model" of futures and foreign-exchange markets. Although he lays out no comprehensive system, his book is full of unconventional advice on what and when to buy and sell.
Copyright 1996 Reed Business Information, Inc.
From Library Journal
Niederhoffer, a friend of George Soros who was once voted best commodity trading advisor, shares what has made him a savvy, successful speculator. He writes that "Willie Sutton (yes, the bank robber) exemplified the rule that success in any endeavor requires single-minded attention to detail and total concentration." In this long but fascinating memoir, he discusses how he was influenced by sports in the Brighton Beach neighborhood of his youth (he was born in 1943) and how street games and racquet games (he was National Men's Squash Champion for ten years) helped form his talent for speculation. He then delves into the influence of history, sex, war, ecology, sports, music, and even the Delphic oracle on his speculation efforts?all of which require great concentration and attention to detail. However, apparent throughout is the influence of his own family history on his values and actions. Readers who enjoy biographies in general are in for a treat. Investors, especially those who are not familiar with speculation and commodities, are in for an "education," too.?Steven J. Mayover, Free Lib. of Philadelphia
Copyright 1997 Reed Business Information, Inc.
Most helpful customer reviews
6 of 11 people found the following review helpful.
Not enough about the markets
By Eric Wagner
This book is not about speculating at all. It is about how Victor plays checkers with a 90 year old, how to play squash, handball, tennis etc... Then if he wasn't talking about games he was talking about Brighton Beach, NY then about Artie (his dad). I am sure his dad was a great guy but I don't want to read about how his mother and father met and got married. Then every once in a while he will throw in something about the markets and some study that he has done. The studies and the text after them are really good if he would have stuck to that topic it would be a decent book.
Also it is very hard to read. In one paragrah he would be talking about his uncle Howie's strategy in handball and then burst right into speculating the next paragraph without really even trying to connect the two. When he does talk about trading he does talk about his losses which most authors don't and I found that refreshing. Overall though don't waste your money on this book. There are tons of other books much better about the markets and personal stories about speculating.
39 of 44 people found the following review helpful.
Stocks, commodoties and almost everything else
By Lleu Christopher
The Education of a Speculator is a long, sometimes meandering account of the life of speculator Victor Niederhoffer. There is no particular order to this book, at least that I could discern; Niederhoffer jumps from topic to topic, going backwards and forwards in time. The style is almost stream of consciousness, with the main subject of finance digressing into topics as diverse as biology, music and squash (the author is a serious player of squash and other racquet sports). In addition to Niederhoffer's unconventional style of writing, the book assumes a fairly high level of knowledge regarding financial markets. Those (such as this reviewer) who are not well versed in the kind of articles, charts and data found in the Wall Street Journal or Barron's will often find themselves in way over their heads. For all this, I still recommend The Education of a Speculator, even to people not especially interested in the world of investing. Victor Niederhoffer is what may be called a holistic or macro thinker; he could also be called a Renaissance man. He has knowledge of many subjects and sees the connecting links between all events, objects and disciplines. He may not be right about everything, but his perspective is always interesting, intelligent and original. He combines the streetwise instincts of Brooklyn, where he grew up, with the scholarly mindset of Harvard, where he both graduated from and taught. As for investing itself, Niederhoffer, like many speculators (at one point he describes the overlapping definitions of an investor, a speculator and a gambler), has had many ups and downs in his life. When this book was written, he was at the top of his game; shortly afterwards he was wiped out. That, of course, was several years ago and he is still active as a writer (he has recently written a new book) and investor. I have always been fascinated with the world of investing, especially the kind of volatile speculating engaged in by people like Niederhoffer. Even if you don't understand all the details and nuances, the book conveys the dangers and excitement of this unpredictable universe. The author has spent many years compiling and analyzing data concerning markets, and he discusses how difficult it is to make predictions based on past performance. It is easy to look at a chart and, after the fact, describe how stocks or commodities moved in a logical, predictable manner. Often when you try to apply any seemingly logical system using real money, the results are disastrous. Niederhoffer seems to conclude that markets are paradoxical -they are both logical and illogical; sometimes they follow patterns but sometimes they are chaotic. And, most importantly, we can never be sure when order or chaos will prevail. If there is one overall lesson we can take from The Education of a Speculator, it is probably something like this -reality is almost infinitely complex with every part connected to every other part, the whole thing organized by some vast pattern that can only occasionally be comprehended.
7 of 8 people found the following review helpful.
Certainly a Well Deserved Spot In Your Library
By P. Hamidi
As many already know, Niederhoffer has had quite a volatile, and highly publicized career as a speculator. But it is pure naivety and ignorance for people to brush his work off merely because of the two blow ups he had in his fund. In fact, if anything, these two events have, in my opinion, made Niederhoffer's perspective exponentially more valuable than most modern financial literature on the subject.
With that said, I must disagree with his view on statistical inference and its role in market speculation. Although statistical inference is valid as a data point, when one uses it as their primary and sole validation of any trade premise, the risk they expose themselves to is far too high. The foundation of his theories are based on using prior statistical probabilities to validate a trade. In other words, if the odds of a trade blowing up in your face are 1 in 1000, then it's a good trade. But if you don't consider what is going on in the macro environment, the overall sentiment of market participants, and other "subjective" data sets, then you risk exposing yourself to a situation where you make a massive long bet on the S&P futures at a time when the market is in a freefall because of some geo-political and/or financial event such as a Russian debt default, or Asian financial meltdown. This is the scenario that blew Niederhoffer up, but the interesting thing to note is that the "trade" itself had already caused significant loss in a prior event. So what does that tell you about statistical inference?
The value in this book is what you gain from his anectdotes and insights. Although he has a tendancy to go off on a tangent and lose you, if you can keep your focus, this book will provide you with invaluable insight into the mind of one of this generations most experienced market operators.
And his comparison of a classical symphony with the Japanese Yen is priceless, and can be worth the price of this book in itself.
I have personally read this book over 5 times by now, and I'm sure I'll read it again.
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