I.E.C Haramis The Stock Market Guide to Profitable Investments The Stock Market Guide to Profitable Investments Ioannis - Evangelos C Haramis A Simple and Logical Background with Everything You Need to Always Be Able to Invest Profitably www.GreekShares.com I.E.C Haramis The Stock Market Guide to Profitable Investments Copyright © 1995 - 2014 Ioannis - Evangelos C Haramis All Rights Reserved www.GreekShares.com No part of this e-Book may be reproduced or transmitted in any form or by any means, electronic, mechanical, including photocopying, recording, or by any information storage and retrieval system, except in the case of reviews, without the express written permission of the author, except where permitted by law I.E.C Haramis The Stock Market Guide to Profitable Investments “… a notable example of the mad and fond curiositie of our nature, amusing it selfe to preoccupate future things, as if it had not enough to doe to digest the present!” Michel De Montaigne (1533- 1592), Of Prognostications I.E.C Haramis The Stock Market Guide to Profitable Investments Money Money permeates every relationship in life, every interpersonal interaction: friendship and courtship, partnerships, investments, living together, marriage, divorce, death and etc! Money is a commodity, which takes on other meanings and emotions It becomes the emotional football that everybody may use to throw back and forth at all others and never resolve their real issues Workers earn it, Spendthrifts burn it, Bankers lend it, Women spend it, Forgers fake it, Taxes take it, Dying leave it, Heirs receive it, Thrifty save it, Misers crave it, Robbers seize it, Rich increase it, Gamblers lose it, Stock brokers sometimes (?) multiply it And WE ALL … Always can use it! Paraphrased (!) from Richard Armour (1906-1989) I.E.C Haramis The Stock Market Guide to Profitable Investments The Decision is Yours "An investment in knowledge pays the best interest!" Benjamin Franklin (1706 - 1790) Investing is a very complicated science, so your success can ultimately come only through further careful study of market principles Try to develop your investing savvy so you don't have to rely too much on the advice of others, who may or may not have your best interests at heart! As you might know, you don't have to be an expert in order to invest profitably You don't even have to really love money But, you will pay a high price for neglecting your finances! During my years as a stockbroker I've seen many losers and winners The difference was the ability to be able to know the rules of "The Game" and adopting the right strategies to suit individual circumstances There are plenty of people ready to give you advice; bank managers, accountants, financial advisers and etc Listen to them by all means, and read what this book has to offer But, at the end of the day The final decision and the money will always be Yours … And ONLY YOURS! I.E.C Haramis The Stock Market Guide to Profitable Investments The Author Ioannis - Evangelos C Haramis was born in Athens, Greece He studied Business Administration, Marketing and Economics in Greece, in the U.S.A and in Belgium He is active in the stock markets as an investor, stockbroker and consultant to individual investors and various funds He is the publisher and editor of the "Learn how to Invest" www.GreekShares.com web site and the author of "The Stock Market Guide to Profitable Investments" book I.E.C Haramis The Stock Market Guide to Profitable Investments Aknowledgments This book is almost twenty years in the making, and more people deserve my gratitude than space would allow First among them is my wife, who saw the importance of this book long before the stock market jargon became standard fare on the news High also on my list are my associates who patiently endured my distraction by this project Special thanks to the many lone voices who have been criticized for sounding the alarms early on, and their attempts to "reason" the market deserve more credit that will ever be received! But folks let me be extremely honest now … My biggest credit goes to the “Greater Fool Theory!” The theory that makes a fool buy something for no other reason than the belief that he will be able to sell it to some other greater than himself fool for a higher price! I.E.C Haramis The Stock Market Guide to Profitable Investments Foreword With a staggering number of stocks posting tremendous gains over the last years, it was beginning to look extremely easy to be able to make a fortune! Of course, throw in several dives here and a few really short haircuts there, and the next thing you know Your convictions are severely shaken Not stirred! There are a lot of people these days "playing" the stock markets It can be fun, exhilarating and sometimes, it's almost intoxicating! But, it's not a game! Investigate your investments … Define your goals and objectives and … Invest your money instead of just "playing" with it! The purpose of this book is to provide all the necessary information so that you can acquire new skills and expand your knowledge, in order to accomplish profitable investments in the stock market If you were wondering if the good times were over and you missed them … Think again! It's time for a serious, profitable perspective that only comes from real knowledge The intention of this book is not only to provide advice on investments for beginners, but also aims to offer fresh ideas for experienced investors It includes advice ranging from the best investments for young people, to how to find an honest stockbroker! Coupled with such advice, it offers a comprehensive outline of many major terms and important phrases that the readers would need to be familiar with upon their embarkation into investment This book does not claim to give tips on particular investments, but rather aims to provide the readers with the broad, general advice necessary to be translated into stock market success The logical and straightforward way in which this book is both written and organized will enable the readers to follow the route of the advice and argument easily Several techniques are also been employed in this book in order to ensure that attention is maintained throughout, including the use of catch phrases and rhetorical questions In addition, the author combines objective information with personal recollections and revelations, which would have the effect of the readers being able to relate more effectively to him, and therefore to the advice that he is offering I.E.C Haramis The Stock Market Guide to Profitable Investments Introduction “It is always in season for old men to learn!” Aeschylus (525 - 456 BC) If you have been investing for a while, you might think you have heard it all! After almost thirty five years of investing, I sure feel that way But every so often, I discover a “new trick” that makes me think about investing in a new way Even with years of experience, you can always pick up some fresh ideas This "Year 2014" edition of "The Stock Market Guide to Profitable Investments" is the culmination of twenty years of work that slowly arrived at this present expanded and updated version of the original book which was first e-published in English in late 1994 in the Internet (www.GreekShares.com) "The Stock Market Guide to Profitable Investments" is unique in the method it uses to describe the details of becoming a stock market investor It uses a time tested and countless times proven, simple and logical approach The book is divided into ten sections The seven first sections have a very distinct purpose, which combined together with the tenth one that defines the investment terminology and the eighth with its published in various Greek and USA newspapers articles, describes a logical and complete methodology for absolute investment success Since the original e-publication back in 1994, investors have begun waking up to the enormity of the new economic era, and starting to learn, using and evaluating the new market issues that face them today From the point of view of investors or "suppliers of capital," investment is the commitment of present funds for the purpose of deriving future income in the form of interest, dividends, etc., or of appreciation in the value of the principal The process of investing often seeks to sharpen its meaning by contrasting it with speculation Traditionally, investment involves a reasonable risk with a relatively certain future income, whereas speculation involves taking a possibly high risk The investor asks; what is the security worth? The speculator asks; how will the price of the security move? An old saying holds that a good investment is a successful speculation The end result determines the distinction! Such a concept is useful in that it suggests that risk is a matter of degree and that some degree of risk is inevitable On the other hand, this concept is rather dangerous, in that it suggests that planning and research may not be worthwhile But, we know that the procedures by which investments originate and the operations of the markets are important segments of investment knowledge without which the investor cannot act intelligently! I.E.C Haramis The Stock Market Guide to Profitable Investments 379 OTHER LONG TERM LIABILITIES: value of leases, future employee benefits, deferred taxes and other obligations not requiring interest payments that must be paid over a period of more than year OTHER SOURCES: Amount of funds generated during the period from operations by sources other than depreciation or deferred taxes Part of Free Cash Flow calculation OUT OF THE MONEY: A call option is out-of-the-money if the strike price is greater than the market price of the underlying security A put option is out-of-the-money if the strike price is less than the market price of the underlying security OVERBOUGHT\OVERSOLD INDICATOR: An indicator that attempts to define when prices have moved too far and too fast in either direction and thus are vulnerable to reaction PAYMENT DATE: Date on which a declared stock dividend or a bond interest payment is scheduled to be made PHONE SWITCHING: In mutual funds, the ability to transfer shares between funds in the same family by telephone request There may be a charge associated with these transfers Phone switching is also possible among different fund families if the funds are held in street name by a participating broker/dealer PIVOT: Price level established as being significant by market's failure to penetrate or as being significant when a sudden increase in volume accompanies the move through the price level POINT AND FIGURE CHART: A price-only chart that takes into account only whole integer changes in price, i.e., a 2-point change Point and figure charting disregards the element of time and is solely used to record changes in price PREFERRED STOCK: A security that shows ownership in a corporation and gives the holder a claim, prior to the claim of common stockholders, on earnings and also generally on assets in the event of liquidation Most preferred stock pays a fixed dividend, stated in a dollar amount or as a percentage of par values This stock does not usually carry voting rights PREMIUM: The price of an option contract, determined on the exchange, which the buyer of the option pays to the option writer for the rights to the option contract PRICES: Price of a share of common stock on the date shown Highs and lows are based on the highest and lowest intraday trading price PRICE/BOOK RATIO: Compares a stock's market value to the value of total assets less total liabilities (book) Determined by dividing current price by common stockholders' equity per share (book value), adjusted for stock splits Also called Market-to-Book PRICE/EARNINGS RATIO: Shows the "multiple" of earnings at which a stock sells Determined by dividing current price by current earnings per share (adjusted for stock splits) Earnings per share for the P/E ratio is determined by dividing earnings for past 12 months by the number of common shares outstanding Higher "multiple" means investors have higher expectations for future growth, and have bid up the stock's price I.E.C Haramis The Stock Market Guide to Profitable Investments 380 P/E RATIO EQUATION: Assume XYZ Co sells for 30 per share and has earned per share this year 30 = 10 times XYZ stock sells for 10 times earnings PRICE/SALES RATIO: Determined by dividing stock's current price by revenue per share (adjusted for stock splits) Revenue per share for the P/S ratio is determined by dividing revenue for past 12 months by number of shares outstanding PRIMARY MARKET: The first buyer of a newly issued security buys that security in the primary market All subsequent trading of those securities is done in the secondary market PROFIT MARGIN: Indicator of profitability Determined by dividing net income by revenue for the same 12-month period Result is shown as a percentage PROGRAM TRADING: Trades based on signals from computer programs, usually entered directly from the trader's computer to the market's computer system and executed automatically PROSPECTUS: Formal written document to sell securities that describes the plan for a proposed business enterprise, or the facts concerning an existing one, that an investor needs to make an informed decision Prospectuses are used by Mutual Funds to describe the fund objectives, risks and other essential information PROXY: Document intended to provide shareholders with information necessary to vote in an informed manner on matters to be brought up at a stockholders' meeting Includes information on closely held shares Shareholders can and often give management their proxy, representing the right and responsibility to vote their shares as specified in the proxy statement PUT OPTION: An option contract that gives the holder the right to sell (or "put"), and places upon the writer the obligation to purchase, a specified number of shares of the underlying stock at the given strike price on or before the expiration date of the contract QUICK RATIO: Indicator of a company's financial strength (or weakness) Calculated by taking current assets less inventories, divided by current liabilities Also called Acid Test RANGE: The difference between the high and low price during a given period RETURN: The percentage gain or loss for a mutual fund in a specific time period This number assumes that all distributions are reinvested RECORD DATE: Date by which a shareholder must officially own shares in order to be entitled to a dividend For example, a firm might declare a dividend on Nov 1, payable Dec to holders of record Nov 15 Once a trade is executed an investor becomes the "owner of record" on settlement, which currently takes business days for securities, and one business day for mutual funds Stocks trade ex-dividend the fourth day before the record date, since the seller will still be the owner of record and is thus entitled to the dividend REDEMPTION CHARGE: The commission charged by a mutual fund when redeeming shares For example, a % redemption charge (also called a "back end load") on the sale of shares valued at 1000 will result in payment of 980 (or 98 % of the value) to the investor This charge may decrease or be eliminated as shares are held for longer time periods I.E.C Haramis The Stock Market Guide to Profitable Investments 381 RELATIVE STRENGTH: A stock's price movement over the past year as compared to a market index Value below 1.0 means the stock shows relative weakness in price movement (under performed the market); a value above 1.0 means the stock shows relative strength over the 1-year period Equation for Relative Strength: [current stock price/year-ago stock price] [current Index/year-ago Index] RETRACEMENT: A price movement in the opposite direction of the previous trend RETURN ON ASSETS (ROA): Indicator of profitability Determined by dividing net income for the past 12 months by total assets Result is shown as a percentage RETURN ON EQUITY (ROE): Indicator of profitability Determined by dividing net income for the past 12 months by common stockholders' equity (adjusted for stock splits) Result is shown as a percentage REVERSE STOCK SPLIT: A proportionate decrease in the number of shares, but not the value of shares of stock held by shareholders Shareholders maintain the same percentage of equity as before the split For example, a 1-for-3 split would result in stockholders owning share for every shares owned before the split A firm generally institutes a reverse split to boost its stock's market price and attract investors RIGHTS OFFERING: Issuance of "rights" to current shareholders allowing them to purchase additional shares, usually at a discount to market price Shareholders who not exercise these rights are usually diluted by the offering Rights are often transferable, allowing the holder to sell them on the open market to others who may wish to exercise them Rights offerings are particularly common to closed end funds, which cannot otherwise issue additional common stock I.E.C Haramis The Stock Market Guide to Profitable Investments 382 Investment Terms: S to Y SALES CHARGE: The fee charged by a mutual fund when purchasing shares, usually payable as a commission to a marketing agent, such as a financial advisor, who is thus compensated for his assistance to a purchaser It represents the difference, if any, between the share purchase price and the share net asset value SECONDARY MARKET: A market that provides for the purchase or sale of previously owned securities Most trading is done in the secondary market The New York Stock Exchange, as well as all other stock exchanges, the bond markets, etc., are secondary markets SELLING SHORT: If an investor thinks the price of a stock is going down, the investor could borrow the stock from a broker and sell it Eventually, s/he must buy the stock back on the open market For instance, you borrow 1000 shares of XYZ on July and sell it for per share Then, on Aug 1, you purchase 1000 shares of XYZ at per share You've made 1000 (less commissions and other fees) by selling short SERIES: Options: All option contracts of the same class that also has the same unit of trade, expiration date, and exercise price Stocks: shares, which have common characteristics, such as rights to ownership and voting, dividends, par value, etc In the case of many foreign shares, one series may be owned only by citizens of the country in which the stock is registered SETTLEMENT DATE: The date on which payment is made to settle a trade For stocks traded on exchanges, settlement is currently business days after the trade For mutual funds, settlement usually occurs in the day following the trade In some regional markets, foreign shares may require months to settle SHARES: Certificates or book entries representing ownership in a corporation or similar entity SHARE REPURCHASE: Program by which a corporation buys back its own shares in the open market It is usually done when shares are undervalued Since it reduces the number of shares outstanding and thus increases earnings per share, it tends to elevate the market value of the remaining shares held by stockholders SHORT POSITION (OPTIONS): A position wherein a person's interest in a particular series of options is as a net writer (i.e., the number of contracts sold exceeds the number of contracts bought) SHORT POSITION (STOCKS): Occurs when a person sells stocks s/he does not yet own Shares must be borrowed, before the sale, to make "good delivery" to the buyer Eventually, the shares must be bought to close out the transaction This technique is used when an investor believes the stock price is going down SALE: Selling a security that the seller does not own but is committed to repurchasing eventually It is used to capitalize on an expected decline in the security's price I.E.C Haramis The Stock Market Guide to Profitable Investments 383 SLIPPAGE: The difference between estimated transaction costs and actual transaction costs The difference is usually composed of revisions to price difference or spread and commission costs SIC: Abbreviation for Standard Industrial Classification Each 4-digit code represents a unique business activity STOCK DIVIDEND: Payment of a corporate dividend in the form of stock rather than cash The stock dividend may be additional shares in the company, or it may be shares in a subsidiary being spun off to shareholders Stock dividends are often used to conserve cash needed to operate the business Unlike a cash dividend, stock dividends are not taxed until sold STOP LOSS ORDER: An order to sell a stock when the price falls to a specified level STRIKE PRICE: The stated price per share for which underlying stock may be purchased (in the case of a call) or sold (in the case of a put) by the option holder upon exercise of the option contract TICK INDICATOR: A market indicator based on the number of stocks whose last trade was an uptick or a downtick Used as an indicator of market sentiment or psychology to try to predict the market's trend TIME VALUE: The portion of the premium that is based on the amount of time remaining until the expiration date of the option contract, and that the underlying components that determine the value of the option may change during that time Time value is generally equal to the difference between the premium and the intrinsic value TOTAL REVENUE: Total sales and other revenue for the period shown TRADE: A verbal (or electronic) transaction involving one party buying a security from another party Once a trade is consummated, it is considered "done" or final Settlement occurs 1-3 business days later TRADE DATE: The date on which a trade occurs Trades generally settle (are paid for) 1-3 business days after a trade date With stocks, settlement is generally business days after the trade TRADING RANGE: The difference between the high and low prices traded during a period of time; with commodities, the high/low price limit established by the exchange for a specific commodity for any one day's trading TURNOVER: The number of times an asset is replaced during a given period UNCOVERED CALL: A short call option position in which the writer does not own shares of underlying stock represented by his option contracts Also called a "naked" call, it is much riskier for the writer than a covered call, where the writer owns the underlying stock If the buyer of a call exercises the option to call, the writer would be forced to buy the stock at market price UNCOVERED PUT: A short put option position in which the writer does not have a corresponding short stock position or has not deposited, in a cash account, cash or cash equivalents equal to the exercise value of the put Also called "naked" puts, the writer has pledged to buy the stock at a certain price if the buyer of the options chooses to exercise it The nature of uncovered options means the writer's risk is unlimited I.E.C Haramis The Stock Market Guide to Profitable Investments 384 UNDERLYING SECURITY: Options: the security subject to being purchased or sold upon exercise of an option contract For example, IBM stock is the underlying security to IBM options Depositary receipts: The class, series and number of the foreign shares represented by the depositary receipt WALLFLOWER: Stock that has fallen out of favor with investors; tends to have a low P/E WANTED FOR CASH: A statement displayed on market tickers, which indicates that a bidder will pay cash for same day settlement of a block of a specified security WARRANT: A security entitling the holder to buy a proportionate amount of stock at some specified future date at a specified price, usually one higher than current market This "warrant" is then traded as a security, the price of which reflects the value of the underlying stock Warrants are usually issued as a "sweetener" bundled with another class of security to enhance the marketability of the latter, WASTING ASSET: An asset, which has a limited life and thus, decreases in value (depreciates) over time Also applied to consumed assets, such as gas, and termed "depletion." WATCH LIST: A list of securities selected for special surveillance by a brokerage, exchange or regulatory organization; firms on the list are often takeover targets, companies planning to issue new securities or stocks showing unusual activity WITHDRAWAL PLAN: The ability to establish automatic periodic mutual fund redemption and have proceeds mailed directly to the investor WRITER: The seller of an option contract YIELD: The percentage rate of return paid on a stock in the form of dividends, or the rate of interest paid on a bond or note YIELD TO CALL: The percentage rate of a bond or note, if you were to buy and hold the security until the call date This yield is valid only if the security is called prior to maturity Generally bonds are callable over several years and normally are called at a slight premium The calculation of yield to call is based on the coupon rate, length of time to the call and the market price YIELD TO MATURITY: The percentage rate of return paid on a bond, note or other fixed income security if you buy and hold it to its maturity date The calculation for YTM is based on the coupon rate, length of time to maturity and market price It assumes that coupon interest paid over the life of the bond will be reinvested at the same rate I.E.C Haramis The Stock Market Guide to Profitable Investments 385 Forex Terms, Terminology and Glossary ALL or NONE: A limit price order that instructs the broker/dealer to fill the whole order at the stated price or not at all ARBITRAGE: Taking advantage of certain prices in different markets by the purchase or sale of any instrument and at the same time taking an equal and opposite position in a related market to profit from any small price differential ASK: The price at which a broker or a dealer is willing to sell AUTOMATIC EXECUTION: Any order that is automatically executed by a computer without any human intervention BASIS POINT: One hundredth of a percent BID: Rrice at which a broker/dealer is willing to buy BROKER: An individual or a firm that matches buyers and sellers for a fee or a commission COST OF CARRY (also "Interest" or "Premium"): The cost, often quoted in terms of dollars or pips per day of holding an open position COUNTERPARTY: Any one of the participants in a transaction ENTRY ORDER: The order which enters a position at a specified level FOREX: Foreign Currency Exchange FOREX TRADER: A Person or a firm who buys and sells currency to make a profit LEVERAGE: The amount of "credit" you can get from your investment, i.e 100:1 leverage is a 1% margin requirement LIMIT ENTRY ORDER: Is an order that buys below the market or sells above the market at a specified level LIMIT ORDER: Is an order that takes profits at a specified point LONG POSITION: Is a position that profits from an increase in price LOT: Is the standard size of a transaction; one standard lot is equal to 100,000 units of the base currency, or 10,000 units if it is in a mini account MANUAL EXECUTION: Is anu order that is entred/executed by a person MARGIN: Is a deposit that opens a position i.e a 1% margin gives you the right to open a $100,000 position with a $1,000 deposit MARGIN CALL: A requirement by the broker to deposit more funds in order to maintain an open position Sometimes a "margin call" means that the position which does not have sufficient funds on deposit will simply be closed out by the broker This procedure allows the client to avoid further losses or a debit account balance I.E.C Haramis The Stock Market Guide to Profitable Investments 386 MARKET MAKER: Is a dealer who is making a market in currency pairs and provides liquidity displaying a two way price quote MARKET ORDER: Is an order at the current market price MINI ACCOUNT: Allows you to trade with small mini lot sizes OCO ORDER: Orders that if one is executed, the other is automatically cancelled one cancels other OVERNIGHT: A position that remains open until the start of the next business day PEGGING: A method of price stabilization, which is typically used to stabilize a country's currency by making it fixed to the exchange rate with another country PIP or POINTS: Price Increase Point (PIP) is the term used in currency market to represent the smallest incremental move an exchange rate can make POSITION: A position is a trading view expressed for buying or selling It refers to the amount of a currency either owned or owed by a trader PREMIUM: Is the amount of points added to the spot price to determine a forward or futures price QUOTE BUY: The price at which you can buy currency from the dealer QUOTE SELL: The price at which you can sell currency to the dealer ROLLOVER: Refers to a process of reinvesting in which at the expiry the settlement is postponed until a later date The cost of the process is measured by the interest rate differential between the two currencies Rollover also refers to the rate many dealers will charge customers to carry positions overnight SHORT POSITION: Position where profits are made by a decrease in price SLIPPAGE: Difference in points between the order price and the price the order is filled at SPOT FOREIGN EXCHANGE: Often referred to as the "interbank" market Refers to currencies traded between two counterparties, often major banks Spot Foreign Exchange is generally traded on margin and is generally more liquid and widely traded than currency futures, particularly by institutions and professional money managers SPREAD: Differences between the sell and the buy quotes STOP-ENTRY ORDER: Orders that buy above the market and/or sell below the market at a pre-specified level STOP-LOSS ORDER: Orders that try to limit losses at a pre-specified level SWAP: When a trader exchanges one currency for another, holding it for only a short period Swaps are typically used to speculate on interest rate movements It is calculated using the interest differentials between the two currencies TICK: Is the minimum change of a price VOLATILITY: Refers to the tendency of prices/variables to fluctuate over time It is most commonly measured using the coefficient of variation (the standard deviation divided by the mean) The higher the volatility, the higher the risk involved I.E.C Haramis The Stock Market Guide to Profitable Investments 387 WHIPSAW: Term used to describe sharp price movements and reversals in the market A whipsaw would be if shortly after you bought prices plummeted WHISPER NUMBER: Analysts' whisperings because "whisper number" estimations are not originally intended for general public knowledge, initially to be used for an investment advantage by the analysts' bank Whisper numbers typicaly percolate to the public through the "grapevine." On average, Whisper Number does not possess the feature of better scoring rate that the original concesus number Whisper Number can sometimes have similarly nepherious effect of a Rumour I.E.C Haramis Bibliography The Stock Market Guide to Profitable Investments 388 I.E.C Haramis The Stock Market Guide to Profitable Investments Books Advanced Trading Rules - Satchell, S & Acar Emmanual – 1997 A Half Century of Returns on Stocks & Bonds - Fisher, Lawrence & Lorie – 1977 A License to Steal - Stein, Benjamin J – 1992 Are You a Stockholder? - Winthrop, Alden – 1937 Art of Astute Investing (The) - Conover, C Todd – 1998 Beating the Dow - O'Higgins, Michael B – 2000 Beyond Greed and Fear - Shefrin, Hersh – 1999 Beyond the Basics - Farrell, Mary – 2000 Beyond Value at Risk - Dowd, Kevin – 1998 Bond Markets, Analysis and Strategies - Fabozzi, Frank J – 1996 Coffeehouse Investor (The) - Schultheis, Bill - 1998 Computerized Trading - Jurik, Mark – 1999 Contrarian Investment Strategy - Dreman, David – 1979 Day the Bubble Burst (The) - Thomas, Gordon & Morgan-Witts, Max – 1979 Deceitful Practices - Fitzgibbon, John E Jr – 1991 Den of Thieves - Stewart, James B – 1992 Disciplined Trader (The) - Douglas, Mark – 1990 Dividend Investor (The) - Harvey, C & Knowles, Iii - 1995 DOW 36,000 - Glassman, James K & Hassett, Kevin A – 1999 Dumb Money - Anuff, Joey & Wolf, Gary – 2000 Econometrics of Financial Markets (The) - Campbell, John Y et al – 1997 Eight Steps to Seven Figures - Carlson, Charles B – 2000 Electronic Day Trader (The) - West, George & Friedfertig, Marc – 1998 Empowered Investor (The) - Karoly, Robert E – 1998 Finance Enviroment and Decisions - Christy, George A & Roden, Peyton Foster – 1973 Financial Independence the Smart Way - Littauer, Stephen L – 1999 Financial Management and Policy - Van Horne, James C – 1983 Flying the Stock Market - Reick, Franklin G et al – 1997 Foolish Four (The) - Bauer, Brian – 1999 Forecasting Financial Markets - Plummer, Tony – 1998 389 I.E.C Haramis The Stock Market Guide to Profitable Investments From Hard Knocks to Hot Stocks - Davis, J Morton et al – 1998 Generation of Wealth - Westheimer, Julius – 1997 Greed Is Good - Hoenig, Jonathan – 1999 How I Trade and Invest in Stocks and Bonds - Wyckoff, Richard D –1983 How to Make Money in Stocks - O'Neil, William J 1994 Implementing Value at Risk - Best, Philip W - 1999 Inefficient Stock Market (The) - Haugen, Robert A – 1998 Innergame of Trading (The)- Koppel, Robert & Abell, Howard – 1994 Intelligent Investor (The) - Graham, Benjamin – 1985 International Investments - Solnik, Bruno H - 1995 Investing for Dummies - Tyson, Eric - 1999 Investing Secrets of the Masters - Donovan, William J - 1999 Invest in Yourself - Eisenson, Mark –1998 Investments - Dougall, Herbert E - 1973 Invisible Crash (The) - Dines, James – 1975 Irrational Exuberance - Shiller, Robert J - 2000 Learn to Earn - Lynch, Peter & Rothchild, John – 1996 Millionaire Mind (The) - Stanley, Thomas J - 2000 Money Market (The) - Stigum, Marcia - 1983 Motley Fool Investment Workbook (The) - Gardner, David – 1998 New Era of Wealth (The) - Wesbury, Brian S – 1999 One Up on Wall Street - Lynch, Peter - 1995 Online Investing - Markman, Jon D – 1999 Popular Financial Delusions - Smitley, Robert L - 1963 Profits Without Panic - Myers, Jonathan – 1999 Psychology of Smart Investing (The) - Epstein, Ira – 1992 Reminiscences of a Stock Operator - Lefevre, Edwin - 1923 Riding the Bear - Harding, Sam – 1999 Roaring 2000s (The) - Dent, Harry S., Jr – 1998 Strategic Fixed Income Investment - Ho, Thomas S Y - 1990 Stock Market (The) - Hamilton, W P – 1937 Stocks and Bonds - American Stock Exchange – 1965 Unemotional Investor (The) - Sheard, Robert – 1999 390 I.E.C Haramis The Stock Market Guide to Profitable Investments Warren Buffett Way (The)- Lynch, Peter – 1995 Wave Principle (The) – Elliott , R N - 1969 Way of the Hunter-Warrior (The) - Snyder, Julian - 1982 Wheat Market (The) - Lowell, Fred R – 1968 You Have More Than You Think - Gardner, David & Tom – 1998 391 I.E.C Haramis The Stock Market Guide to Profitable Investments www.Sites www.aaii.com www.adr.com www.armchairmillionaire.com www.ase.gr www.briefing.com www.contrarianinvesting.com www.e-analytics.com www.economist.com www.equityanalysis.com www.etrade.com www.fool.com www.freequote.com www.greekshares.com www.greenjungle.com www.hoovers.com www.individualinvestor.com www.invest-faq.com www.investopedia.com www.investoreducation.com www.investorguide.com www.investorhome.com www.investormap.com www.morningstar.com www.ragingbull.com www.schwab.com www.sexytrillionaire.com www.sherlockinvesting.com www.smartmoney.com www.stockpoint.com www.stockz.com 392 I.E.C Haramis www.stockzoo.com www.streeteye.com www.techstocks.com www.tulipsandbears.com www.wallstreetcity.com www.webinvestor.com www.worth.com www.yardeni.com www.greekshares.com The Stock Market Guide to Profitable Investments 393 ... and there are absolutely no short cuts to this process I.E.C Haramis The Stock Market Guide to Profitable Investments A The Preliminary 38 I.E.C Haramis The Stock Market Guide to Profitable Investments. .. Haramis The Stock Market Guide to Profitable Investments 20 www.Sites 392 I.E.C Haramis Prologue The Stock Market Guide to Profitable Investments 21 I.E.C Haramis The. .. and the author of "The Stock Market Guide to Profitable Investments" book I.E.C Haramis The Stock Market Guide to Profitable Investments Aknowledgments This book is almost twenty years in the