Mar

20

I have to admit, bookshops are one of my weaknesses. They seem magically to attract me, and once I am in there, I am always delighted either to find, “The Education of a Speculator,” or “Practical Speculations” on the shelves. Another book, however had, intrigued me for a while and I finally gave in. It must have been titled: The UK Stock Market Almanac 2007.

While not having digested all tables and lists yet, here’s my brief review:

The content of the book is as ensnaring as its title suggests. The backbones of the author’s analysis are seasonal phenomena. Calendar months, days of the week, quarterly and sector specific behaviours are being examined. While it might be tempting to regard the title as shortcuts or extensions to the Chair’s seasonal analyses, I advice fellow Daily Specs to do the homework by themselves. Concepts of statistical significance, parametric vs. nonparametric methods, cross-correlations, are simply neglected. Results are not reviewed for robustness over time and Dr. Costaldo might be interested to know that the author includes January twice in his “January — Rest of Year” analysis. This book appears to have been written not with scientific precision but with inspiration of the Market Mistress, luring the reader into false security.


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