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Investing with the Trend: A Rules-based Approach to Money Management, by Gregory L. Morris
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Investing with the Trend provides an abundance of evidence for adapting a rules-based approach to investing by offering something most avoid, and that is to answer the “why” one would do it this way.� It explains the need to try to participate in the good markets and avoid the bad markets, with cash being considered an asset class.� The book is in three primary sections and tries to leave no stone unturned in offering almost 40 years of experience in the markets.
Part I – The focus is on much of the misinformation in modern finance, the inappropriate use of Gaussian statistics, the faulty assumptions with Modern Portfolio Theory, and a host of other examples.� The author attempts to explain each and offer justification for his often strong opinions.
Part II – After a lead chapter on the merits of technical analysis, the author offers detailed research into trend analysis, showing how to identify if a market is trending or not and how to measure it.� Further research involves the concept of Drawdown, which the author adamantly states is a better measure of investor risk than the oft used and terribly wrong use of volatility as determined by standard deviation.
Part III – This is where he puts it all together and shows the reader all of the steps and details on how to create a rules-based trend following investment strategy.� A solid disciplined strategy consists of three parts, a measure of what the market is actually doing, a set of rules and guidelines to tell you how to invest based upon that measurement, and the discipline to follow the strategy- Sales Rank: #356690 in Books
- Published on: 2013-12-31
- Original language: English
- Number of items: 1
- Dimensions: 10.30" h x 1.65" w x 7.55" l, 2.30 pounds
- Binding: Hardcover
- 496 pages
Review
“…make Greg's�Investing with the Trend�your next book purchase ... and in light of the current market action, the sooner the better.”�—Advisor Perspectives
From the Inside Flap
In this must-have resource, author Gregory Morris—Chairman of the Investment Committee for Stadion Money Management—draws on his years of experience to offer a process for analyzing the present state of the marketplace in order to maximize investment possibilities. Throughout the book, Morris presents compelling evidence that debunks commonly held investing myths that typically hold investors back. Filled with practical examples, and based on solid research and data, Investing with the Trend explains why all too often well-accepted theories on finance, economics, and the market in general can keep investors from reaching their investing goals.
Morris's approach, which he skillfully implemented while Stadion's Chief Technical Analyst, is designed to help investors capture most of the market's good times while avoiding the bad. To get started with the process, Morris outlines four essential indicator types and defines the most common investing terms. In clear language, he describes this rules-based technical approach to investing that consistently outperforms market averages.
Engaging and informative, Investing with the Trend offers an insider's view of how to evaluate the market through a variety of technical indicators. As Morris explains, each indicator is assigned a weight based on its history as a driver of returns. To maximize investment potential, Morris advises that investors adjust their portfolio exposure from cash and fully invest in response to the aggregate value of the indicators. This method has consistently provided better returns than a buy-and-hold approach and without taking on extra risk. In contrast with modern investment theory, which equates risk with volatility, Morris equates risk with portfolio drawdown—a distinction that is the foundation of his entire investing approach.
As the title implies, this important book reveals that markets tend toward trendiness and that technical analysis, when properly used, can measure the trend of the market at any point in time. Sure to be any investor's key to financial success and backed by the author's investment performance, Investing with the Trend provides an innovative way to use technical analysis to minimize risk and outperform market averages.
From the Back Cover
Praise for Investing with the Trend
"If you want to take a master class in financial markets, this is the book for you."
—Mebane Faber, CIO, Cambria Funds
"Greg Morris is a learned scholar, sharp observer, rational thinker, and successful stock market analyst and investor. All these characteristics are displayed in his new book Investing with the Trend. It is a gem. His understanding and refutation of many Wall Street myths are brilliant; his evaluation of stock market indicators is well-reasoned; and his investment style and risk avoidance methods superb. Anyone, professional or otherwise, interested in a reasoned, fact-supported, comprehensive book on the stock market should own it."
—Charles D. Kirkpatrick, CMT, Kirkpatrick & Company, Inc.
"Anyone wanting to read about technical analysis should read this book first. It is the benchmark book that all other books on the topic should be compared to."
—Peter Mauthe, Investment Banking
"If you invest in stocks without first investing in this book, you are a fool. Well written, documented, and practical, Greg's work is an amazing accomplishment, combining knowledge with wisdom. In my library of thousands of market books, there are only a few 'must reads'. This one has earned that honor."
—Larry Williams, Trader
"The trend is your friend, so make friends with Investing with the Trend. Whether you are emotional or disciplined, a numbers nerd or not, Greg will show you how successful investors let the rules rule."
—Sam Stovall, Chief Equity Strategist, S&P Capital IQ
Most helpful customer reviews
13 of 14 people found the following review helpful.
Kevin Hockert, CMT, Prospero Institute for Investors
By Kevin Hockert
As a 23 year veteran of the financial markets I have to say that this book is a masterpiece as it is an in depth view of the author’s vast knowledge and experience. As a developer/sub-advisor of technically based investment portfolio solutions my expectations of the breadth and depth of this book were exceedingly high…. yet this book delivered by exceeding my expectations. Whether you are new to the world of stock market analysis/ portfolio management or a seasoned pro this book will not disappoint as the author leaves no stone unturned and takes you farther and deeper and includes: a critical look at modern finance, uses and limitations of popular technical indicators for measuring trends, as well as methods and rules for security ranking and selection.
You will likely find yourself revisiting certain sections on market trend analysis, popular indicators and the entire chapters of rules based money management. While the charts and labels are small I suspect this is deliberate as the author places a higher value on explanation, applications and limitations of various indicators so as to increase understanding behind indicators… as opposed to traditional technical analysis which tends to place greater importance on visual chart interpretation of indicators. In that light you will notice that a majority of charts include a simple line chart of the S&P 500 complemented by a single line indicator and in that regard the charts are clean and simple.
After reading this book you are sure to gain a deeper understanding of how financial markets really work, shortcomings of modern finance, destructive forces of human nature in the investment process, as well as uses and limitations of technical indicators. At a minimum you will likely gain a greater appreciation for utilizing weight of the evidence trend following investment strategies. The true value of this book far exceeds the cost of purchase. The full value realized by any reader will be determined by their discipline to learn and apply various techniques covered in this book.
Kevin Hockert, CMT
25 of 30 people found the following review helpful.
TREND FOLLOWING
By MarketCycle Wealth Management
I buy every book on trend following that I can find. I'm CEO of MarketCycle Wealth Management, a trend following investment advisory. Most trend following books are a total waste of time. The author put a lot of work into this particular book, simplifying difficult material and backing up what he says. I doubt that anyone will be able to become a trend following investor after reading this, but they may better understand technical analysis as it applies to trend following. So, this book will be worth reading for the average investor/trader, which is the majority of readers, but it may not help at the advanced levels of professional trend followers.
8 of 8 people found the following review helpful.
Wow! Far exceeded my already high expectations...
By TED WONG
I have been studying trend following and technical analysis for over 30 years so when Greg approached me to proof the technical sections of this book I had high expectations to say the least. Among the hundreds of books I have read on the topic, Greg has really broken the mold with this one. Investing with the Trend is a rare gem in that it not only provides great information but also provokes new thought every time you read it...add it to your library because this is not a one time read.
What this book will deliver:
- highly complex concepts simplified for the average reader
- entertaining stories and examples that help you internalize the information
- extensive research that backs up the claims
- a fresh perspective on modern finance
- an honest and scientific look at the benefits and limitations of trend following
- 40 years of practical (and often hard earned) lessons from a successful trend investor
- a stepping stone to explore further, Greg points out some excellent resources
What this book is not:
- this book will not make you a trend following expert overnight
Bottom line - if you are serious about trend following, it would be a mistake not to read this book. These days, not many things out there will give you as much value for the $80 list price.
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