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This is not your average book on technical analysis. Why? Because the author is not your average technical analyst; Brian Marber is unique and so, as a result, is this book. Here, Marber sets out to write about his approach, in a language readers can understand and enjoy, telling them why he does what he does, and how he came to do it, including details of market pitfalls and the occasional Marber pratfall. The book does not claim to be comprehensive, but instead aims to be honest and to present the reader with the techniques and indicators that Marber himself uses, and has used successfully in his fifty-one years in the business. Although when you make money you can learn something about making it, you learn far more by losing it, then finding out how to stop doing so.This book tells you his methods; when positions have gone wrong, and what you do about it. Technical analysis is about running profits and, by using technically-oriented stops, cutting losses – not when it hurts but when, from a technical point of view, the position you’re in becomes untenable. Following a Rothschild maxim that “tops and bottoms are for fools”, Marber would also add “and for liars”. He describes technical analysis as exactly like huntin’, shootin’, and fishin’: what’s being hunted are trends, never shooting for a top nor fishing for a bottom. But before any of that you need to learn about price. Using the same approach that he used when he taught at the International Management Institute, Geneva, he begins with price, then what price leads to: trends, support and resistance, patterns, indicators and ratios. When that has been absorbed, he moves on to stops.Marber also shares with the reader his vast wealth of experience of his time in the business – showing you the nitty-gritty, technical analysis in real-time, warts and all, and including reports on the FTSE, gold, oil and the dollar. This book is a must-read for anyone who really wants to understand the markets, delivered in Marber’s distinctive and unique voice.

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Besides analyzing stock markets, the book considers a wide range of speculative markets for various items such as real estate, commodities , postage-stamps, antiquarian books. In particular, it highlights the following regularities:

(i) During a speculative episode, the price of expensive items increases more than the price of less expensive items. This is referred to as price multiplier effect.

(ii) Price peaks for stocks and most commodities on average follow a well-defined pattern that we call the sharp peak – flat through pattern; in contrast real estate price peaks follow a flat peak pattern.

(iii) The stocks whose prices experience the strongest increase during a bull market, better resist during the subsequent bear market, an effect referred to as the resilience pattern. Such regularities pave the way for a mathematical theory of speculation. Being mainly empirical, the book is easy to read and does not require technical prerequisites in finance, economics or mathematics.

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“What can a book written in the 1920s tell modern investors about their finances? A whole lot if it’s George Clason’s delightful set of parables that explain the basics of money. This is a great gift for a graduate or anyone who seems baffled by the world of finance and a wonderful, refreshing read for even the most experienced investor.”—Los Angeles Times

The Man Who Desired Gold Bansir, the chariot builder of Babylon, was thoroughly discouraged. From his seat upon the low wall surrounding his property, he gazed sadly at his simple home and the open workshop in which stood a partially completed chariot. His wife frequently appeared at the open door. Her furtive glances in his direction reminded him that the meal bag was almost empty and he should be at work finishing the chariot, hammering and hewing, polishing and painting, stretching taut the leather over the wheel rims, preparing it for delivery so he could collect from his wealthy customer. Nevertheless,’ his fat, muscular body sat stolidly upon the wall. His slow mind was struggling patiently with a problem for which he could find no answer. The hot, tropical sun, so typical of this valley of the Euphrates, beat down upon him mercilessly. Beads of perspiration formed upon his brow and trickled down unnoticed to lose themselves in the hairy jungle on his chest.

Beyond his home towered the high terraced walls surrounding the king’s palace. Nearby, cleaving the blue heavens, was the painted tower of the Temple of Bel. In the shadow of such grandeur was his simple home and many others far less neat and well cared for. Babylon was like this—a mixture of grandeur and squalor, of dazzling wealth and direst poverty, crowded together without plan or system within the protecting walls of the city. Behind him, had he cared to turn and look, the noisy chariots of the rich jostled and crowded aside the sandaled tradesmen as well as the barefooted beggars. Even the rich were forced to turn into the gutters to clear the way for the long lines of slave water carriers, on the “king’s business,” each bearing a heavy goatskin of water to be poured upon the hanging gardens. Bansir was too engrossed in his own problem to hear or heed the confused hubbub of the busy city. It was the unexpected twanging of the strings from a familiar lyre that aroused him from his reverie. He turned and looked into the sensitive, smiling face of his best friend—Kobbi, the musician….

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The gold standard of its genre, according to Warren Buffett, the fourth edition of The Essays of Warren Buffett: Lessons for Corporate America marked this volume’s 20th anniversary. As the book Buffett autographs most, its popularity and longevity attest to the widespread appetite for this unique compilation of Buffett’s thoughts that is at once comprehensive, non-repetitive, and digestible. New and experienced readers alike will gain an invaluable informal education by perusing this classic arrangement of Warren’s best writings.

The fourth edition’s amazingly fresh material includes:

• • Warren’s 50th anniversary retrospective, in what Bill Gates called Warren’s best letter ever, on conglomerates and Berkshire’s future without Buffett;

• • Charlie Munger’s 50th anniversary essay on ”The Berkshire System”;

• • Warren’s definitive defense of Berkshire’s no-dividend practice; and

• Warren’s best advice on investing, whether in apartments, farms, or businesses.

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