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An insightful and practical guide to beating the markets In the newly revised third edition of
The Only Three Questions That Still Count: Investing By Knowing What Others Don't, renowned investor Ken Fisher delivers an innovative and insightful strategy you can use in your own life to understand and profit from the markets. He offers updated info on how to navigate an increasingly interconnected world, showing investors can improve their odds of success by answering just three questions using only publicly available information.
The author provides a practical framework you can apply immediately-and in the rest of your investing career-to boost your chances of outsized returns. You'll also find:
- More than 100 visuals illustrating the straightforward investing concepts found within
- Strategies to help you challenge yourself, and your preconceived notions, to improve your investing returns
- Updated techniques and strategies that assist retail investors in developing innovative ways to beat the market
Perfect for professional and individual investors,
The Only Three Questions That Still Count is also an invaluable resource for anyone with an interest in the markets and investing behavior.
Sommario
Preface ix
Acknowledgments xxi
1 Question One: What Do You Believe That Is Actually False? 1 If You Knew It Was Wrong, You Wouldn't Believe It 1
The Mythological Correlation 8
Always Look at It Differently 16
When You Are Really, Really Wrong 22
2 Question Two: What Can You Fathom That Others Find Unfathomable? 31 Fathoming the Unfathomable 31
Ignore the Rock in the Bushes 32
Discounting the Media Machine and Advanced Fad Avoidance 33
The Shocking Truth About Yield Curves 38
What the Yield Curve Is Trying to Tell You 52
The Presidential Term Cycle 60
3 Question Three: What the Heck Is My Brain Doing to Blindside Me Now? 69 It Isn't Your Fault- Blame Evolution 69
Cracking the Stone Age Code- Pride and Regret 75
The Great Humiliator's Favorite Tricks 87
Get Your Head Out of the Cave 89
4 Capital Markets Technology 97 Building and Putting Capital Markets Technology Into Practice 97
It's Good While It Lasts 103
Forecast with Accuracy, Not Like a Professional 108
Better Living Through Global Benchmarking 116
5 When There's No There There! 135 Johns Hopkins, My Grampa, Life Lessons, and Pulling a Gertrude 135
In the Center Ring- Oil Versus Stocks 141
Sell in May Because the January Effect Will Dampen Your Santa Claus Rally Unless There Is a Witching Effect 152
6 No, It's Just The Opposite 161 When You Are Wrong- Really, Really, Really Wrong 161
Multiplier Effects and the Heroin- Addicted iPhone Borrower 169
Let's Trade This Deficit for That One 177
The New Gold Standard 182
7 Shocking But True 191 Supply and Demand and That's It 191
Weak Dollar, Strong Dollar- What Does It Matter? 206
8 The Great Humiliator and Your Stone Age Brain 219 That Predictable Market 219
Anatomy of a Bubble 229
Some Basic Bear Rules 237
What Causes a Bear Market? 257
Contents vii
9 Putting It All Together 267 Stick with Your Strategy and Stick It to TGH 267
Four Rules That Count 272
Finally! How to Pick Stocks That Only Win 289
When the Heck Do You Sell? 295
Conclusion: Time to Say Goodbye 303
Transformationalism 304
Appendix A: Causal Correlations and the Correlation Coefficient 309
Appendix B: News You Can't Use 313
Appendix C: Greater Fools 315
Appendix D: Annualized Versus Average 317
Appendix E: The Wizard of Oz and an Oz of Gold 319
Appendix F: 1980 Revisited 323
Appendix G: Why 2023 Will Be Like 1967's "Summer of Love" for the Stock Market 327
Appendix H: Popular but Problematic 331
Appendix I: Covered Calls- Covering What? 335
Notes 337
About the Authors 343
Index 345
Info autore
KEN FISHER is the Founder, Executive Chairman, and Co-Chief Investment Officer of Fisher Investments, a $290-plus billion (as of 12/31/2024) investment adviser and money management firm serving large institutions and high-net-worth individuals. For over 32 years, Fisher wrote
Forbes' "Portfolio Strategy" column, making him the longest continuously running columnist in the magazine's venerable history. He now writes monthly, native-language columns in over 20 major media organs worldwide, including the
New York Post, Britain's
Daily Telegraph, Spain's
elEconomista and Italy's
Il Sole 24 Ore.
