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What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time, by James O'Shaughne
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Historically tested long-term strategies that always outperform the market
“O’Shaughnessy’s conclusion that some strategies do produce consistently strong results while others underperform could shake up the investment business.”
―Barron’s
“What Works on Wall Street is indisputably a major contribution to empirical research on the behavior of common stocks in the United States. . . . Conceivably, the influence of What Works on Wall Street will prove immense.”
―The Financial Analysts’ Journal
“O’Shaughnessy’s latest, What Works on Wall Street, is a serious inquiry into the investment strategies that stand up under long-term scrutiny and is refreshing research for every investor.”
―Stocks and Commodities
“A bible for investment strategies. . .”
―Seeking Alpha
About the Book:
Recent history has witnessed one of the worst stock market beatings ever. As a result, abysmal returns are being called “the new normal,” financial “experts” are ringing the death knell of buy-and-hold, and investors’ faith in equities has hit an all-time low. You have two choices. You can abandon the stock market based on what is happening today. Or you can invest today based on what will happen in the future.
Containing all new data, What Works on Wall Street, Fourth Edition, is the only investing guide that lets you see today’s market in its proper context― as part of the historical ebb and flow of the stock market. And when you see the data, you’ll see there is no argument: Stocks work.
Now in its second decade of helping investors succeed with stocks, What Works on Wall Street continues to provide the most effective investing strategies, presenting incontrovertible data on what works and what doesn’t. Updated with current statistics and brand-new features, What Works on Wall Street offers data on almost 90 years of market performance, including:
- Stocks ranked by market capitalization
- Price-to-earnings ratios
- EBITDA to enterprise value
- Price-to-cash flow, -sales, and -book ratios
- Dividend, buyback, and shareholder yields
- One-year earnings-per-share percentage changes
Providing you with unparalleled insights into stock performance going back to 1926, What Works on Wall Street is a refreshingly calming, objective view of a subject that is usually wrapped in drama, hyperbole, and opinions that are plain wrong.
This comprehensive guide provides the objective facts and winning strategies you need; all you have to do is make the decision to ignore the so-called market experts and rely on the long-proven approach that has made What Works on Wall Street an investing classic.
- Sales Rank: #88160 in Books
- Brand: Brand: McGraw-Hill
- Published on: 2011-11-14
- Original language: English
- Number of items: 1
- Dimensions: 9.40" h x 2.10" w x 7.70" l, 3.03 pounds
- Binding: Hardcover
- 704 pages
- Used Book in Good Condition
About the Author
James P. O’Shaughnessy is chairman and CEO of O’Shaughnessy Asset Management. He previously served as portfolio manager, director of systematic equity, and senior managing director for Bear Stearns. O’Shaughnessy is the author of the bestsellers What Works on Wall Street, How to Retire Rich, Invest Like the Best, and Predicting the Markets of Tomorrow: A Contrarian Investment Strategy for the Next Twenty Years.
Most helpful customer reviews
41 of 42 people found the following review helpful.
A must read for all investors if you are not familiar with the content already
By Jackal
The book shows that certain kinds of stocks (small stocks, low p/e stocks, etc.) outperform decade after decade (60+ years!) without being much more risky. All investors should be familiar with these results. Your return would be 5-10 percentage points higher than average just by following some very simple rules. The first time I read this book it really shocked me. If it is so simple to get superior returns, why are almost all fund managers just getting average returns?
The book is full of statistics providing the details, but there is also useful information in the text. I would have preferred to move 2/3 of the statistics to an appendix because they do not add value. For some reason the author really likes to pile table after table to increase the page count. My guess is that the author thinks this gives the book more credibility. That is silly.
The author is not trained in statistics. However, the book is now in its fourth edition and he has responded to critique of previous editions. The author is familiar with standard deviation, Sharpe ratios, etc., so he is certainly not clueless. There are many ways this could have been a stronger book had the author known more about statistics. For instance when he is constructing composite indicators. There is for instance some data mining going on when he constructs the indicators.
A similar but much more academic approach is found in Expected Returns: An Investor's Guide to Harvesting Market Rewards (Wiley Finance). That is a better book and is much more detailed and sophisticated. To enjoy that book you should be able to read academic finance literature. If you are able to do so, that book is much better than the current book. Still, the current book is pretty good.
There are other weaknesses in the book. The author does not try to understand why the market behaves as it does. He claims that private investors cannot buy stock below 200M in market capitalisation. All together these are really minor quibbles that should not influence your decision to buy the book.
The book is good, but after four editions I would have expected a bit more of the book. The core message is actually the same in all books. The additional years of data and more sophisticated statistics actually does not change any of the main conclusion. Still, I would recommend that you get the latest edition.
57 of 63 people found the following review helpful.
Dated Book Offers Look Back at Popular Investment Strategy
By MacheteJason
While this book was revolutionary in the 1990s, it was obsolete when first published because it got exploited by investors everywhere as soon as it was known. What Works on Wall Street is in its 4th edition but has not even been updated since the 3rd edition. It did work as far as finding a strategy that's effective when back-tested but it is hopelessly outdated now. Jim has not had a hugely successful track record running money overall. O'Shaughnessy has worked in the US and Canada with mixed results. After the tech wreck the mutual funds Jim managed were shut down (Cornerstone Growth and Cornerstone Value) and the returns were fairly disappointing. In 1999, O'Shaughnessy started Netfolio, The Personal Fund Company, to offer individual investors the ability to build their own diversified portfolio over the internet. The company was closed in 2001. Jim had some decent returns in Canada until the 2008 downturn (when his fund experienced a 50% haircut!) but his ideas suffer from style bias since growth investments simply get slaughtered when the market is falling, flat or range-bound (as it appears to be now). Ultimately, returns from growth investing have shown to be inferior to value investing when risk is factored into the equation. The O'Shaughnessy US Growth Fund has returned 1.76% annualized over the last 10 years (as of Jan 2014) and has underperformed its peers in Small & Mid-Cap Equity and even treasury bills (visit Morningstar for more info). Needless to say, the ideas presented in this book don't have much practical value if you want to make money in the stock market and are even less applicable since 2008 but they do work as a history lesson. There is an overwhelming amount of data in this book so most of it is fairly dry reading.
Check out The Intelligent Investor by Benjamin Graham or Triumph of the Optimists instead. Admittedly, What Works on Wall Street has managed to stay in print.
43 of 47 people found the following review helpful.
Review for 2011, fourth edition
By Rob Lowe
I am a big fan of James O'Shaughnessy and I use a number of the strategies he outlined previously with good results.
I have returned my copy of the 4th edition. The previous editions had updated data for each strategy discussed, plus new strategies that were examined. Unfortunately, this edition does not. While I am interested in hearing his new findings, I expected, wanted and needed data updates for all the strategies previously reviewed, particularly those I use or am considering using. I was totally surprised and disappointed by this change.
I highly recommend his 3rd edition of this book.
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