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This is a handy book for those considering entering the market and
using fundamental based approaches to assess investment opportunities. This is not a book
about trading, so the focus is on investment style decisions. The assumption is that good
analysis before buying a share is the most significant way to reduce the risk of the
As a result the book contains a good introduction to reading a
prospectus, understanding the key financial ratios, and the tools of broad macro economic
analysis that will assist in making top-down investment decisions. This is a good
reflection of how fund managers undertake the task. The book examines some modifications
you can make to this process to enhance investment selection.
The book contains a chapter on some basic technical analysis. This is
included to show how technical analysis can assist in fine tuning a buying decision.
It includes a good discussion of the count back line technique, which
is unfortunately marred at the end by some inaccurate comments. Under refinements it notes
that Colin Nicholson observed an anomaly that may cause problems if you attempt to
use this approach.
It could happen that a line
. could extend right across
the chart into another trend altogether.
In Chart Trading and Share Trading it
is clearly noted that In calculating the placement of the line we ignore any price
gaps in the current trend. Instead we move to the next highest bar in the current
The strengths in this book lie in its coverage of the traditional
fundamental analysis techniques. It is a good introduction.
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