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Readers reviews of Understanding the Stock Exchange

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Daryl Guppy

This is the basic reference text book and is not designed as light reading. You still need to be wide awake the read this because its style is pedantic and boring. Each paragraph is numbered which does bring together lots of reference information which is useful when you are first involved in the market. The new edition includes material on warrants, CHESS, ETO, etc. Absolutely no help at all in understanding trading. The single reference to charts is the same as previous editions and there is no discussion of trading at all.

Its main focus is on the investment implications of the market.  Discussion of market operation is standard investment level material offering no significant new insights. I  use it as a reference for understanding rights issues etc. Make sure your copy is the most recent available because outdated information can be fatal.


Nick Renton

This comprehensive book explains both the operation of the Australian stock exchange and general investment principles. It deals with direct investment in ordinary shares, options and fixed interest
securities. Its 43 chapters and 11 appendices cover income tax, capital gains tax, imputation, leverage, social security, takeovers, shareholders' rights, prospectuses, dividend reinvestment plans,
theoretical aspects and much more.

The book will help all investors, from beginners to professional dealers and from students to senior citizens. It is also used as a textbook by the Securities Institute of Australia.

The third edition of this popular work is more than twice as big as the best-selling first (1989) edition. It takes into account the needs of the many new investors who have acquired shares in AMP, Telstra or the various other privatisation issues. It deals with the numerous changes to both market practices and the regulatory environment which have taken place since the prize-winning second (1992) edition. It also reflects amendments to the legislation covering corporations, taxation and social security.

The book has been expanded and extensively revised and updated. It now covers the abolition of scrip certificates and the introduction of new products such as endowment warrants. It also discusses an
important new tool for investors, the Internet.

Other interesting topics dealt with for the first time include buy-backs, T+3, shares of no par value and the possible creation of targeted shares.



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