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Market Wizards: Interviews with Top Traders by Jack D. Schwager

March 24th, 2009

William O’Neil – The Art of Stock Selection

William O’Neil is the legendary investor and founder of Investor’s Business Daily.  He also wrote the excellent books How to Make Money in Stocks: A Winning System in Good Times and Bad, Fourth Edition and The Successful Investor: What 80 Million People Need to Know to Invest Profitably and Avoid Big Losses.

I have read both books (but have not had time to review them on this site yet); they are excellent – I definitely put them in the ‘must read’ category.  This mini-review of the O’Neil interview is not the proper venue to discuss O’Neil’s ideas about stock selection and his CANSLIM system.  So I definitely encourage you to buy and read his books to learn more.

O’Neil emphasizes the importance of selecting strong stocks that demonstrate strong earnings per share growth and that are the leader in a growing industry.  He stresses that losing stocks must be cut immediately.  His rule is that he will sell any stock that drops 7% from his purchase price immediately and at the market price, no matter what. He feels that reading charts is incredibly important to identify breakout patterns.  The Relative Strength of the stock price compared to other stocks is also very important for O’Neil.  The Investors Business Daily web site has screeners for each of his CANSLIM criteria.

I thought this was an interesting quote by O’Neil:

The stock market is neither efficient nor random.  It is not efficient because there are too many poorly conceived opinions; it is not random because strong investor emotions can create trends.

David Ryan – Stock Investment as a Treasure Hunt

David Ryan was William O’Neil’s protege.  Ryan grew up idolizing O’Neil and his stock selection methodology.  Ryan first achieved some fame of his own when he won the stock division of the U.S. Investing Championship in 1985 and 1987 and coming in second place in 1986.

Ryan suggests that it is important not to buy overextended stocks and to be a disciplined follower of the CANSLIM system.

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