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How to Make Money in Stocks: A Winning System in Good Times or Bad, by William J. O'Neil
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Following on the success of the previous edition, this revised text offers rational, well-documented guidance for anyone who wants to make smart investments - even people who have never owned stock before. It explains how to: make money reading the daily financial news pages; pick the best industry groups in the market; read charts like an expert to improve stock selection and timing; and reduce losses and mistakes. This edition features information which reflects changing conditions on Wall Street, including: the proven C-A-N S-L-I-M stock selection system, based on a 40-year study of the most successful stocks; practical advice about the investment process, from picking a broker to diversifying a portfolio; charts and examples from "Investor's Business Daily"; and applicable changes in financial regulations and practices since 1987.
- Sales Rank: #1323908 in Books
- Published on: 1994-09-01
- Original language: English
- Number of items: 1
- Dimensions: .76" h x 5.98" w x 9.02" l,
- Binding: Paperback
- 272 pages
Amazon.com Review
From the school of unemotional investing comes the classic How to Make Money in Stocks, by Wall Street analyst and publisher William O'Neil. Readers new to securities will find it an excellent primer, one that relies on time-honored indicators such as quarterly earnings, market capitalization, and daily indexes. O'Neil's study of winning stocks stretches back to the 1960s, and he shares his insights here, describing what characterizes a growth stock, when to cut your losses (at 7 or 8 percent, no more), and how to spot a market top.
The techniques in How to Make Money in Stocks are hardly revolutionary, but therein lies their strength, as O'Neil claims his is "a winning system in good times or bad." Investors interested in Net stocks might be disappointed--the author's first rule is that a company must show a pattern of growing profits, which disqualifies many dot coms. (Try Rule Breakers, Rule Makers for a different take.) O'Neil's approach to stocks is, above all, rational, and he pays little heed to market hype.
Those new to investing would do well to read this book before embarking, and even more seasoned traders may find How to Make Money in Stocks a refreshing return to basics. Markets may swing bull and bear, but O'Neil promises to stand firm. --Demian McLean
Most helpful customer reviews
84 of 88 people found the following review helpful.
A comprehensive (and demonstraby successful) investment approach - beyond mere stock screening
By William L. Lyman
A comprehensive (and demonstraby successful) investment approach - beyond mere stock screening, June 13, 2009
By William L. Lyman "FreeMarket" (ATLANTA, GA USA) - See all my reviews
(REAL NAME)
The CANSLIM stock investing methodology outlined in "How to Make Money in Stocks" is a time tested method that incorporates how the equity (stock) market(s) really work - for the passive, minority, outside investor. It is a 80/20 approach (with William O'Neil's approach, proprietary metrics and tools you can achieve 80% of the success with 20% of the effort) and explicitly rides the coattails of the market (read and react - don't fight/argue with the market). This system *IS* designed for the individual investor and small professional investor - I'm not sure it would scale for $250 million portfolios and above (but I'm not sure that it wouldn't either).
CANSLIM is part fundamental (here earnings growth is the primary focus), part structural, part timing/technical and part money/risk management (this part is **crucial** to investment success). The vast amount of other investing books will typically provide only a screening/selection approach, but "How to Make Money in Stocks" provides a comprehensive investment approach including stock selection, portfolio composition, selling criteria and money/risk management.
In short - buy stocks that have a reason to go up (a new product/management catalyst, a leading stock in one of the top 20% of the 196 IBD industry groups, strong earnings growth (>25%), solid Return on Equity (> 17%), reasonable leverage, etc.) when the stock is poised to breakout (strong and increasing institutional shareholder support, has outperformed at least 80% of the market over the previous 52 weeks, the stock is consolidating after a price run-up and breaks-out on trading volume that is significantly higher than the average trading volume over the last 50 days, etc.) and finally - and this is important - scale into your positions, pyramid up in the first 5% or price appreciation and cut you losses when the stock moves against you at 7-8% from your purchase price - NO QUESTIONS/NO EXCUSES/NO RATIONALIZATION.
Check out the independent and unbiased American Association of Individual Investors (AAII Dot Com) - they have tracked the monthly performance of 56 stock screens since January 1998 (now 11+ years) and the CANSLIM screen is consistently in the top 3 screens with a compounded annual growth rate (CAGR) over that time in excess of 25%. While the AAII "recipe" for CANSLIM (and other screens for that matter)is a simplified approach and does not implement a strict constructionist approach (and contains buy rules only - no sell rules, just monthly re-screening - and no money/risk management techniques), it is an OUTSTANDING educational tool to learn about the pros and cons of the various stock screens and provides a starting point for anyone considering CANSLIM for their portfolios.
I personally have used CANSLIM with tremendous success since the late 1980s and participate in our local Meetup (AAII-atlanta Dot Com) where we utilize the CANSLIM approach. While most people assume this approach generates outstanding returns in the go-go bull markets (and it does), it really earns its keep in the down markets by utilizing the 7-8% stop loss on a stock by stock basis as part of a concentrated portfolio. It was a financial life safer in 1999/2000 and again in 2008/2009. Value investors (mutual funds), by contrast, were obliterated in 2008 - down some 50-60%! If that great "margin of safety" doesn't pay off in that environment - when does it?!
This growth/momentum approach differs substantially from a valuation driven approach (e.g., the Morningstar 5-star system based Morningstar's estimate of "fair value" of the stock compared to its current stock price). But if you trade based only on your (or a 3rd-party's) estimate of fair value, be prepared for some roller-coaster rides. In fact, check out Morningstar's own performance of their 5-star ranking system for the 2,000+ stocks that they cover and for their tortoise and hare portfolio - it pales in comparison to CANSLIM. The valuation only approach is for full-time professionals only - and even then - only the best of the best have been able to produce reasonable returns over time. Like the choice embedded in the title of Ned Davis's book "Being Right or Making Money", CANSLIM allows you to make money, while the purist value investors will argue about "being right" with *their8 discounted cash flow calculations (if only the market marched to that tune).
And finally, yes, the book discusses the Investors Business Daily (IBD) newspaper (and of course, CANSLIM) as the IBD newspaper and associated website (Investors Dot Com) have the tools to easily implement the CANSLIM methodology (SmartSelect(TM) ratings and other proprietary metrics). And William O'Neil is not just another financial author - he is a very successful investor, entrepreneur and financial data services provider.
I wholeheartedly endorse this book and methodology - and recommend it to EVERYONE who is considering investing directly in common stocks. Even if they pursue another style of investing, there are many excellent lessons to embrace from "How to Make Money in Stocks".
84 of 91 people found the following review helpful.
Best book ever written on investment along with valuable chart of past winners
By Rajesh Sur
I have been an active CANSLIM investor since 2005 now and subscribe to their IBD, eIBD and their Daily graphs research tool. My investment return have beaten s&p 500 by many folds in the last 5 years thanks to IBD.
One of the best investment book in stock is How to Make money in stocks.
Some of the valuable insights inside the book are
1. First 100 pages of 100 charts of the biggest winners of the last 100 years this itself is worth more than the money of the book and shows the exact buy points sell points and how to hold on to the winners.
2. There is a correlation between the market in 2009 and the market in 1938 and what will happen in the next few years.
3. Thanks to IBD big picture as always I entered into the market in 2009 during the March 12th follow up and have since gained more than 60% as of date.
4. Biggest winners of mine during this rally of March 12th 2009 are Nettease, Shanda Interactive, Visa, Vistaprint, Priceline, Netflix, HDFC bank.
5. After going through IBD I have stopped reading other publication or switching on TV to watch other finance programs.
6. Their CANSLIM approach kept me out of the bear market of 2008 and fully invested in cash except for few tradings of Continental resources when the oil commodity went up.
7. People say you cant time the market. I say you can time the market with IBD. Just read the IBD big picture and you can mark your entry and exit out of the market with good returns.
8. In a general uptrend one can make 25% easily and if compounded over 3 good stocks from IBD's 100 , 85-85 list and NASDAQ on the move one can double their money ina single year which no mutual fund will ever give.
9. This is one book which doesnt give opinions but only facts and its for one self to do the research and implement it when they invest.
Daily routine of 30 mins and 2 hours on weekend to profit immensely fromt the CANSLIM methodology described in the book .
1. Read IBD big picture.
2. Watch Daily stock analyis on the Investors.com website.
3. Watch market wrap at the website.
4. Read stocks on the move.
5. Read Nasdaq stocks on the move.
6 Invest in Nasdaq stocks they are the biggest movers.
7 Investors education at B1 of the paper.
8 Read the IBD 85-85, IBD 100 and Big Cap 20
9. Read the base reader column in IBD paper in B3.
10. Go through the research table and identify top 5 sectors and the leading stocks in that group from stock check up in investors.com.
11. Read Bill O Neil books every 3 months they are the only investment
book I ever read.
12. Read other books by Jesse Livermore, Nicholas Darvis, Gerald O loeb.
13. Dont over diversify your portfolio.
14. Three growth stocks with accelerating earning over past 3 quarters,
good ROE, accelerating revenure over past 3 qtrs and touching new high and coming out of a base and purchasing at the correct pivot point is all what is needed to get the portfolio of 3 good stocks.
15. One doesnt need to be invested at all times.
16. Time the market with IBD big picture and sit out during correction.
17. Attend IBD workshop atleast 2 times a year to rehearse the system .
Do the above and see your portfolio grow.
Thanks William O Neil for all the 100 charts this is a good addition to the chart school worksbook I have from level 3 course. Please keep the good work and congratulations to IBD for their 25th anniversary and for many more 25 years to come.
Good luck to all the investors who have a dream and who rely on Investors Business Daily to make their dream come true along with the 3 Ds in investing which I have learnt over the years from IBD which is Discipline, Dedication and Desire.
259 of 296 people found the following review helpful.
Not a true system at all
By J. Seidman
I read this at the urging of a friend. As background, I'm a retired professional investment advisor, have been through the Chartered Financial Analyst curriculum, and have decades of investing experience. I am therefore instantly suspicious of a book that promises on its back cover that "Anyone can learn to invest wisely with this bestselling investment system!"
Granted, O'Neil clearly spends all his time with his charts, and otherwise must not get out yet. He comments that NASDAQ an OTC trading venue, not an exchange, when in fact NASDAQ gained exchange status in 2006. He thinks that air traffic accidents are investigated by the Civil Aeronautics Board, which lost its safety responsibilities to the FAA in 1978. Most tellingly, he writes, "Unfortunately, no original or thorough research on price pattern analysis has been done in the last 78 years." Even a brief perusal of the academic journals on investing and finance would have shown him that this isn't true.
Much of the book focuses on chart reading. O'Neil includes many historical charts that clearly show his patterns. Unfortunately, many of the patterns are only clear in retrospect. For example, he describes a double-bottom pattern, shaped like a "W," where you should buy in as the right side moves up past the middle point of the W. Then he describes a double-bottom with handle, where the right side of the W is followed by a modest decline, and then you want to wait to buy until it reaches the top of the right side of the W. However, he describes no way to tell in advance whether the pattern will have a handle. By the time you know that there's a handle, you'll have already purchased on the right side of the W.
As another example, he shows patterns for detecting market bottoms. However, you can look to the left of where he marks the bottom, and often see a false bottom that meets exactly the same criteria. I suspect that O'Neil, given his experience, has other ways to gauge the validity of these stock patterns. Unfortunately, if he can't describe them, it greatly reduces the value of the book.
That probably explains why he adds the caveat that it takes years for someone to start reliably making money using his "system." Some people, with experience, will develop the same ability to figure out when the chart patterns are correct. However, it's very misleading to describe the book's contents as a "system," which in the investing world means a set of rules that can be strictly followed. Instead, it's a set of guidelines and philosophies on which you will have to add your own hard-earned experience to create a system.
Which brings me back to the overinflated claim that, "Anyone can learn to invest wisely with this bestselling investment system!" It's absolutely false. So much is left to discretion that it will require someone with particular aptitudes to be successful at it. If you enjoy doing extensive analysis, have an innate skill at identifying visual patterns, and have the patience to study and learn chart reading, then you will probably be successful with O'Neil's approach. Someone who doesn't meet those criteria will almost certainly fail.
Addendum: Since I wrote the review, there have been many comments (some quite nasty) from IBD fans. Many of these argue points that I don't even make in this review. In case the above is unclear, I am NOT saying that this book is worthless, rather that the book is correct that it'll take years of experience before you have built enough on the book's contents to be a profitable trader. And, the fact that some people have been very successful with this approach does not mean that anyone can succeed - I have been to IBD meetups where the majority of attendees have been trying for years to figure out how to trade profitably. I wish I understood why anyone, even an IBD practitioner, would be so deeply offended by this review.
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