by Masover, Hal; Valentine, Stuart
Publisher:Crown Futures Corp, 1997
Invest Like the Pros is the only book on the subject approved by the National Futures Association.
Though scale trading(or value investing(has been around and kicking since 1975, this methodology is not well known. It first captured Hal Masover's attention in 1991. Hal describes why(and what has kept him committed to it since then. Of all the methodologies Hal has tried during his many years trading futures, only value investing has been successful for his customers year after year.
Why? Because value investing relies on planning(not skill or luck. It is an intermediate to long-term investment method that takes advantage of supply/demand imbalances that occur in most physical commodity markets.
Invest Like the Pros tells you: How to know when to start scale trading How to use fundamentals the right way in planning your scale How to use seasonal information in planning your scale How to construct a scale(by hand and on the computer (software included) How to plan profit taking How to accommodate the contract time restrictions with rollovers How clearing firms are organized, security issues, and how to choose a broker
The topic is timely. We have been riding a stock bull market for ten years. This is the longest bull market in history. The inflation of paper assets has placed stock price multiples at levels seen prior to the 1929 and 1987 stock market crashes. The time to diversify portfolios is not after the bear has started but before the bull has ended. We don't know when the bull market will be over, but we have to assume that we are a lot closer to the end than the beginning. According to Dr. Harry M. Markowitz, the Nobel Prize-winning economist, diversification in an investment portfolio works best when an investor selects investments that do not correlate with each other. Of the various exchange-traded, regulated investments, commodity futures represent the least correlation with stocks. As a result, commodity futures may be the best vehicle for portfolio diversification.
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