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Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH Trade like a stock market wizard ENGLISH
ht :// ng uo ib uo nc hu ng v n Ngườ i Buôn Chứng http://nguoibuonchung.vn ht :// ng uo ib uo nc hu ng v n Ngườ i Buôn Chứng http://nguoibuonchung.vn ht :// ng uo ib uo nc hu ng v n Ngườ i Buôn Chứng http://nguoibuonchung.vn Ngườ i Buôn Chứng http://nguoibuonchung.vn TRADE LIKE A STOCK MARKET WIZARD This page intentionally left blank TRADE LIKE A STOCK MARKET v n WIZARD hu ng HOW TO ACHIEVE nc SUPERPERFORMANCE uo IN STOCKS IN uo ib ANY MARKET ng MARK MINERVINI :// New York Chicago San Francisco ht Lisbon London Madrid Mexico City Milan New Delhi San Juan Seoul Singapore Sydney Toronto Copyright © 2013 by Mark Minervini All rights reserved Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher ISBN: 978-0-07-180723-4 MHID: 0-07-180723-3 Ngườ i Buôn Chứng http://nguoibuonchung.vn The material in this eBook also appears in the print version of this title: ISBN: 978-0-07-180722-7, MHID: 0-07-180722-5 All trademarks are trademarks of their respective owners Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefi t of the trademark owner, with no intention of infringement of the trademark Where such designations appear in this book, they have been printed with initial caps n McGraw-Hill Education eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs To contact a representative please e-mail us at bulksales@mcgraw-hill.com nc hu ng v The text contains the following, which are trademarks, service marks, or registered trademarks of Mark Minervini, Minervini Private Access, LLC, or their affiliated entities in United States and/or other countries: Specific Entry Point Analysis®, SEPA®, and Leadership Profile® uo TERMS OF USE ht :// ng uo ib This is a copyrighted work and McGraw-Hill Education, LLC and its licensors reserve all rights in and to the work Use of this work is subject to these terms Except as permitted under the Copyright Act of 1976 and the right to store and retrieve one copy of the work, you may not decompile, disassemble, reverse engineer, reproduce, modify, create derivative works based upon, transmit, distribute, disseminate, sell, publish or sublicense the work or any part of it without McGraw-Hill Education’s prior consent You may use the work for your own noncommercial and personal use; any other use of the work is strictly prohibited Your right to use the work may be terminated if you fail to comply with these terms THE WORK IS PROVIDED “AS IS.” McGRAW-HILL EDUCATION AND ITS LICENSORS MAKE NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF OR RESULTS TO BE OBTAINED FROM USING THE WORK, INCLUDING ANY INFORMATION THAT CAN BE ACCESSED THROUGH THE WORK Ngườ i Buôn Chứng http://nguoibuonchung.vn VIA HYPERLINK OR OTHERWISE, AND EXPRESSLY DISCLAIM ANY WARRANTY, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES nc hu ng v n OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE McGraw-Hill Education and its licensors not warrant or guarantee that the functions contained in the work will meet your requirements or that its operation will be uninterrupted or error free Neither McGraw-Hill Education nor its licensors shall be liable to you or anyone else for any inaccuracy, error or omission, regardless of cause, in the work or for any damages resulting therefrom McGraw-Hill Education has no responsibility for the content of any information accessed through the work Under no circumstances shall McGrawHill Education and/or its licensors be liable for any indirect, incidental, special, punitive, consequential or similar damages that result from the use of or inability to use the work, even if any of them has been advised of the possibility of such damages This limitation of liability shall apply to any claim or cause whatsoever whether such claim or cause arises in contract, tort or otherwise ng uo ib uo This book is dedicated to my mother, Lea, who sacrificed so much of her own life so that my sister and I could have a better one To my father, Nate, who encouraged me to take a chance and follow my dreams; may they both rest in peace And, to my wife, Elena, and daughter, Angelia; my beacons of light and promise for the future :// This page intentionally left blank Foreword ht Contents ix C H A P T E R 1 An Introduction Worth Reading C H A P T E R 2 Ngườ i Buôn Chứng http://nguoibuonchung.vn What You Need to Know First 11 C H A P T E R 3 Specific Entry Point Analysis: The SEPA Strateg y 27 v n C H A P T E R 4 ng Value Comes at a Price hu 41 uo nc C H A P T E R 5 ib Trading w ith the Trend uo 63 :// ng C H A P T E R 6 ht and Categories, Industry Groups, Catalysts 95 C H A P T E R 7 Fundamentals to Fo cus On 117 C H A P T E R 8 Ngườ i Buôn Chứng http://nguoibuonchung.vn Assessing Earnings Qualit y 141 C H A P T E R 9 Follow the Leaders 161 C H A P T E R 1 0 v n A Picture Is Worth ng a Million Dollars hu 189 uo nc vii ib viii uo C O N T E N T S :// ng C H A P T E R 1 1 ht 259 Don’t Just Buy What You Know C H A P T E R 1 2 Risk Management Part 1: The Nature of Risk 269 C H A P T E R 1 3 Risk Management Ngườ i Buôn Chứng http://nguoibuonchung.vn Part 2: How to Deal w ith and Control Risk 291 Acknowled gments 317 Index v n 319 ng Foreword hu In my 40 years of investing I have read numerous investment :// ng uo ib uo nc books, and you would think that I would have a large library filled with them The truth is that my collection is quite small, because so few investment books are worth keeping To the handful that are worth reading, one I am adding to my library is Trade Like a Stock Market Wizard by Mark Minervini Mark’s book has to be on every investor’s bookshelf It is about the most comprehensive work I have ever read on investing in growth stocks and includes vital details not found in other popular books on that subject ht Some investment books cover only the fundamental aspects of investing, and others cover only the technical aspects, Mark’s book combines the most important factors that could help you find superperformance stocks in the future Everyone wants to own the next Apple Computer, Costco, or Home Depot, and Mark shows you what to look for Mark took years to research the methods that have made him successful He has dug up gems of investing knowledge from some of the great investment books and research most investors never knew existed For example, a source he cites is Superperformance Stocks by Richard Love When you combine that with the experience he gained through many market cycles, you have a book packed with vital advice that will help any investor In each chapter, Mark clearly lays out the factors that are important for a successful investment It is one of those Ngườ i Buôn Chứng http://nguoibuonchung.vn books you have to reread to really grasp all that it contains One of the best sections of the book is Mark’s description of the life cycle of a growth stock You get a fundamental and technical picture of where a stock is along the different phases of its move from the start in phase 1, to ix x F O R E W O R D the acceleration of earnings and price performance in phase 2, to the topping process in phase 3, to the trip back down in price as earnings slow in phase 4 .v n He shows this not only with price charts but with tables of earnings and sales to show what is happening fundamentally as a growth stock moves over time uo ib uo nc hu ng In the last two chapters of the book, which you should probably read first, Mark discusses risk management This is vital because so many investors seem to get into the right stocks but don’t know how to take a profit or when to sell as a position goes against them He discusses the psychological factors that prevent most investors from cutting a loss Can you believe that an investor of Mark’s stature is right only 50 percent of the time and has still made a fortune! That is due to his use of risk management :// ng I have always believed that to be a successful investor you have a large tuition bill to pay in hard losses at the University of Wall Street before you can graduate and start making money Mark supplies the best textbook on growth stock investing, and so you can avoid paying such a high tuition ht With his help, a determined effort, and discipline, you can get an Ivy League education for the cost of a hardcover book If you are a seasoned investor this book is a graduate-level class that will certainly add to your investment knowledge, as it has mine Mark has also saved me a great deal of time because he wrote the book that I always wanted to write and did it better than I ever could! Enjoy, and may you all have investment success! David Ryan Three-time U.S Investing Champion Ngườ i Buôn Chứng http://nguoibuonchung.vn Investing Championship posting $250,000 of his own money; he won with a 155 percent return, a performance that was nearly double the next nearest competing money manager Using his SEPA trading strategy, in a five-year period Minervini generated a towering 220 percent average annual return with only one losing quarter To put that in perspective, a $100,000 account would explode to over $30 million with those returns ng v n Mark Minervini is a 30-year veteran of Wall Street He is featured in Jack Schwager’s Stock Market Wizards: Conversations with America’s Top Stock Traders Schwager wrote: “Minervini’s performance has been nothing short of astounding Most traders and money managers would be delighted to have Minervini’s worst year—a 128 percent gain—as their best.” uo ib uo nc hu Currently, Minervini educates traders about his SEPA trading methodology through a service called Minervini Private Access, a streaming communication platform that allows users the unique experience of trading side-by-side with Minervini in real time He also conducts a live Master Trader Program, which is an investment workshop where he spends two days teaching his SEPA strategy and techniques ht :// ng This page intentionally left blank ht :// ng uo ib uo nc hu ng v n Ngườ i Buôn Chứng http://nguoibuonchung.vn ht :// ng uo ib uo nc hu ng v n Ngườ i Buôn Chứng http://nguoibuonchung.vn ht :// ng uo ib uo nc hu ng v n Ngườ i Buôn Chứng http://nguoibuonchung.vn ht :// ng uo ib uo nc hu ng v n Ngườ i Buôn Chứng http://nguoibuonchung.vn ht :// ng uo ib uo nc hu ng v n Ngườ i Buôn Chứng http://nguoibuonchung.vn ht :// ng uo ib uo nc hu ng v n Ngườ i Buôn Chứng http://nguoibuonchung.vn ht :// ng uo ib uo nc hu ng v n Ngườ i Buôn Chứng http://nguoibuonchung.vn ht :// ng uo ib uo nc hu ng v n Ngườ i Buôn Chứng http://nguoibuonchung.vn ht :// ng uo ib uo nc hu ng v n Ngườ i Buôn Chứng http://nguoibuonchung.vn Ngườ i Buôn Chứng http://nguoibuonchung.vn ht :// ng uo ib uo nc hu ng v n Ngườ i Buôn Chứng http://nguoibuonchung.vn Document Outline ht :// ng uo ib uo nc hu ng v n Cover About The Author Title Page Copyright Page Contents Foreword Chapter 1 An Introduction Worth Reading Chapter 2 What You Need to Know First Chapter 3 Specific Entry Point Analysis: The SEPA Strategy Chapter 4 Value Comes at a Price Chapter 5 Trading With the Trend Chapter 6 Categories, Industry Groups, and Catalysts Chapter 7 Fundamentals to Focus on Chapter 8 Assessing Earnings Quality Chapter 9 Follow the Leaders Chapter 10 A Picture is Worth a Million Dollars Chapter 11 Don’t Just Buy What you Know Chapter 12 Risk Management Part 1: The Nature of Risk Chapter 13 Risk Management Part 2: How to Deal With and Control Risk Acknowledgments Index A B C D E F G H I J K L Ngườ i Buôn Chứng http://nguoibuonchung.vn ht :// ng uo ib uo nc hu ng v n M N O P Q R S T U V W X Y Z Ngườ i Buôn Chứng http://nguoibuonchung.vn ht v ng hu nc uo ib uo ng :// Foreword C H A P T E R 1 C H A P T E R 2 C H A P T E R 3 C H A P T E R 4 C H A P T E R 5 C H A P T E R 6 C H A P T E R 7 C H A P T E R 8 C H A P T E R 9 C H A P T E R 1 0 C H A P T E R 1 1 C H A P T E R 1 2 Risk C H A P T E R 1 3 Risk Acknowled gments Index 175–176 67 243–247 71 73 75 158–159 70–72 stage 2, 68–69, Unnamed 217 86–87 79 230–231 28–29 37 134–135 42, 47, n Table of Contents Ngườ i Buôn Chứng http://nguoibuonchung.vn ht :// ng uo ib uo nc hu ng v n 117 120 167, 232, 261 49–50, 62, 128, Unnamed 101, 193 173 146 177–178 98, 105–106, Unnamed 223, ... http://nguoibuonchung.vn TRADE LIKE A STOCK MARKET WIZARD This page intentionally left blank TRADE LIKE A STOCK MARKET v n WIZARD hu ng HOW TO ACHIEVE nc SUPERPERFORMANCE uo IN STOCKS IN uo ib ANY MARKET ng MARK MINERVINI... improvement almost always occurs in the fundamental picture :// with regard to sales, margins, and, ultimately, earnings ht Catalyst Every stock that makes a huge gain has a catalyst behind it The catalyst may not always be apparent upon a casual glance, but a little detective... trader, the best growth trader, the best day trader, and the best long-term investor If you try to do it all, you will most likely end up a mediocre jack-of-all-trades You can’t say that a trader is a trader any more than you can say that a doctor is a