THE GOOD NEWS--
At least, the book is an entertaining read. It is _valuable_ to learn how to get "The Stock Picture" (from M. C. Horsey Co., Salisbury Md, 410-742-3700.. but the benefit stops there.
WHAT THE BOOK PROMISES--
Ted Warren implies that most stock prices are manipulated by insiders to bilk the public out of investment dollars. If an investor can recognize the patterns, so the thinking goes, s/he can pick out stocks that have been manipulated to a low level, and know how to sell when they are at their peak.
IT DIDN'T WORK FOR ME--
--I studied the book, and got a May 2000 Edition of The Stock Picture. Using Ted's techniques, I picked out 30 likely stocks, but didn't buy them. I saved my list, waited a year, then evaluated my picks with the May 2001 Stock Picture. Not one of my picks had become profitable, at any time, in that year.
WHY DID IT FAIL FOR ME?
The Stock Picture includes a chart of the Dow Jones Avg from 1938 to present. From 1957 to 1965, when the author was making money and writing the book, the Dow increased from 416 to 1001, ie., it increased by 2.5 times. From 1993 to 2001, it went from about 4000 to 10,000, again an increase of 2.5 times. The difference is, that from about 1996 to 2001, the DOW has been wildly fluctuating, as never before. Since 1999, the upward momentum has been broken--You can see it plainly in the MC Horsey chart. We are in a volatile, unstable losers market. Ted was in a relatively stable, upward trending market. He couldn't go far wrong in 57-65. We can't go right, using the same techniques, today. But, after the next great depression, it may be useful again...