Most helpful critical review
Creates questions, provides no answers.
on July 3, 1998
This book confuses the beginner and is of no use to the experienced trader. Treating the market as a game against nature ignores the fact the the market is a collection of individuals and that the market is really a game between bulls and bears, not the reader and the market. The model is almost useless and provides no guidance on the most important aspect--WHEN to enter and leave the market (given historical data/volatility). He limits the concept of risk (which meams volatility) to downside risk and uses the term "normal distribution" too liberally. The only redeeming points are that he points out the importance of looking at market volatility and planning your trading strategy accordingly--knowing how much to risk and when; but for this he does not provide any measurable or quantifiable solutions (like a technical indicator would). The auther is obviously very intelligent but has reduced this idea so far to the common denominator that he has lost the essence. The book could have been so much more. I hope to see more work in the future.