C O N T E N T S

Introduction 1
Part One: Mumbo Jumbo and Moonshine 21
1 The Meme 23
2 Earnings Propaganda 43
3 The Hydra Heads of Technical Analysis 71
4 The Cult of the Bear 115
5 “We Are Number One” Usually Means “Not Much Longer” 133
6 Benjamin Graham: Mythical Market Hero 165
7 News Flash: Computer Writes Stock Market Story! 173
Part Two: Practical Speculation 181
8 How to Avoid Spurious Correlations 187
9 The Future of Returns 205
10 The Periodic Table of Investing 217
11 When They Swing for the Fences, We Run for the Exits 235
12 Boom or Bust? 247
13 Market Thermodynamics 263

14 Practical Market Lessons from the Tennis Court 281
15 The Fine Art of Bargaining for an Edge 291
16 An Amiable Idiot in the Biotechnology Revolution 301
17 Earnings Impostors 313
18 Finale 341
Afterword 367
Notes 369
Index 377