Latest news with #MarketWizards'
Time of India
3 days ago
- Business
- Time of India
Stock rally sparks bold words from trading legend — his unexpected take is going viral
US stock market is seeing record highs since April. But trader Mark Minervini is cautious. He sees trouble under the surface. Breakout stocks are failing. Unemployment is up. Inflation remains a concern. Minervini advises careful risk management. He notes the market is not yet easy. Investors should watch economic signals. Tired of too many ads? Remove Ads What Triggered the Stock Market's Sudden Rebound? Tired of too many ads? Remove Ads Why Is Mark Minervini Cautious Despite Record Highs? Are Breakout Stocks Failing to Deliver Gains? What Economic Warning Signs Are Emerging? FAQs Tired of too many ads? Remove Ads The stock market has been on a hot streak since the beginning of April, reaching record highs and leaving many amazed by its rise, as per a report. But even though Wall Street celebrates and indexes reach new heights, one seasoned trader is sounding a note of caution, and his message is quickly catching on social Minervini, trading legend with his sharp technical acumen and high profits, is sounding the alarm that while the market has recorded fantastic gains, but he has noticed some trouble under the hood that could give active investors pause, as reported by The April 9, the S&P 500 has risen over 25%, and the Nasdaq Composite has jumped 35%, both reaching new record highs, reported The Street. The trigger was US president Donald Trump's surprise suspension of retaliatory tariffs he announced on April 2—"Liberation Day", which led some traders to feel that the threat of all-out trade war was over and rekindled investor confidence, according to the most traders, the rally's pace and size were a shock, particularly following the S&P 500's fall of 19% between February and April's low, priced in enough risk to set the stage for persistent gains, as reported by The Street. Bears argued that lofty valuations and a sputtering economy put stocks at risk of a reckoning, wrote The Street in its READ: No Reddit, no visa? Indian's US entry blocked after failing to share account details Amidst the market euphoria, Minervini shared a candid analysis on social media X (formerly Twitter) that has now gone viral among market observers and traders, according to the report. He uses price action to make decisions about his buy and sell, as reported by The Street. Even though the rally since April has been rewarding, he has noticed some trouble under the hood that could give active investors pause, as reported by The wrote on X that, "If you are a breakout trader using tight stops — even though the indexes have ripped higher — you have likely experienced a low batting average," as quoted in the who was featured in the 'Market Wizards' book series and has won the US Investing Championship twice (including a record 334.8% return in 2021), is known for a strict, rules-based trading style that emphasises buying strong stocks as they break out, according to the READ: Tomorrowland fire shock: Main stage engulfed in flames days before start of massive festival - what we know He pointed out that, "The frequent occurrence of squats and outright failures continues to dominate as a theme around breakout levels, clearly signaling that conditions remain challenging and volatile around key risk levels," as quoted in the report. Minervini explained that, "These failed breakouts reveal persistent overhead supply and insufficient follow-through from institutional buyers, underscoring a risk off market with regard to broad-based participation," as quoted by The Street trader revealed that, "I remain an active participant and careful observer, adjusting day by day and ensuring risk management remains my top priority," and added that, "As far as breakout stocks are concerned, this is NOT yet an Easy Dollar environment. For the most part, we are still fighting for pennies," as quoted in the comments come as unemployment, though still low at 4.1%, has risen from 3.4% in 2023, layoffs have risen 80% year to date through May, and inflation, though better from its peak in 2022, remains sticky with core PCE inflation still at 2.7%, which is where it was in January, according to The Street sees a lack of broad participation and failed breakouts, signaling institutional hesitancy and high an eye on unemployment, inflation (especially core PCE), and the Fed's rate decisions.
Business Insider
04-07-2025
- Business
- Business Insider
35 books Wall Street investors, dealmakers, and traders say helped them succeed
For the last few years, Business Insider has been spotlighting up-and-comers on Wall Street. We've asked the rising stars about the books that informed both their careers and personal growth. We've compiled their picks for anyone entering the world of finance or kick-starting their career. Aspiring to build a career on Wall Street? One of the best ways to learn the ropes is by picking up the books that helped industry insiders get to where they are today. Over the past few years, we've asked up-and-comers across Wall Street to share the titles that shaped their thinking, sharpened their skills, and inspired their career paths. Their recommendations span everything from billionaire biographies to practical handbooks on leadership, time management, and decision-making. Whether you're just starting out or looking to level up, this list of 35 books offers a curated look at what ambitious professionals on Wall Street have read—and why it matters. "Give and Take" by Adam Grant Amazon "It's about striving to be somebody who gives to others and then expects nothing in return," she said, "and how ironically fruitful that can be for your own life and career." "It shows that it's not just about you. In the grand scheme of things, it's how you help others along the way. How you can grow the pie for everyone." - Rachel Murray, Moelis "How to Lead: Wisdom from the World's Greatest CEOs, Founders, and Game Changers" by David Rubenstein "It's kind of an anthology of various industries. A key takeaway from these stories is the importance of finding your passion. I'm obviously very passionate about finance." "Liar's Poker" by Michael Lewis Amazon "I am a little biased because I started my career at Citigroup, which is formerly Salomon Brothers. I also recommend 'Panic!' by Michael Lewis, and I generally like all the 'Market Wizards' series, which are helpful in knowing what fits your trading style and what doesn't." "Young Money" by Kevin Roose The book holds insights into "all the wrong reasons why you can go into finance." "Why We Sleep: Unlocking the Power of Sleep and Dreams" by Matthew Walker A "This book explores sleep's impact on your body and mind." "Before the coronavirus pandemic, I was a daily 4:30 A.M. workout warrior and advocate for holistic nutrition, but I certainly was not prioritizing sleep in my health equation. This was an eye-opening and convincing read that has helped me to get significantly more shut-eye." "I'm a bad sleeper. This book puts in layman's terms why you need to sleep and why it's important for so many reasons." "The Master: The Long Run and Beautiful Game of Roger Federer" by Christopher Clarey "I recently read 'The Master' the biography of Roger Federer, who some would argue is one of the best (tennis) players, if not the best player, of all time. Every time I read one of the tennis biographies, you're reminded that it's a very all-consuming commitment to be one of the greatest. At least in the case of tennis, it's a very lonely existence. You're the only person out there. You in your mind battling it out. The key is making sure you surround yourself with the right team. "Every player, at least in the major tournaments, has a player's box. You'll have the family, the coach, and some friends in the player's box. "The lesson I think is who's in my player's box? How do they help me keep going? And, similarly, at least in the investing world, am I in the player's box for others? How do I be the best person on the sidelines supporting?" "Dare to Lead" by Brené Brown "Leaders are in the arena, and there are lots of people in the stands who are there just to criticize or comment on what you're doing. But being in the arena takes courage. It gives you a lot of advice around, how do you think about having that courage?" "The Most Important Thing" by Howard Marks Amazon "It taught me that all decision-making should be driven by the gap between expected value and market price, and expected value is calculated by weighing each outcome by its probability of occurring. "Second-level thinking is all about finding value that others don't appreciate yet. It's risk/reward times the coefficient of likelihood for being right." "Active Portfolio Management: A Quantitative Approach for Producing Superior Returns and Selecting Superior Returns and Controlling Risk" by Richard Grinold and Ronald Kahn Amazon "The Short and Tragic Life of Robert Peace" by Jeff Hobbs "It was a really interesting dichotomy. It's about a young African-American man who grew up in a rougher neighborhood in Newark but went to Yale and ended up being really successful in his academic work. But he struggled at times to mesh the two worlds together." "It shows that the path to equality isn't always as easy and seamless. Going to Yale on a scholarship, it can still be really hard for people. People often don't get that." "Lords of Finance: The Bankers Who Broke the World" by Liaquat Ahamed Amazon "It's a great book about monetary policy in the Depression era that has major implications for how monetary policy and currencies have evolved." "Bad Blood: Secrets and Lies in a Silicon Valley Startup" by John Carreyrou Amazon "Theranos founder Elizabeth Holmes was a few years ahead of me at Stanford. It's one of the greatest diligence misses of all time. As you think about that as investor, there are a lot of lessons to be learned." -Katherine Wood, TPG "Originals: How Non-Conformists Move the World" by Adam Grant Amazon "I spend a lot of time with founder-led companies within the tech world. I like working with them because they're very focused on disrupting the status quo, not just in the businesses they're building but in anything they do, and that includes working with bankers and advisors writ large." "They really force their advisors to think outside the box and challenge the traditional way of doing things. Part of Adam Grant's book is talking about what makes founders founders, and it's been incredible watching them ask a question that might be perceived as basic, but there's really sort of that double layer of, 'Why is it being done this way, and why can't we do it in a better, more efficient way?'" "The Happiness Equation" by Neil Pasricha "He wrote this book that really shares some tips about how to have a happier life and ways that you can streamline things in your work; how to find a better work-life balance; and how to think about where you'd like to spend your time and how you're spending your time and the types of things you're investing in." "I've picked up so many helpful tips and tricks from there. I feel like it's a must-read for people — financial-related or not, I think it applies to all different industries — on really how to take a step back and identify what is meaningful to you. And are you spending the right amount of time on things that you deeply care about versus things that are just, you know, background noise?" "The Effective Executive" by Peter Drucker "It's one of the best management books. I think what's unique about the book is when I first looked at the title, I was a little bit intimidated by it — like, this is just for executive positions. "But he looks at everyone being an executive in their role, and he provides some extremely practical advice on how to become more effective in anything we do in our everyday life. Some are well-known — such as time management, focusing on strengths. "Even those obvious things that he brings up, he makes it so simple to apply in your everyday life. For example, on time management, there are just two questions you need to ask yourself on a regular basis: What would happen if I don't do certain things? And can these things be done by somebody else? "That helps you to eliminate a lot of time-wasters and use time more wisely. Super simple, but at the same time, quite practical." "The Obstacle Is the Way: The Timeless Art of Turning Trials Into Triumph" by Ryan Holiday "It's a book framed through the teaching of Marcus Aurelius, who was also a Roman emperor, and it covers how to optimize situations and make the best out of everything. The book does a great job of translating philosophy into modern context." "As for how that translates to me: Clients expect a trusted advisor to maintain poise and equanimity in situations that are stressful to them. So this has been helpful in taking a teaching that is 2,000-plus years old and transferring it to the 21st century." "Factfulness: Ten Reasons We're Wrong About the World — and Why Things Are Better Than You Think" by Hans Rosling "What the author is trying to do is to help the reader look at the world and analyze global trends in a more objective way. In a very engaging and comical way, he shows you that human beings tend to think that the world is more dramatic than it really is. So people's brains are systematically misinterpreting the state of the world. "Something that really hits on that point is the beginning of the book. He presents the reader with a set of 13 questions. Each question has three multiple-choice answers. The bottom line is that most people actually score lower than the theoretical chimpanzee would have on these questions. "He tries to walk you through a formula to avoid looking at the world in this overly dramatized way. I think he's not talking specifically about the financial markets, but I think it's so relevant to investing because this is part of the way you can capitalize on opportunities." "Mindset" by Carol Dweck Amazon The book emphasizes "how a growth mindset — or the belief that talents can be developed with hard work and good strategies and input from others — can enable much better outcomes than people with a fixed mindset, which is believing that talents are just innate gifts." "The reason that a growth mindset matters so much is that it fosters an emphasis on learning and intellectual curiosity instead of trying to seem like the smartest person in the room, and that's something that I often reflect on for my own personal development as well, as a quality to look for as we bring on really amazing management teams." "Drawdown: The Most Comprehensive Plan Ever Proposed to Reverse Global Warming" edited by Paul Hawken Amazon "For me, it's a game plan of how to actually seek solutions to the biggest existential threat that we actually face as a species and as a planet. Whenever I introduce people to the book, you see people get obsessed with the kinds of things that we can be doing, whether that's regenerative agriculture, renewable energy, or reducing food waste." "Beating the Street" by Peter Magellan Amazon "Being a Fidelity person, I had to pick a Peter Lynch book. Beating the Street has been one of my favorites, such a classic. It's about how Peter ran Magellan day-to-day. And so I've just found it to be an excellent guide to investment processes for new fund managers." "Security Analysis" by Benjamin Graham and David Dodd Amazon "Much has been said about 'Margin of Safety' over the years, but in my opinion nothing quite compares to the original "Security Analysis" by Benjamin Graham and David L. Dodd. They epitomized the concept through their careful approach, still relevant to this day." - Paul Kamenski, Man Group's Man Numeric "Shoe Dog" by Phil Knight Amazon "I recently read 'Shoe Dog,' which is Phil Knight's autobiography and the story of how he founded Nike. I chose it because our firm is, in some respects, a startup, as we are launching new lines of business and building upon others, and I wanted to learn about an entrepreneur's success story. Nike certainly had some difficult and existential issues in its early years, and the book was a good reminder about the importance of perseverance and believing in the value of one's work." - Jackie Klaber, Rockefeller Capital Management "Breaking the Bamboo Ceiling: Career Strategies for Asians" by Jane Hyun Amazon We read it as part of an Asian-American affinity group at TPG. It's a very tactical book on how Asian Americans can advance in the workplace, and it's written in a style that gives stories of actual people but gives very tangible advice. I enjoyed it quite a bit. - Akash Pradhan, TPG "How to Win Friends and Influence People" by Dale Carnegie Amazon "Everything in the investing business is relationship-based, and Henry and George, the KKR founders, often talk about doing business with people you like and trust. This is a book I've read three or four times and is really a staple." - Evan Kaufman, KKR "The Ride of a Lifetime: Lessons Learned From 15 Years as a CEO" by Bob Iger Amazon Bob Iger, a former CEO at Disney, "early on saw the need to create digital channels for his customers and understood the virtuous cycle he could create around the right types of content, which informed his M&A strategy. Some of the M&A moves that he did in the preceding 10 years were really prescient." - Tyler Parker, EQT Group "A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market" by Ed Thorp Amazon "Reading the stories of great investors is both fun and informative. What's most interesting is the commonalities you see between the two investors despite radically different approaches and asset classes." - Philip Dobrin, Bridgewater Associates "Foundation" by Isaac Asimov Amazon "There's a lot of game theory involved, analyzing big data to predict outcomes. The concepts in that book and trilogy are very relevant today." - Vlad Moshinsky, Miller Buckfire "Range: Why Generalists Triumph in a Specialized World" by David Epstein Amazon "Looks at the benefits of late specialization and a diversity of experience, and how knowledge in a variety of arenas can pay off, especially when solving complex problems that require creative solutions." - Shaan Tehal, Morgan Stanley "Contrarian Investment Strategy: The Psychology of Stock Market Success" by David Dreman Amazon "Compared with what has now often become fairly complex and evolved, his works as an early adopter of the approach were simple, intuitive, and persuasive, establishing clear roots for what it means to use a systematic approach." - Paul Kamenski, Man Group's Man Numeric "Crossing the Chasm: Marketing and Selling Disruptive Products to Mainstream Customers" by Geoffrey A. Moore Amazon A "must-read" for any aspiring tech investors. - John Curtius, Cedar Capital "The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success" by William Thorndike Jr. Amazon "The book best represents how I think about investing and also articulates the success stories and habits of the best CEOs of the 20th century." - Sims Lansing, Lansing Management "Flash Boys: A Wall Street Revolt" by Michael Lewis Amazon "'Flash Boys' was a prime example of how technological innovation and forward-thinkers can reshape an entire industry. In 'Flash Boys,' novel computer algorithms and communications networks caused both market structure and behavioral changes to the trading industry. "Similarly, today we're experiencing the confluence of cryptography, blockchain technology, and distributed systems, which are meaningfully challenging preconceived notions of not just the financial industry but what constitutes money." - Michael Sonnenshein, Securitize "Fooling Some of the People All of the Time," by David Einhorn Amazon "It is an interesting read, and I enjoy how David Einhorn seems so relentless when he believes in something." - Tanaka Maswoswe, Carlyle Group "Building a Second Brain: A Proven Method to Organize Your Digital Life and Unlock Your Creative Potential" by Tiago Forte Amazon "We have all this data and information on our laptops and on our phones, but it's not organized. So is it really serving us, is it really useful for us? "The book talks about knowledge management systems and how to organize the data in such a way that works for the individual, and ultimately, getting to a point where we can share that with others." - Richesh Shah, Oaktree
Yahoo
09-05-2025
- Business
- Yahoo
Adobe Inc. (ADBE): Among Billionaire Bruce Kovner's Stock Picks with Huge Upside Potential
We recently published a list of Billionaire Bruce Kovner's 10 Stock Picks with Huge Upside Potential. In this article, we are going to take a look at where Adobe Inc. (NASDAQ:ADBE) stands against other stock picks with huge upside potential. Bruce Kovner founded Caxton Associates in 1983, a New York-based trading and investment firm that was formed as the successor to Caxton Associates LP. Caxton is a wholly owned subsidiary of Caxton Europe LLP. Kovner retired in 2011, and his firm returned an average of 21% per year between its inception in 1983 and 2011. With his long-time partner Peter D'Angelo in charge of Caxton's operations, Kovner concentrated on trading the financial and commodity markets based on his views of macroeconomic conditions. He is featured in Jack Schwager's book 'Market Wizards' as one of the greatest traders of all time. Here's one of Kovner's popular trading quotes from the book: 'Risk management is the most important thing to be well understood. Undertrade, undertrade, undertrade is my second piece of advice. Whatever you think your position ought to be, cut it at least in half.' A lot of individuals enter financial markets with the notion that successful investors know something that the common man does not. However, the truth is that experienced investors understand and accept the inherent uncertainty of market outcomes. So they focus on the interplay of probability and the balance between risk and reward. Kovner also believes in the process of adaptation and adjustment. Here's what he had to say about dealing with highly uncertain markets: 'First, I have the ability to imagine configurations of the world different from today and really believe it can happen. I can imagine that soybean prices can double or that the dollar can fall to 100 yen. Second, I stay rational and disciplined under pressure.' Kovner dropped out of Harvard University and floated around a few aimless jobs before finding his love for trading. He also founded the Kovner Foundation, which manages his philanthropic activities. Today, Kovner is chairman of CAM Capital (Caxton Alternative Management Capital), which invests his private assets. Caxton Associates has 13 clients and discretionary assets under management (AUM) of $4.18 billion, according to the firm's Form ADV dated 15 January 2025. The last reported 13F filing for Q4 2024 included $3.18 billion in managed 13F securities and a top 10 holdings concentration of 63.18%. To compile the list of billionaire Bruce Kovner's 10 stock picks with huge upside potential, we sifted through Q4 2024 13F filings of Caxton Associates from Insider Monkey. From these filings, we checked the upside potential from CNN for the top 50 stock picks and ranked the stocks in ascending order of their upside potential. We have also added Caxton Associates' stake in each stock as well as the broader hedge fund sentiment for it. Note: All data was sourced on May 7. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). A team of engineers and scientists collaborating at a workstation surrounded by their applications and solutions. Caxton Associates' Stake: $115.73 million Number of Hedge Fund Holders: 117 Average Upside Potential as of May 7: 25.54% Adobe Inc. (NASDAQ:ADBE) is a technology company that operates through its Digital Media, Digital Experience, and Publishing & Advertising segments. It offers its solutions directly to enterprise customers through its sales force and local field offices, as well as directly to businesses and consumers. It also licenses its products to end-user customers through app stores and websites. The company is increasingly monetizing its GenAI innovations. However, the rise of several GenAI models that offer free picture-generation capabilities puts Adobe at risk. Therefore, the company forecasts weaker-than-expected sales and earnings for its FQ2 2025 and full FY2025. Adobe expects its Q2 2025 earnings to average between $4.95 and $5. In FY2024, GenAI contributed $125 million to the total $4.23 billion that the company generated. On April 25, Morgan Stanley analyst Keith Weiss maintained a Buy rating on Adobe with an unchanged price target of $510 due to the company's growth potential and current valuation. On April 23, the company also launched an AI-powered fan experience partnership with the National Football League. This will enable the NFL and all clubs to scale personalized fan touchpoints during the 2025 season. Polen Focus Growth Strategy stated the following regarding Adobe Inc. (NASDAQ:ADBE) in its Q3 2024 investor letter: 'We added to several existing positions in the quarter including Adobe Inc. (NASDAQ:ADBE), Workday, Shopify, MSCI, and Paycom Software. We feel Adobe is poised for re-accelerating revenue and earnings growth partially due to the monetization of its Firefly GenAI product embedded in its creative software.' Overall, ADBE ranks 9th on our list of billionaire Bruce Kovner's stock picks with huge upside potential. While we acknowledge the potential of ADBE as an investment, our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than ADBE but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
