by James P. O'Shaughnessy
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Product Description
"A major contribution . . . on the behavior of common stocks in the United States."
--Financial Analysts' Journal The consistently bestselling What Works on Wall Street explores the investment strategies that have provided the best returns over the past 50 years--and which are the top performers today. The third edition of this BusinessWeek and New York Times bestseller contains more than 50 percent new material and is designed to help you reshape your investment strategies for both the postbubble market and the dramatically changed political landscape. Packed with all-new charts, data, tables, and analyses, this updated classic allows you to directly compare popular stockpicking strategies and their results--creating a more comprehensive understanding of the intricate and often confusing investment process. Providing fresh insights into time-tested strategies, it examines: - Value versus growth strategies
- P/E ratios versus price-to-sales
- Small-cap investing, seasonality, and more
Amazon.com Review
Investors -- be they aggressive or conservative, self-directed or professionally managed -- are always on the lookout for an edge. And in James O'Shaughnessy's What Works on Wall Street: A Guide to the Best-Performing Investment Strategies of All Time, they'll find a solid one: authoritative analysis of popular practices from the past. The author examines three decades of stock market data to show how 15 of the most common investment tactics have fared over time.
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Average Customer Review:
0 of 0 people found the following review helpful:
 Old book, 2008-12-26
Like most investing book, this one tries to point the reader to relationships between published accounting parameters that could suggest superior returns over long term ( 25+, 50+ years).
The issue I have with back testing of any formulas over such long duration relates to accounting changes over that duration. The book is mute on how to account for the accounting changes. For example, stock based compensation reporting today is different from 5 years ago. Yet the book shows not adjustments and lumps the earnings shown today w/ those from ten years ago.
Also, it is lacking in clear detail about data sources and formulas used for various steps of algorithms.
1 of 2 people found the following review helpful:
 Hennessy Cornerstone Growth is not performing, 2008-07-02
It is a good book to read since the strategies make sense and sound reasonable. Author at every opportunity points out that emotions are not part of investing and one must be mechanical when it comes to investing. He proves his points with many many charts and numbers. He made it sound like investing was very simple. I am not too sure if this is the case. There are still many situations that cannot be plugged into equations to make any model to work consistently without human intervention.
After reading this book, I was very excited to try out strategies that I have learned. I was very pleased to read some common sense approach to investing in stocks. However I had my doubts and I started to question the mechanical nature of strategy which seems to make stock picking so simple. Then after reading reviews from Amazon, I found out that author started a mutual fund based on his growth strategy. I am greatful that author started the fund based on his growth strategy. It is called Hennessy Cornerstone Growth fund, HFCGX. I am greatful because now I know his strategy has not worked for past 10+ years. Looking at Yahoo chart I don't see this fund is performing very well over 5 or 10 years period. Since author's conclusion were based on 52 years of data, then I guess if you got another 42 years then you should make tons of money.
I am disappointed that I probably will never make the money by investing in stocks, since it is more and more like playing slot machine at Vegas than investing.
0 of 0 people found the following review helpful:
 Worth Reading? Yes. Practical? Maybe., 2008-02-04
I've read the comments about this being a "What DOESN'T Work on Wall Street" reference but I tend to disagree. The comments seem myoptic in they only are looking at the short-term. This book out lines a long-term strategy.
Overall I believe this book is worth reading. It outlines and gives evidence of various strategies that work and don't work. Eventually combining single factor strategies into multi-factor ones.
Practical? While I do agree with the book's overall assessment of the strategies it presents, I don't think they are practical from an individual investor standpoint. There were many times while reading the book where I thought this is great information for a fund manager. And that's it. I don't see the everyday individual investor having the resources to gather the necessary data on a yearly basis to determine 50 stocks in the "All Stocks" or "Large Stocks" universes. At one point in the book it is even stated that "his team" is investigating these strategies at the sector level. No individual investor is going to have a team doing anything for them.
1 of 1 people found the following review helpful:
What works on Wall Street Third Edition, 2007-12-07
This is an impressive book, revised and updated from the first edition. (I have not seen the second edition). Especially good is the presentation of the strategies' results by deciles, absent from the first edition. Also, there are a further 9 years of data, including the period 1995-2003. Will the book help you make money? I don't know, but it gives you a fantastically thorough review of strategies which you might want to try. Where else can you get this data for anything like the cost of this book?
0 of 0 people found the following review helpful:
Statistical conclusions presented with more brevity in other books, 2007-12-01
I bought this book because it was referred to in Ken Fisher's latest book and wanted to learn more about using statistical analysis to generate better returns in the market. The author does a great job of presenting his analyses and going through his rationale for why he carried them out the way he did. But whereas Fisher stressed doing statistical analysis with emphasis on generating trading tools to use in a forward looking fashion and to see which trading trends are useful under current market conditions, the author's analyses are performed looking back over decades of previous data with mainly a long term buy and hold strategy in mind. Consequently he arrives at simple value investing conclusions (ie, buy low P/E stocks, buy low P/S stocks, buy high E/P stocks, and avoid growth stocks with high P/Es). But again, in many cases he uses fairly long time periods for the analyses and assumes the use of a buy and hold strategy in which you can buy the stocks and then just let them sit in your portfolio whithout any worries for years to come. Also, he seems to like including the "tech wreck" disaster as an example of why overpriced growth stocks give poor returns to support his conclusions; again assuming you would buy tech stocks and then try to hold them for a long time even if they have a P/E of 200. Overall, gives good advice for people who don't want to do homework or trade often, but not of much value if you're an active trader and the idea of investing in low P/E stocks is presented better elsewhere.
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