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Taming the Lion, by Richard Farleigh, 100 secret strategies
colaiscute
post Posted: Feb 15 2007, 03:14 PM
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Thanks for that Skorpian,

I completely agree with you on the Buffet link to Farleigh.... he is definitely someone from a very high intellectual class, and his writing style is a little more instructional (as in, here are the rules, here is what to do) as opposed to some other authors who are more about inspiring you to find your own answers.

I would say this book is full of truths (I dont agree with all his points though) and for someone who is extremely set in their trading style, it might be a bit confrontational to read the book... but maybe its good to be forced and challenged into rethinking everything.

Anyway, thanks for your review Skorpian, can't add much more other than grab the book yourself if you havn't already!





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colaiscute
 
nizar
post Posted: Dec 27 2006, 08:33 AM
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In reply to: skorpian on Wednesday 27/12/06 01:38am

Thanks for that detailed review skorpian.
It sounds good, my copy is already on the way.



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My posts express my opinions and thoughts and do not constitute financial advice.
Please consult a professional financial advisor and/or do your own research before investing.
 
skorpian
post Posted: Dec 27 2006, 01:38 AM
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This book by Richard Farleigh is easy reading and thought provoking. It was a pleasure to read it cover to cover, and then to re-read some of the sections as I came to understand the author.

Farleigh is no ordinary investor. He has gone from trading currencies (and everything else), trading the big markets, to small companies, listed and on the AIM and now venture capitalism. Within that wealth of experience he is someone who strikes me as highly intelligent and disciplined, yet at the same time when it comes to some of his investments his approach to due diligence is as much about the management as it is about the product.

His background as a state chess champion, then graduating from UNINSW with first class honours in Economics and Econometrics shows his intellect. In terms of investment, he is way out of my league! It is reassuring that he talks about diversifying to manage risk when he does things like sell his house in Sydney and put the sale proceeds into Deutschemarks. Then again, by that stage he was obviously very wealthy and he had his investment rules, this being only a portion of his investment allocation.

I struggled with some of his approaches to understanding his investments, particularly biotech/biomedical. He seems to get caught up with some of the developments, for example for Human Genome Project and other discoveries, yet later in the book he talks about investing in areas of your expertise. He admits to not trying to understand all of the products he is investing in, preferring to understand the people he is working with as part of the due diligence. I can see his point, but that to me is one of the major risks of his investment strategy.

The small companies section is excellent. A 50% success result in venture capitalism is very good and he shares with us some of his successes and failures throughout the book as illustrations of what he has learned along the way. The section on his venture capital and small company investments is well written and I found myself applying what I read to my own investments as I went through the chapter.

Farleigh’s style with small companies clearly has a Buffett flavour. His book is thought provoking as he is not an investor that you could ever hope to fully emulate (I can only dream to be that successful!) but he has some pearls of wisdom that every stock-market investor can apply to their investment strategies. They are clearly outlined and easy to follow.

I would highly recommend this book to those who invest in the share market. It is a useful book for the beginner and the more experienced share market investor.


 
skorpian
post Posted: Dec 24 2006, 05:58 AM
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I am just starting to get in to the book by Richard Farleigh, Taming the Lion. It was interesting to read through some of the previous comments to see what others have thought.

Superficially, on first impressions the book does give a broad and personal overview of one highly successful investors approach to “trading”and investing. He seems to have a good writing style with some admixed personal anecdotes about his various deals.

I suspect however that we are not dealing with an ordinary investor. Hopefully will be able to extract some useful pointers from the many points that he lists… whatever the format.

If nothing else, I love his views on Day traders (thanks for being there but no thanks) and Charting (astrology, lots of lines and non scientific - his words not mine !) !

I am looking forward to this one... cool.gif


 
spot
post Posted: Aug 22 2006, 10:34 PM
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it's a very good book, but i think you need to have had experience in trading the credit markets to really appreciate it. not a book i would recommend to stockpickers .. but a recommended read for those who trade the macro trends.

i'm impressed by his ability to think deeply and critically.



 
Bazza
post Posted: Aug 22 2006, 09:45 PM
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In reply to: anne on Tuesday 22/08/06 08:48pm

Anne
Something else I meant to mention. IMHO there is no all encompassing strategy or any secret strategy and anybody that tells you differently make sure you dont let them get a hold of your assets. Everything is ambiguous. What you have to do is try to understand all the different concepts that are around about the market and then use the one that matches the present situation. Not easy aye. The reason we are always looking for some secret strategy is because we have difficulty dealing with the complexity. You will be safer dealing with the complexity.
Bazza

 


Bazza
post Posted: Aug 22 2006, 09:29 PM
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In reply to: anne on Tuesday 22/08/06 08:48pm

Hi Anne,
I read through your post with interest as I am due to receive the book for comment shortly. The reason I selected this book in particular was because it was presented as insightful and from your review it sounds so. I like the idea that someone is capable of spending such a short time learning his trade and being successful in such a short time. I find that rare and was looking to measure whether he had been lucky(which happens) or in fact he had managed to understand the system quickly which from your review seems to be the case. Some people manage to see and understand the situation more clearly and very quickly. I think your a bit hard when you talk about the strategies you expected. I think maybe you should look at your own perspective(maybe experience). It is expected that publishers will market the book. You dont read some info on a forum and then make a decision based on that info do you?
I like what you have written and I am looking forward to reading the book. All those concepts are freely available in the marketplace but combining them in each different situation when they are needed can be tricky. As well remembering them at the right time is difficult.
I am looking forward to what he says about each concept as they are all ambiguous and can be used or discarded as suits the situation.
Thank you for your review.
Bazza

 
anne
post Posted: Aug 22 2006, 08:48 PM
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In reply to: eddievanhalen on Tuesday 22/08/06 08:09pm

Hi Ed

Yes, i had seen those farleigh rules back in Egoli days!

I just see it as a big shame really. What he said was interesting, but he could have said so much more.

That's funny about the short-term interest rate = economic growth rate + inflation rate. I remember you alluding to that years ago too; maybe you did spell it out and I just wasn't paying attention!

Cheers Anne

 
eddievanhalen
post Posted: Aug 22 2006, 08:09 PM
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In reply to: anne on Tuesday 22/08/06 07:50pm

Hi Anne,
The interest rate rule (which he didn't invent) does tend to be a good rule of thumb I've found. As far as the 100 rules go , I have a printout of them somewhere on my bookshelf from 6 years ago. They were available on farleigh's website for years and when he decided he was going to base a book around them and make some money(a couple of years back) they were taken down rolleyes.gif

He really hasn't added much to them by the looks.

Cheers,

Ed



 
anne
post Posted: Aug 22 2006, 08:08 PM
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In reply to: nizar on Tuesday 22/08/06 07:40pm

Hi Nizar

You say you agree with him that many people on share scene should not day trade, but I think a more important point he makes is to work hard to discover your own edge.

And there are heaps of short-term trading edges that work - -i know, because I've successfully nutted out some myself and I've seen other short-term traders do very well too.

Therefore the more important rule I think is don't buy anything until you're certain you have an edge!

One thing I did do as a result of reading he book was to write down my strategies as previously they were in my head. I suppose I was just trying to write out the list he promised to write out.

I was surprised farleigh was so dirty on all aspects of technical analysis. He says charting is hocus posus.

Oddly, though, he seemed to suggest that his discovery that markets do trend was very significant in terms of offering a profitable opporunity, and yet he didn't seem to consider the idea of looking for charting patterns that might reliably identify the start of a new trend.

Oh,well, he's only young - just 45 i think now.



Cheers Anne

 
 


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