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Praise for EXCHANGE TRADED FUNDS and E-MINI STOCK INDEX FUTURES

“The publishing of Exchange Traded Funds and E-mini Stock Index Futures provides investors, retail and institutional alike, great insight as to the structural advantages and applications of these two innovative investment and trading instruments. The launch of these products continues the trend of democratization of index investing empowering more investors to capitalize on the virtues of indexing. Mr. Lerman’s book is a great reference tool to gain a better understanding of these exciting products.”–Nick Lopardo, Vice Chairman, State Street Corporation, and Chairman & CEO, State Street Global Advisors

“This book is a must-read for anyone thinking of investing/trading in Exchange Traded Funds (ETFs) and E-mini stock index futures! Lerman combines excellent research with practical examples to provide a comprehensive analysis of one of the fastest growing products in all of finance.”–Jay Baker, Vice President of Exchange Traded Funds Marketing, Spear, Leeds & Kellogg

“David is one of the most powerful communicators in the industry. His succinct style and practical examples make this book a must-read for anyone thinking of investing in ETFs and E-mini stock index futures. Standard & Poor’s is proud to have played a role in the success of these innovative and exciting new products.”–Shirley Petersen, Vice President, Global Licensing, Standard & Poor’s Corp.

“Here’s a great guide for those looking to get started in index investing and to learn how

by using Wall Street’s most successful new investment vehicles–exchange traded funds and E-mini stock index futures.”–Erin Arvedlund, Staff Writer, Barron’s magazine

“The ownership of index funds is a must for all long-term investors. David Lerman has done a terrific job of explaining everything you need to know in order to take advantage of the broad array of index fund products on the market. He shows just how simple it is to be a participant in funds that routinely outperform nearly every money manager in existence.”–Lawrence G. McMillan, author of McMillan on Options and President, McMillan Analysis Corp.

Exchange Traded Funds and E-Mini Stock Index Futures

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Meet the new leaders of the twenty-first-century stock market-each an Internet stock-trading legend. Each a cyber-guru in the vanguard of the millions of people trading and talking about stocks on the Internet. Each with legions of eager followers and determined foes, and the ability to make stock prices leap-or plummet-at the click of a mouse. Colorful, charismatic, and often outrageous, they are reshaping the way we invest and how Wall Street works.

Scam Dogs and Mo-Mo Mamas is their story the first journalistic look at these market wizards and their brave new world. Veteran Wall Street Journal reporter John Emshwiller has entered that world and brought back a lively, entertaining tale, documenting their rise, the culture they’ve created, their intertwined lives, and their power, influence, and turf battles.

Pitted against the cyber-gurus, and a major part of this story, are the self-appointed truthsayers who seek to expose their excesses, Web officials who try to keep order in cyberspace, and enforcement officials from the SEC, who are beginning a government crackdown.

Though these Internet voyagers rarely meet or even share a spoken word, their lives and passions have all met in cyberspace. There, they befriend or battle each other in pursuit of fame and fortune. They operate in a realm without substance that can be powerfully, even frighteningly, real. There, it is as easy to be entertained as it is to be fleeced. Of course, if you are very good and very lucky, you just might strike it rich.

Welcome to the wild and woolly world of Internet stock trading-where the rules are still being written, nothing is as it seems, and everything is up for grabs.Amazon.com Review
Would you take a stock tip from a guy named Tokyo Joe? How about one from Big Dog? If so, you should read this book. If not, you will probably find Scam Dogs and Mo-Mo Mamas an entertaining curiosity about the type of person you’re glad you’re not. Tokyo Joe and Big Dog are two of the main characters in Scam Dogs. They post messages on Internet stock discussion boards, touting stocks most of us have never heard of. When these guys say “Buy,” thousands of people do. The problem for those thousands is the gurus may have done all their own buying before recommending a stock to others and start selling as soon as their followers start buying. At least that’s what the Securities and Exchange Commission accused Tokyo Joe of doing when it filed a civil complaint against him in January 2000. (This practice, according to the helpful glossary at the back of the book, is called scalping.) Emshwiller is a reporter for The Wall Street Journal who has covered numerous frauds and swindles–in fact the book started as a Journal article about the colorful Tokyo Joe (How colorful? He usually trades naked in his Manhattan apartment, sitting in the lotus position while staring at multiple computer screens.) Scam Dogs will be most useful to those contemplating a career in day trading. However, when you see how many ways there are to get fleeced, you may decide it’s a more remunerative not to become a sheep. –Lou Schuler

Scam Dogs and Mo-Mo Mamas: Inside the Wild and Woolly World of Internet Stock Trading

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The chart on the cover tells all. Buy the stock in the blue area. That’s where the stock is worth more than it costs. Don’t buy the stock in the red area. That’s where the stock costs more than it is worth. What Are Stocks Really Worth? shows how to locate the buy and don’t buy areas. It tells you what a stock is worth in dollars and cents. If the stock is worth more than it costs, buy it. If not, don’t buy it. It is as simple as that.

Step-by-step examples show how to analyze a firm’s financial statements and forecast future performance. Simple worksheets then show how much you can pay for the stock and still earn any minimum rate of return you specify. Even though SmartValue is cutting edge technology, simple worksheets reduce computations to grammar-school arithmetic. A hand calculator is all you need. You will learn with real examples and real firms, like Coca-Cola, Cisco Systems, and Microsoft. No made-up “XYZ” corporations.

You are not some “average” investor. You are special. The book tunes finding what stocks are worth to your individual situation — to your tax bracket, your time horizon, your tolerance for risk, and your alternative investments. It tells what the stock is worth to you, not to that “average” investor.

The book will make you an intelligent investor. You will learn the three key factors that tell what any stock is worth. Focus on those keys, and you can ignore the babble of the other statistics that crowd the financial pages.

Growth stocks! That’s where the glamour and hype is. And that’s where the risk is. You can easily pay too much for growth stocks. Rapid growth cannot last forever. Growth is bound to slow as gowth firms mature. The SmartValue Formula provides unlimited flexibility in accounting for how growth slows. You can even forecast by drawing free-hand curves on a sheet of graph paper. The SmartValue formula will translate your free-hand curves into a dollars-and-cents value for any stock.

What Are Stocks Really Worth? The SmartValue Formula for Buying Low and Selling High