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Financial Speculation

Trading financial biases and behaviour

By Gerald Ashley
Cover of Financial Speculation (Hardback) by Gerald Ashley

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Contents Listing

1. Losers Anonymous
2. Past Masters
3. Basic Building Blocks
4. Mental Curves
5. Assorted Killers
6. Chartists, Economists and Gurus
7. Quantum(ish) Finance
8. This is the First Time since the Last Time
9. The Divine Right of Failure
10. Signposts
1. Losers Anonymous
2. Past Masters
3. Basic Building Blocks
4. Mental Curves
5. Assorted Killers
6. Chartists, Economists and Gurus
7. Quantum(ish) Finance
8. This is the First Time since the Last Time
9. The Divine Right of Failure
10. Signposts

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Summary

When we deal in the financial markets are we investing, speculating or gambling?

Does it really matter what we call it?

As this book shows, the world of finance is not an easily defined game. Simple labels, such as gambling and speculation, won't help us grasp the underlying forces that drive the markets.

It's far more important to understand the behaviour and biases of the players - their actions and motivations... Read more below. Download a PDF sample of Financial Speculation now

About the Author

Gerald Ashley

Gerald Ashley is an advisor, writer and speaker on business risk and decision making. He has over thirty years experience in international finance, having worked for Baring Brothers in London and Hong Kong, and the Bank for International Settlements in Basel, Switzerland. He is now Managing Director of St. Mawgan & Co which he co-founded in 2001, a London-based consultancy specialising in strategy consulting, risk management and decision making in finance, business and risk-taking. He is a Visiting Fellow at Newcastle Business School and a regular contrib... Read more on Gerald Ashley

Jacket Text

When we deal in the financial markets are we investing, speculating or gambling?

Does it really matter what we call it?

As this book shows, the world of finance is not an easily defined game. Simple labels, such as gambling and speculation, won't help us grasp the underlying forces that drive the markets.

It's far more important to understand the behaviour and biases of the players - their actions and motivations are the vital components that drive everything; bubbles, crashes, huge fortunes, reckless borrowing and complex instruments and strategies, all flow from this simple fact.
And the markets are not just an external object, to be studied dispassionately under a microscope. How we act within our inner self, and apply our own set of risk and reward values to the seeming chaos of the market, is absolutely crucial. Clearly whatever games that are going on in the market are also going on inside our heads.

In this fully updated and revised edition, Gerald Ashley gets to the heart of the financial markets. He draws on a wealth of revealing and instructive market insights, stories and anecdotes, challenges all the tired cliches about speculation, and slaughters many of the outdated sacred cows of finance.

The book ranges across all the major asset classes, looks at past masters of the art, examines modern thinking on finance and risk, and assesses the value of experts, economists, chartists, market gurus and analysts. Simple examples are used to explain how the basic tools of finance fit together and how to profit in this often complex and unforgiving landscape.
When we deal in the financial markets are we investing, speculating or gambling?

Does it really matter what we call it?

As this book shows, the world of finance is not an easily defined game. Simple labels, such as gambling and speculation, won't help us grasp the underlying forces that drive the markets.

It's far more important to understand the behaviour and biases of the players - their actions and motivations are the vital components that drive everything; bubbles, crashes, huge fortunes, reckless borrowing and complex instruments and strategies, all flow from this simple fact.
And the markets are not just an external object, to be studied dispassionately under a microscope. Ho ...

Reviews

"If one adds Gerald Ashley's innovative thinking to his track record as a successful trader and his wealth of experience in international banking, this book makes compulsive reading"
- David Buik, BGC Partners

"The author's conclusions are clearly those of someone who has worked at the sharp end of the business...a good read for any trader, or any person who is thinking about getting into trading"
- Your Trading Edge magazine
"If one adds Gerald Ashley's innovative thinking to his track record as a successful trader and his wealth of experience in international banking, this book makes compulsive reading"
- David Buik, BGC Partners

"The author's conclusions are clearly those of someone who has worked at the sharp end of the business...a good read for any trader, or any person who is thinking about getting into trading"
- Your Trading Edge magazine

Media Coverage

The Working Manager

In the first part of the book Ashley discusses, compares and challenges set notions on speculation and investment. He also compares investment and speculation to gambling. The discussion is fairly...

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Your Trading Edge

Financial Speculation

'Financial Speculation' is based on experience of the markets rather than theory or assumptions.

Many of the author's views and many of the techniques he suggests may be...

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BNET United Kingdom

lanning for the Unpredictable

Crashes may have different names, but human attitudes to risk are far too predictable, says Gerald Ashley, author of “Financial Speculation”. He explains how to...

Read more

Seeking Alpha

Financial Speculation: Trading Financial Biases and Behaviour
by Gerald Ashley

Reviewed by Max Zeledon

Trading is a risky business for both newbies and experts alike. Indeed, the more we learn...

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News.sky.com

Gerald Ashley took part in the newspaper review on the Sky News Channel - Sky News Channel26th August 2011

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Online.wsj.com

Private Investors Urged To Embrace Behavioural Finance ApproachJulian Evans, Wall Street Journal20th September 2010

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Politicsofwellbeing.com

Curb Your EnthusiasmJules Evans, Politics of Wellbeing19th August 2010

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Jazzfm.com

Gerald was a guest on the Wilson's World with Michael Wilson Show9th June 2010

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Wvox.com

Gerald was a guest on The Bob Marrone Show24th September 2009

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Media Review

the author's conclusions are clearly those of someone who has worked at the sharp end of the business...a good read for any trader, or any person who is thinking about getting into trading- Your...

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Bnet.com

Planning for the Unpredictable: Crashes may have different names, but human attitudes to risk are far too predictable, says Gerald Ashley, author of Financial Speculation. He explains how to...

Read more

Press_releases.htm

A highly instructive and engaging work full of colorful historical personalities, market anecdotes, and useful lessons that will definitely make you a better trader- Seeking Alpha11th June 2009Press...

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