Smarter Than the Street: Invest and Make Money in Any Market

Kaminsky, co-host of CNBC's The Strategy Session and former broker at Neuberger Berman, believes the coming decade will feature little economic growth and a stagnant Wall Street. Index funds and over-diversification (which makes portfolios behave like index funds) should be avoided. But Kaminsky contends that people cannot only beat the market, they can be even more nimble with their investments than hedge fund managers. Unsurprisingly, the level of commitment and savvy this would require is no small chore. Kaminsky recommends spending an hour a day checking the Financial Times, Wall Street Journal, New York Times, Yahoo! Finance, eWallstreeter.com, and his own network, CNBC (Kaminsky admits to getting up at 4:30 a.m. and not needing much sleep). Readers are also recommended to challenge themselves by reading reports carefully, selling short, using ETFs to hedge their positions, and developing rigorous exit strategies. While intended for market dabblers, one wonders whether the readers sophisticated and dedicated enough to take Kaminsky's advice don't already know what he has to say. (Nov.)