Whether you are an investment professional managing billions of dollars or an individual investor with a small nest egg, TrimTabs Investing shows you how to beat the major stock market averages with less risk. This groundbreaking book begins by comparing the stock market to a casino in which the house (public companies and the insiders who run them) buys and sells shares with the players (institutional and individual investors). TrimTabs Investing argues that stock prices are primarily a function of liquidity the amount of shares available for purchase and the amount of money available to buy them rather than fundamental value. Finally, it outlines the building blocks of liquidity theory and explains how you can use them to predict the direction of the stock market. Charles Biderman, a savvy and battle-scarred veteran of the investment wars, has fashioned an intriguing approach to making money in the stock market that adroitly avoids both heavy-breathing speculation and the standard Wall Street practices that enable investors, big and small, to lose money in good markets as well as bad. Aimed at the sophisticated investor (which may or may not be an oxymoron), the book is written in blessedly straightforward prose and is a worthwhile read for anyone with an urge to have a fling at investing.--Alan Abelson Barron s Since the days of Joseph and Pharaoh, it has been axiomatic that the size of the grain harvest affects the level of grain prices; but today s investors have been slow to appreciate the fact that the supply of stock shares significantly determines the level of stock prices. Biderman s long overdue book outlines the theory and evidence behind Trading Float, the actual and exploitable power behind major moves in the stock market. --Paul Montgomery CEO and CIO of Montgomery Capital Management Trade as corporate execs do, not as they say. Charles Biderman has built an impressive list of hedge fund clients from this essential insight, and this book does a great job explaining exactly how retail investors can incorporate it into their investing. --Eric Zitzewitz Assistant Professor of Economics, Stanford Graduate School of Business Charles Biderman is a smart thinker, clear writer and he offers here some very interesting ideas. This book is for the little guy who enjoys reading about money and economics, even if he doesn t adopt the strategies offered here; and for the professional or sophisticated investor, who, to a greater or lesser degree, just might.--Andrew Tobias author of The Only Investment Guide You'll Ever Need

Whether you are an investment professional managing billions ofdollars or an individual investor with a small nest eggTrimTabs Investing shows you how to beat the major stockmarket averages with less risk. This groundbreaking bookbegins by comparing the stock market to a casino in which the house(public companies and the insiders who run them) buys and sellsshares with the players (institutional and individualinvestors). TrimTabs Investing argues that stockprices are primarily a function of liquidity--the amount ofshares available for purchase and the amount of money available tobuy them--rather than fundamental value. Finally, itoutlines the building blocks of liquidity theory and explains howyou can use them to predict the direction of the stock market."Charles Biderman, a savvy and battle-scarred veteran ofthe investment wars, has fashioned an intriguing approach to makingmoney in the stock market that adroitly avoids both heavy-breathingspeculation and the standard Wall Street practices that enableinvestors, big and small, to lose money in good markets as well asbad. Aimed at the sophisticated investor (which may or may not bean oxymoron), the book is written in blessedly straightforwardprose and is a worthwhile read for anyone with an urge to have afling at investing.--Alan AbelsonBarron's"Since the days of Joseph and Pharaoh, it has beenaxiomatic that the size of the grain harvest affects the level ofgrain prices; but today's investors have been slow toappreciate the fact that the supply of stock shares significantlydetermines the level of stock prices. Biderman's long overduebook outlines the theory and evidence behind 'TradingFloat,' the actual--and exploitable--power behindmajor moves in the stock market. --Paul MontgomeryCEO and CIO of Montgomery Capital Management"'Trade as corporate execs do, not as theysay.' Charles Biderman has built an impressive list of hedgefund clients from this essential insight, and this book does agreat job explaining exactly how retail investors can incorporateit into their investing." --Eric ZitzewitzAssistant Professor of Economics, Stanford Graduate School ofBusiness"Charles Biderman is a smart thinker, clearwriter--and he offers here some very interesting ideas. Thisbook is for the little guy who enjoys reading about money andeconomics, even if he doesn't adopt the strategies offeredhere; and for the professional or sophisticated investor, who, to agreater or lesser degree, just might.--Andrew Tobiasauthor of The Only Investment Guide You'll Ever Need

Acknowledgment.Introduction.PART ONE: INTRODUCING LIQUIDITY THEORY.Chapter 1. A Tale of Fortune Lost.Chapter 2. The Genesis of Liquidity Theory.Chapter 3. The Principles of Liquidity Theory.Chapter 4. The Building Blocks of Liquidity Analysis.PART TWO: INSIDE LIQUIDITY THEORY.Chapter 5. Demolishing the Cult of Earnings.Chapter 6. The House: Secret Corporate Power.Chapter 7. The Players: Buying, Selling, and Borrowing.PART THREE: LOOKING BACK.Chapter 8. The Bull Market and the Bubble.Chapter 9. The Aftermath.PART FOUR: Liquidity Theory in Action.Chapter 10. Swinging for Singles: Lower-Risk Strategies.Chapter 11. Swinging for the Fences: More AggressiveStrategies.PART FIVE: LOOKING AHEAD.Chapter 12. Managing Difficulties.Chapter 13. New Applications.Chapter 14. How Liquidity Could Save the Markets.Appendix: Historical Liquidity Data.About the Authors.Index.