The Janus Factor

Gary Edwin Anderson 지음

Bloomberg Press 2012년 11월 19일 출간

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Tap into feedback loops to unravel market trends and discover profitable trading opportunitiesThe Janus Factor presents an innovative theory that describes how feedback loops determine market behavior. The book clearly shows how the theory can be applied to make trading more profitable. The metaphor of the two-faced god Janus is used to reflect alternating market environments, one dominated by trend followers and the other by contrarian bargain hunters.In this book, author Gary Anderson puts forth a systematic view of how positive and negative feedback drive capital flows in the stock market and how those flows tend to favor either sector leaders or sector laggards at different times.Discusses how to find better performing stocksOutlines when and how to use momentum strategies for big profitsAddresses when and how to use contrarian strategiesGary Anderson is the winner of the 2003 Charles H. Dow Award, presented by the Market Technicians AssociationIntellectually challenging and highly practical, The Janus Factor offers insight into market behavior and new methods for capturing stock market trends.

목차

The Janus Factor viiIntroduction xiiiAcknowledgments xvCHAPTER 1 Foundations 1Serendipity 2The Data Set 5Reasons and Causes 6Befuddled 7Which Way Is Up? 9CHAPTER 2 The Assignment 13Measuring Risk: Offense and Defense 14Picturing Offense and Defense 17The Benchmark Equivalence Line (BEL) 19The Trend of Relative Performance 22CHAPTER 3 Feedback and Capital Flow 27Feedback 28Feedback and Capital Flow 31Calculating Relative Strength 37The Relative Strength Spread 39Trend Followers and Contrarians 41CHAPTER 4 The Janus Factor 45Structure and Entropy 46Confidence 47Is the Market Predictable? 48Balancing Acts and Paradigm Shifts 54CHAPTER 5 Seasons of Success 57The Venturi Effect 58The Relative Strength Spread and the Performance Spread 61Group Studies 68CHAPTER 6 Why Jesse Went Broke 71The Cotton King 741911-1914 75The Final Years 80CHAPTER 7 Sheep Dogs and Other Contrarians 83The Sheep Dog Effect 85A Contrarian Hedge? 87The Contrarian Rebound 88The Contrarian Collapse 92CHAPTER 8 Situational Awareness 99Bielema's Choice 101The Bet 106Let Us Calculate! 109CHAPTER 9 The Direction of Momentum 115Relative Momentum 117Relative Momentum versus Relative Strength 123CHAPTER 10 Long Strategies 127The Critical Moving Average 127The DOM Strategy 129Contrarian Threats 130A Defensive Long Strategy 133It's a Bull Market, You Know 135CHAPTER 11 The Complete Strategy 137Combined Long and Short Strategies 139The Model Portfolio 141Execution 143Appendix 149About the Author 163Index 165

출판사 서평

“The Janus Factor is an entertaining and learned discourse on the stock market.& Anderson&'s explanations of complex subjects, such as entropy and feedback, are superb, and his Janus method introduces many intriguing concepts that he tests for improved profit performance. It&'s an excellent, well-written, and informative book that ends with specific methods to help you manage your portfolio.& You won&'t be able to put it down.”&m-Charlie Kirkpatrick, co-author of Technical Analysis and author of Beat the Market“For the past 30 years computers have aided the masses to push a button to become hopeful experts in technical analysis of investment markets. This powerful software revolution has almost single handedly replaced original thinking and innovation in the field of market analysis. I have followed Gary&'s unique and insightful work for many years. In The Janus Factor Gary describes in wonderful detail his methodology which can be found nowhere else. This work is a one of a kind lesson on what drives markets and profits.”&m-Peter Mauthe, Chief Implementation Officer, Mauldin Companies

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저자(글) Gary Edwin Anderson

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Gary Edwin Anderson is a principal od Anderson Leo, providing stock market consulting and advisory services to an international clientele of professional asset managers, including banks, mutual funds, hedge funds, and financial advisors. A well-known technical analyst, Anderson won the 2003 Charles H. Dow Award from the Market Technicians Association for his paper on feedback loops in the stock market, Anderson's work has been featured in Barron's, and he has been published in Technical Analysis of Stocks Commodities. In addition, he publishes a weekly commentary, Equity Portfolio Manager, and is the primary author of Trader's Boot Camp (tradersbootcamp.com), an online educational services.