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The Nature Of Risk: Stock Market Survival And The Meaning Of Life by Justin Mamis (Author)
Mamis—described by the Milwaukee Business Journal as a “remarkably foresighted man,” included in the Wall Street Letter’s 1991 All-American Research Team, and ranked by Barron’s among the top five stock market gurus—unveils a surprising truth about profiting in the market: the less you focus on knowing the details of a company or stock, the more likely you are to succeed.
Editorial Reviews
From Kirkus Reviews
A seasoned Wall Street professional, Mamis previously promoted technical analysis (rather than fundamental analysis) of stock movements in When to Sell (1977) and How to Buy (1982). In this intriguingly reflective work, he expands beyond his analytical expertise to explore broader life concepts. Mamis suggests that in both investing and living, people often must take action without having complete information—accepting the inherent risks. For example, he warns that those who delay may end up capturing only the final portion of a bull market, exposing themselves to greater-than-average risk.
He also emphasizes that under stressful conditions, people tend to let emotions override rational thinking. Drawing from life experience, Mamis notes that repeated conditioning into socially “acceptable” habits since childhood can leave individuals frozen at crucial decision points—both financially and personally. Accepting the saying that “the market climbs a wall of worry,” he urges readers to rely on intuition rather than raw instinct, whether trading stocks, entering relationships, or pursuing other ventures.
Mamis argues that taking calculated risks can be freeing, with the reward being not only monetary gain but also a sense of equilibrium. To him, the ultimate payoff is the fulfillment that comes from playing to win instead of merely trying to avoid loss, from beginning to end.
Interspersed with contemplative remarks (“death is the ultimate risk”; “money, like sex, can distort perception”), he delivers unconventional views on diverse topics—from gold (which he sees as an ineffective hedge in recent downturns) to indexing (reducing decision-making but not risk) and diversification (which he labels as a tool “meant to protect the uninformed”). This book offers a stimulating blend of market insight and life philosophy, portraying both as ongoing challenges without a final resolution.
Product details
Publisher : Basic Books (September 17, 1991)
Language : English
