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TrimTabs Investing: Using Liquidity Theory to Beat the Stock Market
by Charles Biderman (Author), David Santschi (Author)
Learn how to outperform the stock market with lower risk
Whether you manage billions as a professional investor or are building a modest portfolio, TrimTabs Investing provides a unique approach to beat major stock market averages with less exposure to risk. This innovative book compares the stock market to a casino, where insiders and corporations (the “house”) trade shares with individual and institutional investors (the “players”).
TrimTabs Investing emphasizes that stock prices are largely driven by liquidity—the availability of shares and the cash ready to purchase them—rather than traditional measures of fundamental value. The book also explains the core principles of liquidity theory and how investors can use them to anticipate market movements.
Editorial Reviews
From the Inside Flap
This book introduces a research-backed method to improve investment performance by following the “smart money.” To benefit fully, readers must set aside conventional advice from brokers and pundits. Common metrics like P/E ratios or projected earnings often have minimal impact on price movements. What truly moves stock prices is liquidity—the balance between shares for sale and available cash to buy them.
In TrimTabs Investing, Charles Biderman presents his proprietary methodology, guiding readers to:
- Understand the stock market’s purpose as a system similar to a casino, designed to transfer money while keeping participants engaged
- Use liquidity analysis to track whether insiders and public companies (the smart money) or retail investors (the “dumb money”) are net buyers or sellers
- Enhance returns while reducing risk by buying when liquidity is bullish and selling when liquidity is bearish
From December 2000 to December 2004, while many investors saw their portfolios cut in half and the S&P 500 fell 8%, the TrimTabs model portfolio gained 100%.
Biderman’s liquidity-based approach has been applied daily to help hedge funds and portfolio managers achieve market-beating returns. Whether managing a large fund or a personal investment, this book teaches how to invest like insiders during both bull and bear markets.
From the Back Cover
Praise for TrimTabs Investing
“Biderman offers a compelling method to make money in the stock market while avoiding typical Wall Street pitfalls. A practical read for any investor.” —Alan Abelson, Barron’s
“TrimTabs clearly explains how share supply influences stock prices and outlines the power of ‘Trading Float’ behind major market moves.” —Paul Montgomery, CEO & CIO, Montgomery Capital Management
“‘Trade as corporate execs do, not as they say.’ Biderman shows how retail investors can adopt this insight effectively.” —Eric Zitzewitz, Assistant Professor of Economics, Stanford GSB
“An engaging read for both casual investors and seasoned professionals, offering unique ideas on market behavior and strategy.” —Andrew Tobias, author of The Only Investment Guide You’ll Ever Need
About the Author
Charles Biderman is the founder and President of TrimTabs Investment Research. Born in New York City, he earned a BA from Brooklyn College and an MBA from Harvard Business School. After beginning his career at Barron’s, he became a successful real estate entrepreneur and founded TrimTabs in 1990 to provide unique market insights.
David Santschi is an editorial consultant and copy editor at TrimTabs Investment Research. He holds an AB in History from Davidson College and an MA in History from the University of Wisconsin–Madison, where he is currently pursuing doctoral studies in early modern European history.
Product Details
- Publisher: Wiley; 1st edition (May 2, 2005)
- Language: English
