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Far From Random: Using Investor Behavior and Trend Analysis to Forecast Market Movement by Richard Lehman

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Preface

With few exceptions, authors of financial nonfiction are predominantly PhDs and professors of finance writing on their research or industry practitioners writing about their success. That would make me one of those few exceptions, but then my somewhat unorthodox background is precisely what renders me one of the few people who could see the stock market in the way it is presented in this book.

Since I am not a full-time professor (I teach at night at the University of California at Berkeley Extension), I am neither part of the doctoral mainstream nor affiliated with Berkeley's prestigious Haas School of Business. Therein lies one of my relevant advantages for tackling this subject in that I am not compelled to tow the party line on academia's view of the financial world or what is acceptable to publish. When I was looking for research associates for the book, I spoke with a recent graduate of the Haas School's Masters in Financial Engineering (MFE) program, a unique new curriculum designed to satiate Wall Street's growing appetite for superquantitative analysts. He was interested in working with me until he found out the main subjects included behavioral finance and technical analysis. He said they don't teach either subject in the MFE program and that the thrust of my book would conflict with the financial principles he was taught in school.

MBAs on Wall Street are, of course, a dime a dozen, but their degrees were historically all in finance. My second and perhaps most significant ...

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