October 2016
Beginner
208 pages
5h 25m
English
Content preview from Quantitative Momentum
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CHAPTER 1Less Religion; More Reason
Child: “Dad, are you sure Santa brought the presents?”
Father: “Yes, Santa carried them on his sleigh.”
Child: “I guess that makes sense. He did eat the cookies and milk we left by the fireplace.”
—Typical adult/child chat on Christmas Day
TECHNICAL ANALYSIS: THE MARKET'S OLDEST RELIGION
During the 1600s, the Dutch had a large merchant fleet and the port city of Amsterdam was a dominant commercial hub for trade from around the world. Based on the growing influence of the Dutch Republic, in 1602 the Dutch East India Company was founded, and its evolution into the first publicly traded global corporation drove a number of financial innovations to the Amsterdam Stock Exchange, including the subsequent listing of additional companies and even short selling.
In 1688, Joseph de la Vega, a successful Dutch merchant, wrote Confusion De Confusiones, one of the earliest known books to describe a stock exchange and stock trading. Some researchers today argue that he should be considered the father of behavioral finance. De la Vega vividly described excessive trading, overreaction, underreaction, and the disposition effect well before they were documented by modern finance journals.1
In his book, de la Vega describes the day-to-day business of the Exchange and alludes to how prices are set:
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