The Market Wizards by Schwager Jack D

Author:Schwager, Jack D. [Schwager, Jack D.]
Language: eng
Format: epub
Tags: Non-Fiction, Business
ISBN: 9780471132363
Publisher: Wiley
Published: 1992-04-14T23:00:00+00:00

William O'Neil-The Art of Stock Selection

William O'Neil is an unreserved optimist and ebullient fan of the American economic system and its possibilities. O'Neil says, “Great opportunities occur every year in America. Get yourself prepared and go for it. You will find that little acorns can grow into giant oaks. Anything is possible with persistence and hard work. It can be done, and your own determination to succeed is the most important element.”

O'Neil is living proof of his own words: a classic American success story. Born in Oklahoma during the lean Great Depression years and raised in Texas, he went on to build dual fortunes as both an immensely profitable investor and a highly successful businessman.

O'Neil began his financial career as a stockbroker for Hayden, Stone and Company in 1958. It was there that he first began the research that led to the formulation of the key elements of his investment strategy. O'Neil's trading concepts proved remarkably effective from the start. During 1962-63, by pyramiding the profits in three exceptional back-to-back trades—short Korvette, long Chrysler, and long Syntex—he managed to parlay an initial $5,000

investment into $200,000.

In 1964, O'Neil used his investment winnings to buy a seat on the New York Stock Exchange and to form William O'Neil and Co., an institutional research brokerage firm. His firm was a leader in offering comprehensive computerized stock market information and today is one of the most highly respected securities research firms in the country. William O'Neil and Co. services more than 500 major institutional accounts and 28,000 individual subscribers to their Daily Graphs charting service. The firm's data base contains 120 different statistics on each of 7,500

securities.

In what was certainly his boldest endeavor, in 1983, O'Neil launched Investor's Daily in direct competition with the Wall Street Journal. He financed the newspaper with his own funds, knowing that it would be many years before he could hope to break even. Skeptics abounded when the paper began with a press run under 30,000 in 1984, compared to over two million for the Wall Street Journal. By mid-1988, Investor's Daily's subscribership had expanded to over 110,000, and the growth in circulation was accelerating. The estimated breakeven point of 200,000

subscribers no longer seems far-fetched. O'Neil believes Investor's Daily can eventually grow to 800,000 readers. His unflagging confidence in the paper stems from the fact that Investor's Daily' s financial tables contain statistical information unavailable anywhere else— earnings per share (EPS) rank, relative strength, and volume percent change. (These measures are discussed in the interview.)

In 1988, O'Neil combined his concepts in the book How to Make Money in Stocks, published by McGraw-Hill.

The book combines clarity and brevity with excellent and very specific trading advice. It was the best-selling investment book of the year.

O'Neil's various business ventures have not impeded his performance as a virtuoso stock investor. During the past ten years, O'Neil has averaged over a 40 percent profit annually on his stock investments. Some of his biggest winners were the Canadian oils during the 1970s and Pic'n'Save and Price Co.

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