The New Laws of the Stock Market Jungle

Praise for The New Laws of the Stock Market Jungle “A sophisticated trip through the ever-changing jungle.” —Barton Biggs, Managing Partner, Traxis Partners “Michael Panzner, an experienced investment professional, has writ-ten a great book! It contains so many interesting observations sup-ported by well-selected figures that every investor will gain insights that will serve him well for the rest of his life!” —Marc Faber, Managing Director, Marc Faber Limited, Editor, Gloom, Boom & Doom Report “‘This time is different’ may be the most dangerous phrase in the investment lexicon, but sometimes things really are different. In this valuable book, Michael Panzner applies his encyclopedic knowledge of the markets over the last three decades to analyzing the many crucial ways in which investing today is, indeed, different than ever before.” —Mark Hulbert, Editor, Hulbert Financial Digest, Columnist, CBS Marketwatch “The New Laws of the Stock Market Jungle is definitely not for dum-mies. This sophisticated but lively book is for serious investors who want an insider’s perspective on making money in uncertain markets.” —Jon Markman, Contributing Editor, CNBC on MSN Money, and Senior Investment Strategist and Portfolio Manager, Pinnacle Investment Advisors “Stock market speculation is both an art and a science and with this book, Michael Panzner explains just why this is so in a way practical and thorough enough to actually help you invest and trade more intelligently. What more could anyone ask?” —Peter Navarro, author of If It’s Raining in Brazil, Buy Starbucks and When the Market Moves, Will You Be Ready? “Over the last decade, important changes in technology and trading rules have transformed the way that Wall Street operates, while new incentives for institutional investors have altered their behavior and our markets. Panzner’s book identifies new opportunities and threats and offers insights that can help investors to profit in the years ahead.” —John Nofsinger, author of Investment Madness and Infectious Greed “Panzner’s book reveals many of the tools and tricks we professionals use every day to make money. If you wonder why the ‘little guys’ are always at a disadvantage and why many commentators and academ-ics can’t seem to explain these markets, it is because they are unaware of these factors. Honestly, I wish he had not said a thing.” —Robert Jafek, principal, Torrey Pines Capital Management, and former partner, Nicholas-Applegate Capital Management “As an equity dealer for a fund group managing nearly $30 billion, I have used Michael Panzner’s market insights and expertise on a daily basis to help me trade effectively. Now, through this book, his 20 years of market experience are available to everyone. From the sea-soned investment professional to the casual investor, anyone looking to gain a better understanding of how new market forces are chang-ing the dynamics of investing today, will benefit from reading this book.” —Ronald J. Lysek, Jr., International Equity Trader, Franklin Mutual Advisers, Inc. “This ‘bible’ on trading and markets is packed with the most up-to-date information. I recommend this book to anyone who wants to understand the intricacies of today’s stock market environment.” —Peter Tropaitis, Vice President, Senior Global Equity Trader, Federated Investors The New Laws of the Stock Market Jungle An Insider’s Guide to Successful Investing in a Changing World Michael J. Panzner Library of Congress Cataloging-in-Publication Data Panzner, Michael J. The new laws of the stock market jungle : an insider’s guide to successful investing in a changing world / Michael J. Panzner. p. cm. Includes bibliographical references and index. ISBN 0-321-24785-X 1. Investments. 2. Stocks. 3. Stock exchanges. I. Title. HG4521.P26 2005 332.63’22--dc22 2004050519 Editorial/Production Supervision: Donna Cullen-Dolce Cover Design Director: Jerry Votta Cover Design: Nina Scuderi Art Director: Gail Cocker-Bogusz Manufacturing Buyer: Maura Zaldivar Executive Editor: Jim Boyd Marketing Manager: John Pierce Editorial Assistant: Richard Winkler This book is sold with the understanding that neither the author nor the publisher is engaged in rendering legal, accounting or other professional services or advice by publishing this book. Each individual situation is unique. Thus, if legal or financial advice or other expert assistance is required in a specific situation, the services of a competent professional should be sought to ensure that the situation has been evaluated carefully and appropriately. The author and the publisher disclaim any liability, loss or risk resulting, directly or indirectly, from the use or application of any of the contents of this book. © 2005 Michael J. Panzner Published by Pearson Education, Inc. Publishing as Financial Times Prentice Hall Upper Saddle River, New Jersey 07458 Financial Times Prentice Hall offers excellent discounts on this book when ordered in quantity for bulk purchases or special sales. For more information, please contact: U.S. Corporate and Government Sales, 1-800-382-3419, corpsales@pearsontechgroup.com. For sales outside of the U.S., please contact: International Sales, 1-317-581-3793, international@pearsontechgroup.com. Company and product names mentioned herein are the trademarks or registered trademarks of their respective owners. All rights reserved. No part of this book may be reproduced, in any form or by any means, without permission in writing from the publisher. 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