By Victor Niederhoffer and Laurel Kenner



“This is a wonderful book. Victor Niederhoffer and Laurel Kenner probably know more about short-term movements than anyone else. Their knowledge, based on sophisticated analysis of their unique database, underlies the findings in this book—an invaluable guide for speculators.”

James H. Lorie, Eli B. and Harriet B. Williams Professor Emeritus of Business Administration, Graduate School of Business, University of Chicago


“A Rabelaisian romp down Wall Street. Always taking the unconventional course, this book is fearless and occasionally outrageous. It leaves no sacred cow unskewered. Bold analogies and clever insights spill from its pages. Recommended to those seeking both fun and profit.”

Richard Zeckhauser, Frank P. Ramsey Professor of Political Economy, Harvard University.


“A fascinating read, one that will both entertain and educate.”

            Edwin S. Marks, Chairman, Carl Marks & Co., Inc.


Practical Speculation is so good that I’ll guarantee it. If it’s not for you just return it to me with your sales receipt for a full prompt refund.”

            Martin Edelston, Publisher, Bottom Line Personal


“Pearls of investment wisdom from a Wall Street legend that should be treasured not only for their insights into the workings of the market, but also for their candor and humor…I’ve learned more from reading Niederhoffer’s works than I care to admit, and recommend this to anyone with serious financial aspirations.”

            Andrew Lo, Harris & Harris Group Professor, MIT Sloan School of Management


“Practical Speculation distills an unusual breadth of hard-won (and costly) experience and insight into an immensely readable and instructive book. Bulls and Bears are drawn and quartered alike by the authors’ exquisitely honed quantitative scalpel.”

            Stephen M. Stigler, Professor of Statistics, University of Chicago


“In my judgment, Victor Niederhoffer is the single most insightful speculator in the world. This new book displays Victor’s unique gift for recognizing the subtle confluence of seemingly disparate events. Although this book is partially a guide on investment strategy, it is principally a remarkable explanation of market function.”

            Herbert London, John M. Olin Professor of Humanities, New York University, President, Hudson Institute


“Whatever Victor Niederhoffer writes is worth reading—not once but at least twice. His analysis of markets is as brilliant as it is unorthodox. Readers will discover a host of nuggets in Practical Speculation that will stretch their minds and tease their imaginations.”

            Lawrence S. Ritter, John M. Schiff Professor of Finance Emeritus, New York University


“Victor Niederhoffer outdoes himself beginning with the first paragraph of the introduction. Victor and Laurel uniquely see the interrelationships and dependencies among the complex factors that are daily life and are able to interpret observations in terms of how people will react to the sequences of events. Practical Speculation is an extraordinary insight into the thinking of probably the most original thinker of our time.”

            Kenneth Rendell, Founder, Kenneth W. Rendell, Inc.


“Vic and Laurel are breathtakingly insightful. They paint on a global investment canvas stretching across space and time. This is their dazzling journey through the art, science, sport and literature of investing. Don’t risk a penny on stocks until you have read Practical Speculation.”

            Professor Elroy Dimson, London Business School

            Co-author, Triumph of the Optimists