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Practical
Speculation
VICTOR NIEDERHOFFER
LAUREL KENNER
John Wiley & Sons, Inc.
More Praise for
Practical Speculation
“Practical
Speculation
distills an unusual breadth of hard-won (and costly) ex-
perience 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 par-
tially 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 de-
pendencies among the complex factors that are daily life and are able to inter-
pret 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 W. Rendell
Founder, Kenneth W. Rendell, Inc.
“Vic and Laurel are breathtakingly insightful. They paint on a global invest-
ment 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
Practical
Speculation
VICTOR NIEDERHOFFER
LAUREL KENNER
John Wiley & Sons, Inc.

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