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The Indomitable Investor: Why a Few Succeed in the Stock Market When Everyone Else Fails

Steven M. Sears

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Summary

Steven M. Sears examines how investors assess risk and information. The book covers fees, incentives, crowd behaviour and the limits of market oversight. Its section on Thomas Peterffy describes changes to Timber Hill’s market-making commitments after the flash crash, showing how automated markets can create risks that their builders must address.

  • SourceThe Indomitable Investor — licensed Wiley text on O’Reilly · Contents; Chapter 9, Present at the Creation, visible opening paragraphs; full section ends at subscription boundary
  • SourceThe Indomitable Investor — British National Bibliography record · Publication and catalogue data: Steven M. Sears, Wiley 2012, hardcover ISBN 9781118110348

Why read it Our view

For founders who build financial products, the Peterffy section offers a case in changing a service when market conditions make it unsafe. Ask which commitments your systems make, when they should reduce those commitments, and how one firm’s response can affect other users and firms.

Written about

  • Thomas PeterffyCase study
    Chapter 9’s “Present at the Creation” section covers Peterffy and Timber Hill’s response to the flash crash. This is a short business case within a wider investing book.
    Source