How to Make Money in Stocks

How to Make Money in Stocks

19A3265

How to Make Money in Stocks

A Winning System in Good Times or Bad

William J. O'Neil

Second Edition

McGraw-Hill, Inc.

New York San Francisco Washington, D.C. Auckland Bogota Caracas Lisbon London Madrid Mexico City Milan Montreal New Delhi San J?an Singapore Sydney Tokyo Toronto

Library of Congress Cataloging-in-Publication Data

O'Neil, William J.

How to inake money in Stocks : a winning System in good times or

bad / William J. O'Neil.--2nd ed.

p. cm.

Includes index.

ISBN 0-07-048059-1 (hc)

--ISBN 0-07-048017-6 (pb)

1. Investments. 2. Stocks. I. Title.

HG4521.0515 1995

332.63'22--dc20

94-28192

CIP

Copyright ? 1995, 1991, 1988 by McGraw-Hill, Inc. All rights reserved. Printed in the United States of America. Except ?s permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a data base or retrieval System, without the prior written permission of the publisher.

1 2 3 4 5 6 7 8 9 0 DOC/DOC 9 0 9 7 6 5 4 (HC) 1 2 3 4 5 6 7 8 9 0 DOC/DOC 9 0 9 7 6 5 4 (PBK)

ISBN 0-07-048059-1 (hc) ISBN 0-07-048017-6 (pbk)

The Sponsoring editorfor this book was Philip Ruppel, the editing Supervisor was Fred Bernardi, and the production Supervisor was Suzanne Babeuf. It was set in Baskerville by McGraw-HiU's Professional Book Group composition unit.

Printed and bound by R. R. Donnelley & Sons Company.

This book is printed on recycled, acid-free paper containing a minimum of 50% recycled, de-inked ?ber.

Success in a free country is simple. Get a Job, get an education, and learn to save and invest wisely. Anyone can do it. You can do it.

Contents

Preface ix

Part l A Winning System: C-A-N S-L-I-M

Introduction: Learning from the Greatest Winners

2

1. C = Current Quarterly Earnings Per Share: How Much

Is Enough?

5

2. A = Annual Earnings Increases: Look for Meaningful

Growth

14

3. N = New Products, New Management, New Highs:

Buying at the Right Time

22

4. S = Supply and Demand: Small Capitalization Plus

Big Volume Demand

29

5. L = Leader or Laggard: Which Is Your Stock?

34

6. I = Institutional Sponsorship: A Little Goes a Long Way 40

7. M = Market Direction: How to Determine It

44

Part 2 Be Smart from the Start

8. Finding a Broker, Opening an Account, and What It

Costs to Buy Stocks

80

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