"As Warren Buffett said, ''It''s only when the tide goes out that you learn who''s been swimming naked.'' We now know that most have been. It''s too bad that Ralph Vince did not finish his book in 2005 or 2006, it would have helped save institutional investors and our nation trillions of dollars; few people understand the rewards of leverage and its inherent risks like Ralph. As we found out, most hedge funds and banks use leverage without knowing how to quantify its risks or rewards. This book is a must-read for anyone using or being responsible for risk. Leverage is one of our greatest empowerments."
—Salomon Konig, member of the board of directors, Hedge Fund Association, Partner and Chief Investment Officer, Artemis Capital Partners, LLC
"Ralph Vince is almost alone in his study of trade sizing, but that doesn''t mean he isn''t right. Traders should read this book."
—Euan Sinclair, option trader and author of Volatility Trading
"As we''ve seen recently, the gross misuse of leverage has been a hard lesson for institutions. But position sizing is critical to the success of all traders, big and small, and Ralph Vince brings fresh thinking to an area that badly needs it. He challenges the status quo and makes you think about what you''re doing. He attacks the major flaws of MPT. There is no doubt that you''ll benefit from Ralph''s ideas."
—Perry Kaufman, author of New Trading Systems and Methods, Fourth Edition and A Short Course in Technical Trading
"If Ralph Vince writes it, I read it...every word, every thought this guy has produced has led me to additional market profits. Money management is clearly the way to the kingdom of wealth in the investment world and Ralph gives you the keys in this book."
—Larry Williams, trader, fund manager, and author of Trade Stocks & Commodities with the Insiders: Secrets of the COT Report and Long-Term Secrets to Short-Term Trading
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