Mark Conway Buy or No Buy?

Discussion in 'Educational Resources' started by roscko, Dec 28, 2005.

  1. roscko

    roscko

    Hey guys,

    Anyone has a book on DayTrading which they feel is crucial for a daytrader? I was thinking of Professional Stock Trading: System Design and Automation by Mark Conway... any opinions??
     
  2. 007Arb

    007Arb

    If it's the same Mark Conway as described below (and it says he is the author of several of books and newsletters about investing)
    I would think twice.



    Hedge Fraud Is Alleged by SEC

    By GREGORY ZUCKERMAN
    Staff Reporter of THE WALL STREET JOURNAL
    November 10, 2005; Page C6

    The founder of a $43 million hedge fund, Groundswell Partners LLC, hid losses by altering financial statements and misleading his investors, according to a complaint from the Securities and Exchange Commission.

    For years, the Waltham, Mass., hedge fund, founded by Mark Conway, turned heads with what appeared to be stellar returns using a mathematical-based trading strategy that attracted investments from other hedge-fund professionals and wealthy institutions and individuals.

    But late last month, Mr. Conway's partner, Aaron Behle, wrote to fellow investors that Mr. Conway, an author of number of books and newsletters about investing, confessed to Mr. Behle that he had created "fictitious brokerage statements, fictitious accounting reports, fictitious audit reports, a fictitious auditor, and fund performance information," according to Mr. Behle's letter.

    The SEC complaint, filed in federal court in Massachusetts, alleges that Mr. Conway "defrauded his clients by not disclosing the millions of losses" that the hedge fund incurred, and misled them about the amount of assets in the fund and its trading strategy. The complaint alleges that the fund now only holds $14 million, rather than the $43 million that investors were told was in the investment pool.

    Mr. Conway's attorney, John Carman, said "Mr. Conway hasn't opposed any measure suggested by the SEC that is designed to protect the interests of shareholders of the fund," Mr. Carman wouldn't comment on the SEC's complaint. Mr. Conway couldn't be reached to comment.

    The allegations come amid a recent spate of alleged frauds in the hedge-fund business at firms, including Bayou Management, Wood River Partners LP and KL Financial Group.

    "Hedge funds are attracting massive amounts of money," said Walter Ricciardi, head of the SEC's Boston office. "Unfortunately, they're also attracting fraudsters."

    Write to Gregory Zuckerman at gregory.zuckerman@wsj.com
     
  3. Sanjuro

    Sanjuro

  4. chrmu138

    chrmu138

    I agree with some of the writers in the above thread that the systems presented in Mark Conway's book are simply not profitable.
    And I would also recommend Wealth-Lab instead of TradeStation mainly because of its better portfolio backtesting capabilities and its much more flexible programming language!