Abstract
Investment is knowledge of depth and breadth; it is not only about theories, but also practices. In addition to the various theories developed by the academic world, such as CAPM, APT, and EMH, there are also theories developed by investment gurus. For example, George Soros framed “The Theory of Reflexivity”. Warren Buffett believes in “Value Investing” as well as “Buy & Hold”and created respective investment strategies. Julian Robertson, founder of Tiger Hedge Fund, believes that both, fundamental research and market inefficiency, open opportunities to abnormal returns.Andre Kostolany, author of “Confessions of a Speculator”,was also convinced thatmarkets are inefficient.One of Kostolany’s famous quotes is “I am a speculator, and have always been”. In Taiwan, some investors, which should be differentiated them from the ordinary investment professionals because of their outstanding performance, also published their secrets of investment. To name a few, the “From 200 Thousands NT Dollars to 1 Billion NT Dollars” by SONG-YUN ZHANG, the “Big Winner in Stock Market - Write Diary with Candlestick Charts” by JIN-LANG CHEN, “Stock Market Strategy” by DONG-SHAN, the “No-loss Investment” by SONG-PIAN SU, and etc.. Regardless of what methodologyis used, they were all winners in the stock market. Looking at all these different theories and practices, every single one could be applied to make money from trading in stock markets, given that they are used properly.