Mohn, Robert, 346
Molodovsky, Nicholas, 97
Momentum investing, 302–303
Monetary policy:
postdevaluation, 193–194
postgold, 194–195
Money creation, 195–196
Money managers, skilled,
finding, 346–348, 347i
Money supply, inflation and,
189–190, 191i
Moore, Philip, 355n, 356
Morgan, J. P., 57
Morgan Stanley, 52
Morgan Stanley all-world
index, 313
Morgan Stanley Capital
International (MSCI), 356
Morgan Stanley Capital Market
Index, 173, 311
Morgan Stanley EAFE Index,
169, 170, 171
correlation between U.S. and
EAFE returns and, 172, 172i
Morris, David, 356
Moskowitz, Tobias, 302n
Moving averages, 295–302
distribution of gains and
losses and, 301–302, 301i
Nasdaq moving-average
strategy and, 300–301, 300i
200-day moving-average
strategy and, 296–297, 298i,
299–300, 299i
Mutual funds:
management of, 346–350
performance of, 342–346,
343 i–345i, 348–349
Mutual Shares Z, 346
Myers, Stewart C., 171n
Myopic loss aversion, 332–333
Nabisco, 60i
Nabisco Group Holdings, 62
Nakamura, Leonard, 109
Nasdaq, 37–38
compared with other
exchanges, 43
Nasdaq(Cont.):
rise in late 1990s, 89
rivalry with NYSE, 44–45
Nasdaq Index, 43–45, 47
Nasdaq moving-average
strategy, 300–301, 300i
National Association of
Purchasing Managers
(NAPM), 243
National Association of
Securities Dealers Automated
Quotations (seeNasdaq
entries)
National Biscuit Co., 62
National Bureau of Economic
Research (NBER), 209
Business Cycle Dating
Committee of, 210, 211
National Can, 60i, 64
National Dairy, 60i
National Distillers and
Chemical, 48
National income, ratio of
corporate profits to, market
valuation and, 115–116, 116i
National Lead, 47
in DJIA, 39i, 48
NBC, 48, 57
Neill, Humphrey B., 333
Nestlé, 177
Net income, 102–104
(See alsoEarnings)
New Economic Policy, 194
New York Stock Exchange
(NYSE), 256
antecedents of, 21
closings of, 231–232
Nasdaq compared with, 43
rivalry with Nasdaq, 44–45
stock market crash of 1987
and, 272–273
stock returns since 1871 and,
83
stopping of trading on,
276–288
Newton, Isaac, 221q
Next best price, 275
Nicholson, S. F., 149Nifty Fifty, 143
Nikkeo Dow Jones, 165
NIOC, 178
Nippon Telephone and
Telegraph, 165
Nixon, Richard M., 194, 233
NL Industries, 48
Noisy market hypothesis,
158–159
No-load funds, 263
Nominal price, 70
Nonfarm payroll, 242
Norris, Floyd, 86
North American, 47
in DJIA, 39i, 48
North American Industrial
Classification System
(NAICS), 52n
Novartis, 177Odean, Terrance, 325n, 326n,
330 n
O’Higgins, Michael, 147
Oil reserves, of Middle East, 178
OPEC oil embargo, 85
OPEC oil price hikes, failure of
stocks as long-term inflation
hedge and, 202
Open market, 195
Open market operations, 196
Open market purchases, 195
Open market sales, 196
Operating earnings, 103, 107
Oracle, 38, 89, 156
on Nasdaq, 44
Orphanides, Athanasios, 113n
O’Shaughnessy, James, 145
Out-of-favor stocks, 336
Out-of-the-money puts, 266
Outperformance of market,
139–159
combining capitalization
size and valuation criteria
and, 152–154, 153i, 154i
dividend yields and,
145–149, 146i–149i
explanation of size and valu-
ation effects and, 157–159Index 375