Anatomy of the Bear : Lessons from Wall Street's Four Great Bottoms

by Napier, Russell

• ISBN13: 9781905641574
• ISBN10: 1905641575
• Format: Hardcover
• Copyright: 2007-11-30
• Publisher: Harriman House Pub

Summary

This is a good time to look at the financial bear. How does one spot the bottom of a bear market? What brings a bear to its end? There are few more important questions to be answered in modern finance. Financial market history is a guide to understanding the future. Looking at the four occasions when US equities were particularly cheap - 1921, 1932, 1949 and 1982, Russell Napier sets to answers these questions by analysing every article in the Wall Street Journal of either side of the market bottom. In these 70,000 articles he examines, one begins to understand the features which indicate that a great buying opportunity is emerging.

Table of Contents

Acknowledgements	p. vii
Foreword: Marc Faber	p. x
Prologue, 2007	p. xiii
Introduction	p. 1
August 1921	p. 11
The road to August 1921	p. 12
The course of the Dow - 1896-1921	p. 12
Living with the Fed - A whole new ball game (I)	p. 16
Structure of the market in 1921	p. 30
The stock market in 1921	p. 30
The bond market in 1921	p. 33
At the bottom with the bear - Summer 1921	p. 37
Good news and the bear	p. 44
Price stability & the bear	p. 49
Liquidity and the bear	p. 52
The bulls and the bear	p. 58
Bonds and the bear	p. 70
July 1932	p. 75
The road to July 1932	p. 76
The course of the Dow - 1921-29	p. 77
Living with the Fed - A whole new ball game (II)	p. 82
The course of the Dow - 1929-32	p. 87
Structure of the market in 1932	p. 100
The stock market in 1932	p. 100
The bond market in 1932	p. 106
At the bottom with the bear - Summer 1932	p. 111
Good news and the bear	p. 119
Price stability and the bear	p. 126
Liquidity and the bear	p. 130
The bulls and the bear	p. 135
Bonds and the bear	p. 152
Roosevelt and the bear	p. 160
June 1949	p. 164
The road to June 1949	p. 165
The course of the Dow - 1932-37	p. 169
The course of the Dow - 1937-42	p. 173
The course of the Dow - 1942-46	p. 177
The course of the Dow - 1946-49	p. 181
Structure of the market in 1949	p. 187
The stock market in 1949	p. 187
The bond market in 1949	p. 190
At the bottom with the bear - Summer 1949	p. 195
Good news and the bear	p. 199
Price stability and the bear	p. 206
Liquidity and the bear	p. 210
The bulls and the bear	p. 216
Bonds and the bear	p. 227
August 1982	p. 230
The road to August 1982	p. 231
The course of the Dow - 1949-68	p. 234
The course of the Dow - 1968-82	p. 243
Structure of the market in 1982	p. 255
The stock market in 1982	p. 255
The bond market in 1982	p. 259
At the bottom with the bear - Summer 1982	p. 261
Good news and the bear	p. 263
Price stability and the bear	p. 268
Liquidity and the bear	p. 272
The bulls and the bears	p. 281
Bonds and the bear	p. 289
Conclusions	p. 293
Strategic	p. 294
Tactical	p. 295
Then and now	p. 296
Bibliography	p. 298
Table of figures	p. 302
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