|
Unexpected Returns: Understanding Secular Stock Market Cycles (精装)
by Ed Easterling
| Category:
Financial market & stock market, investing |
| Market price: ¥ 398.00
MSL price:
¥ 378.00
[ Shop incentives ]
|
| Stock:
Pre-order item, lead time 3-7 weeks upon payment [ COD term does not apply to pre-order items ] |
MSL rating:
 Good for Gifts |
| MSL Pointer Review:
This book is a penetrating analysis of a century's stock market experience and a realistic guide to what market is expected to perform in the years ahead. |
| If you want us to help you with the right titles you're looking for, or to make reading recommendations based on your needs, please contact our consultants. |
|
| |
AllReviews |
1 Total 1 pages 8 items |
|
|
Harvey Rosenblum (MSL quote), Senior Vice President and Director of Research, Federal Reserve Bank of Dallas
<2007-06-18 00:00>
Unexpected Returns provides a broad, deep, and provocative exploration of the factors that determine stock market investment returns over a person's lifetime. Of special interest to me, as a Federal Reserve policy advisor on monetary policy, is Easterling's exploration of the critical role of low and stable inflation as a key determinant of stock market performance. |
|
|
Bill Mann (MSL quote), Senior Editor, Investing, The Motley Fool
<2007-06-18 00:00>
The stock market is one of the few places on earth where people become more excited to buy when things are expensive, and more anxious to sell when things are cheap. Ed Easterling has penned a masterful accounting about why this is so wealth-destructive, presented without preconceived notion or bias. |
|
|
Shell (MSL quote), USA
<2007-06-18 00:00>
As an investment advisor employing both fundamental and technical analysis, the "Secular Bear Market" seems to me an obvious theme. Major stock market indexes are currently as low as they were in 1998. Six years of a secular bear market and most investors are still using the same strategies that worked in the rising markets of the `90's (buy and hope). This trend is nothing new; stocks have cycled 8 times from upward to sideways, over and over, about every two decades since the 1901. Traditional "buy and hold" relative return strategies rely on the direction of the markets. They enjoy gains when they occur, suffer loses when the market declines, and require a long time horizon that many investors don't have. Skill-based tactical strategies seek gains regardless of market direction using investment manager skill in sector rotation, hedging strategies, and risk management. As Ed says in the book, when the wind is blowing we can let out the sails and enjoy the ride. When the wind stops blowing, you can sit there and wait the wind to come again, or you can get out the ores and start rowing. Based on current technical and fundamental research, it seems the wind may not cast our sails and the ores are now necessary to get where we want to go. This book is truly a remarkable account of the markets history. Very well written and compelling research that all investors must understand. |
|
|
Ward (MSL quote), USA
<2007-06-18 00:00>
Easterling does a magnificent job of explaining secular bull and bear markets, how they have acted in the past and what we might expect going forward. Many people in the industry try to tell investors that this time is different and point to long term market averages, but Easterling shows why this is misleading at best and backs it up with meticulous research. The key to making money is not to loose money and knowing what to expect from market cycles will help investors navigate the turbulent waters. Risk management can be adjusted to improve the probability of every investor's success. This is a must read for investment managers and their clients. |
|
|
A reader (MSL quote), USA
<2007-06-18 00:00>
This is a fantastic book. Gives great reasons as to why future returns are going to be low. Also talks about the critical need to move from Buy and Hold to a more skill based investing approach. |
|
|
Rodney (MSL quote), USA
<2007-06-18 00:00>
Whether bull or bear, this book is a must read for all investors. Ed Easterling methodically presents the case for secular stock market cycles and how one can navigate through them. Far too many people today don't appreciate the length and depth of these cycles, yet Easterling does. As an advisor, I cannot stress enough how important it is to understand these cycles and recommend that every individual investor take the time to read Unexpected Returns. A phenominal tool which should be required reading! |
|
|
John (MSL quote), USA
<2007-06-18 00:00>
This is an excellent book. In non-technical terms, Ed Easterling describes how U.S. investment markets have been characterized by long-term bull and bear cycles. He then takes that history and uses it to forecast market performance after the 2000-2002 "correction".
Many investors are not aware of the long-term history of the equity and bond markets. This is the first book accessible to the average investor that makes the case for secular bull and bear cycles. The book clearly shows that the U.S. financial markets are much more risky than most investors perceive them to be. In addition to a concise history of market performance, the author proposes a theory to explain long-term cycles using inflation as the main driver of Price-Earnings ratios.
Much more research needs to be directed to understanding secular market cycles. Nonetheless, this book is an excellent start. It is a must read for any investor and financial adviser. |
|
|
John (MSL quote), USA
<2007-06-18 00:00>
The book does provide useful insights about the markets, their past performance, and likely prospects for the future. It explains many concepts in relatively simple terms that a non-professional can readily understand. I was expecting the book to provide some guidance on how to use the concepts provided in the book; however, it offered nothing more than an investment strategy and did not describe the techniques that are available to and used by hedge funds and others. |
|
|
|
1 Total 1 pages 8 items |
|
|
|
|
|
|
