- Paperback: 528 pages
- Publisher: Harper Business; Reprint edition (Sep 30 2004)
- Language: English
- ISBN-10: 0060564148
- ISBN-13: 978-0060564148
- Product Dimensions: 20.6 x 13.5 x 3.1 cm
- Shipping Weight: 386 g
- Average Customer Review: 4.6 out of 5 stars See all reviews (22 customer reviews)
- Amazon Bestsellers Rank: #270,461 in Books (See Top 100 in Books)
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Product Details |
Product Description
From Publishers Weekly
Financial journalist Mahar offers a thorough and accessible history of the explosive 1982-1999 bull market that is illuminating as well as sobering from the current bear market perspective. She notes that most people swept up in the euphoria of this latest market surge failed to recall the lessons of 1929-1934 and 1970-1974, when earlier bubbles collapsed and investors lost heavily. Citing studies by esteemed economists John Kenneth Galbraith and Charles Kindleberger, Mahar reminds readers that this self-blinding euphoria is a regular feature of every bull market. In vivid detail, she documents the trends and outsized personalities that fueled this particular bull market, including the surge of leveraged buyouts of 1984-1987, the mania for junk bonds, falling short-term interest rates, the rush of individual investors into 401(k) retirement plans, the power (and appetites) of mutual funds and the media frenzy that lent an unlikely allure to quarterly corporate earnings reports. As the runup in stock prices gained momentum in the late 1990s while evidence of corporate accounting shenanigans mounted, Mahar's account assumes the compelling power of an oncoming train wreck. Survivors of the recent market meltdown can profit from Mahar's assertion: "Ultimately, secular bear markets teach investors to learn to manage risk in a different way, focusing not on the odds, but on the size of risk." Individual investors will also gather that they need to be more skeptical of some sources of "information" and to be much better informed not to be burned again. Charts.
Copyright 2003 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
Copyright 2003 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
From Booklist
Mahar, a journalist, explores the intrigue and implications of the famous 1982-99 bull market. We are introduced to money managers, stock analysts, and market timers who played critical roles, as well as an unprecedented number of average men and woman (called "main street investors") who poured their retirement savings into mutual funds--money most of them could not afford to lose. Small investors were not advised of the inherent risks in their investments, says Mahar, and the media hype was so great and the news was so good that thousands upon thousands gave Wall Street their confidence. The book concludes with the author's thoughts on topics such as the "buy and hold" strategy; managing risk in a bear market; strategic market timing; and commodities, gold, and the dollar. The 1982-99 run of the bulls on Wall Street was part of a longer cycle that governs the stock market, and Mahar teaches many valuable lessons in this excellent history and analysis. Mary Whaley
Copyright © American Library Association. All rights reserved --This text refers to an out of print or unavailable edition of this title.
Copyright © American Library Association. All rights reserved --This text refers to an out of print or unavailable edition of this title.
Inside This Book
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First Sentence
January 1975. When Richard Russell squinted, he saw the silhouette of a bull emerging against a bleak horizon. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
January 1975. When Richard Russell squinted, he saw the silhouette of a bull emerging against a bleak horizon. Read the first page
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Concordance
Browse Sample PagesConcordance
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most helpful customer reviews
5.0 out of 5 stars
Right up there!,
By Dave Pratt (Blenheim, New Zealand) - See all my reviews
Ce commentaire est de: Bull!: A History Of The Boom, 1982-2004 (Hardcover)
I have a bookcase groaning with investment books and I rate Mahar's book up with the works of Ben Graham and Peter Lynch. A very well written book that shines a light into many a dark corner. I defy even the most well-read and battle-hardened investor to come away denying that Mahar has produced a book cheap at twice the price.
5.0 out of 5 stars
Great book!,
By RTA "Technical User" (SAN JOSE, CA USA) - See all my reviews
Ce commentaire est de: Bull!: A History Of The Boom, 1982-2004 (Hardcover)
I've read many investment books and this book by far was more enjoyable and educational. She is a great writer and knows her stuff. Highly recommended.
3.0 out of 5 stars
the story behind the u.s. stock market in the last 12 years,
By
Ce commentaire est de: Bull!: A History Of The Boom, 1982-2004 (Hardcover)
I read "Bull" with much anticipation based on a recommendation in the Berkshire Hathway annual report. The book basically strips away all the glitz of the past 12 years surrounding the U.S. stock market and shows what was really going on. If you were aware what was happening--and many market students were--you probably don't need to read this book, but if you were new to the markets in the late 1990's and got hosed, I would read this book before throwing in the towel on this fun game.On the positive side, "Bull" offers some funny vingettes, including a CLASSIC--almost fable like--story about how the "Last Bear is Gored." Ms. Mahar recounts how Louis Rukeyser, host of America's most popular financial show, fired market analyst Gail Dudak from his program at the very height of the bull market in 1999. The reason: she was the only market analyst left on his program who perisistently predicted lower stock prices ahead. This woman should have been given a raise for her brains! This vingette is a powerful reminder that journalists like Mr. Rukeyser are not to be confused with skilled money managers, and one should be weary of following the advice of ANYONE except those, who like W.E. Buffett, have made lot of money in an honest way in several different market environments over years and years and years (these people do exist!). As Ms. Mahar points out, the media (and analysts at the big brokerage companies!) had and have almost no incentive to report independently derived market analysis. However, I believe at times Ms. Mahar goes too far in blaming the media for financial events over the past 12 years. For example, she belabors the failure of CNBC journalist Mark Haines, who I think overall is one of the better financial journalists, for failing to uncover the scandalous nature of ENRON's books while he was interviewing the CEO. Despite this failure, which several money managers who had millions invested in ENRON also made, I think Mr. Haines was appropriately critical of events that transpired during his tenure at CNBC.
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