Anatomy Of The Bear Russell Napier’s critically acclaimed Anatomy Of The Bear: Lessons From Wall Street’s Four Great Bottoms returns with a brand new edition – featuring a new foreword by Merryn Somerset Webb and a new preface by Napier looking to the future for the stock markets
“A cult classic in the investment community” – Financial Times
“Russell Napier’s Anatomy Of The Bear: Lessons From Wall Street’s Four Great Bottoms is a must-read for anyone who wants to understand the great sweep of investment history and, in particular, why markets suddenly decide to stop falling and start rising again.”– Tom Stevenson, The Daily TelegraphSALT New York: Wellington’s CEO On The Benefits Of Active Management
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Russell Napier’s Anatomy Of The 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 out to answer these questions by analysing every article in the Wall Street Journal from either side of the market bottom.
In the 70,000 articles he examines, one begins to understand the features which indicate that a great buying opportunity is emerging.
By looking at how markets really did work in these bear-market bottoms, rather than theorising how they should work, Napier offers investors a financial field guide to making the best provisions for the future.
This new (fourth) edition of Anatomy Of The Bear: Lessons From Wall Street’s Four Great Bottoms includes an all-new extended preface from the author, which looks at the future direction of the US equity market in light of recent years and the book’s original groundbreaking research, and a brand new foreword from Merryn Somerset Webb.
“This new edition is a must-read for all professionals – they will, I think, be genuinely neglecting their duty to their clients if they are not aware of Russell’s work. But given how busy all too many of them will be worrying about relative P/Es, extrapolating last year’s earnings into next and working on their crowd-pleasing skills, I suspect it is also a must-read for non-professional investors too.You need to know when Russell thinks the next great bottom will be – just in case your fund manager doesn’t.”
About the Author
Professor Russell Napier is the author of the Solid Ground investment report and co-founder of the investment research portal ERIC (www.eri-c.com). Russell has worked in the investment business for 25 years and has been writing global macro strategy for institutional investors since 1995. Russell is founder and course director of the Practical History of Financial Markets at the Edinburgh Business School. Russell serves on the boards of two listed companies and is a member of the investment advisory committees of three fund management companies. In 2014 he founded the Library of Mistakes, a business and financial history library in Edinburgh. Russell has degrees in law from Queen’s University Belfast and Magdalene College, Cambridge, and is a Fellow of The CFA Society of the UK and an Honorary Professor at Heriot-Watt University.
Anatomy Of The Bear: Lessons From Wall Street’s Four Great Bottoms by Russell Napier