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

"I first read the second book on my list when it was published six or seven years ago and it is one of my favourites on investment. Russell Napier's Anatomy of the Bear 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 Telegraph;"a must-read for anyone with even a passing interest in the great sweep of financial history";- Tom Stevenson, The Daily Telegraph;"an outstanding 'must-read' for any student of financial markets";- Marc Faber, author of Tomorrow's Gold;"Here's a cushion for when you hit the bottom.";- The Financial Times;"this is an outstandingly researched and lucidly written book, and with conclusions that are as important as they are compelling."- Bill Jamieson, The Scotsman;"[amongst] the finest minds in Asian finance";- AsiaMoney;"The best investment-related read of the year [2006].";- Bob Yerbury, CIO & CEO of Invesco Perpetual;"[one of the] year's best investment books";- 2008 Stock Trader's Almanac;"Keep this book in mind, for one day it will help you make a lot of money! Russell Napier has written a serious book for serious, patient investors.";- Hugh Sloane, Sloane Robinson LLP;"Napier's cogent, lucid explanation of the similarities and differences between historic financial declines makes this book an essential addition to the education of serious equity investors."- Bill Strong, Equinox Partners and Kuroto Fund;"If you want to make serious money you need to invest when others will not. Russell Napier has done all investors a service by providing a comprehensive examination of exactly these periods.";- Sandy Nairn, Edinburgh Partners;"offers essential advice on how investors can determine what's really going on. Russell Napier's book is an excellent guide";- Financial Sense (Yiannis G. Mostrous);"an incredible resource for anyone wanting to learn from lessons of the past"- Jeff White, President, The Stock Bandit;"An accessible yet thorough examination of bear markets for the investor or trader which provides valuable information on the history of market bottoms.";- Geoffrey H. Gannon / Steven Rosales, Value Blog Review

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 edition includes a brand new preface from the author and a foreword by Merryn Somerset Webb.