The Bear Book: Survive and Profit in Ferocious Markets / Edition 1

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Overview

The Bear Book focuses on protecting assets and minimizing losses during a bear market and on taking advantage of unique opportunities for profit. John Rothchild chronicles the long history of bear markets, exploring in detail exactly what constitutes a bear market and how it affects us. Along with his own expertise, the author draws on respected and knowledgeable names such as Jim Rogers, Jim Grant, and Martin Zweig, among a host of prominent investment advisors, strategists, and fund managers. The result is a comprehensive chronicle that deftly and definitively fills the "bearish information gap." Rothchild distinguishes the characteristics of past bear markets, examining what triggered them, how long they lasted - and why. He probes the unique psychology of bearish investing, concentrating on which types of investments generally do well during a downturn in the market. His answers to some questions clarify, among other key issues, what can happen to mutual funds in a bear market, and exactly what the dangers are of selling short. Of critical importance is Rothchild's overview of the alternatives to stocks, including gold, bonds, and money market funds, as well as tips on what stocks to buy when the market starts to turn bullish again. For historical perspective, The Bear Book also includes a unique and eye-opening account of the Crash of '29 and its survivors. Profiles of prominent bearish investors - Roy Neuberger and Philip Carret, among them - contain illuminating long-term perspectives on the ups and downs of the stock market over the past fifty to seventy-five years.
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Editorial Reviews

Library Journal - Richard S. Drezen
This book is not about warm, furry animals who inhabit Yellowstone National Park but about "bears" who roam a far different place called Wall Street, along with other animals called "bulls." In simple investing terms, bulls are buyers of stocks and bears are sellers. While everyone well, almost everyone, according to Rothchild loves a bull market, not many relish a bear market. Bearish investors have never had an easy time of it historically, and some notables like "Sell 'em" Ben Smith have even been vilified. But the author provides plenty of statistics to show that bear markets are inevitable. What's an investor to do? Rothchild Learn To Earn, Wiley, 1997 presents a number of options, and while his advice is solid if not terribly original, the haphazard organization and leaden prose may leave the casual investor even more confused than before. To paraphrase the author, if this book were a stock, it would deserve to be shorted. Not recommended. --Library Journal
-- Ina Rimpau, Newark Public Library, NJ
-- Ina Rimpau, Newark Public Library, NJ
Chicago Sun Times
THE BEAR BOOK would be fascinating just because Rothchild is an entertaining writer who has gathered such a wide variety of historical facts, anecdotes, theories and current opinions to enlighten the reader about market declines. --The Chicago Sun-Times
Miami Herald
A timely wake-up call...contains fascinating stories about history's greatest financial busts as well as guidance on how to cope with the next one. John Rothchild made a small fortune from writing books that made finance funny and entertaining. -- The Miami Herald
Wall Street Journal
Mr. Rothchild finds some compelling evidence that a bear might be lurking in the woods. (He) addresses the subject with candor. --The Wall Street Journal
Washington Post Book
According to Rothchild, there's a dark cloud looming behind virtually every silver lining. And to the extent that it can, his book gives investors useful market history to help them cope when the next storm arrives to put the current bull in its place. --The Washington Post Book World
Worth
Rothchild writes crisply and with humor, too...even those investors who don't share his outlook can profit from the reminder that people who get out before market disasters aren't often surrounded by those who share their viewpoint. --Worth
San Diego Union Tribune
An enlightening work that's likely to give investors a bigger scare than a Stephen King novel. Rothchild isn't one of those doom-and-gloom forecasters. He's just hoping to provide some perspective. --The San Diego Union-Tribune
From the Publisher
(John Rothchild) made a small fortune from writing books that made finance funny and entertaining."-Miami Herald

"Mr. Rothchild finds some compelling evidence that a bear might be lurking in the woods. (He) addresses the subject with candor."-The Wall Street Journal

"According to Rothchild, there's a dark cloud looming behind virtually every silver lining. And to the extent that it can, his book gives investors useful market history to help them cope when the next storm arrives to put the current bull in its place."-Washington Post Book World

"THE BEAR BOOK would be fascinating just because Rothchild is an entertaining writer who has gathered such a wide variety of historical facts, anecdotes, theories and current opinions to enlighten the reader about market declines."-Chicago Sun-Times

"A timely wake-up call...contains fascinating stories about history's greatest financial busts as well as guidance on how to cope with the next one."-Miami Herald

"An enlightening work that's likely to give investors a bigger scare than a Stephen King novel. Rothchild isn't one of those doom-and-gloom forecasters. He's just hoping to provide some perspective."-San Diego Union-Tribune

John Rothchild, author of THE BEAR BOOK: Survive and Profit in Ferocious Markets wrote an editorial published in the September 6, 1998 issue of New York Newsday entitled "Are Investors Setting Free the Bears?

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Product Details

  • ISBN-13: 9780471197188
  • Publisher: Wiley
  • Publication date: 4/6/1998
  • Edition number: 1
  • Pages: 304
  • Product dimensions: 6.28 (w) x 9.29 (h) x 1.13 (d)

Meet the Author

JOHN ROTHCHILD is the bestselling author of the critically acclaimed A Fool and His Money and Going for Broke, among other books. He has also coauthored, with Peter Lynch, One Up on Wall Street, Beating the Street, and Learn to Earn. A former editor of the Washington Monthly and financial columnist for Time magazine and Fortune, Mr. Rothchild has also written articles for Harper's, Rolling Stone, Esquire, and many other periodicals. He has appeared on The Nightly Business Report, the Today show, and CNBC.

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Table of Contents

Introduction XIII
Part 1 Bears Will Rise Again
Are Stocks Really That Great? 3
The Case for Cutting and Running 8
Buy, Hold, or Fold 14
If You Make Money in a Down Market, Don't Tell the Neighbors 18
Part 2 How to Spot a Bear
The Ursa Majors 25
Deflating Bears, Inflating Bears 29
Are Earnings Overrated? 33
Pulling the Trigger 41
Tops, Bear Bottoms, and Rallies in Between 46
Early Warning Systems 58
Part 3 Who's Crying Bear?
The Fully-Misinformed Investor 73
The Cassandras 80
Forecasters and Economists 83
The Doomsday Best-Seller 88
Beware the New Era 92
The Bearish Newsletter 96
Fed Watching: A Profitable Pastime 100
The Cover Jinx 107
Part 4 It's a Bear's World, after All
There's Always a Bear Market Someplace 113
The Global Hedge 123
Part 5 Bear-Proofing the Portfolio
The Bear Busters 131
Cash is Trash, But Not Always 138
Hiding in Bonds 147
Will Gold Stop a Bear? 155
The Disappearing Dividend 163
Jumping on the Next Bull 170
Part 6 My Mutual Funds Will Save Me and Other Fallacies
Mutual Misery 177
Bear-Friendly Funds 186
Part 7 Winning from Losing
The Short Sale Made Simple 207
Where Are the Short Sellers' Yachts? 214
Part 8 Bear's Gazette
Hall of Fame 223
Could 1929--That Is, 1932--Happen Again? 239
Survivors from the Crash of '29 Speak Out--All Are Bearish Today 245
The Pessimists' History of the World 253
Bearish Odds and Ends 261
Index 277
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