Unexpected Returns: Understanding Secular Stock Market Cycles FROM THE PUBLISHER
Why?
Why is the stock market acting differently in the 2000s than in the 1980s and
1990s?
Before you read any how-to investment book or seek financial advice, read
Unexpected Returns, the essential resource for investors and investment
professionals who want to understand how and why the financial markets are not
the same now as they were in the 1980s and 1990s. In addition to explaining the
fundamentals, this book takes you on a graphic journey through the seasons of
the market, tying together economics and finance to show why the stock market
does what it does. Using comprehensive full-color charts and graphs, it offers
an in-depth exploration of what has changed over the past five years - and what
you can do about it to avoid disappointment with your investments. This unique
combination of investment science and investment art will enable you to
differentiate between irrational hope and a rational view of the current
financial markets. Based on years of meticulous research, it provides the
sensible conclusions that will drive your future investment choices and give you
the confidence to rely on your investment outlook, whatever your financial
strategy.
All rights reserved. This book may not be reproduced in whole or in
part, by any means, electronic or mechanical, without prior written permission
from the publisher.Copyright
by Ed Easterling
WHAT PEOPLE ARE SAYING
Richard Sylla
"Unexpected Returns is at once a penetrating analysis of more than a century of stock market experience and a realistic guide to how we may expect the markets to perform in the years ahead. Easterling's findings and conclusions are grounded on the best economic and financial thinking of our time. This is a book for the serious investor and student of the markets." — Henry Kaufman Professor of the History
of Financial Institutions and Markets,
Stern School of Business, New York University,
co-author of A History of Interest Rates
Bill Mann
"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." — Senior Editor, Investing, The Motley Fool
John F. Mauldin
"Ed Easterling has given the world of investing the single best, easy-to-read, study of stock market cycles of which I know. He lays out a path for you to find your own Unexpected Returns, showing you how to confidently navigate the waters of market volatility. Serious investors will devour this book and profit. It should be required reading for investment professionals." — President, Millennium Wave Investments,
author of Bull's Eye Investing
Harvey Rosenblum
"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." — Senior Vice President and Director of Research,
Federal Reserve Bank of Dallas
Rob Arnott
"People are accustomed to the vagaries of market cycles. Far too few realize that these are subsumed within secular bull and bear markets, spanning decades not years. Ed Easterling has done a fine job of describing how these long cycles work and how the investor can plan investment strategies accordingly." — Chairman, Research Affiliates, LLC;
Editor, Financial Analysts Journal
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