Rating: 
Summary: okay book
Review: A lot of assumptions are made, but very little evidence to back it up. I would have like to see more in depth analysis. For a better assessment of the current economic environment check out Financial Reckoning Day by Bonner.
Rating: 
Summary: Elliot may be Junk but Deflation is Already Here
Review: Although I am Australian (the book is mainly written for an American audience) and relatively unaquainted with Prechter's other writings, I still found this book a fascinating read. I can understand why people were quite sceptical about deflation with US interest rates in the region of 6%+ but jeez with them now at 1% ? and even that failing to reinvigorate your economy... How could anyone think that deflation isn't possible or even likely? This book explains very nicely concepts (such as deflation) shunned by mainstream economists with their typically myopic view of the future and gives a perfectly reasonable road-map for preserving (and maybe even building) wealth in the contracting economic environment that lies ahead. Since the largest asset/liability in the world is DEBT it is very important to understand the potential impact that deflation could have on the status quo. Even if most of the debt is adequately collateralised now, deflation would devestate the security behind trillions of world-wide debt causing the bad-debts to baloon, devestating the world economy.
Interestingly we have already observed these very effects in Japan.
Anyone with an open mind should definitely get this book, It may challenge your current thinking, especially about conventional investments such as equities, bonds and real-estate. Even if you personally would be financially devestated by Prechter's future prediction, which incidentally is an impending disaster of larger magnitude than the Great Depression in the 30's, this book is definitely fundamamental to any understanding of what is happening now.
I am not a big supporter of Elliot Wave, but the good thing about this book is that Prechter's thesis does not rest solely on the validity of Elliot Wave.Remember how many banks collapsed in the 1930's ? ... you might not prove as wealthy as you think.
Rating: 
Summary: Everyone Won't Agree...Everyone Won't Be Right
Review: Although I have not yet completed the book, I began with an interview Prechter did on the subject of this book. My rating is based on the combination of (1) the points made in his summary during that interview, (2) another related conclusion made (convincingly) by a different 'theorist' that first caught my attention 15 years ago, and, most importantly, (3) a THIRD, similar conclusion made based upon cyclic projections from a newsletter author (who has saved me many thousands by accurately projecting, in 1999 no less, the end of the equity bull market in 2000, resulting in my avoiding practically all the carnage since early 2001). For reasons that are somewhat obvious here (the slander from many reviewers), I will not name the additional sources that I use. One in particular actually prefers a low profile, for as some have accurately pointed out, there is a danger in self fulfilling prophecies. Consequently, this same source maintains a direct mail presence only (no books, web sites, mass advertisements, etc. - his mission is profitable trade recommendations to his client list - we won't be sending announcements to the CBOT floor traders announcing our intentions ahead of time). The correlation of these separate conclusions of these disparate sources is quite convincing in itself. In navigation, this is called triangulation. Even though there is some disagreement ( deflationary depression, raging inflation) about the exact direction that will unfold, the pattern emerges all the same. The trend is changing rapidly, we are about to take part, and, once again, in a once in this lifetime scenario, habits learned in the past won't work in the future. Finally, there will be no bell rung when it's time for you to rotate your positions. So, with $$$$ in hand from one of my sources, I plan to follow to a great degree his instructions further. He has referred repeatedly to the relationship between equity and commodity prices historically as an indicator to major shifts in market direction. Do some of you know something different that's happening this time? (Oh, yes...there is one review reference to the New Economy!) What amazes me with the reviews here are the self-professing, titled, accomplished, amateur (most certainly working alone in small enterprises or still working for others waiting on the next raise or promotion, i.e., dependent, working stiffs) who would suggest to us that they are more qualified to decide what you or I should do as opposed to those recommendations in this book. I don't think a sheepskin on the wall or a title assigned by a corporation absolutely qualifies anyone to decide what will or won't occur in the future(see the quotes below). Is there anyone besides me with some 'credential' or the other that hasn't actually learned, with time/experience, something ELSE that wasn't taught in school or on the job? (SILENCE). Your title or your experience, however long or broad, just might not be what you believe it is in terms of what was, is and might be. As an excercise in proof, I have personally scribbled notes in a log for a couple of years now, of comments from analysts, vice presidents, chief this, chief that, etc. from the major networks. (Are you like some of these people?) Here are some examples: "The Bear Market is Over....4% upside for the remainder of the year...increase your allocation in equities.." Hugh Johnson, Chmn/President, First Albany Asset Management, June 6, 2001 on CNBC "....lows in the market occurred in late March, early April..."
Robert Dill - Merrill Lynch, Chief Investment Officer, August 21, 2001 on CNBC "...bottom is in.....bull market is upon us...."
Ned Riley, State Street Global Advisors, November 20, 2001 on CNBC Isn't if strange....there's always someone telling you to buy...magically, the time to sell is always 'up the curve' and within your 'personal' time frame for retirement, college expenses, etc. Duh! This is certainly not to say that every expert is wrong all the time. I'm sure that there have been some accurate projections made in public by some people like those above that have been so horribly wrong. At this particular point in time accuracy is a little harder to find, and, more importantly, there are some very good reasons for some to spread disinformation to the public. Distribution, from strong hands to weak, is still underway in a large number of issues. Many of the reviewers here who pan the book and the author, then pose their own projections for the upcoming period are certainly daring. It's interesting that many of them show little knowledge of history (the naive faith in fiscal and/or monetary stimulus, which DO work at proper moments in time and WON'T work in improper moments in time), as they fail to notice that similar efforts have fallen limp in our most recent similar event - Japan! Do you think that their policy wonks didn't also have an answer, now many times over. Ponder this. If Japan can't recover with the help of a healthy U.S., what does their continued illness, coupled with that of a weak Europe, portend for a newly anemic U.S? Or, maybe it's OK to believe that it was simply, appropriate economic policy in the 80's that caused the bull market. Could underlying conditions have possibly contributed anything? The points here are:
(1) no one person will have always have right answers
(2) there will be accurate and inaccurate projections from just about anyone
(3) you should find out who your good and bad sources are for your goals and purposes and act accordingly
(4) your judgements on a particular view, however important or pursuasive to you, could still be way off the mark.
(5) the best advice is and always be correlating views from various sources over various frames of time, not one view, each and every time, from one person. Mr. Prechter has the right to be right AND wrong. If he is wrong this time, ask yourself what you will lose (opportunity?). If he is right this time and you ignore him, ask your self the same question; but, do so before it's too late.
Rating:
Summary: Worth reading and looking back to compare with today.
Review: Definitely worth reading. Mr. Prechter will stretch your mind in new directions, whether or not you agree with him. He is insightful and well researched. He also has a very good long term success rate. He has, however, missed some short term predictions, ie; 1995-1999 bull run, but, he was vindicated in calling the market reveral and bear start of 2000 just weeks before the reversal actually began. A fun read, especially comparing what he wrote in 2002 with today's markets.
Rating:
Summary: Decent Book
Review: During an interview I saw, Dr. Precter commented that we should always keep an open mind and not be dogmatic in our beliefs. So in keeping with that theme I think there is something to be learned from this book. I do not beleive he properly qualifies his predictions in this book though.
Rating: 
Summary: Fractals Fractals Everywhere
Review: Elliot Wave Theory is used to show that we are entering a deflationary economic environment. I read a comment by a true believer somewhere that Eliot Wave theorists can make predictions when nobody else can. They can - just as people who lead seances can talk to the dead when nobody else can. However, the author is honest and at least admits that he could be wrong. The best part of this book is the second half on how to handle your money in a deflationary environment. The advice is first rate but does plug several organizations. This is probably ok as they are the only organizations that perform the particular services under consideration. I just think you should be able to handle your own money. One other point: the basic assumption in this book is that the stock market can be described using fractals. It could be true and other books make the point as well. But I once worked with ion channels isolated from various animals including humans. One author proved conclusively that ion channels are best described by fractal dynamics. All kinds of convincing evidence was provided and a great hoopla followed. The only problem was that a tremendous amount of incontrovertible evidence existed from a wide range of experiments using all types of techniques that ion channels are Markovian. I have found though my own hard experience that it is very difficult to show something is fractal in nature. Most of the original examples were rather cut and dried. It is all too easy to see fractals everywhere: even where none exist. So until the fractal boys are able to prove something really long term about the stock market and make themselves filthy stinking rich, I will remain sceptical.
Rating:
Summary: Learn from history to prepare for the future
Review: Every before I've heard of Elliott Wave Analysis or Robert Prechter, Jr., I was quite concerned about the state of our economy due to the massive amount of debt that has been created since 1913. A highly recommended book to read with this is "The Creature From Jekyll Island: A Second Look at the Federal Reserve System" by G. Edward Griffen. Prechter is not making any money on this book. In an interview with him, he says that chose to go with a large publisher and have them take most of the profits in order to reach more people. Any profits from the book goes back into advertising it. By looking back into history, Prechter compares the socio-economic mindset of previous boom-bust cycles to that of today. We are repeating history, yet again. Read all of the one-star reviews. This is the same mindset of the general public in the Great Depression. Prechter's advise, even if he is 100% wrong, will not harm you: - Get out of debt and only buy what you NEED, not what you WANT. - Don't purchase a house or vehicle beyond your means. If you have done so, sell and move into a house that you can pay cash for or at least comfortably make the mortgage payments. - Only bank at the highest quality bank. The top 2 for each state are listed. - Open a Swiss bank account. - Have cash and precious metals on hand. The above is just sound advice in ANY market. And for those who are bearish and believe the bottom has not come yet, there are additional recommendations: - Sell all of your stocks and empty out your 401K even if means taking a penalty. - Have your assets in liquid form such as cash and precious metals. Prechter conveniently lists banks, precious metal dealers, Swiss financial planners, etc. to make it easier for you to prepare as well as provides free updates to the book on his web site. As for the reviewer who compared Prechter to Bin Laden and accused him of "economic terrorism," nothing could be futher from the truth. For his research in Elliott Wave Analysis and accurate predictions, as well as making the effort to help his fellow American to prepare for deflation and depression, Prechter should be awarded the Noble Prize in Economics. And for the stock analyst and the other reviewer with the degree in economics, have you read the book, or studied the Federal Reserve System, or even watched the news? Layoffs are increasing, earnings are down, foreclosures are rising, loan defaults are rising, savings rate are at an all-time low, debt payments as a percentage of income is at an all-time high, and yet THE CONSUMERS ARE STILL SPENDING! The mountain of debt will come crashing down very, very hard. And as long as we are thowing out credentials I also have a degree in math-econ. By Jan 1, 2003, the Dow Jones will be below 7000. I'm short selling and guess you are buying.
Rating:
Summary: ELLIOTT WAVES IN ACTION
Review: Everybody which wants to see behind the curtain and is interested to measure the patterns of live, should read this very interesting book. It follows tendencies and knows them ahead of the mass, as they will be getting confronted with them. Robert Prechter has become known to the public the last 20+ years and was celebrated stock guru of the 80's. I very much trust in his analysis, which has proofed to be correct in almost all cases. If you want to know why we are heading towards financial decline and want to know what to do against, you have to read this book !
Rating:
Summary: Ignores Put Options, Way Wrong on Gold
Review: Fastest way to profit from this still unfinished bear market is to use technical analysis and buy put options on weak companies. John Murphy's "Charting Made Easy" (for technical analysis education) and Charles Caes' "Tools of the Bear" (for options education), plus Sy Harding's "Riding the Bear" (explains the market's 'seasons' and overall market knowledge) will empower anyone to make $$$. Prechter never mentions put options in this interesting, but flawed, book. Elliot Wavers cannot even agree among themselves.
Prechter unbelievably bashes gold, yet gold bullion has already surpassed the price Bob said it would top out at. Gold bullion has risen $50 an ounce from late Oct 2002 to late Jan 03. And the rocket ride has only begun! Interesting, well-written book but ultimately is more of a conversation piece. Better than Wade Cook or the Rich Dad, Poor Dad shill.
Rating:
Summary: Prechter's conclusion probably right, but timing is wrong
Review: First, I have been reading Robert Prechter since the early 90s, and he certainly makes a persuasive argument with his Elliot Wave analaysis. Problem is, he has been wrong on shorter time frame swings many times during the 90s, so it comes down to the reader to make up his own mind. To dismiss him as a "gloom-n-doomer" is ignorant and silly, yet to blindly follow him is also naive. The truth is probably somewhere in the middle. His 1995 book "At the Crest of the Tidal Wave" made a much more persuasive argument for an inevitable severe market downturn and subsequent depression. This follow-up 1992 book, "Conquer the Crash", was probably intended for the masses who ignored his earlier work. His 1995 book was SO persuasive that I missed the 1995-2000 bull market because I was convinced that Prechter could also time the market. He can't. And yet I still am convinced that most of his conclusions are correct. (The jury is still out on the severity of it.) Look around, after you take your blinders off: Good-paying jobs are leaving the U.S. for India, China etc. The US government has to adjust the unemployment figures by removing from it those who have given up looking for work. And many of those who do find work are taking 30-50% pay cuts. Consumer debt (mortgages, home equity, credit cards) are rising and rising. State, local and federal government debt is still rising. Corporate debt continues to rise. The dollar is dropping in value. Corporations' liabilities (health care and pensions) are rising and rising. Government liabilities (social security and Medicare) are still rising. How will this all play out? Who and how will debt be paid? Even Harry Dent, in his popular 1992 book "The Great Boom Ahead", and his follow-up "The Roaring 2000s" predicts the "Mother of all Depressions" to arrive around 2010, when the baby boomer's spending spree winds down, and they begin retiring. So think about it, the eternal pessimist Robert Prechter and the eternal optimist Harry Dent BOTH AGREE on the inevitable arrival of an economic depression. They only disagree on the timing. So somewhere between now (2003-2004) and 2010 the U.S. and the world will fall into the consequences of their multi-decade debt build-up and the demographics of an aging population and a blind government. The long-awaited depression will arrive. Argument settled.
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