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Summary: Contrarian Bells Are Ringing
Review: Having read this book, as well as Ravi Batra's "Crash of the Millenium" and James Dale Davidson's "The Sovereign Individual", I can't help but point out that these are the same people that were telling us to expect a U.S.economic/financial market collapse throughout the '90s(see: "Blood in the Streets" and "The Great Reckoning" by Davidson/Rees-Mogg, "The Great Depression of 1990" by Batra, and Prechter's newsletters/special reports from that period). Obviously, they turned out to be just a tad off the mark. After a peruse of this material, have a look at one of Harry Dent's books for a look at the baby boom spending wave that continues through the latter half of this decade (Dent points out on his website that the current economic dip we are in is similar to the one that took place between 1920-1922, before the Roaring 20's market took off). The only way that the kind of boom the Spending Wave projects can ever take place would be if the majority are looking in the wrong direction. Material such as this book from Prechter, as well as Batra and Davidson, will do very nicely.
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Summary: Everyone in the world should read this book.
Review: I was spellbound from the moment I turned the first page. I have been watching the markets every day since then. I can't say enough about this book. Everyone should read it. Prechter will one day enter the same halls of fame as Issac Newton, Einstein and Freud.
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Summary: Hindsight/Foresight
Review: I've been reading this book as the Russian economy crashed, commodity prices hit new lows, and the U.S. dollar reached new highs (Aug/98). Spookily and disturbingly to me, these events are predicted!! in Prechter's book written in 95/96. Maybe he is wrong. But after an evening reading his book (and the 'verifying' financial news in the newspaper, I followed his advice and sold all of my stocks! Maybe Prechter is a crazy doomsayer and some of his theories seem off the wall to me. But maybe he is right like a chiropractor is to back pain. You don't have to believe all of the chiro's hocus-pocus about 'alternative medicine' to know he can fix your back better than any medical doctor. Prechter may have a wierd interpretation of common-sense human nature but he sure seems to be getting things right when he describes the state of the world financial markets.
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Summary: Provocative analysis...
Review: Mr. Prechter may well be someday seen as the Roger Babson (see "Only Yesterday" [1931] and "The Great Crash 1929" [1954] by Allen and Galbraith) of the 1990's Great Bull Market. Although Mr. Prechter's warnings have largely been muted by the manic din of the Wall Street crowd, his analysis, nonetheless, is thorough and intriguing. It is difficult to argue with the author's underlying premise that psychology is a significant force in determining asset prices. One could rightly argue that the current market psychology is certainly reminiscent of manic financial bubbles of the past, but future events will have to determine this. With the most recent Asian financial crisis, the global markets may have witnessed a symptom of larger economic and historical forces coalescing to prove Mr. Prechter ultimately correct. For individuals who would like an alternative to the "buy-and-hold-and-get-rich" mantra, Mr. Prechter may well convince you that, with each tick up on the Dow Jones Industrial Average, the probability increases that stocks will soon cease always going up.
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Summary: Prechter's second chance at playing Cassandra
Review: Prechter wrote a brilliant book about 1980 on Elliot Waves and then proceded to bask in the light of gurudom... That is until 1987, when his theories totally missed the October crash and a lot of his followers got their collective wallets smeared. As if to compensate for the missed crash, for the last decade Prechter has become obsessed with predicting the immanent crash of all civilization. Yes, The Bubble of the current market is going to burst. But Prechter keeps missing his prediction dates, and I believe he's also missing the extent. (At least I hope!) But still an enjoyable book if you don't take it *TOO* seriously.
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Summary: Don't Wait for the Noise
Review: There was a movie which showed an approaching tidal wave. There was no noise because the wave was travelling faster than the speed of sound. This is the case of the oncoming financial tidal wave of disaster. One can hear the bullish rantings of a stream of advisors, nudging us into a sleeping wonderment of good things to come. The tidal wave is on its way. Prechter has pointed out the various items unfolding before our eyes. He was early in many of the prognostications, but they are surely falling into place. If you read the book, you will surely see how they are unfolding. Your financial health is at stake. The tech wreck was only the beginning. Read on, there is still time, but the book will be out of date in a couple of years.
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Summary: Don't Wait for the Noise
Review: This book is a must read for financial survival. Prechter has an engaging writing style. His opinions are often outrageous and sometimes too extreme. This value of this book is in that it is so different from the conventional financial press. Almost alone Prechter predicted the great bull market back in 1979. He then called the top prematurely but at least he did warn this readers that a top was coming. The scope of Prechter's vision is awesome. He has charts with trendlines going back to 1700 with projections for the next century. Chapter 11 "Manifestations of Investor Psychology" is very powerful.
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Summary: Must Read
Review: This book is a must read for financial survival. Prechter has an engaging writing style. His opinions are often outrageous and sometimes too extreme. This value of this book is in that it is so different from the conventional financial press. Almost alone Prechter predicted the great bull market back in 1979. He then called the top prematurely but at least he did warn this readers that a top was coming. The scope of Prechter's vision is awesome. He has charts with trendlines going back to 1700 with projections for the next century. Chapter 11 "Manifestations of Investor Psychology" is very powerful.
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Summary: A must-have roadmap for the years to come.
Review: Welcome to Dow 10,000. So, what's next? Skies the limit, right? Do you know what it means when everyone you know is in the stock market? Have you ever wondered why only the big name stocks have been soaring like rockets for years, while those of most small and medium size companies have languished? Would it surprise you to know that the 15 year rise in bonds has not been a bull market at all, but a BEAR MARKET RALLY? How far must the price of gold fall before it finally reaches "rock bottom"? And finally, what do you think your home will be worth ten years from now? Read this book and you will have an excellent guide to all these questions. Robert Prechter has seen it all. He entered the financial world in the early 1970's, just in time to witness the last true bear market in U.S. stocks. He forecasted the 1982 breakout of the Dow Jones Industrials four years before it occurred. His prediction was widely considered impossible and out of touch with the realities of late 1970's. And importantly, he then predicted that it would blossom into the full blown mania we are seeing today. As the world's foremost practitioner of the Elliott Wave Principle, Mr. Prechter has the long range view required to see just where we are in the "big picture". And although we've been patiently waiting since this book was written (1995), all the pieces are slowly, but surely, falling into place. I've read nearly fifty books on financial markets, many of them considered classics, and I can honestly say that this is one of only two books you'll ever need to own on the subject. The other is "Elliott Wave Principle", by Frost & Prechter.
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Summary: You need to read this book!
Review: While Prechter is admittedly the guru of Elliott Wave Theory, he has been predicting a major Bear market in U.S. Stocks since 1985. Two years ago he went on record as predicting DJIA 800 in the next five years, and DJIA 1500 within two years. The books to read by Prechter are his expositions on EWT, which are THE presentations of EWT. Rather like Granville for so many years, Prechter seems bent on crying "bear" until one shows up. Unless you are fond of hearing yet another theory on "Why the economy will collapse and trash the world's wealth," skip this presentation by Mr. Prechter.
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