Yes, You Can Time the Market! (eBook)

Ben Stein, Phil DeMuth (Autoren)

eBook Download: PDF

2003 | 1. Auflage
208 Seiten
John Wiley & Sons (Verlag)
978-0-471-45679-7 (ISBN)

Infos

Economist, actor, author, and former quiz show host Ben Stein teamed up with investment psychologist Phil DeMuth to examine a century of stock market data and discovered a profound and original investment truth: Yes, you can time the market! In their instant investment classic Yes, You Can Time the Market!, Stein and DeMuth show investors simple, readily available measurements that tell them when it's time to invest in stocks, bonds, real estate, or cash. Written for the investor who wants to preserve capital and build wealth steadily, this book offers prudent, bedrock advice for anyone who can no longer afford to play games with their money.

Autor

BEN STEIN is best known as the former host of ComedyCentral's Emmy Award--winning game show Win BenStein's Money. He is also an economist, humorist, investor,lawyer, and actor. The author of several books on finance, hisessays and columns have appeared in such publications as the WallStreet Journal, Barron's, and Forbes. PHIL DeMUTH is an investment advisor and PhD psychologistwho has a longstanding interest in the stock market and has writtenfor the Wall Street Journal and Barron's, as well as HumanBehavior and Psychology Today.

Inhalt

Chapter One
The Impossibility of Market Timing 1

Chapter Two
The Power of Price 9

Chapter Three
The Price/Earnings Ratio 29

Chapter Four
Dividend Yields and Market Timing 51

Chapter Five
Fundamental Value 69

Chapter Six
Bonds, Price-to-Cash Flow, Price-to-Sales 87

Chapter Seven
Combining Factors for Superior Returns 103

Chapter Eight
Using Market Timing 135

Chapter Nine
Looking Forward: A Note of Caution 165

Appendix 179

Bibliography 183

Index 187

Rezensionen

Arriving a few years too late to slap some reality into the legionsof day traders suckered by the stock market gold rush, TV game showhost Stein's latest is still a smart, commonsense guide toinvesting. Stein and DeMuth's primary dispute is with the old adagethat one can never tell when the market is going to go up or down,something they attempt to disprove with a wealth of charts showinghow to buy stocks cheaply over the long term (as in decades). Thisis no get-rich-quick scheme, merely a case being made to, inessence, treat the Street like many fans treat baseball: work thenumbers. In between the sizable chunks of data, Stein and DeMuthdrop in bits of advice, e.g., pay more attention to the S&P500's trends than frequently slippery P/E ratios; invest in bondsbefore stocks-they're more stable; and always, always buy low. Bestof all is a three-page cautionary list that should be requiredreading for anyone even thinking of investing. Some of the betternuggets: "Does the word 'synergy' appear in theprospectus?...Run!"; "Never accept any unsolicited financialadvice"; and "Do not invest in a store because you see a lot ofcustomers there at the mall or because you like the coffee or bluejeans or jelly beans. Sales do not equal profits." Again, where wasthis book when we needed it? (Apr.) (Publishers Weekly,March 24, 2003)

Stein may be known for the droll sense of humor he exhibits onhis Comedy Central show, Win Ben Stein's Money, but it is hardlyevident in this straightforward investment guide. Writing withcoauthor DeMuth, an investment adviser, the former Nixonspeechwriter counters the "conventional wisdom" that investorscannot time (or predict) their investment decisions to maximizeprofits. The authors cite a number of technical factors - e.g.,Tobin's Q, price/earnings, dividend yield, price to cash flow, andprice to sale - to show that careful study of these metricsdemonstrates that some times are better than others for going intothe market or buying a particular stock. They also show thatprotestations to the contrary, the "street" frequently times themarket. Eighty tables and graphs are used to buttress their case.Stein's popularity and the use of his face on the book's cover maydraw readers beyond the usual investment crowd, though some mayfind this joke-free treatment a bit too technical. Still, it is acompetently written, well-argued case for a sensible investmentapproach and is quite suitable for academic and larger publiclibraries. -- Patrick J. Brunet, Western Wisconsin TechnologyColl., La Crosse. (Library Journal, May 1, 2003)

"...it's readable, coherent, sensible, good-natured..."(Barron's, May 26, 2003)

Produkt-Details

• Erscheint lt. Verlag: 13.5.2003
• Sprache: englisch
• Themenwelt: Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
• Schlagworte: Finance & Investments • Finanz- u. Anlagewesen • Personal Finance / Consumer Tax • Private Finanzen / Verbrauchsteuern
• ISBN-10: 0-471-45679-9 / 0471456799
• ISBN-13: 978-0-471-45679-7 / 9780471456797