By Vitaliy N. Katsenelson
"It's demanding to speak truly approximately making an investment and make experience to bland readers even as. Katsenelson offers a lucid rationalization of today's markets with sound recommendation approximately how one can earn cash whereas fending off the traps that the marketplace units for exuberant bulls and fearful bears alike." -- Thomas G. Donlan, Barron's
"A completely stress-free learn. offers a transparent framework for fairness making an investment in today’s ‘sideways’ and unstable markets precious to everybody. transparent considering and transparent writing are usually not usually paired - good done!” -- Dick Weil, CEO, Janus Capital team
"The bible for the way to speculate within the such a lot tumultuous monetary industry setting because the nice melancholy. a real guidebook for the way to construct wealth prudently.” -- David Rosenberg, leader Economist & Strategist, Gluskin Sheff + affiliates Inc.
"A fabulous, grounded learn for brand new and pro traders alike, Katsenelson explains in undeniable English why volatility and sideways markets are a inventory picker's most sensible friend.” -- The Motley idiot, www.Fool.com
Read or Download The Little Book of Sideways Markets: How to Make Money in Markets that Go Nowhere PDF
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Extra resources for The Little Book of Sideways Markets: How to Make Money in Markets that Go Nowhere
I’ll use the word cyclical when referencing cyclical markets. During the twentieth century, almost every protracted bull market lasted about a decade and a half or so and was followed by a cowardly lion market that lasted just as long. 1. The only exception was the Great Depression, where the bull market was followed by a bear market. Sideways and bear markets are radically different in nature and your investment strategies need to be radically different, too. Let’s look at a really long-term picture of the market.
The rate of earnings growth—the speed of the train— is not constant. indd 27 11/1/10 3:13:25 PM  THE LITTLE BOOK OF S I D E WAY S M A R K E T S accelerating and decelerating with economic cyclicality; but despite annual fluctuations, from 1930 to 2000 longterm average nominal earnings growth varied only a few percentage points from the average and was about 5 percent (inflation was about 3 percent). Now that we have this little framework, the question of how long becomes a seventh-grade algebra problem.
In the late stage of a secular bull market P/Es stop rising. Investors receive “only” a return of 5 percent from earnings growth—and they are disappointed. ). indd 18 10/30/10 7:52:07 AM A S I D E WAY S V I E W OF THE WORLD  Suddenly, stocks are not rising 12 percent a year, not even 5 percent, but closer to zero—P/E decline is wiping out any benefits from earnings growth of 5 percent and the “lost decade” (or two) of a sideways market has begun. This Time Is Not Different I’ve done a few dozen presentations on the sideways markets since 2007.