Customer Reviews

The All-Season Investor: Successful Strategies for Every Stage in the Business Cycle

5 star:		(2)
4 star:		(1)
3 star:		(0)
2 star:		(0)
1 star:		(1)

 

 

A classic. There is little like this book in public domain. Pring takes Intermarket analysis between stocks, bonds, commodities, and short term rates/Fed policy, and combines them into a business cycle model and framework. Outstanding piece of high level analytical work. Pring divides the business cycle into 6 stages, and describes how to identify the beginning and ending of the stages, and what to expect in between, but then he offers the jewel: what to expect from the tradeable financial markets during each phase of the cycle, and how to allocate to capitalize. In the hands of a serious investor, this is a roadmap that provides historical perspective and brings confidence in identifying sector trends earlier than you might with technical analysis by itself. E.g., it won't surprise you when the financial sector begins rallying when bonds bottom and turn up, and you can take positions earlier and with more confidence when you have historical business cycle perspective on your side. Best treatise on dynamic asset allocation I've seen. Makes the static allocation texts seem pointless and a way to "guarantee" investment mediocrity. A classic.

I just got the book for the information about business cycles. It discusses business cycles very well, very good detail. Plenty of graphs to look at, and good theoretical models. The book seemed like it was half business cycles, half asset allocation. I am not interested in asset allocation at all but if you wanted to read about that then this is loaded with all that textbook/academic/trust your broker kind of stuff. Like i said, i dont care for that but the book had what i wanted.

1 diversification
2 Securities in the asset allocation mix
3 mutual funds
4 the power of compounding
5 manage risk and the profits take care of themselves
6 the business cycle and asset allocation
7 tracking the typical cycle
8 asset allocation as the cycle unwinds
9 tracking the stages: market action
10 tracking the stages: business cycle benchmarks
11 Gold and business cycle
12 allocating assets for your personal investment objectives

A great book I have not seen remotely approached by other financial writers. The book discusses the business cycle with the attendant leading and lagging indicators of bonds, stocks, interest rates and commodities and where they are in the various stages of the business cycle. Very well presented and written. Other books in finance discuss detailed information but not a good overview or broad study of the subject. Mr. Pring does an excellent job in breadth and depth with his book. As you can see, I use the book for a reference to see which stage of the cycle our economy is approaching and consequently what to expect. This is a good read and a keeper.

To start with this book is 14 years old and is out dated. The author is more interested in general theory than in providing specific stock sectors to rotate into for each stage of the economic cycle.