Anatomy of the Bear and over one million other books are available for Amazon Kindle. Learn more

Sorry, this item is not available in
Image not available for
Image not available

To view this video download Flash Player

Have one to sell? Sell yours here
Start reading Anatomy of the Bear on your Kindle in under a minute.

Don't have a Kindle? Get your Kindle here, or download a FREE Kindle Reading App.

Anatomy of the Bear: Lessons From Wall Street's Four Great Bottoms [Paperback]

by Russell Napier
4.3 out of 5 stars  See all reviews (17 customer reviews)

Available from these sellers.

Free Two-Day Shipping for College Students with Amazon Student


Amazon Price New from Used from
Kindle Edition $9.99  
Hardcover $23.48  
Paperback $30.68  
Paperback, December 5, 2005 --  
Sell Us Your Books
Get up to 80% back when you sell us your books, even if you didn't buy them at Amazon. Learn more

Book Description

December 5, 2005 9628606794 978-9628606795
This is a good time to look at the financial bear. How does one spot the bottom of a bear market? What brings a bear to its end? There are few more important questions to be answered in modern finance. Financial market history is a guide to understanding the future. Looking at the four occasions when US equities were particularly cheap - 1921, 1932, 1949 and 1982, Russell Napier sets to answers these questions by analysing every article in the Wall Street Journal of either side of the market bottom. In these 70,000 articles he examines, one begins to understand the features which indicate that a great buying opportunity is emerging. By looking at how markets really did work in these bear-market bottoms, rather than theorising how they should work, Napier offers investors a financial field guide to making the best financial provisions for the future.

Editorial Reviews

About the Author

Russell Napier is a consultant with CLSA Asia-Pacific Markets writing on issues affecting global equity markets. After studying law, he began his investment career sixteen years ago at Baillie Gifford in Edinburgh managing funds in the Japanese then the US and finally the Asian markets. Moving to Foreign & Colonial Emerging Markets in London he was responsible for managing Asian portfolios. In May 1995, Russell relocated to Hong Kong to become Asian equity strategist for CLSA, a leading Asian equity brokerage. He occupied that position in a full time capacity until 1999 and was ranked number one for Asian strategy in all major industry polls including Institutional Investor from 1997-1999. Since 1999, apart from fulfilling the consultancy role with CLSA, Russell has created and established a new course called A Practical History of Financial Markets (, which is taught through the Edinburgh Business School and has been approved by the CFA Institute as part of its Professional Development Program.

Product Details

  • Paperback: 324 pages
  • Publisher: CLSA (December 5, 2005)
  • Language: English
  • ISBN-10: 9628606794
  • ISBN-13: 978-9628606795
  • Product Dimensions: 0.8 x 6.2 x 9.2 inches
  • Shipping Weight: 1 pounds
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (17 customer reviews)
  • Amazon Best Sellers Rank: #1,644,128 in Books (See Top 100 in Books)

More About the Author

Discover books, learn about writers, read author blogs, and more.

Customer Reviews

Most Helpful Customer Reviews
48 of 49 people found the following review helpful
5.0 out of 5 stars Another take on bubbles May 23, 2008
By Edster
Format:Hardcover|Verified Purchase
Another classic of this type is "Manias Panics and Crashes".

This one is specific to the four big Bear markets of the last century. The author goes through each one as an example. He identifies each stage and has clippings from the markets on peoples sentiment. Shows pricings and looks for what was the best indicator at the bottom. There is no hype, predictions, or false systems in this book. It's more presenting information and presenting patterns that occured.

All the bears follow similar patterns where there is froth, leverage, money sloshing around and everything is priced up a bit. Then some triggering event happens and people either re-evaluate or are forced to change their minds on valuations. Prices drop until they hit a bottom. Things uptrend for a while even though the news is still bad.... The author goes over each bear and how it's the same and how it's different.

Until reading this book, I did not understand or even think about using commodity prices as a leading indicator. Did not know that the stock market turned up before the economy did. Did not know that the great depression involved multiple stages, an international banking crisis, and a late move to gold.

After reading this book, now when I see someone on the TV saying that "They've never seen anything like this before" about LTCM, Bear Strerns, or the price of oil or gold... I have a better perspective. When someone tells me that "the market has definately found bottom" or "Can't go down from here"... I kind of chuckle now.

I do know that when people say "This is a great time to buy stocks..." they often don't know what they're talking about, or they're making it up.
Read more ›
Comment | 
Was this review helpful to you?
45 of 46 people found the following review helpful
4.0 out of 5 stars The history of bear and bull markets March 8, 2007
This book is a detailed history of the financial markets in the US, particularly the 4 bear markets in the 20th century. The style is a little technical, but still fairly readable. It could have used a little more editing (typos) but it's still a well-researched and very thoughtful book.

The author's main thesis is that stock markets move from periods of overvaluation to periods of undervaluation, and that there are certain signs that can be found at the end of any bear market. This information would be extremely valuable to any serious investor - rather than listening to a lot of the chatter on the internet or on TV, which often amounts to little more than cheerleading and wishful thinking, the information in this book will help an investor analyze at what point in the bull-and-bear cycle the market is at.

Obviously a lot more money can be made when buying at the bottom of the market, and the author did extensive research to uncover the indicators of a market bottom, so that you can apply them when the time comes.

Most recent investors have only seen bull markets, and so don't recognize the signs of a real, steep bear market - often losses can exceed 50% or more, perhaps 70%. Sometimes it can take decades to recover from the losses. This book will open the eyes of anyone who has believed the mantra, "it doesn't matter when you buy, just get into the market anytime, since stocks go up forever."
Was this review helpful to you?
23 of 23 people found the following review helpful
4.0 out of 5 stars All about the bear markets June 8, 2008
Format:Hardcover|Verified Purchase
This book is rare in that it examines the four greatest bear market bottoms that would have made you the most money if you would have entered them at the right time, instead of the endless books out that show how to buy the hottest stocks in a perpetual bull market. What I like about this book is that the author stays away from his own opinions and simply shows the facts by examining the Wall Street Journal articles during each of these periods, August 1921, July 1932, June 1949, and August 1982. These were the actual bottoms when the market finally began to reverse. You will surprising see that unlike common Wall Street myths the bottom is not when things are the worse and everyone has a negative outlook, actually the WSJ article show that there was hope of a turn around, volume had dried up, P/E ratios were obviously absurdly low, and car sales were beginning to pick up. You will do very well to buy and read this book and add its information to your arsenal of trading and investing. While most of us sit out bear markets to keep our gains it is very important to know when to buy back in for the next up leg, this book can help you do just that.
Comment | 
Was this review helpful to you?
12 of 13 people found the following review helpful
5.0 out of 5 stars Clear insight to help one bear it December 2, 2008
By Doc
Format:Hardcover|Verified Purchase
This book, written before the melt down, is a must read in these times. The events leading up to the falls are reviewed and more interesting now, when things bottom. It is not a sensationalistic or get rich quick book. Rather, it offers clear insight. By reviewing the great bear markets of the last century, common patterns are discovered, some contradict conventional wisdom and TV talking heads. The case is made for a handful of predictors when we have really bottomed, all easily monitered. The books is relatively easy to read but assumes some basic market understandaing, but even a novice would get the point. At times, it was a little tedious and i admit to skipping along towards the end of the book. It is rare to find such a insightful work.
Comment | 
Was this review helpful to you?
Most Recent Customer Reviews
4.0 out of 5 stars Good financial history but the central message is perhaps confusing
Found the book very helpful towards getting smarter on the history of financial markets in the US.

But the central message and packaging of the book is a bit confusing. Read more
Published 4 months ago by Puneet Pamnani
4.0 out of 5 stars Time the troughs
This is a study of the four best moments to buy American stocks in history, namely 1921, 1932, 1949 and 1982. These occasions were followed by long secular bull markets. Read more
Published 15 months ago by eqtbooks
1.0 out of 5 stars The book is not from 2009 as indicated on amazon
The author has interesting and sound views in terms of cycles in the marketplace. This book is a historical review and probably deserves three or four stars where it not for the... Read more
Published on June 3, 2011 by Jackal
5.0 out of 5 stars Great Study of Long-Term Bear Markets
The main thing I learned from Anatomy of the Bear is that at the bottom of a secular bear market, the news is pretty good. Read more
Published on November 21, 2010 by Citizen John
5.0 out of 5 stars Worth reading.
Although some times the reading becomes a bit "heavy", the author did a great job in making this matter affordable everyone. Read more
Published on October 12, 2009 by Erminio Di Lodovico
5.0 out of 5 stars Fantastic book
it's a fantastic book that covers not only the four biggest US bear market but also the whole history of US stock market. Read more
Published on September 10, 2009 by Kou Zhiwei
4.0 out of 5 stars 10 signals to success
Imagine being a stock investor during the roaring twenties. The Dow Jones Industrial Index gained around 420%. Read more
Published on June 29, 2009 by Jim Hunnington
3.0 out of 5 stars Anatomy of the Bear: Lessons from Wall Street's Four Great Bottoms
It is more of a stock market history book and can be
boring to read at times. The conclusions
basically summarized the 290+ page of material.
Published on March 12, 2009 by A. Chan
5.0 out of 5 stars If you're thinking about investing now, read this book!
Its now 2009, and we are already in the midst of one of the greatest bear markets in history. It only makes sense to read this book before deciding whether or not to jump back into... Read more
Published on January 24, 2009 by Avi Cohen
5.0 out of 5 stars Must read for anybody interested in investing
This is an excellent book on the history of stock market in U.S.
I remember somebody said something like this:
If you want to know the future you need know the history... Read more
Published on May 26, 2008 by Minifig
Search Customer Reviews
Only search this product's reviews

What Other Items Do Customers Buy After Viewing This Item?


There are no discussions about this product yet.
Be the first to discuss this product with the community.
Start a new discussion
First post:
Prompts for sign-in

Look for Similar Items by Category