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Investing in the Second Lost Decade: A Survival Guide for Keeping Your Profits Up When the Market Is Down [Hardcover]

by Martin J. Pring, Joe D. Turner, Tom J. Kopas
4.7 out of 5 stars  See all reviews (13 customer reviews)

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Book Description

May 14, 2012 0071797440 978-0071797443 1

Are You Prepared for Another Lost Decade?

“[Pring] sees another ‘lost decade,’ but also ways to make it a winner.”
–The New York Times

Don’t let the secular bear eat you. Prepare to earn steady profits in another decade of volatile and disappointing market returns.

For more than four decades, Martin Pring has been a leading innovator and practitioner of financial and business cycle analysis. In Investing in the Second Lost Decade, Pring—along with seasoned portfolio managers Joe Turner and Tom Kopas—offers conclusive proof that we’re only near the midway point of a continued secular cycle of flat returns and deeply cyclical economic conditions. To guide you through these uncertain times, Pring, Turner, and Kopas deliver a proven action plan for mastering the realities facing today’s investors.

Using proprietary analysis, the authors explore the characteristics of long-term bear markets along with the looming dual threats of inflation and rising interest rates—and outline positive steps you can take to create a dynamically managed investment portfolio. You’ll discover not only how to take advantage of emerging profit opportunities but how to protect yourself from inevitable cyclical declines.

Invest confidently and decisively, even in today’s secular bear market. Learn how to:

  • Understand the secular trends for stocks, bonds, and commodities and the importance of paying attention to business cycle swings.
  • Develop two distinct game plans: one for defense, to protect assets in difficult periods, and one for offense, to grow wealth during favorable conditions.
  • Learn to tailor asset allocations to minimize risk and optimize returns throughout the business cycle.
  • Achieve more consistent portfolio returns with less risk—and less stress.

The secular bull markets of the 1980s and 1990s are long gone—and with them the conventional buy-and-hold, indexing, and passive asset allocation methodologies that will continue to frustrate investors. Wait-and-see isn’t a plan; it’s a wish. Start following the proven investing strategies outlined in Investing in the Second Lost Decade today and you will be on your way to building wealth while safeguarding your hard-earned assets.

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Investing in the Second Lost Decade: A Survival Guide for Keeping Your Profits Up When the Market Is Down + The Age of Deleveraging, Updated Edition: Investment Strategies for a Decade of Slow Growth and Deflation
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Editorial Reviews

From the Back Cover

Based on extensive studies of previous secular bear markets, the authors strongly suggest that investors should anticipate and prepare for another “lost decade” for stocks. Expect a decade with more frequent recessions and shorter and less robust recoveries.

Are you fully prepared for the additional challenges that lie ahead?

Has your portfolio been adequately protected from market volatility and risk?

Are you looking for a better solution to protect and grow wealth?

In Investing in the Second Lost Decade, market analysis legend Martin Pring, the man whom Barron’s calls “a technician’s technician,” and his team deliver proven insights, tools, and strategies to earn steady profits from an investment portfolio that’s custom built to grow during the continuing secular bear market—no matter how long it lasts. Don’t let your portfolio suffer any longer.

Take command of your money today with Investing in the Second Lost Decade, a survival guide to protect and grow your valuable assets.

About the Author

Martin J. Pring is regarded as one of the best-known and well-respected figures in financial market analysis. He serves as chief investment strategist at Pring Turner Capital Group.
Joe D. Turner and Tom J. Kopas are principals and portfolio managers at Pring Turner Capital Group, a money management firm dedicated to the business cycle investment strategy discussed in Investing in the Second Lost Decade.

Product Details

  • Hardcover: 224 pages
  • Publisher: McGraw-Hill; 1 edition (May 14, 2012)
  • Language: English
  • ISBN-10: 0071797440
  • ISBN-13: 978-0071797443
  • Product Dimensions: 9.1 x 6.2 x 1.2 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (13 customer reviews)
  • Amazon Best Sellers Rank: #834,431 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews
10 of 10 people found the following review helpful
Format:Kindle Edition|Verified Purchase
Having a macro view of trends is critical. Mr. Pring demonstrates how to interpret the information and he helps an individual set up a similar system by listing the chart information to be overlaid. Then an investor can self produce the information needed to be on the right side of the major moves. Major stock charting websites list the KST indicator so an individual can overlay this on the charts. Google Stock Charts for more ideas.

While this will not help with day trading, it will definitely help manage a 401K or retirement account if it is self directed. His reference information is all linked so it is not a smoke and mystery tour. I bought the Kindle version so hot links to the back up data make it easily accessible.

Mr Pring uses monthly charts to find the big primary and secular moves in the market. Understanding how many business cycles it takes to purge the excesses of the last bubble from the market is really interesting. It is the relationship between the Bonds, Stocks and commodities that guides major bull market trends or a sideways market. When the world is studying the latest blip on the market, Mr. Pring is just trying to make sure the investor is bullish when they should be and protective when they shouldn't be bullish. This simple rhythm is so important to wealth generation.

I recently invited (September 2012) Mr. Pring to speak in Banff, Canada about this analysis style to a group of professional technicians, portfolio managers and private investors. The room was very impressed by how the monthly view is clear and helps to be on the right side of the big moves.
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7 of 7 people found the following review helpful
4.0 out of 5 stars Good Primer on Secular and Cyclical Trends August 19, 2012
Equity investors suffered through a difficult decade in the 2000s, with many investors seeing little or no returns for the greater part of the decade. Martin Pring, Joe Turner, and Tom Kopas co-authored Investing in the Second Lost Decade: A Survival Guide for Keeping Your Profits Up When the Market Is Down to guide us through the next lost decade of 2010-2020. The primary argument is that we are in a secular, or long-term, bear market for equities that began in 2000, and since most secular trends last for 20 years or more this bear market should continue for the rest of this decade.

The book's these is told through a fictitious couple, the Smiths, who retired in 2000 and who face the challenge of needing income from their retirement savings while navigating the challenges of an equity bear market and low interest rates that are set to rise. Very few assumptions about the reader are made in the book, so if you are unfamiliar with the term "secular" or business cycles, these are explained in detail.

Are there still opportunities for profit in a secular bear market or should investors simply park their money in cash and wait it out? According to Pring, Turner and Kopas investors can hope to profit in secular bear markets. but they must be nimble and use cyclical trends to rotate between assets. Buy-and-hold works well in secular bull markets, with shallow drawdowns and an otherwise rising tide lifting all boats. However, secular bear markets are a more challenging environment - drawdowns can be more severe and downtrends can last for extended periods of time, resulting in lower overall returns, especially for the buy-and-hold investor.
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9 of 10 people found the following review helpful
4.0 out of 5 stars Investing in the Second Lost Decade July 10, 2012
Format:Kindle Edition|Verified Purchase
I have read two of Martin Pring's previous books and subscribe to his InterMarket Review newsletter. This year, I began using indicators to improve investing based on indicators. I bought all the books that I could find on the subject. Several were from the 80's and 90's. Martin's work was described favorably in two of them.

I rushed through the book because I am familiar with Martin's information and will visit it again later. What I got out of Investing in the Lost Decade is using stock market, intererst rate, and inflation momentum to describe the business cycle. I have included it in my forecast spreadsheet. I look forward to the Dow-Jones Martin Pring ETF being available on the market later this year.

I am now experimenting with applying the same concept to other indexes such as real estate, oil, small caps, and gold.

Investing according to the business cycle was more popular in the 60's and 70's before the boom years of the 80's and 90's. Investors need to have more skill now and "The Investor's Guide to Active Asset Allocation: Using Technical Analysis and ETFs to Trade the Markets" and "Investing the the Second Lost Decade" are good places to start.

With high government debts and deficits, investing will continue to be a challenge for the remainder of this decade.

Some other good books on the subject are: "Ahead of the Curve", "Probable Outcomes", "The Research Driven Investor", "Business Cycles" by Lars Tvede, "Conquering the Divide: How to Use Economic Indicators to Catch Stock Market Trends", and "Super Boom: Why the Dow Jones Will Hit 38,820 and How You Can Profit From It"
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Most Recent Customer Reviews
5.0 out of 5 stars Fascinating tech
A eureka moment in market tech is revealed. All the best wall street tech comes forth from a university connection, and in this case it is Stanford. Read more
Published 3 months ago by john
4.0 out of 5 stars A great perspective from the technical side
Pring is the grandfather of technical analysis. This book endorsed by him is well worth the read. With the involvement of the Fed in the market, my old indicators are not working... Read more
Published 12 months ago by Eugene Kasper
5.0 out of 5 stars Most Investing Books Are Useless...NOT This One
This book is strategic in nature, no tactics here. Explains market cycles and the cycles within the cycles. Provides limited advice on what to do in any market. Read more
Published 13 months ago by jamccain
5.0 out of 5 stars Market cycles
Excellent market cycles study. Martin Pring is a favorite author and has a knack for putting the market in perspective.
Highly recommend this read.
Published 15 months ago by David Fitch
4.0 out of 5 stars Buy and hold is dead. Long live the tactical asset allocation!
This is the first Martin Pring book I read. I find the arguments to be well balanced. The authors present the business cycle concept as the overall framework to tactically... Read more
Published 15 months ago by C. C. Lin
5.0 out of 5 stars Excellent analysis of the systemic stock market cycle with methods for...
I bought the book because I was impressed with the presentation by one of the authors at our American Association of Individual Investors meeting. Read more
Published 16 months ago by E. Hibbs
5.0 out of 5 stars GREAT BOOK!
I'm a professional money manager but do not know Martin Pring. I read non-stop and very seldom get any new ideas out of a book... however, this book was great. Read more
Published 16 months ago by MarketCycle Wealth Management
5.0 out of 5 stars Investing-Second-Lost-Decade
Congratulations Gentlemen! This book is a great read; it is very nice to see that there is hope and a sound gameplan to follow through yet another decade of probable gloominess. Read more
Published 21 months ago by Dave Forster
5.0 out of 5 stars A very convincing book
I am completely new to investing and this is the first book I have read on the subject. I found it to be very readable and I learned a lot.
Published 21 months ago by TMR
5.0 out of 5 stars Very Insightful Book, Great Read!
I Would recommend this book to anyone who is interested in investing or is invested in this poor economy. Thanks for the great read!
Published 22 months ago by paul
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