The Irwin Guide to Using The Wall Street Journal, 6th Edition [Hardcover]

Michael B. Lehmann (Author)

Book Description

ISBN-10: 007134649X | ISBN-13: 978-0071346498 | Publication Date: March 15, 2000 | Edition: 6

The perennial bestseller to help readers get the most from The Wall Street Journal.

For over a decade, prominent businesspersons and individual investors alike have used Michael Lehmann's one-of-a-kind guide to unlock the secrets of The Wall Street Journal, and discover previously overlooked tips and strategies to make informed and profitable business and investment decisions. This overview to the largest-circulation daily in the U.S. contains charts, graphs, and articles taken directly from WSJ to help readers:

• Track their portfolios and make better investment decisions
• Compare the performance of their investments to others
• Understand every profitable angle of the mutual fund explosion

Editorial Reviews

Amazon.com Review

It's quaint that in this day of search engines to help us find more search engines, some old-fashioned reference books are still perennial sellers. When The Irwin Guide to Using The Wall Street Journal premiered in 1984, the future day traders of the world weren't trading much more than Atari cartridges. So, the advent of this sixth edition--penned, as ever, by Michael B. Lehmann, a University of San Francisco economics professor who has developed a popular seminar class around it--receives a round of well-deserved kudos.

Even if, that is, its title remains a bit of a misnomer. For this is not, nor has ever it been, so much a guide to using the WSJas it is a tidy primer on the fundamental workings of the U.S. economy and stock markets, intended not just to help readers enjoy the WSJ more, but to help them more fully comprehend what they read there. Lehmann covers just about everything, like a rigorous-but-not-draconian year of Economics 101: from how and why interest rates affect markets and when to expect the next recession to the Federal Reserve's impact on your investment portfolio and which fixed-income market is right for you. The guided tour Lehmann gives is well organized and accessible to the average financial layperson who can handle sentences slightly longer than those in USA Today and doesn't think "Federal Reserve" refers to an early 19th-century architectural style. A certain amount of patience may be called for, too: though no opaque academic text, The Irwin Guide is far from one of those Dummies/Idiots books that somehow crams the greatest matters of civilization into what generally look like coloring books for adults. Lehmann's text is dense, relieved only occasionally by various charts or articles previously published in the WSJ. Curious is the near-total absence of terms you would have expected to see in an update from the 1996 edition--terms like "Internet," "dot-com," and "WWW." But after six editions you have to think that Lehmann's a sly one--maybe he speaks most eloquently of how the current dot-com/IPO mania will play in the long term by saying absolutely nothing. --Timothy Murphy

From the Back Cover

A Step-by-Step Blueprint for Improving Your Investment Performance Using The Wall Street Journal, the World's Number One Business Information Resource.

The Irwin Guide to Using The Wall Street Journal has shown over a quarter of a million investors how to locate and profitably use the investment information found daily in The Wall Street Journal. Now, this invaluable reference has been updated to include the latest charts, examples, and information on every facet of the investing world, with sample articles and data taken directly from the pages of The Journal itself!

In addition to being the definitive tool for understanding and gaining ever edge from reading The Wall Street Journal, this perennial bestseller is a complete guidebook on investing. Explanations and examples cover virtually every aspect of business as it relates to investing and how The Journal will help keep you ahead of the pack on hundreds of critical topics including:

• How and why interest rates affect markets.
• How deficits impact the inflation rate and the markets.
• When we can expect the next recession.
• The Federal Reserve's and federal government's impact on your investment portfolio.
• Which fixed income market is right for you.
• Whether the stock markets and investors are living on borrowed time.

The Irwin Guide to Using The Wall Street Journal, Sixth Edition, is an essential resource for all investors who want to spot promising trends, base their decisions on solid information from the world's leading business information resource and lead you into a new era of investment knowledge and success.

See all Editorial Reviews

Product Details

• Hardcover: 366 pages
• Publisher: McGraw-Hill; 6 edition (March 15, 2000)
• Language: English
• ISBN-10: 007134649X
• ISBN-13: 978-0071346498
• Product Dimensions: 9.3 x 6.4 x 1.3 inches
• Shipping Weight: 1.6 pounds
• Average Customer Review: 4.1 out of 5 stars  See all reviews (15 customer reviews)
• Amazon Best Sellers Rank: #1,792,380 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

25 of 26 people found the following review helpful:

5.0 out of 5 stars Good Monetary Primer, February 6, 2003

By 

Joshua D. Hamilton (Santa Monica, California) - See all my reviews
(REAL NAME)   

This review is from: The Irwin Guide to Using The Wall Street Journal, 6th Edition (Hardcover)

This book is a good introduction to the principles of the macro economy.

The author explains the basics of the federal reserve system, monetary policy, the causes and effects of inflation, and various personal investment products such as stocks, mutual funds, commodities, and money market accounts. The basics of each is explained, and the author shows how each is tracked daily in the Wall Street Journal. The purpose is to allow individuals to understand their investments, track their progress, and be able to react to changing market conditions. Its all sounds very axiomatic, but the great thing about this book is that it states basic principles that are often assumed, and thus left unstated.

For example, if the following excerpts are helpful to you, then this would be a great book for you:

Page 15: "The forces of supply and demand condition every business cycle."

Page 25: "Bank lending finances spending, and spending generates inflation. The Fed controls bank lending and can thereby control inflation."

Page 33: "Every commodity has a price; the interest rate is the price of money. As with any commodity, the price fluctuates according the the laws of supply and demand."

Page 165: "Mutual funds are popular with individual investors because they permit diversification in a wide variety of securities with a very small capital outlay."

These are examples of the points covered, and the level at which they are covered. If the above quotes sounded obvious, this book may be below your expertise. But if you finally want to understand the jargon you hear on CNNfn, this book will do the job.

This would be a great book to buy as a graduation gift for a high school senior, or anyone without a background in finance.

21 of 23 people found the following review helpful:

4.0 out of 5 stars Be your own economist, July 22, 2000

By 

Ng Chon Hsing (Singapore) - See all my reviews
(REAL NAME)   

This review is from: The Irwin Guide to Using The Wall Street Journal, 6th Edition (Hardcover)

Financial literacy is one of the basic keys to achieving Financial Independence. Money is seen with the mind, not with the eyes. Those who can read financial numbers and news will eventually control those who cannot. Many people make decisions to buy real estate or stocks, or enter into businesses, based on their emotions and not on any understanding of the financial rationale behind it. That's why 9 out 10 people don't make money.

The Wall Street Journal is the best source of all the financial, economics and investment news, figures and data you need to get started on acquiring financial literacy. Having said that, for one who has not studied economics or obtained a finance degree, it can be quite a task trying to understand all that information. This is where The Irwin Guide to Using The Wall Street Journal helps the interested reader to make full use of The Wall Street Journal to become his/her own economist.

Not many books like this book come this far. This book is now into its 6th edition, having been first published in 1984. This edition has been updated with more current and post-1996 examples and illustrations.

I like how this book takes the various sections found in The Wall Street Journal and explains the significance of the information, figures and data and then relates it to the reader's understanding of finance and economics. This certainly enhances the reader's appreciation of the nuggets of information found in The Wall Street Journal. This book also enlightens the reader as to the various choices of investments out there - from stocks, to commodities and metals, and to money market investments.

All in all, I found this to be good book for those who have no prior education in finance and economics but who are willing to take action to learn more. Even those with a basic knowledge of economics will stand to gain from this book.

For those who may require a more basic book on understanding economics, I would like to recommend Economic Literacy by Jacob De Rooy or The Wall Street Journal's Guide to Understanding Money & Investing. And for those ready to take on more complex readings, I would recommend R Mark Rogers' Handbook of Key Economic Indicators.

12 of 14 people found the following review helpful:

5.0 out of 5 stars Everyone's Access to the Wall Street Journal, May 18, 2000

By 

Alan Ziajka (Berkeley, California) - See all my reviews

This review is from: The Irwin Guide to Using The Wall Street Journal, 6th Edition (Hardcover)

Whether you are a mutual fund manager or a private investor, a CEO of a multinational firm or the owner of a small business, a retired millionaire or a young professional just starting out, a new capitalist or an old Marxist, this is the book for you. Whoever you are, this book gives you the tools to intelligently read and use the premier business publication of today--The Wall Street Journal. The writing, the charts, and the statistical analyses are so crystal clear that you can truly use the Wall Street Journal to be your own economist. Complex concepts such as the price earnings (P/E) ratio for the Dow stocks, for example, are fully explained, placed in their historical and contemporary context, and are shown to have important implications for the investor, the business person, and the financial advisor. Statistical reports in the Wall Street Journal are explained as more than isolated pieces of data, but rather as part of the economic matrix of the world economy. The classic business cycle is the economic and literary tool that the author uses to organize his book and to advance the reader's understanding of what is happening in the world economy--and why. In short, the author has done a masterful job in explaining how we can use the Journal to understand the past, the present, and the future of our economic world. Read this book, and your perceptions of that world will never be the same.