- Publisher: New Classics Library (August 1, 2002)
- ASIN: B00866GCDE
- Average Customer Review: 13 customer reviews
- Amazon Best Sellers Rank: #4,679,456 in Books (See Top 100 in Books)
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At the Crest of the Tidal Wave: A Forecast for the Great Bear Market Hardcover – August 1, 2002
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Although I did not read the entire book, the portions I did read (chapters 9-12 about investor psychology) were timeless and made the book well worth the buy. Those chapters are highly recommended reading for contrarians. I'll quote among my favorite lines: "They show that people view stocks as being less risky than treasury bills. Indeed, article after article refers to the "risk of missing gains" as being more important than the risk of loss. This is an optimism so extreme that it has not been seen in the West for nearly three centuries." (p154); "The public is always trading oriented in the early stages of a bull market, and "investment" oriented at the top. - One-Way Pockets 1917 (189); "No top-heavy market with public involvement fails in the end to punish the average investor for his gullibility." (190); "All investment is speculation, and there is no more risky speculation than one that is confidently viewed by a majority of portfolio managers and the public as an investment." (414).
I gave four stars because Prechter's timing of the coming crisis was way off and his predictions sounded extreme, for example: chapter 21, page 431, "... secessionist movement will take place in many countries, including the US ...one or both current political parties will dissapear ...unemployment will reach 30%."
Overall I highly recommend this book. Tidal Wave is easy to read and follow.