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Title: Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market by James K. Glassman, Michael McConahle, Kevin A. Hassett ISBN: 1-55935-326-0 Publisher: Soundelux Audio Pub Pub. Date: 01 September, 1999 Format: Audio Cassette Volumes: 1 List Price(USD): $17.95 |
Average Customer Rating: 2.66 (58 reviews)
Rating: 1
Summary: waiting .....
Comment: As an addendum to my previous review, where I wrote that one reason I got out of the market was this book, let me add that before I get back into the market I'm waiting for "Dow 36" by Glassman and Hassett.
Rating: 1
Summary: Authors that later lie about their message.
Comment: This book was one of the reasons I got completely out of the stock market in late '99 early 2000. When I read this pustulous piece of putrescent puffery I just knew I had to get out. THANK YOU KEVIN AND JAMES!!!!!
I come to write this review because just for a lark I thought I'd search the internet for Glassman, see what he's pushing today, so I can get out of it for my own safety.
In writing this review I treat the authors' late-90s media appearances and book-related articles all as one whole.
Hassett and Glassman are out there now (Nov 2002) writing (paraphrased) "we never wrote the DOW would be at 36000 soon".
I read the book in fact in winter 99/00 along with some of their articles, and did catch a few of their TV appearances. They definitely did write either in the book or one of the accompanying pieces (Washington Post or The Atlantic) that stocks are in a 'one-time surge' and everyone must GET IN NOW.
Their media appearances were even worse...
"GET IN NOW!!!
DON'T MISS THIS ONCE IN A LIFETIME OPPORTUNITY!!!!
YOU'RE FOOLS IF YOU DON'T
MORTGAGE YOUR HOUSE TO BUY STOCK!!"
They used to remind me of that Joe Piscopo SNL salesman character (you remember, the frenzied salesman, "WE MUST BE INSANE!!! OUR PRICES ARE SO LOW WE'LL GO OUT OF BUSINESS YESTERDAY!!!!").
And they are completely unrepentant. I just read a Glassman article (Wash Post - why the ...are they still giving this unrepentant, lying moron/clown a stage?) claiming he was right all along and 36000 is STILL the DOW's fair value. Claiming that Siegel's research supported G&H's conclusions (Siegel, who currently seems bullish said they misconstrued his research. Interesting word, misconstued - is Siegel saying G&H are liars, idiots, or some combination thereof?). Claiming that all investors everywhere should still be fully invested in the stock market for the long term.
Something a lot of the other reviews are not pointing out is that G&H had ideological motives for pushing stocks (Glassman was once publisher of a right wing magazine, I forget which one). Both G&H were[1] republicans and both felt that the more people own stock the more conservative they become, in an attempt to protect their assets.
[1] I don't know their current predilictions.
Rating: 1
Summary: Greetings from Bearsville
Comment: This book is proof that, during the sort of financial mania that occurs about every three generations (when the folks who suffered through the aftermath of the last one [Great Depression] are gone or in retirement homes), ingenious rationalizations are created to perpetuate the optimism. We're now about six months from the 3-year anniversary of the beginning of the Millennium Bear Market, and we haven't even gotten to the point of private Dow investor panic; so far, it's mostly just institutional investors who have been selling. When the post-bubble (yes, it was a bubble a la Tulipomania) consequences are fully realized over the next few years, many people will be compelled to sell regardless of their desire to "buy and hold" because they'll need the money to pay their bills. Study history and you can pretty clearly see what's coming (although no one can predict the timing or exact chain of events)...an epidemic of personal and corporate bankruptcies, skyrocketing inflation as the government prints money like mad to combat deflation ,and massive unemployment and general hardship. One aftermath effect that can almost absolutely be counted on (because it has happened after all other paper asset bubbles throughout history) is a flight from paper assets to tangibles. Real estate has already been in a bubble of its own, but the commodities market is just getting warmed up. Gold has started a bull market, and gold mining stocks (those of companies who do not sell their unmined gold in the futures market, aka "hedging") have done spectacularly well since 1/1/2002. They are the hottest sector in the stock market, but the popular media (e.g., CNBC) pretty much ignores them. Look at articles about "what sectors performed best over the last year" and mining stocks aren't discussed. Oops, was a 40% rise in less than one year worth mentioning? If your bread-and-butter advertising dollars are from the likes of Merrill Lynch and Goldman Sachs (which is the case with all mass financial media now), you know not to write about precious metals; it will tick off your advertisers. When gold shoots past unhedged mining stocks are up tenfold or more, even the blue chip stock pushers will find it difficult to pretend precious metals don't exist. As always, those that buy metals now, while they're still derided by the mainstream media, will reap riches while the trusting masses are once again fleeced. In my opinion, anyone who doesn't have at least ten percent of their pot in gold, silver, and platinum at this historical juncture is extremely imprudent. Metals are still so cheap they can barely be mined for what they're presently selling for...you cannot lose much on such an undervalued investment, and you stand a good chance of becoming rich. The financial professionals advise against it, of course. Just as they were advising against it when gold was in 1970. Instead, they wrote books like this one.
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