|
Bull Markets
The Stock Market: The
Good Years
When the market's been good, it's been
very good.
Since 1900, the market has advanced more than two out of every
three years—with an average annual gain of 22.46% in up years. |
More than
32% Gain |
|
1933 |
53.99% |
|
1954 |
52.62 |
|
1935 |
47.67 |
|
1908 |
46.60 |
|
1928 |
43.61 |
|
1958 |
43.36 |
|
1904 |
41.70 |
|
1905 |
38.20 |
|
1927 |
37.49 |
|
1995 |
37.43 |
|
1975 |
37.20 |
|
1945 |
36.44 |
|
1936 |
33.92 |
|
1997 |
33.36 |
|
1980 |
32.42 |
|
1915 |
32.36 |
|
1985 |
32.16 |
|
|
21 - 32%
Gain |
|
1950 |
31.71% |
|
1955 |
31.56 |
|
1989 |
31.49 |
|
1938 |
31.12 |
|
1991 |
30.55 |
|
1919 |
30.50 |
|
1925 |
30.00 |
|
1998 |
28.58 |
|
1961 |
26.89 |
|
1924 |
26.20 |
|
1943 |
25.90 |
|
1951 |
24.02 |
|
1967 |
23.98 |
|
1976 |
23.84 |
|
1996 |
23.07 |
|
1963 |
22.80 |
|
1983 |
22.51 |
|
1922 |
21.70 |
|
1982 |
21.41 |
|
1999 |
21.04 |
|
|
10 - 21%
Gain |
|
1942 |
20.34% |
|
1944 |
19.75 |
|
1972 |
18.98 |
|
1949 |
18.79 |
|
1986 |
18.47 |
|
1979 |
18.44 |
|
1952 |
18.37 |
|
1988 |
16.81 |
|
1964 |
16.48 |
|
1909 |
15.00 |
|
1971 |
14.31 |
|
1921 |
12.70 |
|
1965 |
12.45 |
|
1959 |
11.96 |
|
1926 |
11.62 |
|
1968 |
11.06 |
|
1918 |
10.50 |
|
|
0 - 10%
Gain |
|
1993 |
9.99% |
|
1992 |
7.67 |
|
1912 |
7.60 |
|
1978 |
6.56 |
|
1956 |
6.56 |
|
1900 |
6.55 |
|
1984 |
6.27 |
|
1947 |
5.71 |
|
1948 |
5.50 |
|
1987 |
5.23 |
|
1970 |
4.01 |
|
1994 |
1.31 |
|
1960 |
0.47 |
|
1902 |
0.40 |
|
1911 |
0.40 |
|
|
|
Sources: Dow Jones, Inc., Ibbotson Associates Inc.
Bear Markets

Source: (http://www.gold-eagle.com/gold_digest_01/images/vronskydubeardata.gif)
_____________________________________________
(Electronic Trading),
Marc Friedfertig and George West (1999).
Electronic Day Traders'
Secrets. (New York, NY: McGraw-Hil, 249 p.). Day Traders. Day
Trading.
(Electronic Trading), David A. Nassar (1999).
How To Get Started in
Electronic Day Trading. (New York, NY: McGraw-Hill, 233 p.). Day
Trading.
(Electronic Trading), Harvey Houtkin with David Waldman (1999).
Secrets of the SOES Bandit: The Original Electronic Trader Reveals His
Battle-Tested Trading Techniques. (New York, NY: McGraw-Hill, 229
p.). Electronic trading of securities; Direct access electronic trading.
SOES - short order execution system.
(Electronic Trading), Joey Anuff and Gary Wolf (2000).
Dumb Money:
Adventures of a Day Trader. (New York, NY: Random House, 219 p.).
Anuff, Joey; Day trading (Securities); Stockbrokers.
(Electronic Trading), Josh Lukeman (2000).
The Market Maker's
Edge: Day Trading Tactics from a Wall Street Insider. (New York, NY:
McGraw-Hill, 293 p.). Institutional Nasdaq Market Maker at Morgan
Stanley Dean Witter, concentrating on technology stocks. Day trading
(Securities); Electronic trading of securities.
(Electronic Trading), Christopher Byron (2001).
DeleteYourBroker.com: Using the Internet to Beat the Pros on Wall Street.
(New York, NY: Simon & Schuster, 288 p.). Electronic trading of
securities--United States; Investments--United States--Computer network
resources.
(Electronic Trading), Jake Bernstein (2001).
The Compleat Guide to
Day Trading Stocks. (New York, NY: McGraw-Hill, 216 p.). Day trading
(Securities); Electronic trading of securities.
(Forecasting), Ron Insana (2000).
The Message of the Markets: How
Financial Markets Foretell the Future-- And How You Can Profit from
Their Guidance. (New York, NY: HarperBusiness, 208 p.).
Investments--United States; Stock price forecasting--United States;
Futures market--United States; Bonds--United States.
(Forecasting), Thomas A. Bass (1999).
The Predictors. (New
York, NY: Henry Holt, 309 p.). Chaos Theory. Adventures in forecasting.
(Forecasting), Brendan Moynihan (1997).
Trading on Expectations:
Strategies to Pinpoint Trading Ranges, Trends, and Reversals. (New
York, NY: Wiley, 232 p.). Stock price forecasting; Investment analysis;
Stockholders--Attitudes.
(Forecasting), eds. Brian R. Bruce, Charles B. Epstein (1994).
The
Handbook of Corporate Earnings Analysis: Company Performance and Stock
Market Valuation. (Chicago, IL: Probus, 369 p.). Corporate profits
-- Forecasting; Corporate profits -- United States -- Forecasting; Stock
price forecasting; Investment analysis.
(Online Investing), Peter Temple (1997).
The Online Investor:
Levelling the Information Playing Field (New York, NY: Wiley, 260
p.). Investments--Computer network resources; Internet; World Wide
Web.
--- (2000).
The New Online Investor: The Revolution Continues
(New York, NY: Wiley, 306 p. [2nd ed.]). Investments--Computer network
resources; Electronic trading of securities; Portfolio management;
Investment analysis--Software.
(Online Trading), Christopher A. Farrell (1999).
Day Trade
Online (New York, NY: Wiley, 240 p.). Money Manager. Day Trading.
(OnlineTrading), John R. Emshwiller (2000).
Scam Dogs and Mo-Mo
Mamas: Inside the Wild and Woolly World of Internet Stock Trading
(New York, NY: HarperBusiness, 295 p.). Electronic trading of
securities; Day trading (Securities).
(Program Trading), Perry J. Kaufman (1996).
Smarter Trading:
Improving Performance in Changing Markets (New York, NY:
McGraw-Hill, 252 p.). Program trading (Securities).
(Risk), Peter L. Bernstein (1996).
Against the Gods: The
Remarkable Story of Risk. (New York, NY: Wiley, 383 p.). Economic
Consultant. Risk management; Decision making.
(Risk), Ron S. Dembo and Andrew Freeman (1998).
Seeing Tomorrow:
Rewriting the Rules of Risk. (New York, NY: Wiley, 260 p.).
Investments; Risk management; Speculation.
(Risk), Nassim Nicholas Taleb (2001).
Fooled by Randomness: The
Hidden Role of Chance in the Markets and in Life. (New York, NY:
Texere, 203 p.). Founder of Empirica Capital LLC, a crisis-hunting
trading firm, and a fellow and adjunct professor at the Courant
Institute of Mathematical Sciences of New York University. Investments;
Chance; Random variables.
(Short Selling), Edward J. Meeker (1975). Short Selling (New
York, NY: Arno Press, 271 p. [Reprint of 1932 ed.]). Short selling;
Speculation; Stocks.
(Short Selling), Katherine F. Staley (1991).
When Stocks Crash
Nicely: The Finer Art of Short Selling (New York, NY:
HarperBusiness, 254 p.). Short Selling.
--- (1997). The Art of Short Selling (New York, NY: Wiley,
288 p.). Short selling; Speculation; Stocks.
(Short Selling), Manuel P. Asensio with Jack Barth (2000).
Sold
Short: Uncovering Deception in the Markets (New York, NY: Wiley,
268 p.). Short selling; Speculation; Stocks.
(Short Selling), William J. O'Neil, with Gil Morales (2005).
How To Make Money Selling Stocks Short.
(Hoboken, NJ: Wiley, 195 p.). Short selling; Stocks; Speculation.
(Speculation), Barnie F. Winkelman (1932).
Ten Years of Wall Street. (Philadelphia, PA: The John C.
Winston Company, 381 p.). Speculation; Stocks; Stock exchanges--United
States; Depressions--1929; Wall Street (New York, N.Y.)
(Speculation), Jesse Livermore (1940).
How to Trade in Stocks;
the Livermore Formula for Combining Time Element and Price (New
York, NY: Duel, Sloan & Pearce, 133 p.). Speculation; Stocks;
Stock-exchange--United States.
(Speculation), Harry D. Schultz (1964).
Bear Markets: How to
Survive and Make Money in Them (Englewood Cliffs, NJ:
Prentice-Hall, 204 p.). Speculation; Stock-exchange--United States
(Speculation), Ira U. Cobleigh (1967).
Happiness Is a Stock That
Doubles in a Year (New York, NY: B. Geis Associates, 246 p.).
Speculation; Stocks--United States.
(Speculation), Harry D. Schultz (1972).
Panics & Crashes and
How You Can Make Money out of Them (New Rochelle, NY: Arlington
House, 283 p.). Stock exchanges; Depressions; Speculation.
(Speculation), Eric S. Emory (1973).
When to Sell Stocks:
Portfolio Liquidation; the Key to Superior Performances without Stock
Selection (Homewood, IL: Dow Jones-Irwin, 104 p.). Stocks;
Investments.
(Speculation), Richard Ney with a foreword by Lee Metcalf (1973).
The
Wall Street Gang (New York, NY: Praeger, 284 p.). Speculation;
Stockbrokers--United States; Stock exchanges--United States.
(Speculation), Richard D. Wyckoff (pseudonym Rollo Tape) (1982).
Studies
in Tape Reading (Burlington, VT: Fraser Pub. Co., 177 p. [reprint
of 1910 ed.]). Speculation; Stock exchanges; Stocks.
(Speculation), Avner Arbel (1986).
How to Beat the Market with
High-Performance Generic Stocks (New York, NY: New American
Library, 254 p. [rev. and updated ed.]). Speculation; Investments.
(Speculation), Don Cassidy (1991). It's Not What Stocks You Buy,
It's When You Sell That Counts (Chicago, IL: Probus, 298 p.).
Senior Analyst with Lipper Analytical Services, Inc.,. Stocks;
Speculation.
(Speculation), Victor Sperandeo with T. Sullivan Brown (1991).
Trader
Vic-- Methods of a Wall Street Master (New York, NY: Wiley, 290
p.). Stocks; Speculation; Investment analysis.
(Speculation), Victor Sperandeo (1994).
Trader Vic II:
Principles of Professional Speculation (New York, NY: Wiley, 275
p.). Investment analysis; Speculation; Stocks.
(Speculation), Laurence A. Connors & Blake E. Hayward (1995).
Investment
Secrets of a Hedge Fund Manager: Exploiting the Herd Mentality of the
Financial Markets (Chicago, IL: Probus Pub., 209 p.). President
and Managing Partner, respectively, of Connors , Bassett and
Associates, an investment management firm. Hedging (Finance);
Speculation; Investments--Psychological aspects.
(Speculation), Philip Carret (1997).
The Art of Speculation
(New York, NY: Wiley, 368 p. [orig. pub. 1930]). Speculation; Stock
exchanges--United States; Investments--United States.
(Speculation), David Denby (2003).
American Sucker. (Boston,
MA: Little, Brown, 320 p.). Staff Writer (New Yorker).
Investments--United States; Speculation--United States.
(Speculation), Michael Covel (2004).
Trend Following: How Great Traders Make Millions in Up or Down Markets.
(Upper Saddle River, NJ: Financial Times-Prentice Hall, 311 p.).
Investments; Stocks.
(Speculation), Aaron Brown (2006).
The Poker Face of Wall Street. (Hoboken, N.J: Wiley, 368 p.).
Executive Director at Morgan Stanley. Stocks; Finance; Risk;
Poker. Poker as a tool for learning how to
evaluate and embrace financial risk.
(Speculation), Robert I. Webb (2006).
Trading Catalysts: How Events Move Markets and Create Trading
Opportunities. (Upper Saddle River, NJ: Financial Times
Prentice Hall, 368 p.). Teaches Financial Trading at McIntire School
of Commerce, Darden Graduate School of Business Administration
(University of Virginia). Stock price forecasting; Business cycles;
Speculation. Catalysts that spark biggest price
changes (greatest potential for substantial profits or losses).
John Boik (2006).
How Legendary Traders Made Millions: Profiting from the Investment
Strategies of the Greatest Stock Traders of All Time. (New
York, NY: McGraw-Hill, 281 p.). Stocks--Handbooks, manuals, etc.;
Investments--Handbooks, manuals, etc. Strategies
of history's top traders.
Mark Fenton-O’Creevy, Nigel Nicholson, Emma Soane, Paul Willman
(2005).
Traders: Risks, Decisions and Management in Financial Markets.
(New York, NY: Oxford University Press, 244 p.). Floor traders
(Finance); Trading rooms (Finance). Three-year
project researching
psychological, social influences on behavior, performance of
traders in investment banks (1118 traders, managers in four leading
organizations participated): what they
do, kind of people they are, how they perceive world they inhabit,
how they make decisions and take risk; how they are
managed, institutions they inhabit (firms,
markets, cultures, theories of how world works).
Anthony M. Gallea (2002).
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered: Investment
Wisdom That Stands the Test of Time. (New York, NY: New York
Institute of Finance, 251 p.). Investments.
Walter K. Gutman (1961).
You Only Have to Get Rich Once (New
York, NY: Dutton, 252 p.). Securities--United States.
C.C. Hazard (1972).
Confessions of a Wall Street Insider
(Chicago, IL: Playboy Press, 210 p.). Wall Street.
Edwin Lefevre (1923).
Reminiscences of a Stock Operator (New
York, NY: George H. Doran Company, 299 p.).
New York Stock Exchange; Speculation.
Russell Napier (2007).
Anatomy of the Bear: Lessons from Wall Street's Four Great Bottoms.
(Hampshire, UK: Harriman House, 304 p.). Trading; market bottoms; bear
markets--characteristics. Four market bottoms
for US equities - 1921, 1932, 1949, 1982; examined 70,000 Wall
Street Journal articles on either side of bottom; identified
features which indicate emergence of buying opportunity.
Laura Pedersen with F. Peter Model (1991).
Play Money: My Brief
but Brilliant Career on Wall Street (New York, NY: Crown
Publishers, 253 p.). American Stock Exchange; Floor traders
(Finance)--United States--Biography.
Hank Pruden (2007).
The Three Skills of Top Trading: Behavioral Systems Building, Pattern
Recognition, and Mental State Management. (Hoboken, NJ: Wiley,
284 p.). Executive Director of Institute of Technical Market Analysis;
Professor (Golden Gate University). Stock price forecasting; Stocks;
Futures; Speculation. Three skills of top trading: 1) behavioral finance framework
for systems building ( integrating,
interpreting indicators); 2) pattern recognition plan for trading - set of
laws, principles to interpret chart patterns,
take action; 3) model of trader psychology essential to management of
mental state.
John Rothchild (1998).
The Bear Book: Survive and Profit in
Ferocious Markets (New York, NY: Wiley, 284 p.). Stock exchanges.
Harry D. Schultz (1981).
Bear Market Investment Strategies.
(Homewood, IL: Dow Jones-Irwin, 232 p.). Investments--Handbooks,
manuals, etc.; Stock exchanges--Handbooks, manuals, etc.
Jack D. Schwager (2001).
Stock Market Wizards: Interviews with
America's Top Stock Traders (New York, NY: HarperCollins, 338 p.).
Stockbrokers--United States--Interviews; Investment advisors--United
States--Interviews; Floor traders (Finance)--United
States--Interviews; Futures market--United States; Financial
futures--United States.
Robert Slater (1996).
Soros: The Life, Times & Trading
Secrets of the World's Greatest Investor (Burr Ridge, IL: Irwin
Professional Publishing, 269 p.). George Soros, Capitalists and
Financiers.
--- (1996).
Invest First, Investigate Later: And 23 Other
Trading Secrets of George Soros, the Legendary Investor (Chicago,
IL: Irwin Professional Pub., 128 p.). Robert Slater, a Time magazine
reporter for 18 years, has written a number of business biographies.
Soros, George--Knowledge--Investments; Investments; Investment
analysis.
Nicholas Teebagy (1998).
The Math Behind Wall Street: How the Market
Works and How To Make It Work for You. (New York, NY: Four Walls
Eight Windows, 100 p.). Investments--Mathematics.
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LINKS
Coin & Conscience: Popular Views of Money, Credit and Speculation
http://www.library.hbs.edu/hc/cc/
In 1986, the Baker Library at the Harvard Business School issued a
rather elaborate exhibition catalog that presented a collection of
materials from the Bleichroeder Collection of prints. These prints
ranged in date from the sixteenth to nineteenth century, and included
images of stock exchanges, money lenders, corruption, and other such
related topics. This exhibit is essentially an updated and greatly
enhanced version of this original exhibit, and it is a true delight.
Visitors have access here to a great selection of images divided into
such contentious and intriguing categories as "Politics and War",
"Speculation and Credit", and "Vanity and Virtue: Allegories on the
Pursuit of Riches". There are a few images that should not be missed,
including "The Unhappy Lot of the Rich" by Phillip Gale and "The
Ill-Sorted Couple" by that old master, Albrecht Durer. The site is
rounded out by a nice bibliography for those with a further penchant for
works including "Religious Factors in Early Dutch Capitalism,
1550-1650". |