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In his updated, comprehensive reference, Winans (Preferred Stocks, 2010, etc.) examines historical trends for today’s smart investors.
An investment-management entrepreneur and writer for Forbes.com, Winans has spent much time studying market cycles. His latest tool for wealth building highlights the importance of knowing investment history, because, writes Winans, “the basic investment game hasn’t changed in the past 150 years!” Divided into five sections, this colorful collection of facts and advice begins with an exploration of the U.S. economy’s growth. The second section lays out the fundamental characteristics of six different investments—stocks, bonds, real estate, commodities, cash, and collectibles. Analyzing bull and bear markets, Section 3 helps readers learn how to determine market health. Perhaps the most thought-provoking portion of the book, the next section investigates certain events, like natural and man-made disasters, and how investments have been affected by those events. The final section encourages readers to develop financial strategies based on historical facts and market trends. Beautifully illustrated with many color and black-and-white photographs, this ample handbook’s layout is eye-catching and unique—e.g., vintage photos include a 1901 steel bond owned by Andrew Carnegie, a 1903 political cartoon depicting Standard Oil as an “octopus” monopoly, and a Watergate-era Playboy Enterprises, Inc., certificate. Winans takes the tone of a helpful tutor (“Let’s look briefly at some of the factors that caused these disastrous bear markets”), and his easy-to-read charts and tables make phrases like “yield spread analysis” a little less intimidating for novices. This well-referenced guide presents intriguing (and sometimes horrific) events, for example, the 1920 Wall Street bombing. In addition to serious topics, e.g., how to tell when it’s time to sell stocks, Winans includes more lighthearted tidbits—such as the best type of wine to collect—and quotes, like Mark Twain’s humorous “Buy land, they’re not making it anymore.” Though success is never guaranteed, Winans’ clear-cut advice teaches investors to use market tools and facts, instead of knee-jerk emotion, for a promising fiscal future.
All investment books should be this compelling.
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