With scrupulous attention paid to factual accuracy and detail, Gayed’s volume could easily function as a fundamental text on...

READ REVIEW

Intermarket Analysis and Investing: Integrating Economic, Fundamental, and Technical Trends

A thorough, if academic and somewhat dated, explanation of the various forms of stock market analysis.

Published posthumously, this second edition of Gayed’s 1990 book was republished “without updates or changes, keeping it true to the original in his honor,” writes the author’s son in a foreword. Interestingly, this may be both the book’s greatest strength and weakness. As a textbook on analysis, the work is solid and timeless. Gayed carefully and methodically describes the process of investing in stocks. Then, in detailed individual sections of the book, he fully describes and lays out the assets and liabilities of three distinct methods of analysis: economic, fundamental and quantitative. In the context of these analytical schools, the reader is likely to learn a great deal about business and stocks in general. In discussing economic analysis, for example, Gayed covers the business cycle, inflation and interest rates, the composite index, and leading, lagging and coincident indicators. The section on the fundamental school of analysis, which the author says is “by far the most widely used by the majority of Wall Street professionals,” includes a comprehensive discussion of financial statements, an excellent subsection that explains the importance of analyzing businesses by industry groups and an overview of fundamental investment dynamics, including book value and the power of earnings. In describing quantitative market analysis, Gayed addresses the tenets of market timing and describes the difference between top-down and bottom-up market timing. When the author turns his attention toward investment strategies, however, the downside of a 20-year-old text may be evident. Indeed, using the “Crash of 1987” as the primary example to teach a lesson about investment strategy is hard to justify when the Great Recession of 2008 goes unmentioned. Despite this omission, which should have at least been acknowledged with an editor’s note, the principles discussed by the author do, in fact, apply across the decades.

With scrupulous attention paid to factual accuracy and detail, Gayed’s volume could easily function as a fundamental text on stock market investing, but it may overwhelm the average investor.

Pub Date: Oct. 15, 1990

ISBN: 978-1481959612

Page Count: 510

Publisher: CreateSpace

Review Posted Online: Aug. 2, 2013

Kirkus Reviews Issue: Sept. 1, 2013

Did you like this book?

No Comments Yet

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...

THINKING, FAST AND SLOW

A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.

The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.

Pub Date: Nov. 1, 2011

ISBN: 978-0-374-27563-1

Page Count: 512

Publisher: Farrar, Straus and Giroux

Review Posted Online: Sept. 4, 2011

Kirkus Reviews Issue: Sept. 15, 2011

Did you like this book?

Essential reading for citizens of the here and now. Other economists should marvel at how that plain language can be put to...

Our Verdict

  • Our Verdict
  • GET IT

  • Kirkus Prize
  • Kirkus Prize
    finalist

  • New York Times Bestseller

  • National Book Critics Circle Finalist

CAPITAL IN THE TWENTY-FIRST CENTURY

A French academic serves up a long, rigorous critique, dense with historical data, of American-style predatory capitalism—and offers remedies that Karl Marx might applaud.

Economist Piketty considers capital, in the monetary sense, from the vantage of what he considers the capital of the world, namely Paris; at times, his discussions of how capital works, and especially public capital, befit Locke-ian France and not Hobbesian America, a source of some controversy in the wide discussion surrounding his book. At heart, though, his argument turns on well-founded economic principles, notably r > g, meaning that the “rate of return on capital significantly exceeds the growth rate of the economy,” in Piketty’s gloss. It logically follows that when such conditions prevail, then wealth will accumulate in a few hands faster than it can be broadly distributed. By the author’s reckoning, the United States is one of the leading nations in the “high inequality” camp, though it was not always so. In the colonial era, Piketty likens the inequality quotient in New England to be about that of Scandinavia today, with few abject poor and few mega-rich. The difference is that the rich now—who are mostly the “supermanagers” of business rather than the “superstars” of sports and entertainment—have surrounded themselves with political shields that keep them safe from the specter of paying more in taxes and adding to the fund of public wealth. The author’s data is unassailable. His policy recommendations are considerably more controversial, including his call for a global tax on wealth. From start to finish, the discussion is written in plainspoken prose that, though punctuated by formulas, also draws on a wide range of cultural references.

Essential reading for citizens of the here and now. Other economists should marvel at how that plain language can be put to work explaining the most complex of ideas, foremost among them the fact that economic inequality is at an all-time high—and is only bound to grow worse.

Pub Date: March 10, 2014

ISBN: 978-0-674-43000-6

Page Count: 640

Publisher: Belknap/Harvard Univ.

Review Posted Online: April 30, 2014

Kirkus Reviews Issue: May 15, 2014

Did you like this book?

more