How does one spot the bottom of a bear market? What brings a bear to its end?
There are few more important questions to be answered in modern finance. Financial market history is a guide to understanding the future. Looking at the four occasions when US equities were particularly cheap - 1921, 1932, 1949 and 1982 - Russell Napier sets out to answer these questions by analysing every article in the Wall Street Journal from either side of the market bottom.

In the 70,000 articles he examines, one begins to understand the features which indicate that a great buying opportunity is emerging.

By looking at how markets really did work in these bear-market bottoms, rather than theorising how they should work, Napier offers investors a financial field guide to making the best provisions for the future.

This new edition includes a brand new preface from the author and a foreword by Merryn Somerset Webb.

Foreword by Merryn Somerset WebPreface to the New EditionIntroductionPart I August 1921The road to August 1921The course of the Dow - 1896-1921Living with the Fed - A whole new ball game (I)Structure of the market in 1921The stock market in 1921The bond market in 1921At the bottom with the bear - Summer 1921Good news and the bearPrice stability & the bearLiquidity and the bearThe bulls and the bearBonds and the bearPart II July 1932The road to July 1932The course of the Dow - 1921-29Living with the Fed - A whole new ball game (II)The course of the Dow - 1929-32Structure of the market in 1932The stock market in 1932The bond market in 1932At the bottom with the bear - Summer 1932Good news and the bearPrice stability and the bearLiquidity and the bearThe bulls and the bearBonds and the bearRoosevelt and the bearPart III June 1949The road to June 1949The course of the Dow - 1932-37The course of the Dow - 1937-42The course of the Dow - 1942-46The course of the Dow - 1946-49Structure of the market in 1949The stock market in 1949The bond market in 1949At the bottom with the bear - Summer 1949Good news and the bearPrice stability and the bearLiquidity and the bearThe bulls and the bearBonds and the bearPart IV August 1982The road to August 1982The course of the Dow - 1949-68The course of the Dow - 1968-82Structure of the market in 1982The stock market in 1982The bond market in 1982At the bottom with the bear - Summer 1982Good news and the bearPrice stability and the bearLiquidity and the bearThe bulls and the bearsBonds and the bearConclusions- Strategic- Tactical- Then and nowEpilogue: Russell Napier, 2007BibliographyTable of figuresAcknowledgements