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1908. 1915. 1927. 1928. 1933. 1935. 1954. 1958. 1975. 1995. Epilogue: What Causes the Very Good Years? Selected Readings. Index.
A history of the performance of the U.S. stock market, this book imparts a thorough understanding of the ten separate years of the 20th century that produced remarkable investment returns. Fridson (managing director, Merrill Lynch) examines the market's "very good years"‘1908, 1915, 1927, 1928, 1933, 1935, 1954, 1958, 1975, and 1995‘for similarities of conditions and attributes. Based on statistical and observational evidence (reported in the major financial press), the author's analysis captures common themes whose interpretation may explain the development of the bull-market years. After measuring each theory against available facts, the author discovers that, unlike other explanations, the "easing of credit conditions" is a consistently common factor in all the years that have shown substantial returns. This has always come, he finds out, after depressed stock prices caused by poor market conditions. This book will prove useful to professionals engaged in stock market operations as well as to anyone seeking a better understanding of how the notable bull-market years came about and who the major players were. Recommended for both public and academic libraries.‘Ali D. Abdulla, East Carolina Univ., Greenville, N.C.