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According to the authors, "the benefits of long-term equity investment have been dangerously oversold by harping on long-term returns, while failing to point out that this long-term is simply too long for most investors". Indeed, their aim is not to tell you how to make money, but instead to show you how to avoid losing it. They claim that today's market q value is so dangerously high that preserving wealth--and not trying to find the next hot shot Internet penny share--is paramount.
Valuing Wall Street is a thought-provoking work which compares the use of price/earnings ratios, dividend growth models and dividend yield models for their predictive power in valuing markets. The authors, who have one foot in the real world (Smithers run a market consultancy firm) and one in the academic camp (Wright is a lecturer at Cambridge), dismiss stockbrokers' "Stocks are wonderful" mantra in an amusing fashion. Any serious investor, and especially those nearing retirement, would do well to read this book. --Bruce McWilliams
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