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James Glassman and Kevin Hassett published Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market on September 20, 1999, an event which almost immediately triggered a drop in stock prices from which the market has never recovered. After today’s sharp drop to 11,349, the market stands 526 points above its close roughly nine years ago when the book came out.
That’s a gain of about 0.5 percent annually since Glassman and Hassett issued their bullish proclamation. Investors would have done better putting their money in a savings account (and almost as well leaving it under the mattress).
I checked out the Dow 36,000 Amazon web page today. Customers who had searched for the book were pointed to a couple of other classics: Dow, 30,000 by 2008: Why It’s Different This Time, by Robert Zuccaro (2001), and Why the Real Estate Boom Will Not Bust–And How You Can Profit from It, by David Lereah (2006).
Buy them together and save.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Percentage of G.O.P. House and Senate members in an April 2006 poll who believed humans are causing climate change:
Bees can remember human faces, but only if they are tricked into thinking that we are strange flowers.
“All I saw,” said a 12-year-old neighbor of visits to the man’s house, “was just cats in little diapers.”
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“I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.”