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Review by Michael Pellecchia
The genius of capitalism is in coping with failure, writes the founder of Grant's Interest Rate Observer in this book. The unshakable faith of the market bear is ever-present here as Grant writes for the amusement of capital preservationists. He covers the bond market through sturm and drang, touching also on commodities and real estate.
This book focuses on the era of prosperity since 1958, which has given many warning signs of impermanence. Among the most striking signs is rash speculation, defined as investment above and beyond the call of value. The author finds speculation under every rock and milks it expertly as a singular, gentle prophet of doom.
Grant's take on technology investors is typical of his wry style. Caution is never out of season. James Grant provides a good dose of it, with well-researched historical narrative to back him up, and the thick of events to move him forward. This author is one of the best naysayers in the business.
Michael Pellecchia writes about business and finance books each month He can be reached at michael_pellecchia@bookpage.com.
©1997, ProMotion, inc.
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