The New Era of Wealth
by Wesbury, Brian S.Format: Paperback
Pub. Date: 2002-09-24
Publisher(s): MCG (Manual)
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Summary
"Investors who take the time to read The New Era of Wealth will walk away wealthier for having done so."Investor's Business Daily In The New Era of Wealth, top-rated economist Brian Wesbury shows investors how to use the five key trends that created the stock market boom in the 1990s to sidestep risk and build longterm personal wealth in stocks, bonds, mutual funds, real estate, and commodities.
Author Biography
Brian S. Wesbury was named top economist of 2001 by theWall Street Journal. He is vice president and chief economist at Griffin, Kubik, Stephens & Thompson.
Table of Contents
| Introduction | p. 1 |
| The Pessimists Are Wrong | p. 3 |
| The Seeds for the Boom | p. 5 |
| Where Does Wealth Come From? Ask Abe Lincoln | p. 6 |
| Opposing Forces: Accumulation and Redistribution of Wealth | p. 7 |
| The Stock Market Barometer | p. 8 |
| Benefiting from the New Era | p. 10 |
| References | p. 11 |
| The Framework for Profiting in the New Era | |
| The Technology Revolution | p. 15 |
| The Information Age | p. 19 |
| Machine or Living Ecosystem | p. 26 |
| Limitless Growth | p. 28 |
| The Technology Explosion | p. 30 |
| The Relentless Push to Efficiency | p. 31 |
| References | p. 31 |
| Globalization and Economic Efficiency | p. 33 |
| The Dollar Is King in the Global Economy | p. 39 |
| Even the Euro Won't Compete | p. 42 |
| References | p. 43 |
| The End of Big Government | p. 45 |
| The Great Society and Malaise | p. 48 |
| References | p. 52 |
| Politics in the New World | p. 53 |
| The Impotent Government | p. 53 |
| A Piece of the Rock and the Fourth Branch of Government | p. 59 |
| References | p. 60 |
| Monetary Policy: Forecasting the Fed | p. 61 |
| It's a Job, Not a Religion | p. 63 |
| Balancing Act | p. 65 |
| Volcker and Greenspan to the Rescue | p. 65 |
| The Greenspan Era | p. 66 |
| Forecasting the Fed | p. 67 |
| The Supply-Side View Is Correct | p. 69 |
| The Fed, Interest Rates, and Inflation | p. 71 |
| The Fed's Dilemma Will Create Deflation | p. 71 |
| Deflation in the New Era | p. 73 |
| References | p. 74 |
| Virtuous Circle: How the Trends Work Together | p. 75 |
| The Evidence | p. 76 |
| The All-Star and Supporting Cast | p. 77 |
| Getting the Best from the Team | p. 79 |
| Keeping the Team Focused | p. 80 |
| Our Money | p. 81 |
| Putting It All Together | p. 83 |
| References | p. 83 |
| Preparing Your Portfolio for the Coming Boom | |
| Four Threats to the New Era | p. 87 |
| The Great Depression | p. 88 |
| Malaise and Stagnation in the 1970s | p. 91 |
| The Vicious Circle | p. 92 |
| Learning from Japan | p. 92 |
| The Four Threats | p. 93 |
| The Markets as Task Master | p. 94 |
| Storm Clouds | p. 94 |
| References | p. 95 |
| Shifting Perceptions | p. 97 |
| The Three Stages of Denial | p. 100 |
| Individuals Know, Policymakers Will Follow | p. 101 |
| Ignoring the Noise--Be Optimistic | p. 102 |
| References | p. 102 |
| Strategies for Creating Personal Wealth | p. 105 |
| The Four Tests--New Era Resilience | p. 106 |
| Wealth on the Rise | p. 108 |
| The Risks of Investing in Stocks Will Decline in the New Era | p. 110 |
| Even Low-Yield Bonds Will Provide a Very High Real Interest Rate | p. 110 |
| Save Your Money and Stay Out of Debt | p. 112 |
| A Dynamic Market Increases Opportunity | p. 113 |
| Investing in the New Era | p. 114 |
| References | p. 114 |
| Investment Implications for the New Era of Wealth | |
| Picking Stocks for the Future--The Top-Down Approach | p. 119 |
| Risk Versus Reward | p. 120 |
| The Role of Price-to-Earnings Ratios | p. 120 |
| Key Stock Market Principles for the New Millennium | p. 121 |
| Why the New Era Will Boost P/E Ratios | p. 122 |
| P/E Ratios and Inflation | p. 124 |
| Inflation and Taxes | p. 125 |
| P/E Ratios and Interest Rates | p. 126 |
| Taxes and Stocks | p. 128 |
| Find Value in Ideas, Not Resources | p. 129 |
| Does History Suggest Caution? | p. 130 |
| Productivity Boom--New Versus Old | p. 133 |
| The Booming Network | p. 138 |
| Disruptive Technologies and the New Era | p. 140 |
| Look for Misused Resources--Deregulation Creates Opportunities | p. 141 |
| Profit from Leisure Time and Increased Wealth | p. 142 |
| The Bottom Line | p. 143 |
| References | p. 144 |
| Picking the Right Stocks and Mutual Funds | p. 147 |
| How Much Should You Invest?--The Rule of 110 | p. 147 |
| What Stocks Do I Buy? | p. 148 |
| Value Versus Growth | p. 149 |
| Pure Growth | p. 152 |
| How to Manage Your New Era Investments | p. 153 |
| Day Trading | p. 153 |
| Mutual Funds | p. 153 |
| What Mutual Funds Are Good for the New Era? | p. 154 |
| The 50/50 Strategy | p. 155 |
| Investing in Individual Stocks | p. 156 |
| How to Build a Great Portfolio | p. 156 |
| 401K and IRA | p. 159 |
| The Bottom Line | p. 159 |
| References | p. 160 |
| Using Bonds for Long-Term Reward | p. 161 |
| Understanding Bond Yields | p. 161 |
| Putting Them All Together and Adding the Fed | p. 165 |
| The Old Wives Tale of the Bond Market | p. 167 |
| The Gains from Lower Rates | p. 168 |
| How to Invest in Bonds | p. 168 |
| Buying Individual Bonds | p. 169 |
| The Problem with Bond Funds | p. 171 |
| Ignore the Myths and the Pessimists | p. 172 |
| The New Era Forecast for Bonds | p. 173 |
| Real Estate and Commodities | p. 175 |
| In the New Era, Space and Resources Are Infinite | p. 175 |
| Inflation, Deflation, and Resource Prices | p. 175 |
| Technology and Real Estate | p. 177 |
| Housing, REITS, and the New Era | p. 178 |
| Real Estate Opportunities Still Exist | p. 179 |
| Commodities and Precious Metals | p. 180 |
| Deflation and the New Era | p. 182 |
| References | p. 183 |
| The New Era of Wealth Is Just Beginning | p. 185 |
| Vested Interests and New Paradigms | p. 186 |
| Luddites and the New Era | p. 187 |
| A Millionaire on Every Block | p. 188 |
| Ignore the Pessimists | p. 188 |
| References | p. 189 |
| Bibliography | p. 191 |
| Index | p. 193 |
| Table of Contents provided by Syndetics. All Rights Reserved. |
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