Press and reader comments for Valuing Wall Street

• "Probably the best investment title published this year. .... These are high risk times: even if you end up disagreeing with q, the book will stimulate you to figure your own approach to protection. ... Smithers' and Wright's message is vital." Edmund Jackson, Taking Stock, Sunday Telegraph, 26th November 2000.
  
  

• David Henry "Why do you want people to buy your book?"

  Andrew Smithers  "...... Most books about investment tell you how to make money. Ours is a plea to help people not lose it."

  ".... the market is extremely overvalued. The chances of the market going down in the next 12 months are 70%. You should sell .......The risks are different for money managers and owners of capital.........Bubbles can be burst in many different ways." David Henry interviewed Andrew Smithers (USA Today 16th October, 2000)

• "The Smithers-Wright book is maybe the best one about the stock market valuation written in the past decade ..."  A reader from Frankfurt (Amazon.com: Customer.)
  
  
• "Over the past five years or so the Fed has knowingly permitted the development of the greatest asset bubble of the twentieth century. That's the gravamen of a new book by Andrew Smithers and Stephen Wright … [which] contains a good deal of self-help for sophisticated individual investors." David Warsh (The Boston Globe, 14 May 2000)
  
  
• "In this absolutely delightful, easy-to-read book, [the] authors argue downright investment heresy: maybe long term, buy-and-hold strategy is not the most winning ... Any serious investor ... would do well to read this book." Bruce McWilliams (Editorial Review, Amazon.co.uk)
  
  
• "Valuing Wall Street is more than just a discussion of q and its virtues … the authors' comments are often wonderfully lively, informed and, we're happy to report, acerbic." Alan Abelson (Barron's, 22 May 2000).
  
  
• "This book and Shiller's aren't really competitors but complements. I'd say this book is better on valuation ..." G.Bear of New York (Amazon.com: Customer.)
  
  
• "Andrew Smithers … co-author with Stephen Wright of Valuing Wall Street said 'If the market were to fall, the interest of management would cease to be driving up the stock price. It would be driving it down so the next round of options are at a lower price.'" Gretchen Morgensen (The Consequences of Corporate America's Growing Addiction to Stock Options, The New York Times, 13 June 2000)
  
  
• "The case Smithers and Wright lay out … is persuasive and, for all its gloom, eerily good-humoured." Robert Barker (Business Week Online, 28 April 2000)
  
  
• "Smithers and Wright have written a very compelling indictment of today's stock prices …". David Roth of Oakland (Amazon.com: Customer.)
  
  
• "Publishers can only dream of timing this good ... By the end, few readers will doubt that q has in the past been a very good guide to stock market valuation … All this is argued in good knockabout fashion. But this is a serious book that deserves serious consideration from the investment community." Philip Coggan (review in the FT, 19 April 2000) (The complete review can be accessed on the Smithers & Co. website.)
  
  
• "Book by UK investment advisor and academic argues for capital preservation with acerbic wit…Valuing Wall Street is creating a bit of a stir ….The gist of the author's persuasively argued thesis is that James Tobin's q ratio…is by far the best measure available for gauging whether the market is over-valued." Kate Welling (welling@weeden, 26 May 2000)
  
  
• "I think that most people are well aware that the stock market is absurd, and equally well aware are the professionals". See interview of Andrew Smithers by Brett Fromson and others. (The Street.com: The TSC Streetside Chat, 28 May 2000)
  
  
• "Wall Street is in a bubble…with an extremely high probability that the market will down over the next three to five years". See "The Great Bubble Debate" with Jeremy Siegel and Kevin Hassett (Business Week, 29 May 2000). (Also available in full on www.businessweek.com).
  
  
• "Analysts also believe the debate over stock market valuation will intensify in the weeks ahead thanks to the recent publication of two highly respected books that both forecast a coming bear market ... Irrational Exuberance, by Yale Professor Robert Shiller, and Valuing Wall Street: Protecting Wealth in Turbulent Markets, by British consultants Andrew Smithers and Stephen Wright, have received serious attention on Wall Street." Tom Walker (Atlanta Journal-Constitution, 23 May 2000)
  
  
• "a splendid book with the uncatchy title of Valuing Wall Street. [Its] animating essence ... is that q has it all over more traditional ways of telling whether the market is overvalued or undervalued, and they’re quite persuasive in demonstrating its superiority to other, more familiar yardsticks." Alan Abelson (Barron's)
  
  
• "In developing their q-story and putting it in the context of rival approaches, the authors review a lot of what passes for financial commentary and convincingly highlight its biases and inaccuracies." Letter of Credit, The Economist, 24th June 2000
  
  
• ".... the argument deserves another look. It is too important to ignore. ...Try as one might, the q ratio's recent levels remain disturbing. It is a theoretically and empirically sound indicator of the market." Martin Wolf (Don't blame it on the altimeter, The Financial Times, 28th June 2000)
  
  
• "... we have lately been hearing a lot from the sophisticated bears ..... like Andrew Smithers and Stephen Wright ..... this is certainly a view that needs to be taken seriously." Paul Krugman (The Pizza Principle, The New York Times, 9th July 2000)
  
  
• "... neither of the books contain a single equation, but both present economic analyses of a very high calibre and are very timely. They are both well worth reading." Anonymous review of Robert J Shiller's 'Irrational Exuberance' and Andrew Smithers and Stephen Wright's 'Valuing Wall Street'. Yosho Tanobo (The Journal of the Japanese Ministry of Finance), June 2000
  
  
• "In this absolutely delightful, easy-to-read book, authors Andrew Smithers and Stephen Wright argue downright investment heresy. ...... Any serious investor, and especially those nearing retirement, would do well to read the book." Bruce McWilliams (Editorial review, amazon.co.uk)
  
  
• "The authors have done a fantastic job in converting a complex topic into a book that most readers could enjoy and understand. It is also the best argued and researched investment book I have read. .... For anyone interested in investment, this book is compulsory reading." Steven Bakovljev, CIO Alnista Capital Management (customer, amazon.co.uk, 13 June 2000)