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At that time, Grant apparently was suggesting that stocks were "too expensive", and that a bubble existed, which would soon burst.
Well, after his book was written, the market continued to rally strongly for another 4 years, and now that the bubble has burst, we find it's a different bubble entirely than Mr. Grant assumed it was.
Because after the bursting, the NASDAQ index is down from the 5,000 level reached 4 years AFTER Jim Grant said prices were too expensive, and is now rallying up from a double bottom at the 1,200 level.
In other words, Mr. Grant back in 1996 was claiming we were near a top in the market, but he was totally in error! After all that has happened since his book was written, we are still at or above the stock price level that he claimed was "too expensive". Apparently the author's ceiling has become the FLOOR of the stock market, which means he was about as wrong as he could have been.....
Grant chronicles periods of boom and bust. He is effective at this. For example, he quotes The Journal of Commerce during a bear market in 1952: "Many bankers visualize a return to the conditions of 150 years ago, when many sections of Wall Street and environs were residential and retailing districts." It's difficult to imagine that Wall Streeters would be that bleak. It's also difficult to imagine that investors would be as unrealistic as they were in the 1990s: "In response to warnings that dividend yields were too low, or that price-earnings yields were too high, the public only invested more, thereby sending yields even lower and price-earnings multiples higher." Four years after Grant wrote that the S&P 500 began to decline.
The Trouble with Prosperity is not a "how to get rich book" for "dummies" or "idiots." This is a serious discussion of financial history which gets heady at times. For instance, the author applies theory from the Austrian school of economics. "In the Austrians' judgment," he explains, "there is one principal source of collective error: interest rates. Set them too low and people will overreach." The central bank is the culprit. "The quarrel I have with the Federal Reserve", proclaims Grant, "is not so much that it creates credit as that it pretends to know the interest rate at which that credit (in the form of bank reserves) should be lent and borrowed." Alan Greenspan, in other words, is not omniscient.
James Grant is not a cheerleader for the stock market. He is a genuine contrarian, a skillful writer, and he was right.
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The information here is good. It is easy to understand and, from my experience as a full time grant writer, right on the mark. Just know you will have to attend a workshop or find another place to learn about outcome measures.
My issues with Grant's are many, ranging from the drawings to the way the index is organized. From start to finish, the book has some serious shortcomings which create substantial inconveniences for a new anatomy student.
Many of the drawings in Grant's atlas are far more lifelike than they are explanatory. It is almost as if the illustrator's intent was to show what one would see when dissecting, rather than explain what is what and where it is. This is particularly evident when dealing with the head/neck region (which, unfortunately, is a complicated area we focus on heavily) and the routes of the cranial nerves. The small footnotes at the bottom of the pages are almost useless, as it is difficult to determine what specifically they are referring to. There are very few boldfaced references (such as those you'd see in a cell biology textbook) that allow you to quickly locate a description of the item you're trying to understand in the picture, hence, you find yourself having to read the entire thing. Netters has almost no text, yet the drawings are done in a way that clearly explain what's going on, thus no need for text.
Another serious issue with the Grant's is the index. The major entries are not in boldface text. This is such a small detail (it wouldn't have cost them a cent more to make) that makes locating things much quicker. For example, there are hundreds of items under the entry "Nerves", yet "Nerves" is not in bold-faced text. That is inexcusable, considering the fact that most of the structures we study are muscles, nerves, arteries, fascias, processes, fossas, i.e. things that must be found under major entries. Believe it or not, it makes finding a topic in the index a real hassle. There's nothing to distinguish major entries from the items found beneath them, except for the indentation.
Although some of the problems with Grant's are small, they cause problems when you have to repeatedly deal with them. Anatomy is tough enough as is without having inconveniences from your atlas. On occasion, you'll find a picture in Grant's that is more descriptive than Netter's, but rarely. In general, Grant's is a lowsy book, which should be used only as a supplement to Netters in cases where you want a more lifelike picture.
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Another complaint I had was the sets have moved since the last time I had purchased this book. For instance, the 1991 Cracker Jack I Series, is now found under Topps, not Cracker Jack.
If you collect mainstream cards and inserts, I am sure that you will be VERY pleased with the book. For the rest of us, the search continues.
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Actually I am getting tired of making that crack, because the idea was to tell the story of the Civil War from the perspective of one family, the Brannons of Culpeper County in northern Virginia. The family consists of a widowed mother, five sons and a daughter, all named after characters in Shakespeare plays or the bard himself. But it is hard not to think "soap opera" when it is 200 pages before the Civil War intrudes on the lives of these characters. "Shenandoah" begins around Christmas of 1863 when Titus Brannon, believed to have been killed at Fredericksburg but until recently held in a Union prisoner of war camp, arrives home. This would be good news except for the fact that Titus discovers his wife Polly is now pregnant and married to his younger brother Henry. What matters the plight of Robert E. Lee's Army of Northern Virginia or the Confederate States of America when you have this sort of Greek tragedy being enacted out on the Brannon farm.
The second half of the book does get back to the war, covering the Battle of the Wilderness and Cold Harbor as Ulysses S. Grant takes control of the Union armies and begins the push on Richmond. Phil Sheridan's campaign to make sure the Shenandoah Valley would no longer serve as the main source of food for the Confederacy provides the climax of the book. Reasoner provides general background on the battles, but keeps the focus on how the battles appear to the older Bannon boys, Will and Mac, in the Stonewall Brigade and with Jeb Stuart's cavalry, respectively.
I am inclined to think that there is a high level of attrition for readers of this series, especially when I notice that this book has been out for almost half a year and has received no reviews. But Reasoner's books are quick reads and I am stilling hanging in here because there are two things I am having been waiting to see happen for several volumes. The first is for one of the Bannon boys to get killed. I mean, four sons, we are up to 1864 and the fourth year of the year, and all four Bannon boys are still alive. What are the odds? The other thing is for somebody to realize that Polly, the wife of apparently both Titus and Henry, has been in an incestuous relationship with her planter father, Duncan Ebersole. We know how the Civil War is going to turn out for the Confederacy, but it is when and how Ebersole pays for his sins that is taking about as long to be resolved.
There are two volumes left to go in the series: "Savannah" will be out later this year and then the final volume should be "Appomattox." These books are quick reads and with chapters perfect in length for the commuter lifestyle.
All of the books in this series are fast-paced, hold the reader's interest, and are well-researched, providing enough historical facts and details to make the reader feel as though the fictional Brannons really were participants in the various battles in which they appear.
My only complaint with the series is, due to a production problem, the release of the ninth book in the series, SAVANNAH, has been delayed somewhat. Hopefully, it will be available soon.
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Grant As Military Commander is an thorough analysis of Grant as a commander from the perspectivd of Sir James Marshall-Cornwall, a general in the British Army. Sir James explored Grants background, early campaigns, achievements and failures. As someone who served in two world wars, Sir James took into consideration all aspects of Grants campaigns and personally visited the battle sites, studied Grants tactics and reports.
Many books about the Civil War and the tactics of the generals become boring pieces of literature particularly when dealing with the analysis of the strategic and tactical aspects of the battles. Sir James takes away this boredom and endowes it with life. You see and feel why Grant moved in a particular way and why he did a certain thing. You also find out that the conduct of the war was much more than winning battles. Dealing with personalities and the logistical side of the house was even more challenging in a war that tore a nation apart.
Grant is viewed as a man who was able to deal with the personalities of his superiors and able to get what his Army needed even in the most dire situation. As a commander, Grant exceeded all expectations even from his former West Point classmate Robert E. Lee.
This is a refreshing portrait of a military commander given from another perspective. The lessons learned from Grant's experiences are invaluabe in today's military as we deal with strategic, tactical and logistical problems not too far removed from this time.