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To me, reading this book is like transporting in time. I become there. The year, 1912. The track, St.Louis, Missouri. The sport; Board track racing. Motorcycle racing, performed on tracks of wood. From 1/16mile in length, to 2 miles. Speeds reached in 1912? Lee Humiston, on Dec.30, 1912, at a 1mile board track in Los Angeles, became the first American motorcyclist to travel at 100mph(Excelsior).
This book to me, is a key. This key unlocks many, many, whys.
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James' girlfriend, Huey, is a painter of sorts who paints graffiti on walls, graffiti she calls "soulographs." These soulographs are huge abstractions of the war. James' wall is covered with them, so he whitewashes all of his walls and asks Huey to paint something new. But while she is in the process, the old soulographs begin to bleed through, causing James to experience a flashback to his Vietnam years where he imagines himself in the middle of battle with flashes and flares and rifles all around.
In a surrealistic and utterly brilliant and original manner, Wright manages to show us all the similarities of the Vietnam War and life as we lead it on a day-to-day basis. His protagonist, James, realizes these connections and begins to meditate, to escape these similarities, to escape the absurdity of life, both then and now.
Meditations in Green is a highly symbolic and surreal book. Wright, one of the most brilliant and original writers of the twentieth century, writes this novel in a very elusive manner, using very elusive narrative strategies and structural principles, organizing the book in interesting, overlapping, spiraling circles, which often echo, duplicate and bleed through one another much in the way Huey's soulographs do.
By attempting to devolve himself down to a plant form, James hopes to purge himself of his memories and antipathy towards nature and its eternal cycle of birth and death and rebirth. He is, like all of Wright's characters, very flawed, but these very flaws are what make him so human and let us identify with him and his sufferings.
Stephen Wright is a brilliant writer, but one whose extremism has caused him to be sadly undervalued by the general public. For some reason, I don't believe Wright care much about this. We should care, however, for Wright is brilliant, original, creative and absurd. His books are surrealism, black comedy, absurdism and postmodern literature of the very highest order. Wright is a writer not to be missed by anyone even remotely interested in great literature, postmodern or otherwise.
Any comparison to Mailer or Vonnegut or O'Brien is absolutely superfluous. This is a unique American voice, a John the Babtist crying in the wilderness and feeding on locusts, but the blind will never hear. This is an Artist in the strictest sense who moves and shapes print in ways that others cannnot hope to emulate. I have no reservations in raising his standard in whatever rung of hell we find ourselves in at present. This is the real deal, people. Put away your childish things and read the message of a true modern prophet, crying from the confines of Hades, urging us to at least look closely at ourselves, even if it drives us mad.
I have also heard two of these renound speakers, in person, and in my opinion, they indeed "walk their talk". I am greatful on this special Thanksgiving.
John Rossetti Deerfield Beach, Florida
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All in all, a good book to own I think...
Conclusion: A little difficult, but well worth the time and money involved
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Smithers and Wright use as a measure of valuation for stocks a statistic called "q" (or Tobin's q, named after Nobel laureate and Shiller colleague James Tobin). q represents the value of equities divided by the cost of replacing the underlying capital stock. So you might expect the stock market to be worth somewhere near q=1, where companies are worth what it cost to build them; historically, the average value of q is near 1.
Smithers and Wright show that changes in q and equity prices are almost identical, since the cost of replacing the capital stock changes so little. They also show that high values of q are associated with terrible subsequent returns. They show how a simple strategy of selling when q rises to 1.5 and buying again when q falls below 1 * trounces * a buy-and-hold strategy. And they top it all off by showing that today's level of q, around 2.5, is unprecedented. So SELL!
The reason the book is so much better than Shiller's is that Smithers and Wright give a coherent, fact- and theory-based argument for why q should be used to value stocks, not just P/E, stock earnings yield compared to bond earnings yield, or other popular measures. Shiller just used P/E and told us to sell due to today's high P/E; he did not even consider, not to mention try to debunk, other theories of valuation.
Smithers and Wright point out, for example, that in the early '30s, P/E was very high due to the depressed depression-era profits of companies, but that q was very low, providing the buy signal of a lifetime that would have been missed by looking at P/E alone.
The only negatives of this otherwise excellent book are: (1) Like most finance books, this one would gain from adding computations of after-tax returns, which shift us away from fancy trading strategies and towards buy-and-hold in taxable accounts. (2) They should admit that there are significant differences between today's economy and economies of the past. For example, in an economy such as ours where intellectual property is paramount and provides barriers to entry, firms' values may stay above the cost of replacing capital.
Paul Dilsaver, Hank Hurley, Tony Clark, Jim Harris, and many others. This is a collector's item that will grow in value.