Bear Markets: When finance turns upside down

David Kauders

How does a bear market in equities differ from a bull market? What lessons can be learned from events of the past quarter century in Japan? Have the norms of financial strategy changed?

This provocative new book shows why the massive long-term capital market top spanning 18 years cannot be breached. Using his concept of the financial system limit, investment manager David Kauders explains how traditional economic cycles have been supplanted by a new economic cycle.

The Financial Times said of the author's first book, The Greatest Crash

"Radical thinkers might have a point"

Edition differences

Table of contents


1  The long-term equity top

2  Why are there recurrent financial crises?

3  The global economy, finance, business and politics

4  Bull and bear markets

5  Lessons from Japan

6  Financial strategy turns upside down

7  Avoiding mistakes

8  A capital preservation strategy

View selected diagrams

Note: Publication is unlikely to be before 2025.


Edition differences

There are minor differences between the editions. Generally, mentions of both the United States and Britain will have the text about Britain first in the European edition, whereas the text about the United States will be first in the International edition. All editions are written from a British perspective.

Both print editions will be available from UK sources; in the USA and Canada, only the softcover international print edition will be available.  There is one e-book edition using US$ examples.

ISBN of e-book
See International edition
ISBN of printed book
Most countries except USA/CA
Worldwide incl. USA/CA
Prices in text examples shown in:
£ sterling
Retail price of e-book:
See International edition
£4.99, €5.99, US$6.99
Retail price of printed book:
£13.99, €20, US$25
£13.99, €20, US$25














Prices may vary in individual countries

Other non-fiction titles


Bear Markets: When finance turns upside down

9781907230714 (e-book)

9781907230639 (print, European edition)

9781907230578 (print, International edition)



About the author

David Kauders FRSA was educated at Latymer Upper School, Jesus College Cambridge and Cranfield School of Management. He is an investment manager and author.

Follow David Kauders on Twitter/X

Publication date to be announced

E-book (one edition)

978-1-907230-71-4 £4.99, €5.99, US$6.99

Print (European edition, paperback):

978-1-907230-63-9, £13.99, €16, US$18

Print (International edition, softcover):

978-1-907230-57-8, £13.99, €16, US$18

Published by Sparkling Books