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 also contributes occasional articles to the UK financial press.

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E-book (European edition) available now

978-1-907230-53-0, £4.99, €5.99

E-book (USA edition) available now

978-1-907230-56-1, €5.99, US$6.99

Print publication 29th October 2018:

Print (European edition, paperback):

978-1-907230-63-9, £13.99, €20, US$25

Print (International edition, softcover):

978-1-907230-57-8, £13.99, €20, US$25

The print editions will have updated charts

Published by Sparkling Books


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 15 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

Buy the e-book now!

In USA and Canada, please use links at right (computer) or bottom of page (tablets and mobiles)

Edition differences

In the European and International editions, chapter 1 starts with the London stock market. In the USA e-book edition, chapter 1 starts with the New York market.  These two texts make the same points, but in a different order, and therefore figures 1 to 5 are in a different order.

Apart from chapter 1, there are only minor differences between the three 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 USA and International editions. 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.  Both e-book editions are available in many countries. However in the USA, UK and Canada only local e-book editions are available.

ISBN of e-book
ISBN of printed book
Most countries except USA/CA
Worldwide except UK
Worldwide incl. USA/CA
Format of printed book
Quality paperback
Quality paperback
Prices in text examples shown in:
£ sterling
Retail price of e-book excl. taxes:
£4.99, €5.99, US$6.49
€5.99, US$6.49
Retail price of paperback 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

9781907230530 (e-book, European)

9781907230561 (e-book, USA)

9781907230639 (print, European paperback)

9781907230578 (print, International)