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周春生教授合著的英文新作，《永远的财富-股票市场分析》一书由国际著名的出版社 World Scientific Publishing 出版之后，受到国外专家与读者极高评价。波士顿的著名咨询师及书刊评论员，Don Mitchell，将其视为"股票投资者的基本参考指南（Essential Reference Guide for Equity Market Investors），"并发表评论道："《永远的财富》是一项具有里程碑意义的成就，它将为所有阅读并采用其中方法的投资者带来非凡的收益。如果你一生中只读一本关于股票市场投资的书，那么就读《永久的财富》。"
这本专著《永远的财富-股票市场分析》是同时并全面地提供股票市场的发展历史、制度和理论基础的第一本书。它揭示了股票价格行为和股票估价的许多秘密，并对传统的估价模型进行了测试，发现这些模型经常是很弱而不可靠的，当被用于技术股估价时尤其如此。书中还建议了对股票估价的新范例。
本书涵盖了股票市场的所有方面，包括帮助读者理解股票市场基本知识的基础工具，美国及海外股票市场的历史表现，股票估价和风险评估的各种方法，利用股票市场的暂时的或永久的无效现象盈利的各种方法等。作者试图回答关于股票市场的许多问题：为什么投资股票，怎样投资股票，怎样评估股票的价值，怎样改变投资组合的风险状况，怎样分析股票投资的结果等等。
下文是Amazon.com上对该书的评价：
Essential Reference Guide for Equity Market Investors, December 8, 2003
Reviewer: Don Mitchell (see more about me) from a management consultant in Boston
Wealth Forever is a landmark achievement that will greatly benefit all investors who read and apply its lessons. If you only read one book about stock market investing in your life, make it this one.
Wealth Forever is a one volume encyclopedia of historical data, equity market theories, and common sense about investing that will teach you about any fact or idea you need to know while giving you the framework to apply the learning to your own investments. The book is rigorous while remaining accessible. If you can understand simple algebraic equations, you can comprehend everything within its pages. The book''s many detailed footnotes will also lead you to other books and articles that display more on the same subject.
While each subject has to be highly condensed to get the essential points across, the authors did a marvelous job of being sure that important material was included. For instance, the discussions of the Capital Asset Pricing Model are preceded by stating the assumptions behind the model. Most people simply apply the model without realizing that its assumptions differ from the real world by a large degree.
In my consulting, I often work with the chief financial officers and treasurers for major companies. If you read this book, your understanding of the equity markets will exceed all but the most knowledgeable of those professionals. The reason I make that point is that there is a constant outpouring of new research testing theories about the equity markets. Most people simply apply what they learned in graduate school, and much of that information has now been disproved by more recent studies of the financial markets. Yet most people do not take the time to keep up-to-date.
I hope that this book will be universally adopted by corporate executives, professional and individual investors and by corporate finance students at both the undergraduate and graduate levels.
I only found two aspects of the book to be less than outstanding. First, a lot of the material in the first few chapters could probably have been better placed after chapter 10. It seems to be placing the cart before the horse to talk about opening brokerage accounts and how to read technical charts before describing the approach one should take with investing. Second, the book needed a little better proofreading. The obvious errors that remain undercut the book''s credibility. Although I did not check out all of the equations in detail, those did seem correct. Some of them, however, are annoyingly chopped up in the printing. It''s as though the equations were typed in one software format, and that format didn''t work well for the typesetting. In the text, Peter Lynch is described as Peter Finch in one place, and Procter & Gamble is consistently spelled as "Proctor & Gamble." The time focus of the book''s narrative about the markets veers back and forth between 1999 and 2003 in the text. Some of the material about 1999 is written as though the book ended there.
One of my favorite aspects of the book is that one set of evidence is used to help the reader understand all of the evidence. For example, there''s a lengthy section looking at the apparent undervaluation of United Technologies that shows how one can assess such a subject, as well as the limitations of various stock valuation methods. Similarly, stock-trading strategies and their results are compared to index fund results so that readers can get a sense of the cost of information and trading compared to the benefits that can be achieved.
I came away, once again, confirmed in my view that index funds are a wonderful solution for almost all investors.
I was also reminded that we need to remain vigilant in being sure that our knowledge of important subjects is up-to-date. I hope the authors will bring out new editions of this book every five years or so.
