This book is the best of the Dow Theory books. A must read for the serious investor and those who have a clue about value and its relation to stocks in general. Those who do not learn from history are destined to repeat it. Their will always be periods when it is said, "This is a new age" but human nature does not change, nor does fear and greed. If one has any money in stocks one should read and reread this book. As a former Registered Principal, Registered Investment Advisor, Stock Broker and Certified Financial Planner I have found nothing better to determine when to ignore value and watch momemtum and or the Fisher Approach v.s. Graham and Dodd. And conversely when value becomes of upmost importance and asset allocation to stocks should be reduced. Sometimes the simple approach is best. Too much complexity can only obscure the issue.