When Markets Collide: Investment Strategies for the Age of Global Economic Change [NOOK Book]

Overview

SELECTED AS A 2008 BEST ...

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When Markets Collide: Investment Strategies for the Age of Global Economic Change

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Overview

SELECTED AS A 2008 BEST BUSINESS BOOK OF THE YEAR BY THE ECONOMIST



"ONE OF THE SMARTEST INVESTORS ON THE PLANET."--MONEY MAGAZINE



“This book is an essential read for those who wish to understand the modern world of investing.”

—Alan Greenspan



Winner of the 2008 Financial Times and Goldman Sachs Business Book of the Year Award



When Markets Collide is a timely alert to the fundamental changes taking place in today's global economic and financial systems--and a call to action for investors who may fall victim to misinterpreting important signals. While some have tended to view asset class mispricings as mere “noise,” this compelling book shows why they are important signals of opportunities and risks that will shape the market for years to come. One of today's most respected names in finance, Mohamed El-Erian puts recent events in their proper context, giving you the tools that can help you interpret the markets, benefit from global economic change, and navigate the risks.



The world economy is in the midst of a series of hand-offs. Global growth is now being heavily influenced by nations that previously had little or no systemic influence. Former debtor nations are building unforeseen wealth and, thus, enjoying unprecedented influence and facing unusual challenges. And new derivative products have changed the behavior of many market segments and players. Yet, despite all these changes, the system's infrastructure is yet to be upgraded to reflect the realities of today's and tomorrow's world. El-Erian investigates the underlying drivers of global change to shed light on how you should:



  • Think about the new opportunities and risks


  • Construct an appropriately diversified and internationalized portfolio


  • Protect your portfolio against new sources of systemic risk


  • Best think about the impact of central banks and financial policies around the world




Offering up predictions of future developments, El-Erian directs his focus to help you capitalize on the new financial landscape, while limiting exposure to new risk configurations.



When Markets Collide is a unique collection of books for investors and policy makers around the world. In addition to providing a thorough analysis and clear perspective of recent events, it lays down a detailed map for navigating your way through an otherwise perplexing new economic landscape.

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What People Are Saying

Nassim Nicholas Taleb
"El-Erian is a doer and a thinker and someone who understands the risks of rare events. [Never before, have] I seen such a combination. Read this book."--(Nassim Nicholas Taleb, author The Black Swan)
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Product Details

  • ISBN-13: 9780071592826
  • Publisher: McGraw-Hill Education
  • Publication date: 6/13/2008
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 304
  • Sales rank: 946,694
  • File size: 3 MB

Meet the Author

Mohamed A. El-Erian is co-CEO and co-CIO of PIMCO, one of the largest investment management companies in the world. He formerly served as president and CEO of Harvard Management Company, the firm that manages the university's $35 billion endowment. He spent 15 years at the International Money Fund, working on policy, capital market, and multilateral economics issues. El-Erian has been featured by Bloomberg, Forbes, Financial Times, Latin Finance, CNBC, The New York Times, and The Wall Street Journal. In 2004, Fortune named him a member of its eight-person “Mutual Fund Dream Team.”

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Table of Contents

Introduction Finding Signals Within the Noise 1

Ch. l Aberrations, Conundrums, and Puzzles 19

Ch. 2 How Traditional Resources Failed Us 39

Ch. 3 Separating What Matters from What Doesn't 63

Ch. 4 Understanding the New Destination 99

Ch. 5 Prospects for the Journey 151

Ch. 6 Benefiting from Global Economic and Financial Change: An Action Plan for Investors 193

Ch. 7 An Action Plan for National Policy Makers and Global Institutions 235

Ch. 8 Improved Risk Management 265

Ch. 9 Conclusion 289

Notes 299

References 313

Index 327

Acknowledgments 337

About the Author 343

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Sort by: Showing all of 18 Customer Reviews
  • Posted October 26, 2008

    more from this reviewer

    I Also Recommend:

    A Must Buy Book

    This new world order of financial chaos scares me to death. It is certainly not about me personally but rather my family and what I will leave behind for them. <BR/><BR/>I bought Mohamed El-Erian's book around the same time I bought Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books). I found both of them to contain very valuable (and timely) advice, which helped, calm some of my fears and anxiety. With that said, I would have to rank Mr. El-Erian's book a little higher than Crash Proof. <BR/><BR/>Mr. El-Erian has written a very important book. Very few people understand markets as Mohamed El-Erian. He is able to analyze and develop strategies for the continuing credit crisis. His background in economics, government policy and investment banker help him to mold this chaos into a manageable entity. His insights are worth the price of the book. Believe me. <BR/><BR/>I hope you found this review helpful. <BR/><BR/>Michael L. Gooch, SPHR

    3 out of 3 people found this review helpful.

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  • Anonymous

    Posted July 10, 2008

    A reviewer

    Well written with some beneficial insights, but overall a pro-bailout perspective on the current financial dilemma facing the US and the world. Fuzzy when it comes to business ethics and specifics.

    2 out of 2 people found this review helpful.

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  • Posted November 1, 2008

    Do not waste your money on this really, really BAD BOOK

    Wow, what a disappointment! This book is poorly written and turns simple ideas into convoluted muck. For example, everyone knows that you can sometimes get a bargain in a pool of assets that are generally considered "lemons" such as the used car market. In this book, the "market for lemons" becomes "MFL" and allegedly was originated in 1970 with George Akerlof, a professor and winner of the 2001 Nobel Prize in economics. Huh? Another staggering glimpse of the obvious: people have trouble absorbing the reality of a sudden, unexpected event (e.g., 9/11, Kennedy assasination (my examples which, incidentally, are better than his)). Wow! and let's cite Nassim Nicholas Taleb and his insights about Black Swans for that astounding revelation! Jeez. I'm not going to bore you with examples of the dense and turgid writing. Also, if you are not a fan of "impact" used as a verb, avoid this book, it occurs in almost every paragraph. If you want clear, crisp writing and superb analysis about the economy, skip this leaden tract and read The Economist or The Financial Times.

    1 out of 3 people found this review helpful.

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  • Anonymous

    Posted August 4, 2008

    Par for the course

    Pretty much what I would expect given the author's environment, but he does include a few tid-bits which should keep the reader thinking.

    1 out of 2 people found this review helpful.

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  • Posted December 29, 2009

    more from this reviewer

    An Oustanding Must-Read for Investors, Financial Professionals and Those Who Care "What's Next?" in this uncertain world

    Dr. El-Erian has written an exceptional book about the changing state of global economics and finance as the first decade of the 21st century comes to a close.

    Without a doubt, the world is in the early stages of a significant secular shift in the balance of financial, commercial and geopolitical power. This book, finished in early 2008 and before Wall Street came tumbling down, is prescient and articulately explains how the developed world and the emerging markets world are grappling with a fundamental realignment of global economic power and influence. The "new normal" is emerging; is the United States ready for the change?

    A middle class is emerging in the developing nations, one which now has the resources necessary to begin purchasing the products that previously were exported. The economic flattening of the world, prophesized by Thomas Freedman several years ago, is becoming more apparent; how will the developed markets respond? How do sovereign wealth funds factor in this economic rearrangement? How will the advent of new financial engineering products such as derivative-based instruments and hedge funds affect risk management, risk transfer and diversification, essential ingredients of prudent investment portfolio management? How does the global financial infrastructure "plumbing" have to change to accommodate the 21st century? What is the appropriate internationalized asset allocation for individual investors?

    This brilliant work by the co-CEO of PIMCO, a very well-respected world-class investment management firm, will provide the answers to these and a host of other new, very important global financial questions that astute individuals are asking with greater frequency each and every day. To quote Alan Greenspan, "an essential read."

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  • Anonymous

    Posted March 9, 2009

    Should have two parts: one for investors another one for financial market and central bank professionals.

    Very thorough analysis. Somewhat repetitive. Should better explain alpha and beta measures;

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