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Fearful Rise of Markets, The: Global Bubbles, Synchronized Meltdowns, and How To Prevent Them in the Future
- By John Authers
- Published Apr 16, 2010 by FT Press.
- Copyright 2010
- Dimensions: 5-3/8 X 8-1/4
- Pages: 256
- Edition: 1st
- Book
- ISBN-10: 0-13-707299-6
- ISBN-13: 978-0-13-707299-6
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Product Author Bios
John Authers, investment editor for the Financial Times, serves as its main commentator on international markets. In this role, he has become one of the world’s most influential financial journalists, with bylined columns on display pages of Financial Times five days a week. He will soon take over as the head of the Financial Times’ flagship Lex column.
Authers speaks worldwide and appears frequently on major U.S. and global media, including the BBC, CNN, MSNBC, NPR, and PBS. He was recently honored by the State Street Institutional Press Awards as the UK’s Investment Journalist of the Year for his coverage of the collapse of confidence in investment theory.
His book, The Victim’s Fortune, coauthored with Richard Wolffe, earned him the prestigious Best of Knight-Bagehot Award.
Authers lives and works in New York with his wife Sara Silver, also a financial journalist, and their three children.
“This enjoyable, fast-moving book is concise, relevant, and perceptive. My bottom line is a simple one: This book should be read by all those interested in the way markets operate, be they investors, analysts, or policy makers.”
From the Foreword by Mohamed A. El-Erian, CEO and co-CIO of PIMCO, and author of When Markets Collide
“This book is a must-read for anyone concerned about how we can avoid recurring debt-induced busts in the years ahead, or anyone who wonders how to invest if (when!) the crisis returns. Authers’ insights on the global financial crisis are profound.”
Robert D. Arnott, Chairman, Research Affiliates, LLC, and author of The Fundamental Index: A Better Way to Invest
“This book illustrates the dangers to investors who fail to recognize that global asset markets have become more synchronized over time. In a crowded field of works on the financial crisis, Authers’ work is unique in both its insight and style.”
Robert R. Johnson, Ph.D., CFA, Senior Managing Director of the CFA Institute
“John Authers has combined his journalistically honed FT skills with great insights. Serious investors and policymakers should read this book.”
David R. Kotok, Chairman and Chief Investment Officer of Cumberland Advisors
“John masterfully drives a stake through the myth of global economic decoupling one chapter and example at a time. A must-read in today’s economy.”
Vitaliy Katsenelson, Director of Research at Investment Management Associates, Inc, author of Active Value Investing: Making Money in Range-Bound Markets
Are we barreling toward another massive global financial catastrophe?
How can so many bubbles form all at once? Why are so many “disconnected” markets now capable of collapsing in unison? In this remarkably readable book, award-winning Financial Times columnist John Authers takes on these critical questions and offers deeply sobering answers.
Authers reveals how the first truly global super bubble was inflated--and might now be inflating again. He illuminates the multiple roots of repeated financial crises: a massive shift in investing power from individuals to big institutions; the migration of key decisions from banks to capital markets; the wholesale financialization of many asset classes; and fundamental failures of both theory and policy.
The Fearful Rise of Markets presents a truly global view, avoiding oversimplifications and ideology as it outlines how we got here and where we stand. Even more valuable, it offers realistic solutions--for decision-makers who want to prevent disaster and investors who want to survive it.
• The herd grows ever larger--and more dangerous
How institutional investing, indexing, and efficient markets theory promote herding
• Cheap money and irrational exuberance
Super fuel for super bubbles
• Too big to fail: the whole story of moral hazard
Banks, hedge funds, and beyond
• Danger signs of the next bubble
Forex, equity, credit, and commodity markets move once more in alignment
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39 of 39 people found the following review helpful
Easy Reading, with a Good Amount of Insightful Analysis.,
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This review is from: The Fearful Rise of Markets: Global Bubbles, Synchronized Meltdowns, and How To Prevent Them in the Future (Hardcover)
My first impression of The Fearful Rise of Markets--apart from asking myself just how many books concerning the recent economic and market turmoil have been written in the last 12 months--is that this is a very fast and easy read. There are about two dozen short chapters, each averaging six or seven pages, with each chapter followed by very short, bulleted summary points. (Even if you didn't realize the author, John Authers, is the investments editor of the Financial Times, you'd soon guess that he is used to writing short blurbs on a variety of economic and investment topics.) Frankly, having read enough market meltdown books in the last several months, I was prepared to be unimpressed with this book. It turns out, however, I am impressed. Although the book does not plow a lot of new ground, it does cover many topics that are important to an understanding of the interconnectedness of markets (and the world economy). Although your reaction to this book may be different than...
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9 of 10 people found the following review helpful
Plain English, By
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This review is from: The Fearful Rise of Markets: Global Bubbles, Synchronized Meltdowns, and How To Prevent Them in the Future (Hardcover)
If you are an investor who is looking for answers to how we got into the mess we are in, and better yet what the future may look like, this is the book for you. John Authers has done the best job I've seen of explaining how and why the latest financial crisis occurred. His writing style is very concise and extremely easy to understand. Even better, I think he has put out there enough knowledge and ideas, so that the investor will understand what forces are moving the markets and the implications for the future. Read this book, then reevaluate your own investment strategies and plans for the future.
5 of 5 people found the following review helpful
Excellent overview, for the layman, as to why markets have become so unstable recently, By Yoda (Hadera, Israel) - See all my reviews
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This review is from: The Fearful Rise of Markets: Global Bubbles, Synchronized Meltdowns, and How To Prevent Them in the Future (Hardcover)
The author, John Authers, has been a financial correspondent for the Financial Times, one of the world's leading (if not leading) financial newspapers, for 20 some years. As such he is qualified to present his views both from the perspectives of his strong knowledge of financial markets as well as his very eloquent skills as a writer. It should be stressed, however, that the intended audience for this book is not professional in nature (i.e., academics, financial experts, etc.) but the layman. As such it is simply written and the views presented are not very complex or beyond what those working in the field would not be expected to know.Authers posits that there have been a number of factors that have made financial markets more volatile since the late 1990s until today (as opposed to the end of World War 2 until the late 1980s). The most important of these have been greater accumulation of financial resources into the hands of "financial professionals (i.e., fund... Read more |
Table of Contents
Acknowledments ix
About the Author xii
Foreword xiii
Timeline xvi
Chapter 1: The Fearful Rise of Markets 1
Part I: The Rise
Chapter 2: Investment Becomes an Industry 9
Chapter 3: Indexes and Efficient Markets 16
Chapter 4: Money Markets Supplant Banks 25
Chapter 5: From Gold Standard to Oil Standard 32
Chapter 6: Emerging Markets 40
Chapter 7 Junk Bonds 48
Chapter 8: The Carry Trade 55
Chapter 9: Foreign Exchange 62
Chapter 10: Irrational Exuberance 69
Chapter 11: Banks Too Big to Fail 76
Chapter 12: Hedge Funds 83
Chapter 13: Dot Coms and Cheap Money 90
Chapter 14: BRICs 97
Chapter 15: Commodities 104
Chapter 16: Credit 112
Part II: The Fall
Chapter 17: Ending the Great Moderation 120
Chapter 18: Quant Funds 127
Chapter 19: Trust 133
Chapter 20: Bank Runs 139
Chapter 21: Bastille Day: Reflexive Markets 145
Chapter 22: Lessons from Lehman 152
Chapter 23: Politics and Institutions 158
Chapter 24: The Paradox of Diversification 163
Part III: The Fearful Rise
Chapter 25: Decoupling 171
Chapter 26: Banks Bounce 179
Chapter 27: A New Bubble? 186
Conclusion: 2010 and After 194
Notes 202
Bibliography 215
Index 222
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