PDF Ebook Too Smart for Our Own Good: Ingenious Investment Strategies, Illusions of Safety, and Market Crashes
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Too Smart for Our Own Good: Ingenious Investment Strategies, Illusions of Safety, and Market Crashes
PDF Ebook Too Smart for Our Own Good: Ingenious Investment Strategies, Illusions of Safety, and Market Crashes
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Audible Audiobook
Listening Length: 14 hours and 11 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: McGraw-Hill Education
Audible.com Release Date: February 5, 2019
Language: English, English
ASIN: B07N7JR173
Amazon Best Sellers Rank:
Excellent book for those who want to learn about the underlying root causes and unifying factors for three major bubbles that lead to severe financial collapses during the last thirty years. The premise of the book is that financial crises are not unforeseeable, inexplicable, or inherent characteristics of capital markets. The investors’ hope and fear are, of course, factors that help create bubbles. But beyond that, the crises in 1987 (black Monday), 1998 (demise of Long-Term Capital Management), and 2007-2008 (mortgage credit crisis) were fed by: unwitting reliance on obscure mathematical models with unadvertised limitations; absence of transparency by financial institutions offering questionable products; false illusions of investor safety which allowed risky leveraging (investment with borrowed money); and also, in some cases, conflicts of interest. Readers of this book may range from people interested in financial markets (e.g. casual Wall Street Journal readers), to individual investors, portfolio and estate managers, even to investment firm managers who did not fully understand the mechanics of mortgage securitizations, the unfolding of which lead to a great recession in 2008-2009. For those with lesser finance background, the author affords extensive tutorial sections and a comprehensive glossary with definitions for all the technical terms used. For those better versed in finance, the author explains the emergence of questionable financial products, and their path to collapse. Some readers may find some parts challenging, but still will not be disappointed in understanding how these financial collapses were germinated, and may be able to recognize similar future reoccurrences.
A decade after the Great Financial Crisis, professional and lay people alike are still debating the causes and likelihood of a recurrence. If you only read one book on how panics arise, make it this one! The author, Bruce Jacobs, is a seasoned practitioner having founded a highly successful asset management firm. He also has a strong academic background with a doctorate in finance from the Wharton School. This is a well written, thoroughly researched, insightful work that will educate readers on how understanding the pitfalls of past financial crises can help avoid ones in the future.
A fascinating look at the market crashes that many of us remember too well. As behavioral finance theory points out, investors often do things that are at odds with their own rational self-interests. The author adds a new - and very important - human quirk to the list I thought I knew. When investors think they've hedged their portfolio, they also think they're bulletproof and take on more risk than they would have otherwise. I especially liked the author's memo to his employer in the 1980s warning them about jumping on the index options/futures bandwagon, and the ads from prominent financial firms hyping an ill-fated strategy. Well worth the read - especially if you have a basic understanding of investing.
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