Devil Take the Hindmost

A History of Financial Speculation
Author: Edward Chancellor
Publisher: Plume Books
ISBN: 9780452281806
Category: Business & Economics
Page: 386
View: 3429
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Examines stock market speculation since the seventeenth century, discussing the range of motivations of investors and the effects on economies throughout history.

Devil Take the Hindmost

A History of Financial Speculation
Author: Edward Chancellor
Publisher: N.A
ISBN: 9780330484091
Category: Speculation
Page: 386
View: 5915
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Devil Take the Hindmost

A History of Financial Speculation
Author: Edward Chancellor
Publisher: Farrar Straus & Giroux
ISBN: 9780374138585
Category: Business & Economics
Page: 386
View: 3959
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Examines stock market speculation since the seventeenth century, discussing the range of motivations of investors and the effects on economies throughout history

A Short History of Financial Euphoria


Author: John Kenneth Galbraith
Publisher: Penguin
ISBN: 110165080X
Category: Business & Economics
Page: 128
View: 9683
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The world-renowned economist offers "dourly irreverent analyses of financial debacle from the tulip craze of the seventeenth century to the recent plague of junk bonds."—The Atlantic.

Manias, Panics and Crashes

A History of Financial Crises, Sixth Edition
Author: Charles P. Kindleberger,Robert Z. Aliber
Publisher: Palgrave Macmillan
ISBN: 0230365353
Category: Business & Economics
Page: 356
View: 5714
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Selected as one of the best investment books of all time by the Financial Times, Manias, Panics and Crashes puts the turbulence of the financial world in perspective. Here is a vivid and entertaining account of how reckless decisions and a poor handling of money have led to financial explosions over the centuries. Covering topics such as the history and anatomy of crises, speculative manias, and the lender of last resort, this book has been hailed as "a true classic . . . both timely and timeless." In this new, updated sixth edition, Kindleberger and Aliber expand upon the ideas presented in the previous edition to bring the history of the financial crisis up-to-date. It now includes two new chapters that provide an in-depth analysis of the causes, consequences and policy responses to the first global crisis of the 21st century, the Financial Crisis of 2007-2008. In addition, these new chapters also cover significant crises of the last fifteen years. The authors offer valuable lessons that will allow the reader to successfully navigate the financial crises of today and ones that lie ahead.

Devil Take the Hindmost


Author: Martin Cathcart Froden
Publisher: N.A
ISBN: 9781910449912
Category: London (England)
Page: 272
View: 7488
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At GBP10,000, the Dundee International Book Prize is the richest prize for an unpublished novel in the UK. This year's winning title, Devil Take the Hindmost, is a gripping historical noir set during the amphitamine-fuelled craze for velodrome racing which took London by storm in the late 1920s. Into this world stumbles Paul, a bewildered Scottish farmboy running away from home. Powerfully built with a fierce passion for cycling, he is taken under the wing of Silas, a local loan shark, and from there enters a world he is ill-equipped to survive. As the races get harder, the bets get larger, and the terrifying Mr Morton starts to take an interest in Paul's career. For lovers of Peaky Blinders and Brighton Rock, Devil Take the Hindmost is a thrilling ride through an historical London that is rarely visited.

The Lexus and the Olive Tree

Understanding Globalization
Author: Thomas L. Friedman
Publisher: Macmillan
ISBN: 1250013747
Category: Business & Economics
Page: 490
View: 5372
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A brilliant investigation of globalization, the most significant socioeconomic trend in the world today, and how it is affecting every part of society--economically, politically, and culturally--abroad and at home.

The A B C of Stock Speculation


Author: Samuel Armstrong Nelson
Publisher: N.A
ISBN: N.A
Category: Speculation
Page: 222
View: 9147
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Capital Returns

Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15
Author: Edward Chancellor
Publisher: Springer
ISBN: 1137571659
Category: Business & Economics
Page: 211
View: 6314
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We live in an age of serial asset bubbles and spectacular busts. Economists, policymakers, central bankers and most people in the financial world have been blindsided by these busts, while investors have lost trillions. Economists argue that bubbles can only be spotted after they burst and that market moves are unpredictable. Yet Marathon Asset Management, a London-based investment firm managing over $50 billion of assets has developed a relatively simple method for identifying and potentially avoiding them: follow the money, or rather the trail of investment. Bubbles whether they affect a whole economy or merely a single industry, tend to attract a splurge of capital spending. Excessive investment drives down returns and leads inexorably to a bust. This was the case with both the technology bubble at the turn of the century and the US housing bubble which followed shortly after. More recently, vast sums have been invested in mining and energy. From an investor's perspective, the trick is to avoid investing in sectors, or markets, where investment spending is unduly elevated and competition is fierce, and to put one's money to work where capital expenditure is depressed, competitive conditions are more favourable and, as a result, prospective investment returns are higher. This capital cycle strategy encourages investors to eschew the simple 'growth' and 'value' dichotomy and identify firms that can deliver superior returns either because capital has been taken out of an industry, or because the business has strong barriers to entry (what Warren Buffett refers to as a 'moat'). Some of Marathon's most successful investments have come from obscure, sometimes niche operations whose businesses are protected from the destructive forces of the capital cycle. Capital Returns is a comprehensive introduction to the theory and practical implementation of the capital cycle approach to investment. Edited and with an introduction by Edward Chancellor, the book brings together 60 of the most insightful reports written between 2002 and 2014 by Marathon portfolio managers. Capital Returns provides key insights into the capital cycle strategy, all supported with real life examples from global brewers to the semiconductor industry - showing how this approach can be usefully applied to different industry conditions and how, prior to 2008, it helped protect assets from financial catastrophe. This book will be a welcome reference for serious investors who looking to maximise portfolio returns over the long run.

Capital Account

A Money Manager's Reports from a Turbulent Decade (1993-2002)
Author: Edward Chancellor
Publisher: Texere
ISBN: 9781587991806
Category: Business & Economics
Page: 283
View: 3020
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Capital Account relates the story of the world’s greatest investment bubble from the perspective of professional investors. The book, comprised of selected reports from Marathon Asset Management, a successful global investment firm, explains how shareholder value - the notion that companies should be run in the interests of their shareholders - became corrupted in this era of frenzied finance. Senior managers, succumbing to the lure of stock option fortunes, took to manipulating their company’s earnings. Professional investors, interested only in maintaining their investment performance over the next quarter, were willing abettors. The ‘croupiers’ of Wall Street, also know as investment bankers, whipped up the euphoria and peddled to investors superficially plausible stories, ‘MacGuffins’, in order to generate huge fees for themselves. As a result, by the turn of the century almost the entire investment community had become fixated with chasing short-term profits at the expense of long-term returns for clients. By the end of 2002 this cynical game had ended in investment disaster- the world’s stock markets having produced more than $15 trillion of losses since their peak. Yet to a large extent, the outcome was predictable to those investors who had retained a disciplined approach to investment analysis throughout the bull market. This book introduces the ‘capital cycle’ approach to investment - an approach that brings together ideas from the fields of behavioral finance, economic theory and business analysis. Capital cycle analysis - based on the apparently simple insight that investor euphoria leads to excessive investment in the real world and subsequent poor returns for shareholders - enabled Marathon to identify at an early stage the inevitable collapse of the technology and telecoms bubble.

Markets, Mobs & Mayhem

How to Profit From the Madness of Crowds
Author: Robert Menschel
Publisher: John Wiley & Sons
ISBN: 0471267716
Category: Business & Economics
Page: 226
View: 8569
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A Fool and His Money

The Odyssey of an Average Investor
Author: John Rothchild
Publisher: John Wiley & Sons
ISBN: 9780471251385
Category: Business & Economics
Page: 251
View: 6327
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The author shares his humorous observations on the stock market, investment counselors, commodities, and brokers

The Devil's Derivatives

The Untold Story of the Slick Traders and Hapless Regulators Who Almost Blew Up Wall Street . . . an
Author: Nicholas Dunbar
Publisher: Harvard Business Press
ISBN: 1422143163
Category: Business & Economics
Page: 304
View: 4957
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A compelling narrative on what went wrong with our financial system—and who’s to blame. From an award-winning journalist who has been covering the industry for more than a decade, The Devil’s Derivatives charts the untold story of modern financial innovation—how investment banks invented new financial products, how investors across the world were wooed into buying them, how regulators were seduced by the political rewards of easy credit, and how speculators made a killing from the near-meltdown of the financial system. Author Nicholas Dunbar demystifies the revolution that briefly gave finance the same intellectual respectability as theoretical physics. He explains how bankers worldwide created a secret trillion-dollar machine that delivered cheap mortgages to the masses and riches beyond dreams to the financial innovators. Fundamental to this saga is how “the people who hated to lose” were persuaded to accept risk by “the people who loved to win.” Why did people come to trust and respect arcane financial tools? Who were the bankers competing to assemble the basic components into increasingly intricate machines? How did this process achieve its own unstoppable momentum—ending in collapse, bailouts, and a public outcry against the giants of finance? Provocative and intriguing, The Devil’s Derivatives sheds much-needed light on the forces that fueled the most brutal economic downturn since the Great Depression.

Crunch Time for Credit?

An Inquiry Into the State of the Credit System in the United States and Great Britain
Author: Edward Chancellor,Intelligent Investor (Firm)
Publisher: N.A
ISBN: 9781897597538
Category:
Page: 220
View: 7792
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US and UK economies 'badly corrupted' by massive growth in debt, according to new independent report by leading UK financial historian. The credit bubble that has developed in the UK and US economies over recent years is unsustainable and has 'badly corrupted' the economies of the two countries, with potentially serious destabilising results, says a major new study of the economic and investment implications of the build-up of debt in the two countries. Housing markets look particularly vulnerable in both countries. The 200-page report, Crunch Time for Credit? by Edward Chancellor, is based on research originally commissioned by Odey Asset Management, the London hedge fund management company. Chancellor's authoritative history of financial speculation, Devil Take The Hindmost (published in 1999), correctly identified the collapse of the stock market in 2000 and was named one of six indispensable investment classics by Money magazine. In the new report, Chancellor analyses the massive build up of debt in the US and UK, and compares it to several episodes from history, including the Great Depression of the 1930s and recent experience in Japan and Korea.He also chronicles the way that intellectual understanding of credit has developed over the past 300 years. He concludes: The growth of credit has created an illusory prosperity while producing profound imbalances in the British and American economies...When credit ceases to grow, the weakened state of these economies will become apparent. It will also become clear that the credit boom, by inflating asset prices and boosting profits, has lead to inappropriate balance sheets (both for the private sector and in general). At some stage, balance sheets will have to be adjusted to face a new reality. The process of adjustment is likely to be painful. It may well end in either an extraordinary deflation...or an extraordinary inflation. Among the report's main findings are: On the global financial system - The Federal Reserve's consistent intervention to maintain financial stability and provide liquidity during recent crises has created moral hazard on a grand scale' and 'one asset bubble after another. As a result, the credit system is now dominated by leveraged short-term speculators to an unprecedented degree.- A revolution in the financial system, including credit derivatives, has shifted risk throughout the financial system, but risk cannot be destroyed, only redistributed. The modern credit system has never been stress-tested by a severe recession. - Low inflation and the perception that central banks know how to prevent cyclical downturns has been used to justify higher asset prices and yet more debt. Investors, says Chancellor, have failed to consider that lower inflation also implies lower future growth rates for profits and income. - More and more borrowers, both corporations and households, have become what economist Hyman Minsky called 'Ponzi finance units'. They are dependent on rising asset prices and the refinancing of their liabilities to remain solvent. - The Federal Reserve's 'easy money' response to the technology bubble in 2000 has helped create a new investment bubble in China, surging commodity prices and threatens to accelerate the de-industrialisation of the West. It has also created a global housing bubble, with mortgage debt at dangerously high levels.- Home-owners, consumers and financial markets will all feel the consequences of the bubble bursting, though whether the outcome is renewed inflation or deflation cannot yet be foretold. Relevant parallels include the slump of the 1930s, the stagflation of the mid-1970s and the debt deflation in Japan since 1990. On The UK Housing Market In the section on credit in the UK, the report provides an exhaustive analysis of the UK housing market, and argues that, as in the United States, it is virtually impossible to accept the Bank of England's view that the recent debt-fuelled rise in house prices is a benign and susta

Anatomy of the Bear

Lessons from Wall Street's four great bottoms
Author: Russell Napier
Publisher: Harriman House Limited
ISBN: 0857195239
Category: Business & Economics
Page: 334
View: 6000
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How does one spot the bottom of a bear market? What brings a bear to its end? There are few more important questions to be answered in modern finance. Financial market history is a guide to understanding the future. Looking at the four occasions when US equities were particularly cheap - 1921, 1932, 1949 and 1982 - Russell Napier sets out to answer these questions by analysing every article in the Wall Street Journal from either side of the market bottom. In the 70,000 articles he examines, one begins to understand the features which indicate that a great buying opportunity is emerging. By looking at how markets really did work in these bear-market bottoms, rather than theorising how they should work, Napier offers investors a financial field guide to making the best provisions for the future. This new edition includes a brand new preface from the author and a foreword by Merryn Somerset Webb.

This Time Is Different

Eight Centuries of Financial Folly
Author: Carmen M. Reinhart,Kenneth Rogoff
Publisher: Princeton University Press
ISBN: 0691152640
Category: Business & Economics
Page: 463
View: 5886
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Examines financial crises of the past and discusses similarities between these events and the current crisis, presenting and comparing historical patterns in bank failures, inflation, debt, currency, housing, employment, and government spending.

Boombustology

Spotting Financial Bubbles Before They Burst
Author: Vikram Mansharamani
Publisher: John Wiley & Sons
ISBN: 9781118028575
Category: Business & Economics
Page: 288
View: 9742
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A multi-disciplinary framework through which to spot financial bubbles before they burst. Based on a popular undergraduate seminar, entitled Financial Booms & Busts, taught by the author at Yale University, Boombustology presents a multi-disciplinary framework for identifying unsustainable booms and forthcoming busts. The magnitude of our recent financial crisis mandates a firm understanding of this phenomenon before the next crisis occurs. Boombustology provides an in-depth look at several major booms and busts and offers a solid framework for thinking about future occurrences. Examines why booms and busts are not random and can therefore be identified Focuses upon various theoretical and disciplinary lenses useful in the study of booms and busts Contains a framework for thinking about and identifying forthcoming financial bubbles including several tell-tale indicators of a forthcoming bust. Illustrates the framework in action by evaluating China as a potential bubble in the making. If you want to make better decisions in today’s turbulent investment environment, understanding the dynamics of booms and busts is the best place the start. Boombustology can help you achieve this elusive goal. Vikram Mansharamani is a Lecturer at Yale University and a global equity investor.

The Dark Valley

A Panorama of the 1930s
Author: Piers Brendon
Publisher: Vintage
ISBN: 9780307428370
Category: History
Page: 848
View: 4459
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The 1930s were perhaps the seminal decade in twentieth-century history, a dark time of global depression that displaced millions, paralyzed the liberal democracies, gave rise to totalitarian regimes, and, ultimately, led to the Second World War. In this sweeping history, Piers Brendon brings the tragic, dismal days of the 1930s to life. From Stalinist pogroms to New Deal programs, Brendon re-creates the full scope of a slow international descent towards war. Offering perfect sketches of the players, riveting descriptions of major events and crises, and telling details from everyday life, he offers both a grand, rousing narrative and an intimate portrait of an era that make sense out of the fascinating, complicated, and profoundly influential years of the 1930s. From the Trade Paperback edition.

The Great Crash 1929


Author: John Kenneth Galbraith
Publisher: Houghton Mifflin Harcourt
ISBN: 0547575777
Category: Business & Economics
Page: 224
View: 7473
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Of Galbraith's classic examination of the 1929 financial collapse, the Atlantic Monthly said:"Economic writings are seldom notable for their entertainment value, but this book is. Galbraith's prose has grace and wit, and he distills a good deal of sardonic fun from the whopping errors of the nation's oracles and the wondrous antics of the financial community." Now, with the stock market riding historic highs, the celebrated economist returns with new insights on the legacy of our past and the consequences of blind optimism and power plays within the financial community.

How a Second Grader Beats Wall Street

Golden Rules Any Investor Can Learn
Author: Allan S. Roth
Publisher: John Wiley & Sons
ISBN: 9780470455166
Category: Business & Economics
Page: 288
View: 1684
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Straightforward strategies from a successful young investor In How a Second Grader Beats Wall Street, you'll follow the story of Kevin Roth, an eight-year-old who was schooled in simple approaches to sound investing by his father, seasoned financial planner Allan Roth, and discover exactly how simple it can be to become a successful investor. Page by page, you'll learn how to create a portfolio with the widest diversification and lowest costs; one that can move up your financial freedom by a decade and dramatically increase your spending rate during retirement. And all this can be accomplished by using some common sense techniques. Along the way, Kevin and his dad discuss fresh, new approaches to investing, and detail some tried-and-true, but lesser known approaches. They also take the time to debunk the financial myths and legends that many of us accept as true, and show you what it really takes to build long-term wealth with less risk. Discusses how to design a portfolio composed of a few basic building blocks that can be "tweaked" to fit your personal needs Addresses how you can reengineer your portfolio in order to stop needlessly paying taxes Reveals how you can increase returns, regardless of which direction the market goes, by picking the "low-hanging fruit" we all have in our portfolios With just a little time and a little work, you can become a better investor. With this book as your guide, you'll discover how a simpler approach to today's markets can put you on the path to financial independence.