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When Markets Collide: Investment Strategies for the Age of Global Economic Change
by: Mohamed El-Erian

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Binding: Hardcover
Dewey Decimal Number: 381.101
EAN: 9780071592819
ISBN: 0071592814
Label: McGraw-Hill
Manufacturer: McGraw-Hill
Number Of Items: 1
Number Of Pages: 304
Publication Date: May 23, 2008
Publisher: McGraw-Hill
Sales Rank: 283
Studio: McGraw-Hill

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'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

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.

Customer Reviews

Average Rating: out of 5 stars

Rating:

- A Must Buy Book For The Chaos Ahead..
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.

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.

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.

I hope ... Read More

Rating:

- Analysis of the Current State of Financial Markets in 2008
When Markets Collide, by Mohamed El-Erian, describes the ongoing evolution of the world's financial markets in terms of both the current path and likely destination. His approach is very much in the "Big Picture" style; don't look for specific investment recommendations or specific predictions of market behavior. That said, Dr. El-Erian provides a very good overview of the current state of the financial markets as of early 2008 and overall direction in the future.

Dr. El-Erian's background includes a doctorate in economics from Oxford, long service on the IMF, followed by a transition to the private sector, first at Salomon Smith Barney, then as CEO for the Harvard University endowment, and currently as CEO at PIMCO. The major themes he sees in the current financial situation include the following.

The Mortgage Mess

Over the last decades, mortgage originators (primarily banks ... Read More

Rating:

- disappointed
When you read a book like this, you are hoping to learn about the back story about an issue, the inside scoop. The only useful insights I received from this book are that the influence of the IMF and the Fed are dipping due to globlization. Other than that, the author spends a lot of time trying to convince us that the balance of power in the financal system is shifting from the US and Europe to the "expanding economy."

Many years ago when I was a McKinsey consultant, Paul Volcker gave a talk to the staff about how the accumulation of dollars in the middle eastern countries would lead them to unprecedented power over our economy, and possibly our ruin. They would be able to manipulate our financial system. They have more of our money today than ever and it is still not true today. The author seems to be stuck on this page as well.

What he could have covered was how the IRAQ war was designed, ... Read More

Rating:

- 4.5 stars-Needs to clearly differentiate risk from uncertainty
The author of this book is clearly quite knowledgeable about the standard approach to risk management.He knows that it is badly flawed under conditions of herd behavior.Herd behavior occurs under conditions of Keynesian uncertainty(The decision maker DOES NOT know enough or have enough data that is reliable and non-conflicting to specify a unique distribution.The decision maker works with a set of different distributions and/or intervals.Keynesian or Ellsbergian revision can lead to a change in the underlying probability distribution being used as a best estimate of the data.This is completely different from the subjectivist Bayesian view upon which all risk management courses are based on) and/or Ellsbergian ambiguity.The standard risk (The decision maker DOES KNOW the particular probability distribution's population parameters and/or the sample statistics under conditions of risk.Bayesian updating/revision simply ... Read More

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