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Too Smart for Our Own Good: Ingenious Investment Strategies, Illusions of Safety, and Market Crashes (Hardcover, Ed)
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Too Smart for Our Own Good: Ingenious Investment Strategies, Illusions of Safety, and Market Crashes (Hardcover, Ed)
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How investment strategies designed to reduce risk can increase risk
for everyone-and crash markets and economies Financial crises are
often blamed on unforeseeable events, the unforgiving nature of
capital markets, or just plain bad luck. Too Smart for Our Own Good
argues that these crises are caused by certain alluring investment
strategies that promise both high returns and safety of capital. In
other words, the severe and widespread crises we have suffered in
recent decades were not perfect storms. Instead, they were made by
us. By understanding how and why this is so, we may be able to
avoid or ameliorate future crises-and maybe even anticipate them.
One of today's leading financial thinkers, Bruce I. Jacobs,
examines recent financial crises-including the 1987 stock market
crash, the 1998 collapse of the hedge fund Long-Term Capital
Management, the 2007-2008 credit crisis, and the European debt
crisis-and reveals the common threads that explain these market
disruptions. In each case, investors in search of safety were drawn
to novel strategies that were intended to reduce risk but actually
magnified it-and blew up markets. Too Smart for Our Own Good takes
a behind-the-curtain look at: *The inseparable nature of investment
risk and reward and the often counterproductive effects of some
popular approaches for reducing risk*A trading strategy known as
portfolio insurance and the key role it played in the 1987
crash*How option-related trading disrupted markets in the decade
following the 1987 stock market crash*Why the demise of Long-Term
Capital Management in 1998 wreaked havoc on US stock and bond
markets *How mortgage-backed financial products, by shifting risk
from one party to another, created the credit crisis of 2007-2008
and contributed to the subsequent European debt crisis This broad,
detailed investigation of financial crises is the most penetrating
and objective look at the subject to date. In addition, Jacobs, an
industry insider, offers invaluable insights into the nature of
investment risk and reward, and how to manage risk. Risk is
unavoidable-especially in investing-and financial markets connect
us all. Until we accept these facts and manage risk in responsible
ways, major crises will always be just around the bend. Too Smart
for Our Own Good is a big step toward smarter investing-and a
better financial future for everyone.
General
Imprint: |
McGraw-Hill Education
|
Country of origin: |
United States |
Release date: |
December 2018 |
Authors: |
Bruce Jacobs
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Dimensions: |
236 x 165 x 41mm (L x W x T) |
Format: |
Hardcover - Cloth over boards
|
Pages: |
464 |
Edition: |
Ed |
ISBN-13: |
978-1-260-44054-6 |
Categories: |
Books >
Business & Economics >
Finance & accounting >
General
|
LSN: |
1-260-44054-0 |
Barcode: |
9781260440546 |
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