Business Cycles: History, Theory and Investment Reality [Hardcover]

Lars Tvede (Author)

Book Description

ISBN-10: 0470018062 | ISBN-13: 978-0470018064 | Publication Date: June 14, 2006 | Edition: 3

This entertaining book describes the global history of economic fluctuations and business cycle theory over more than 300 years. It explains the core of the problem and shows how cycles can be forecast and how they are managed by central banks. The book concludes with detailed studies of how sub-sectors of stocks, bonds, hedge funds, private equity funds, gold, exchange rates, real estate, commodities, art and collectibles fluctuate over different categories of business cycles.

Editorial Reviews

From the Inside Flap

"The Intelligent Investor and The Warren Buffett Way are regarded by many as the two most important books written for equity investors. Lars Tvede's Business Cycles is the best ever written book about business and investment cycles. Reading this book will enhance investors ability to understand price swings in bonds, commodities, equities and real estate." - Jorgen Chidekel, President and founder of ProValue AG

"The title Business Cycles may sound like a scientific lecture on high standing economic topics. In fact, the book addresses a series of economic themes and their historic evolution. Written in a fresh and catching language, the recounts are putting the reader's mind into the settings of the time. This book is definitely a value, great to read - and is fun at the same time,, for laymen and experts." - Thomas K. Escher, Vice Chairman Wealth Management, UBS

"As a venture capitalist I often find myself exposed to the fluctuations in the general economy for both the good, and the bad. Lars Tvede's book is the best explanation of these cycles that I have ever read. His approach is clear and entertaining, yet without being simplistic. Its a great read. I strongly recommend this book to anyone relying on business cycles in their daily lives." - Frank Ewald, Partner - IVSA/S Denmark

Acclaim from previous editions of Business Cycles

"Economic theory does unfortunately not always follow a path of continues progress, where the latest theories always are better than the previous. Good theories are often put aside to leave space for some new ones that are vastly inferior. Valuable knowledge was, for instance, thrown overboard with the 'Keynesian revolution'. It is therefore well justified that Lars Tvede has included the history of theories; from the Sun King until present day, and that he emphasizes this in his book. That we are not only given these theories, but that these also are explained through instructive anecdotes about the economists and the environment that influenced them is only enhancing the understanding in an interesting way." - Anders Fogh Rasmussen, Prime Minister, Denmark

From the Back Cover

During our lifetime we experience any number of business cycle crises which undermine our confidence and lead many to their ruin. We also experience the ‘happy days’ when our faith in the future becomes almost limitless, and when we forget that tides always turn again. So how can we better understand and predict these cycles?

To answer these questions Lars Tvede takes us through a story that moves back in time to the Scottish gambler and financial genius, John Law, and then on to the distracted Adam Smith, the stockbroker Ricardo, the investment banker Thornton, the extrovert Schumpeter, the speculator Gould and many others to trace the theory and reality of business cycles, as it has evolved over 300 years. Gradually we reach the computer jugglers of the modern day who, with giant networks of equations, try to solve the same questions that have attracted the attention of classical economists throughout the centuries.

Lars Tvede concludes this historical journey with a summary of what the core of the problem is and how modern understanding of business cycles can be used to forecast economic fluctuations.

The final sections of the book provide detailed studies and explanations to of how stocks, bonds, hedge funds, private equity funds, gold, diamonds, exchange rates, real estate, commodities, art and collectibles, and numerous sub-sectors of some of these markets each behave over different categories of business cycles.

See all Editorial Reviews

Product Details

• Hardcover: 500 pages
• Publisher: Wiley; 3 edition (June 14, 2006)
• Language: English
• ISBN-10: 0470018062
• ISBN-13: 978-0470018064
• Product Dimensions: 9.2 x 6.4 x 1.3 inches
• Shipping Weight: 1.8 pounds (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #968,790 in Books (See Top 100 in Books)

More About the Author

Lars Tvede (www.larstvede.com) holds a Master's degree in Engineering and a Bachelor's degree in International Commerce, and he is a certified derivatives trader from National Futures Association in Chicago. Lars Tvedes books have been published in 11 languages and more than 35 editions.

Lars spent 11 years in portfolio management and investment banking before moving to the high-tech and telecommunications industries in the mid 1990s, where he has been co-founder of several award-winning companies.

He is also founder of Beluga, a successful financial trading company, and most recently of CarryQuote AG, a financial information company, which in 2009 won the Red Herring Global 100 award as one of the worlds 100 most promising private technology companies.

Lars was listed in The Guru Guide to Marketing as one of the Worlds 62 leading thinkers of marketing strategy. He has authored most of his books alone, but a few with co-authors, including Jens Bodenkamp, Director of Business Development Europe for Intel Corporation and Peter Ohnemus, who is a member of the board of directors of Rothschild's Bank.

Lars Tvede lives in Zug, Switzerland with his family. His hobbies include skiing, sailing and collecting Italian sports cars and wine.

More information about Lars Tvede can be found on www.larstvede.com.

Customer Reviews

Most Helpful Customer Reviews

10 of 11 people found the following review helpful:

5.0 out of 5 stars The first and the last book you should read about business cycles for FUN!, December 11, 2008

By 

csh - See all my reviews

This review is from: Business Cycles: History, Theory and Investment Reality (Hardcover)

I bought the book and left it for a while. Recently I picked up starting reading. To my amazement, I enjoyed it tremendously.

Checking into the Amazon, I found there is no review on it, another surprise. It is written in an ever easy style with many anecdotes. It explains formulas in a clear and simple way. My major wasn't in economy but it certainly would attract many non-economy readers who are interested in what is all about economy cycle. (not just business cycle.) It is getting a bit more details starting from chapter 22. It requires a second reading for more elaborated scrutiny.

Don't be misled or intimidated by its titles. The book is really easy to get into. Though you have to be interested in economy. It also unintentionally peeks into the recent recession causes (2007-2008). The book was published in 2006. Presumably written prior that time.

I recommend it to be the first book and the last book you should read about economy (cycles). But not the only book ;-)

A must fun read. Well.. I found his email through the Web and will congratulate him on writing such a nice piece.