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When Markets Collide: Investment Strategies for the Age of Global Economic Change Hardcover – June 13, 2008
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From the Back Cover
The #1 New York Times and #1 Wall Street Journal Bestseller
“Mohamed A. El-Erian is one of the most gifted and successful risk management practitioners in the world. In this book he combines an academic’s insight into advanced risk analysis with a portfolio manager’s grasp of real world economics. This book is an essential read for those who wish to understand the modern world of investing.”
"Few people are as well positioned to understand markets as Mohamed El-Erian. He is almost unique in being able to attack the credit crisis from the perspectives of academic economist, policy official, investment banker and fund manager...Mr. El-Erian's insights are as valuable as ever."
"El-Erian is a doer and a thinker and someone who understands the risks of rare events. [Never before, have] I seen such a combination. Read this book."
―Nassim Nicholas Taleb, author The Black Swan
“This extraordinary book portrays the future with a powerful and trail-blazing illumination of the past.”
―Peter L. Bernstein, author Capital Ideas Evolving
“Brilliantly written, easy to understand―a forceful explanation of our changing global economy.”
―Bill Gross, Managing Director, Founder and CIO, PIMCO
“Mohamed El-Erian, with his deep grounding in economics and his profound knowledge of financial markets, has written a book that no one else could write.”
―Seth A. Klarman
―Michael Spence, recipient of the Noble Prize in Economics (2001)
“I can think of no better guide to the terrifying yet exhilarating new world of global finance….”
―Niall Ferguson, William Ziegler Professor at Harvard Business School
“Mohamed El-Erian is a deep thinker of the global financial and economic scene.”
―Arminio Fraga, Founding Partner, Gavea Investimentos and Former President, Central Bank of Brazil
“Mohamed El-Erian is that rare creature: a skillful participant in financial markets who is also a brilliant analyst of them. He has written a book that is important and urgent.”
―Fareed Zakaria, editor, Newsweek International
"Mr. El-Erian . . . offers extremely detailed advice.”
--Paul B. Brown, The New York Times
“El-Erian...specializes in spotting trends amid the blur and clanging noise of markets in motion. He steps back to consider the big picture and offer tips on how to allocate your assets in his new book, When Markets Collide: Investment Strategies for the Age of Global Economic Change. El-Erian does offer something valuable for investors seeking to benefit from the global economic realignment: a road map. In a chapter on asset allocation, he provides an illustrative mix for a long-term U.S.-based investor.”
“The recent turmoil in financial markets is a symptom of realigning economic power around the world, promising investors more rough times ahead, prominent fund manager Mohamed El-Erian writes in a new book.”
About the Author
Mohamed A. El-Erian is co-CEO and co-CIO of PIMCO, one of the largest investment management companies in the world. He formerly served as president and CEO of Harvard Management Company, the firm that manages the university's $35 billion endowment. He spent 15 years at the International Money Fund, working on policy, capital market, and multilateral economics issues. El-Erian has been featured by Bloomberg, Forbes, Financial Times, Latin Finance, CNBC, The New York Times, and The Wall Street Journal. In 2004, Fortune named him a member of its eight-person “Mutual Fund Dream Team.”
More About the Author
Top Customer Reviews
T. Bojko's review may seem harsh, but it's spot-on. I can live with the ponderous writing style. I initially thought the big words concealed some new or profound thinking...but not at all.
The problems are: 1. there's almost nothing new or inspired about the "markets of tomorrow," and 2. there is nary a sliver of new, actionable advice about investing. The whole thing is a compendium of the superficial. Seeking to cut a swath a mile wide, it is everywhere one inch deep.
In regard to the first, the following are superficially summarized: global trade/capital flows (rightly footnoted to Martin Wolf, but Wolf's own columns are better on this); a cocktail of snippets on behavioral finance - called a "cocktail" - just read Shiller straightaway; some stuff on global trade and commodities, see latest Economist; a paraphrase of Taleb's colorful insights (just read Taleb directly); a woefully weak primer-not-really on securitization; a brief primer on asset classes that repeats everything I've got in a dozen other finance books; and too much material on IMF (e.g., not a single mention of Basel). I agree the topics per se are important, but most of them here are superficially derivative of other, better works.Read more ›
A couple quick points if you are considering buying this book:
1. It you read the newspaper most days, are reasonably intelligent and realize there is a big world with lotsa money beyond America's shores, this book will give you no new information on "when markets collide".
2. If you have some (I mean A MINIMAL AMOUNT) of investment knowledge, you will be painfully disappointed by the lame chapter on how to profit from future "collisions". Really, the author just lays out a pretty mundane asset allocation plan (which is available for free on any number of websites) and then fills a couple dozen pages with worthless blather. Seriously, that's it.
3. The writing really sucks. Others have commented on this so, rather than gives examples, I'll just reinforce what others have noted: the writing sucks. Whatever happened to editors?
4. If you really want some ideas about investing internationally, try The World is Your Oyster by Jeff Opdyke (2008). Heaven forbid, he writes in plain ole' English and gives a lot of worthwhile advice. If you really want to understand where the world is headed, read Billions of Entrepreneurs, How China and India are Reshaping Their Futures and Yours, by Tarun Khanna (2008).
5. If you really want some ideas about investing in general Peter Lynch's classics are still every bit as instructive (and humorous...and nicely written) and the biography of Warren Buffett, "Buffett", is incredibly instructive.Read more ›
because of three factors:
1. It contains minimal advice for investors wishing to
change their investment strategies.
2. It is written for an audience for professional economists
with advanced degrees.
3. The editing of the text is very poor. Each chapter contained
multiple references to something "that I will deal with in
the next chapter" or "that I covered in previous chapter."
A few of these references is understandable, but the text
is so poorly written and edited that these references quickly
became a distraction and a nuisance.
I would strongly advise prospective readers to avoid this book.
This is technocratic obfuscation at its worst, and El-Erian, who is no lightweight, could have better been served by a heavier edit.
Perhaps the worst feature of the book is its attempt to reach three entirely different audiences--individual investors, policy-makers, and institutional investors. If you are an individual investor, realize that 75% of the book is written for others.
If you find your way through the jargon and infelicitous structure, some solid, thought-provoking ideas gleam in the darkness. Be prepared to dig, though, and bring your headlamp!
Most Recent Customer Reviews
In today's global capital environment of speed and integration, this book stimulates contextual thinking of many important dimensions of an ever more complex investment world. Read morePublished 2 months ago by Shopper123
Interesting read. Don't know if the knowledge helped me make any money or not.Published 5 months ago by P. Kline
Mohamed El-Erian has both the private sector and public sector experience as he worked at the IMF, for the Harvard Endowment and Pimco. Read morePublished 5 months ago by Virginie
Book has excellent content, michmof which is very practical for those who manage assets professionaly and think about things as invesment process and discipline. Read morePublished 14 months ago by Rafael A L
Nothing interesting, or insightful. Mr Erian is almost the Kim Kardashian of the finance world, famous mostly for being a talking head without any track record to speak of. Read morePublished 18 months ago by Ibrahim Masud
...Amazon should have higher standards than this. Ignore this recommendation at your peril. At minimum, the Kindle version should contain the entire book...not just one chapter.Published on March 30, 2013 by Wyndwalkyr
El-Arian captured what led to the financial crisis before it peaked. This is my second "reading" (this time on audible) of the book almost 5 years after it came out. Read morePublished on March 20, 2013 by Jack Rivkin
I didn't realize I was only buying chapter two. Probably my fault for not reading carefully. But, therefore, I rate it a 2. Read morePublished on October 13, 2012 by richard fisher