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DirFX - When Markets Collide: Investment Strategies for the Age of Global Economic Change

When Markets Collide: Investment Strategies for the Age of Global Economic Change
 List Price: $27.95
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Manufacturer: McGraw-Hill
Average Customer Rating: Average rating of 3.0/5Average rating of 3.0/5Average rating of 3.0/5Average rating of 3.0/5Average rating of 3.0/5

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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: 2008-05-23
Publisher: McGraw-Hill
Studio: McGraw-Hill
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Editorial Reviews:

"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

. . .

Winner of the 2008 Financial Times and Goldman Sachs Business Book of the Year Award

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.

.
Spotlight customer reviews:
Customer Rating: Average rating of 2/5Average rating of 2/5Average rating of 2/5Average rating of 2/5Average rating of 2/5
Summary: Disappointing
Comment: Poorly written. He admits he's splitting his audiences and the result is a mess of a book where the big themes are well known to even the most remedial investor. If you're really interested in his ideas all that's needed is a video interview search of which there are numerous.
Customer Rating: Average rating of 5/5Average rating of 5/5Average rating of 5/5Average rating of 5/5Average rating of 5/5
Summary: Emerging economies to make up US growth slack
Comment: 1. Emerging markets are a key to understanding the global economic and financial markets. Sovereign wealth funds will provide a new pool of money. Directives have helped open emerging markets and allow monetary investment not before possible.
2. Emerging economies will have a growing influence on the global economy's growth rate.
3. For several years emerging Asian economies have account for more global GDP growth than America has. China and India consumer spending is increasing and contribute to global GDP.
4. Purchase power parity is a unit of measure that eschews the market exchange rate for a conversion based on what is need to buy the same amount of goods and services in each country. When measured using purchasing power parity, China and India contribute more to global growth in 2007 than did the US, UK, and Japan. China and India are moving into a new territory where they are able to internal consume and invest.
5. China will increasingly find that it's growth will be driving by internal demand rather than external markets. Policy will shift in favor of the consumer and help alleviate protectionist pressures coming from outside, especially from the US which some have label China as a currency manipulator.
6. Developing countries will increasingly step up as significant and sustainable sources of global growth
7. Global economic growth will gradually reduce the world's sensitivity to variations in US growth performance
8. Emerging economies will result in a greater emphasis on domestic components of demand. The global economy will be sustainable because a number of emerging economies are coming online resistant to US down turns.
9. Emerging economies have recycled their trade economies surplus back into US treasury instruments, mortgages, and corporate bonds. Exchange rates have remained stable. The big players are the Middle East oil producers and Asian producers. However, the imbalances are clearly unsustainable.
10. As emerging economies gradually shift their primary focus from the producer to the consumer, the rate of growth from imports in these countries will increase over that of the exports. Over the next decade many emerging economies will shift from being export machines to being consumers.
11. Emerging economies will absorb surplus labor from traditional sectors and traditional sectors will shift the focus away from incremental job creation to human capital accumulation and knowledge-based activities.
12. Emerging market export growth grew from 10 percent at the beginning of the decade to 17 percent by 2006.
13. The US in particular will be able to gradually and partially replace its reliance on the overstretched consumers with a new reliance on meeting the growing demand impulses coming from the rest of the world.
14. Global productivity gains put intense competitive pressures on manufacturers and service providers to reduce costs. Dis-inflationary impact is slowly dissipating and key emerging economies are now exhibiting a gradual increase in wages and partial exhaustion of high-productivity, low-cost labor.
15. A billion workers moving into the market place reduce world wages, inflation, inflation expectations, and interest rates.
16. Surging economies have been an important factor behind the surge in commodity prices.
17. Chinese consumption of oil was 7.1 mbd in 2006 and by 2030, oil demand 16.5 mbd and India demand will reach 6.5 mbd.
18. Emerging economies that have high growth rates are even larger users of natural resources. The impact of this extra demand will not be offset by the reduced consumption in industrial countries because emerging economies are less efficient user of natural resources.
19. Physical demand for commodities will be supplemented by financial demand.
20. Accumulative earnings from Middle East oil export for 2004 through 2008 will approach $2 trillion, 45 percent is saved, adding to large holdings of international reserves.
21. Emerging economies investment in US government papers puts downward pressure on US interest rates.
22. As reserve accumulation persists contributes to greater inflationary pressure and appreciation in exchange rates. Reserve accumulation makes exports more expensive. Authorities look for ways to sterilize large capital inflows through purchases of US government paper or outsourcing the management to Bank of central banks (BIS). Saves are pulled out and liquidity of the surplus is mopped up. The interest payments on the debt issues to sterilize the inflows far exceed that earned on the reserve (negative carry).
23. Countries can buy back their debt and extinguish debt in foreign currency that trades at higher yields than what was earned on the investment of the reserves.
24. Some countries are starting to setup Sovereign wealth funds (SWF). SWF of oil producers have been exploring opportunities in the Middle East and North Africa, India, Pakistan, and the Far East. Chinese entities have been purchasing investments in Africa and Latin America. SWFs operating cross borders and long term gives them value orientation.
25. Creditor countries must recognize that the shift in external payments has a permanency to it. Emerging countries must encourage domestic components of demand along with the external components.
26. Bond markets and US government bonds are facing the prospect of lower allocation of sovereign investments. The declining share will reflect a natural diversification in the asset allocation of the SWFs. While equity markets, real estate will likely benefit from larger allocations of bonds.
27. Derivative products have enabled a far greater degree of linkage across markets, at any time. BIS estimates, end of Jun 2007, the derivatives market to be $516 trillion. Credit Default swaps have shown the fastest growth. The visible revolution of derivatives has been the mortgage products.
Customer Rating: Average rating of 4/5Average rating of 4/5Average rating of 4/5Average rating of 4/5Average rating of 4/5
Summary: Helps to get an all-round view on today's economy
Comment: The book is trying to keep the language plain but probably is not for those who haven't a clue about economy. It is a very interesting read so as to see the flaws and cons of today's economic world and to read between the lines from now on.
Customer Rating: Average rating of 3/5Average rating of 3/5Average rating of 3/5Average rating of 3/5Average rating of 3/5
Summary: important ... but I wish it were better written
Comment: There are few people in the world whose opinions and insights on financial issues matter more than El-Erian. So this is an extremely important book, even for the average investor. However, the book's audience seems to be mainly managers of large portfolios and financial policy makers, and many of the issues discussed will seem arcane to the average investor. Making it that much more difficult for the average reader, I thought the writing style left much to be desired. For instance, El-Erian repeatedly outlines the issues the book will cover, but then, when he actually gets to the meat of his arguments, I felt he left many important points unclear or even just alluded to. I hope future editions will try to improve the books clarity and organization.

Finally, I wish El-Erian would have spent a bit more time on explaining how the average investor implements and monitors the investing strategies he recommends. Nevertheless, keeping in mind that this is not a handbook for us normal people, the average investor can gain a truly authoratative big-picture account of how the global financial landscape is evolving and how this will impact their investments in the coming years.
Customer Rating: Average rating of 4/5Average rating of 4/5Average rating of 4/5Average rating of 4/5Average rating of 4/5
Summary: when market collide
Comment: excellent read and very pertinent to the investor/trader who wishes to stay on top of the future investment climate.
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