An accessible and thorough review of the international
financial markets
Life in the Financial Markets–How They Really Work And
Why They Matter To You offers the financial services
professional, and anyone interested in knowing more about the
profession, an entertaining and comprehensive analysis of the
financial markets and the financial services industry. Written by
Daniel Lacalle–a noted portfolio manager with Eco Fin and
well-known media personality–the book goes beyond a simple
summary and offers solid advice on the future of the global
financial markets. This great resource also includes a review of
effective strategies and forecasts the trends that represent
potential opportunities for investors.
The book reviews the recent history of the financial crisis and
includes information on hot topics such as derivatives and high
frequency trading. An in-depth section on investment banking is
written from the perspective of a successful practitioner and
provides clarity on several complex and overly politicized elements
of the banking system. The author gives an expert’s perspective on
the debt markets, monetary policies, and quantitative easing, and
helps explain the various issues surrounding sovereign debt, the
Euro crisis, and austerity versus growth policies. Comprehensive in
scope, this resource also offers an analysis of investment styles,
from hedge funds to ‘long only’ investments, as well as an in-depth
look at corporate communication and its impact on markets and
investments.
* Offers an engaging and comprehensive analysis of the financial
services industry
* Includes information on the workings of the global financial
system following the economic crisis
* Contains a review of complex banking systems
Analyzes the various investment styles and answers the most
common questions pertaining to investing
Cuprins
Preface xi
Acknowledgements xiii
Part I The financial markets: Who they are, what they are, how they work 1
Chapter 1 ‘Thinking against the box’ 3
Chapter 2 The financial market: Complex and volatile 9
Chapter 3 Welcome to London 25
Chapter 4 The market doesn’t attack, it defends itself 37
Chapter 5 The Lehman crisis and the change in mentality: Habits and customs 43
Chapter 6 Traders, ‘robots’ and speculators 55
Part II The debt crisis and the great lie of free money 71
Chapter 7 The debt market 73
Chapter 8 Welcome, investors! 83
Chapter 9 The European and sovereign debt crises 85
Chapter 10 Credit-rating agencies 95
Chapter 11 When the problem only seemed to be Greece 99
Chapter 12 Why was the break-up of the euro feared? 105
Chapter 13 Evil speculators: Someone else is to blame 111
Chapter 14 Snowballing debt 115
Chapter 15 The damned risk premium 119
Chapter 16 Derivatives: Weapons of mass destruction? 125
Chapter 17 The illusion of easy money: The investment banks and the great deception 131
Chapter 18 Stimulus policies and kicking the can down the road 137
Chapter 19 Lies and mistakes of the debt crisis 147
Chapter 20 Economic liberty and austerity 165
Part III Hedge funds and the stock market 173
Chapter 21 Hedge funds: The bad guys of the economic crisis? 175
Chapter 22 Active management 181
Chapter 23 Critics and reality 185
Chapter 24 Strategies 187
Chapter 25 Building portfolios 193
Chapter 26 Closeness makes the heart grow fonder: How to identify investment opportunities 197
Chapter 27 Short positions in a portfolio 203
Chapter 28 Banning short selling and the Tobin tax 207
Chapter 29 Recommendations 211
Chapter 30 The long-term illusion… and the opportunity of value investing 223
Chapter 31 A strange case: Companies with politicians 231
Chapter 32 Communication with the market and attractiveness to investors 239
Chapter 33 Why invest in a hedge fund? 245
Chapter 34 Ten golden rules for investing 249
Chapter 35 ‘Warning’ phrases and comments 253
Chapter 36 Books and films about the market 259
Chapter 37 A day in the life of an investment fund 263
Chapter 38 Farewell 271
Euro-crisis and ‘exceptions’ 275
Recommended reading 285
Index 287
Despre autor
DANIEL LACALLE is an economist, fund manager and certified financial analyst overseeing equities, bonds and commodities. He holds a postgraduate degree in IESE and a master’s degree in economy investigation. Mr Lacalle was voted Top 3 Generalist and Number 1 Pan-European Buyside Individual in Oil & Gas in Thomson Reuters’ Extel Survey in 2011, the leading survey among companies and financial institutions. Author of two best-selling books Nosotros los Mercados and Viaje a la Libertad Económica, now in its fifth and third edition respectively, as well as The Energy World Is Flat (Wiley, 2015, with Diego Parrilla).
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