Shilling explains in clear language and compelling logic why the U.S. While many investors fear a rapid rise in inflation, author Gary Shilling, an award-winning economic forecaster, argues that the global economy is going through a long period of de-leveraging and weak growth, which makes deflation far more likely and a far greater threat to investors than inflation.
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Top economist Gary Shilling shows you how to prosper in the slow-growing and deflationary times that lie ahead. An ambitious new answer to fundamental questions in economics, Adaptive Markets is essential reading for anyone who wants to know how markets really work. A fascinating intellectual journey filled with compelling stories, Adaptive Markets starts with the origins of market efficiency and its failures, turns to the foundations of investor behavior, and concludes with practical implications-including how hedge funds have become the Gal#65533 pagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought-a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency isn't wrong but merely incomplete. In this groundbreaking book, Andrew Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hang on the outcome. What you do get is a fresh perspective on how markets work-and expert insight into how to make them work for you.Ī new, evolutionary explanation of markets and investor behavior Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe-and as financial bubbles, crashes, and crises suggest. Abnormal Returns doesn''t give you the latest investing trends, "fail-safe" market predictions, or hot new tips for hitting the jackpot right now. This back-to-basics approach provides the tools you need for ultimate success. It is now easier-and cheaper-to invest than ever before. Sophisticated but simple to understand, Abnormal Returns helps you: Master the fundamentals of risk and return Become an expert on the main asset classes-equities and fi xed income Diversify and allocate your assets to build a solid portfolio Understand how ETFs, alternative assets, and globalization affect how we invest Combat your personal behavioral patterns that lead to poor investing Separate the wheat from the chaff when it comes to the financial media While the world of investing has become more complex, there has never been a better time to be an individual investor. His simple truths are timely but have been proven effective through recent history.
Viskanta helps you navigate your way through the post-crisis markets by developing a solid investing strategy. But he also knows that just because you can''t control the markets doesn''t mean you can''t control your own actions-and in Abnormal Returns, he provides a solid foundation in the basic principles for taking a slow, steady, and savvy approach to your financial future. An experienced investor and creator of the popular blog Abnormal Returns, he understands the value of humility when it comes to investing in today''s turbulent global markets. Because a true expert knows that there are no absolutes in markets. Never trust an investment "guru" who uses phrases like the market will.
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