When Markets Collide: Investment Strategies for the Age of Global Economic Change
SELECTED AS A 2008 BEST BUSINESS BOOK OF THE YEAR BY THE ECONOMIST\ "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...
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The #1 New York Times and #1 Wall Street Journal Bestseller“Mohamed A. El-Erian is one of the most gifted and successful riskmanagement practitioners in the world. In this book he combines anacademic’s insight into advanced risk analysis with a portfolio manager’sgrasp of real world economics. This book is an essential read for those whowish to understand the modern world of investing.”—Alan Greenspan"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."—Financial Times"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 andtrail-blazing illumination of the past.”—Peter L. Bernstein, author Capital Ideas Evolving“Brilliantly written, easy to understand—a forceful explanationof our changing global economy.”—Bill Gross, Managing Director, Founder and CIO, PIMCO“Mohamed El-Erian, with his deep grounding in economics and his profoundknowledge of financial markets, has written a book that no one else could write.”—Seth A. Klarman“Mohamed El-Erian’s book is an important, wise and insightful analysis….”—Michael Spence, recipient of the Noble Prize in Economics (2001)“I can think of no better guide to the terrifying yet exhilaratingnew 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 participantin financial markets who is also a brilliant analyst of them. He has writtena 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.”—Bloomberg News“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.”—ReutersMohamed 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.”
Introduction Finding Signals Within the Noise 1Ch. l Aberrations, Conundrums, and Puzzles 19Ch. 2 How Traditional Resources Failed Us 39Ch. 3 Separating What Matters from What Doesn't 63Ch. 4 Understanding the New Destination 99Ch. 5 Prospects for the Journey 151Ch. 6 Benefiting from Global Economic and Financial Change: An Action Plan for Investors 193Ch. 7 An Action Plan for National Policy Makers and Global Institutions 235Ch. 8 Improved Risk Management 265Ch. 9 Conclusion 289Notes 299References 313Index 327Acknowledgments 337About the Author 343
