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| When Markets Collide: Investment Strategies for the Age of Global Economic Change | 
 enlarge | Author: Mohamed El-erian
Publisher: McGraw-Hill
Category: Book
List Price: $27.95
Buy New: $14.97
You Save: $12.98 (46%)
New (38) Used (11) from $14.47
Avg. Customer Rating:  22 reviews
Sales Rank: 291
Media: Hardcover
Edition: 1
Number Of Items: 1
Pages: 304
Shipping Weight (lbs): 1.4
Dimensions (in): 9.1 x 6 x 1.3
ISBN: 0071592814
Dewey Decimal Number: 381.101
EAN: 9780071592819
ASIN: 0071592814
Publication Date: May 23, 2008
Availability: Usually ships in 1-2 business days
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Product Description
"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 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.
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| Customer Reviews: Read 17 more reviews...
 Timely Book on The Impact of Global Economic Change on Investing June 15, 2008
89 out of 102 found this review helpful
If you find the present global economic situation to be confusing and filled with conflicting signals and noise, this excellent book by Mohamed El-Erian, the CEO of PIMCO and the former President of the Harvard Management Company where he managed Harvard's $35 billion endowment, should be on your reading list.
El-Erian brings a unique perspective to the task of separating the signal from the noise in today's volatile global markets. Having spent 15 years at the International Monetary Fund and the rest of his career in the trenches in emerging market research and investment at leading investment banks, he has a deep understanding of both the public policy side and the realities of global investing.
His premise could not be more timely: Global markets are undergoing profound changes and the present turmoil is neither the beginning nor the end of the transformation that is shaking up investors around the world. This bumpy process is nothing less than the collision of markets in which the markets of yesterday collide with those of tomorrow
The book offers analytical anchors for identifying the key elements of what, for some, have become key drivers in an unusually fluid environment. In addition to offering targeted, well written, explanations of some of the key sources of confusion and dislocation (U.S. national debt, new sovereign wealth funds and emerging, developing countries now funding the debt of the developed nations), El-Erian also provides some invaluable advice for personal investors.
Given his contention that most U.S. investors have not fully grasped the impact of the changes going on in global markets and the impact of higher commodity prices and shift to accelerating inflationary trends around the world, he provides a new sample asset allocation model for correcting some of the imbalances in most U.S. investors' portfolios.
His asset allocation table on pg. 198 provides an illustrative neutral asset mix for long term investors that is well worth the cover price of this book and was featured recently in an excellent article and interview in Barron's in the June 2, 2008 issue.
His writing style is fluid and command of the material impressive. Like most great authors and thinkers, he will have you challenging your present views and investment positions. This book is an outstanding companion to Unconventional Success: A Fundamental Approach to Personal Investment by David Swensen on the personal investment front and The Age of Turbulence: Adventures in a New World by Alan Greenspan on the public policy front.
In addition to raising the big issues, El-Erian provides a clear action plan for both investors and policy makers, a truly outstanding achievement in a field where leaders are too often focused on selling investment products rather than educating the investment public on the changes in global economic conditions.
Volitile, yes. Immeasurable, no. July 1, 2008
25 out of 32 found this review helpful
I would highly recommend this book as a single source for a variety of key trends that, until El-Erian, no author seemed to be able to put together. However, the broad forecasts of this book should be combined with practical measurement and forecasting methods such as those described in How to Measure Anything: Finding the Value of "Intangibles" in Business by Douglas Hubbard.
El-Erian takes a Modern Portfolio Theory approach to virtually any investment portfolio and he gives specific proposals for how to balance your investments given the inevitable trends he sees. Hubbard's quantitative methods applied to El-Erian's vision of the future should make a powerful forecasting tool.
When Markets Collide is more focused and clear than books like Megatrends 2010: The Rise of Conscious Capitalism, provides more practical instructions for the investor, and seems to lack some of the more embarrasing technical errors. I also like that the dynamics El-Erian sees are more persistent and will not be as quickly dated as many of the books that depend entirely on predictions for the next few years.
 Good analysis for students July 19, 2008
22 out of 29 found this review helpful
The style is very similar to El Erian's monthly articles, but there is nothing really new or original. If you are familiar with Bretton Woods II, have some training in economics and/or have worked in structured finance you will find this book slow at times, but if you are new to the structured finance world or you are trying to find out what went wrong with the financial system this should be an excellent overview. I agree with the other reviewers it reads like a newspaper article, but it is a good overall review of the most recent economic cycle.
 Much like reading the Financial Times July 4, 2008
20 out of 55 found this review helpful
When Markets Collide reads much like a newspaper. Interesting, but nothing you would read a second time. I generally agree with Mohamed El-Erian's thinking, but there was not a book's worth of ideas here.
 Not worth reading August 5, 2008
18 out of 22 found this review helpful
I do not believe that this book is worth buying or reading
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.
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