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Mr Market Miscalculates Hardcover – 25 Nov 2008

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Product details

  • Hardcover: 400 pages
  • Publisher: Axios Press (25 Nov. 2008)
  • Language: English
  • ISBN-10: 1604190086
  • ISBN-13: 978-1604190083
  • Product Dimensions: 16.6 x 3.3 x 23.8 cm
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Bestsellers Rank: 467,743 in Books (See Top 100 in Books)

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Product Description

Mr Market Miscalculates Why is America in financial crisis today? This book, better than any to date, explains it all-how we got here and where we are going. The how we got here is brilliantly described in a collection of pieces from Grant's Interest Rate Observer, the Wall Street insider's Bible. The where we are going is treated in Jim Grant's up-to-the-minute introduction. No fan of Greenspan or Bernanke, Grant tells Full description

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Most Helpful Customer Reviews

3 of 3 people found the following review helpful By drmer on 3 Aug. 2009
Format: Hardcover
If you can't afford the $900 or so that an annual subscription costs, why not do the next best thing and read this best-of compilation of Grant's Interest Observer. See James Grant fulminate on the last two bubbles and Alan Greenspan, and eventually be proved right. Learn some fundamental analysis and contrarian thinking in the mean time. Maybe lose less money in the next bubble. One star knocked off for not reproducing graphs mentioned in the text.
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2 of 3 people found the following review helpful By Mariusz Skonieczny on 15 Nov. 2009
Format: Hardcover
Mr. Market always miscalculates and the author of this book predicted the housing bubble that burst last year. This book is a collection of Grant's Interest Rate Observer letters from 1990s to the present economic crisis. He mainly blames human nature for leading us to where we are today. He says that the cause that led to the housing and stock market bubble was the lenders' willingness to loan money to speculators or house flippers. It was not the low interest rate policies of the Fed as many might believe. However, our regulators are not without fault. They set the stage in the 1970s with the deregulation of financial markets.

I really liked the author's description of the financial instruments, especially CDS derivatives. Even if you are not a financial expert, you should be able to understand it because the author has described it in simple terms. Although there is so much evidence supporting the idea that Mr. Market miscalculates, I am amazed at how many institutional investors believe in efficient market theory and have managed their investments through indexing.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
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2 of 3 people found the following review helpful By Steven Griffin on 10 Aug. 2009
Format: Hardcover
I love this book - it's a series of potentially heavy-going economic observations, packaged into a more accessible format. Jim Grant certainly has a talent, like Krugman and Roubini, for expressing complex ideas to the (comparative)layman. A must-read for finance professionals and students alike.
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By Michael Lynch on 23 Oct. 2014
Format: Hardcover Verified Purchase
Good Book
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Most Helpful Customer Reviews on Amazon.com (beta)

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71 of 74 people found the following review helpful
In a Rising Market, It's More Profitable not to Ask 2 Nov. 2008
By Arlen - Published on Amazon.com
Format: Hardcover Verified Purchase
"The Cassandra industry is not so remunerative as the hedge fund business, so the professional investors and bankers stay in the race, taking the kind of risks that their better judgment tells them to avoid." states James Grant in his 'Mr. Market Miscalculates, The Bubble Years and Beyond,' a work comprised of pieces from his 'Grant's Interest Rate Observor.'

Grant has been charting the course of market excesses on a fortnightly basis for 25 years, and he has a remarkable record of getting it right. Most pointedly, Grant illuminates the human foibles to which we all fall prey and how these foibles precipitate the daily gyrations of stock and bond price levels. Grant's wealth of understanding is outstanding enough to recommend the book, but his ability to generously lace his writing with his sense of humor makes his writing simply priceless.

About the dismal financial crisis, Grant wryly remarks that there is more than enough blame to go around. Grant faults human nature in general for markets gone wild, yet he is particularly impressed by the level of incompetence exhibited by recent leaders who, according to Grant, "failed almost to the man."

The no-holds-barred book journeys through the missteps of the economic leaders of our times, and it does so with a breath-taking straightforwardness. Given the state of the world's economic affairs, I hope 'Mr. Market' becomes required reading for the legislators, the judiciary, and the executives charged with fixing the world's financial systems.
17 of 17 people found the following review helpful
Beware: Getting Hooked on Grant Will Cost You 16 Feb. 2011
By James J Abodeely - Published on Amazon.com
Format: Hardcover
Mr. Market Miscalculates was my first sustained introduction to the writings of James Grant. I became an immediate fan-boy.

The book is a collection of essays that originally appeared in the pages of Grant's Interest Rate Observer, a must-read research publication for serious investors. The book however is organized in such a way that both professional and novice market observers will gain from. Grant's style is sophisticated and somewhat verbose, yet elegantly, if not effortlessly, weaves both history and current cultural phenomenons into his prose.

Grant takes the reader on a journey through two of the most amazing bull market turned bubble manias in history: The late 1990s Tech-Media-Telecom led boom in US stocks and the follow on act in the Housing and eventually Mortgage-backed Securities markets. The insights come mostly in "real-time" which allows us to appreciate the insanity of the times without the benefit of Monday Morning Quarterbacking. One can't help but think, had he or she been reading Grant at the time (and heeded his advice) then there would have been plenty of opportunity to not only avoid some of the largest losses of the decade, but actually prosper.

The other top level topics covered by Grant include two of his favorite: Monetary policy and the consequences for bond markets and currencies, including gold; Value investing and the immortal advantage of knowing what something is worth.

Mr. Market Miscalculates is an excellent collection of Grant's unmatched combination of style and substance. Be warned however, if you get hooked on Grant as I have, you will be forced into becoming a subscriber of his paid newsletter/research service and it will cost you. It's worth every penny.
16 of 16 people found the following review helpful
"Maestro" exposed 3 May 2009
By RobRoy - Published on Amazon.com
Format: Hardcover Verified Purchase
Interesting book for those who wonder how we messed up our financial system. Book consists of 60 articles/essays by Grant, originally written during the years 1999-1Q08, so it takes you back in time to when the bubble was inflating. Each article is 6-10 pages long, so ordinary readers who normally avoid reading economics can enjoy and finish each one, plus Grant is a witty/skillful writer. Biggest revelation is Grant's plain-English criticism of Alan Greenspan's policies (made during Greenspan's reign). We all know the "Maestro" kept rates too low too long, now we see why. Makes you wonder why Congress and the public treat Fed chairmen with fawning exaltation.
27 of 30 people found the following review helpful
4.5 stars-Bankers started loaning hundreds of billions to speculators 3 Dec. 2008
By Michael Emmett Brady - Published on Amazon.com
Format: Hardcover
Grant has written a very nice critique of the deregulation of the financial markets that has been going on since the late 1970's.The Federal Reserve System(Fed) and SEC(Securities and Exchange Commission)simply allowed the big commercial banks and investment banks to ignore all of their OWN creditworthiness standards on who qualifies for a loan ,as well as letting them load up on all types of highly speculative types of assets, like collateralized debt obligations(CDO's). He pinpoints the major problem that led to the current collapse of both the housing bubble and the stock market bubble.It was not the low interest rate policies of the Fed.It was the decisions made to loan money to speculators and well known house flippers(in some real estate markets, 35% -40% of the housing loans were going to house flippers)that set the stage that created the housing bubble and then led to the total collapse of the construction sector in the vast majority of the 50 states.
I have deducted 1/2 of a star because the author is apparently unaware that Adam Smith spent 80 pages of The Wealth of Nations(1776;pp.260-340, especially pp.339-340) warning about the dangers of allowing banks to make loans to projectors,imprudent risk takers,and prodigals(These categories of borrower are equivalent to the speculators and rentiers responsible for creating the housing bubble of the mid-to late 1920's and the stock market bubble of the late 1920's).Smith made it clear that such categories of borrower will waste and destroy the loans generated from the savings of the bank's depositors.The central bank should aim at maintaining low rates of interest while simultaneously restricting loans to the three categories of borrower mentioned above.
16 of 18 people found the following review helpful
Prescient? Maybe. A rush job? Definitely! 28 Nov. 2009
By Wordsmith - Published on Amazon.com
Format: Hardcover Verified Purchase
Although this book provides excellent information on how the market works and what has gone wrong over the last decade(s), it is somewhat dated since the book is simply a compilation of sometimes-prescient but outdated articles (from the '90s) published in GRANT'S Interest Rate Observer. Unfortunately, whoever put the book together was in such a hurry to get it into print, he/she/they forgot either to INCORPORATE the charts, tables and graphs that appeared in the original articles or to ELIMINATE the REFERENCES to them. I found several references (and I'm paraphrasing) to "In the table that follows ..." - but there WAS no table. Instead of enjoying the author's insights, I was constantly annoyed at the sloppiness of the editing, which, with any foresight by the editor or author, should have been much more carefully done in a presumably "precise" non-fiction book.
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