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Product Description
FT, September 18th 2008
Mohammed El-Erian's When Markets Collide is shortlisted for the FT/Goldman Sachs Business Book of the Year Award 2008
Product Description
Winner of the Financial Times and Goldman Sachs Business Book of the Year Award 2008
A detailed map of the new investment landscape from the man Fortune magazine calls the “Global Guru”
Never before have investors and policy makers been beset by so many conflicting messages about the economy and the markets. While most pundits dismiss the conflicts as “noise” in the system, Mohamed A. El-Erian, president and CEO of the $35 billion Harvard Endowment and incoming co-CEO and co-CIO of PIMCO, one of today's most successful investment firms, avers that those messages signal deep, structural changes and realignments that are radically redefining the investment game.
Written by the man who Fortune magazine refers to as a “Global Guru,” When Markets Collide offers a cogent picture of the rapidly changing world financial system. A book that is sure to become an overnight investment classic, it gets you up to speed on the new economic and investing landscape and provides a detailed blueprint for capitalizing on the phenomenal opportunities now available in that new investment landscape, while minimizing the new and challenging set of risks.
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Customer Reviews
Most Helpful Customer Reviews
28 of 32 people found the following review helpful
Format:Hardcover
No doubt Mohamed El-Erian have learned the slang of the City and Wall Street. He punishes the reader with a dense, and many times unfocused, book written perhaps too early and with the intention to explain the dynamics that are changing the global economy. He was the first to get a book out so good for him, but it is not the best and definitely you can summarise his message in less than 20 pages. The other 280 pages are full of the same annoying words used by Investment bankers trying to look smart. Overall, the book is a collection of his contributions to Financial Times, WSJ as well as conferences, and Mohamed has been adding comments here and there to make this look like a book. Again and again we read about the "secular" destination and every chapter gets introduced as he did in the preface.
Mohamed is extremelly inteligent and and one of the true intense minds in the market, but his book is awful. I hope he and his editor make an effort in the second edition as they will need to update it with the more juicy events that happened after he wrote this "finished-in-a-rush" book in January 2008. In any case, he won the award of "book of the year" by FT and Goldman Sachs so I guess it is no longer necesary to have writing skills but just telling people how to distinguish "noise" from true signals. Analysts and associates will enjoy this book, but serious professionals will put it down after few pages.
Mohamed is extremelly inteligent and and one of the true intense minds in the market, but his book is awful. I hope he and his editor make an effort in the second edition as they will need to update it with the more juicy events that happened after he wrote this "finished-in-a-rush" book in January 2008. In any case, he won the award of "book of the year" by FT and Goldman Sachs so I guess it is no longer necesary to have writing skills but just telling people how to distinguish "noise" from true signals. Analysts and associates will enjoy this book, but serious professionals will put it down after few pages.
6 of 7 people found the following review helpful
Format:Hardcover
I found plenty of interest in this volume, but also parts which made my eyes glaze over. I have a background in economics, but I do find thickets of financial jargon hard to comprehend at times. I have to admit that I skipped a few pages here and there, but only where I couldn't see the relevance to my own interests.
The author covers what he calls the 'journey' to the 'secular destination' in the global financial and economic landscape. Essentially this represents changes in the global economy which are taking place now and are likely to continue for a number of years into the future: the buildup of current account surpluses in emerging and oil-rich economies in recent years, and the counterpart deficits in some countries in the rich world, particularly the US; the emergence of Sovereign Wealth Funds (SWFs) in the former group of countries and their evolving investment strategies; and the shift in global growth towards emerging economies and away from the US as the global 'spender of last resort'.
The author traces, in a somewhat opaque fashion, the origins of the current financial crisis, though the book was published in early 2008 and he misses out on the really serious financial turmoil that took place towards the end of that year. To be fair however, he does promise a 'bumpy ride' to his 'secular destination'.
He calls for reform on the part of investors, and national and international policy-makers to make the 'journey' of economic adjustments as smooth as possible. It may be a little late for that given recent events, but perhaps his intentions could be heeded to avoid further major disruptions. I was really looking forward to what he had to suggest in these areas but I was disappointed. He has good intentions, but is vague in his suggestions and admits that the jury is out in many of the debates. If that is the case, why promise much with chapter headings such as 'an action plan for national policy-makers'?
A couple of other gripes: the graphs are poorly presented and labeled, and he does name-drop current and ex-colleagues quite a bit, which was unnecessary.
The author is clearly highly intelligent and accomplished and the book was ranked by The Economist as one of the best reads for 2008. All in all, for me, there were good bits, poor bits, and difficult bits. The reader will need a background in economics and finance to fully grasp it. And if they read and understand the financial pages regularly they probably won't need this book.
The author covers what he calls the 'journey' to the 'secular destination' in the global financial and economic landscape. Essentially this represents changes in the global economy which are taking place now and are likely to continue for a number of years into the future: the buildup of current account surpluses in emerging and oil-rich economies in recent years, and the counterpart deficits in some countries in the rich world, particularly the US; the emergence of Sovereign Wealth Funds (SWFs) in the former group of countries and their evolving investment strategies; and the shift in global growth towards emerging economies and away from the US as the global 'spender of last resort'.
The author traces, in a somewhat opaque fashion, the origins of the current financial crisis, though the book was published in early 2008 and he misses out on the really serious financial turmoil that took place towards the end of that year. To be fair however, he does promise a 'bumpy ride' to his 'secular destination'.
He calls for reform on the part of investors, and national and international policy-makers to make the 'journey' of economic adjustments as smooth as possible. It may be a little late for that given recent events, but perhaps his intentions could be heeded to avoid further major disruptions. I was really looking forward to what he had to suggest in these areas but I was disappointed. He has good intentions, but is vague in his suggestions and admits that the jury is out in many of the debates. If that is the case, why promise much with chapter headings such as 'an action plan for national policy-makers'?
A couple of other gripes: the graphs are poorly presented and labeled, and he does name-drop current and ex-colleagues quite a bit, which was unnecessary.
The author is clearly highly intelligent and accomplished and the book was ranked by The Economist as one of the best reads for 2008. All in all, for me, there were good bits, poor bits, and difficult bits. The reader will need a background in economics and finance to fully grasp it. And if they read and understand the financial pages regularly they probably won't need this book.
18 of 22 people found the following review helpful
Format:Hardcover
When Markets Collide: Investment Strategies for the Age of Global Economic Change
Mohamed El Erian has spent many years involved in the emerging markets and this book gives a very valuable insight into the impact that these markets are having on the financial landscape and how to capitalize on it.
In future the emerging markets will be much more important drivers of the world economy than the US, UK, Europe or Japan.
The book talks about the crisis caused by the undervaluation of risk combined with the under-assessment of the quantity of risk outstanding and the consequential fundamental changes taking place. The sheer complexity of the structure of financial products and the inability of the regulatory system to keep on top of these developments has been a catalyst in the resulting financial chaos as has the advance in technology. Technology has undermined the role of the sell side in price discovery which has caused the sell side to extend their activities into new and unfamiliar areas at greater risk of market accidents.
Derivative based products significantly reduced barriers to entry in a range of markets and the complexity stemmed from the ground upwards. Domestic mortgages are taken as a good example. Gone were the days of plain vanilla fixed or floating loans. Instead a plethora of structures were offered, many so complex that household borrowers didn't understand them.
The author emphasises the importance of interpreting signals and differentiating between what is noise and what are real structural changes. He focuses on China as being the most important contributor to world growth. Emerging economies which have greatly benefited from the US and parts of Europe by sustaining consumer demand way beyond income growth are now building up massive amounts of wealth.
Time and time again the Sovereign Wealth Funds are mentioned.
This book gives us food for thought about how to assess the new financial landscape given that many of the emerging markets have shifted from debtors to creditors and are now extremely important drivers of the world economy. It encourages the reader to keep a close eye on the SWFs and their allocation of capital. It gives us some ideas as to construct an international portfolio. It also talks about changes that will be required in organisations such as the IMF.
Mohamed El Erian has spent many years involved in the emerging markets and this book gives a very valuable insight into the impact that these markets are having on the financial landscape and how to capitalize on it.
In future the emerging markets will be much more important drivers of the world economy than the US, UK, Europe or Japan.
The book talks about the crisis caused by the undervaluation of risk combined with the under-assessment of the quantity of risk outstanding and the consequential fundamental changes taking place. The sheer complexity of the structure of financial products and the inability of the regulatory system to keep on top of these developments has been a catalyst in the resulting financial chaos as has the advance in technology. Technology has undermined the role of the sell side in price discovery which has caused the sell side to extend their activities into new and unfamiliar areas at greater risk of market accidents.
Derivative based products significantly reduced barriers to entry in a range of markets and the complexity stemmed from the ground upwards. Domestic mortgages are taken as a good example. Gone were the days of plain vanilla fixed or floating loans. Instead a plethora of structures were offered, many so complex that household borrowers didn't understand them.
The author emphasises the importance of interpreting signals and differentiating between what is noise and what are real structural changes. He focuses on China as being the most important contributor to world growth. Emerging economies which have greatly benefited from the US and parts of Europe by sustaining consumer demand way beyond income growth are now building up massive amounts of wealth.
Time and time again the Sovereign Wealth Funds are mentioned.
This book gives us food for thought about how to assess the new financial landscape given that many of the emerging markets have shifted from debtors to creditors and are now extremely important drivers of the world economy. It encourages the reader to keep a close eye on the SWFs and their allocation of capital. It gives us some ideas as to construct an international portfolio. It also talks about changes that will be required in organisations such as the IMF.
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Most Recent Customer Reviews
When Markets Collide Review
In short, I'd say it's a significant book for investors and those who wish to understand the modern world of investing.
Published 12 months ago by Aziz
Unreadable!
I don't have much to say about this book other than add my voice to the other reviewers. There are many poor financial books circulating at the moment and this is one. Read more
Published on 14 Jan 2010 by R. McCarthy
couldnt finish the book
interesting if you can keep your eyes open
really tried my best but couldnt finish the book
really tried my best but couldnt finish the book
Published on 9 Jun 2009 by Doctor
Where Are the Customers' Yachts?
disappointing book that reads like a collection of memos sent by senior management for town hall meetings with staff. full of clichés, not a single original thought. Read more
Published on 20 May 2009 by Alex Dilbert
Keep it simple
The book in a nutshell is complicated and unfocused. Definitely not intended for the ordinarily educated guy on the street. Read more
Published on 10 Feb 2009 by Ola K
Refreshing view of changes in the global economy
I was shocked to see poor reviews for this book - maybe people buying it were expecting a novel (or rather a financial thriller). Read more
Published on 11 Jan 2009 by A. Axentiev
Strange that this book won the award because it is not good.
I'm not a professional finance wizzard but I am a well educated citizen of the world with a keen interest in the sector. Read more
Published on 4 Jan 2009 by Verlinden
This book is not worth a penny - fully agree with Julio Cortazar
This book is so unbelievably bad that after reading the first 10 pages I was in a rage that I had actually paid money for it. Read more
Published on 2 Jan 2009 by M. Mitev
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