SWAG is a very well written and timely book that provides valuable insights into current world economic problems, such as Money printing and the devastating consequences of such a process called "debasement." This must be studied and understood if one is understand how to survive, invest and prosper.
Mainstream economics and planning bodies claim money printing, or now what is called QE, is necessary to pay for our over-bloated and debt laden Western economies. But Joe shows what the true unintended consequence of such a policy is. Moreover he shows you how to protect yourself from a policy that has always led to trouble and at its worse revolutions and wars. He tells you what other wont say - that money printing is a theft and as such its just as bad as counterfeiting - which is of course considered a crime in all societies.
To protect against such a theft, one can choose from SWAG or other similar so called hard assets and of course the choice depends on many variables, but for the first time a mainstream economist has given you an alternative investment set to that suggested by the old Wall Street houses.
Because Joe Roseman has had classical economics training and has worked inside the City and with some of the Big Macro players, he carries credibility.
This book, perhaps reveals The Secret that only City and Wall Street insiders seem to know.
There is no shortage of books on the recent financial crisis, or how to make money in the new post-crisis era, but none that I am aware of are as complete as this one. Roseman's `SWAG' is bound to be controversial and denigrated by some mainstream commentators, but not only is it compelling, it is easy to read and understand despite the complexity of some of the issues it tackles. Economics is a discipline blighted by consensus thinking and this enthralling thematic compendium provides a refreshingly `Austrian' perspective on what is essentially a second crisis in mainstream `Keynesian' political economy - the aftermath of the `great moderation', aka credit boom (the first was `stagflation' in the 1970s.) It lays bare the unholy symbiosis of monetary-fiscal decadence that is leading to ever more money printing, which could tear apart our social fabric, and pioneers new investment themes to protect us from rapacious governments in the new era of financial repression. Very highly recommended.
This superb book integrates a superb analysis of how we got here and where we're likely to go, with what can practically be done about it. It's very well written and argued and contains some great pithy wisdom (eg there's no such thing as an asset which is too risky, only a position which is too big). It not really a book on how to get rich. It's a book about how to stay rich. But for me, what stands it apart is the credibility of the author. He's been a macro hedge fund manager for the last two decades with one of the most consistently successful macro funds of all time. He's seen and profited from the rolling crises of past decades. From the ERM debacle in the early 1990s to the sub-prime crisis still affecting the world today. He's no mere pundit/talking-head/attention seeker. He's seen it and done it, consistently over time. And it's worth listening to what he has to say.
I am not an economist. In fact, I find economics difficult to grasp sometimes. The financial crisis creates so many different possible problems. When i first saw this book, I thought it was not for me. I have very little in savings and economics can be confusing. But i was wrong. This book is great. It really spells out how the crisis developed and how it might unfold. It spells out what that might mean for various assets, but most importantly for me gave me an idea of what sort of world we may be heading towards and what could happen. I have no savings so I cannot look at the investment aspects of this book. But it has given me a great deal of insight into the type of world we may be entering. 5 stars. I was thinking of 4 stars as the book took over a week to arrive, but that isn't a criticism of the book.
A fascinating insight into the global economic crisis and a must for anyone interested in alternative assets. Joe Roseman explains this tricky subject in straight forward and relevant way. A splendid read.
Very easy to read. Treats a difficult subject in a way that anyone can understand. This is not just a book for rich people. It is for anyone interested in economics and how this crisis has developed. It is also for anyone looking for ways to invest and protect their savings in a world where building society returns are close to zero. Great read.
Great book. Easy to follow and useful no matter what your financial situation. If you want to create wealth - read it. If you want to protect your wealth vs others - read it. Liked it a lot. Will be interested to see if some of the fresh ideas are taken further in a sequel...
This is a really good book. Joe doesn't leap into recommending investments - he takes a serious look at the mess the world's developed economies have got themselves into - talks about demographics - and then looks at what governments are likely to do and how that will impact those with savings.
It's not a comfortable story - but he tells it persuasively.
He then looks at things he thinks are unlikely to happen - how likely those outcomes will be - and their impact.
Finally he talks about SWAG - how he rates each of these assets for investors - and how they stack up. He also looks at other similar assets that fit his chosen investment profile - and how they stack up.
Even after all this - he still only recommends investing 20% in these types of assets.
It was a real please to read the thinking in this book. It would be more comfortable if Joe were wrong - but I'm convinced.
Joe Roseman is one of the few people who have worked in investment markets who is not caught up in his own ego and belief that he is always right. This book challeges a few traditional thoughts, will upset traditionalists but it is thought provoking, intelligent and a great starting point for managing your own money or challenging those people who are supposed to be doing it on your own behalf. Worth reading on the beach, in the bath or in retirement.
SWAG is a excellent introduction to investors of all levels of experience on the benefits of alternative investments in an era where returns from traditional investments (equities, bonds and cash) are likely to continue to disappoint (especially in real terms). Many investors will be familiar with the benefits of owning Gold, but Joe Roseman presents a very strong case for Silver, which differs from the usual historic Gold/Silver ratio arguments. I particularly liked Roseman's belief that Silver has additional benefits to Gold, providing a hedge in the low probability that the global economy recovers to trend growth.
For me the sections on Art and Wine were very educational as Roseman effectively summarisies and interprets recent academic literature, presenting an interesting case for each.
SWAG is highly recommended for investors of all types, even ones who are familiar with the arguments in favour of hard assets.