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| a short history of financial euphoria: A Short History of Financial Euphoria John Kenneth Galbraith, 1994-07-01 The world-renowned economist offers dourly irreverent analyses of financial debacle from the tulip craze of the seventeenth century to the recent plague of junk bonds. —The Atlantic. With incomparable wisdom, skill, and wit, world-renowned economist John Kenneth Galbraith traces the history of the major speculative episodes in our economy over the last three centuries. Exposing the ways in which normally sane people display reckless behavior in pursuit of profit, Galbraith asserts that our notoriously short financial memory is what creates the conditions for market collapse. By recognizing these signs and understanding what causes them we can guard against future recessions and have a better hold on our country's (and our own) financial destiny. |
| a short history of financial euphoria: A Short History of Financial Euphoria John Kenneth Galbraith, 1994-07-01 The world-renowned economist offers dourly irreverent analyses of financial debacle from the tulip craze of the seventeenth century to the recent plague of junk bonds. —The Atlantic. With incomparable wisdom, skill, and wit, world-renowned economist John Kenneth Galbraith traces the history of the major speculative episodes in our economy over the last three centuries. Exposing the ways in which normally sane people display reckless behavior in pursuit of profit, Galbraith asserts that our notoriously short financial memory is what creates the conditions for market collapse. By recognizing these signs and understanding what causes them we can guard against future recessions and have a better hold on our country's (and our own) financial destiny. |
| a short history of financial euphoria: A Short History of Financial Euphoria John Kenneth Galbraith, 1993 |
| a short history of financial euphoria: Don't Fall For It Ben Carlson, 2019-12-31 Learn financial and business lessons from some of the biggest frauds in history Why does financial fraud persist? History is full of sensational financial frauds and scams. Enron was forced to declare bankruptcy after allegations of massive accounting fraud, wiping out $78 billion in stock market value. Bernie Madoff, the largest individual fraudster in history, built a $65 billion Ponzi scheme that ultimately resulted in his being sentenced to 150 years in prison. People from all walks of life have been scammed out of their money: French and British nobility looking to get rich quickly, farmers looking for a miracle cure for their health ailments, several professional athletes, and some of Hollywood’s biggest stars. No one is immune from getting deceived when money is involved. Don’t Fall For It is a fascinating look into some of the biggest financial frauds and scams ever. This compelling book explores specific instances of financial fraud as well as some of the most successful charlatans and hucksters of all-time. Sharing lessons that apply to business, money management, and investing, author Ben Carlson answers questions such as: Why do even the most intelligent among us get taken advantage of in financial scams? What make fraudsters successful? Why is it often harder to stay rich than to get rich? Each chapter in examines different frauds, perpetrators, or victims of scams. These real-life stories include anecdotes about how these frauds were carried out and discussions of what can be learned from these events. This engaging book: Explores the business and financial lessons drawn from some of history’s biggest frauds Describes the conditions under which fraud tends to work best Explains how people can avoid being scammed out of their money Suggests practical steps to reduce financial fraud in the future Don’t Fall For It: A Short History of Financial Scams is filled with engrossing real-life stories and valuable insights, written for finance professionals, investors, and general interest readers alike. |
| a short history of financial euphoria: Money John Kenneth Galbraith, 2017-08-29 Money is nothing more than what is commonly exchanged for goods or services, so why has understanding it become so complicated? In Money, renowned economist John Kenneth Galbraith cuts through the confusions surrounding the subject to present a compelling and accessible account of a topic that affects us all. He tells the fascinating story of money, the key factors that shaped its development, and the lessons that can be learned from its history. He describes the creation and evolution of monetary systems and explains how finance, credit, and banks work in the global economy. Galbraith also shows that, when it comes to money, nothing is truly new—least of all inflation and fraud. |
| a short history of financial euphoria: The Affluent Society John Kenneth Galbraith, 1958 |
| a short history of financial euphoria: Boom and Bust William Quinn, John D. Turner, 2020-08-06 Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? Boom and Bust reveals why bubbles happen, and why some bubbles have catastrophic economic, social and political consequences, whilst others have actually benefited society. |
| a short history of financial euphoria: Manias, Panics, and Crashes Robert Z. Aliber, Charles P. Kindleberger, 2017-12-07 This seventh edition of an investment classic has been thoroughly revised and expanded following the latest crises to hit international markets. Renowned economist Robert Z. Aliber introduces the concept that global financial crises in recent years are not independent events, but symptomatic of an inherent instability in the international system. |
| a short history of financial euphoria: Financial Market History: Reflections on the Past for Investors Today David Chambers, Elroy Dimson, Since the 2008 financial crisis, a resurgence of interest in economic and financial history has occurred among investment professionals. This book discusses some of the lessons drawn from the past that may help practitioners when thinking about their portfolios. The book’s editors, David Chambers and Elroy Dimson, are the academic leaders of the Newton Centre for Endowment Asset Management at the University of Cambridge in the United Kingdom. |
| a short history of financial euphoria: A Life in Our Times John Kenneth Galbraith, 2019-07-31 In his memoirs, John Kenneth Galbraith recalls amusingly, even brilliantly, the important and low moments in his life, the men and women he met who were great, only interesting, entertaining or even absurd. Galbraith studied agriculture in his native Canada and agricultural economics at UC-Berkeley. He taught at the University of California, served briefly in FDR’s administration and went on to Harvard. In Cambridge, England, he discovered the new economics of John Maynard Keynes. During World War II in Washington, he held the key job of organizing and administering the system of wartime price controls. After the war, Galbraith directed the survey that interrogated former Nazi leaders to assess the effects of the air war on the German economy. He then worked for the State Department as administrator for economic affairs in the occupied countries and served as an editor of Fortune when the magazine employed some of the best writers around. Galbraith returned to Harvard in 1948 and wrote three of the most influential books on economics of his time, The Affluent Society, The New Industrial State and Economics and the Public Purpose. In these lively memoirs, the author relates all of this and more — his two major political campaigns, with Adlai E. Stevenson for whom he was adviser and speech-writer, and John F. Kennedy, for whom he campaigned across the country; his years as ambassador in India; and his long opposition to the Vietnam war. And he shares the lessons learned from these experiences. “On every subject Mr. Galbraith is succinct and witty... The book is full of strong opinion and proceeds by the vehicle of anecdote... The serious business of the book... is to trace the steps of its author’s astonishingly varied and useful life... Mr. Galbraith’s vigor of expression, as well as an account of a period of gloom and psychotherapy, prevents the writing from ever sounding impersonal. That serious business is also to set the record straight — on what his books were about and how he evolved his theory of The Affluent Society and The New Industrial State, as two of his most important works were named; on why the bombing of Germany during World War II was less than useless, why it was patently unnecessary to wage atomic warfare on Japan and why he came to be a dissenter on the war in Vietnam. On inflation. On the ‘secular priesthood’ that once presided at the State Department. And, enchantingly, on such movers and shakers he came to know well as the New Dealer Leon Henderson, Paul Baran (‘the most interesting economist I have ever known’), Bernard M. Baruch, Adlai E. Stevenson, John F. Kennedy and Lyndon B. Johnson.” — Christopher Lehmann-Haupt, The New York Times “As a raconteur and a literary stylist, [Galbraith] stands with the best... As entertainment, the book is a total success. Its charm comes from the combination of Mr. Galbraith’s smooth comic timing and his not always charitable wit.” — James Fallows, The New York Times “Galbraith ranks with the most entertaining and provocative political writers in America in this century... Without Galbraith the political literature of our time would be far drearier.” — Gaddis Smith, Foreign Affairs “[Galbraith] has assembled a well-nigh complete record of what he has been up to, professionally at least, since leaving his family’s Ontario farm. The account is fascinating... The narrative... consistently holds the distinctive Galbraith style that makes all his books read like a nippy breeze.” — Geoffrey Colvin, Christian Science Monitor “Absorbing and irresistible.” — The New Yorker “An enjoyable book, full of fun, full of wisdom, and full of rare insights into the history of our times.” — The New Republic “A delightfully teeming book... Galbraith’s comic voice is a distinctive and durable literary achievement.” — Atlantic Monthly “A highly perceptive commentary on all our yesterdays... anecdotal, amusing, animated and above all, illuminating.” — John Barkham Reviews |
| a short history of financial euphoria: Book of Value Anurag Sharma, 2018-09-25 Financial markets are noisy and full of half-baked opinions, innuendo, and misinformation. With deep insights about investor psychology, Book of Value shows how to apply tools of business analysis to sort through the deceptions and self-deceptions in financial markets. Anurag Sharma joins philosophy with practical know-how to launch an integrated approach to building high-performance stock portfolios. Investors at all skill levels should learn to be mindful of their psychological biases so they may better frame investment choices. Book of Value teaches novices that investing is not a game of luck but a skill - and provides the emotional and analytical tools necessary to play it well. Intermediate investors learn how to effectively control emotions when investing and think strategically about their investment programme. Advanced investors see the formalization of what they already know intuitively: that the philosopher's methods for seeking truth can be profitably applied to make smart investments. A groundbreaking guide full of lasting value, Book of Value should be on the shelf of anyone who takes investing seriously. |
| a short history of financial euphoria: The Anatomy of Power John Kenneth Galbraith, 1985-01-01 |
| a short history of financial euphoria: Navigating Failure Edward J. Balleisen, 2003-01-14 The “self-made” man is a familiar figure in nineteenth-century American history. But the relentless expansion of market relations that facilitated such stories of commercial success also ensured that individual bankruptcy would become a prominent feature in the nation’s economic landscape. In this ambitious foray into the shifting character of American capitalism, Edward Balleisen explores the economic roots and social meanings of bankruptcy, assessing the impact of widespread insolvency on the evolution of American law, business culture, and commercial society. Balleisen makes innovative use of the rich and previously overlooked court records generated by the 1841 Federal Bankruptcy Act, building his arguments on the commercial biographies of hundreds of failed business owners. He crafts a nuanced account of how responses to bankruptcy shaped two opposing elements of capitalist society in mid-nineteenth-century America — an entrepreneurial ethos grounded in risk taking and the ceaseless search for new markets, new products, and new ways of organizing economic activity, and an urban, middle-class sensibility increasingly averse to the dangers associated with independent proprietorship and increasingly predicated on salaried, white-collar employment. |
| a short history of financial euphoria: The Culture of Contentment John Kenneth Galbraith, 2017-08-29 The world has become increasingly separated into the haves and have-nots. In The Culture of Contentment, renowned economist John Kenneth Galbraith shows how a contented class—not the privileged few but the socially and economically advantaged majority—defend their comfortable status at a cost. Middle-class voting against regulation and increased taxation that would remedy pressing social ills has created a culture of immediate gratification, leading to complacency and hampering long-term progress. Only economic disaster, military action, or the eruption of an angry underclass seem capable of changing the status quo. A groundbreaking critique, The Culture of Contentment shows how the complacent majority captures the political process and determines economic policy. |
| a short history of financial euphoria: Invest Like a Guru Charlie Tian, 2017-04-24 Adopt the investment strategy that built Warren Buffett's fortune Invest Like a Guru provides an invaluable resource for high-quality-focused value investing, with expert insight and practical tools for implementation. Written by the man behind GuruFocus.com, this book expands on the site's value strategies and research tools to provide a primer for those exploring pathways to higher returns at lower risk. The book begins with an insightful explanation of high-quality-focused value investing concepts, then quickly moves into practical, detailed guidance on analysis, valuation, key factors, and risks to avoid. Case studies demonstrate real-world application of various analysis methods, and the discussion walks you through important calculations using real examples. Author Charlie Tian draws upon his own experiences and lessons learned to provide true insight on high-quality-focused value investing as a strategy, providing both reference and expert advice in this singularly useful guide. Warren Buffett once said, I would rather buy good companies at fair prices than buy fair companies at good prices. That's how he built his fortune, and his method is what we now call high-quality-focused value investing. This book shows you how to determine what constitutes good companies and fair prices, with practical tools for real-world application. Learn the principles and concepts of high-quality-focused value investing Understand the analysis process and valuation of prospective investments Avoid the value traps that can trigger permanent losses Study clear examples of key ratios and calculations We can't all become the next Warren Buffett, but we can boost returns while reducing risk using the right investment strategy. High-quality-focused value investing provides a path to profit, and Invest Like a Guru is the one-of-a-kind guidebook for getting on track. |
| a short history of financial euphoria: The Great Depression: A Diary Benjamin Roth, 2009-07-22 When the stock market crashed in 1929, Benjamin Roth was a young lawyer in Youngstown, Ohio. After he began to grasp the magnitude of what had happened to American economic life, he decided to set down his impressions in his diary. This collection of those entries reveals another side of the Great Depression—one lived through by ordinary, middle-class Americans, who on a daily basis grappled with a swiftly changing economy coupled with anxiety about the unknown future. Roth's depiction of life in time of widespread foreclosures, a schizophrenic stock market, political unrest and mass unemployment seem to speak directly to readers today. |
| a short history of financial euphoria: Fooling Some of the People All of the Time, A Long Short Story David Einhorn, 2008-05-02 In 2002, Einhorn spoke publicly about Allied Capital--a leader in the private finance industry--presenting it as an excellent short opportunity. Einhorn describes the incredible events that followed his speech and how Allied and the investment community attacked him to protect the company--and its stock price. Informative and intriguing, Fooling Some of the People All of the Time details how the current environment on Wall Street--and the world of hedge funds in particular-- not only allows for such behavior, but how it protects the companies and attacks those who attempt to uncover them.--Résumé de l'éditeur. |
| a short history of financial euphoria: Ecstasy: Dangerous Euphoria Malinda Miller, 2014-09-02 Ecstasy—or MDMA as scientists know it— is a growing trend in North America and around the world. Researchers are looking into the possibility that ecstasy could help patients with anxiety disorders. Meanwhile, thousands of young people are abusing ecstasy to get a high. It's especially popular at parties and raves, where it can be most dangerous, though its use is growing outside of this setting. Ecstasy: Dangerous Euphoria provides information on what ecstasy is, where it comes from, and who becomes addicted. Read on to find out important information about ecstasy abuse and its affect on the brain and body. You'll also learn about how to fight ecstasy addiction and how to lead a clean life. |
| a short history of financial euphoria: Economics in Perspective John Kenneth Galbraith, 2017-08-29 In Economics in Perspective, renowned economist John Kenneth Galbraith presents a compelling and accessible history of economic ideas, from Aristotle through the twentieth century. Examining theories of the past that have a continuing modern resonance, he shows that economics is not a timeless, objective science, but is continually evolving as it is shaped by specific times and places. From Adam Smith's theories during the Industrial Revolution to those of John Maynard Keynes after the Great Depression, Galbraith demonstrates that if economic ideas are to remain relevant, they must continually adapt to the world they inhabit. A lively examination of economic thought in historical context, Economics in Perspective shows how the field has evolved across the centuries. |
| a short history of financial euphoria: Devil Take the Hindmost Edward Chancellor, 2000-06-01 A lively, original, and challenging history of stock market speculation from the 17th century to present day. Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? How has the psychology of investing changed—and not changed—over the last five hundred years? In Devil Take the Hindmost, Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world: from the tulip scandal of 1630s Holland, to “stockjobbing” in London's Exchange Alley, to the infamous South Sea Bubble of 1720, which prompted Sir Isaac Newton to comment, “I can calculate the motion of heavenly bodies, but not the madness of people.” Here are brokers underwriting risks that included highway robbery and the “assurance of female chastity”; credit notes and lottery tickets circulating as money; wise and unwise investors from Alexander Pope and Benjamin Disraeli to Ivan Boesky and Hillary Rodham Clinton. From the Gilded Age to the Roaring Twenties, from the nineteenth century railway mania to the crash of 1929, from junk bonds and the Japanese bubble economy to the day-traders of the Information Era, Devil Take the Hindmost tells a fascinating story of human dreams and folly through the ages. |
| a short history of financial euphoria: The Risk Theatre Model of Tragedy Edwin Wong, 2019-02-04 WHEN YOU LEAST EXPECT IT, BIRNAM WOOD COMES TO DUNSINANE HILL The Risk Theatre Model of Tragedy presents a profoundly original theory of drama that speaks to modern audiences living in an increasingly volatile world driven by artificial intelligence, gene editing, globalization, and mutual assured destruction ideologies. Tragedy, according to risk theatre, puts us face to face with the unexpected implications of our actions by simulating the profound impact of highly improbable events. In this book, classicist Edwin Wong shows how tragedy imitates reality: heroes, by taking inordinate risks, trigger devastating low-probability, high-consequence outcomes. Such a theatre forces audiences to ask themselves a most timely question---what happens when the perfect bet goes wrong? Not only does Wong reinterpret classic tragedies from Aeschylus to O’Neill through the risk theatre lens, he also invites dramatists to create tomorrow’s theatre. As the world becomes increasingly unpredictable, the most compelling dramas will be high-stakes tragedies that dramatize the unintended consequences of today's risk takers who are taking us past the point of no return. |
| a short history of financial euphoria: Poor Charlie’s Almanack Charles T. Munger, 2023-12-05 From the legendary vice-chairman of Berkshire Hathaway, lessons in investment strategy, philanthropy, and living a rational and ethical life. “Spend each day trying to be a little wiser than you were when you woke up,” Charles T. Munger advises in Poor Charlie’s Almanack. Originally published in 2005, this compendium of eleven talks delivered by the legendary Berkshire Hathaway vice-chairman between 1986 and 2007 has become a touchstone for a generation of investors and entrepreneurs seeking to absorb the enduring wit and wisdom of one of the great minds of the 20th and 21st centuries. Edited by Peter D. Kaufman, chairman and CEO of Glenair and longtime friend of Charlie Munger—whom he calls “this generation’s answer to Benjamin Franklin”—this abridged Stripe Press edition of Poor Charlie’s Almanack features a brand-new foreword by Stripe cofounder John Collison. Poor Charlie’s Almanack draws on Munger’s encyclopedic knowledge of business, finance, history, philosophy, physics, and ethics—and more besides—to introduce the latticework of mental models that underpin his rational and rigorous approach to life, learning, and decision-making. Delivered with Munger’s characteristic sharp wit and rhetorical flair, it is an essential volume for any reader seeking to go to bed a little wiser than when they woke up. |
| a short history of financial euphoria: A Wealth of Common Sense Ben Carlson, 2015-06-22 A simple guide to a smarter strategy for the individual investor A Wealth of Common Sense sheds a refreshing light on investing, and shows you how a simplicity-based framework can lead to better investment decisions. The financial market is a complex system, but that doesn't mean it requires a complex strategy; in fact, this false premise is the driving force behind many investors' market mistakes. Information is important, but understanding and perspective are the keys to better decision-making. This book describes the proper way to view the markets and your portfolio, and show you the simple strategies that make investing more profitable, less confusing, and less time-consuming. Without the burden of short-term performance benchmarks, individual investors have the advantage of focusing on the long view, and the freedom to construct the kind of portfolio that will serve their investment goals best. This book proves how complex strategies essentially waste these advantages, and provides an alternative game plan for those ready to simplify. Complexity is often used as a mechanism for talking investors into unnecessary purchases, when all most need is a deeper understanding of conventional options. This book explains which issues you actually should pay attention to, and which ones are simply used for an illusion of intelligence and control. Keep up with—or beat—professional money managers Exploit stock market volatility to your utmost advantage Learn where advisors and consultants fit into smart strategy Build a portfolio that makes sense for your particular situation You don't have to outsmart the market if you can simply outperform it. Cut through the confusion and noise and focus on what actually matters. A Wealth of Common Sense clears the air, and gives you the insight you need to become a smarter, more successful investor. |
| a short history of financial euphoria: Enough John C. Bogle, 2008-11-17 John Bogle puts our obsession with financial success in perspective Throughout his legendary career, John C. Bogle-founder of the Vanguard Mutual Fund Group and creator of the first index mutual fund-has helped investors build wealth the right way and led a tireless campaign to restore common sense to the investment world. Along the way, he's seen how destructive an obsession with financial success can be. Now, with Enough., he puts this dilemma in perspective. Inspired in large measure by the hundreds of lectures Bogle has delivered to professional groups and college students in recent years, Enough. seeks, paraphrasing Kurt Vonnegut, to poison our minds with a little humanity. Page by page, Bogle thoughtfully considers what enough actually means as it relates to money, business, and life. Reveals Bogle's unparalleled insights on money and what we should consider as the true treasures in our lives Details the values we should emulate in our business and professional callings Contains thought-provoking life lessons regarding our individual roles in society Written in a straightforward and accessible style, this unique book examines what it truly means to have enough in world increasingly focused on status and score-keeping. |
| a short history of financial euphoria: Bull! Maggie Mahar, 2003-10-21 A cautionary tale for what lies ahead, Bull! is an unsentimental history of the bull market that drew more Americans into the risky world of stocks than ever before. |
| a short history of financial euphoria: The Devil's Financial Dictionary Jason Zweig, 2015-10-13 Your Survival Guide to the Hades of Wall Street The Devil's Financial Dictionary skewers the plutocrats and bureaucrats who gave us exploding mortgages, freakish risks, and banks too big to fail. And it distills the complexities, absurdities, and pomposities of Wall Street into plain truths and aphorisms anyone can understand. An indispensable survival guide to the hostile wilderness of today's financial markets, The Devil's Financial Dictionary delivers practical insights with a scorpion's sting. It cuts through the fads and fakery of Wall Street and clears a safe path for investors between euphoria and despair. Staying out of financial purgatory has never been this fun. |
| a short history of financial euphoria: Contrarian Investing Anthony Gallea, William Patalon, 1998 Accessible and suitable for both the professional investor or the newcomer to the market, Contrarian Investingincludes a series of codified trading rules that focus on increasing returns while attempting to avoid risk. |
| a short history of financial euphoria: The Great Financial Crisis John Bellamy Foster, Fred Magdoff, 2009-01-01 In the fall of 2008, the United States was plunged into a financial crisis more severe than any since the Great Depression. As banks collapsed and the state scrambled to organize one of the largest transfers of wealth in history, many—including economists and financial experts—were shocked by the speed at which events unfolded. In this new book, John Bellamy Foster and Fred Magdoff offer a bold analysis of the financial meltdown, how it developed, and the implications for the future. They examine the specifics of the housing bubble and the credit crunch as well as situate current events within a broader crisis of monopoly-finance capitalism—one that has been gestating for several decades. It is the real productive economy’s tendency toward stagnation, they argue, that creates a need for capital to find ways to profitably invest its surplus. But rather than invest in socially useful projects that would benefit the vast majority, capital has constructed a financialized casino economy that neglects social needs and, as has become increasingly clear, is fatally unstable. Written over a two-year period immediately prior to the onset of the crisis, this timely and illuminating book is necessary reading for all those who wish to understand the current situation, how we got here, and where we are heading. |
| a short history of financial euphoria: Gender Euphoria Laura Kate Dale, 2021-06-10 GENDER EUPHORIA: a powerful feeling of happiness experienced as a result of moving away from one’s birth-assigned gender. So often the stories shared by trans people about their transition centre on gender dysphoria: a feeling of deep discomfort with their birth-assigned gender, and a powerful catalyst for coming out or transitioning. But for many non-cisgender people, it’s gender euphoria which pushes forward their transition: the joy the first time a parent calls them by their new chosen name, the first time they have the confidence to cut their hair short, the first time they truly embrace themself. In this groundbreaking anthology, nineteen trans, non-binary, agender, gender-fluid and intersex writers share their experiences of gender euphoria: an agender dominatrix being called ‘Daddy’, an Arab trans man getting his first tattoos, a trans woman embracing her inner fighter. What they have in common are their feelings of elation, pride, confidence, freedom and ecstasy as a direct result of coming out as non-cisgender, and how coming to terms with their gender has brought unimaginable joy into their lives. |
| a short history of financial euphoria: Capital Returns Edward Chancellor, 2016-05-04 We live in an age of serial asset bubbles and spectacular busts. Economists, policymakers, central bankers and most people in the financial world have been blindsided by these busts, while investors have lost trillions. Economists argue that bubbles can only be spotted after they burst and that market moves are unpredictable. Yet Marathon Asset Management, a London-based investment firm managing over $50 billion of assets has developed a relatively simple method for identifying and potentially avoiding them: follow the money, or rather the trail of investment. Bubbles whether they affect a whole economy or merely a single industry, tend to attract a splurge of capital spending. Excessive investment drives down returns and leads inexorably to a bust. This was the case with both the technology bubble at the turn of the century and the US housing bubble which followed shortly after. More recently, vast sums have been invested in mining and energy. From an investor's perspective, the trick is to avoid investing in sectors, or markets, where investment spending is unduly elevated and competition is fierce, and to put one's money to work where capital expenditure is depressed, competitive conditions are more favourable and, as a result, prospective investment returns are higher. This capital cycle strategy encourages investors to eschew the simple 'growth' and 'value' dichotomy and identify firms that can deliver superior returns either because capital has been taken out of an industry, or because the business has strong barriers to entry (what Warren Buffett refers to as a 'moat'). Some of Marathon's most successful investments have come from obscure, sometimes niche operations whose businesses are protected from the destructive forces of the capital cycle. Capital Returns is a comprehensive introduction to the theory and practical implementation of the capital cycle approach to investment. Edited and with an introduction by Edward Chancellor, the book brings together 60 of the most insightful reports written between 2002 and 2014 by Marathon portfolio managers. Capital Returns provides key insights into the capital cycle strategy, all supported with real life examples from global brewers to the semiconductor industry - showing how this approach can be usefully applied to different industry conditions and how, prior to 2008, it helped protect assets from financial catastrophe. This book will be a welcome reference for serious investors who looking to maximise portfolio returns over the long run. |
| a short history of financial euphoria: When the Bubble Bursts Hilliard MacBeth, 2018-06-23 A newly updated edition for the fast-changing real estate market in Canada! Over the last two decades Canadians have become convinced that real estate is the “safe haven” investment. This widely held belief and obsession with real estate led millions of Canadians to take on massive amounts of debt — tripling their collective financial burden — ensuring that Canada is one of the most indebted nations on the planet. Drawing on dozens of interviews and even more conversations with individual Canadians and couples, this second edition also tackles the economic conditions and regulatory rules that allowed such a dangerous situation to develop in Canada, formerly a nation of conservative and prudent citizens. Hilliard MacBeth argues that Canada is in the midst of an unprecedented real estate bubble and that there will soon be a crash in house prices, triggering a financial crisis. Individual Canadians and families can still take action to protect themselves from the fallout of the bubble bursting — if they act quickly. |
| a short history of financial euphoria: The Financial Crisis Inquiry Report Financial Crisis Inquiry Commission, 2011-05-01 The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to examine the causes, domestic and global, of the current financial and economic crisis in the United States. It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government.News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com. |
| a short history of financial euphoria: The Ascent of Money Niall Ferguson, 2008 Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance. |
| a short history of financial euphoria: A Short History of Euphoria Financial John Kenneth Galbraith, 1995-07-01 |
| a short history of financial euphoria: Heads I Win, Tails I Win Spencer Jakab, 2016 Since leaving his job as a ... stock analyst to become an investing columnist, Jakab has watched his readers--and his family, friends, and colleagues--make the same mistakes again and again. He set out to evaluate the typical advice people get, from the clearly risky to the seemingly safe, to figure out where it all goes wrong and how they could do much better--Dust jacket flap. |
| a short history of financial euphoria: Money-Driven Medicine Maggie Mahar, 2009-03-17 Why is medical care in the United States so expensive? For decades, Americans have taken it as a matter of faith that we spend more because we have the best health care system in the world. But as costs levitate, that argument becomes more difficult to make. Today, we spend twice as much as Japan on health care—yet few would argue that our health care system is twice as good. Instead, startling new evidence suggests that one out of every three of our health care dollars is squandered on unnecessary or redundant tests; unproven, sometimes unwanted procedures; and overpriced drugs and devices that, too often, are no better than the less expensive products they have replaced. How did this happen? In Money-Driven Medicine, Maggie Mahar takes the reader behind the scenes of a $2 trillion industry to witness how billions of dollars are wasted in a Hobbesian marketplace that pits the industry's players against each other. In remarkably candid interviews, doctors, hospital administrators, patients, health care economists, corporate executives, and Wall Street analysts describe a war of all against all that can turn physicians, hospitals, insurers, drugmakers, and device makers into blood rivals. Rather than collaborating, doctors and hospitals compete. Rather than sharing knowledge, drugmakers and device makers divide value. Rather than thinking about long-term collective goals, the imperatives of an impatient marketplace force health care providers to focus on short-term fiscal imperatives. And so investments in untested bleeding-edge medical technologies crowd out investments in information technology that might, in the long run, not only reduce errors but contain costs. In theory, free market competition should tame health care inflation. In fact, Mahar demonstrates, when it comes to medicine, the traditional laws of supply and demand do not apply. Normally, when supply expands, prices fall. But in the health care industry, as the number and variety of drugs, devices, and treatments multiplies, demand rises to absorb the excess, and prices climb. Meanwhile, the perverse incentives of a fee-for-service system reward health care providers for doing more, not less. In this superbly written book, Mahar shows why doctors must take responsibility for the future of our health care industry. Today, she observes, physicians have been stripped of their standing as professionals: Insurers address them as vendors ('Dear Health Care Provider'), drugmakers and device makers see them as customers (someone you might take to lunch or a strip club), while . . . consumers (aka patients) are encouraged to see their doctors as overpaid retailers. . . . Before patients can reclaim their rightful place as the center—and indeed as the raison d'être—of our health care system, Mahar suggests, we must once again empower doctors . . . to practice patient-centered medicine—based not on corporate imperatives, doctors' druthers, or even patients' demands, but on the best scientific research available. |
| a short history of financial euphoria: On Success Charles T. Munger, 2009-12-01 |
| a short history of financial euphoria: The South Sea Bubble , 1965 |
#shorts - YouTube
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SHORT Definition & Meaning - Merriam-Webster
He is short for his age. the shortest day of the year Life's too short to worry about the past. The movie was very short. You have done a lot in a short space of time. a short burst of speed I've …
SHORT | English meaning - Cambridge Dictionary
SHORT definition: 1. small in length, distance, or height: 2. used to say that a name is used as a shorter form of…. Learn more.
Short note 7 Little Words - 7LittleWordsAnswers.com
3 days ago · Short note. Below you will find the solution for: Short note 7 Little Words which contains 6 Letters. Short note 7 Little Words . Possible Solution: QUAVER. Since you already …
Short - definition of short by The Free Dictionary
short - primarily temporal sense; indicating or being or seeming to be limited in duration; "a short life"; "a short flight"; "a short holiday"; "a short story"; "only a few short months"
Meaning of short – Learner’s Dictionary - Cambridge Dictionary
SHORT definition: 1. having a small distance from one end to the other: 2. continuing for a small amount of time…. Learn more.
- YouTube
Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.
SHORT | definition in the Cambridge English Dictionary
SHORT meaning: 1. small in length, distance, or height: 2. used to say that a name is used as a shorter form of…. Learn more.
Short - Definition, Meaning & Synonyms - Vocabulary.com
The adjective short describes things that aren't long when you measure them, or have a small distance from one end to another, like your short hair or the short walk to the library. A small …
What Is YouTube Shorts? – The 101 Guide - Influencer Marketing …
Jun 24, 2024 · YouTube Shorts is a short-form video feature that YouTube introduced in 2020 to compete with rivals like Instagram Reels and TikTok. Using this feature, content creators can …
#shorts - YouTube
About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy & Safety How YouTube works Test new features NFL Sunday Ticket
SHORT Definition & Meaning - Merriam-Webster
He is short for his age. the shortest day of the year Life's too short to worry about the past. The movie was very short. You have done a lot in a short space of time. a short burst of speed I've …
SHORT | English meaning - Cambridge Dictionary
SHORT definition: 1. small in length, distance, or height: 2. used to say that a name is used as a shorter form of…. Learn more.
Short note 7 Little Words - 7LittleWordsAnswers.com
3 days ago · Short note. Below you will find the solution for: Short note 7 Little Words which contains 6 Letters. Short note 7 Little Words . Possible Solution: QUAVER. Since you already …
Short - definition of short by The Free Dictionary
short - primarily temporal sense; indicating or being or seeming to be limited in duration; "a short life"; "a short flight"; "a short holiday"; "a short story"; "only a few short months"
Meaning of short – Learner’s Dictionary - Cambridge Dictionary
SHORT definition: 1. having a small distance from one end to the other: 2. continuing for a small amount of time…. Learn more.
- YouTube
Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.
SHORT | definition in the Cambridge English Dictionary
SHORT meaning: 1. small in length, distance, or height: 2. used to say that a name is used as a shorter form of…. Learn more.
Short - Definition, Meaning & Synonyms - Vocabulary.com
The adjective short describes things that aren't long when you measure them, or have a small distance from one end to another, like your short hair or the short walk to the library. A small …
What Is YouTube Shorts? – The 101 Guide - Influencer Marketing …
Jun 24, 2024 · YouTube Shorts is a short-form video feature that YouTube introduced in 2020 to compete with rivals like Instagram Reels and TikTok. Using this feature, content creators can …
