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When Markets Collide: Investment Strategies for the Age of Global Economic Change
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When Markets Collide: Investment Strategies for the Age of Global Economic Change

3.53 of 5 stars 3.53  ·  rating details  ·  409 ratings  ·  37 reviews


"This book is an essential read for those who wish to understand the modern world of investing." --Alan Greenspan

Winner of the 2008 "Financial Times" and Goldman Sachs Business Book of the Year Award

"When Markets Collide" is a timely alert to th
ebook, 304 pages
Published June 10th 2008 by McGraw-Hill (first published 2008)
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Mohamed El-Erian has attempted to put together his vast knowledge of the global economy and markets into this relatively light and easy to read guide for investors and scholars alike. His insights into the changing nature of the global economy make this a must read for those who are interested in international finance and global economics, but may have not kept up with some of the more nuanced news in the past few years. While most of the knowledge in the book can be gleaned from careful reading ...more
Chow Chun Wo
El-Erian snapshotted the happenings of financial market meltdown in 2007-2008 and illustrated the cause-and-effects with his in-depth knowledge in macroeconomics principles, modern portfolio theory, empirical studies on assets allocation, neuroscience, and behavioural finance.

This book is akin to textbook/academic essay. Not an easy read, yet I (gladly) picked up several more jargons, e.g. “The Market for Lemons” and "virtuous circle and vicious circle".

Notwithstanding that S&P 500 tripled
Wael Alghamdi
For ordinary people who wish to understand the global financial crisis that hit the world in 2008
El-Erian's book is a good overall read and is recommended. However, those looking for all the answers to be laid out are bound to be disappointed. Nevertheless El-Erian excels in laying out the key thematic moves and guideposts for investors to look for - but leaves the reader to do much hard work. But as recently pointed out: “Nothing in life that’s worth anything is easy.” (Sergeant First Class Cory Remsburg)

The first half of the book starts strongly. In particular, El-Erian excels at outlinin
Alessandro Gazoia
Non ho mai trovato una copia di Das Finanzkapital (Il Capitale finanziario) di Hilferding e sono dovuto ricorrere a umili "voci di garzantina" per quel classico. Ho avuto maggior fortuna con questo libro di El-Erian che mi pare ne rappresenti la perfetta attualizzazione, esattamente un secolo dopo.
Piuttosto particolare e felicemente dissonante è la struttura del libro, con parti acutissime di analisi geo-politico-finanziaria e parti efficacissime di consigli per gli acquisti, generosamente (in s
Written a good year ahead of the financial crash, this investment guide is spot on. There are two modest criticisms which are barely worth mentioning. The book came out ahead of the crash so some parts may need to be updated or amended (like recommending bond investors check values against a Lehman Index). Secondly, there is some modest horn tooting -- El-Erian did acquit himself at the IMF, PIMCO and the Harvard Endowment Fund before he was lured back to PIMCO -- but he deserves all the accolad ...more
El-Erian is probably one of the smartest 100 guys in the investing world and, while that world has changed alot in the months since this was first published, he is prescient about alot of what has happened since then, and there are many insights buried within this tome. Unfortunately, El-Erian's writing style, like much financial writing, is dull, bordering on unreadable, complicated by his unfortunate tendency to want to kiss the rear end of every major figure in the financial world, like El-Er ...more
James Phillips
Overall a good book from Mohammed, bit repetitive but underlying themes right
Quite good. El-Erian is the head of PIMCO and the equal of one of the greatest money men to ever live - bond king Bill Gross. He has an interesting discussion of the old paradigm of US-centric markets and the emergence of a multi-polar world, along with a neat emphasis on the importance of policy makers considering moral hazard. I was a bit suspicious of his enthusiastic description of many emerging markets (China is definitely not as transparent and easy as he makes it sound). Interesting point ...more
Dr. Mohamed El-Erian main argument is that the International Financial System is progressing towards new territories and that market participants, including policy makers as well as investors, must plan for a long journey towards a destination that is not yet well define.

As explained in his acknowledgements, the author took his ideas largely from his extensive professional activities, personal discussions and his academic life. This gives this book a depth that help us navigate through the subje
This is one of the better investment books I've read in a long time, but don't expect explicit directions about where to put your money. El Arian is great communicator of big picture themes, and this book shares his thoughts on where the world economy is heading over a multi-decade time period. Breezy at times, and not necessarily anything that someone who reads the business section everyday wouldn't know, but he does a great job of using everyday analogies to convey his message.
More interconnectedness of markets - Emerging markets outside of the US are becoming a bigger and bigger part of global markets (SWF and emerging market growth)

Importance of risk management and mitigation - Tail risk is avoided by investors because of the prinicpal / agent problem of "negative carry" for insurance

Portfolio Manager pschology cycle - arete (excellence) --> hubris (excessive pride) --> ate (blind recklessness) --> nemesis (retributive justice)
Mohamed El-Erian has had a fascinating and varied career in finance, working for the IMF, a big Wall Street firm, Harvard's endowment and the biggest bond fund manager in the world, PIMCO. But his book is just boring, boring, boring. Other savvy and sophisticated investors like Yale endowment chief David Swanson have written much more useful and accessible books for investors. El-Erian is too caught up with jargon and generalities. I had expected more. Oh well.
Pimco's Mohammed El-Erian's book on why we need a 'new normal' because of major changes happening in financial landscape and the (in-)ability of the players to cope with and factor in these changes in their decisions...a little technical, insights which no one will disagree with but written in a boring way. As far as the style of writing an engaging book is concerned, Mr El Erian has a long way to go!
قرأت النسخة العربية من الكتاب
الكتاب رائع و يضم معلومات و تحليلات للتغيرات الحاصلة في الاقتصاد العالمي
الكاتب يبشر بمسار جديد للاقتصاد العالمي و يتعرض بالتفصيل لمسار الرحلة حسب رؤيته و المعوقات التي قد تكتنف الرحلة و الضغوطات التي ستلقي بثقلها على البنى التحتيه و النظم السائدة والكيفية التي يجب على الحكومات التعامل مع المسار الجديد
كتاب يستحق القراءه لكل مهتم بالاقتصاد
I had high expectations for this book - El Erian is an investment genius - but I have to admit, I found it disappointing. He takes a long, hard look at market structure, and while these insights are both original and important, they don't really apply to the little guy's portfolio. As is usual for these sorts of books, the title promises more bang than the book delivers.
John Hibbs
Good book that provides excellent analysis of seeds of current economic crisis. Other parts of book I did not find so interesting.
This is not for the faint of heart. If you don't have a basic understanding of credit markets, economics and financial derivatives don't bother. Start reading the Finance and Economics section of the Economist instead.

I have known of this book for a while. I then heard it panned by KSL 102.7. I got a chuckle that they would review this book (same reviewer for the vampire series etc). I thought the book made some great points and arguments, but it did not have some of the structure and formality I was expecting. A lot of typos.
A little over my head so I had to go through the book slowly- but stretching is always healthy. However I am sure that for people who work in the investment field it will not be too difficult.

I loved the listening for signals in the noise advice!
I found it interesting on a macro economics level. Found the information on global capital flows really interesting and useful in terms of thinking about where we are going next. This is not a book to help you invest your portfolio.
Someone bought this for me. I read over half and then just couldn't do it anymore. The whole thing was lost on me. I had no idea what the point was and I couldn't shake the feeling my time would be better spent on a something else.
This book is written one year before the financial meltdown. Mohamed El-Erian is using an eclectic approach to explain why markets collide. Good analysis, brilliant language, one of the best that I've read ever.
A good read for those wanting some insight into what to expect in the coming years; however, many of Mr. El-Erian's points were vague. The book could have been condensed and filled with more solid writing.
Brian G. Murphy
A guide to navigating the ever more important (and dangerous) global macro environment. Prior to reading, I regarded Bill Gross to be Pimco’s top investor. El-Erian is equally impressive, if not more.
basically....invest in emerging markets? feels accessible while reading, then realized i retained very little. would go back to eventually, is interesting and well presented, but not right for right now!
This is a strange book in that it doesn't seem to know who it is aimed at and what its main arguments are. That said, well worth reading for its take of the future global economy.
Only read if you don't mind a ton of financial jargon thrown in. It can be a difficult read, but the insights are fantastic on the global economy.
tough read but amazing foresight into the financial mess we're experiencing considering it was written in 2007
The international investment world has changed since we were in B School! Get with it and read this book.
Terrible book and too biased on the role of glorifying IMF....ignoring bankers' greed from the start...
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Dr. Mohamed A. El-Erian is the CEO and co-CIO of PIMCO, a global investment management firm and one of the world’s largest bond investors with approximately US$1.2 trillion of assets under management at the end of 2010.

In his capacity as CEO, El-Erian is responsible for setting the strategic direction of the firm and leading its operations globally. As co-CIO, and together with PIMCO co-founder Bi
More about Mohamed El-Erian...
When Markets Collide, Chapter 8 - Improved Risk Management When Markets Collide, Conclusion Chapter 1 Aberrations, Conundrums, and Puzzles: Excerpt from When Markets Collide When Markets Collide When Markets Collide, Chapter 7: An Action Plan for National Policy Makers and Global Institutions

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