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Nosotros, los mercados: Qué son, cómo funcionan y por qué resultan imprescindibles

Daniel Lacalle

3.63 · Rating details · 250 ratings · 38 reviews

Daniel Lacalle, gestor de uno de los más importantes hedge funds y reconocido analista financiero, nos ofrece un fascinante viaje al interior del mundo de las altas finanzas, un entorno desconocido para la mayoría. Se trata de un sector que apenas entendemos, y al que a menudo, y de forma despectiva, nos referimos como «los mercados». Que entendamos qué son, cómo funcionan ...more

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Published March 11th 2013 by Deusto

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Nov 19, 2016 Alejandro Álvarez rated it liked it

Como seguidor habitual de las columnas de Lacalle y lector previamente del libro "Viaje a la libertad económica", he de decir que "Nosotros,los mercados" me ha decepcionado ligeramente.
El libro se divide en tres partes:

- Cómo llega el autor a la City y cómo es e día a día en un hedge fund,
- La opinión de Lacalle sobre la crisis de deudad y la situación macroeconómica existente durante la redacción del libro.
- Consejos de inversión

La primera y tercera parte son interesantes y entretenidas. La s ...more

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Jun 05, 2020 Joan rated it liked it

Sin estar de acuerdo con el posicionamiento ultraliberal en materia económica del autor, cabe reconocer que la tercera parte del libro, con consejos y experiencias de inversión resulta interesante. Por lo demás, en los capítulos anteriores, Lacalle peca de cierta soberbia y una visión muy estrecha del mundo en su planteamiento antiestatal y en favor de la desregulación casi total de los mercados. También me sobran muchos párrafos, por reiterativos, de su defensa a los hedge funds. En fin, que le ...more

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Apr 11, 2013 RemoCPI rated it it was amazing

Shelves: 2013, biografia, economia, empresa, finanzas, historia-reciente, no-ficcion, papel, espanol

Buen libro sobre el punto de vista de un gestor de fondos en un hedge fund. Habla de su vida, de cómo llegó a Londres a trabajar en lo que trabaja, y de cómo se ve el problema de la crisis de deuda soberana desde su lado de la trinchera. Peca de soberbio y autosuficiente en algunos momentos, pero en general da una visión imprescindible del problema. Me ha gustado mucho y me parece muy instructivo. De obligatoria lectura.

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Apr 10, 2019 Storyteller'S Tales rated it really liked it · review of another edition

Written in a disarmingly modest style, Daniel Lacalle introduces the readers to the world of complex financial markets with a unique ability of projecting himself as an observer, and the insider and expert that he is.

The first chapter of the book narrates his multiple job interviews at a hedge-fund, and, ultimately, selection because of his ability to ‘think against the box’, and Lacalle amply displays this ability by writing on an exceedingly boring and dry topic under the garb of an unassumin Written in a disarmingly modest style, Daniel Lacalle introduces the readers to the world of complex financial markets with a unique ability of projecting himself as an observer, and the insider and expert that he is.

The first chapter of the book narrates his multiple job interviews at a hedge-fund, and, ultimately, selection because of his ability to ‘think against the box’, and Lacalle amply displays this ability by writing on an exceedingly boring and dry topic under the garb of an unassuming novice; an Alice in Wonderland of sorts. However, unlike the proverbial Alice, Lacalle has the flair of expression without the pompousness or all-knowing characteristic of a scholar, albeit a battle hardened one.

Lacalle gives us a glimpse into the workings of financial giants like J P Morgan, Marill Lynch, Goldman Sachs, all of them being familiar names but with cloaked strengths and vulnerabilities. He also teaches us the Financial Market-101 with an ease that is apparently his hallmark. This is not to say, Lacalle transforms the mind-numbing domain of finance into the world of glamor, he whizzes us in and out those doors with captivating interest; no mean feat.

While remaining an insider, Lacalle does not shy away from questioning the sagacity, even the inhumanity, behind global economic practices and policies. It is soothing to read, ‘Monetary policy has not benefitted the ordinary citizen, only financial market participants. But the risks are paid by ordinary citizens’; something we, the citizens, always knew but could not validate. However, the observation does not translate into a socialist mindset either as he vehemently defends the financial marketplace in the following pages of the book. He accepts and adopts the environment for what it is, observes the deficiencies, and conveys them both without splendor or apology.
One may differ with the conclusion but not the honesty of it all.

The Lehman crisis, how the competitors grouped together to save a fellow player, and the debt crisis, make a sobering read that could only be presented by an insider, and Lacalle depicts it objectively. While the crisis changed the rules of financial markets, what emerges astounding is the human cost of it all, and the author displays a rare capacity of fatalistic realism, coupled with a humane despair for those affected. It is obvious that Lacalle is no fan of Alan Greenspan. He does, however, appear supportive of global multinationals and argues against raising taxes on them due to their key-role in employment and services.

The energy sector makes another fascinating reading. Immediately at heels of by a short orientation-cum-lesson on robotics, also called HFT, Lacalle takes us into the Commodity and Oil Market. If ordinary citizens believe they know about the complexities of this trading, they better think again, as the author blows away many myths and misconceptions.
Going through ‘The Debt Market’ and ‘Welcome Investors’, it is to get blown away by the fragility of the global monetary systems. Equally sobering is the debt crisis within the European Union, and stresses on a harmonized fiscal union to save the Euro.

Prior to reading this book, I believed no-one understands the money market. Now it appears, ‘no body controls the money market; it’s a wildly bucking rodeo ride.’
However, as understanding of the financial market is his forte’, Lacalle does share practical and insightful advises or those who care to know.

The reader may notice some irregular use of English but that could easily be overlooked because those hardly dent the context.

Narrating the Argentinian economic crisis of 1999-200 in the early part of the book, Lacalle muses, ‘these experiences are never forgotten.’ In the process, his book, Life in the Financial Markets, remains a read that cannot easily be forgotten.
...more

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Sep 26, 2018 Jennifer Depew rated it it was amazing · review of another edition

Children sometimes understand things better than adults. The book "Life In The Financial Markets" by Daniel Lacalle is somewhat of an autobiography with investment tips. It may go a little slow for people familiar with investing or economics and it may not explain things in great enough detail for those who are unfamiliar however it is an insider account of financial markets with perspective from both the buying and selling side of the market. Mr. Lacalle shares occasional quotes from his three Children sometimes understand things better than adults. The book "Life In The Financial Markets" by Daniel Lacalle is somewhat of an autobiography with investment tips. It may go a little slow for people familiar with investing or economics and it may not explain things in great enough detail for those who are unfamiliar however it is an insider account of financial markets with perspective from both the buying and selling side of the market. Mr. Lacalle shares occasional quotes from his three children and they are the reason he wrote the book - to demystify and de-myth-ify common misconceptions about the global financial market and hedge fund investing.

From an international perspective, Mr. Lacalle reviews investment strategies from the business selling shares to the investors who buy and sell shares whether banks, governments, or hedge funds. Government bonds and quantitative easing are also reviewed and that is where a child's may be the wiser voice -paraphrased - 'just printing more money is kind of like cheating." Print four more dollars for every dollar already in circulation and anyone with the original dollar in savings now owns the equivalent of twenty cents - roughly, I am not a banker, economist or hedge fund investor.

When governments are printing more money and making banks very low interest loans of it then the banks are suddenly looking for high quality borrowers to invest it with but that may be difficult with four trillion dollars to suddenly invest. Banks or hedge fund investors may just be doing their jobs with a goal of reducing risk as much as possible. Bailing out banks who have been found to have followed unorthodox or even illegal practices is diluting trust in banks and increasing risk that the unorthodox loaning will be repeated in the future. Printing money and bailing out banks that don't follow low risk business practices are problems at the government level. Hedge fund investors may be called speculators however their role is to decrease investment risk by spreading a balance of buys and sells across a range of businesses. They make most of their money only when their own advice works.

Read the book for more details on investing tips, phrases that may serve best as warnings for stocks to avoid, and books or educational degrees for more information. Movies that represent the industry realistically are also included. The book is humorous occasionally and near the end a summary is included of the investing strategies Mr. Lacalle thought most important.

People other than standard investors, bankers, or economists may also be interested in the book. Cryptocurrency in the form of Bitcoin is discussed in an earlier section regarding the question of whether it is money or more of a security/stock trade. Politicians may benefit from reading the book to help learn how to avoid printing a nation into inflation and retired politicians interested in a career in business may benefit from learning how to avoid leading a business into becoming a short instead of a long. Anyone interested in an insider's account of the years leading up to the European austerity and the U.S. 2008 housing bubble may enjoy reading the book. Scriptwriters may also enjoy the book, - "The Wolf of Wall Street" is not on the recommended movie list, I missed that one, however I'll be looking forward to "The Dad on Hedge Fund Row." ...more

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Sep 22, 2018 Brent rated it liked it · review of another edition

Shelves: 2018, business, economics, government

This book covers the rollercoaster from 2005 to about 2012 when the financial markets were raging, then free falling and then resuming something approaching normalcy. If you want a "boots on the ground" look at how someone navigated the crisis along with some financial education and some punditry on where mistakes were made, you'll enjoy this book, even 10 years after the catastrophe.

What I liked:
The "insider" look into how hedge funds and other financial institutions work
The laissez-faire ...more

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Jun 28, 2020 Javsx rated it really liked it

Me ha gustado el libro en general. Creo que lo más adecuado es dividir la crítica en las distintas partes.

Primera parte. Daniel cuenta su experiencia personal en los hedge funds. Es la parte que más me ha gustado. Explica con claridad y cierto sentido del humor la vida "detrás de las cámaras" en un hedge fund y el funcionamiento de los mercados.

Segunda parte. Es el bloque que menos me ha gustado. Profundiza sobre el entorno macroeconómico del momento (año 2013) dando rienda suelta a su pensamien ...more

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Sep 21, 2020 Punica Bhardwaj rated it really liked it · review of another edition

I loved this book, but it definitely one of those that I will have to reread again so the second time is better. I didn’t take any finance courses in school and had absolutely no idea how the financial market works, which is why I decided to give this book a go. It’s an excellent insight into the first hand experience of the author, and well as the details surround the nitty gritty of the money market definitely helps the readers understand how the financial market works, how they can follow thr ...more

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Dec 19, 2020 Jennifer Robbins rated it liked it · review of another edition

First, let me say that I was given a copy of this book to review. I did find it interesting, but it was not nearly what I expected from reading the title. I expected to have at least a minor understanding of how the markets work. I have no idea of how the markets work. I do have less trust in banks, stocks, bonds, and the OPEC system and the manipulation of the general public's perception of them. I did find some sound financial tips, but nothing relating to learning how to work in the market - ...more

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Aug 23, 2020 Susanne Leist rated it really liked it · review of another edition

This book is a comprehensive thesis on the workings of the financial markets from the point of view of a funds manager. I've been absent from the market for the past two decades. I had hoped with an M.B.A. in Finance to enter portfolio management; however, many doors had been closed to women. After reading this book, I'm nostalgic for the fast pace of the markets where fortunes are made and lost at the roll of the dice. I thank the author for his review of investment strategies and risk manageme ...more

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Sep 28, 2020 Varun rated it really liked it · review of another edition

The book takes you through Daniel's first hand experience in investment funds, what he looked and where he looked. It will give you a better idea of how financial options like hedge funds actually work, along with the risks associated with it. Another topic which caught my interest was the suggestion to look for "normal" stocks, instead of always going with the popular options. The book is a must read for anyone who's interested in entering the financial markets with little or no prior knowledge ...more

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Dec 28, 2019 Jorge Reyes rated it it was amazing · review of another edition

Shelves: business-favorites, econom-a-finanzas-y-negocios

Estupendo libro de @lacalledaniel, una obra valiente, enfocada, pero sobre todo informada y certera. Una crítica informada, una cátedra de divulgación con muchos consejos e historias que matizan correctamente lo complejo de la actuación humana y los mercados, por supuesto desde lo financiero y económico hasta lo humano, ¿se puede pedir más?
Los que practicamos las ciencias económicas y humanistas para tratar de mejorar nuestro entorno y sociedad agradecemos este tipo de obras, sin duda buscaré má ...more

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Dec 27, 2016 Ercavallero rated it liked it

Shelves: spanish

El autor relata sus vivencias desde el lado de "los mercados" para dar una visión algo más humana de los mismos. La estructura del libro me parece bastante caótica, saltando de experiencias personales a apuntes técnicos sobre el sector financiero y repitiéndose en algunos pasajes.

Al final del libro recomienda varias lecturas y películas sobre el mundo financiero, las cuales me han parecido interesantes.

Libro aceptable, aunque esperaba algo más del autor. ...more

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Mar 08, 2019 Mariel rated it really liked it · review of another edition

This book was a surprise for me! I study Finance and found myself learning better the concepts as the author go on. I like how Lacalle gives people a new perspective of how the financial markets work and how the portray in Hollywood is not accurate. I felt the pace in some parts is a little bit slow, especially in the second part of it but I love the other two. I would definitely recommend this book and would give myself an opportunity to check out more books by the author.

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Sep 19, 2018 Sean rated it really liked it · review of another edition

I thought the book was excellent. I gained a new perspective on how to value stocks and access risks. The book also did a good job of pointing out some of the political tactics used to vilify investors, particularly short sellers, and the market in general. The author educates us as to who the real villain is- government central banks and their propensity to print money and run up debt. I especially liked the book and movie recommendations near the end of the book. A must Read!!!!

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Jul 22, 2020 Surbhi rated it really liked it · review of another edition

It's an interesting book on the subject matter. I really liked that there were a lot of examples and quotes to explain some critical concepts instead of the regular financial jargon. Learned a lot of things like hedge funds, short selling, european economic crisis to name a few. I also liked author's personal journey from a comfortable job to the unpredictable and challenging role of an hedge fund analyst. ...more

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Aug 19, 2018 Santiago José Gil Mosquera rated it really liked it

Buen libro para comprender un poco mejor el mundo financiero y de la inversión. Habla sobre su experiencia personal como gestor de manera amena y muy clara. Por ponerle un pero, en la mitad del libro se centra demasiado en la política, algo que a mí parecer, en un libro de finanzas no debería ocupar tanto tiempo.

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Nov 14, 2019 Jan Sumerakin rated it really liked it

Interesante libro donde se detalla la perspectiva de un Hedge Fund manager sobre los mercados financieros.
La segunda parte es un poco pesada porque no va acorde con la temática del libro y se focaliza demasiado en la economía española, aún así, no deja de ser interesante.

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Jan 20, 2019 cristian rated it it was amazing · review of another edition

Me encanto

Exelente, muy ilustrativo, fácil de leer, con mucha información interesante y divertido!!! Un placer leer este libro. Daniel es un gran autor.

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Sep 10, 2020 HK rated it it was ok · review of another edition

Misleading title, more biographical than insightful. Terrible writing, the only positive is that its not a dense read.

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Jun 29, 2017 Jorge LN rated it really liked it

Muy recomendable. Explicaciones claras y concisas de cómo funcionan los mercados financieros, los Hedge-Funds y experiencias personales del autor.

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Jun 07, 2018 Sabi rated it really liked it · review of another edition

I have been working in the financial wealth management industry for the past 8 years, and this book has helped me understand several minute details of day to day happenings in the financial industry. Even if you are not from the financial industry the examples given in the book by the author are very easy to understand and everyone can relate to it at some point in their lives. This book is a good read for anyone to understand finances which plays a vital role in our lives. My favorite and very ...more

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Oct 26, 2020 Pedro Antunes rated it liked it · review of another edition

3 e meio

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Sep 20, 2020 Jocris rated it really liked it

Buenísimo, esperaba un poco más de economía liberal y menos teoría explicativa de los hedge funds. De todas maneras un placer leer a Daniel, lo seguiré leyendo

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Mar 08, 2019 Amber rated it really liked it · review of another edition

Very interesting book.
This novel is kind of an autobiography with an explanation of the financial markets. Along with telling how the author began to understand and work with all the financial aspects of almost every minute of the day, he explains many financial functions that are occurring in the financial market.
I really enjoyed the quotes from the authors children in the text, that was really thought provoking along with what he wrote about Tax Havens.
All in all a good read and definitely ...more

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Apr 19, 2018 Venky rated it liked it · review of another edition

Shelves: economics

This is a very practical, candid and logical analysis of the financial markets and the financial services industry. Daniel Lacalle in this book strives to provide a more human angle to the working of the financial services industry and a humane view over how our markets should behave and work. He should know this being a portfolio manager with EcoFin.

Deliberating on the insidious financial crisis which almost crushed the global economy before being rescued courtesy some extraordinary and never b This is a very practical, candid and logical analysis of the financial markets and the financial services industry. Daniel Lacalle in this book strives to provide a more human angle to the working of the financial services industry and a humane view over how our markets should behave and work. He should know this being a portfolio manager with EcoFin.

Deliberating on the insidious financial crisis which almost crushed the global economy before being rescued courtesy some extraordinary and never before resorted to market interventions, Lacalle mulls the role played by regulations and yes, excessive regulations. He argues that over regulation of the banking and financial sector is more a peril than a panacea. What is most engaging is the author’s own experience of working in the high octane, racy and nervy investment banking and hedge fund industry. A chapter of particular interest is the one where Lacalle attempts to bust what he terms, “The Myths of Tax Havens”. Using a combination of ingenious logic and rational thought, the author takes some conventional notions regarding tax havens head on and provides a completely new theory to the functioning of tax havens. Some of the postulated are radical such as tax havens do not constitute a breeding ground for terrorism, tax havens have their own complexities and risks, and tax havens have a high level of public spending. A thought provoking reasoning to put it mildly.
If there are any grouses against any of the contents set out in the book, they are only those contained within a segment, where the author comes across as an unerring apologist for his fellow breed of bankers, by dwelling liberally about the perils faced by the community. To reproduce the author,
“But life in the City is not easy. Many of its workers live far from the centre, some very far, 40 or 50 minutes by train, for example. Long working hours are the norm (at some banks they begin at six in the morning), as well as the tension, the competitiveness and the stress of living each year depending on your bonus. It also places a strain on family life. There are women who give up their careers as doctors, pharmacists, executives, architects, even violoncellists from the Royal Opera House, because life in the City and public schools don’t easily allow both spouses to work. Women who devote their lives to picking up the children, and then undertaking a marathon of extracurricular activities in the afternoons, because the good schools are also ultra-competitive. From an early age to seven years, children have to pass gruelling entrance examinations — some of which even I wouldn’t pass — and attain an extremely stringent system of qualifications that seek to train elites. The competition to get into some private schools is fierce, and the children have to prepare themselves to pass an entrance exam where five-hundred kids will sit for fifty or sixty places. All this requires private tuition, exam preparation, languages, and so forth. This is how it is and everyone knows they are a privileged lot, but it comes at a high price and it is fraught with risk. It’s not an easy ride. In fact, when I moved to the City in 2004, many colleagues survived from December to February, when the bonus is paid out, by living off their credit card or with the help of loans.”
The conditions described by the author, by no means neither constitute the sole preserve of the banking community nor serves as a justification for their vicissitudes, shenanigans and unscrupulous behavior. Remorseless hedge fund managers, corrupt traders, egregious brokers and similar brethren of their ilk, colluded, conspired and contrived to create a chaos of profound magnitude, that consequently led to the world’s economy going into a tail spin in the Financial Recession of 2007.
All in all, “Life in the financial markets” is a very sincere, candid and thoughtful exposition of one man’s journey into the complex and complicated world of global finance. ...more

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Jan 24, 2014 Diego González rated it really liked it

Shelves: economia, no-ficcion

Este es el clásico libro que sacará de quicio al progresista español medio. O sea, "los mercados", dos palabras que en los partidos de izquierda remota les cuesta pronunciar sin añadir el prefijo "El fascismo de"; nada menos que un especulador, una rata que se enriquece sin producir nada, un cerdo capitalista, diciendo que la culpa de que los países se endeuden no es de los que les prestan el dinero sino de los gobernantes de esos países. Intolerable. Al gulag. Al campo de reeducación. A algún s ...more

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Jan 28, 2019 Dineshotham Khambhammettu rated it it was amazing · review of another edition

I really enjoyed the book. This is more of a review of one's life in financial markets that are always suspected to be in the hands of greedy persons from the outsiders. In fact, the author demonstrates how much hard work is put to get the predictions right about investment plans.
The investment bankers are shown in a light different from being painted into some reckless set of people who gamble with money. There is a science, set methodology and a set of expectations when any fund manager sets o ...more

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Aug 14, 2018 Sergio Redondo rated it liked it

Shelves: economia, liberalismo

Daniel Lacalle nos trajo en 2013 un libro de divulgación económica orientado claramente a desmitificar los mercados financieros y ofrecer una lectura entretenida e instructiva sobre su funcionamiento y cómo se ven afectados por decisiones gubernamentales.
Un libro muy ameno con el que aprendemos las causas de las crisis de deuda y cómo los mercados reaccionan ante ellas.
Os dejo el enlace a la reseña que hice de 'Nosotros los Mercados' en mi canal de Youtube: https://www.youtube.com/watch?v=Argnw. ...more

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Mar 29, 2015 Daniel rated it it was amazing · review of another edition

A very good read. It brings the readers to the world of finance in a realistic manner. Rather than labeling people working in finance as all Gecko type characters, the author introduces us to the real finance workers. He also explains why the market is not an evil entity, why no evil speculators are trying to destroy a countries' financial system by colluding - they are more like surfers riding the wave, not the wave- makers.

A refreshing read after reading so much about the evil finance workers ...more

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About Daniel Lacalle

Daniel Lacalle

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Daniel Lacalle is a PhD in Economy and fund manager. He holds the CIIA financial analyst title, with a post graduate degree in IESE and a master’s degree in economic investigation (UCV).Member of the advisory board of the Rafael del Pino foundation.

Commissioner of the Community of Madrid in London.

Professor at IE business school, IEB and UNED.

Ranked Top 20 most influential economist in the world 2 ...more