{"product_id":"a-decade-of-delusions-9781118004562","title":"A Decade of Delusions","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eThe proven strategies rational investors require for success in an irrational market\u003c\/b\u003e  \u003cp\u003eWhen the dot-com and real estate bubbles of the 1990s and 2000s burst, few were spared the financial fallout. So, how did an investment advisory firm located in Elkhart, Indianaone of the cities hit hardest by the economic downturnsnot only survive, but also thrive during the highly contagious speculative pandemics. By remaining rational. In \u003ci\u003eA Decade of Delusions: From Speculative Contagion to the Great Recession\u003c\/i\u003e, Frank Martin founder of Elkhart, Indiana''s Martin Capital Management offers a riveting and real-time insider''s look at the two bubbles, and reflects on how investors can remain rational even when markets are anything but.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eOutlines strategies the average investor can use to wade through the endless news, information, and investment advice that bombards them\u003c\/li\u003e \u003cli\u003eDescribes the epidemic of market speculation that gradually infects feverish investors\u003c\/li\u003e \u003cli\u003e\n\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eForeword xi\u003c\/p\u003e \u003cp\u003ePreface xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Lead Us Not into Temptation 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMay Reason Prevail 2\u003c\/p\u003e \u003cp\u003ePatience and Persistence 6\u003c\/p\u003e \u003cp\u003eThe Dean of Wall Street Revisited 12\u003c\/p\u003e \u003cp\u003eThe Investor’s Dilemma 19\u003c\/p\u003e \u003cp\u003eIt’s a Numbers Game 20\u003c\/p\u003e \u003cp\u003eThe Supremacy of Earnings 22\u003c\/p\u003e \u003cp\u003e“Stealth Compensation” 36\u003c\/p\u003e \u003cp\u003eConclusion 42\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Techno Babble, Techno Bubble 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Tale of Two Markets 45\u003c\/p\u003e \u003cp\u003eBack to the Future? 53\u003c\/p\u003e \u003cp\u003eWarren Buffett on the Stock Market 58\u003c\/p\u003e \u003cp\u003eIs the Internet the Answer? 65\u003c\/p\u003e \u003cp\u003eWhat’s a Long-Term Investor to Do? 68\u003c\/p\u003e \u003cp\u003eInvestment Redefi ned 69\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 “Pop!!”.com 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRisk: No Longer an Afterthought 76\u003c\/p\u003e \u003cp\u003eInvestment Strategy: Is It Time for Technology? 83\u003c\/p\u003e \u003cp\u003eIs There a Snowball Rolling Our Way, Gathering Mass and Speed? 87\u003c\/p\u003e \u003cp\u003eThe Art\/Science of Managing Risk 88\u003c\/p\u003e \u003cp\u003eBaby Boomers: Whither Goest Thou? 99\u003c\/p\u003e \u003cp\u003eThe Internet and IPO Frenzy 100\u003c\/p\u003e \u003cp\u003eFool’s Gold 101\u003c\/p\u003e \u003cp\u003eGoliaths Slain 102\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Swimming against the Current 113\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePrelude to Our Investment “Strategy” 116\u003c\/p\u003e \u003cp\u003eInterest Rates: It Had Better Be Uphill from Here 127\u003c\/p\u003e \u003cp\u003eThe Power of Popular Delusions 131\u003c\/p\u003e \u003cp\u003eThe Mind of Crowds 139\u003c\/p\u003e \u003cp\u003eInvestment Consultants: The Great Middleman Myth 142\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 The “Greenspan Put” . . . Again 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvestment Strategy 146\u003c\/p\u003e \u003cp\u003eThe Reckoning 149\u003c\/p\u003e \u003cp\u003eSober in the Morning 151\u003c\/p\u003e \u003cp\u003eMicro versus Macro 151\u003c\/p\u003e \u003cp\u003eThe Margin-of-Safety Paradox 153\u003c\/p\u003e \u003cp\u003eWaiting Patiently for Those Hanging Curves 154\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Only Fools Rush In 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Rogues Gallery, 2003 Vintage 160\u003c\/p\u003e \u003cp\u003eMaking Progress in the Post-Bubble Environment 164\u003c\/p\u003e \u003cp\u003eHow Did We Get Here in the First Place? 171\u003c\/p\u003e \u003cp\u003eThe Apogee of the Mutual-Fund Boom 181\u003c\/p\u003e \u003cp\u003eThe Great Abdication of Fiduciary Responsibility: The Defined-Contribution Plan 188\u003c\/p\u003e \u003cp\u003eWhere the Buck Really Stops 192\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Expanding Concern: A Bigger Bubble? 197\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMaybe the Markets Are Not Random? 200\u003c\/p\u003e \u003cp\u003eA Short History of Financial Euphoria 218\u003c\/p\u003e \u003cp\u003eFully Deluded Earnings: Penance (?) in the Cuff-Links Cooler 222\u003cbr\u003e\u003cbr\u003eRun for the Roses: Of Pawns, Guinea Pigs . . . and “Retail Investors” 231\u003c\/p\u003e \u003cp\u003e “Swing, You Bum!” 242\u003c\/p\u003e \u003cp\u003eMarathon Endurance 247\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 What History Teaches 253\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFree Markets: Popular Delusions and the Madness of Crowds 254\u003c\/p\u003e \u003cp\u003eAspiring to Rationality by Overcoming Heuristic Biases 257\u003c\/p\u003e \u003cp\u003eToday Is Not Tomorrow: Cycles and Differing “Opportunity Sets” 259\u003c\/p\u003e \u003cp\u003eInverting the Traditional High-Risk\/High-Return Paradigm 260\u003c\/p\u003e \u003cp\u003eThe Inevitability of Regression to the Mean 261\u003c\/p\u003e \u003cp\u003eThere Are No Called Strikes in the Investment Ballgame 263\u003c\/p\u003e \u003cp\u003eFocus on the Important 264\u003c\/p\u003e \u003cp\u003eThe Malevolent Mathematical Mystery of Modern Money Management (a.k.a. MPT) 264\u003c\/p\u003e \u003cp\u003eThe Absurdity of the Collective Wisdom of Individual Irrationality 265\u003c\/p\u003e \u003cp\u003eDiversification and the Myth of Safety in Numbers 266\u003c\/p\u003e \u003cp\u003eThe New-Era Error 268\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Contagious Speculation 269\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Means to the End 271\u003c\/p\u003e \u003cp\u003eThe Perfect Storm? Viewing the Vista through the Lens of History 272\u003c\/p\u003e \u003cp\u003eThe Blossoming of the Financial Economy: The Cataclysm in the Creation of Credit 281\u003c\/p\u003e \u003cp\u003eBubbles Are Indigenous to the Financial Economy 299\u003c\/p\u003e \u003cp\u003eIf Housing Prices Roll Over 306\u003c\/p\u003e \u003cp\u003eA Remarkable Story of Risk Management—Run Amok 310\u003c\/p\u003e \u003cp\u003eThe Perfect Storm Redux 325\u003c\/p\u003e \u003cp\u003eCapitalism: When “Financial”\u003c\/p\u003e \u003cp\u003eOverwhelms “Commercial” 329\u003c\/p\u003e \u003cp\u003eMinsky: A Prequel? 332\u003c\/p\u003e \u003cp\u003eThe Evolving History of Economics and Finance: Reflections 334\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 The Tipping Point 339\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eExcerpt from Quarterly Capital Markets Review, July 2007 341\u003c\/p\u003e \u003cp\u003eDraft of Letter to MCM Clients, July 2007 342\u003c\/p\u003e \u003cp\u003eQuarterly Capital Markets Review, October 2007: “What’s Up, Doc?” 348\u003c\/p\u003e \u003cp\u003eCyclical or Secular? The Current Crisis in the Larger Context of Cause and Effect—Connecting the\u003cbr\u003eDots through Time 350\u003c\/p\u003e \u003cp\u003eThe Misalignment of Incentives and the Opaque World of High Finance 352\u003c\/p\u003e \u003cp\u003eEdging toward the Precipice 360\u003c\/p\u003e \u003cp\u003eThe “Simple” Question Why? 362\u003c\/p\u003e \u003cp\u003eAn Early Epitaph for the First Decade of the New Millennium 363\u003c\/p\u003e \u003cp\u003eCredit-Default Swap Alchemy: Transmuting Junk into Gold 371\u003c\/p\u003e \u003cp\u003eCounterparty Risk 376\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 The End or the Beginning? 381\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOrigins of a Crisis: Decoupling Risk and Return 384\u003c\/p\u003e \u003cp\u003eThe Question on Which the Future of Investment Hangs 388\u003c\/p\u003e \u003cp\u003eThe Stockdale Paradox: What Do Survivors Have in Common? 389\u003c\/p\u003e \u003cp\u003eKnow Thyself 390\u003c\/p\u003e \u003cp\u003eHarsh Realities and the Snowball Effect 394\u003c\/p\u003e \u003cp\u003eThe Future of Risk Aversion 400\u003c\/p\u003e \u003cp\u003ePrice Is What You Pay, Value Is What You Get 404\u003c\/p\u003e \u003cp\u003eThe Lost Decade 407\u003c\/p\u003e \u003cp\u003eThe Most Powerful Force in the Universe 409\u003c\/p\u003e \u003cp\u003eValue Investors: A Rare Breed 411\u003c\/p\u003e \u003cp\u003eRisk—Once Again a Four-Letter Word? 413\u003c\/p\u003e \u003cp\u003eAnalysis and Intuition: The Yin and Yang 416\u003c\/p\u003e \u003cp\u003eEpilogue “This Time Is Different” 427\u003c\/p\u003e \u003cp\u003eThose Who Don’t Remember History . . . 428\u003c\/p\u003e \u003cp\u003eThe Insidious Disappearance of Accountability 430\u003c\/p\u003e \u003cp\u003eThe Intersection of the Philosophical and the Pragmatic 432\u003c\/p\u003e \u003cp\u003eRespect for Risk . . . Just for a Fleeting Moment 433\u003c\/p\u003e \u003cp\u003eIndex 437\u003c\/p\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49406819434839,"sku":"9781118004562","price":22.94,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781118004562.jpg?v=1730497221","url":"https:\/\/bookcurl.com\/products\/a-decade-of-delusions-9781118004562","provider":"Book Curl","version":"1.0","type":"link"}