Search results for ""William D. Cohan" "House of Cards""
Penguin Books Ltd House of Cards
Book SynopsisFrom the author of The Last Tycoons, William D. Cohan''s international bestseller House of Cards: How Wall Street''s Gamblers Broke Capitalism dissects the collapse of Bear Stearns and the beginning of the financial crisis. It was Wall Street''s toughest investment bank, taking risks where others feared to tread, run by testosterone-fuelled gamblers who hung a sign saying ''let''s make nothing but money'' over the trading floor. Yet in March 2008 the 85-year-old firm Bear Stearns was brought to its knees - and global economic meltdown began. With unprecedented access to the people at the eye of the financial storm, William Cohan tells the outrageous story of how Wall Street''s entire house of cards came crashing down. ''A page-turner ... hard to put down, especially thanks to its dishy, often profane, quotes from insiders ... Read it, learn - and weep'' Observer ''A fly-on-the-wall record ... Trade ReviewIt is too early to say who will emerge as the definitive chroniclers of this crisis, but this book by William Cohan ... seems likely to end up as one of the key texts * The Observer *A riveting, blow-by-blow account * Economist *Read it, learn and weep * Businessweek *First drafts of history don't get much better than this * Bloomberg *A fly-on-the-wall record ... Cohan is a master of this genre. He perfectly captures the raw voice of Wall Street ... like Damon Runyon updated by Martin Scorsese -- Martin Vander Weyer * Spectator Business *
£16.19
Penguin Books Ltd Cohan W Why Wall Street Matters
Book SynopsisIf you like your smartphone or your widescreen TV, your car or your pension, then, whether you know it or not, you are a fan of Wall Street.William D. Cohan, bestselling author of House of Cards, has long been critical of the bad behaviour that plagued much of Wall Street in the years leading up to the 2008 financial crisis, and, as an ex-banker, he is an expert on its inner workings as well. But in recent years he has become alarmed by the vitriol directed at the bankers, traders and executives who keep the wheels of our economy turning. Why Wall Street Matters is a timely and trenchant reminder of the dire consequences for us all if the essential role these institutions play in making our lives better is carelessly curtailed.
£10.44
Penguin Books Ltd Money and Power
Book SynopsisWilliam D. Cohan''s Money and Power: How Goldman Sachs Came to Rule the World is a chronicle of the most successful, iconic bank on Wall Street, from the firm''s founding in 1869 to the present day. Goldman Sachs are the investment bank all other banks - and most businesses - want to emulate; the firm with the best talent, the best clients, the best strategy. But is their success just down to the gilded magic of the ''Goldman way''? William D. Cohan has gained unprecedented access to Goldman''s inner circle - both on and off the record. In an astonishing story of clashing egos, backstabbing, sex scandals, private investigators, court cases and government cabals, he reveals what really lies beneath their gold-plated image. ''The best analysis yet of Goldman''s increasingly tangled web of conflicts'' Economist ''Startling ... lifts the lid on Goldman''s pivotal role in the meltdown'' Mail on Sunday ''Cohan portrays a firm that has grown so large and hungry that it''s no longer long-term greedy but short-term vicious. And that''s the wonder - and horror - of Goldman Sachs'' Businessweek ''Cohan''s book tells of bitter power struggles and business cock-ups'' Guardian ''A definitive account of the most profitable and influential investment bank of the modern era'' The New York Times Book Review William D. Cohan was an award-winning investigative journalist before embarking on a seventeen-year career as an investment banker on Wall Street. His first book, The Last Tycoons, about Lazard, won the 2007 Financial Times/Goldman Sachs Business Book of the Year Award and was a New York Times bestseller. His second book, House of Cards, also a bestseller, is an account of the last days of Bear Stearns & Co.Trade ReviewRevelatory, engrossing, penetrating ... Cohan revels in a good bust-up * Financial Times *The best analysis yet of Goldman's increasingly tangled web of conflicts * Economist *Startling ... lifts the lid on Goldman's pivotal role in the meltdown * Mail on Sunday *Cohan portrays a firm that has grown so large and hungry that it's no longer long-term greedy but short-term vicious. And that's the wonder - and horror - of Goldman Sachs * Businessweek *Cohan's book tells of bitter power struggles and business cock-ups * Guardian *A definitive account of the most profitable and influential investment bank of the modern era * New York Times Book Review *
£15.29
Random House USA Inc Money and Power
Book SynopsisThe bestselling author of the acclaimed House of Cards and The Last Tycoons turns his spotlight on to Goldman Sachs and the controversy behind its success. From the outside, Goldman Sachs is a perfect company. The Goldman PR machine loudly declares it to be smarter, more ethical, and more profitable than all of its competitors. Behind closed doors, however, the firm constantly straddles the line between conflict of interest and legitimate deal making, wields significant influence over all levels of government, and upholds a culture of power struggles and toxic paranoia. And its clever bet against the mortgage market in 2007—unknown to its clients—may have made the financial ruin of the Great Recession worse. Money and Power reveals the internal schemes that have guided the bank from its founding through its remarkable windfall during the 2008 financial crisis. Through extensive research and interviews with the inside players, including current CEO Lloyd Blankfein, William Cohan constructs a nuanced, timely portrait of Goldman Sachs, the company that was too big—and too ruthless—to fail.
£16.88
Ebury Publishing Power Play
Book SynopsisTrade ReviewA masterclass in narrative journalism... with inside-the-room detail and color that give it a cinematic feel * Bradley Hope, co-author of the bestseller BILLION DOLLAR WHALE *Compulsively readable... lively, fun and insightful * William D. Cohan, bestselling author of HOUSE OF CARDS *Tim Higgins's electric narrative takes us through Tesla's every hairpin turn.... [A] case study on the thin line between madness and genius * John Helyar, co-author of the #1 New York Times bestseller BARBARIANS AT THE GATE *'A deeply reported and business-savvy chronicle of Tesla's wild ride' * Walter Isaacson *Compelling and deeply reported... An exceptional work of business journalism * Washington Post *Simultaneously inspirational and troubling, revealing Elon Musk's risky scrambles to invent the future he's constantly promising to deliver * Sarah Frier, Financial Times prize-winning author of NO FILTER *Readers fascinated by the hype of Tesla history will find a gold mine of facts and foibles in this immersive analysis * Kirkus Reviews *"Exemplary...[Higgins] has interviewed hundreds of people associated with Tesla, both past and present. He knows the financial story like the back of his hand. * The Times *in-depth and well-balanced ... a sometimes appalling, occasionally inspiring, and always entertaining saga * Publishers Weekly *A well-documented and comprehensive look at Tesla, Elon Musk, and the people involved with its creation and successes * Library Journal *[A] sweeping history of the electric-car juggernaut... [Higgins is] right on the button, every time * Los Angeles Times *Tense, detailed and well-crafted... Power Play is a business thriller for real * Associated Press *Outstanding... a deep dive into the nuts and volts of Tesla * Minneapolis Star Tribune *The tale of Tesla's ascent is inherently dramatic and compellingly told * NPR.org *A riveting saga...Power Play reads like a novel * The Free Lance–Star *Eminently readable...A must-read for any fan or critic -- Business Insider
£10.44
Penguin Books Ltd Digital Gold
Book SynopsisShortlisted for the Financial Times and McKinsey Business Book of the Year AwardA New York Times technology and business reporter charts the dramatic rise of Bitcoin and the fascinating personalities who are striving to create a new global money for the Internet age.Digital Gold is New York Times reporter Nathaniel Popper''s brilliant and engrossing history of Bitcoin, the landmark digital money and financial technology that has spawned a global social movement.The notion of a new currency, maintained by the computers of users around the world, has been the butt of many jokes, but that has not stopped it from growing into a technology worth billions of dollars, supported by the hordes of followers who have come to view it as the most important new idea since the creation of the Internet. Believers from Beijing to Buenos Aires see the potential for a financial system free from banks and governments. More than just a tech industry fad, Bitcoin has threatened to decentralize some of society''s most basic institutions.An unusual tale of group invention, Digital Gold charts the rise of the Bitcoin technology through the eyes of the movement''s colorful central characters, including an Argentinian millionaire, a Chinese entrepreneur, Tyler and Cameron Winklevoss, and Bitcoin''s elusive creator, Satoshi Nakamoto. Already, Bitcoin has led to untold riches for some, and prison terms for others.Trade ReviewLively and thorough... a vivid guide to the characters who met online and built bitcoin -- John Gapper * Financial Times *An amazing story... crucial reading for anyone who wants to understand the future -- Walter Isaacson, author of The InnovatorsAn elegant, thrilling tour-de-force, the fast-paced action never stops in the ongoing quest to create something the world has never seen before -- William D. Cohan, author of House of CardsA highly readable and informative account of the early years of a technology-cryptocurrency-that may one day turn out to be almost as significant as the internet itself... a tech thriller -- John Naughton * Observer *
£10.44
HarperCollins Publishers Inc The Golden Passport Harvard Business School the
Book SynopsisThose holding Harvard MBAs are near-guaranteed entrance into Western capitalism’s most powerful realm—the corner office.Most people have a vague knowledge of the power of the HBS network, but few understand the dynamics that have made HBS an indestructible and powerful force for almost a century.Trade Review"[A] richly reported indictment of the school as a leading reason that corporate America is disdained by much of the country...in example after example, Mr. McDonald sets out his thesis that money and influence have distorted both the school's curriculum and the worldview espoused by its professors." -- Andrew Ross Sorkin, The New York Times "This is serious history, broad in its sweep and meticulous in the detail." -- Wall Street Journal "Duff McDonald's The Golden Passport is the detailed story of Harvard Business School (HBS) that, willingly marinated in corporate money and influence, prepares each generation of "modern" corporate tycoons. HBS, while alert to shaping the latest management techniques, is largely indifferent to the ongoing corporate crime wave and other criminogenic behavior and externalities corrosive of fundamental civic values and economic equities. Readers can bury their noses in this prodigious tome and come away with a stench of affluent decadence." -- Ralph Nader "The Golden Passport is a tour-de-force about one of our nation's most important and enduring symbols of capitalism. Whether you aspire to attend Harvard Business School or you disdain it for its disproportionate influence on Wall Street and in the executive suites of our major corporations, McDonald's investigative-reporting masterpiece is a must read." -- William D. Cohan, New York Times bestselling author of House of Cards "The Golden Passport isn't the first (and won't be the last) time that pointed criticism has been aimed at the Harvard Business School, but it is certainly the most thorough to date. The story McDonald tells isn't a simplistic one. Rather, he argues that the analytical modus operandi of Harvard-trained MBAs has damaged not just particular companies, but the very fabric of society itself. It's a convincing and important call for change." -- Bethany McLean, co-author of The Smartest Guys in the Room Duff McDonald's Golden Passport is a magisterial history of Harvard Business School and much more. It provides a powerful lens into the intellectual underpinnings and pragmatic failures of American business and American capitalism writ large. -- Richard Florida, author of The Rise of the Creative Class "Exploring how Harvard Business School became a ticket to the highest echelons of money, power, and influence, McDonald (The Firm) chronicles the school's history in an irreverent, cynical, and frequently funny expose of its pretensions...refreshingly substitutes skepticism for reverence, questioning the limits of business education and of capitalism in general." -- Publishers Weekly "A massively detailed history of Harvard Business School since its founding in 1908 and a searing critique of the school's impact on American capitalism...McDonald's deep research into the 100-plus years of HBS-the faculty members, the courses offered, many of the students-is undoubtedly impressive." -- Kirkus Reviews "McDonald's reporting highlights the school's influence, such as detailing how HBS helped the U.S. win WWII by marrying mathematics and statistics to war strategy, and also how HBS helped define and establish the foundations of managerial knowledge in the country and put American management at the forefront of global business. " -- Booklist "In McDonald's hands this history of the Harvard Business School, its successes and failures, misdeeds and misapprehensions, becomes a window into the increasingly corrupted soul of mercantile America." -- The Globe and Mail
£28.00
HarperCollins Publishers Inc The Golden Passport Harvard Business School the
Book SynopsisThose holding Harvard MBAs are near-guaranteed entrance into Western capitalism’s most powerful realm—the corner office.Most people have a vague knowledge of the power of the HBS network, but few understand the dynamics that have made HBS an indestructible and powerful force for almost a century.Trade Review“[A] richly reported indictment of the school as a leading reason that corporate America is disdained by much of the country....in example after example, Mr. McDonald sets out his thesis that money and influence have distorted both the school’s curriculum and the worldview espoused by its professors.” — Andrew Ross Sorkin, The New York Times “This is serious history, broad in its sweep and meticulous in the detail.” — Wall Street Journal “Duff McDonald’s The Golden Passport is the detailed story of Harvard Business School (HBS) that, willingly marinated in corporate money and influence, prepares each generation of “modern” corporate tycoons. HBS, while alert to shaping the latest management techniques, is largely indifferent to the ongoing corporate crime wave and other criminogenic behavior and externalities corrosive of fundamental civic values and economic equities. Readers can bury their noses in this prodigious tome and come away with a stench of affluent decadence.” — Ralph Nader “The Golden Passport is a tour-de-force about one of our nation’s most important and enduring symbols of capitalism. Whether you aspire to attend Harvard Business School or you disdain it for its disproportionate influence on Wall Street and in the executive suites of our major corporations, McDonald’s investigative-reporting masterpiece is a must read.” — William D. Cohan, New York Times bestselling author of House of Cards “The Golden Passport isn’t the first (and won’t be the last) time that pointed criticism has been aimed at the Harvard Business School, but it is certainly the most thorough to date. The story McDonald tells isn’t a simplistic one. Rather, he argues that the analytical modus operandi of Harvard-trained MBAs has damaged not just particular companies, but the very fabric of society itself. It’s a convincing and important call for change.” — Bethany McLean, co-author of The Smartest Guys in the Room Duff McDonald’s Golden Passport is a magisterial history of Harvard Business School and much more. It provides a powerful lens into the intellectual underpinnings and pragmatic failures of American business and American capitalism writ large. — Richard Florida, author of The Rise of the Creative Class “Exploring how Harvard Business School became a ticket to the highest echelons of money, power, and influence, McDonald (The Firm) chronicles the school’s history in an irreverent, cynical, and frequently funny exposé of its pretensions...refreshingly substitutes skepticism for reverence, questioning the limits of business education and of capitalism in general.” — Publishers Weekly “A massively detailed history of Harvard Business School since its founding in 1908 and a searing critique of the school’s impact on American capitalism…..McDonald’s deep research into the 100-plus years of HBS-the faculty members, the courses offered, many of the students-is undoubtedly impressive.” — Kirkus Reviews “McDonald’s reporting highlights the school’s influence, such as detailing how HBS helped the U.S. win WWII by marrying mathematics and statistics to war strategy, and also how HBS helped define and establish the foundations of managerial knowledge in the country and put American management at the forefront of global business. ” — Booklist “Exploring how Harvard Business School became a ticket to the highest echelons of money, power, and influence, McDonald (The Firm) chronicles the school’s history in an irreverent, cynical, and frequently funny exposé of its pretensions...refreshingly substitutes skepticism for reverence, questioning the limits of business education and of capitalism in general.” —
£15.99
Oneworld Publications To Pixar and Beyond: My Unlikely Journey with
Book SynopsisA Sunday Times Best Book of the Year 2017 One day in November 1994, Lawrence Levy received a phone call out of the blue from Steve Jobs, whom he’d never met, offering him a job running Pixar, a little-known company that had already lost Jobs $50 million. With Pixar’s prospects looking bleak, it was with some trepidation that Levy accepted the position. After a few weeks he discovered that the situation was even worse than he’d imagined. Pixar’s advertising division just about broke even, its graphics software had few customers, its short films didn’t make any money and, on top of all that, Jobs was pushing to take the company public. Everything was riding on the studio’s first feature film, codenamed Toy Story, and even then it would have to be one of the most successful animated features of all time… Full of wisdom on bringing business and creativity together, and recounting the touching story of Levy’s enduring friendship with Jobs, To Pixar and Beyond is a fascinating insider’s account of one of Hollywood’s greatest success stories.Trade Review‘A fascinating tale of creative and business brilliance, and of a remarkable friendship.’ * Sunday Times *‘A highly readable and gripping story.’ * Mail on Sunday *'A charming, upbeat tale...much like one of the studios own animated features.' * Financial Times *'A magnifying glass held to the small print that is needed to make magic.' * The Sunday Times *'Levy’s memoir of his time heading the most dazzling entertainment studio of our times, has all the twists and turns of one of Pixar’s own films.' -- Francine Stock * Prospect *'This book, like Pixar's story, is truly remarkable.' * E&T Magazine *‘[An] enchanting memoir…Mr Levy has quite a story to tell.’ * New York Times *‘Those interested in how start-ups work or how film studios make money will love the book.’ * MoneyWeek *‘I love this book! I think it is brilliant. Of course I am biased, but even so, I think people will love this story – one they didn’t even know existed. And Lawrence has told it beautifully.’ -- Ed Catmull, co-founder and president of Pixar Animation, president of Disney Animation, bestselling author of Creativity Inc.‘A lovely and surprising discourse on topics business books rarely touch…eye-opening and inspiring… This delightful book is about finance, creative genius, workplace harmony, and luck… Life obviously is about more than business, but few books discuss both so well.’ * Fortune *‘What a delightful book about the creation of Pixar from the inside. I learned more about Mr. Jobs, Pixar and business in Silicon Valley than I have in quite some time. And like a good Pixar film, it’ll put a smile on your face.’ * Andrew Ross Sorkin, New York Times *‘A finely sketched insider’s account of the hard-fought success of a pathbreaking company. Lawrence Levy goes surprisingly and refreshingly deep on the business details behind Pixar’s creative achievements. He also shows an intimate side of Steve Jobs that will delight the mercurial businessman’s many admirers.’ -- Adam Lashinsky, assistant managing editor of Fortune Magazine and author of Inside Apple‘To Pixar and Beyond is part business book and part thriller – a tale that’s every bit as compelling as the ones Pixar tells in its blockbuster movies. It's also incredibly inspirational, a story about a team that took big risks and reaped the rewards. This is a must-read book for anyone who cares about corporate culture and wants to learn how to build a business, as well as everyone who loves Woody, Buzz, and all of the other beloved Pixar characters. I loved this book and could not put it down.’ -- Dan Lyons, bestselling author of Disrupted‘The gripping story of how through hard work, vision, and a devotion to excellence, tiny Pixar transformed itself into a Hollywood powerhouse. But it also something more: a wonderful buddy story – between Levy and Steve Jobs – and how their friendship and partnership transformed them both.’ -- William D. Cohan, bestselling author of House of Cards and Money and Power
£10.44
Simon & Schuster The Lords of Easy Money: How the Federal Reserve
Book SynopsisThe New York Times bestseller from business journalist Christopher Leonard infiltrates one of America’s most mysterious institutions—the Federal Reserve—to show how its policies spearheaded by Chairman Jerome Powell over the past ten years have accelerated income inequality and put our country’s economic stability at risk.If you asked most people what forces led to today’s unprecedented income inequality and financial crashes, no one would say the Federal Reserve. For most of its history, the Fed has enjoyed the fawning adoration of the press. When the economy grew, it was credited to the Fed. When the economy imploded in 2008, the Fed got credit for rescuing us. But here, for the first time, is the inside story of how the Fed has reshaped the American economy for the worse. It all started on November 3, 2010, when the Fed began a radical intervention called quantitative easing. In just a few short years, the Fed more than quadrupled the money supply with one goal: to encourage banks and other investors to extend more risky debt. Leaders at the Fed knew that they were undertaking a bold experiment that would produce few real jobs, with long-term risks that were hard to measure. But the Fed proceeded anyway…and then found itself trapped. Once it printed all that money, there was no way to withdraw it from circulation. The Fed tried several times, only to see the market start to crash, at which point the Fed turned the money spigot back on. That’s what it did when COVID hit, printing 300 years’ worth of money in a few short months. Which brings us to now: Ten years on, the gap between the rich and poor has grown dramatically, inflation is raging, and the stock market is driven by boom, busts, and bailouts. Middle-class Americans seem stuck in a stage of permanent stagnation, with wage gains wiped out by high prices even as they remain buried under credit card debt, car loan debt, and student debt. Meanwhile, the “too big to fail” banks remain bigger and more powerful than ever while the richest Americans enjoy the gains of a hyper-charged financial system. The Lords of Easy Money “skillfully” (The Wall Street Journal) tells the “fascinating” (The New York Times) tale of how quantitative easing is imperiling the American economy through the story of the one man who tried to warn us. This is the first inside story of how we really got here—and why our economy rests on such unstable ground.Trade Review"A fascinating page-turner....There’s something undeniably gratifying about an elegantly crafted morality tale — and the business reporter Christopher Leonard has written a good one....A fascinating and propulsive story about the Federal Reserve — yes, you read that right. Leonard, in the tradition of Michael Lewis, has taken an arcane subject, rife with the risk of incomprehensibility (or boredom), and built a riveting narrative in which the stakes couldn’t be any clearer."– The New York Times "Skillfully tells the story of how, over several decades, a phalanx of economic sophisticates at the Fed have badly misunderstood the U.S. economy and often come up with policies that fail to produce the intended results." – The Wall Street Jornal "A timely addition—appearing just as inflation is making headlines....Leonard writes vividly about a technical subject....By focusing on a regional banker, Leonard offers a refreshingly non-Washington view....The author is surely correct that many Americans view the Fed as an unelected power aligned with elites, perhaps contributing to the disaffection that exploded on Jan. 6, 2021."– The Washington Post "It’s tough to turn the nuances of monetary policy into personality-driven narrative. But Christopher Leonard has succeeded in doing just that with The Lords of Easy Money....He turns [an] unassuming economist into the protagonist of a compelling tale about how the Federal Reserve changed the entire nature of the American economy... Weaving together narrative non-fiction with big ideas can be difficult. One of the best things about this book is that through Hoenig, Leonard, a business journalist, is able to tell the whole, complicated half-century story of how we got to where we are now in a way that isn’t at all wonky. There are real people here, making real decisions about the real world." – The Financial Times "[A] bracing and closely reported chronicle....Leonard’s book is an indispensable account in many respects—his coverage of the invisible bailout of the repo market alone stands as a bracing case study in how the false pieties of quantitative easing directly stoked ruinous asset bubbles. But Leonard is also that rarest of financial reporters who conscientiously tracks the real-life consequences of the Olympian deliberations undertaken by the paper economy’s gatekeepers....richly reported, accessible, biting, and long-overdue." – The New Republic "The book is a timely read to understand what could happen next through a thorough analysis of what this policy intervention looks like on the ground."– Enterprise: The State of the Nation "We get his point and it is a good one. This has been an era of loose money and the benefits have been very unevenly distributed... The office politics of the Fed are well captured by Leonard, as is the intimidating physical setting." – The New York Times "Leonard is skilled at explaining complicated financial maneuvering in a way normal people can understand... A good reminder of how uncertain a lot of monetary policy is." – The Washington Free Beacon“Leonard's wonderfully readable new book is about one of the most important, yet least covered and least understood, changes in American life. That's the effect of the dramatically increased role in financial markets played by the Federal Reserve. As Leonard convincingly argues, it might be nothing short of catastrophic.” — Bethany McLean, New York Times bestselling co-author of The Smartest Guys in the Room “An essential, engrossing and, above all, human tale featuring the central banker who dared to dissent from the party line and a factory worker whose sufferings are traceable to that dissident’s failure to carry his case. A monetary page-turner? Christopher Leonard has actually produced one.” — James Grant, founder and editor of Interest Rate Observer “Thanks to Leonard's gripping narrative, I now have a new monetary hero: former Fed governor Tom Hoenig. If, like me, you are desperate to understand how we got into this predicament, The Lords of Easy Money is required reading.” — William D. Cohan, New York Times bestselling author of House of Cards “Leonard’s richly reported and provocative exploration will have you reassessing whether the Fed built on a solid foundation or on air.”— Jesse Eisinger, Pulitzer Prize winning author of The Chickenshit Club “An eye-opener. Well-researched and engaging, it brings to life consequential issues that influence the current and future wellbeing of most Americans... How this journey ends has important implications not just for the United States but also globally.” — Mohamed A. El-Erian, New York Times bestselling author of The Only Game in Town and president of Queens’ College, Cambridge University.
£9.49
Scribe Publications Chaos Kings: how Wall Street traders make
Book SynopsisFor fans of The Black Swan and written by a veteran Wall Street Journal reporter, this is a fascinating deep dive into the world of billion-dollar traders and high-stakes crisis predictors who strive to turn extreme events into financial windfalls. There’s no doubt that our world has gotten more extreme. Pandemics, climate change, superpower rivalries, technological disruption, political radicalisation, religious fundamentalism — all threaten chaos that put trillions in assets at risk. But around the world, across a wide variety of disciplines, would-be super-forecasters are trying to take the guesswork out of what formerly seemed like random chance. Some put their faith in ‘black swans’ — unpredictable, catastrophic events that can’t be foreseen but send exotic financial instruments screaming in high-profit directions. Most famous among this group of big-bet traders are those who run the Universa fund, who, on days of extreme upheaval, have made as much as $1 billion. Author Scott Patterson gained exclusive access to Universa strategists and met with savvy seers in a variety of fields, from earthquake prediction to counterterrorism to climatology, to see if it’s actually possible to bet on disaster — and win. Riveting, relevant, and revelatory, this is a must-read for anyone curious about how some of today’s investors alchemise catastrophe into profit.Trade Review‘It’s not just the wild success of the catastrophists that makes this book fascinating but the way their philosophy reversed many of the “rules” of investing.’ -- John Arlidge * The Sunday Times *‘A closely observed chronicle of the storm-chasing edgelords of finance and the critics with whom they clash … Even those unfamiliar with, or uninterested in, the oscillations of the stock market may find themselves gripped by Patterson’s account.’ -- Marie Solis * The New York Times *‘In Chaos Kings, the indefatigable Scott Patterson has done it again: delivered a riveting account of Wall Street mavericks whose unconventional understanding of risk has netted them a fortune and us a fascinating account of how they did it. The unlikely partnership between Mark Spitznagel and Nassim Taleb has made them rich, saved their clients from financial calamity, and, under Patterson’s deft pen, produced an epic page turner.’ -- William D. Cohan, New York Times bestselling author of Power Failure, Money and Power, and House of Cards‘Scott Patterson’s Chaos Kings is an extraordinary exploration of cutting-edge efforts to understand the manifold and interconnected risks slamming civilisation at an alarming rate. It’s a critical read for anyone with an interest in what’s coming next and how to prepare for it, financially and otherwise. Scott has an uncanny knack for diving into the fascinating convergence of technology and investing, so I’m always excited to see what he’s discovering.’ -- Bradley Hope, New York Times bestselling co-author of Billion Dollar Whale and co-founder of Project Brazen‘Fast paced like a thriller but, also, thought-provoking in its willingness to show us the range of possible catastrophes, Chaos Kings tracks the adventures of contrarian investors who, rather than hide from chaos and confusion, seek it out. Their reward in many cases: a fortune. This book teems with great stories as well as market insights that you won’t get from conventional investors.’ -- Aaron Brown, former Chief Risk Manager at AQR Capital Management, and author of The Poker Face of Wall Street and Red-Blooded Risk‘Financial markets covet stability; they don't like surprises. In our new age of crisis, Scott Patterson convincingly recounts how a unique type of trader has learned to embrace the disruptions and make a lot of money doing so. Combining risk theory, finance, and portraits of some of the most interesting billionaires of doom, Patterson takes us on a disturbing tour of what could come tumbling down. But he also provides a detailed road map showing average citizens how to steer past catastrophe. You’ll be left wondering whether these Chaos Kings are brilliant, opportunistic, visionary, or even loathsome. In Patterson’s lively account, you’ll definitely find them fascinating.’ -- Juliette Kayyem, former Assistant Secretary of the Department of Homeland Security, and author of The Devil Never Sleeps: learning to live in an age of disasters‘The world is an increasingly unstable place, threatening to go off the rails at any time. This chaos is devastating to many, but a boon to a few who are cashing in on it. Read this engaging book to learn about who they are and how they do it.’ -- Mark Zandi, chief economist of Moody's Analytics and author of Financial Shock and Paying the Price‘We live in a world of pandemics, climate change, war, and unstable institutions. Scott Patterson’s fascinating Chaos Kings is a provocative look at those placing big bets who believe they have tamed the financial risk whipped up by these unruly beasts. It holds perceptive insights for anyone who lives — or invests — in our modern uncertain world.’ -- Russell Gold, author of Superpower and The Boom‘A captivating, important, and unsettling book. Chaos Kings takes a timely look at how to survive and prosper in an increasingly uncertain and unstable world of global warming, pandemics, and geopolitical danger.’ -- William Green, author of Richer, Wiser, Happier: how the world’s greatest investors win in markets and life‘A richly reported work that features a fascinating ensemble of quirky characters. Important reading for anyone interested in risk-taking now — and in the future.’ -- Anita Raghavan, author of The Billionaire’s Apprentice‘Rock-star status is reserved for a clique who have made storm-chasing in stocks and bonds into something between an art and a science, and an extraordinarily lucrative one at that. They are the subject of Chaos Kings, a new book by Scott Patterson, who casts an engaging and accessible light on what makes these oddball savants tick, and how they make fortunes from disaster … Chaos Kings avoids making readers feel like they’re out of their depth … The power of the competing egos at play and the urgency of their message on everything from pandemics to the climate to the health of your lifesavings carry the tale.’ -- Katie Martin * Financial Times *‘Wall Street Journal stalwart Patterson continues his explorations of high finance with a clutch of contrarian risk takers … Deft, accessible analysis and guidance. Complex economic and scientific theories lucidly rendered.’ -- Kirkus Reviews, starred review‘Wall Street Journal reporter Patterson (Dark Pools) delivers an illuminating investigation into those who profit from anticipating crises … [T]he author has a knack for translating complicated financial manoeuvres into easily comprehensible terms … Detailed yet accessible, this will appeal to fans of Michael Lewis’s The Big Short.’ * Publishers Weekly *‘Chaos Kings will provide the reader with plenty of food for thought — along with some sleepless nights.’ -- Matthew Partridge * Money Week *‘The book highlights those who have made money while the world falls apart. But not just any money — this book talks about making billions while there is metaphorical, or literal blood on the streets … It’s fascinating, a little sickening, and one heck of a yarn of a book. It is well worth the read and the learning that will come from it … Patterson’s book is one of the best financial stories around. Highly recommended.’ -- Chris Reed * NZ Booklovers *Praise for Dark Pools: ‘Richly reported … an invaluable piece of timely journalism that should be read by regulators and anyone with a cent in the stock market … You will never look at the opening bell in the same way.’ * Financial Times *Praise for Dark Pools: ‘Remarkable … even long-time participants in electronic markets will learn a lot from this book.’ * Forbes *Praise for The Quants: ‘Fascinating and deeply disturbing … Patterson gives faces and personalities to the quants, making their saga accessible and intriguing … [he’s] onto a big story that begs follow-up.’ * New York Times *Praise for The Quants: ‘Scott Patterson has the ability to see things you and I don't notice. In The Quants he does an admirable job of debunking the myths of black box traders and provides a very entertaining narrative in the process.’ -- Nassim Nicholas Taleb, New York Times bestselling author of Fooled by Randomness and The Black Swan
£15.29
Sibylline Press Maeve Rising: Coming Out Trans in Corporate
Book SynopsisUntil she finally got sober, Maeve’s life was mired in depression and unconscious struggle.She felt unconnected and full of self-loathing. Not herself. It took a lifetime in and out of AA and rehab and a trail of failed relationships and escalating trouble, before she began to understand the source of her lifelong despair and took the bold step to become the woman she is now.In this intimate and unflinchingly honest memoir, Maeve tells the story of being herself in all aspects of her life, including work, the last threshold. She faced the special challenge of working as a manager of public relations for Goldman Sachs and therefore was a public face of the company. She knew she couldn’t transition quietly.Initially she keeps her identity a secret with wardrobe changes in the lobby bathroom after work. When she finally declares herself, Goldman Sachs – to her surprise – embraces her. A New York Times story follows, leading Maeve to a new life as a role model for other transgender people and giving her a sense of purpose that had been lacking her entire life.Trade Review“Maeve DuVally, whom I used to know as Michael DuVally from Goldman Sachs, has written a courageous and compelling memoir about her literal and metaphorical transformation, from a man to a woman, from drunkenness to sobriety, from a life filled with lies and deceit, to one of honesty and openness. What an inspiring story.” —William D. Cohan, author of Power Failure: The Rise and Fall of an American Icon, Money and Power: How Goldman Sachs Came to Rule the World; House of Cards: A Tale of Hubris and Wretched Excess on Wall Street; The Last Tycoons: The Secret History of Lazard Frères & Co.; The Price of Silence; Why Wall Street Matters; and Four Friends“Maeve Rising is the unflinchingly honest story of Michael, whose anxieties and self-destructive tendencies sabotage every facet of his life: family, friends, career. That is, until Michael discovers her true self as Maeve. This book is important for vividly relating the difficult trans journey toward self-acceptance. But as importantly, it made me appreciate the complexities and difficulties that some of our colleagues bear alone, that could be borne so much more lightly or eliminated if they feel they have the support to show up for work as their authentic selves.”—Lloyd Blankfein, former Chairman and CEO, Goldman Sachs Group, Inc.“This is Maeve DuVally's heartbreaking, brave, and triumphant story of coming out as a transgender person not just in corporate America, but on Wall Street, and not just on Wall Street, but at Goldman Sachs. It would be important reading at any time, but in the times in which we live, it's essential.” —Bethany McLean, co-author of The Smartest Guys in the RoomWINNER OF THE 2023 NEW YORK BOOK FESTIVAL COMPETITION: MEMOIR
£12.34
Skyhorse Publishing Confessions of a Wall Street Insider: A
Book SynopsisAlthough he was a suburban husband and father, living a far different life than the Wolf of Wall Street,” Michael Kimelman had a good run as the cofounder of a hedge fund. He had left a cushy yet suffocating job at a law firm to try his hand at the high-risk life of a proprietary trader and he did pretty well for himself. But it all came crashing down in the wee hours of November 5, 2009, when the Feds came to his dooralmost taking the door off its hinges. While his wife and children were sequestered to a bedroom, Kimelman was marched off in embarrassment in view of his neighbors and TV crews who had been alerted in advance. He was arrested as part of a huge insider trading case, and while he was offered a sweetheart” no-jail probation plea, he refused, maintaining his innocence.The lion’s share of Confessions of a Wall Street Insider was written while Kimelman was an inmate at Lewisburg Penitentiary. In nearly two years behind bars, he reflected on his experiences before incarcerationrubbing elbows and throwing back far too many cocktails with financial titans and major figures in sports and entertainment (including Leonardo DiCaprio, Alex Rodriguez, Ben Bernanke, and Alan Greenspan, to drop a few names); making and losing hundreds of thousands of dollars in daily gambles on the Street; getting involved with the wrong people, who eventually turned on him; realizing that none of that mattered in the end. As he writes: Stripped of family, friends, time, and humanity, if there’s ever a place to give one pause, it’s prison . . . Tomorrow is promised to no one.” In Confessions of a Wall Street Insider, he reveals the triumphs, pains, and struggles, and how, in the end, it just might have made him a better person.Skyhorse Publishing, along with our Arcade, Good Books, Sports Publishing, and Yucca imprints, is proud to publish a broad range of biographies, autobiographies, and memoirs. Our list includes biographies on well-known historical figures like Benjamin Franklin, Nelson Mandela, and Alexander Graham Bell, as well as villains from history, such as Heinrich Himmler, John Wayne Gacy, and O. J. Simpson. We have also published survivor stories of World War II, memoirs about overcoming adversity, first-hand tales of adventure, and much more. While not every title we publish becomes a New York Times bestseller or a national bestseller, we are committed to books on subjects that are sometimes overlooked and to authors whose work might not otherwise find a home.Trade ReviewWhen prosecutors place a political agenda and career ambition over truth and justice, people inevitably get trampled. Michael Kimelman is a perfect example of that collateral damage.” Joe Tacopina, celebrity criminal defense lawyer and owner of the Venezia FC Futbol teamKimelman is guilty of one thing: writing a helluva book. If you want a front row seat to a Wall Street witch-hunt read this.” - Turney Duff, bestselling author of The Buy SideKimelman delivers a taut page-turner that gives readers an inside seat at the real life Billions that are a daily part of the cutthroat world of proprietary traders. He also exposes a criminal justice system in which prosecutors will do anything to win a case and questions of innocence are far less important than notching a victory. In this disturbing and cautionary tale from the inner sanctums of Wall Street to Federal prison, Kimelman ultimately tells a singular and riveting tale of survival and endurance.” - Gerald Posner, author of God's Bankers: A History of Money and Power at the VaticanKimelman’s account as a defendant in the federal criminal justice system provides insights into just how broken and frightening that system has become.” Walt Pavlo, Jr., Forbes columnist and co-author of Stolen Without a Gun"If you like wild rides, you'll love Confessions of a Wall Street Insider, Michael Kimelman's gripping, well-written, memoir of his incredible journey from an associate at the tony law firm Sullivan & Cromwell to the lunacy of day trading, and into the great beyond of Wall Street hedge funds. When he's arrested for insider trading in 2009, the adventure really begins." - William D. Cohan, best-selling author of House of Cards: A Tale of Hubris and Wretched Excess on Wall Street."As most media outlets touted Bharara's record of wins and losses, few looked into the tactics used to win a number of these cases. Now, Michael Kimelman gives us a view of what it was like.... If you work on Wall Street, you owe it to yourself to take a read about the risks you take on when you go to work each day. If you don’t work on Wall Street you owe it to yourself to be informed." - ForbesWhen prosecutors place a political agenda and career ambition over truth and justice, people inevitably get trampled. Michael Kimelman is a perfect example of that collateral damage.” Joe Tacopina, celebrity criminal defense lawyer and owner of the Venezia FC Futbol teamKimelman is guilty of one thing: writing a helluva book. If you want a front row seat to a Wall Street witch-hunt read this.” - Turney Duff, bestselling author of The Buy SideKimelman delivers a taut page-turner that gives readers an inside seat at the real life Billions that are a daily part of the cutthroat world of proprietary traders. He also exposes a criminal justice system in which prosecutors will do anything to win a case and questions of innocence are far less important than notching a victory. In this disturbing and cautionary tale from the inner sanctums of Wall Street to Federal prison, Kimelman ultimately tells a singular and riveting tale of survival and endurance.” - Gerald Posner, author of God's Bankers: A History of Money and Power at the VaticanKimelman’s account as a defendant in the federal criminal justice system provides insights into just how broken and frightening that system has become.” Walt Pavlo, Jr., Forbes columnist and co-author of Stolen Without a Gun"If you like wild rides, you'll love Confessions of a Wall Street Insider, Michael Kimelman's gripping, well-written, memoir of his incredible journey from an associate at the tony law firm Sullivan & Cromwell to the lunacy of day trading, and into the great beyond of Wall Street hedge funds. When he's arrested for insider trading in 2009, the adventure really begins." - William D. Cohan, best-selling author of House of Cards: A Tale of Hubris and Wretched Excess on Wall Street."As most media outlets touted Bharara's record of wins and losses, few looked into the tactics used to win a number of these cases. Now, Michael Kimelman gives us a view of what it was like.... If you work on Wall Street, you owe it to yourself to take a read about the risks you take on when you go to work each day. If you don’t work on Wall Street you owe it to yourself to be informed." - Forbes
£19.00
Abrams Easy Money
Book SynopsisINSTANT NEW YORK TIMES BESTSELLERLONGLISTED FOR THE FINANCIAL TIMES 2023 BUSINESS BOOK OF THE YEAR'A smart, savvy road map through the mayhem of the cryptocurrency madness.' —RON CHERNOW, Pulitzer Prize-winning author of Alexander HamiltonFrom “one of the crypto industry’s unlikely but most prominent critics” (Washington Post), an entertaining and well-researched account of the rise and fall of cryptocurrency. At the height of the pandemic, TV star Ben McKenzie was the perfect mark for cryptocurrency: a dad stuck at home with some cash in his pocket, worried about his family, armed with only the vague notion that people were making heaps of money on something he—despite a degree in economics—didn’t entirely understand. Lured in by grandiose, utopian promises, and sure, a little bit of FOMO, McKenzie dove deep into blockchain, Bitcoin, andTrade Review“If you're looking for a smart, savvy road map through the mayhem of the cryptocurrency madness, Easy Money is the guidebook for you. Ben McKenzie has given us a wry and knowing saga of his personal quest to expose the crypto charlatans, and his sleuthing uncovers a world of frauds, true believers, and opportunists that you won't soon forget.” * Ron Chernow, Pulitzer Prize–winning and New York Times bestselling author of Alexander Hamilton and The House of Morgan *“Ben McKenzie takes us on an amazing journey, guiding us through the astounding story of how a bizarre cast of swindlers and scammers persuaded millions of people to take leave of their senses and part with trillions of dollars, only to put them into the surreal and illusory world of so called ‘crypto assets’ and watch them vanish into thin air. When it is all over, the last couple of years will prove to have been one of the strangest episodes in the history of money.” * Liaquat Ahamed, Pulitzer Prize–winning author of Lords of Finance *“Ben McKenzie's Easy Money is a perfectly timed page-turner that gets to the heart of the fundamental scam that was (and is) the mania around cryptocurrency. It's a devastatingly well-told story of greed, con men, and endless gullibility. McKenzie goes down the rabbit hole, only to become a full-throated skeptic who then takes us along on his journey of enlightenment and discovery, proving once again that if something seems too good to be true, it probably is.” * William D. Cohan New York Times bestselling author of Power Failure and House of Cards *“Superb . . . the terrible story of our economic times.” * Julian Zelizer, coeditor of Myth America and professor of history and public affairs at Princeton University *“Easy Money is a deceptively ambitious project—at once a riveting account of the financial crime of the century, and a thoughtful meditation on the nature of democracy and what we owe each other.” * Zachary Carter, author of The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes *“Easy Money is a smart, fast-paced, and timely exposé of corporate greed, fraud, and incompetence masquerading as genius. Simultaneously illuminating and infuriating, authors McKenzie and Silverman’s page-turning book goes on a global journey to explain how crypto is the latest Ponzi scheme orchestrated to seduce and defraud the masses while benefitting the very few.” * Wajahat Ali, author of Go Back to Where You Came From *“The perfect guide to the recent bitcoin hysteria…. gripping.” * Financial Times *One of the golden rules of finance is never invest in something you don’t understand. This book shows what happens when you ignore it. * Times of London *
£18.99
Simon & Schuster The End of Craving
Book SynopsisThe international bestseller from award-winning writer Mark Schatzker that reveals how our dysfunctional relationship with food began—and how science is leading us back to healthier living and eating.For the last fifty years, we have been fighting a losing war on food. We have cut fat, reduced carbs, eliminated sugar, and attempted every conceivable diet only to find that eighty-eight million American adults are prediabetic, more than a hundred million have high blood pressure, and nearly half now qualify as obese. The harder we try to control what we eat, the unhealthier we become. Why? Mark Schatzker has spent his career traveling the world in search of the answer. Now, in The End of Craving, he poses the profound question: What if the key to nutrition and good health lies not in resisting the primal urge to eat but in understanding its purpose? Beginning in the mountains of Europe and the fields of the Old South, Schatzker embarks on a queTrade ReviewPRAISE FOR THE END OF CRAVING: “With The End of Craving Mr. Schatzker has advanced our understanding of why we have undergone such a rapid transition from fit to fat—and why more carrots are needed and less carrageenan.” —The Wall Street Journal “[A] zippy and fascinating survey. . . .Schatzker supports his case with copious research from the fields of food science, psychology, neuroscience, and behavioral economics. (The quirky anecdotes, such as those about Goethe’s travels in Italy, are a nice bonus.) This is a real eye-opener.” —Publisher's Weekly “Mark Schatzker is a rigorous researcher and a masterful storyteller. Unsparing in his indictment of food scientists and the industry at large for peddling food addictions, he is also hopeful in his vision of a way out of our national eating disorder. At its heart, The End of Craving is a treatise on deliciousness—the pure, sensorial appreciation of good food; in writing it, Schatzker brilliantly charts a roadmap not just for healthy eating, but for joyous eating, too.” —Dan Barber, chef and co-owner of Blue Hill and New York Times bestselling author of The Third Plate “A narrative that seriously questions decades-long cherished and cultivated myths behind hedonic eating and diet. This is a meticulous, very well-researched, and thought-out book that is fun to read and important in rethinking lifestyle advices on eating (or aligning these with science-based facts).” —Marc Tittgemeyer, head of the Translational Neurocircuitry Group at the Max Planck Institute for Metabolism Research “A provocative, optimistic approach to solving our problem with eating too much. By sticking to cutting-edge science and avoiding the diet wars, Schatzker provides a badly needed alternative to unproductive debates over fat vs. carbs, articulating a new—and delicious!—vision of what it means to eat well.” —Dr. Alan Levinovitz, PhD, professor of religion at James Madison University and author of Natural and The Gluten Lie “Engaging, lyrical and brilliantly written, Mark Schatzker takes us on a compassionate journey that explains obesity and our unhealthy relationship with food in a way that has not yet been done. Filled with fascinating scientific stories, surprising facts, and profound insights, The End of Craving reveals the true intuitive intelligence of our brain and body, and the power of real food.” —Rachel Herz, author of Why You Eat What You Eat “You’ll devour Mark Schatzker’s delicious The End of Craving, which provides a potent and nutritious smorgasbord of understanding that what we eat and how we eat it literally shapes our lives.” —William D. Cohan, bestselling author of House of Cards and The Last Tycoons “The End of Craving is an illuminating look at how changes in our food have left us wanting more yet enjoying less. Grounded in the latest neuroscience research, Mark Schatzker outlines a path to regain control over cravings while re-acquainting ourselves with the pleasures of eating.” —Dr. Russell Poldrack, PhD, professor of neuroscience at Stanford University and author of Hard to Break: Why Our Brains Make Habits Stick
£999.99
Humanix Books INFLATION NIGHTMARE: How to Protect Your Money in
Book Synopsis"I urge everyone to read this important new book.”—Ron Paul, Host of Ron Paul Liberty ReportAmericans are facing sticker shock at every turn: from the gas pump to the grocery store and every kind of consumer service. But the eye-popping price increases are just the tip of the iceberg in terms of the threat to the country’s economic recovery. Inflation showers windfalls on the rich while penalizing workers, savers, retirees, small businesses, and most of Main Street economic life. New York Times bestselling author and former investment manager David A. Stockman, who served as director of the Office of Management and Budget under President Reagan, explains the roots of today’s runaway inflation so investors at all levels can calibrate their financial strategies to survive and thrive despite economic uncertainty. The Great Money Bubble covers the entire economic landscape, including: Why the rising price of assets is far more dangerous than rising consumer prices The inside story on stock market manipulations and the effects of ultracheap debt Why real estate is no longer a guaranteed inflationary hedge Stockman’s four-step strategy to protect your savings and portfolio After spearheading the economic policy for the Reagan Revolution, Stockman worked on Wall Street at the highest levels, and is now an adviser to professional investors. With this book, readers at all investment levels can have access to his groundbreaking financial advice.Trade ReviewPraise for THE GREAT MONEY BUBBLE: PROTECT YOURSELF FROM THE COMING INFLATION STORM by David A. Stockman“To learn what's really behind inflation listen to David Stockman.” —DICK MORRIS, New York Times Bestselling Author of THE RETURN “With price inflation upon us with a vengeance, David Stockman is here to reveal who did it, how dangerous it could get, and what you should do to protect yourself.” —THOMAS E. WOODS, JR., New York Times Bestselling Author “Stockman . . . points to the only way out: sound money, open markets, and a restoration of fiscal sanity. Civilization ignores this book at its peril.” —JEFFREY TUCKER, Founder, Brownstone Institute “Stockman has masterfully diagnosed the cancer that the Federal Reserve has embedded in our financial markets, which have become, as Stockman artfully writes, ‘a coiled spring of irrational exuberance and momentum chasing.’ Couldn’t have said it better myself.” —WILLIAM D. COHAN, Former Wall Street Banker and New York Times Bestselling Author of House of Cards and Power Failure“David Stockman is one of the most astute observers of the tragic and unnecessary implosion of our economy, monetary system, and society in general. I urge everyone to read this important new book.” —RON PAUL, Host of Ron Paul Liberty Report“Read this book if you want to protect yourself from inflation, get the inside story on stock market manipulations, the liquidity crises and so-called ‘monetarism.’” —WALTER BLOCK, Harold E. Wirth Eminent Scholar Chair in Economics in the College of Business at Loyola University“How politics mixes with central bank and the financial sector to provide a toxic brew of bad money, bad policy, and a fragile economy teetering on the edge of economic disaster.” —RYAN McMAKEN, Senior Editor, Mises InstituteTable of ContentsOUTLINE for INFLATION NIGHTMARE: How to Protect Your Money in the Coming Crash by David A. Stockman Part 1 Chapter 1: Washington’s Infernal Inflation Machine An economist’s definition (classical, a la Friedman): Inflation is caused by central bank money printing, not by supply and demand for goods and services in the market Inflation artificially increases the price of almost everything: goods, services, housing, stocks, other financial assets, collectibles and crypto Real world examples here Different kinds of inflation Core inflation vs. food/energy Real world examples here, story format PPI, CPI, inflation expectations, “stagflation” Real world examples here, story format What’s “normal” inflation? Is it necessary for growth? Stockman’s thesis: Massive money printing is causing massive asset inflation in the form of stock prices that are not justified by earnings and interest rates that are drastically below what is needed to cover inflation and risk of loss, and it is tying up capital for long periods of time. Chapter 2: How do normal people experience inflation? How do you know if inflation is happening? Stories > as in what an average person experiences to what happens to paycheck/dividends/savings accounts Risk-free rate lower than inflation Real world examples here, story format What happens to your paycheck when inflation runs hot Real world examples here, story format Savings rates in the age of QE Real world examples here, story format Fed’s “hedonic adjustment” to hide inflation from ordinary people Real world examples here, story format How long you have to work to buy a good, such as a house or car For instance, the average worker had to work 7,160 hours (almost four years) to buy the median home in 1971. By 2020, he had to work double that: 14,365 hours. Same was true of a new car. To buy a standard Ford Mustang Coupe, the average worker had to work 5.3 months in 1971, 8.2 months in 1997 and 10.8 months in 2020. While all that was happening, ordinary savers are barely keeping up with inflation in their paycheck while any savings they have suffer from low rates Examples and data illustrating the above, 1990s CD rates vs. today, etc Chapter 3: How to read the signs of inflation Lessons from previous period (stories, not economic theory/economic policy) How Reagan and Paul Volcker fixed the inflation disaster of the 1970s Brief history of the period Real world examples here, story format The “Great Moderation” of low inflation and growth ballyhooed by Bernanke in 2005 was a ruse. In fact, goods and services inflation was just temporarily pushed underground owing to imported deflation from China A generation of investors and savers has now lulled to sleep by artificially low inflation Chapter 4: Why inflation is a danger now For consumers, goods inflation has been artificially cheap while services inflation has taken off. As China matures, goods inflation will catch up. For investors, fiat credit has led to asset inflation, going to the top 1% as a massive, serendipitous windfall Stock valuations are an illusion of the worst kind (Stockman thesis) P/E ratios are vastly inflated...earnings haven’t increased materially since 2007 15x earnings to now 35x earnings, the result of monetary inflation Tech leaders have driven the indexes today for the most part (FAANG stock effect) Real world examples here, story format Projected capital appreciation is falling (according to Vanguard et al) and yet new market highs keep getting printed, over and over How long can the Fed keep this up, inflating the system? Inflation of asset has become institutionalized, nobody even thinks about it anymore At some point the music stops...right? Bond yields will go up, but bond prices will drop causing big capital losses When bond yields go back to normal, justification for ultra high P/E multiples will collapse, causing stock prices to adjust drastically lower So what would actually happen to a typical retiree portfolio, real world examples here, story format Similarly, financial asset inflation makes the carrying cost of debt dirt cheap, thereby encouraging households to over-borrow in order to make up for the shrinking purchasing power of their wages. Accordingly, during the past three decades, household debt in all forms has increased from $36,000 per household to $130,000 Expand on household debt examples: credit card explosion, home equity boom of 2007 Part 2 Chapter 5: The slippery slope for investors now Essentially when the Fed finally gets cornered and it becomes apparent that inflation is no longer transitory, and it has to deal with America’s $85 trillion of combined public and private debt, there will be big corrections Bond market is biggest bubble in history Stories from bond market breaks past Bond repricing will spread to the stock market When all correlations fall to zero, as in 2007, “nowhere to hide” Real world examples here, story format Investors think high stock prices are sustainable because high P/E multiples are justified by ultra-low bond yields But that will correct in the tech sector, deflating the value of the whole stock market since they have lead the growth for years Everything prices off the 10-year bond, if that’s 200 bp under inflation, can that last? It can’t Chapter 6: How to invest once inflation really takes off: how to protect hard-earned savings Inflation-proof "real assets" investments REITS/Real Estate Art (Alternative investments) Cryptocurrency Commodities TIPS Growth Stocks that do well in inflationary times Banks/Financials Food Healthcare Energy Building Materials What will in fact work: The role of cash and true hedges Stick to short-term cash-type investments (T-bills, savings accounts, CDs) cash and keep as liquid as possible Cash is not trash, it will soon be treasure Gold as a hedge Buying puts (how to do this safely using funds or ETFs) Federal government is not going away Treasury bills are safe, if lower rate of return: likely 2% to 4% return once Fed is forced to let interest rates rise to check CPI inflation Chapter 7: What Investments to Avoid and Why Avoid meme stocks, tech stocks, flavor of the month trading, crypto schemes Bubble thinking is a symptom of underlying sickness Chapter 8: Debt Strategy What to do with any debt you might have/credit cards, mortgage, college loans, medical bills
£17.99
