What to read to boost your financial IQ
There is nothing new under the moon, everything once happened to someone already. And the current situation in the economy is no exception. Therefore, to understand what point of time and space you are in, whether the crisis will affect your business, you can look at the primary sources or, at least, read the translations
Sources in English
Charles Morris. The Trillion Dollar Meltdown. The author predicted market shocks caused by mortgage defaults - the book examines the cause and effect in detail.
David Smick. The World is Curved. The mortgage crisis is just the beginning of problems. A detailed description of the following difficulties is in the book.
Kevin Phillips Bad Money. The author analyzes the state of the dollar, credit issues and global markets.
Peter Schiff. Crash Proof. A rare book that provides not only an analysis of the situation, but also ways to protect against a crisis.
Sources in Russian
The publishing house "Mann, Ivanov and Ferber" very quickly translated the American bestseller of recent months - the book by George Soros "The New Paradigm of Financial Markets". Soros talks about his own experience in the financial market over the past 55 years and, based on it, makes a forecast of the market development after 2008. Soros argues that the global financial system was built on the basis of false assumptions, and offers his concept that allows you to understand the mechanisms of the functioning of financial markets in a new way. Soros believes that markets move with the same frequency both to the point of theoretical equilibrium, and from it, and sometimes they can fall under the influence of processes, first self-developing, and then self-destructive.
By the way, back in 2004, Alpina Business Books published Soros's book “The Bubble of American Superiority. Where should American power be directed. " In it, a well-known financier, researching the US economy and politics, came to the conclusion that the situation is developing according to the “soap bubble” scenario, which is observed from time to time in the stock markets. Even then, he came to the conclusion about the perniciousness of George W. Bush's domestic and foreign policies and offered his own vision of the development of events.
To understand that nothing animal is alien to a person, it makes sense to look into the book by Terry Burnham "Sneaky Markets and the Lizard Brain: How to Make Money Using Knowledge of the Causes of Manias, Panic and Crashes in Stock Markets", published by Eksmo Publishing House. It reveals the biological causes of irrational human behavior and explains their impact on investment preferences.
In our opinion, it is imperative to read “The Age of Shocks. Problems and Prospects of the World Financial System ”- a book by Alan Greenspan, who headed the US Federal Reserve System for over 18 years. It is a global economic analysis based on the personal experience and worldview of a consistent defender of the market system: principles of governance dating back to the Enlightenment; energy infrastructure; global financial imbalance and fundamental changes in the world demographic situation that pose a threat to the further development of society; concerns about equitable distribution of results. In conclusion, the author tries to imagine what the nature of the global economy will be in 2030. The book was published by Alpina Business Books.
If you are interested in the opinion of a financier who denies market efficiency and believes that high liquidity is bad for his company's stock, then you should read Warren Buffett, Essays on Investment, Corporate Finance and Company Management. The translation was made by the publishing house "Alpina Business Books".
And the most recent book novelty: Jeffrey Pfeffer, "Management Wisdom Born from the Mistakes of Top Managers." Publishers ("Eksmo") dates back to 2009, but appeared in book networks in December.
Must read
George Soros. "New paradigm of financial markets"
Alan Greenspan. “The era of shocks. Problems and Prospects of the World Financial System "
Warren Buffett. "Essays on Investment, Corporate Finance and Company Management"
Jeffrey Pfeffer. "Management wisdom, born of the mistakes of top managers"
Terry Burnham. "Dastardly Markets and the Pangolin Brain: How to Make Money Using Knowledge of the Causes of Manias, Panic and Crashes in Stock Markets"
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