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Too Smart for Our Own Good

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How investment strategies designed to reduce risk can increase risk for everyone-and can crash markets and economies

Financial crises are often blamed on unforeseeable events, the unforgiving nature of capital markets, or just plain bad luck. Too Smart for Our Own Good argues that these crises are caused by certain alluring investment strategies that promise both high returns and safety of capital. In other words, the severe and widespread crises we have suffered in recent decades were not perfect storms. Instead, they were made by us. By understanding how and why this is so, we may be able to avoid or ameliorate future crises-and maybe even anticipate them.

One of today's leading financial thinkers, Bruce I. Jacobs, examines recent financial crises-including the 1987 stock market crash, the 1998 collapse of the hedge fund Long-Term Capital Management, the 2007-2008 credit crisis, and the European debt crisis-and reveals the common threads that explain these market disruptions. In e


Lukija: John Gagnepain
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