This is an accessible and thorough review of the international financial markets. Life in the Financial Markets: How They Really Work And Why They Matter To You offers the financial services professional, and anyone interested in knowing more about the profession, an entertaining and comprehensive analysis of the financial markets and the financial services industry. Written by Daniel Lacalle - a noted portfolio manager with EcoFin and well-known media personality - the book goes beyond a simple summary and offers solid advice on the future of the global financial markets. This great resource also includes a review of effective strategies and forecasts the trends that represent potential opportunities for investors. The book reviews the recent history of the financial crisis and includes information on hot topics such as derivatives and high frequency trading. An in-depth section on investment banking is written from the perspective of a successful practitioner and provides clarity on several complex and overly politicized elements of the banking system. The author gives an expert's perspective on the debt markets, monetary policies, and quantitative easing, and helps explain the various issues surrounding sovereign debt, the Euro crisis, and austerity versus growth policies. Comprehensive in scope, this resource also offers an analysis of investment styles, from hedge funds to "long only" investments, as well as an in-depth look at corporate communication and its impact on markets and investments. It offers an engaging and comprehensive analysis of the financial services industry. It includes information on the workings of the global financial system following the economic crisis. It contains a review of complex banking systems. It analyzes the various investment styles and answers the most common questions pertaining to investing.
Preface xi Acknowledgements xiii PART I The financial markets: Who they are, what they are, how they work 1 Chapter 1 Thinking against the box 3 Chapter 2 The financial market: Complex and volatile 9 Chapter 3 Welcome to London 25 Chapter 4 The market doesn t attack, it defends itself 37 Chapter 5 The Lehman crisis and the change in mentality: Habits and customs 43 Chapter 6 Traders, robots and speculators 55 PART II The debt crisis and the great lie of free money 71 Chapter 7 The debt market 73 Chapter 8 Welcome, investors! 83 Chapter 9 The European and sovereign debt crises 85 Chapter 10 Credit-rating agencies 95 Chapter 11 When the problem only seemed to be Greece 99 Chapter 12 Why was the break-up of the euro feared? 105 Chapter 13 Evil speculators: Someone else is to blame 111 Chapter 14 Snowballing debt 115 Chapter 15 The damned risk premium 119 Chapter 16 Derivatives: Weapons of mass destruction? 125 Chapter 17 The illusion of easy money: The investment banks and the great deception 131 Chapter 18 Stimulus policies and kicking the can down the road 137 Chapter 19 Lies and mistakes of the debt crisis 147 Chapter 20 Economic liberty and austerity 165 PART III Hedge funds and the stock market 173 Chapter 21 Hedge funds: The bad guys of the economic crisis? 175 Chapter 22 Active management 181 Chapter 23 Critics and reality 185 Chapter 24 Strategies 187 Chapter 25 Building portfolios 193 Chapter 26 Closeness makes the heart grow fonder: How to identify investment opportunities 197 Chapter 27 Short positions in a portfolio 203 Chapter 28 Banning short selling and the Tobin tax 207 Chapter 29 Recommendations 211 Chapter 30 The long-term illusion and the opportunity of value investing 223 Chapter 31 A strange case: Companies with politicians 231 Chapter 32 Communication with the market and attractiveness to investors 239
Chapter 33 Why invest in a hedge fund? 245 Chapter 34 Ten golden rules for investing 249 Chapter 35 Warning phrases and comments 253 Chapter 36 Books, films and music about the market 259 Chapter 37 A day in the life of an investment fund 263 Chapter 38 Farewell 271 Update to 3rd edition 275 Recommended reading 285 Index 287
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