Life in the Financial Markets: How They Really Work And Why They Matter To You b

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A review of the international financial markets. It offers the financial services professional, a comprehensive analysis of the financial markets and the financial services industry. It also includes a review of effective strategies and forecasts the trends that represent potential opportunities for investors.

FORMATHardcover LANGUAGEEnglish CONDITIONBrand New Publisher Description

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. Offers an engaging and comprehensive analysis of the financial services industryIncludes information on the workings of the global financial system following the economic crisisContains a review of complex banking systems Analyzes the various investment styles and answers the most common questions pertaining to investing

Back Cover

Most of the economic news that reaches market participants is reactive: it only explains what has happened. What's more, this information is belated, filtered, often massaged and sometimes tainted by politics and social relations. In times of crisis "speculators" all too often take the blame for economic downturns both in the media and in political discourse. Life in the Financial Markets offers financial services professionals, as well as anyone interested in the topic, an accessible and provocative guide to the functioning of the financial system. Written by Daniel Lacalle--a senior portfolio manager and contributor to the Wall Street Journal and CNBC-- Life in the Financial Markets passionately defends the honesty, seriousness and above all the essential and irreplaceable role that financial operators play in today's economy. Lacalle also includes a diagnosis of the economic crisis, that may be considered by some as controversial, but which offers a hopeful and honest way out of our current problems. Lacalle explores the recent history of the market and the financial crisis and touches on hot topics such as derivatives, high frequency trading, and investment banking. Viewed from the perspective of a successful practitioner, Lacalle provides clarity on some complex and very politicised elements of the banking system including the debt market, monetary policies, and quantitative easing. In accessible terms, Life in the Financial Markets explains the impact of, as well as the different issues surrounding, sovereign debt, the European crisis, and austerity versus growth policies. Based on his experience, Daniel Lacalle lambasts some of the myths surrounding the activity of hedge funds and financial operators, offers his take on the causes of the current crisis and includes ways to resolve them. Among other controversial ideas, Life in the Financial Markets argues persuasively that traders do not act outside the law; access to the investor's pocket is not anyone's right, not even that of a government; liquidity alone is not enough to tackle the current crisis; consensus assessment poses a danger to the investor; and the currency markets always impose the fundamentals. This important resource provides ideas and recommendations for negotiating the financial sectors and offers suggestions to investors for making their own investment decisions.

Flap

Most of the economic news that reaches market participants is reactive: it only explains what has happened. What's more, this information is belated, filtered, often massaged and sometimes tainted by politics and social relations. In times of crisis "speculators" all too often take the blame for economic downturns both in the media and in political discourse. Life in the Financial Markets offers financial services professionals, as well as anyone interested in the topic, an accessible and provocative guide to the functioning of the financial system. Written by Daniel Lacalle--a senior portfolio manager and contributor to the Wall Street Journal and CNBC-- Life in the Financial Markets passionately defends the honesty, seriousness and above all the essential and irreplaceable role that financial operators play in today's economy. Lacalle also includes a diagnosis of the economic crisis, that may be considered by some as controversial, but which offers a hopeful and honest way out of our current problems. Lacalle explores the recent history of the market and the financial crisis and touches on hot topics such as derivatives, high frequency trading, and investment banking. Viewed from the perspective of a successful practitioner, Lacalle provides clarity on some complex and very politicised elements of the banking system including the debt market, monetary policies, and quantitative easing. In accessible terms, Life in the Financial Markets explains the impact of, as well as the different issues surrounding, sovereign debt, the European crisis, and austerity versus growth policies. Based on his experience, Daniel Lacalle lambasts some of the myths surrounding the activity of hedge funds and financial operators, offers his take on the causes of the current crisis and includes ways to resolve them. Among other controversial ideas, Life in the Financial Markets argues persuasively that traders do not act outside the law; access to the investor's pocket is not anyone's right, not even that of a government; liquidity alone is not enough to tackle the current crisis; consensus assessment poses a danger to the investor; and the currency markets always impose the fundamentals. This important resource provides ideas and recommendations for negotiating the financial sectors and offers suggestions to investors for making their own investment decisions.

Author Biography

DANIEL LACALLE is an economist, fund manager and certified financial analyst overseeing equities, bonds and commodities. He holds a postgraduate degree in IESE and a master's degree in economy investigation. Mr Lacalle was voted Top 3 Generalist and Number 1 Pan-European Buyside Individual in Oil & Gas in Thomson Reuters' Extel Survey in 2011, the leading survey among companies and financial institutions. Author of two best-selling books Nosotros los Mercados and Viaje a la Libertad Económica, now in its fifth and third edition respectively, as well as The Energy World Is Flat (Wiley, 2015, with Diego Parrilla).

Table of Contents

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 and films about the market 259 Chapter 37 A day in the life of an investment fund 263 Chapter 38 Farewell  271 Euro-crisis and "exceptions" 275 Recommended reading 285 Index 287

Long Description

PRAISE FOR LIFE IN THE FINANCIAL MARKETS This work, originally published in Spanish, has been translated by Mark Lodge. "Refreshing and transcending, all at once. In a world loaded with theoretical market opinions, we finally get a view from a credible market practitioner. Lacalle gets it because he does it, every day." Keith R. McCullough, Chief Executive Officer, Hedgeye Risk Management "Accessible and easy to read, but also thorough and rigorous. This book will be an excellent read for anyone wanting to understand financial markets, monetary policies and investing." Lex Van Dam, Trader/Partner, Hamstead Capital "Lacalle has used his first-hand experiences to give a dose of reality and demystify the markets and the hedge fund industry. He cuts through the jargon and has given insight into how the markets and the real-world economy interlink. Lacalle shows us that the key ingredients that led to the last financial crisis, ie huge debt levels, are still with us now and could set the scene for the next one." Steve Sedgwick, Host, Squawk Box CNBC "Intimate, insightful, inspiring. Daniel Lacalle, a top commentator and fund manager, explains in layman's terms how financial markets actually work by adding his unique personal perspective. A page-turner." Francisco Blanch, Managing Director/Head of Commodity Research, Bank of America-Merrill Lynch

Details ISBN1118914872 Publisher John Wiley & Sons Inc Year 2014 ISBN-10 1118914872 ISBN-13 9781118914878 Format Hardcover Imprint John Wiley & Sons Inc Place of Publication New York Country of Publication United States DEWEY 332.042 Media Book Edition 1st Publication Date 2014-11-21 Short Title LIFE IN THE FINANCIAL MARKETS Language English Subtitle How They Really Work And Why They Matter To You UK Release Date 2014-11-21 AU Release Date 2015-01-20 NZ Release Date 2015-01-20 Author Daniel Lacalle Audience Professional & Vocational US Release Date 2014-11-21 Pages 320 We've got this

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