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by James Grant

eBook Mr. Market Miscalculates: The Bubble Years and Beyond download ISBN: 1604190086
Author: James Grant
Publisher: Axios Press; First Edition edition (November 7, 2008)
Language: English
Pages: 430
ePub: 1363 kb
Fb2: 1876 kb
Rating: 4.5
Other formats: txt mobi docx lrf
Category: Work and Money
Subcategory: Finance

James Grant's Mr. Market Miscalculates may well be the most perceptive book on the current financial crisis yet published. What is most impressive is that almost all of it was written years before the crisis finally struck in July last year

James Grant's Mr. What is most impressive is that almost all of it was written years before the crisis finally struck in July last year. Grant's views on the markets are well-known and consistent. A strong critic of the decision to take the dollar off the gold standard in 1971, he has used Grant's Interest Rate Observer, which he founded 25 years ago, to criticise the money-printing policies of the Federal Reserve. He has earned a steady and loyal following.

James Grant's Mr.

Market Miscalculates book. Goodreads helps you keep track of books you want to read. Start by marking Mr. Market Miscalculates: The Bubble Years and Beyond as Want to Read: Want to Read saving. Market Miscalculates: The Bubble Years and Beyond as Want to Read: Want to Read savin. ant to Read.

Find many great new & used options and get the best deals for Mr Market Miscalculates by James Grant . The how we got here is brilliantly described in a collection of pieces from Grants Interest Rate Observer, the Wall Street insiders Bible

The how we got here is brilliantly described in a collection of pieces from Grants Interest Rate Observer, the Wall Street insiders Bible. The where we are going is treated in Jim Grants up-to-the-minute introduction. No fan of Greenspan or Bernanke, Grant tells the unvarnished truth about America. Read full description. See details and exclusions.

Market Miscalculates is a collection of his essays published in Grant’s Interest Rate Observer over the last decade. Grant, who obviously learned his economics and history well, looks askance at Greenspan’s beliefs. For one thing, there is nothing to fear from deflation. While most financial writers credulously accept the notion that central banks must regulate economic activity and are mesmerized by the oracular mutterings of Federal Reserve chairmen, Grant treats it all with disdain.

Why is America in financial crisis today? This book, better than any to date, explains it all-how we got here and where we are going. The how we got here is brilliantly described in a collection of pieces from Grant's Interest Rate Observer, the Wall Street insider's Bible. The where we are going is treated in Jim Grant's up-to-the-minute introduction.

James Grant (born 26 July 1946) is an American writer and publisher. 2008: Mr. Market Miscalculates: The Bubble Years and Beyond. 2011: Mr. Speaker!: The Life and Times of Thomas B. Reed The Man Who Broke the Filibuster.

James Grant’s Mr. The Providence Journal. Minding Mister Market: Ten Years on Wall Street with Grant's Interest Rate Observer

James Grant’s Mr. What is most impressive is that almost all of it was written years before the crisis struck in July last year. Bernard Baruch: The Adventures of a Wall Street Legend. Minding Mister Market: Ten Years on Wall Street with Grant's Interest Rate Observer. filled with lucid observations.

Who would benefit from the book? Those that have assumed that neoclassical economics adequately explains the way our economy works. Those that want to understand how monetary policy really works, or doesn’t. Those that want to learn about equity or fixed income value investing from a quirky but accurate viewpoint.

Why is America in financial crisis today? This book, better than any to date, explains it all-how we got here and where we are going. The how we got here is brilliantly described in a collection of pieces from Grant's Interest Rate Observer, the Wall Street insider's Bible. The where we are going is treated in Jim Grant's up-to-the-minute introduction. No fan of Greenspan or Bernanke, Grant tells the unvarnished truth about America.
Comments: (7)
Jake
This is my first contact with Grant, the editor of "Grant's Interest Rate Observer". I just wish I had been a subscriber since 2000 and one who would have acted on what he said. Not since I read Winston Churchill's, "The Gathering Storm" have I read a book that shows such prescience and gives over and over the warnings of a boding calamity that, if the warnings had been heeded, could have been lessened in intensity if not prevented.

But one great mind is never able to sway leaders and politicians bent upon a self serving course of affairs, be it conquest on one side vs appeasement on the other or in the financial world greed/financial power on one hand vs political power and its misuse on the other.

His article of 8/11/2006 predicts, "the long -provoked national bear market[in housing]already underway."
The article of 9/22/2006,"Age of Aquarius", describing CDO's and subprime mortgages in general as well as,"ACA Aquarius 006-1 is a $2 billion,mezzanine-structured, hybrid collateralized debt obligation, or CDO." in particular makes one wonder how these impossibly complex and unsound instruments ever floated. But greed and the fear of not getting in on easy money makes people do amazing things. This is the one chapter we all should memorize.

He nails the big banks like GS, C, and defunct Merrill as well as their sometimes nefarious CEOs like Ruben and Paulson who obtained great political as well as financial power or ones like O'Neal, and Thain who broke their companies and gives a new(to me) inside view of Alan Greenspan that shows him to be merely mortal and sometimes pretty fallible too.

A great read and fun to see his humor poke the 'questionable' guys. The cartoons of Hank Blaustein are a lesson in themselves as well as humorous.
I just wish I could afford a subscription to the newsletter.
Axebourne
This is an excellent compilation of articles from Mr. Grant's newsletter. I have the perverse habit of reading articles from various sources that were published just prior to the Great Credit Crisis. It helps me sort out the charlatans from those worth listening to. It is entertaining to go back and read what various "experts" had to say 7-8 years ago. Their convictions today are hardly tempered by the fact that they got everything wrong in the past (I am talking to you Hassett and Wallison).

Reading through Mr. Grant's articles published in 2005 and 2006 you will realize just how prescient he was in foretelling the calamities that would be wrought by the supposed "risk diversifiers" created by Wall Street (CDOs, CDSs etc...). He also spelled out clearly how amazingly cheap it would be to effectively short these creations; which of course several people did (Paulson, Bass, etc..).

Mr. Grant falls short, though, when predicting rising bond yields and inflation as a consequence of the Fed mop up of the credit crisis. This is a perennial fixation of his and I suppose he will be right eventually. And just in case he is I went out and bought some gold mining stocks which currently are at ten year lows.

Most importantly the book is really fun to read. Complex subjects like synthetic CDOs are broken down and made easy to understand often with a bit of the wry humor that is Mr. Grant's signature.
Hinewen
Beware: This book inspired me to subscribe to Grant's Interest Rate Observer. That is about $1000 a year, so be very careful.

This is a carefully curated selection of articles from Grant's IRO, a bi-weekly financial newsletter. Most of these contain large amounts of timeless wisdom, though a few are detailed explanations of his stock picks (which have since expired). Every article is incredibly thoughtful and thorough - the absolute pinnacle of financial writing as far as I have seen.

You may not agree with his views, but his analysis is so detailed and considerate that even the most opinionated pieces are useful lessons in analysis. Being able to see the data and trends that he finds useful in analysis is worth a semester in college itself. The analysis is worth thousands of dollars if it were current, and provides valuable lessons still.

In summary, reading this book is an excellent education in itself. You get exposure to one of the greatest minds in finance today at a very low cost. Absolutely superb.
Rollers from Abdun
Interesting book for those who wonder how we messed up our financial system. Book consists of 60 articles/essays by Grant, originally written during the years 1999-1Q08, so it takes you back in time to when the bubble was inflating. Each article is 6-10 pages long, so ordinary readers who normally avoid reading economics can enjoy and finish each one, plus Grant is a witty/skillful writer. Biggest revelation is Grant's plain-English criticism of Alan Greenspan's policies (made during Greenspan's reign). We all know the "Maestro" kept rates too low too long, now we see why. Makes you wonder why Congress and the public treat Fed chairmen with fawning exaltation.
Giamah
I haven't finished the book - but I have greatly enjoyed what I have read so far.

And yes, it is a compilation of old bi-monthly written reviews from Grant's Interest Rate Observer, and it is a recently selected compilation.

perhaps that means that the less perspicacious reviews were left out and as such we are seeing the author as smarter than he really was.

but regardless, I have enjoyed and learned from the reviews that have been printed in this book - and I believe that I am seeing the present world and possible future worlds a little more clearly as a result of what I have been reading in this book...

I heartily recommend it.