Mei 03, 2018
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PDF Ebook Too Smart for Our Own Good: Ingenious Investment Strategies, Illusions of Safety, and Market Crashes
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Too Smart for Our Own Good: Ingenious Investment Strategies, Illusions of Safety, and Market Crashes
PDF Ebook Too Smart for Our Own Good: Ingenious Investment Strategies, Illusions of Safety, and Market Crashes
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Review
"Jacobs' book is a thoughtful review of the incidents it covers, making vivid some matters which have faded a bit in history, and giving context to matters that remain all too vivid." --Christopher Faille, AllAboutAlpha"Jacobs recognizes that the crash-inducing strategies and products of the future will be different from those that caused problems in the past. He remains convinced, however, that they will share the same fundamental characteristics. Forewarned is forearmed."--Brenda Jubin, Reading the Markets"Too Smart for Our Own Good provides one of the most comprehensive, readable, and useful descriptions of portfolio insurance and the Crash of 1987 that has yet been published. It also provides detailed and intensive coverage of many other bubbles and crashes, especially of the housing boom and bust of 2007-08. But its most important and central point is that risk can be either shared or shifted, but not ever entirely eliminated from the financial system. This is a crucial insight that is widely ignored or overlooked by investors, bankers, and 'quants' when a bubble is in its later stages of development." --Harold L. Vogel, author of Financial Market Bubbles and Crashes: Features, Causes, and Effects, Second Edition
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From the Back Cover
“Bruce Jacobs explains when a crash is likely. Buy this book today and be forewarned.â€â€•Elroy Dimson, Professor of Finance, Cambridge Business School“Bruce Jacobs takes a close look at financial blowups over four decades and finds a common element: risk management and investment strategies that appear benign but pose dire systemic risks.â€â€•Greg Feldberg, Director of Research, US Financial Crisis Inquiry Commission“Too Smart for Our Own Good is a remarkable combination of decades of hands-on wisdom with astute analytical insight on a topic that is vital not only to the world of finance, but also to the world at large.†―Geoffrey Garrett, Dean, The Wharton School “Bruce Jacobs has produced an important and timely book that explains the common themes that underlie these disruptive events and offers the possibility of avoiding them in the future.†―Richard Lindsey, former Director of Market Regulation and Chief Economist of the SEC“Bruce Jacobs explains in clear and often gripping ways how leverage, opacity, and complex investment strategies contributed to market meltdowns.â€â€•Frank Partnoy, Author of F.I.A.S.C.O. and Infectious Greed“I heartily recommend this latest book by Bruce Jacobs to better understand and anticipate market crashes.†―Robert Ploder, former Senior Investment Manager, IBM Retirement Funds“New Jersey money manager Bruce I. Jacobs writes in the Financial Analysts Journal that when financial products sold as risk reducers become big hits with investors, the institutions offering them become more prone to risk that they themselves cannot diversify away or hedge. This risk then could rear up and bite deeply during periods of extreme economic volatility. ‘The end result can be catastrophic,’ Jacobs warns.†―William P. Barrett, in “Weapons of Mass Panic,†Forbes, March 15, 2004“What a great time for Bruce Jacobs to bring us Too Smart for Our Own Good: Ingenious Investment Strategies, Illusions of Safety, and Market Crashes. We are in the middle of yet another behaviorally driven market cycle and can use his sage advice and keen observations to help us navigate through it. Jacobs argues that investment products have the potential to interact in damaging ways with investor psychology. He also discusses the classic behavioral error of trend-following trading. The lessons learned from the past can be applied to today’s trend-following themes: disruptive innovation, machine learning and crypto-currency. This is a timeless book that arrives just in time.†―Brian Bruce, Editor, The Journal of Behavioral Finance“Bruce Jacobs has the knowledge, experience, energy, and enthusiasm to draw keen insights from financial market disruptions such as the 1987 market crash and the 2007-2008 credit crisis. Too Smart for Our Own Good finds the common threads among the investment strategies and products that were supposed to be risk reducing, but instead gave rise to these and other market crises.â€â€•Barry Burr, former Editorial Page Editor, Pensions & Investments “Too Smart for Our Own Good covers most of the financial disasters in the last part of the 20th century and the beginning of the 21st century. Bruce Jacobs was there and knows what he is talking about. The coverage is thorough and isolates the critical issues. There are several threads that link these disasters together such as liquidity squeezes/freezes, complexity and obscurity of investment instruments, leverage, nifty math, and a lot of hubris. Which leaves the reader asking how could so many talented investors make such huge mistakes? The answer, of course, is complicated, and this book will help you understand what happened and why.†―Jon A. Christopherson, Research Fellow Emeritus, Russell Investments “Bruce Jacobs explains when a crash is likely: It’s when the economy is strong and risks appear to be low. Buy this book today and be forewarned.â€â€•Elroy Dimson, Professor of Finance, University of Cambridge, Judge Business School, and Emeritus Professor, London Business School“Bruce Jacobs’s insightful analyses of financial crises will alert readers to how some financial instruments and strategies can mask investment risk and lead to excessive leverage. The end result can be forced selling to meet margin calls and a collapse of liquidity and prices. One remedy suggested by Jacobs is to incorporate investors’ natural aversion to leverage risk into portfolio decision making. Investors and financial institutions would do well to heed the warnings in this book.†―Frank J. Fabozzi, Professor of Finance, EDHEC Business School, and Editor, The Journal of Portfolio Management “Bruce Jacobs takes a close look at financial blowups over four decades and finds a common element: risk management and investment strategies that appear benign at the micro level but pose dire systemic risks at the macro level. This is an important lesson as memories of the global financial crisis start to fade.â€â€•Greg Feldberg, Director of Research, Financial Crisis Inquiry Commission, United States of America“Too Smart for Our Own Good is a remarkable combination of decades of hands-on wisdom from a great investor with astute analytical insight born of detailed research―on a topic that is vital not only to the world of finance, but also to the world at large.†―Geoffrey Garrett, Dean, The Wharton School of the University of Pennsylvania“A central theme of Bruce Jacobs’s new book is the importance of understanding the relationship between the actions of those in the financial marketplace―financial institutions, financial advisers, regulators, and investors―and their consequences. The increasing frequency of market crashes is a clarion call for a thorough investigation of the causes of market fragility. Too Smart for Our Own Good offers a critical analysis that is of paramount importance for all of us.â€â€•Michael Gibbons, Deputy Dean, I. W. Burnham Professor of Investment Banking, The Wharton School of the University of Pennsylvania“Wall Street’s equivalent of the movie Nightmare on Elm Street – Part 10. Portfolio insurance/dynamic hedging, the Freddy Krueger of the 1987 stock market crash, is back again with the recent growth of options and swaps. Jacobs builds the case for how portfolio insurance and dynamic hedging exacerbated the 1987 crash and points out that dynamic hedging has played a similar role in recent periods of market volatility. And he draws unsettling parallels to the market turbulence surrounding the collapse of Long-Term Capital Management: the forced selling of overleveraged arbitrage positions, the ‘illusion’ of market liquidity, and the frontrunning by competing traders.â€â€•Robert Glauber, Executive Director, Brady Commission and former Under Secretary of the Treasury, endorsement for Jacobs’s earlier work, Capital Ideas and Market Realities: Option Replication, Investor Behavior, and Stock Market Crashes“Bruce Jacobs, a prescient, early critic of portfolio insurance, has turned his attention to the series of financial market disasters since the crash of 1987. He identifies the flaws in a variety of strategies and instruments intended to increase returns and reduce risks that have perversely increased the fragility of the financial system. Jacobs combines an expert practitioner’s understanding of complex financial instruments with insights from analytic and behavioral finance to provide lucid explanations of the logical flaws in these approaches. This is a highly readable account of a series of innovations that proved too clever by half.†―Richard J. Herring, Jacob Safra Professor of International Banking, and Director, Wharton Financial Institutions Center, The Wharton School of the University of Pennsylvania “Bruce Jacobs demonstrates effectively that trend-following strategies like portfolio insurance are fair-weather techniques that may add to, rather than minimize, troubles when a major crash occurs.â€â€•Charles P. Kindleberger, author of Manias, Panics, and Crashes: A History of Financial Crises, endorsement for Jacobs’s earlier work, Capital Ideas and Market Realities: Option Replication, Investor Behavior, and Stock Market Crashes“It has been said that history is the sum total of things that could have been avoided. That statement has never been truer than when applied to the history of financial crises. Too often financial innovation, marketed by Wall Street firms as a means to reduce or control risk, actually creates or exacerbates other, unforeseen, risks. Bruce Jacobs has produced an important and timely book that explains the common themes that underlie these disruptive events and offers the possibility of avoiding them in the future. It will be of inestimable, and equal, value to practitioners, regulators, and the academic community.†―Richard Lindsey, former Director of Market Regulation and Chief Economist of the Securities and Exchange Commission“Bruce Jacobs, an investment manager who predicted before the 1987 crash that portfolio insurance would trigger chain-reaction selling, recently forecast that option-strategies (‘the sons of portfolio insurance’) would play a similar, though more muted, role in a future debacle. Monday [October 27, 1997] provided damning evidence.†―Roger Lowenstein, in The Wall Street Journal, November 6, 1997“This is the book investors should read today to be prepared for the next crash, which is certain to come.†―Edward M. Miller, former Professor of Economics and Finance, University of New Orleans“In Too Smart for Our Own Good, Bruce Jacobs brings his extensive experience and expertise as a financial analyst and commentator to bear on the increasingly important, and frequent, problem of financial crises. He weaves together stories of various crises since the 1980s and explains in clear and often gripping ways how leverage, opacity, and complex investment strategies contributed to market meltdowns. He also shines a light on the often-neglected conflicts of interest among market professionals and in academia. Anyone who wants markets to be safer and more stable should harken to Jacobs’s words of wisdom.â€â€•Frank Partnoy, Author of F.I.A.S.C.O. and Infectious Greed, and Professor of Law, University of California, Berkeley“Black Swan events seem to be occurring all too frequently in markets. Have we forgotten that market returns are not normally distributed but instead reflect the fat tails we read about but never quite take into consideration? I heartily recommend carefully reading this latest book by Bruce Jacobs. Doing so will make you better able to understand and anticipate market crashes. Every one of Jacobs’s publications has offered the reader excellent documentation and reasoning as to what happened, why it happened, and the likelihood of it happening again.â€â€•Robert F. Ploder, former Senior Investment Manager, IBM Retirement Funds“Bruce Jacobs makes a strong case for admitting that financial crises are created by activities within financial markets, not by external factors, nor by a confluence of bad luck. His main message can be paraphrased using the words from a well-known 1970 Earth Day poster, namely, ‘we have met the enemy and he is us.’ Jacobs does a splendid job of connecting the dots of the causes of crises and suggests how we can think about the daunting task of ‘taming the tempest.’â€â€•Hersh Shefrin, Mario L. Belotti Professor of Finance, Leavey School of Business, Santa Clara University“Every fiduciary should read this book. Investors have too often been taken in by promotions appealing to their basic human instincts of fear and greed. Bruce Jacobs shows how supposedly low-risk, seemingly infallible investment strategies can backfire. His views on portfolio insurance helped steer our profit-sharing fund away from that craze in 1987. Today, especially in light of the Long-Term Capital Management fiasco, investors should know what Jacobs has to say about derivatives trading strategies and market crashes.†―John E. Stettler, Vice President-Benefit Investments, Georgia-Pacific Corporation, endorsement for Jacobs’s earlier work, Capital Ideas and Market Realities: Option Replication, Investor Behavior, and Stock Market Crashes“In this very thoughtful and comprehensive book, Bruce Jacobs takes the reader on a tour of the financial markets and the market crises we have lived through. One key piece of advice is to be wary of so-called experts, no matter how smart they are. I highly recommend this well researched and written book.â€â€•William T. Ziemba, Professor Emeritus, University of British Columbia
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Product details
Hardcover: 464 pages
Publisher: McGraw-Hill Education; 1 edition (December 5, 2018)
Language: English
ISBN-10: 1260440540
ISBN-13: 978-1260440546
Product Dimensions:
6.2 x 1.5 x 9.2 inches
Shipping Weight: 1.5 pounds (View shipping rates and policies)
Average Customer Review:
5.0 out of 5 stars
3 customer reviews
Amazon Best Sellers Rank:
#562,324 in Books (See Top 100 in Books)
Excellent book for those who want to learn about the underlying root causes and unifying factors for three major bubbles that lead to severe financial collapses during the last thirty years. The premise of the book is that financial crises are not unforeseeable, inexplicable, or inherent characteristics of capital markets. The investors’ hope and fear are, of course, factors that help create bubbles. But beyond that, the crises in 1987 (black Monday), 1998 (demise of Long-Term Capital Management), and 2007-2008 (mortgage credit crisis) were fed by: unwitting reliance on obscure mathematical models with unadvertised limitations; absence of transparency by financial institutions offering questionable products; false illusions of investor safety which allowed risky leveraging (investment with borrowed money); and also, in some cases, conflicts of interest. Readers of this book may range from people interested in financial markets (e.g. casual Wall Street Journal readers), to individual investors, portfolio and estate managers, even to investment firm managers who did not fully understand the mechanics of mortgage securitizations, the unfolding of which lead to a great recession in 2008-2009. For those with lesser finance background, the author affords extensive tutorial sections and a comprehensive glossary with definitions for all the technical terms used. For those better versed in finance, the author explains the emergence of questionable financial products, and their path to collapse. Some readers may find some parts challenging, but still will not be disappointed in understanding how these financial collapses were germinated, and may be able to recognize similar future reoccurrences.
A decade after the Great Financial Crisis, professional and lay people alike are still debating the causes and likelihood of a recurrence. If you only read one book on how panics arise, make it this one! The author, Bruce Jacobs, is a seasoned practitioner having founded a highly successful asset management firm. He also has a strong academic background with a doctorate in finance from the Wharton School. This is a well written, thoroughly researched, insightful work that will educate readers on how understanding the pitfalls of past financial crises can help avoid ones in the future.
A fascinating look at the market crashes that many of us remember too well. As behavioral finance theory points out, investors often do things that are at odds with their own rational self-interests. The author adds a new - and very important - human quirk to the list I thought I knew. When investors think they've hedged their portfolio, they also think they're bulletproof and take on more risk than they would have otherwise. I especially liked the author's memo to his employer in the 1980s warning them about jumping on the index options/futures bandwagon, and the ads from prominent financial firms hyping an ill-fated strategy. Well worth the read - especially if you have a basic understanding of investing.
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