Bonds Are Not Forever - Lack Simon A. | Libro John Wiley & Sons 10/2013 - HOEPLI.it


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Bonds Are Not Forever The Crisis Facing Fixed Income Investors




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Dettagli

Genere:Libro
Lingua: Inglese
Pubblicazione: 10/2013





Note Editore

For over thirty years, since interest rates peaked in the 1980s, two powerful economic forces have been at work. The steady fall in interest rates and inflation helped bring about a dramatic growth in debt, by both governments and individuals. This culminated in the real estate led boom and bust in 2007-08, following which government debt levels exploded as they sought to offset the sharp fall in economic activity. The other big story during this time has been the growth in financial services, as banks, brokers and Wall Street, pushed on by decreasing regulation, came to represent a bigger share of employment and the economy. Both of these trends, debt and a financial sector that are both bigger than we need, are changing the paradigm for savers. The consequences are likely to be unfriendly to bond investors through disappointing future returns as well as greater populist-driven acceptance of inflation as a cheap way to devalue money owed by the majority to the minority. Although bonds have been a great investment for many, future returns are highly likely to be negative after taxes and inflation. The author shows why, by linking the growth in financial markets and debt and drawing comparisons with other times in history. Consequently, the case for selecting certain sectors of the equity market for the long term is compelling. By working in Finance for more than 30 years the author draws on many anecdotes to provide a grass roots view that complements the high level perspective being described. Readers of this book will: Gain a different perspective about the debt build up that led to the 2007-08 crash, that links falling interest rates with a growing financial sector that helped increase debt levels at many levels of society Follow the personal experience of one observer to this history through illustrative and sometimes amusing anecdotes Consider the combination of budget pressure and growing political populism that is moving against Wall Street and is more friendly to borrowers than lenders Learn how to invest their savings to avoid the worst risks facing the fixed income market




Sommario

An up-close look at the fixed income market and what lies ahead Interweaving compelling, and often amusing, anecdotes from author Simon Lack's distinguished thirty-year career as a professional investor with hard economic data, this engaging book skillfully reveals why Bonds Are Not Forever. Along the way, it provides investors with a coherent framework for understanding the future of the fixed income markets and, more importantly, answering the question, "Where should I invest tomorrow?" Bonds Are Not Forever chronicles the steady decline in interest rates from their peak in the 1980s and the concurrent drop in inflation during that period. Lack explains how those two factors spurred a dramatic growth in borrowing among both governments and individuals. Along the way, Lack describes how a financial industry meant to provide capital needed to drive productivity and economic growth became disconnected from Main Street and explores the grave economic, social, and political consequences of that disconnect. Provides practical solutions for avoiding the risk of falling bond markets and guaranteed negative real returns on savings Explains how the bursting of the real estate bubble in 2007-2008 led to massive borrowing by governments as they attempted to offset a sharp fall in economic activity Details how the trends of exploding debt and a financial sector that has grown much bigger than it needs to be have dramatically changed the game for savers Offering a uniquely intimate, yet analytically thorough look at the coming fixed income crisis, Bonds Are Not Forever is must reading for investment professionals, as well as retail investors and their advisors.




Trama

An up-close look at the fixed income market and what lies ahead

Interweaving compelling, and often amusing, anecdotes from author Simon Lack's distinguished thirty-year career as a professional investor with hard economic data, this engaging book skillfully reveals why Bonds Are Not Forever. Along the way, it provides investors with a coherent framework for understanding the future of the fixed income markets and, more importantly, answering the question, "Where should I invest tomorrow?"

Bonds Are Not Forever chronicles the steady decline in interest rates from their peak in the 1980s and the concurrent drop in inflation during that period. Lack explains how those two factors spurred a dramatic growth in borrowing among both governments and individuals. Along the way, Lack describes how a financial industry meant to provide capital needed to drive productivity and economic growth became disconnected from Main Street and explores the grave economic, social, and political consequences of that disconnect.
* Provides practical solutions for avoiding the risk of falling bond markets and guaranteed negative real returns on savings
* Explains how the bursting of the real estate bubble in 2007-2008 led to massive borrowing by governments as they attempted to offset a sharp fall in economic activity
* Details how the trends of exploding debt and a financial sector that has grown much bigger than it needs to be have dramatically changed the game for savers

Offering a uniquely intimate, yet analytically thorough look at the coming fixed income crisis, Bonds Are Not Forever is must reading for investment professionals, as well as retail investors and their advisors.







Altre Informazioni

ISBN:

9781118659533

Condizione: Nuovo
Dimensioni: 231 x 27.9 x 154 mm Ø 430 gr
Formato: Copertina rigida
Pagine Arabe: 240






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