Markets Never Forget (But People Do)

양장본 Hardcover

Fisher, Ken , Hoffmans, Lara 저자(글)

Wiley · 2011년 11월 08일

책 소개

Think "this time it's different"? Think again. From internationally recognized investment expert Ken Fisher comes Markets Never Forget (But People Do), a well-reasoned, logical, data-driven and often entertaining look at the many ways investors' memories fail them. What's more, Fisher provides tools investors can use to begin improving their faulty memories-now. No matter how big, new and scary something may seem, according to Fisher we've almost always been through something similar before. And if you can remember that, find those other times and learn lessons from them, you can know better how to react-or not react. You can know that it's never as bad, as great or as lasting as your faulty memory makes you think. Just remembering that can make you a better investor. Don't forget. Markets don't.
'Markets Never Forget (But People Do)' corrects a major misconception: that the new investment era in which the market now finds itself is unlike anything we've ever seen before. Ken Fisher revisits the past to prove that history is simply repeating itself, that what is to come is no different to what has come before it.
Ken Fisher is best known for his prestigious "Portfolio Strategy" column in Forbes magazine, where his over 27-year tenure of high-profile calls makes him the fourth longest-running columnist in Forbess 90-plus year history. He is the founder, Chairman and CEO of Fisher Investments, an independent global money management firm managing tens of billions for individuals and institutions globally. Fisher is ranked #252 on the 2010 Forbes 400 list of richest Americans, and #736 on the 2011 Forbes global billionaires list. In 2010, Investment Advisor magazine named him among the 30 most influential individuals of the last three decades. Fisher has authored numerous professional and scholarly articles, including the award-winning "Cognitive Biases in Market Forecasting." He has also published seven previous books, including New York Times and Wall Street Journal bestsellers, The Only Three Questions That Count, The Ten Roads to Riches, How to Smell a Rat and Debunkery, all published by Wiley. Fisher has been published, interviewed and/or written about in many major American, British and German finance or business periodicals. He has a weekly column in Focus Money, Germanys leading weekly finance and business magazine. Lara Hoffmans is a content manager at Fisher Investments, managing editor of MarketMinder.com, a regular contributor to Forbes.com and co-author of the bestsellers, The Only Three Questions That Count, The Ten Roads to Riches, How to Smell a Rat and Debunkery.
Why do so many investors make the same mistakes repeatedly-being too bullish or too bearish at just the wrong times? Because they forget. Forgetting pain is an instinct-humans have evolved that way to better cope with the problems of survival. But for the complex and often counterintuitive world of investing, it causes serious errors. "This time it's different" are the four most expensive words in the English language (according to investing legend Sir John Templeton). Yet many investors routinely fall into the trap of thinking "now" (whenever "now" is) is different somehow. In Markets Never Forget (But People Do): How Your Memory Is Costing You Money-and Why This Time Isn't Different, four-time New York Times bestselling author Ken Fisher shows readers how their memories play (often costly) tricks on them-and how they can combat their faulty memories with just a bit of history. This isn't to say history repeats itself perfectly. It doesn't-but a recession is a recession. Some are vastly worse than others-but investors have lived through them before. Credit crises aren't new, nor are bear markets-or bull markets. Geopolitical tension is as old as mankind, as is war and even terrorist attacks. Understanding how investors have reacted to similar past events can help guide investors in shaping better forward-looking expectations. The past never predicts the future, but it can reduce guesswork about what's ahead. In this book, Fisher takes aim at some major market memory mishaps-like the idea stocks have become inherently more volatile or that wildly above- or below-average returns are abnormal. He shows how, early in every recovery, investors don't believe in it-often at a huge cost. And he shows how, in investing, ideology is deadly. Most important, he teaches how you can use history as one powerful tool to help begin reducing your error rate and help begin getting better investing results.
Why do so many investors make the same mistakes repeatedly-being too bullish or too bearish at just the wrong times? Because they forget. Forgetting pain is an instinct-humans have evolved that way to better cope with the problems of survival. But for the complex and often counterintuitive world of investing, it causes serious errors. "This time its different" are the four most expensive words in the English language (according to investing legend Sir John Templeton). Yet many investors routinely fall into the trap of thinking "now" (whenever "now" is) is different somehow. In Markets Never Forget (But People Do): How Your Memory Is Costing You Money-and Why This Time Isnt Different, four-time New York Times bestselling author Ken Fisher shows readers how their memories play (often costly) tricks on them-and how they can combat their faulty memories with just a bit of history. This isnt to say history repeats itself perfectly. It doesnt-but a recession is a recession. Some are vastly worse than others-but investors have lived through them before. Credit crises arent new, nor are bear markets-or bull markets. Geopolitical tension is as old as mankind, as is war and even terrorist attacks. Understanding how investors have reacted to similar past events can help guide investors in shaping better forward-looking expectations. The past never predicts the future, but it can reduce guesswork about whats ahead. In this book, Fisher takes aim at some major market memory mishaps-like the idea stocks have become inherently more volatile or that wildly above- or below-average returns are abnormal. He shows how, early in every recovery, investors dont believe in it-often at a huge cost. And he shows how, in investing, ideology is deadly. Most important, he teaches how you can use history as one powerful tool to help begin reducing your error rate and help begin getting better investing results.
Think "this time its different"? Think again. From internationally recognized investment expert Ken Fisher comes Markets Never Forget (But People Do), a well-reasoned, logical, data-driven and often entertaining look at the many ways investors memories fail them. Whats more, Fisher provides tools investors can use to begin improving their faulty memories-now. No matter how big, new and scary something may seem, according to Fisher weve almost always been through something similar before. And if you can remember that, find those other times and learn lessons from them, you can know better how to react-or not react. You can know that its never as bad, as great or as lasting as your faulty memory makes you think. Just remembering that can make you a better investor. Dont forget. Markets dont.
"Sir John Templeton, legendary investor, was famous for saying, "The four most dangerous words in investing are, 'This time it's different.'" He knew that though history doesn't repeat, not exactly, history is an excellent guide for investors.In Markets Never Forget But People Do: How Your Memory Is Costing You Money and Why This Time Isn't Different, long-time Forbes columnist, CEO of Fisher Investments, and 4-time New York Times bestselling author Ken Fisher shows how and why investors' memories fail them--and how costly that can be. More important, he shows steps investors can take to begin reducing errors they repeatedly make. The past is never indicative of the future, but history can be one powerful guide in shaping forward looking expectations. Readers can learn how to see the world more clearly--and learn to make fewer errors--by understanding just a bit of investing past"--
Bestselling author Fisher revisits the past to prove that history is simply repeating itself. There's nothing "new" about the current economic period, as history has proved that there is always a resurgence in market activity following a recession. With the help of this book, smart investors can spot the trends and patterns that will enable them to thrive in the months and years to come. 240 pp.
History repeats itself, a reminder and mantra for post-Great Recession investors Markets Never Forget (But People Do) sets out to correct a major misconception: that the new investment era in which the market now finds itself is unlike anything we've ever seen before. Bestselling author Ken Fisher revisits the past to prove that history is simply repeating itself, that what is to come is no different to what has come before it. There's nothing "new" about the current economic period, as history has proved that there is always a resurgence in market activity following a recession. With the help of this book, smart investors can spot the trends and patterns that will enable them to thrive in the months and years to come. With the Great Recession technically over, investors are bracing themselves for the "New Normal," an investment period unlike any before with massive long-term unemployment and a stagnant economy, but this is not borne out by market history Pundits and media analysts have generated a mass hysteria about the so-called "new" investment era following the 2008 market crash, but the old rules still do apply A walk through the past shows that history does, indeed, repeat itself and that we can find patterns (and refuge) in historical cycles to see how best to prepare for the future Co-written by Ken Fisher, CEO of Fisher Investments, which has one of the largest client outreach programs in the country Every one of the Fisher's previous books have ranked on the Wall Street Journal and New York Times bestseller lists In this exciting new book, Fisher does the legwork for investors everywhere, identifying similarities and trends from past booms/bust cycles in order to guide them safely through to the other side.
Sir John Templeton, legendary investor, was famous for saying, "The four most dangerous words in investing are, 'This time it's different.'" He knew that though history doesn't repeat, not exactly, history is an excellent guide for investors. In Markets Never Forget But People Do: How Your Memory Is Costing You Money and Why This Time Isn't Different, long-time Forbes columnist, CEO of Fisher Investments, and 4-time New York Times bestselling author Ken Fisher shows how and why investors' memories fail them-and how costly that can be. More important, he shows steps investors can take to begin reducing errors they repeatedly make. The past is never indicative of the future, but history can be one powerful guide in shaping forward looking expectations. Readers can learn how to see the world more clearly-and learn to make fewer errors-by understanding just a bit of investing past.
Sir John Templeton, legendary investor, was famous for saying, "The four most dangerous words in investing are, This time its different." He knew that though history doesnt repeat, not exactly, history is an excellent guide for investors. In Markets Never Forget But People Do: How Your Memory Is Costing You Money and Why This Time Isnt Different, long-time Forbes columnist, CEO of Fisher Investments, and 4-time New York Times bestselling author Ken Fisher shows how and why investors memories fail them-and how costly that can be. More important, he shows steps investors can take to begin reducing errors they repeatedly make. The past is never indicative of the future, but history can be one powerful guide in shaping forward looking expectations. Readers can learn how to see the world more clearly-and learn to make fewer errors-by understanding just a bit of investing past.
History repeats itself, a reminder and mantra for post-Great Recession investors Markets Never Forget (But People Do) sets out to correct a major misconception: that the new investment era in which the market now finds itself is unlike anything weve ever seen before.
Sir John Templeton, legendary investor, was famous for saying, "The four most dangerous words in investing are, 'This time it's different. '" He knew that though history doesn't repeat, not exactly, history is an excellent guide for investors.

작가정보

저자(글) Fisher, Ken

Ken Fisher is best known for his prestigious "Portfolio Strategy" column in Forbes magazine, where his over 27-year tenure of high-profile calls makes him the fourth longest-running columnist in Forbes's 90-plus year history. He is the founder, Chairman and CEO of Fisher Investments, an independent global money management firm managing tens of billions for individuals and institutions globally. Fisher is ranked #252 on the 2010 Forbes 400 list of richest Americans, and #736 on the 2011 Forbes global billionaires list. In 2010, Investment Advisor magazine named him among the 30 most influential individuals of the last three decades. Fisher has authored numerous professional and scholarly articles, including the award-winning "Cognitive Biases in Market Forecasting." He has also published seven previous books, including New York Times and Wall Street Journal bestsellers, The Only Three Questions That Count, The Ten Roads to Riches, How to Smell a Rat and Debunkery, all published by Wiley. Fisher has been published, interviewed and/or written about in many major American, British and German finance or business periodicals. He has a weekly column in Focus Money, Germany's leading weekly finance and business magazine.

저자(글) Hoffmans, Lara

Lara Hoffmans is a content manager at Fisher Investments, managing editor of MarketMinder.com, a regular contributor to Forbes.com and co-author of the bestsellers, The Only Three Questions That Count, The Ten Roads to Riches, How to Smell a Rat and Debunkery.

목차

• Preface	p. ix
  Acknowledgments	p. xvii
  The Plain-Old Normal	p. 1
  Yes Sir, Sir John	p. 1
  The Normal Normal	p. 5
  The Jobless Recovery	p. 14
  The Always Feared, Rarely Seen Double Dip	p. 23
  Fooled by Averages	p. 31
  Bull Markets Are Inherently Above Average	p. 32
  Viva the V	p. 36
  Normal Returns Are Extreme, Not Average.	p. 47
  The Pause That Refreshes (and Confuses)	p. 49
  Getting Average Returns Is Hard?eally Hard	p. 53
  Volatility Is Normal-and Volatile	p. 57
  What the Heck is Volatility?	p. 58
  Volatility Is Volatile	p. 61
  The Daily Grind	p. 65
  Stocks Are Less Volatile Than Bonds?	p. 67
  Economic Volatility?lso Normal	p. 69
  Volatility Isn't Inherently Bad	p. 71
  Never a Dull Moment	p. 74
  Secular Bear? (Secular) Bull!	p. 81
  Seeing the World Through Bear-Colored Glasses	p. 82
  Two Secular Bear Markets?	p. 84
  Stocks?p Vastly More Than Down	p. 90
  Debt and Deficient thinking	p. 101
  Deficits Aren't Bad, but Surpluses Will Kill You	p. 105
  The History of Big Government Debt	p. 110
  Just Who Is at Default Here?	p. 116
  Long-Term Love and Other Investing Errors	p. 123
  No One Category Is Best for All Time	p. 124
  Long-Term Love Is Like Long-Term Forecasting?oth Wrong	p. 129
  It's Still Heat Chasing Even When It Seems Safe	p. 134
  Use History to Your Advantage	p. 146
  Poli-Ticking	p. 151
  Enter the Ideology-Free Zone	p. 152
  Your Party Isn't Better	p. 153
  Presidents and Risk Aversion	p. 155
  Perverse Inverse?t's Four and One	p. 160
  Poli-Tics Go Global	p. 170
  Poli-Tics Versus Entrepreneurs	p. 172
  It's (Always Been) a Global World, After All	p. 177
  It's Always Been a Small World	p. 179
  Seeing the World Right	p. 186
  Conclusion	p. 194
  Appendix	p. 197
  Notes	p. 201
  Index	p. 211
  Table of Contents provided by Ingram. All Rights Reserved.

기본정보

ISBN	9781118091548 ( 111809154X )
발행(출시)일자	2011년 11월 08일
쪽수	240쪽
크기	170 * 232 * 24 mm / 454 g
총권수	1권
언어	영어