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How does one spot the bottom of a bear market? What brings a bear to its end? There are few more important questions to be answered in modern finance. Financial market history is a guide to understanding the future. Looking at the four occasions when US equities were particularly cheap - 1921, 1932, 1949 and 1982 - Russell Napier sets out to answer these questions by analysing every article in the Wall Street Journal from either side of the market bottom. In the 70,000 articles he examines, one begins to understand the features which indicate that a great buying opportunity is emerging. By looking at how markets really did work in these bear-market bottoms, rather than theorising how they should work, Napier offers investors a financial field guide to making the best provisions for the future. This new edition includes a brand new preface from the author and a foreword by Merryn Somerset Webb.
In the space of a few months, across Asia, a miracle became a nightmare. This was the Asian Financial Crisis of 1995–98. In this economic crisis hundreds of people died in rioting, political strong men were removed and hundreds of billions of dollars were lost by investors. This crisis saw the US dollar value of some Asian stock markets decline by ninety percent. Why did almost no one see it coming? The Asian Financial Crisis 1995–98 charts Russell Napier’s personal journey during that crisis as he wrote daily for institutional investors about an increasingly uncertain future. Relying on contemporaneous commentary, it charts the mistakes and successes of investors in the battle for investment survival in Asia from 1995–98. This is not just a guide for investors navigating financial markets, but also an explanation of how this crisis created the foundations of an age of debt that has changed the modern world.
From a Western point of view, the policy of economic engagement with China has failed. A rapid rise in living standards in China has helped legitimize and strengthen the Chinese Communist Party’s power. How did Western, market-orientated, property-owning, liberal democracies go from being in a position of complete global hegemony in the early 1990s to the current crisis of confidence and loss of moral foundation? This book tells the story of the most successful trading nation of the early twenty-first century. It looks at how the Communist Party of China has retained and cemented its monopoly on political power since China’s accession to the World Trade Organization in December 2001. It ...
The Abominable Snowman is one of the most popular monsters in modern mythology. Like that other favorite, the Loch Ness Monster, the Yeti (or Bigfoot or Sasquatch) gained worldwide publicity through a photograph - the sharp, unmistakable picture of a huge footprint in the snow, taken in 1951 by Eric Shipton of the Everest Reconnaissance Expedition. Additionally, in 1967, a rare film of the creature was shot in Northern California by Roger Patterson and Bob Gimlin, which catapulted the apeman to even greater fame.The aim of this book, by a well-known anthropologist who has been interested in the monster phenomenon for twenty years, is to disentangle the rational from the irrational, the legend from the living animal.Whether Bigfoot is an idea or an animal, says John Napier, he plays an important cultural role - as a stabilizing force in primitive societies, and as an essential source of mystery in the sophisticated West. His book is the most thorough scrutiny yet of the Sasquatch. He presents a wealth of fascinating evidence, both verbal and visual; the conclusions he leaves to the reader.
Intended for all readers--including magicians, detectives, musicians, orthopedic surgeons, and anthropologists--this book offers a thorough account of that most intriguing and most human of appendages: the hand. In this illustrated work, John Napier explores a wide range of absorbing subjects such as fingerprints, handedness, gestures, fossil remains, and the making and using of tools.
Charles MacKay's groundbreaking examination of a staggering variety of popular delusions, crazes and mass follies is presented here in full with no abridgements. The text concentrates on a wide variety of phenomena which had occurred over the centuries prior to this book's publication in 1841. Mackay begins by examining economic bubbles, such as the infamous Tulipomania, wherein Dutch tulips rocketed in value amid claims they could be substituted for actual currency. As we progress further, the scope of the book broadens into several more exotic fields of mass self-deception. Mackay turns his attention to the witch hunts of the 17th and 18th centuries, the practice of alchemy, the phenomena of haunted houses, the vast and varied practices of fortune telling and the search for the philosopher's stone, to name but a handful of subjects. Today, Extraordinary Popular Delusions and The Madness of Crowds is distinguished as an expansive, well-researched and somewhat eccentric work of social history.
With the growing emphasis on scholarship in interpreting, this collection tackles issues critical to the inquiry process from theoretical orientations in Interpreting Studies to practical considerations for conducting a research study. As a landmark volume, it charts new territory by addressing a range of topics germane to spoken and signed language interpreting research. Both provocative and pragmatic, this volume captures the thinking of an international slate of interpreting scholars including Daniel Gile, Franz Pöchhacker, Debra Russell, Barbara Moser-Mercer, Melanie Metzger, Cynthia Roy, Minhua Liu, Jemina Napier, Lorraine Leeson, Jens Hessmann, Graham Turner, Eeva Salmi, Svenja Wurm, Rico Peterson, Robert Adam, Christopher Stone, Laurie Swabey and Brenda Nicodemus. Experienced academics will find ideas to stimulate their passion and commitment for research, while students will gain valuable insights within its pages. This new volume is essential reading for anyone involved in interpreting research.
Have you ever wondered what happens in the command control of a global macro hedge fund when US stock markets plunge 35 percent in just three weeks? Welcome to the mind of Alex Gurevich, Founder and CIO of HonTe Investments. As tragic events unfolded around the world, the pandemic ruptured the sequence of price action and devoured financial markets like a black hole. Through Gurevich's personal narrative and the team's actual Slack messages, The Trades of March 2020 follows their frenetic efforts to survive the crisis. From the first terrifying days of loss, both personal and professional, to the team's redoubled attempts to identify emerging opportunities, this account of crucial, in-the-moment decisions is a faithful record of the trading moves made in the unprecedented month of March 2020. Discover the thinking and investment philosophy that led HonTe to survive and ultimately thrive during one of the most extraordinary challenges of our time.
This book explains the place of oil in the economic and political predicaments that now confront the West. Thompson explains the problems that the rising cost of oil posed in the years leading up to the 2008 crash, and the difficulties that a volatile oil market now poses to economic recovery under the conditions of high debt, low growth and quantitative easing. The author argues that the 'Gordian knot' created by the economic and political dynamics of supply and demand oil in the present international economy poses a fundamental challenge to the assumption of economic progress embedded in Western democratic expectations.