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- DescriptionIn 2000 one of the world's foremost ecomists, Andrew Smithers, showed that the US stock market was widely over-priced at its peak and correctly advised investors to sell. He also argued that central bankers should adjust their policies t only in light of expected inflation but also if stock prices reach excessive levels. At the time, few ecomists agreed with him, today it is hard to find those who would disagree. In the past central bankers have denied that markets can be valued and that it did t matter if they fell. These two intellectual mistakes are the fundamentals cause of the current financial market crisis. In addition, a lack of understanding by investors as to how to value the market has also resulted in widespread losses. It is clearly of great importance to everyone that neither these losses r the current financial chaos should be repeated and thus that the principle of asset valuation should be widely understood. In this timely and thought-provoking sequel to the hugely successful Valuing Wall Street Andrew Smithers puts forward a coherent and testable ecomic theory in order to influence investors, pension consultants and central bankers policy decisions so that thy may prevent history repeating itself. Backed by theory and substantial evidence Andrew shows that assets can be valued, as financial markets are neither perfectly efficient r absurd casis.
- Author BiographyAndrew Smithers is the founder of Smithers & Co., which provides economics-based asset allocation advice to over 100 fund management companies worldwide. Andrew is a regular contributor in Japan to the Nikkei Veritas. He was a regular contributor to the London Evening Standard and Japan's Sentaku magazine, and has written for many other newspapers and magazines, including the Financial Times , Forbes (US), Sunday Telegraph (UK), Independent on Sunday (UK) and Genron (Japan). Andrew is an invited contributor to the prestigious Economist's Forum on the FT website. Andrew is a member of the Advisory Board for the Centre for International Macroeconomics and Finance (CIMF) at Cambridge and has also been a member of the Investment Committee at Clare College, Cambridge since 1998. Prior to starting his own firm, Andrew was at S.G.Warburg & Co. Ltd. from 1962 to 1989 where he ran the investment management business for some years and which, by the end of his tenure, was the acknowledged market leader. This was subsequently floated off as a separate company, Mercury Asset Management, which was acquired by Merrill Lynch in 1998.
- Author(s)Andrew Smithers
- PublisherJohn Wiley and Sons Ltd
- Date of Publication24/07/2009
- SubjectFinance & Accounting
- Place of PublicationChichester
- Country of PublicationUnited Kingdom
- ImprintJohn Wiley & Sons Ltd
- Content NoteIllustrations (some col.)
- Weight582 g
- Width159 mm
- Height232 mm
- Spine26 mm
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