In the wake of the Global Financial Crisis, a plethora of books have hit the market. In time, some may well turn out to be seminal pieces, though most would argue that it is still too soon to tell.
One book which has certainly recieved much critical acclaim is This Time is Different: Eight Centuries of Financial Folly by Carmen M. Reinhart & Kenneth Rogoff. We have now included it in The Miningmaven Book Store at Amazon, and they are running a special price promotion on it, so well worth a look!
Here's how the sleeve reads:
Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. This book proves that premise wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes--from medieval currency debasements to today's subprime catastrophe.
Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much--or how little--we have learned.
Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts--as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur.
An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps.
Having read Liars Poker by Michael Lewis, (which Punch regards as one of the best business books of all time!) we note he also has a new title out shortly, The Big Short: Inside the Doomsday Machine which by all acounts is set to be another classic.
Heres what they have to say.
"The Big Short" tells a story of spectacular, epic folly. It has taken the world's greatest financial meltdown to bring Michael Lewis back to the subject that made him famous. His international bestseller "Liar's Poker" exposed the greed and carnage of the City and Wall Street in the 1980s; he wrote it as a cautionary tale, but people seem to have read it as a how-to guide. Now, he wants to settle accounts. In this visceral tour to the heart of the financial system, Michael Lewis takes us around the globe and back decades to trace the origins of the current crisis. He meets the people who saw it coming, the people who were asleep at the wheel and the people who were actively driving us all of cliff. How could we have all been so deluded for quite so long? Where did it all start? Was it systemic? Was it avoidable? And who the hell can we blame? Michael Lewis has the answers. No one is better qualified to get to the heart of this labyrinthine story. And no one can make it such an enjoyable ride along the way.
Finally we thought it might be a good time to re-visit our review of Michael Coulson's An Insider's Guide to the Mining Sector: How to Make Money from Gold and Mining Shares, which was originally posted in January this year. So if you are new to Miningmaven, or the sector here it is again:
Whilst engaged as a trainee Chartered Accountant a partner in my firm told me ‘there is no substitute for quality education and training’. How true.
But then why is it many investors buy and sell shares in Mining and Exploration Companies without really understanding the ins and outs of the commodities involved, the intricacies of exploration or the downright practical difficulty of developing a mine after that blockbuster exploration discovery.
In truth the reason is quite simple; that’s what investors generally do. For those that buy banking shares how many understand interest rate swaps, complex derivatives and collateralised loans? For those investing in pharmaceutical shares how many fully comprehend the stage I, II and III clinical trials? And for technology shares, how many investors can truly grapple with the complexities of the technology in which their companies are engaged??
So it stands to reason that a better understanding of the sector could or should place the average investor at something of an advantage to the wider market. And by wider market I include not only the private investor, but many professional investors, brokers and other market participants as well.
The Miningmaven blog is focused on the Private Investor and our mission is to make the sector more accessible to the average investor by providing common sense commentary and sources for additional research. So where would be a good place to start for all PI’s looking to bolster their knowledge of the Mining and Exploration sector?
We think we may have found the answer in this very easy to read book written by Michael Coulson .
Author:
Michael Coulson has been working with the Mining Sector for over three decades, working within banks and brokers and from 1975 to 1991, producing an annual gold review. His work in recent years has revolved around the provision of independent research for smaller broking outlets who themselves lack the particular in-house expertise.
Review:
This is our first Miningmaven book review so we have decided to look for three essential features in all the titles we identify, namely:
-Breadth of coverage;
- Ease of reading;
- Tools that investors can use in the markets.
Coulson’s book scores well in all three areas. Whilst accessible to all, it is clearly written with the novice in mind. He starts with a non-technical industry overview looking at Mining Countries, Major Industrial Metals (e.g Copper, Zinc, Lead, Nickel etc); Precious Metals; Minor Metals (e.g. Cobalt, Tungsten, Magnesium etc) and Non-Metals (i.e. coal and uranium). He explains each metals industrial usage and place in the market and a special section is given over to an analysis of Gold, which with many investors seems to be a key point of focus.
- Ease of reading;
- Tools that investors can use in the markets.
Coulson’s book scores well in all three areas. Whilst accessible to all, it is clearly written with the novice in mind. He starts with a non-technical industry overview looking at Mining Countries, Major Industrial Metals (e.g Copper, Zinc, Lead, Nickel etc); Precious Metals; Minor Metals (e.g. Cobalt, Tungsten, Magnesium etc) and Non-Metals (i.e. coal and uranium). He explains each metals industrial usage and place in the market and a special section is given over to an analysis of Gold, which with many investors seems to be a key point of focus.
On top of the commodities and the geopolitical risk of the countries where the exploration and mining is conducted, there is the subject of markets, and Coulson deftly addresses this in a decent review of London, Jo’burg, Sydney, Toronto and New York. No mean feat in just twenty pages!!
He then moves on to a review of mining shares, covering smaller stocks through to the larger organisations. How to build a portfolio; awareness of stock market cycles; understanding company announcements and how to value mining shares.
Now that’s all well and good but many investors are aware of a few horror stories and rags-to-riches tales. Here too Coulson doesn’t disappoint where his look at the Bre-X scandal and the Poseidon Nickel bubble make compelling reading.
Wrapping up the book with additional sources of information and a ‘take-away’ ten key points, Coulson delivers a thoroughly engaging and insightful read. Essential for those who are serious about making money from investing in the sector - not to mention the need to avoid a personal financial disaster by making the wrong decisions.
I keep my copy next to my computer and usually refer to it more than once a day. For around the cost of a one-way trade, it could prove to be one of your better investments for 2010.
Needless to say you can purchase this title and many more at The Mining Maven book store.
He then moves on to a review of mining shares, covering smaller stocks through to the larger organisations. How to build a portfolio; awareness of stock market cycles; understanding company announcements and how to value mining shares.
Now that’s all well and good but many investors are aware of a few horror stories and rags-to-riches tales. Here too Coulson doesn’t disappoint where his look at the Bre-X scandal and the Poseidon Nickel bubble make compelling reading.
Wrapping up the book with additional sources of information and a ‘take-away’ ten key points, Coulson delivers a thoroughly engaging and insightful read. Essential for those who are serious about making money from investing in the sector - not to mention the need to avoid a personal financial disaster by making the wrong decisions.
I keep my copy next to my computer and usually refer to it more than once a day. For around the cost of a one-way trade, it could prove to be one of your better investments for 2010.
Needless to say you can purchase this title and many more at The Mining Maven book store.
This summary represents the views and opinions of Miningmaven, has been prepared for information and educational purposes only and should not be considered as investment advice or a recommendation. All rights reserved. Users may print extracts of content from this blog for their own personal and non-commercial use only. Republication or redistribution of Miningmaven content, is expressly prohibited without the prior written consent of miningmaven. However, linking directly to the Miningmaven blog is permitted and encouraged.
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