Irrational Exuberance 3rd Edition Download Ebook PDF Epub Online

Author : Robert J. Shiller
Publisher : Princeton University Press
Release : 2016-08-16
Page : 392
Category : Business & Economics
ISBN 13 : 0691173125
Description :


In this revised, updated, and expanded edition of his New York Times bestseller, Nobel Prize–winning economist Robert Shiller, who warned of both the tech and housing bubbles, cautions that signs of irrational exuberance among investors have only increased since the 2008–9 financial crisis. With high stock and bond prices and the rising cost of housing, the post-subprime boom may well turn out to be another illustration of Shiller's influential argument that psychologically driven volatility is an inherent characteristic of all asset markets. In other words, Irrational Exuberance is as relevant as ever. Previous editions covered the stock and housing markets—and famously predicted their crashes. This edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. It also includes updated data throughout, as well as Shiller's 2013 Nobel Prize lecture, which places the book in broader context. In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent policy changes to lessen their likelihood and severity—and suggests ways that individuals can decrease their risk before the next bubble bursts. No one whose future depends on a retirement account, a house, or other investments can afford not to read this book.


Author : Robert J. Shiller
Publisher : Princeton University Press
Release : 2009-02-09
Page : 336
Category : Business & Economics
ISBN 13 : 9781400824366
Description :


This first edition of this book was a broad study, drawing on a wide range of published research and historical evidence, of the enormous stock market boom that started around 1982 and picked up incredible speed after 1995. Although it took as its specific starting point this ongoing boom, it placed it in the context of stock market booms generally, and it also made concrete suggestions regarding policy changes that should be initiated in response to this and other such booms. The book argued that the boom represents a speculative bubble, not grounded in sensible economic fundamentals. Part one of the book considered structural factors behind the boom. A list of twelve precipitating factors that appear to be its ultimate causes was given. Amplification mechanisms, naturally-occurring Ponzi processes, that enlarge the effects of these precipitating factors, were described. Part Two discussed cultural factors, the effects of the news media, and of "new era" economic thinking. Part Three discussed psychological factors, psychological anchors for the market and herd behavior. Part Four discussed attempts to rationalize exuberance: efficient markets theory and theories that investors are learning. Part Five presented policy options and actions that should be taken. The second edition, 2005, added an analysis of the real estate bubble as similar to the stock market bubble that preceded it, and warned that "Significant further rises in these markets could lead, eventually, to even more significant declines. The bad outcome could be that eventual declines would result in a substantial increase in the rate of personal bankruptcies, which could lead to a secondary string of bankruptcies of financial institutions as well. Another long-run consequence could be a decline in consumer and business confidence, and another, possibly worldwide, recession." Thus, the second edition of this book was among the first to warn of the global financial crisis that began with the subprime mortgage debacle in 2007


Author : Robert J. Shiller
Publisher :
Release : 2001-01
Page : 296
Category : Dow Jones industrial average
ISBN 13 : 9780691089157
Description :


In this bold and potentially urgent volume, Robert J. Shiller, a respected expert on market volatility, offers an unconventional interpretation of recent U.S. stock market highs and shows that Alan Greenspan's term "irrational exuberance" is a good description of the mood behind the market. He warns that poorer performance may be in the offing and tells us how we--as a country and individually--can respond. Shiller credits an unprecedented confluence of events with driving stocks to uncharted heights. He analyzes the structural and psychological factors that explain why the Dow Jones Industrial Average tripled between 1994 and 1999, a level of growth not reflected in any other sector of the economy. In contrast to many analysts, Shiller stresses circumstances that alter investors' perceptions of the market. These include the entry of the Internet into American homes, the misimpression that the aging of the baby-boom generation builds long-term protection into the market, and herd behavior, such as day-trading. He also examines cultural factors, including sports-style media coverage of the Dow's ups and downs and "new era" thinking about the economy. He considers--and challenges--efforts to rationalize exuberance that are based on either efficient-markets theory, narrowly construed, or the claim that investors have only recently learned the true value of the market. In the most controversial portion of the book, Shiller cautions that a market that is overvalued by historical standards is inherently precarious. Among his prescriptions is an urgent plea to immediately end what he argues are perilous schemes to privatize social security in favor of plans to reform it. He also argues that private pension plans that encourage many people to put their entire retirement funds in the stock market should be modified. And he calls on our savings and investment institutions to take more sensible account of emerging risk-management principles. Shiller's analysis is convincingly documented, and--regardless of the market's future behavior--his book will stand as an important elaboration of why stocks soared and what our investment alternatives are. Irrational Exuberance is a must-read for pension-plan sponsors and endowment managers in the United States and abroad. It will also be studied by investment advisers, policy makers, and anyone from Wall Street to Main Street who doesn't want to be caught sitting on the speculative bubble if (or when) it bursts.


Author : Jeremy J. Siegel
Publisher : McGraw Hill Professional
Release : 2007-12-18
Page : 436
Category : Business & Economics
ISBN 13 : 0071643923
Description :


Stocks for the Long Run set a precedent as the most complete and irrefutable case for stock market investment ever written. Now, this bible for long-term investing continues its tradition with a fourth edition featuring updated, revised, and new material that will keep you competitive in the global market and up-to-date on the latest index instruments. Wharton School professor Jeremy Siegel provides a potent mix of new evidence, research, and analysis supporting his key strategies for amassing a solid portfolio with enhanced returns and reduced risk. In a seamless narrative that incorporates the historical record of the markets with the realities of today's investing environment, the fourth edition features: A new chapter on globalization that documents how the emerging world will soon overtake the developed world and how it impacts the global economy An extended chapter on indexing that includes fundamentally weighted indexes, which have historically offered better returns and lower volatility than their capitalization-weighted counterparts Insightful analysis on what moves the market and how little we know about the sources of big market changes A sobering look at behavioral finance and the psychological factors that can lead investors to make irrational investment decisions A major highlight of this new edition of Stocks for the Long Run is the chapter on global investing. With the U.S. stock market currently holding less than half of the world's equity capitalization, it's important for investors to diversify abroad. This updated edition shows you how to create an “efficient portfolio” that best balances asset allocation in domestic and foreign markets and provides thorough coverage on sector allocation across the globe. Stocks for the Long Run is essential reading for every investor and advisor who wants to fully understand the market-including its behavior, past trends, and future influences-in order to develop a prosperous long-term portfolio that is both safe and secure.


Author : George A. Akerlof
Robert J. Shiller
Publisher : Princeton University Press
Release : 2010-02-01
Page : 264
Category : Business & Economics
ISBN 13 : 1400834724
Description :


The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity. Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government--simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life--such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes--and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them. Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits--the powerful forces of human psychology that are afoot in the world economy today. In a new preface, they describe why our economic troubles may linger for some time--unless we are prepared to take further, decisive action.


Author : Hari P. Krishnan
Publisher : John Wiley & Sons
Release : 2017-02-15
Page : 208
Category : Business & Economics
ISBN 13 : 1119219000
Description :


Cut risk and generate profit even after the market drops The Second Leg Down offers practical approaches to profiting after a market event. Written by a specialist in global macro, volatility and hedging overlay strategies, this book provides in-depth insight into surviving in a volatile environment. Historical back tests and scenario diagrams illustrate a variety of strategies for offsetting portfolio risks with after-the-fact options hedging, and the discussion explores how a mixture of trend following and contrarian futures strategies can be beneficial. Without a rational analysis-based approach, investors often find themselves having to cut risk and buy protection just as options are at their most over-priced. This book provides practical strategies, expert analysis and the knowledge base to assist you in recovering your portfolio. Hedging strategies are often presented as expensive and unnecessary, especially during a bull market. When equity indices and other unstable assets drop, they find themselves stuck – hedging is now at its most expensive, but it is imperative to hedge or face liquidation. This book shows you how to salvage the situation, with strategies backed by expert analysis. Identify the right hedges during high volatility Generate attractive risk-adjusted returns Learn new strategies for offsetting risk Know your options for when losses have already occurred Imagine this scenario: you've incurred significant losses, you're approaching risk limits, you must cut risk immediately, yet slashing positions would damage the portfolio – what do you do? The Second Leg Down is your emergency hotline, with practical strategies for dire conditions.


Author : Robert J Barro
Rachel McCleary
Publisher : Princeton University Press
Release : 2021-04-06
Page : 216
Category : Business & Economics
ISBN 13 : 0691217106
Description :


How religious beliefs and practices can influence the wealth of nations Which countries grow faster economically—those with strong beliefs in heaven and hell or those with weak beliefs in them? Does religious participation matter? Why do some countries experience secularization while others are religiously vibrant? In The Wealth of Religions, Rachel McCleary and Robert Barro draw on their long record of pioneering research to examine these and many other aspects of the economics of religion. Places with firm beliefs in heaven and hell measured relative to the time spent in religious activities tend to be more productive and experience faster growth. Going further, there are two directions of causation: religiosity influences economic performance and economic development affects religiosity. Dimensions of economic development—such as urbanization, education, health, and fertility—matter too, interacting differently with religiosity. State regulation and subsidization of religion also play a role. The Wealth of Religions addresses the effects of religious beliefs on character traits such as work ethic, thrift, and honesty; the Protestant Reformation and its long-term effects on education and religious competition; Communism’s suppression of and competition with religion; the effects of Islamic laws and regulations on the functioning of markets and, hence, on the long-term development of Muslim countries; why some countries have state religions; analogies between religious groups and terrorist organizations; the violent origins of the Dalai Lama’s brand of Tibetan Buddhism; and the use by the Catholic Church of saint-making as a way to compete against the rise of Protestant Evangelicals. Timely and incisive, The Wealth of Religions provides fresh insights into the vital interplay between religion, markets, and economic development.


Author : Charles P. Kindleberger
Robert Z. Aliber
Publisher : Palgrave Macmillan
Release : 2011-08-09
Page : 356
Category : Business & Economics
ISBN 13 : 0230365353
Description :


Selected as one of the best investment books of all time by the Financial Times, Manias, Panics and Crashes puts the turbulence of the financial world in perspective. Here is a vivid and entertaining account of how reckless decisions and a poor handling of money have led to financial explosions over the centuries. Covering topics such as the history and anatomy of crises, speculative manias, and the lender of last resort, this book has been hailed as "a true classic . . . both timely and timeless." In this new, updated sixth edition, Kindleberger and Aliber expand upon the ideas presented in the previous edition to bring the history of the financial crisis up-to-date. It now includes two new chapters that provide an in-depth analysis of the causes, consequences and policy responses to the first global crisis of the 21st century, the Financial Crisis of 2007-2008. In addition, these new chapters also cover significant crises of the last fifteen years. The authors offer valuable lessons that will allow the reader to successfully navigate the financial crises of today and ones that lie ahead.


Author : Terry Burnham
Jay Phelan
Publisher : Basic Books
Release : 2012-10-02
Page : 272
Category : Science
ISBN 13 : 0465046983
Description :


Short, sassy, and bold, Mean Genes uses a Darwinian lens to examine the issues that most deeply affect our lives: body image, money, addiction, violence, and the endless search for happiness, love, and fidelity. But Burnham and Phelan don't simply describe the connections between our genes and our behavior; they also outline steps that we can take to tame our primal instincts and so improve the quality of our lives. Why do we want (and do) so many things that are bad for us? We vow to lose those extra five pounds, put more money in the bank, and mend neglected relationships, but our attempts often end in failure. Mean Genes reveals that struggles for self-improvement are, in fact, battles against our own genes -- genes that helped our cavewoman and caveman ancestors flourish but that are selfish and out of place in the modern world. Why do we like junk food more than fruit? Why is the road to romance so rocky? Why is happiness so elusive? What drives us into debt? An investigation into the biological nature of temptation and the struggle for control, Mean Genes answers these and other fundamental questions about human nature while giving us an edge to lead more satisfying lives.


Author : Joshua Pearl
Joshua Rosenbaum
Publisher : John Wiley & Sons
Release : 2020-03-16
Page : 336
Category : Business & Economics
ISBN 13 : 1119388260
Description :


As you have probably noticed, there are quite a few investing books out there. Many of them were written by some of the world's greatest investors. So, why should you read our book? Stock investing is more prevalent than ever, whether directly or indirectly through brokerage accounts, exchange-traded funds, mutual funds, or retirement plans. Despite this, the vast majority of individual investors have no training on how to pick stocks. And, until now, there hasn't been a truly accessible, easy-to-understand resource available to help them. The Little Book of Investing Like the Pros was written to fill this void. We believe the simplicity and accessibility of our stock picking framework is truly unique. Using real-world examples and actual Wall Street models used by the pros, we teach you how to pick stocks in a highly accessible, step-by-step manner. Our goal is straightforward—to impart the skills necessary for finding high-quality stocks while protecting your portfolio with risk management best practices. Our practical approach is designed to help demystify the investing process, which can be intimidating. This training will help set you apart from others who are largely flying blind. Pilots require extensive training before receiving a license. Doctors must graduate medical school, followed by a multi-year residency. Even those providing professional investment advice require certification. But, anyone can buy a stock without any training whatsoever. While buying stocks on a hunch and a prayer may not endanger your life, it can certainly put your finances at risk.


Author : Jeremy J. Siegel
Publisher : McGraw Hill Professional
Release : 2014-01-10
Page : 448
Category : Business & Economics
ISBN 13 : 0071800522
Description :


The stock-investing classic--UPDATED TO HELP YOU WIN IN TODAY'S CHAOTIC GLOBAL ECONOMY Much has changed since the last edition of Stocks for the Long Run. The financial crisis, the deepest bear market since the Great Depression, and the continued growth of the emerging markets are just some of the contingencies directly affecting every portfolio inthe world. To help you navigate markets and make the best investment decisions, Jeremy Siegel has updated his bestselling guide to stock market investing. This new edition of Stocks for the Long Run answers all the important questions of today: How did the crisis alter the financial markets and the future of stock returns? What are the sources of long-term economic growth? How does the Fed really impact investing decisions? Should you hedge against currency instability? Stocks for the Long Run, Fifth Edition, includes brand-new coverage of: THE FINANCIAL CRISIS Siegel provides an expert’s analysis of the most important factors behind the crisis; the state of current stability/instability of the financial system and where the stock market fits in; and the viability of value investing as a long-term strategy. CHINA AND INDIA The economies of these nations are more than one-third larger than they were before the 2008 financial crisis; you'll get the information you need to earn long-termprofits in this new environment. GLOBAL MARKETS Learn all there is to know about the nature, size, and role of diversification in today’s global economy; Siegel extends his projections of the global economy until the end of this century. MARKET VALUATION Can stocks still provide 6 to 7 percent per year after inflation? This edition forecasts future stock returns and shows how to determine whether the market is overvalued or not. Essential reading for every investor and advisor who wants to fully understand the forces that move today's markets, Stocks for the Long Run provides the most complete summary available of historical trends that will help you develop a sound and profitable long-term portfolio. PRAISE FOR STOCKS FOR THE LONG RUN: “Jeremy Siegel is one of the great ones.” —JIM CRAMER, CNBC’s Mad Money “[Jeremy Siegel’s] contributions to finance and investing are of such significance as to change the direction of the profession.” —THE FINANCIAL ANALYST INSTITUTE “A simply great book.” —FORBES “One of the top ten business books of the year.” —BUSINESSWEEK “Should command a central place on the desk of any ‘amateur’ investor or beginning professional.” —BARRON’S “Siegel’s case for stocks is unbridled and compelling.” —USA TODAY “A clearly written, neatly organized, highly persuasive exposition that lifts the veil of mystery from investing.” —JOHN C. BOGLE, founder and former Chairman, The Vanguard Group


Author : Charles Mackay
Publisher : e-artnow
Release : 2019-05-31
Page : 658
Category : Body, Mind & Spirit
ISBN 13 :
Description :


Extraordinary Popular Delusions and the Madness of Crowds is a study of crowd psychology by Scottish journalist Charles Mackay. The subjects of Mackay's debunking include witchcraft, alchemy, crusades, duels, economic bubbles, fortune-telling, haunted houses, the Drummer of Tedworth, the influence of politics and religion on the shapes of beards and hair, magnetizers (influence of imagination in curing disease), murder through poisoning, prophecies, popular admiration of great thieves, popular follies of great cities, and relics. Contents: Volume 1: National Delusions: The Mississippi Scheme The South Sea Bubble The Tulipomania Relics Modern Prophecies Popular Admiration for Great Thieves Influence of Politics and Religion on the Hair and Beard Duels and Ordeals The Love of the Marvellous and the Disbelief of the True Popular Follies in Great Cities Old Price Riots The Thugs, or Phansigars Volume 2: Peculiar Follies: The Crusades The Witch Mania The Slow Poisoners Haunted Houses Volume 3: Philosophical Delusions : The Alchemysts Fortune Telling The Magnetisers


Author : Robert Z. Aliber
Charles P. Kindleberger
Publisher : Springer
Release : 2017-12-07
Page : 426
Category : Business & Economics
ISBN 13 : 1137525746
Description :


This seventh edition of an investment classic has been thoroughly revised and expanded following the latest crises to hit international markets. Renowned economist Robert Z. Aliber introduces the concept that global financial crises in recent years are not independent events, but symptomatic of an inherent instability in the international system.


Author : Robert J. Shiller
Publisher : Princeton University Press
Release : 2020-09-01
Page : 408
Category : Business & Economics
ISBN 13 : 0691212074
Description :


From Nobel Prize–winning economist and New York Times bestselling author Robert Shiller, a groundbreaking account of how stories help drive economic events—and why financial panics can spread like epidemic viruses Stories people tell—about financial confidence or panic, housing booms, or Bitcoin—can go viral and powerfully affect economies, but such narratives have traditionally been ignored in economics and finance because they seem anecdotal and unscientific. In this groundbreaking book, Robert Shiller explains why we ignore these stories at our peril—and how we can begin to take them seriously. Using a rich array of examples and data, Shiller argues that studying popular stories that influence individual and collective economic behavior—what he calls "narrative economics"—may vastly improve our ability to predict, prepare for, and lessen the damage of financial crises and other major economic events. The result is nothing less than a new way to think about the economy, economic change, and economics. In a new preface, Shiller reflects on some of the challenges facing narrative economics, discusses the connection between disease epidemics and economic epidemics, and suggests why epidemiology may hold lessons for fighting economic contagions.


Author : John Nofsinger
Publisher : Routledge
Release : 2016-07-01
Page : 160
Category : Business & Economics
ISBN 13 : 1315506564
Description :


A supplement for undergraduate and graduate Investments courses. See the decision-making process behind investments. The Psychology of Investing is the first text of its kind to delve into the fascinating subject of how psychology affects investing. Its unique coverage describes how investors actually behave, the reasons and causes of that behavior, why the behavior hurts their wealth, and what they can do about it. Features: What really moves the market: Understanding the psychological aspects. Traditional finance texts focus on developing the tools that investors use for calculating risk and return. The Psychology of Investing is one of the first texts to delve into how psychology affects investing rather than solely focusing on traditional financial theory. This text’s material, however, does not replace traditional investment textbooks but complements them, helping students become better informed investors who understand what motivates the market. Keep learning consistent: Most of the chapters are organized in a similar succession. This approach adheres to following order: -A psychological bias is described and illustrated with everyday behavior -The effect of the bias on investment decisions is explained -Academic studies are used to show why investors need to remedy the problem Growing with the subject matter: Current and fresh information. Because data on investor psychology is rapidly increasing, the fifth edition contains many new additions to keep students up-to-date. The new Chapter 12: Psychology in the Mortgage Crisis describes the psychology involved in the mortgage industry and ensuing financial crisis. New sections and sub-sections include “Buying Back Stock Previously Sold”, “Who Is Overconfident,” "Nature or Nurture?”, "Preferred Risk Habitat," "Market Impacts," "Language," and “Reference Point Adaptation.”


Author : George A. Akerlof
Robert J. Shiller
Publisher : Princeton University Press
Release : 2016-08-16
Page : 288
Category : Business & Economics
ISBN 13 : 0691173028
Description :


Why the free-market system encourages so much trickery even as it creates so much good Ever since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, as if by an invisible hand. In Phishing for Phools, Nobel Prize–winning economists George Akerlof and Robert Shiller deliver a fundamental challenge to this insight, arguing that markets harm as well as help us. As long as there is profit to be made, sellers will systematically exploit our psychological weaknesses and our ignorance through manipulation and deception. Rather than being essentially benign and always creating the greater good, markets are inherently filled with tricks and traps and will "phish" us as "phools." Phishing for Phools therefore strikes a radically new direction in economics, based on the intuitive idea that markets both give and take away. Akerlof and Shiller bring this idea to life through dozens of stories that show how phishing affects everyone, in almost every walk of life. We spend our money up to the limit, and then worry about how to pay the next month's bills. The financial system soars, then crashes. We are attracted, more than we know, by advertising. Our political system is distorted by money. We pay too much for gym memberships, cars, houses, and credit cards. Drug companies ingeniously market pharmaceuticals that do us little good, and sometimes are downright dangerous. Phishing for Phools explores the central role of manipulation and deception in fascinating detail in each of these areas and many more. It thereby explains a paradox: why, at a time when we are better off than ever before in history, all too many of us are leading lives of quiet desperation. At the same time, the book tells stories of individuals who have stood against economic trickery—and how it can be reduced through greater knowledge, reform, and regulation.


Author : Hugh LaFollette
Publisher : John Wiley & Sons
Release : 2014-01-02
Page : 752
Category : Philosophy
ISBN 13 : 1118790774
Description :


The fourth edition of Ethics in Practice offers an impressive collection of 70 new, revised, and classic essays covering 13 key ethical issues. Essays integrate ethical theory and the discussion of practical moral problems into a text that is ideal for introductory and applied ethics courses. A fully updated and revised edition of this authoritative anthology of classic and contemporary essays covering a wide range of ethical and moral issues Integrates ethical theory with discussions of practical moral problems, and includes three essays on theory written specifically for this volume Nearly half of the essays are written or revised exclusively for this anthology, which now also features eleven essays new to this edition, as well as expanded sections discussing theory, reproductive technologies, war and terrorism, and animals Content allows teachers to discuss discrete practical issues (e.g., euthanasia), focus on the broader grouping of topics (e.g., life and death), or focus on common themes which bridge sections (sexism, moral standing, individualism and community) Section introductions not only outline the basic issues discussed in the essays, but relate them to theoretical perspectives and practical issues discussed elsewhere in the book. Guides students with supporting introductory essays on reading philosophy, theorizing about ethics, writing a philosophy paper, and a supporting web site at www.hughlafollette.com/eip4/


Author : Charles W. Kadlec
Publisher : Prentice Hall Press
Release : 1999
Page : 295
Category : Business & Economics
ISBN 13 : 9780735201378
Description :


A bullish perspective on future markets predicts a decade or more of spectacular prosperity and growth, with the Dow headed for 30,000 and a continual spread of freedom and creativity around the globe.


Author : Thomas A. Boylan
Paschal Francis O'Gorman
Publisher : Psychology Press
Release : 1995
Page : 248
Category : Business & Economics
ISBN 13 : 9780415125130
Description :


Boylan and O'Gorman inject a fresh empiricist voice into the debate on economic methodology. They strike a reasonable middle ground between the extremes of scientific realism and the rhetoric of economics.


Author : George Soros
Publisher : John Wiley & Sons
Release : 2015-06-15
Page : 416
Category : Business & Economics
ISBN 13 : 9780471445494
Description :


New chapter by Soros on the secrets to his success along with a new Preface and Introduction. New Foreword by renowned economist Paul Volcker "An extraordinary . . . inside look into the decision-making process of the most successful money manager of our time. Fantastic." —The Wall Street Journal George Soros is unquestionably one of the most powerful and profitable investors in the world today. Dubbed by BusinessWeek as "the Man who Moves Markets," Soros made a fortune competing with the British pound and remains active today in the global financial community. Now, in this special edition of the classic investment book, The Alchemy of Finance, Soros presents a theoretical and practical account of current financial trends and a new paradigm by which to understand the financial market today. This edition's expanded and revised Introduction details Soros's innovative investment practices along with his views of the world and world order. He also describes a new paradigm for the "theory of reflexivity" which underlies his unique investment strategies. Filled with expert advice and valuable business lessons, The Alchemy of Finance reveals the timeless principles of an investing legend. This special edition will feature a new chapter by Soros on the secrets of his success and a new Foreword by the Honorable Paul Volcker, former Chairman of the Federal Reserve. George Soros (New York, NY) is President of Soros Fund Management and Chief Investment Advisor to Quantum Fund N.V., a $12 billion international investment fund. Besides his numerous ventures in finance, Soros is also extremely active in the worlds of education, culture, and economic aid and development through his Open Society Fund and the Soros Foundation.