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Sixty Shades of Sunday: Investment Thoughts

Sixty Shades of Sunday: Investment Thoughts
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Our Price:  €18.00(VAT Free)
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ISBNs:  9781781191903 pb / 1989 PDF
Year Published:  2015
Author:  John Looby
Paperback:  18.00
PDF ebook:  12.50

Troubled Times: Investing through the Troika YearsTroubled Times: Investing through the Troika Years

 

The key conclusion of the Efficient Markets Hypothesis – the dominant orthodoxy in finance over the past 60 years – is that trying to beat financial markets is a fool’s errand. Market prices jiggle about randomly, discounting all new information in an all but instantaneous fashion, thereby rendering it impossible to beat the market. In the face of this conclusion, the rational investor should eschew any attempt to try and beat the market and should gain their exposure via relatively low-cost passive vehicles.

Nonetheless, there are inefficiencies in the behaviour of market economies and the financial markets embedded within them, which the active investor with the right approach has an attractive probability of exploiting.

Of course that is not to say that the market is easy to beat, or in the saltier words of Charlie Munger, the long-time business partner of Warren Buffett at Berkshire Hathaway: “It’s not supposed to be easy. Anyone who finds it easy is stupid”.

John Looby has spent the past 25 years trying not to be stupid. More recently, he has shared thoughts on this goal in regular newspaper opinion pieces. With the challenge of beating the market as daunting as ever, it is timely to bring these pieces together in a new collection to help you navigate your own investment journey.

Contents

                Dedication

                Acknowledgements

                  Introduction

1            History Teaches There’s No Avoiding Bubble Trouble

2            A Political Case for Irish Bonds

3            Global Lending Imbalance Makes Equities Attractive

4            What Does ‘Economic Goodwill’ Mean for the Value Investor?

5            Risk is Unavoidable with Investment in Banks

6            Latvia Has Shown that Debt Default Is Not the Only Answer

7            Let’s Not Risk Shattering the Magnificent Illusion that is the Modern Banking System

8            Time to Find an Answer to Ireland’s Funding Fix

9            Any Threat to the Dollar’s Status Could Harm US Investments

10          Ignore the Prophets of Fiscal Doom and Go for the Double

11          Sidestep Hope and Get Turned On by Utilities

12          Don’t Believe the Hype, Do Your Own Research

13          Enda, Time to Put Some Skin in the Game

14          When Economic Boom Turns to Bust, Blame It on Nixon

15          Fed’s Response May Highlight Its Weakness

16          Without Trust, the Banks Are Stuck

17          Block Out the Noise and Select Investments with Real Meaning

18          European Central Bank Must Act to Rein in Unruly Herd

19          Debt Crisis Will Be Over If Europe’s Word Is Its Bond

20          Troika Isn’t Strangling Us, It’s Our Safety Net for Sovereignty

21          Central Banks: Maestro Puppeteers or Kids in the Audience?

22          Euro-Zone Needs a NAMA to Survive

23          The Challenge of Value Investing

24          Following the Herd Can Be a Dangerous Game

25          The Number’s Up for Flawed Risk Formula

26          Never Mind the Investment Gurus – Buffett Is Your Man

27          Conflicting Theories and Ireland

28          Fiscal Treaty: The Longer View

29          Germans Still Haunted by Nightmare Inflation of 1920s

30          The Germans Have Turned the Tide in Our Economic Waterloo

31                  The Euro Outlook – What Doesn’t Kill You Makes You Stronger

32          Time To Be Wary of the Queen’s Shilling

33          The Geithner Doctrine Favours Stocks

34          It Is Simple: When Money is Easy Come, It’s Even Easier Go

35          Soviet Experience Should Be Red Flag Signal to Central Planners

36          Why Value Investing Won’t Fall Flat

37          What the Premier League Teaches Investors

38          Don’t Forget the Lessons of LTCM

39          Allocating Funds is Still a Tricky Balancing Act

40          Join the Stock Market Rally but Steer Clear of Those Herds

41                 Why It’s Time to Cry “MAMA”

42          Irish Bonds Bounced Back So Far, I’m Off to Portugal

43                 Getting Active the Buffett Way Can Bring You Great Rewards

44          The Sting in the Tail of Rising House Prices is the Fall in the Value of Money

45          What Are You Most Worried About?

46          Banking Inquiry Guaranteed to Give a Summer of Drama and Entertainment

47          Intelligent Investors Can look Forward to a Comfortable Old Age

48          Why a Booming Stock Market Can Leave Investors in Despair

49          Draghi’s Mooted Move on QE Offers Fresh Hope to Investors

50          ‘Banking’ and ‘Crisis’ – Two Scary Words that Still Spook Investors

51                 ‘Risk-free’ German Bonds May Not Be Foolproof for Pensions

52          Day Traders, Like Mafia Wives, Are Playing a Dangerous Game

53          No ‘Happy Ever After’ If You Listen to Financial Markets Fairy Tales

54          Stress Tests Fail to Solve the Problem of Banks’ Vulnerability

55          A Winning Portfolio is a Diversified One

56          There’s No Such Thing as a Dead Cert

57          Don’t Try Beating the Markets, Unless You Are Warren Buffett

58          National Sovereignty is Redundant in the Modern World

59          Swiss Dish Out Traders a Dose of Cold Turkey

60          German Orthodoxy Has Lost Out to Practical Politics

                   About the Author