For those inclined to hide their savings in the mattress, this book may provide all the justification needed.
Economic analyst Rickards (The Road to Ruin: The Global Elites' Secret Plan for the Next Financial Crisis, 2016, etc.) prophesies scary times to come as the economic crisis of 2007-2008 grinds on.
“This coming crisis is as predictable as spring rain.” So writes the author of the enervating effects of economic policies that remain in place despite the damage they have wrought. For instance, he argues, the net effect of low interest rates as a means to stir up action in the economy was “the housing bubble and subprime mortgage crisis that exploded in 2007.” The next two years saw the near destruction of the international monetary system and the need to bail banks out worldwide—and according to Rickards, things haven’t gotten much better. The weak links in the chain are many, including likely debt crises in emerging markets such as Turkey and Indonesia, to say nothing of money market funds that seem to exist in order to finance the banks, not reward investors, and use strategies made all the more vulnerable by reliance on algorithms and “robo-advisers.” The author advises numerous ways to harden one’s finances against what he sees as the inevitable apocalypse lurking in plain view: He extends the usual advice to diversify, for example, by urging that readers invest in “cash, gold, and alternatives” and otherwise allocate investments in a “barbell portfolio” that consists of equal parts inflation protection (in gold and other hard assets) and deflation protection (in Treasury notes and the like), all balanced by cash. His views are a touch alarmist, but those who remember the events of a dozen years ago will likely form a persuadable audience. In any event, his advice seems largely sound and well defended, especially his exhortations to be wary of passive investments and asset-draining managers.
For those inclined to hide their savings in the mattress, this book may provide all the justification needed.Pub Date: July 23, 2019
ISBN: 978-0-7352-1695-2
Page Count: 336
Publisher: Portfolio
Review Posted Online: April 27, 2019
Kirkus Reviews Issue: May 15, 2019
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
IN THE NEWS
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
© Copyright 2024 Kirkus Media LLC. All Rights Reserved.
Follow
Popular in this Genre
We can’t wait for you to join Kirkus!
It’s free and takes less than 10 seconds!
Already have an account? Log in.
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
Welcome Back!
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
