MARKET PANIC 市场恐慌
2004-12
Stephen Vines
266
An engaging book that offers a comprehensive and provocative analysis of the market panic phenomenon. Why are stock markets regularly gripped by panics? What gives rise to these panics? Are markets becoming more panic-prone? In Market Panic, leading market commentator Stephen Vines provides some unique answers to these questions and shows why panics offer incredible opportunities to stock market investors. He challenges some long-held assumptions about the benefits of investment diversification, offers new ways of understanding the panic cycle, and demonstrates how to predict the onset of panics. Vines also looks at how stock markets are becoming detached from the companies and economies they are supposed to represent, thus building a new and more dangerous form of instability into the market system.作者简介： Stephen Vines has been writing about markets and business for more than two decades. He was the Deputy Business Editor of the Observer and has worked for the Guardian, Independent, Daily Telegraph and the New York-based Daily Deal. More recently he has combined writing with founding and running a number of companies and learning a lot more about how business really works. He is also an active stock market investor and has provided consultancy services to a number of listed companies. Now based in Hong Kong, he is the author of The Years of Living Dangerously, a best-selling book that examined the Asian financial crisis of the late nineties. Stephen Vines was the founding Chief Editor of Eastern Express, a groundbreaking daily newspaper published in Hong Kong.
Acknowledgements List of Figures Preface Chapter 1 Preparing for panics and profiting from them Bear markets yield the biggest gains Bring on the crises Buying panics Why are investors bargain-averse? A simple strategy for success Booms and bubbles Identifying crashes and panics Teling signs Learning from history Professionalism,Oscar Wilde and the conducting of orchestrasChapter 2 Types of panics Phoney panics Self-induced or end-of cycle panics Contagious panics Real panics Panics follow the market's own biarre logicChapter 3 The panic cycle Panics get bigger,more unpredictable Volatility Looking for causes of boom-and -bust cycles Stages of the cycle Government attempts to cope with panics This time,will it be different? New world-new crashes Dubious practices and crooks move in More a case of neglect than fraudChapter 4 A new age of panics Chapter 5 The trader and the fund manager Chapter 6 The psychology of panics Chapter 7 Does diversification provide protection against stock market fluctuations? Chapter 8 Is the market always right? Chapter 9 Opportunity Notes Select Bibliography Index
