There are crashes and then there are Crashes. But what turns an ordinary downturn into an era-defining crisis? What makes the difference between an event like the Wall Street Crash of 1929 and a brief bear market? The answer lies in financial exuberance: speculative mania that appears to be making everyone rich, only to end up making everyone much, much worse off. Historian and professional investor Alasdair Nairn predicted both the dotcom and subprime collapses, and in this compelling new book shares the evidence that we are living through such a period of deadly excess right now. Markets appear to be going up and up, but they have got perilously ahead of themselves. Danger lies in every single investable asset class. What some have called the ‘Everything Bubble’ has inflated to unprecedented proportions. And now the bubble is about to burst. Nairn lays bare the level of danger with unprecedented detail and pieces together the steps that brought us to the precipice. Lastly, he points out options open to those willing to act now to avoid future harm to their wealth. As we near the end of the Everything Bubble, don’t be one of those caught out!
Find the most lucrative markets of the future by looking to the past Some of the biggest technological innovations in the world have followed similar market and social patterns - scepticism is replaced by enthusiasm; venture capital is supplied; many companies are started and their stocks rise. But as the technology is developed and financial reality sets in, companies disappear, stocks collapse, and naive investors lose money. Through exhaustive research, Alasdair Nairn captures this pattern and examines the impact that some of the greatest technological inventions of the past 200 years have had on financial markets and investors' fortunes. Each chapter explores a different technological innovation, and provides valuable insights on how to apply these lessons to appraise the 'new technology' companies of the future. Some of the key historical episodes examined include: - electric light and its commercial exploitation - the railway boom in Britain and the United States - the development of the automobile industry - the discovery and early development of crude oil - the rise of the PC - the wireless world - the Internet and dotcom bubble. Don't be left behind when the next technological innovation revolutionises the market. With Engines That Move Marketsyou'll learn how to recognise the familiar patterns unfolding in today's economy so you can profit from these market-shaping events.
A comprehensive history of market-shaping industries and their impact on how we invest today This engaging book highlights the history of industrial development and its impact on investors. Today's investors will learn about past approaches to technological advances such as-electricity, the railroad, the telephone, the computer, and much more-while gaining insights on how to appraise the "new technology" companies of the future. This complete and well researched history of industries and investing wouldn't be complete without a look at: how Thomas Edison lost control of his company, the impact of the Standard Oil breakup, the early days of the wireless industry, and the changing face of the computer industry today. Investors looking for industry-shaping investments will undoubtedly use Engines That Move Markets as their guide.
The enduring legacy of a legendary investor Called the "greatest stock picker of the century" by Money magazine, legendary fund manager Sir John Templeton is remembered as one of the world's foremost investors, known for his pioneering insights and phenomenal investment performance over a professional career which spanned more than half a century. Templeton’s Way with Money provides a unique, professional 21st century appraisal of what made this formidable investor the success he was—and why his methods remain as valid today as they were during his long and successful lifetime. Written by two investment experts, one of whom worked closely with Sir John for ten years, and drawing on previously unpublished documents, the book explains in detail how John Templeton's simple but effective investment philosophy of riding out the ups and downs of the market cycle continues to be as relevant as ever for professional and private investors alike. Key features include: A fresh and detailed reappraisal, drawing on a number of previously unpublished documents, of the philosophy which Templeton applied to the two phase of his investment career—first as an investment counsel, and latterly as the most successful global fund manager of his generation A detailed and original study of the performance of the Templeton Growth Fund, demonstrating in detail how Templeton achieved the Holy Grail of investment—above average returns with below average risk First hand accounts from former colleagues of their experience in working with Templeton—including those of author Alasdair Nairn's ten-year career working with and for the investment management organization that was Templeton's life work Proprietary and original research which explains why Templeton's seemingly simple investment philosophy is sure to produce exceptional returns if implemented effectively Current market conditions make Templeton's contrarian investment method of profiting from pessimism particularly relevant today, and this book a must-read for anyone working with investments.
The enduring legacy of a legendary investor Called the "greatest stock picker of the century" by Money magazine, legendary fund manager Sir John Templeton is remembered as one of the world's foremost investors, known for his pioneering insights and phenomenal investment performance over a professional career which spanned more than half a century. Templeton’s Way with Money provides a unique, professional 21st century appraisal of what made this formidable investor the success he was—and why his methods remain as valid today as they were during his long and successful lifetime. Written by two investment experts, one of whom worked closely with Sir John for ten years, and drawing on previously unpublished documents, the book explains in detail how John Templeton's simple but effective investment philosophy of riding out the ups and downs of the market cycle continues to be as relevant as ever for professional and private investors alike. Key features include: A fresh and detailed reappraisal, drawing on a number of previously unpublished documents, of the philosophy which Templeton applied to the two phase of his investment career—first as an investment counsel, and latterly as the most successful global fund manager of his generation A detailed and original study of the performance of the Templeton Growth Fund, demonstrating in detail how Templeton achieved the Holy Grail of investment—above average returns with below average risk First hand accounts from former colleagues of their experience in working with Templeton—including those of author Alasdair Nairn's ten-year career working with and for the investment management organization that was Templeton's life work Proprietary and original research which explains why Templeton's seemingly simple investment philosophy is sure to produce exceptional returns if implemented effectively Current market conditions make Templeton's contrarian investment method of profiting from pessimism particularly relevant today, and this book a must-read for anyone working with investments.
A comprehensive history of market-shaping industries and their impact on how we invest today This engaging book highlights the history of industrial development and its impact on investors. Today's investors will learn about past approaches to technological advances such as-electricity, the railroad, the telephone, the computer, and much more-while gaining insights on how to appraise the "new technology" companies of the future. This complete and well researched history of industries and investing wouldn't be complete without a look at: how Thomas Edison lost control of his company, the impact of the Standard Oil breakup, the early days of the wireless industry, and the changing face of the computer industry today. Investors looking for industry-shaping investments will undoubtedly use Engines That Move Markets as their guide.
The definitive guide to seeing all the wonders of Scotland under paddle power. Scotland is one of the most appealing destinations for kayakers, canoeists and paddleboarders from all over the world. That's because if there is one country best seen from the water, it is Scotland. Loch Ness contains more water than all of the rivers and lakes in England and Wales combined – and there are 27,000 other lochs to explore as well. What's more, with 125,000km of rivers and 800 islands, there's always somewhere new to paddle. And the spectacular Scottish scenery only adds to the appeal. This book is the complete guide to paddling the wonderfully varied waterways, lochs, rivers and coasts of Scotland, compiled by Ally Findlay, a paddleboard instructor and tour guide based in Glasgow. He covers all regions of Scotland: - South Scotland, including the coast at Kirkcudbright and Fleet Bay, and inland to Loch Ken, and the Galloway Canoe Trail - Central Scotland, including Loch Lomond and the beautiful Trossachs National Park - East Coast Scotland, including the Forth Bridges - West Coast Scotland, from the coast at Arasaig to lochs and rivers including the amazing Rannoch Moor - Scottish Highlands, which become a magical playground in the northwest following the Inverpoly routes From short paddles to day trips into the stunning wilderness, this book covers excursions for all occasions and all levels of ability, explaining where to begin and what to look out for. Most are well suited to canoe and kayak, but going further, some are even better explored standing up on a paddleboard, including cross-Scotland routes such as the Shin System. With beautiful and evocative photography, and clear maps, this is the essential guide to seeing Scotland under paddle power, exploring where to go, how to get there and what to see en route.
There are crashes and then there are Crashes. But what turns an ordinary downturn into an era-defining crisis? What makes the difference between an event like the Wall Street Crash of 1929 and a brief bear market? The answer lies in financial exuberance: speculative mania that appears to be making everyone rich, only to end up making everyone much, much worse off. Historian and professional investor Alasdair Nairn predicted both the dotcom and subprime collapses, and in this compelling new book shares the evidence that we are living through such a period of deadly excess right now. Markets appear to be going up and up, but they have got perilously ahead of themselves. Danger lies in every single investable asset class. What some have called the ‘Everything Bubble’ has inflated to unprecedented proportions. And now the bubble is about to burst. Nairn lays bare the level of danger with unprecedented detail and pieces together the steps that brought us to the precipice. Lastly, he points out options open to those willing to act now to avoid future harm to their wealth. As we near the end of the Everything Bubble, don’t be one of those caught out!
The first full-length study of Frederick Douglass' visit to Scotland in 1846Frederick Douglass (1818-95) was not the only fugitive from American slavery to visit Scotland before the Civil War, but he was the best known and his impact was far-reaching. This book shows that addressing crowded halls from Ayr to Aberdeen, he gained the confidence, mastered the skills and fashioned the distinctive voice that transformed him as a campaigner. It tells how Douglass challenged the Free Church over its ties with the Southern plantocracy; how he exploited his knowledge of Walter Scott and Robert Burns to brilliant effect; and how he asserted control over his own image at a time when racial science and blackface minstrel shows were beginning to shape his audiences' perceptions. He arrived as a subordinate envoy of white abolitionists, legally still enslaved. He returned home as a free man ready to embark on a new stage of his career, as editor and proprietor of his own newspaper and a leader in his own right.Key Features:First full-length study of Frederick Douglass' visit to Scotland in 1846Reveals fresh information about, and deepens our understanding of, a major 19th-century intellectual at a crucial stage in his political and professional developmentSubjects Douglass' speeches and letters to close readings and situates them in the immediate context of their delivery and compositionDemonstrates the extent to which Douglass was closely acquainted with Scottish literature, history and current affairsEnhances our knowledge of Douglass as a performer, his ability to read audiences, and how he moved and influenced them
The events of 1000-1130 were crucial to the successful emergence of the medieval kingdom of the Scots. Yet this is one of the least researched periods of Scottish history. We probably now know more about the Picts than the post-1000 events that underpinned the spectacular expansion of the small kingdom which came to dominate north Britain by the 1130s. This expansion included the defeat and absorption of other significant cultural and political groups to the north and south of the core kingdom, and was accompanied by the introduction of reformed monasticism. But perhaps the most momentous process amongst all these political and cultural changes was the move towards the domination of the kingship by just one segment of the royal kindred, the sons of King Mael Coluim mac Donnchada's second marriage to Queen Margaret. The story of how these sons managed to achieve political supremacy through machination, murder and mutilation runs like an unsavoury thread throughout this book. The book also investigates the building blocks from which the kingdom was constructed and the various processes which eventually allowed the kings of the different peoples of north Britain to describe themselves as Rex scottorum. It is a hugely rewarding voyage of discovery for anyone interested in the formation of the kingdom of the Scots.
Surveying the expanding conflict in Europe during one of his famous fireside chats in 1940, President Franklin Roosevelt ominously warned that "we know of other methods, new methods of attack. The Trojan horse. The fifth column that betrays a nation unprepared for treachery. Spies, saboteurs, and traitors are the actors in this new strategy." Having identified a new type of war -- a shadow war -- being perpetrated by Hitler's Germany, FDR decided to fight fire with fire, authorizing the formation of the Office of Strategic Services (OSS) to organize and oversee covert operations. Based on an extensive analysis of OSS records, including the vast trove of records released by the CIA in the 1980s and '90s, as well as a new set of interviews with OSS veterans conducted by the author and a team of American scholars from 1995 to 1997, The Shadow War Against Hitler is the full story of America's far-flung secret intelligence apparatus during World War II. In addition to its responsibilities generating, processing, and interpreting intelligence information, the OSS orchestrated all manner of dark operations, including extending feelers to anti-Hitler elements, infiltrating spies and sabotage agents behind enemy lines, and implementing propaganda programs. Planned and directed from Washington, the anti-Hitler campaign was largely conducted in Europe, especially through the OSS's foreign outposts in Bern and London. A fascinating cast of characters made the OSS run: William J. Donovan, one of the most decorated individuals in the American military who became the driving force behind the OSS's genesis; Allen Dulles, the future CIA chief who ran the Bern office, which he called "the big window onto the fascist world"; a veritable pantheon of Ivy League academics who were recruited to work for the intelligence services; and, not least, Roosevelt himself. A major contribution of the book is the story of how FDR employed Hitler's former propaganda chief, Ernst "Putzi" Hanfstengl, as a private spy. More than a record of dramatic incidents and daring personalities, this book adds significantly to our understanding of how the United States fought World War II. It demonstrates that the extent, and limitations, of secret intelligence information shaped not only the conduct of the war but also the face of the world that emerged from the shadows.
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