| 格式化内容附注: | Acknowledgements. List of Figures. Preface. Chapter 1: The Panic of 2008. What led to the 2008 crash? The bubble bursts. A real panic. The panic cycle of 2008. The 2008 panic in perspective. Chapter 2: 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. Telling signs. Learning from history. Professionalism, Oscar Wilde and the conducting of orchestras. Chapter 3: Types of panics. Phoney panics. Self-induced or end-of-cycle panics. Contagious panics. Real panics. Panics follow the market's own bizarre logic. Chapter 4: 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 fraud. Chapter 5: A new age of panics. Stock markets bigger than national economies. Mr Ponzi is alive and well. New markets = new capital? New markets, new volatility. Where does all the money go? So, what role are stock markets actually performing? Contributing to instability - derivatives trading. Contributing to instability - hedge funds. Contributing to instability - portfolio insurance. Contributing to instability - momentum investment. Contributing to instability - program trading. Contributing to instability - new technology. Concentration of power. The rise of the investment banks. The stock option virus. Infectious greed. Chapter 6: The trader and the fund manager. The trader: Warren Primhak. The fund manager: John Carey. Chapter 7: The psychology of panics. Rational explanations for the seemingly irrational. It's people, not markets, who panic. Herd behaviour. Hostility to contrary opinions. Optimism overcomes fear. Fear overcomes greed. Risk aversion. Coping with new information. |