- Taschenbuch: 366 Seiten
- Verlag: mises.at; Auflage: 2 (10. Juni 2016)
- Sprache: Englisch
- ISBN-10: 3902639393
- ISBN-13: 978-3902639394
- Größe und/oder Gewicht: 15,2 x 2,3 x 22,9 cm
- Durchschnittliche Kundenbewertung: Schreiben Sie die erste Bewertung
- Amazon Bestseller-Rang: Nr. 360.130 in Fremdsprachige Bücher (Siehe Top 100 in Fremdsprachige Bücher)
Austrian School for Investors: Austrian Investing between Inflation and Deflation (Englisch) Taschenbuch – 10. Juni 2016
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Über den Autor und weitere Mitwirkende
Rahim is not only as an economist the foremost Austrian expert on the Austrian School of Economics, but also a trained physicist and engineer (specialization in nuclear physics and complex systems), a renowned philosopher and a visionary entrepreneur. He has taught at many universities around the world, is a best-selling book author and a sought-after public speaker. As one of the last Viennese polymaths he brings together profound theory and innovative practice. He is the principle of scholarium (http://scholarium.at, an independent university) in Vienna, director of the gap year program http://craftprobe.com, program director at the IAP university in Liechtenstein and adjunct professor at he University of Applied Sciences Krems (Austria).
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As a financial practitioner and adherent to the Austrian school of economics, I had been looking for a book of this exact type for years. Sound economic theory is needed for proper investing, and long-term investment out-performance cannot be achieved without understanding the broader economic picture. The many talented money managers that have been completely caught off-guard in the last few crises is evidence of this.
This book is suitable for both the person who has some knowledge of the Austrian school and wants to apply it to their investment practice, and vice-versa - those that are well-versed in investments but want a fresh and provocative way of looking at markets. However, some Austrian concepts are covered in only a few pages -- concepts that can take a lot of time to digest. Therefore the reader may need or want to find supplementary readings on the core concepts of Austrian economics.
For the financial practitioner, many "Austrian" informed investment practices will be familiar to them as sound and classic investment practices used over the past decades, such as discounted cash flow analysis. But the way the Austrians view other things, such as government bonds or asset allocation, is in stark contrast to what is taught in most finance and investment courses!
I was very pleased the book struck a balance between economic theory and practice throughout. A similar book, "The Dao of Capital" by Mark Spitznagel, also combines Austrian theory and investments; a very good book in its own right, but one that is heavy on philosophy and theory and light on actual investment tools and practice. Thankfully, "Austrian School for Investors" gives readers actionable tools and ideas to use, many of which regular retail investors can take advantage of.
This book is also very timely, and recent developments in the financial markets are addressed. While some may not like that this book is therefore not "timeless," I am appreciative the authors stuck their necks out to make actual, concrete analyses of the current situation, even going so far as to make some general pattern predictions of what will happen. Similarly, I was relieved to see their pattern predictions were not all doom and "end-of-the-world" which characterizes so much of today's free-market investment analysis. I believe time will be kind to this book as the pattern predictions are reviewed and compared to actual events.
Perhaps my only quibbles are in style. The book in not very systematic, but instead reads more like a collection of essays, perhaps a product of the multiple authors, who in the conclusion are fully aware this, admitting the "breaks in this book are at times sharp." There are also a few typos and grammatical errors, perhaps due to the book being translated. However, these are very minor, and on the positive side in terms of format I appreciated the wide margins of which I was writing many notes!
Have you ever heard an economist say that it's good news that the market is doing poorly, because then there will be more stimulus?
Have you ever wondered why economists tell us that zero interest rates (and more recently negative interest rates) are good for us, all the while you are receiving no interest income on the money you save? Didn't we grow up learning that saving for the future was the way to go?
Chances are that you have thought economics too complicated and you have concluded that you should "leave it to the experts".
However, economics is not meant to be confusing. It should make intuitive sense. That's what's great about Austrian economics and this book. When you read it you understand that there's a different branch of economics (the Austrian School) that is more common sense. It will give you a roadmap to what is actually going on in the world and you will start to make sense of things that confused you before.
So if Austrian economics makes so much sense, why doesn't everybody practice it? It's because the Austrian school preaches a "hands-off" approach. During the crash of 2008, what do you think the chances were that a politician would listen to an Austrian economist telling him that he should just step back, let companies go bankrupt and simply let the market correct itself? Approximately zero percent chance.
Austrian economics are not in the mainstream because it's politically unpopular. In Austrian economics politicians cannot blame "evil speculators" when the economy is doing poorly, they have to blame their own profligacy (a politician admitting his mistakes? Fat chance).
If economics confuses you, then chances are that you have the wrong roadmap. Do yourself a favour and pick up this book and get yourself a better roadmap. We all know that the economy isn't doing as well as the politicians and economists tell us. This book will explain why.
I normally prefer reading 'classic' whodunit detective novels over business books - the always good Hercule Poirot and Nero Wolfe reads rather than 'here is what is what why is why and let me tell you what you ought to think and how' books.
When I do read business / economic books, I only allow time for enjoyable "Fiat Money Inflation in France", "Barbarians at the Gate", "Devil takes the Hindmost", "The Power of Gold", "When Genius Failed", "The Big Short", and every book by Michael Lewis, etc - in other words, the I-cannot-put-it-down fun books.
"Austrian School for Investors" is enjoyable, relevant, educational, thought-provoking, and timely, therefor good fun.