This book provides a panoramic view of financial crises from the Middle Ages to the modern era, covering government defaults, banking panics, inflationary spikes, and other financial catastrophes. The authors, Carmen Reinhart and Kenneth Rogoff, argue that financial crises are universal rites of passage for both emerging and established markets, and that the notion 'this time is different' is a recurring misconception. They document that financial crises occur in clusters and strike with consistent frequency, duration, and ferocity, emphasizing the importance of historical perspective in understanding and mitigating future financial crises.
Market Wizards is a must-read for traders and financiers, offering a deep dive into the strategies and mental attitudes of the world's most successful traders. The book includes interviews with traders such as Bruce Kovner, Richard Dennis, Paul Tudor Jones, and others, revealing their approaches to trading and the factors that contribute to their success. It covers a wide range of markets, including treasuries, futures, commodities, and more, and highlights the importance of solid methodology and proper mental attitude in trading[2][4][5].
In 'It Was a Very Good Year,' Martin Fridson examines the stock market's most remarkable years of the 20th century, providing a historical analysis that highlights common factors behind these exceptional performances. The book offers valuable insights for investors seeking to understand past market trends and predict future opportunities.
My guest today is with past guest Gavin Baker, the founder and CIO of Atreides Management, LP. We discuss investing during a bear market and the major ways in which the COVID19 outbreak has dramatically altered the investment landscape. Please enjoy my second conversation with Gavin Baker.
This episode is brought to by Koyfin.
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Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
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Show Notes
(1:40) – How he sees the markets right now
(3:06) – How he handles information uncertainty and the value spreads
(5:53) – Trading in today’s market and the volatility
(9:45) – How the economic activity squares with the amount of stimulus being pumped into the market
(13:11) – Market Wizards: Interviews with Top Traders
(13:56) – Asset tests for individual companies in this environment
(19:09) – This Time Is Different: Eight Centuries of Financial Folly
(20:45) – His take on software companies during the crisis
(28:57) – Fast pace of change during extreme times of duress
(35:14) – Space as a service
(39:52) – Attention and time inside digital universes and how investors can take advantage
(46:17) – Why chaos is a ladder
(50:42) – It Was a Very Good Year: Extraordinary Moments in Stock Market History
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on Twitter at @patrick_oshag
Invest Like the Best with Patrick O'Shaughnessy 
