{"product_id":"markets-never-forget-but-people-do-isbn-9781118091548","title":"Markets Never Forget (But People Do)","description":"Sir John Templeton, legendary investor, was famous for saying, \"The four most dangerous words in investing are, 'This time it's different.'\" He knew that though history doesn't repeat, not exactly, history is an excellent guide for investors.  \u003cp\u003eIn \u003ci\u003eMarkets Never Forget But People Do: How Your Memory Is Costing You Money and Why This Time Isn't Different\u003c\/i\u003e, long-time Forbes columnist, CEO of Fisher Investments, and 4-time New York Times bestselling author Ken Fisher shows how and why investors' memories fail them—and how costly that can be. More important, he shows steps investors can take to begin reducing errors they repeatedly make. The past is never indicative of the future, but history can be one powerful guide in shaping forward looking expectations. Readers can learn how to see the world more clearly—and learn to make fewer errors—by understanding just a bit of investing past.\u003c\/p\u003e \u003cp\u003ePreface ix\u003c\/p\u003e \u003cp\u003eAcknowledgments xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 The Plain-Old Normal 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eYes Sir, Sir John 1\u003c\/p\u003e \u003cp\u003eThe Normal Normal 5\u003c\/p\u003e \u003cp\u003eThe Jobless Recovery 14\u003c\/p\u003e \u003cp\u003eThe Always Feared, Rarely Seen Double Dip 23\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Fooled by Averages 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBull Markets Are Inherently Above Average 32\u003c\/p\u003e \u003cp\u003eViva the V 36\u003c\/p\u003e \u003cp\u003eNormal Returns Are Extreme, Not Average 47\u003c\/p\u003e \u003cp\u003eThe Pause That Refreshes (and Confuses) 49\u003c\/p\u003e \u003cp\u003eGetting Average Returns Is Hard—Really Hard 53\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Volatility Is Normal—and Volatile 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat the Heck Is Volatility? 58\u003c\/p\u003e \u003cp\u003eVolatility Is Volatile 61\u003c\/p\u003e \u003cp\u003eThe Daily Grind 65\u003c\/p\u003e \u003cp\u003eStocks Are Less Volatile Than Bonds? 67\u003c\/p\u003e \u003cp\u003eEconomic Volatility—Also Normal 69\u003c\/p\u003e \u003cp\u003eVolatility Isn’t Inherently Bad 71\u003c\/p\u003e \u003cp\u003eNever a Dull Moment 74\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Secular Bear? (Secular) Bull! 81\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSeeing the World Through Bear- Colored Glasses 82\u003c\/p\u003e \u003cp\u003eTwo Secular Bear Markets? 84\u003c\/p\u003e \u003cp\u003eStocks—Up Vastly More Than Down 90\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Debt and Deficient Thinking 101\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDeficits Aren’t Bad, but Surpluses Will Kill You 105\u003c\/p\u003e \u003cp\u003eThe History of Big Government Debt 110\u003c\/p\u003e \u003cp\u003eJust Who Is at Default Here? 116\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Long- Term Love and Other Investing Errors 123\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNo One Category Is Best for All Time 124\u003c\/p\u003e \u003cp\u003eLong- Term Love Is Like Long- Term Forecasting— Both Wrong 129\u003c\/p\u003e \u003cp\u003eIt’s Still Heat Chasing Even When It Seems Safe 134\u003c\/p\u003e \u003cp\u003eUse History to Your Advantage 146\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Poli-Ticking 151\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEnter the Ideology- Free Zone 152\u003c\/p\u003e \u003cp\u003eYour Party Isn’t Better 153\u003c\/p\u003e \u003cp\u003ePresidents and Risk Aversion 155\u003c\/p\u003e \u003cp\u003ePerverse Inverse—It’s Four and One 160\u003c\/p\u003e \u003cp\u003ePoli- Tics Go Global 170\u003c\/p\u003e \u003cp\u003ePoli- Tics Versus Entrepreneurs 172\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 It’s (Always Been) a Global World, After All 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIt’s Always Been a Small World 179\u003c\/p\u003e \u003cp\u003eSeeing the World Right 186\u003c\/p\u003e \u003cp\u003eConclusion 194\u003c\/p\u003e \u003cp\u003eAppendix 197\u003c\/p\u003e \u003cp\u003eNotes 201\u003c\/p\u003e \u003cp\u003eIndex 211\u003c\/p\u003e \u003cp\u003e\u003cb\u003eKEN FISHER\u003c\/b\u003e is best known for his prestigious “Portfolio Strategy” column in \u003ci\u003eForbes\u003c\/i\u003e magazine, where his over 27-year tenure of high-profile calls makes him the fourth longest-running columnist in \u003ci\u003eForbes\u003c\/i\u003e’s 90-plus year history. He is the founder, Chairman and CEO of Fisher Investments, an independent global money management firm managing tens of billions for individuals and institutions globally. Fisher is ranked #252 on the 2010 Forbes 400 list of richest Americans, and #736 on the 2011 Forbes global billionaires list. In 2010, \u003ci\u003eInvestment Advisor\u003c\/i\u003e magazine named him among the 30 most influential individuals of the last three decades. Fisher has authored numerous professional and scholarly articles, including the award-winning “Cognitive Biases in Market Forecasting.” He has also published seven previous books, including \u003ci\u003eNew York Times\u003c\/i\u003e and \u003ci\u003eWall Street Journal\u003c\/i\u003e bestsellers, \u003ci\u003eThe Only Three Questions That Count, The Ten Roads to Riches, How to Smell a Rat\u003c\/i\u003e and \u003ci\u003eDebunkery\u003c\/i\u003e, all published by Wiley. Fisher has been published, interviewed and\/or written about in many major American, British and German finance or business periodicals. He has a weekly column in \u003ci\u003eFocus Money\u003c\/i\u003e, Germany’s leading weekly finance and business magazine. \u003c\/p\u003e \u003cp\u003e\u003cb\u003eLARA HOFFMANS\u003c\/b\u003e is a content manager at Fisher Investments, managing editor of MarketMinder.com, a regular contributor to Forbes.com and co-author of the bestsellers, \u003ci\u003eThe Only Three Questions That Count, The Ten Roads to Riches, How to Smell a Rat and Debunkery.\u003c\/i\u003e  \u003c\/p\u003e\u003cp\u003eWhy do so many investors make the same mistakes repeatedly—being too bullish or too bearish at just the wrong times? Because they forget. Forgetting pain is an instinct—humans have evolved that way to better cope with the problems of survival. But for the complex and often counterintuitive world of investing, it causes serious errors. \u003c\/p\u003e \u003cp\u003e“This time it’s different” are the four most expensive words in the English language (according to investing legend Sir John Templeton). Yet many investors routinely fall into the trap of thinking “now” (whenever “now” is) is \u003ci\u003edifferent\u003c\/i\u003e somehow. In \u003ci\u003eMarkets Never Forget (But People Do): How Your Memory Is Costing You Money—and Why This Time Isn’t Different,\u003c\/i\u003e four-time \u003ci\u003eNew York Times\u003c\/i\u003e bestselling author Ken Fisher shows readers how their memories play (often costly) tricks on them—and how they can combat their faulty memories with just a bit of history.  \u003c\/p\u003e\u003cp\u003eThis isn’t to say history repeats itself perfectly. It doesn’t—but a recession is a recession. Some are vastly worse than others—but investors have lived through them before. Credit crises aren’t new, nor are bear markets—or bull markets. Geopolitical tension is as old as mankind, as is war and even terrorist attacks. Understanding how investors have reacted to similar past events can help guide investors in shaping better forward-looking expectations. The past never predicts the future, but it can reduce guesswork about what’s ahead.  \u003c\/p\u003e\u003cp\u003eIn this book, Fisher takes aim at some major market memory mishaps—like the idea stocks have become inherently more volatile or that wildly above- or below-average returns are abnormal. He shows how, early in every recovery, investors don’t believe in it—often at a huge cost. And he shows how, in investing, ideology is deadly. Most important, he teaches how you can use history as one powerful tool to help begin reducing your error rate and help begin getting better investing results.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989576958181,"sku":"NP9781118091548","price":32.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118091548.jpg?v=1761784666","url":"https:\/\/k12savings.com\/products\/markets-never-forget-but-people-do-isbn-9781118091548","provider":"K12savings","version":"1.0","type":"link"}