Investing Through the Looking Glass
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The investment markets have never been more dangerous. Interest rates are at all-time lows; the sanctity of cash deposits is under threat; government bonds are expensive and offer ultra-low or negative yields; equity markets are largely detached from reality after years of loose monetary policy. Investors need to calibrate themselves to the realities of this extraordinary new environment so that they can protect their wealth and, ideally, prosper. In Investing Through the Looking Glass, longstanding portfolio manager and investment columnist Tim Price identifies and shatters a number of investment myths and misconceptions. He questions whether stock markets inevitably rise over the longer term, whether bonds continue to be relevant as a failsafe low-risk asset, whether professional fund managers represent "smart money", and much more besides. But this is not just a counsel of despair. Having identified the problems besetting today's investor, the focus then moves on to practical guidance to help investors preserve and grow their capital in this age of inflationary and deflationary uncertainty.
Tim Price provides ideas on how to find attractive investments in distorted equity markets, on what might be the best-kept secret in finance, and how best to insure portfolios in an environment of heightened systemic risk. Investing Through the Looking Glass presents a route map for navigating one of the most challenging financial environments that anyone has ever seen. For the sake of your wealth, can you afford not to read it?
Edwin Lefevre (1871-1943), the son of a steamship agent, trained as a mining engineer before changing his mind and pursuing a career as a journalist aged 19. He went on to become a stockbroker and an independent investor, as well as a novelist and writer of short stories. Having been born in Panama while his father, a Channel Islands emigré to the United States, was stationed there with the Pacific Steamship Company, Lefevre became the Panamanian ambassador to Spain and Italy in 1909.
He wrote eight books across his career, including a collection of financial fiction, Wall Street Stories (1901), Sampson Rock of Wall Street (1907) and the nonfiction Making of a Stockbroker (1925). His most famous book is the classic Reminiscences of a Stock Operator (1923). This lightly fictionalised account of stock speculator Jesse Livermore's career began life as a series of articles in The Saturday Evening Post, and was first published across 1922 and 1923.
Edwin Lefevre spent much of his life in Vermont, where he died in 1943. He was survived by his wife, Martha, and two sons.