This groundbreaking new book explores the belief that at the core of liquidity there is a force which exerts individuals to effect a financial transaction when they would not otherwise do so. Understanding this force of compulsion is a key to understanding a financial market when it appears to be behaving irrationally. This book will enable new and seasoned investors to develop an understanding of the factors, so that costly mistakes can be avoided without the lesson of experience.
Despite the apparent consensus there are many issues related to the conduct of monetary policy that are not yet settled and which will soon come to the fore. Is the current form of independence for the Bank of England appropriate? Should a central bank target inflation or the prices level? How does a central bank deal with asset price deflation? Should more account be taken of monetary aggregates? Should central banks target asset prices? What is the relationship between the money supply and asset price inflation? How should central banks ensure financial stability?
The IEA was at the forefront of changing the parameters of the debate surrounding monetary policy in the 1970s and 1980s. This text, brings together some of the leading authors in the field, including the current Governor of the Bank of England, to discuss current issues in monetary policy and the relationship between monetary policy and financial markets. It is appropriate for undergraduates and postgraduates in economics and finance as well as for practitioners in financial markets.
The story of the short life and tragic death of Bowland Beth – an English Hen Harrier – which dramatically highlights the major issues in UK conservation.
‘The sun was blood red as it broke the horizon and lit the communal roost where the female hen harrier had spent the night. She watched the other harriers as they left to go foraging for food out on the moor. She didn’t join them, for she had felt a quickening in her body, an urge to move to Mallowdale Pike, a rocky crag from where she had fledged nine months ago. After preening, she lifted off from the roost and soared up over the fell.’
David Cobham enters Beth’s world to show what being a hen harrier today is like. He immerses himself not only in the day-to-day regimen of her life, the hours of hunting, bathing, keeping her plumage in order and roosting, but also the fear of living in an environment run to provide packs of driven grouse for a few wealthy sportsmen to shoot.
The hen harrier is seen as a totemic species in the battle between the conservationists and ruralists, and as one of the key players in this emotive debate, David Cobham is uniquely placed to reflect on Beth’s story. In this powerful narrative, he provides us with a profound tale which helps to illuminate the larger implications of the species’ decline, highlighting the urgent need for conservation efforts to reverse this.
Over the years, market developments have proven the wisdom of Graham’s strategies. While preserving the integrity of Graham’s original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today’s market, draws parallels between Graham’s examples and today’s financial headlines, and gives readers a more thorough understanding of how to apply Graham’s principles.
Vital and indispensable, The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.