El-Erian - When Markets Collide

Advance Praise for When Markets Collide

Mohamed A. El-Erian is one of the most gifted and successful risk management practitioners in the world. In this book he combines an academics insight into advanced risk analysis with a portfolio managers grasp of real world economics. This book is an essential read for those who wish to understand the modern world of investing.

Alan Greenspan

This extraordinary book portrays the future with a powerful and trailblazing illumination of the past. El-Erian takes aim at change at a wide variety of levels as the great dynamic, and I can assure you he hits the bulls eye.

Peter L. Bernstein, author Capital Ideas Evolving

Investors used to be content with getting the U.S. rightand then maybe Europe and Japan. Mohamed El-Erian argues why these tectonic economic continents are giving way to the emerging world. Brilliantly written, easy to understanda forceful explanation of our changing global economy.

Bill Gross, Managing Director, Founder and CIO, PIMCO

Mohamed El-Erian, with his deep grounding in economics and his profound knowledge of financial markets, has written a book that no one else could write. From his vantage point atop Harvard Management Company and now PIMCO, he guides the reader through the great dislocations, extreme challenges, and exceptional opportunities generated amidst todays market tumult.

Seth A. Klarman

This book will certainly become an instant investment classic. Drawing on his extensive analytical knowledge of the academic literature, senior experience in policy circles, extensive knowledge of global financial markets and superior performance as an asset manager, Mohamed El-Erian has written a most excellent guide for investors, market practitioners, and policy makers for navigating the risks and opportunities of financial markets in this era of financial globalization and in these times of market volatility and turmoil.

This is a most sophisticated and comprehensive analysis from one of the deepest thinkers and foremost gurus of global investing. A must read for investors, policy makers and research analysts!

Nouriel Roubini, Professor of Economics,
New York University and Chairman of RGE Monitor

Mohamed El-Erians book is an important, wise, and insightful analysis of the way in which the changing global landscape and financial architecture, and the growing importance of developing nations, will change the nature of investing and risk management. It is fascinating reading.

His analysis of the importance of understanding policy responses on a global basis is persuasive and new. He foresees that we are entering a period unlike the past in which regulatory instruments and the level of international coordination will fall well short of being a match for the growing scope and complexity of the financial system. The result will be a bumpy ride, with attendant opportunities and risk.

Michael Spence, Recipient of the Noble Prize in Economics (2001)

I can think of no better guide to the terrifying yet exhilarating new world of global finance than Mohamed El-Erian. While others have been swept under by the upheaval of the credit crunch, El-Erianwho so brilliantly surfed the wave of emerging markets in the 1990smore than weathered the storm while at HMC and is now poised to catch new waves back at PIMCO.

Not only has he managed to find time to dash off a book amid the market mayhem, he also turns out to have written the best account to date of the economic paradigm shift we are living through. It will be a rash investor who ignores his book.

Niall Ferguson, William Ziegler Professor at Harvard Business School
and author of The House of Rothschild and The Cash Nexus

Mohamed El-Erian is a deep thinker of the global financial and economic scene. In When Markets Collide he brings to bear his unique investment, policy and academic experience in analyzing where we are heading and how we may get there. He does so in clear and logical fashion, and draws important lessons for policy makers and market practitioners. Read it and then study it, you will be rewarded!

Arminio Fraga, Founding partner, Gavea Investimentos
and Former President, Central Bank of Brazil

Mohamed El-Erians book makes fascinating and instructive reading for policy makers seeking to understand the financial environment in which they are currently operating, as well as the major trends in the global economy and financial markets with which they will have to contend in the years ahead.

Stanley Fischer, Governor, Bank of Israel

Mohamed El-Erian is that rare creature: a skillful participant in financial markets who is also a brilliant analyst of them. He has written a book that is important and urgent, moving from the micro to the macro with equal ease. The result is a must-read.

Fareed Zakaria, Editor, Newsweek International

When Markets Collide is an extraordinarily powerful work on the evolution of the global economic and financial institutions, structures, and behaviorsharply defining how we got to where we are and where we will go in the years ahead, complete with wise counsel for both policy makers and investment professionals. To expand your knowledge and wisdom a mile wider and a mile deeper, this is a must read.

Paul McCulley, Managing Director, PIMCO

Mohamed El-Erian has created a road map to help us understand, navigate, and question the incredible and fundamental changes revolutionizing todays financial markets.

Ken Griffin, CEO and Founder, Citadel Investment Group

El-Erian is a doer and a thinker and someone who understands the risks of rare events. I never before saw such a combination in 20 years in the market. Read this book.

Nassim Nicholas Taleb, author The Black Swan

INVESTMENT STRATEGIES FOR THE AGE
OF GLOBAL ECONOMIC CHANGE

MOHAMED A. EL-ERIAN

Copyright 2008 by Mohamed A. El-Erian. All rights reserved. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher.

ISBN: 978-0-07-159282-6

MHID: 0-07-159282-2

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