The Market Crisis Has Just Begun...Protect Your Wealth Through the Longest, Deepest Down Market in History "Vinh Tran's deep knowledge of global economic events and his skill as a market participant shine through in Market Upside Down, wherein he illuminates the structural problems that exist in the U.S. economy and the ongoing risks these problems pose to investors. The book gives investors practical strategies for thriving in turbulent times and is important for anyone who wants to understand the new normal of the investing landscape." -Tony Crescenzi, Strategist and Portfolio Manager, PIMCO and Author of Investing from the Top Down and The Strategic Bond Investor "The fall in real estate values, credit market crises, and the stock market crash of 2008 and their effects worldwide put into question all that we have learned about investing. Vinh Tran provides the first best guide to making investment decisions for the future." -Ronald W. Sellers, Chairman, CEO, Atlantic Asset Management "Market Upside Down is a cautionary tale of the evils of debt. Our economic woes won't end with the resolution of the mortgage-backed securities crisis.
Investors are facing a new crisis caused by massive government debt. But, fear not, Vinh Tran doesn't leave his readers unprotected. In his insightful book, he shares his strategies for profiting in down markets by investing in assets that promote liquidity, are diverse, help preserve capital, and manage unforeseen risks." -Thong M. Nguyen, Group Executive, Fiduciary Solutions, Bank of America, Global Wealth and Investment Management "...This is a provocative and well-documented book, full of interesting ideas. It deserves your attention." -Annette Thau, Ph.D., Author of the bestselling The Bond Book
Table of Contents
Acknowledgments xii About the Author xiii Introduction 1 Chapter 1: Black Swan Octobers 7 Chapter 2: Japan: The Setting Sun 33 Chapter 3: The Root Causes: Leveraging and Excess 59 Chapter 4: The New Economic Reality 83 Chapter 5: Bulls and Bears: The Long Cycles 113 Chapter 6: Investment Paradigms: Beliefs and Reality 133 Chapter 7: Investing in Markets Upside Down 157 Chapter 8: Beware of the Risks 181 Chapter 9: Absolute Return: Manage Risks and Build Wealth 203 Chapter 10: Absolute Return and Alpha 231 Chapter 11: Beyond the Traditional 261 Conclusion 287 Notes 293 Index 311
Dr. Vinh Q. Tran has spent more than 20 years as a money manager for global financial institutions including Morgan Stanley, Bank of America, and Aetna Life & Casualty, where he managed global investments, hedged equities and alternative investments, and advised wealthy individual and institutional investors. Throughout his career, Dr. Tran has earned high acclaim for his investment performance from Fortune,The New York Times,Morningstar, and others. Dr. Tran has taught advanced investment as adjunct professor of Finance at NYU's Stern School of Business. He holds a Ph.D. and MBA in Finance from George Washington University, and graduated magna cum laude in both Accounting and Political Science from the University of Dalat, Vietnam. Dr. Tran is the author of Evaluating Hedge Fund Performance and Foreign Exchange Management in Multinational Firms. He resides in Greenwich, Connecticut with his wife and two children.