Moods and markets(1), EBOOKI
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//-->Praise forMoods and Markets“Peter Atwater’s Moodsand Markets offersa compelling new frameworkfor evaluating Wall Street and Main Street sentiment and putting it toprofitable use as an investor. Behavioral investing is the next frontier,and this book is an invaluable resource for those stock market operatorslooking to stay one step ahead.”—JoshuaSteiner,Managing Director,Hedgeye Risk Management“Atwater has written a thought-provoking piece that is a ‘must read’ forinvestors of all types, institutional or individual, buy-side or sell-side. Hechallenges conventional thinking on what drives market performance.Atwater’s years of experience in financial services combined with hiscritical thinking, research, and analysis have produced an insightful thesisthat is also fun to read! Whether one ultimately agrees with Atwater ornot, every investor will come away with new insights on the markets, anunderstanding of socionomics, and just maybe a changed approach toone’s investing philosophies.”—RandyJohanneck,former Chief Risk Officer,J.P. Morgan Private Wealth Management“Peter’s long and distinguished career in the financial services industryhas made him a keen observer of how greed and fear drives markets.This engaging book offers something for everyone: for academics whohave long wrestled with why financial markets are more volatile thanfundamentals theoretically suggest; for policymakers who still insist thatit is impossible to recognize bubbles before they burst; and for investorsand risk managers who are always looking for clues as to whether tofollow, or step aside from, the crowd. It provides a fresh and morecomplete answer to how textbook theory suggests markets behave andoffers the reader an opportunity to profit from today’s pervasive short-term behavior.”—AdrianCronje,Chief Investment Officer and Chair,Investment Strategy Team, Balentine LLC“It is clear that human psychology plays a major role in the fields ofeconomics, finance, and investments. Until readingMoods and Markets,I considered the most fascinating and promising fields of investing to besocioeconomics, behavioral economics, and behavioral finance. But nowit may well be socionomics, which takes these concepts to an entirelynew and unique level. Atwater writes a lucid, compelling, and engaginglyaccessible treatise on the topic, supported by many salient historical andreal time examples. Most importantly, he illustrates tangible ways toidentify social mood dynamics and to both minimize risk and make gainsbased on them. A must read for every investor and fiduciary.”—MichaelP. Hennessy,Cofounder and Managing Director,Investments, Morgan Creek Capital Management“I have long been a fan of Peter Atwater since we first worked togetherover a decade ago and have always found his thinking insightful. Havingwatched market analysis evolve for more than 30 years, from fundamentalto quantitative to behavioral, socionomics is the next frontier. Peter’sresearch is meticulous, proving that ‘markets measure mood—they don’tmake it.’”—RobertBalentine,Chairman and Chief Executive Officer,Balentine LLC“As a long term investor in the markets, I found two aspects ofMoodsand Marketsthat were particularly appealing. The first is that Peterpresented his material in a simple format laced with wisdom…sort of likea Buffet annual report. The second is that while I have always understoodthe need to buy ‘fear’ and sell ‘greed,’ I now better understand that theyare emotions, while mood leads to longer term bottoms and tops that leadto longer term opportunities to buy and sell.”—BobSmith,Portfolio Manager, T Rowe Price“Peter’s insights and acumen have provided him a distinguished careerand this book is no different. It distinguishes him from the herd. Peter’sinsights withinMoods and Marketsgive you a great view into the windowof investing psychology that few possess.”—BrandenRife,Head of West Coast Trading,Concept Capital Markets“Peter Atwater brilliantly provides a framework for understanding boththe socioeconomic hubris that led to the great credit bubble of the pastdecade and the dark social-psychological hangover that has resulted fromits collapse. In so doing, he offers an invaluable guide to what promisesto be a very difficult and turbulent period ahead as we experience whathe calls the ‘me, here, and now’ behavioral tendencies of the post-crashworld.”—SherleR. Schwenninger,Director, Economic Growth Program,New America Foundation“Humans know mood affects their behavior. Peter Atwater opens oureyes to the power of social mood to explain economic, social, and politicalphenomena. The false security of models and math is unmasked. Thisbook resets your worldview.”—MichaelPowell,President and CEO, National Cable &Telecommunications Association, and former Chairman, FCC“Behavioral finance meets industry practitioner. Atwater gets it becausehe’s done it. As economic central planning chokes on its academictheories, one of the most credible sources on the business of banking tellsyou how it all really works, with live ammo.”—KeithR. McCullough,Chief Executive Officer,Hedgeye Risk Management“There are four tenets that form the foundation of investing success:fundamental analysis, technical analysis, risk management, and masspsychology/investor sentiment. Mass psychology and investor sentimentare the least understood but increasingly important determinants ofmarket direction, particularly at important inflection points in socialmood. Peter’s insightful book articulates new ways of assessing themarkets from this lens and is a very useful guide to investors who arelooking for an edge to enhance their portfolio returns.”—SmitaSadana,Founder, Sunrise Capital Management LLC“Peter Atwater’s take on behavioral economics is both unconventionaland incisive. His book provides a masterful illustration of the ways inwhich our choices are influenced by changes in social moods and how wecan profit from the mispricing in the marketplace inevitably caused byour collective irrational actions.”—DavidRosenberg,Chief Economist and Strategist, Gluskin Sheff“One of the great misunderstandings in the history of financial markets isthat The Crash caused The Great Depression, when in reality, The GreatDepression caused The Crash. Social mood and risk appetites shapefinancial assets; it’s a subtle, but extremely critical distinction. This bookis a must read for anyone who wants to understand the ‘why’ rather thanthe ‘what’ as we prepare ourselves with a forward and proactive lens.”—ToddHarrison,Founder and CEO, Minyanville Media, Inc.“InMoods and Markets,Peter gives it to us straight between the eyes—we are adrift in a sea of mood. Peter is not out to thrill us with sizzle orpizzazz; he is out to make us money and save us from embarrassment.Peter’s Horizon Preference framework is the best approach I have foundyet for isolating the state and direction of social mood for all of my majormarketing and investment decisions; I use it all the time. I can seeMoodsand Marketson the nightstands of big thinkers around the world. WithPeter’s help, we can find dry ground.”—BernardDel Rey,CEO, Capital Position Ventures, and formerGlobal Head of Marketing, Morgan Stanley Investment Management“Noble in reason. Infinite in faculty. Investors love to imagine themselvesin Hamlet’s lofty terms. But, as Peter maps out in scrupulous and rivetingdetail, we are all slaves to the human condition. The markets we esteemas logic-driven and untainted by emotion are in fact ruled by it. His bookwill challenge everything you thought you knew about investing. And youwill be better for it.”—StephaniePomboy,President, MacroMavens, LLC“If you want to understand the ‘why’ behind financial marketperformance, as well as the ‘what next,’ you will want to read this book. Ihave observed Peter Atwater at work for 25 years in the financial servicesindustry, and the common element in his many successes is his ability tobreak down the complex to the simple by not thinking conventionally. Hehas done this again by adopting and adapting a socionomic frameworkto help explain market behavior and much more. This book should beread not just by executives, advisors, and investors, but also by anyonecurious about the driving forces behind legislative and regulatory activitythrough market cycles. I have learned over the years that one ignoresPeter’s authentic analyses at the peril of joining the ranks of the regretfulself-assured.”—CamCowan,Partner, King & Spalding LLP
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