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Market Upside Down: How to Invest Profitably in a Shrinking Economy

By Vinh Q. Tran

Published by FT Press

Published Date: Jan 28, 2010


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