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A Decade of Delusions: From Speculative Contagion to the Great Recession, by Frank K. Martin
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The proven strategies rational investors require for success in an irrational market
When the dot-com and real estate bubbles of the 1990s and 2000s burst, few were spared the financial fallout. So, how did an investment advisory firm located in Elkhart, Indiana—one of the cities hit hardest by the economic downturns—not only survive, but also thrive during the highly contagious speculative pandemics. By remaining rational. In A Decade of Delusions: From Speculative Contagion to the Great Recession, Frank Martin founder of Elkhart, Indiana's Martin Capital Management offers a riveting and real-time insider's look at the two bubbles, and reflects on how investors can remain rational even when markets are anything but.
- Outlines strategies the average investor can use to wade through the endless news, information, and investment advice that bombards them
- Describes the epidemic of market speculation that gradually infects feverish investors
- Details how investors can spare themselves the emotional devastation and accompanying paralysis resulting from shocking financial losses
Investors are still reeling from the instability in the market. A Decade of Delusions: From Speculative Contagion to the Great Recession provides the information investors need to achieve safety, liquidity, and yield.
- Sales Rank: #738807 in Books
- Brand: Martin, Frank K.
- Published on: 2011-05-03
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.50" w x 6.30" l, 1.51 pounds
- Binding: Hardcover
- 449 pages
From the Inside Flap
In the current volatile and irrational financial climate, intelligent investors are looking for sound advice and proven strategies to protect their money and grow it safely.
Drawn from annual reports and other communiqu�s with investors during the most turbulent period of U.S. economic history since the 1930s, A Decade of Delusions: From Speculative Contagion to the Great Recession offers a glimpse into the real-time thought process of a successful investment manager. Incorporating the wisdom of philosophers, psychologists, economists, and financial managers past and present, the book offers thoughtful and thorough essays on how to assess what may lie ahead for investors—and how to best prepare for it.
Accessible and comprehensive, A Decade of Delusions is a true insider's account, accented with the genuine suspense that only the weighty responsibility of real-life money management can provide.
Writing in a colloquial, conversational style, Frank Martin, founder of Martin Capital Management, in Elkhart, Indiana, offers a rare opportunity to peer inside the mind of an investment manager who saw trouble ahead when others could not: the tech stocks bubble and the sub-prime mortgage bust, to name a couple. This is the documented account of how Frank Martin navigated his clients through a torrent of near catastrophes in the "Lost Decade." In the process, he provides invaluable perspective, helping the average investor steer clear of danger in these difficult waters. A practical how-to guide, it is also a comprehensive history of some of the world's most brilliant economic thinkers through the ages. Outlining strategies to remain fiercely independent of the delusional madness that often grips the markets, describing in detail the epidemic speculation that can topple financial systems, and explaining how investors can spare themselves the devastation of major and permanent financial loss, A Decade of Delusions is an essential reference for all those looking to protect and maximize the potential of their investment capital.
From the Back Cover
NAVIGATING THE FINANCIAL WHIRLWIND—WITH HELP FROM THOSE WHO'VE BEEN THERE
"Frank Martin is a great value investor and an engaging writer. A Decade of Delusions contains his real-time commentaries from the dot-com mania through to the subprime crisis. Anyone interested in investment should buy a copy."—Edward Chancellor, author, Devil Take the Hindmost: A History of Financial Speculation
"Frank Martin, ace value investor, walked the walk. Now, he talks the talk. A fine and bracing read!"—James Grant, Grant's Interest Rate Observer
"By updating and extending his excellent Speculative Contagion, Frank Martin has demonstrated the enduring power of the value-based approach. These dispatches from the front line of investing during the delusional decade provide many insights into both the process and discipline needed to do the right thing."—James Montier, author, Value Investing: Tools and Techniques for Intelligent Investment
When the dot-com and real estate bubbles burst, few investors were spared acute financial pain. So, how did an investment advisory firm located in Elkhart, Indiana—one of the cities hardest hit by the 2008 economic downturn—not only survive, but thrive amid the madness of speculative markets? By remaining rational.
In A Decade of Delusions: From Speculative Contagion to the Great Recession, renowned investment manager Frank Martin shares, through real-time client communiqu�s and essays, how he steered his investors' capital through economic turmoil as the markets lurched from boom to bubble to bust and back again. His account serves as an eye-opening example of how keeping your money starts with keeping your head.
As investors continue to grapple with ongoing market instability, the book offers helpful guidance on how you can assess risk, safeguard your capital, and grow your investments over time. After mastering the strategies outlined in these pages, you will be ready to face the future with confidence, no matter what might be in store.
About the Author
Frank K. Martin, CFA, founded Martin Capital Management in 1987 after twenty years of experience in municipal finance and, later, mergers and acquisitions. Martin's post-secondary degrees are from Northwestern University and Indiana University. He resides in northern Indiana with his wife, Marsha. He has three adult children. Additional biographical information can be found at www.mcmadvisors.com.
Most helpful customer reviews
12 of 13 people found the following review helpful.
Insights into a money managers mind
By keith rockey
Upfront disclosue: My money is currently with Martin Capital Management. There is a reason it is. if you read this book you will gain great insight into the mind of a thoughtful transparent investor. Don't just take my word for it. Jack C Bogle wrote the forward and outlines the book, its author, and intent of the book better than I. All I can say is I pay for these ideas and you have an insight into the markets for one hell of a deal. Even if you are a buy and hold investor or an index believer you will enjoy the history, the writing and perspective. It is written as the market was and currently is unfolding....so this is an insight into how a student of the market thinks under the gun....
anyone who is a stock market junkie and history buff will enjoy. It just might have you asking some questions about fees, funds, and others in the "game"
4 of 4 people found the following review helpful.
Means (mind-set) versus Ends (mind-set)
By James East
As a sequel to Speculative Contagion -- Decade of Delusions continues the quest to navigate the challenges of the investment world in finding value and protecting capital. Unlike the lay investor whose primary quest is the result, Frank Martin's quest is the means as opposed to the ends. The book, along with its brethren, once again has the preoccupation with the means of the value approach, not the end. This is vital as the knowledge in the field of finance is cyclical, not cumulative.
I will assume that the reader is cognizant of the value approach espoused by Graham & Dodd and will highlight a few of the other means `mind-set' items discussed. One is patience. In a world of instant gratification from smart phones to fast food, patience in the financial world is a somewhat lost art. In Chapter 7, the author explains, and quotes others, that in our generation what counts in life is `activity, agency, getting things done.' However, one needs patience as defined as 1) endurance (suffering without discontent),, 2) forbearance (bearing with the faults of others), 3) expectancy (willingness to wait), and 4) perseverance (constancy). With these attributes along with avoiding the herd, help one achieve above-average returns.
This is but a small, very small, taste of what the book entails. Probably more so, it is the financial history of our time where we veered off the realistic path. On just needs to be reminded of 100 times revenue companies (i.e. `dot.com') era, and dead dogs receiving mortgage applications. Nevertheless, one may not make money by reading the text, but one will surely be prepared in protecting their capital by reading Decade of Delusions.
Speculative Contagion: An Antidote for Speculative Epidemics by Frank K. Martin
The Intelligent Investor: The Definitive Book on Value Investing by Benjamin Graham
Security Analysis: Sixth Edition, Foreword by Warren Buffett by Benjamin Graham & David Dodd
Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher
3 of 3 people found the following review helpful.
Well written and insightful. Everyone will learn something by reading this book
By Charles F
A terrific book, written from the perspective of a successful, seasoned investor. This book is Frank Martin's actual stream of conscious in the form of actual client letters from both before and during the financial crisis. Thought provoking and sure to leave readers educated, Frank Martin's letters foretold of the speculative excesses that led to the financial crisis, guided his readers on how he and his firm protected client capital, and shines the light on the ramifications of current government intervention and their potential impact on the future. If one is interested in investing, this is a must have book. One of the most educational books on investing I have ever read.
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