Preface to the Tenth Edition

To The Reader

“Markets hate uncertainty” is the oft-stated mantra of pundits who frequently fret about the challenges of predicting trends in global financial markets and economies. The implication of this statement is that there were sustained periods of time in history during which there was little uncertainty (i.e., there was widespread consensus about the future). Even a cursory knowledge of history confirms that such periods were, are, and are likely to continue to be infrequent. And when such periods did exist, they were often followed by speculative bubbles that eventually burst such as in the tech boom in 1999 and the housing bubble in 2008. Uncertainty will always exist to varying degrees as markets price ...

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