When Markets Collide ─ Investment Strategies for the Age of Global Economic Change

《大衝撞》一書對今日全球經濟與金融體系正在發生的根本變化提出及時的警告，同時呼籲可能誤解重要訊號而成為受害者的投資人採取適當行動。儘管有些人將資產類別的錯誤定價視為單純的「雜音」，但這本令人折服的書告訴我們，為何這些「雜音」是重要訊號，代表將對未來市場形成顯著影響的機會與風險。穆罕默德‧伊爾艾朗是當今最受敬重的金融人士，他持平描述最近一些事件的來龍去脈，提供有助於解讀市場、利用全球經濟變局獲取利益，以及駕馭風險的工具。
 
目前全球經濟正處於一連串的換手期，以前系統影響力極低甚至毫無影響力的國家，現在對全球經濟成長的貢獻度已舉足輕重。以前的債務國更累積了前人想像不到的財富，因此也享受了前所未見的影響力，但卻也面臨了非凡的挑戰。另外，新的衍生性金融商品已經改變了很多市場區塊與玩家的行為。不過，儘管變化如此之多，這個體系的基礎建設卻還是需要進一步升級，才能夠反映今日與明日世界的種種現實。伊爾艾朗對全球變局的根本驅動因子進行透澈的研究，並說明你應該如何：
‧ 思考新機會與風險議題
‧ 建構一個適當分散投資且全球化的投資組合
‧ 保護你的投資組合免於因新的系統風險而受害
‧ 善加思考各國中央銀行和金融政策的影響

伊爾艾朗提出各項未來發展的預測，他的主要目標是要幫助你善用新經濟與金融情勢獲取利益，同時限制對新風險結構的曝險程度。
 
對世界各地的投資人和政策制訂者來說，《大衝撞》一書是獨一無二的，而且可以提供及時的協助。除了針對近期的一些事件提出透澈的分析和清晰的觀點以外，它也描繪出了詳細的地圖，引導你走過一個令人困惑的新經濟環境。

本書中文版《大衝撞：全球經濟巨變下的重建預言與投資策略》由麥格羅希爾出版

SELECTED AS A 2008 BEST BUSINESS BOOK OF THE YEAR BY THE ECONOMIST

"ONE OF THE SMARTEST INVESTORS ON THE PLANET."--MONEY MAGAZINE

“This book is an essential read for those whowish to understand the modern world of investing.”
—Alan Greenspan

Winner of the 2008 Financial Times and Goldman Sachs Business Book of the Year Award

When Markets Collide is a timely alert to the fundamental changes taking place in today's global economic and financial systems--and a call to action for investors who may fall victim to misinterpreting important signals. While some have tended to view asset class mispricings as mere “noise,” this compelling book shows why they are important signals of opportunities and risks that will shape the market for years to come. One of today's most respected names in finance, Mohamed El-Erian puts recent events in their proper context, giving you the tools that can help you interpret the markets, benefit from global economic change, and navigate the risks.

The world economy is in the midst of a series of hand-offs. Global growth is now being heavily influenced by nations that previously had little or no systemic influence. Former debtor nations are building unforeseen wealth and, thus, enjoying unprecedented influence and facing unusual challenges. And new derivative products have changed the behavior of many market segments and players. Yet, despite all these changes, the system's infrastructure is yet to be upgraded to reflect the realities of today's and tomorrow's world. El-Erian investigates the underlying drivers of global change to shed light on how you should:

• Think about the new opportunities and risks
• Construct an appropriately diversified and internationalized portfolio
• Protect your portfolio against new sources of systemic risk
• Best think about the impact of central banks and financial policies around the world

Offering up predictions of future developments, El-Erian directs his focus to help you capitalize on the new financial landscape, while limiting exposure to new risk configurations.

When Markets Collide is a unique collection of books for investors and policy makers around the world. In addition to providing a thorough analysis and clear perspective of recent events, it lays down a detailed map for navigating your way through an otherwise perplexing new economic landscape.

Mohamed A. El-Erian is co-CEO and co-CIO of PIMCO, one of the largest investment management companies in the world. He formerly served as president and CEO of Harvard Management Company, the firm that manages the university's $35 billion endowment. He spent 15 years at the International Money Fund, working on policy, capital market, and multilateral economics issues. El-Erian has been featured by Bloomberg, Forbes, Financial Times, Latin Finance, CNBC, The New York Times, and The Wall Street Journal. In 2004, Fortune named him a member of its eight-person “Mutual Fund Dream Team.”