Renowned investment advisor Marc Faber sets out to
find tomorrow's gold - the outperforming asset classes of the future.
Far from being a sensational reading of the runes, this book delves deep
into the past, to chart how old investor trends developed and assess how
new patterns might emerge.
Change is the thread. As Faber points out, the world is experiencing
a transformation as great as the late 15th Century's golden age of discovery
and the industrial revolution of the 19th Century - events that altered
the commercial face of the earth forever.
And from this dramatic landscape - a world in which economic, social
and political conditions are morphing at an alarming rate - Faber identifies
investment opportunities.
Asia's three billion-strong population will have a profound effect on
the world, writes Faber, cautioning that today's richest cities and clusters
of wealth are unlikely to retain their exalted positions in the future.
About the Author
Dr Marc Faber is a contrarian. To be a good contrarian, you need to know
what you are contrary about. It helps to be a world class economic historian,
to have been a trader and managing director of Drexel Burnham Lambert
when the firm was the junk bond king of Wall Street, to have lived in
Hong Kong for a quarter of a century, and to have a contact book crammed
with the home numbers of many of the movers and shakers in the financial
world.
Famous for his approach to investing, Marc Faber
does not run with the bulls or bait the bears but steers his own course
through the maelstrom of international finance markets. In 1987 he warned
his clients to cash out before Black Monday on Wall Street. He made them
handsome profits by forecasting the burst in the Japanese Bubble in 1990.
He correctly predicted the collapse in US gaming stocks in 1993; and he
foresaw the Asia-Pacific financial crisis of 1997/98 and the resulting
global volatility.
Table of Contents
Acknowledgements
vii
Foreword
ix
1.
A world of change
1
2.
Major future investment themes
7
3.
A caution about high-return investment expectations
37
4.
Another warning to emerging market investors!
47
5.
The life cycle of emerging markets
71
6.
Business cycles - Alive and well!
93
7.
Long waves in economic conditions
110
8.
New eras, manias and bubbles
145
9.
Opportunities in Asia
183
10.
The economics of inflation
214
11.
The rise and fall of centres of prosperity
231
12.
Why the US is unlikely to provide the next leadership
Doug Noland writes in his Credit Bubble Bulletin (PrudentBear.com - The One-Stop Shop for the Bear Case, 17-Jan-03)
As informed Barron’s readers appreciated again
this past week, Marc Faber runs circles around his Roundtable counterparts.
The depth of his knowledge and insight, as well as his fierce devotion
to critical, independent thinking, is something us regular readers of
his exceptional newsletter have come to take for granted. A few months
back I wrote that the extraordinary environment confronting us had rendered his always valuable Gloom, Boom & Doom Report “invaluable.”
Well, we have now become only more fortunate, as he shares his wealth
of knowledge on markets, history, cycles, economics and humanity in his
recently published book, Tomorrow’s Gold – Asia’s
Age of Discovery. It’s a wonderful read that I strongly recommend.
And especially as we witness the passing of King Dollar and the consequent
historic transition to a reshaped, uncertain environment, to call
Dr. Faber’s book “timely” is a gross understatement.
His brilliant interplay of history, theory and critical issues of contemporary
finance and economics creates a strikingly pertinent book. And
as someone who puts his thoughts in writing on a regular basis, I must
confess to being quite envious of his impressive mastery of the subject
matter, not to mention his appealing writing style.
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