Monday, January 22, 2007

Tomorrow's Gold: Asia's Age of Discovery - Book Review

Tomorrow's Gold: Asia's Age of Discovery





What Is It About?

This book is about finding those asset classes which will outperform in the future. To do so the author takes a close look at historical shifts in economic power. The book makes the point that the world’s economic success stories do not last forever. The author also focuses on the reasons why he believes the emergence of Asia heralds a change in the economic center of power.


What Did I Get Out Of It As A New Investor?

The author makes clear that no economic center of power stays dominant forever. In the author’s opinion Asia will be the site of the next leading financial market. Whether the author is right or wrong on this point is irrelevant to finding value in this book.

The central message to take away is not the prediction but the analysis. No assets can lead forever. If everyone is invested in industry A, country B, or commodity X then those asset classes must under-perform other markets over time simply because no one of sufficient size is left to bid that market higher. Therefore, just as a glass of water can only get so full before the water spills out and flows into another container, once an asset class becomes too popular the money must flow somewhere else to achieve above average return. The key is to determine where.

Understanding that money must continuously flow is the important point worth knowing. That message is why this book is worth reading.


The Good News

A well written book which makes a strong case, using cycle analysis, that Asia will be the leading market for years to come.


The Bad News

While well written the book reads as a text. Consequently, it may be best to read the book over time, and not straight through, to allow for proper reflection on each chapter.


The Bottom Line

For those who want to grasp the idea of cycles and why Asia may be the best market for the next several decades this book provides a worthwhile perspective.


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5 comments:

Howard Lindzon said...

good book, smart dude, i will add you to my blogroll you pest. Be prepared for massive traffic - not.

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