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Investing Through the Looking Glass

A rational guide to irrational financial markets

By Tim Price

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Paperback £19.99
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Investing Through the Looking Glass

A rational guide to irrational financial markets

By Tim Price

Jacket text

The investment markets have never been more dangerous. Interest rates are at all-time lows; the sanctity of cash deposits is under threat; government bonds are expensive and offer ultra-low or negative yields; equity markets are largely detached from reality after years of loose monetary policy. Investors need to calibrate themselves to the realities of this extraordinary new environment so that they can protect their wealth and, ideally, prosper.

In Investing Through the Looking Glass, longstanding portfolio manager and investment columnist Tim Price identifies and shatters a number of investment myths and misconceptions. He questions whether stock markets inevitably rise over the longer term, whether bonds continue to be relevant as a failsafe low-risk asset, whether professional fund managers represent “smart money”, and much more besides.

But this is not just a counsel of despair. Having identified the problems besetting today’s investor, the focus then moves on to practical guidance to help investors preserve and grow their capital in this age of inflationary and deflationary uncertainty. Tim Price provides ideas on how to find attractive investments in distorted equity markets, on what might be the best-kept secret in finance, and how best to insure portfolios in an environment of heightened systemic risk.

Investing Through the Looking Glass presents a route map for navigating one of the most challenging financial environments that anyone has ever seen. For the sake of your wealth, can you afford not to read it?

About the author

Tim Price has worked in the capital markets for 25 years. A graduate of Christ Church, Oxford, he spent a decade as a bond specialist before going on to serve as Chief Investment Officer at three separate wealth management firms.
Tim has been shortlisted for five successive years in the UK Private Asset Managers Awards programme and was a winner in 2005 in the category of Defensive Investing. He is now manager of the VT Price Value Portfolio, a fund investing in Benjamin Graham-style value stocks, and specialist value funds, from around the world. Tim also writes regularly for MoneyWeek magazine and The Spectator.
Follow Tim on Twitter: @timfprice

Reviews

“As always Mr Price writes beautifully and is always provocative and insightful….Although it often feels that as a result of the actions of economic policy makers, and especially central bankers, it is much more difficult for investors to keep heads above water, the reality can be different. Unconstrained by index-based benchmarks private investors are much better placed to grow their wealth, while maintaining its integrity, than their institutional peers. “Investing Through The Looking Glass” shows how this can be achieved.”

Ian Orton, Editor at Large, Thewealthnet.com

“…the book gives a good overview of what’s wrong with the current state of investing, and offers 3 interesting solutions. “

Michael Wassermann, Strictly Value

“…most of experienced investors should read this well-written book.”

J.C. Hyjun, Seeking Alpha

“Investing Through the Looking Glass, is aimed more at the active private investor, but given value is likely to be the investing watchword of 2017 in equity markets, this book is a good reminder of the fundamentals in a very clearly written style.”

Lawrence Gosling, founding edtor Investweek Week and editorial director Professional Adviser

‘This book forms an essential part of the education for any private investor’

Russell Napier, co-founder of ERIC, author of Anatomy of the Bear

“One doesn’t have to agree with Price to appreciate this book. He makes his case in razor-sharp prose.”

Brenda Jubin, Investing.com

“Tim Price is one of the most cogent commentators on markets; this book contains wisdom and ideas that every investor should take note of. Tim has summarised the follies of Central Bankers, the avarice and general uselessness of financial advisers, and the bubble in asset prices that currently prevails. He comes up with a Manifesto which is designed to save us from the disastrous policies of the past two decades and to preserve and enhance capital. I thoroughly recommend Through the Looking Glass.”

Jim Mellon, Investor and Chairman, Burnbrae Ltd

“When Tim give speeches – even informal talks – crowds gather around him. Reading, his new book Investing Through the Looking Glass reminds me why. It’s a crisp story of how our Alice in Wonderland financial world actually works… told with wit, style and deep insights. George Soros said that there are some books that can make you a million dollars; this could be one of those books.”

Bill Bonner, Founder and President, Agora Inc

“Almost everything you think you know about finance, investing and money is wrong. In this wise, easy to read, and very independently minded book, Tim Price explains why. You might not agree with everything Tim says. But Through the Looking Glass will certainly make you think – and might make you a lot of money too.”

Merryn Somerset Webb, Editor in chief, MoneyWeek

“Certifiable lunatics run the world’s central banks. And it takes a sane person to tell that truth. Tim Price is very sane.”

Michael Covel, bestselling author of Trend Following and TurtleTrader

“Provocative, enlightening and very well-written.”

Guy Fraser-Sampson, author of The Mess We’re In

Media coverage

From Master Investor:

Book featured at end of article

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From Master Investor:

Tim Prices is manager of the VT Price Value Portfolio and author of Investing Through the Looking Glass: A rational guide to irrational financial markets

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From FNArena:

Investor attention to the bigger issues in the world can be fickle and, dare I say it, cyclical. Remember the mountains of newsprint dedicated to global debt immediately after the GFC? There’s no denying global debt is much higher today, but anno 2017 there’s seldom an article about it in the media. Equally rare have… Read more »

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From Master Investor:

Read to succeed Investing Through the Looking Glass A rational guide to irrational financial markets by Tim Price Book review by Richard Gill “We’re all mad here…” The Cheshire Cat, Alice in Wonderland A Mad T(-Bill) Party The basic premise of Investing Through the Looking Glass is that, following the financial crisis of 2008/09, and… Read more »

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From The Wealthnet:

Over the years Tim Price has amused, bemused and enlightened readers of thewealthnet, Money Week and The Spectator with his commentaries on the idiosyncrasies (or should it be idiocies?) of contemporary financial markets. He has also provided signposts for investors intent on preserving and growing their wealth to navigate safely the pitfalls that seem to… Read more »

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From Strictly Value:

In this book, Tim Price starts by explaining the problems the investing world faces. The backdrop of these problems is diverse: [Table – removed – see original article] In the second part of the book, Tim Price offers 3 solutions for private investors: value investing, trend-following strategies, and gold. 1. Value investing. The author builds… Read more »

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From Seeking Alpha:

If you have 3 or more of the following dozen delusions: 1) Commercial banks are an essential part of the modern economy. Their rescue during the Global Financial Crisis, at extraordinary cost to the taxpayer, was unavoidable. 2) Central banks are required to fight inflation and protect against financial instability. 3) Economists and financial theorists… Read more »

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From Trend Following :

Podcast with Michael Covel about the new book

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From Investment Week :

Stuck on what to buy the financial services professional in your life for Christmas? How about an investment book? Lawrence Gosling runs through some of the titles that have hit our desks in recent weeks. My current favourite out of the books we received in the office is Paul Mumford’s The Stock Picker, a history… Read more »

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From BullionVault:

Through the Looking Glass By Tim Price Curious and curiouser! So how to invest amid the weirdness… THERE are problems, and there are solutions, writes Tim Price on his ThePriceOfEverything blog, talking about his new book, Investing through the Looking Glass: a rational guide to irrational financial markets published by Harriman House. Problems first. That… Read more »

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From Professional Adviser:

The financial services industry is unique, writes Tim Price – no other industry in the world compensates its employees so generously while delivering such modest tangible value to its customers or society at large. Despite the best creative efforts of tens of thousands of extremely well-paid financiers, the former US Federal Reserve chairman Paul Volcker… Read more »

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From MoneyLife Radio:

Audio file of interview with Tim Price

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From Share Talk - Conkers Corner:

[Audio recording] Welcome to the 35th SHARE TALK’s CONKERS’ CORNER recorded on 21st November 2016. In this interview I have the pleasure of speaking with @timfprice Tim Price the awarding winning Fund Manager, Author and co-founder/Director of PFP Wealth Management. This business is a UK-based investment and financial advisory practice which advises on and manages… Read more »

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From Investing.com:

Tim Price takes on the financial establishment in Investing Through the Looking Glass: A Rational Guide to Irrational Financial Markets (Harriman House, 2016). He skewers banks, central banks, economists and financial theorists, fund managers, and the financial media. He also exposes what he considers to be core delusions of the bond and stock markets: that… Read more »

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From Money Makers :

In the latest Money Makers podcast, Jonathan Davis talks to fund manager and market commentator Tim Price, well known to many for his regular contributions to MoneyWeek and The Spectator. The topic is how best to invest your money in the unprecedented zero interest rate world in which we live – when bank deposits and… Read more »

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From Informed Choice Radio:

In this episode of Informed Choice Radio, Martin Bamford speaks to Tim Price, author of Investing Through The Looking Glass.

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Contents

Introduction

Part One: Problems
1. The Banks
2. The Central Banks
3. Economists And Financial Theorists
4. Fund Managers
5. The Bond Market
6. The Stock Market
7. The Financial Media

Part Two: Solutions
8. Value Investing
9. Trend-Following Funds
10. Gold

Conclusion: Safeguarding your financial future
Appendix: The Modern Investor's Manifesto
About the Author



Published: 07/11/2016
Edition: 1st
Pages: 238
Formats: ebook - ISBN 9780857195371
paperback - ISBN 9780857195364
Media enquiries

If you’d like to get in touch with the author for interview or comment, or you’d like a review copy of this book, please contact us at pr@harriman-house.com or call +44 (0)1730 233870.

Rights

For information on available rights, please contact rights@harriman-house.com

Bulk purchases

We offer discounts for bulk purchases. Please contact specialsales@harriman-house.com for a quote.