My first experience with markets came when I decided to buy shares of Sony at the beginning of the new millennium. I knew that the Playstation 2 had been very popular in Japan and would soon be reaching the United States. I did not know, however, that this had already been incorporated into Sony’s stock price. Nor did I know that almost every stock, especially those of technology companies, was grossly overvalued. I bought at the very top of the market. Had I held onto those shares until today, I would have lost more than 85% of my initial investment. That’s before counting the cost of inflation. I’m pretty sure that Bernie Madoff’s victims will end up doing better.

Since then, I have learned a few things. I worked at a macro hedge fund and got inside the heads of the world’s smartest investors. Now I spend my time studying the history of central banking. My goal is to tell you what I’ve learned with clear prose and thoughtful charts. Hopefully I will add to your insight. Maybe I’ll even help you make avoid losing lots of money. At the very least, I expect you to be entertained.

All the best,



About Matthew C. Klein
I write about the economy and financial markets for Bloomberg View. Before that I wrote for The Economist on a fellowship provided by the Marjorie Deane Financial Journalism Foundation. I have worked at the world's largest hedge fund and read every FOMC transcript since May, 1987.

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