My book, Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, is officially out today. It is, by a wide margin, the best book I’ve ever written so I definitely think you should buy it (it’s also my first book). But who cares what I think. I sent copies to some people I really respect and think are smarter than I am and here’s what they had to say about it:
“It has never before been more crucial for investors to understand the way our modern monetary system affects the capital markets. Huge fortunes have been made in recent years as a direct consequence of this awareness, billions have been lost by those who’ve failed to make the right connections. With Pragmatic Capitalism, Roche has written the definitive book on the topic–investors of all experience levels are advised to read this to get up to speed.”— Joshua M. Brown, author, Backstage Wall Street, The Reformed Broker blog, and on-air contributor to CNBC
“Cullen Roche explodes all the myths that might hurt the performance of small or big investors in the financial markets. He explains in simple terms why investors can rely on neither mainstream macroeconomic theory nor the efficient market hypothesis. He shows how the monetary system truly works, such as the likely impact of public budget deficits or quantitative easing on price inflation and interest rates.”—Marc Lavoie, Professor of Economics, University of Ottawa
“Chapters 7 and 8 should be required reading for all investors, economists and politicians (and anyone else wanting to understand the macroeconomic system). Cullen has done the world a great (and rare) service by seeking to talk about the economy as it actually is, rather than how it should be.”—James Montier, Analyst, GMO and author of The Little Book of Behavioural Investing
“In Pragmatic Capitalism, Roche combines sensible advice for investors with a lucid primer on the role of money, banks and central banking in the modern world.”—James Galbraith,Professor at University of Texas, Austin
“Pragmatic Capitalism takes an ambitious and engaging tear through our often misguided perceptions about markets, money and behavior. Cullen brings investors back to reality by smartly forcing a no nonsense gut check. Ignore his wisdom, and life is harder.”—Michael W. Covel, President, Trend Following
I also want to thank everyone who put the time and effort into reviewing and reading the book in advance. This was truly a group effort and the people at Palgrave as well as the colleagues who reviewed the book for me were just amazing. This book is a work that’s been long in the making and I can’t say how thankful I am for the way it’s all come together. I truly hope it serves as an educational and informative text for anyone who invests the time in it.