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Economic measures and concepts like GDP, inflation, business cycles and supply chains that were created decades ago are being disrupted and altered by technology. These changes affect asset values, interest rates, stock valuations, barriers to entry, as well as regression and correlation analysis. That Doesn't Work Anymore discusses how to adapt traditional data to these changes and outlines ways to use newer and better tools that help you make good investment and business decisions.
The book's short pragmatic chapters grouped by topic with research and real-life anecdotes delve into how technological and societal developments have changed the meaning and value of traditional economic data-points, predictive tools, and business concepts. Robert S. Kricheff provides specifics on new and more valuable data sources as well as better methods for applying the information to investing, business, and even your career.
List of contents
Your Economic Thought Patterns Need to Change
- Ignore the Averages - Means Move
- Disrupters or Just Progress
- Cultural Changes Make Economics Change
- Cultural Impact of the Great Recession
- Everyone Needs to Change How They Measure Things- Always
- Rethink Correlations and Resist Regression
- Goodhart's "Underappreciated" Law
Big Economic Data-points
- GDP - Revisions, Central Banks and Why It Is So Useless
- Is Growth the Right Economic Measure
- Is Growth the Right Financial Measure
- Unemployment Versus New Employment
- Wages are Different Now
- Inflation - It Can Help, It can Hurt - But it is Definitely Not the Same as it Was
- Interest Rates and Falsehoods
- Currencies - Chicken & Egg
- The Asset Value Magic Trick - Stocks, Real Estate, Gold, Bitcoin Etc.
- Expectations Theories - Always Changing, Always Relevant
Applying Changes in Big Economic Data to Investing and Business
Old Capital, New Capital
- The New Role of Capital/Capital Formation
- Capital Flow Data is Dangerous
- Follow The Money or Fail
- Human Capital - The Real Data to Watch
- Capital, Political Structure and Aristotle
Applying Changes in Capital Flows to Decisions in Investing, Business and Career
What Government Does to Economics
- Government's Role: Past and Future
- Funding Government - Rethink It
- Taxes - Good, Bad and Completely Lost
- Expense Management and The Government - A Misnomer?
- Factoring Modern Government Into Economic Decisions
- More Grey and Purple -Government's Ability to Function
Government's Role Today and Its Impact on planning your Investing, Business and Career
Financial and Business Data is Different Now and It Has Always Been That Way
- Business Structures - Think Again
- Business Investment What People Watch and What You Should Watch
- Business Cycle Theory and Why Its Wrong
- Tearing Down and Running Around the Barriers to Entry
- Supply Chains and Pasta
- Energy and Fossilized Ideas
- Measure of Trade and Fools
- Measures of Globalization: What to Watch and Why It Matters
- The Problem With Earnings Reports and Expectations
- The Invisible Consumer: Customer Retention Data , Big Data and Customer Service
- How Not to Measure A Company's Success
Revaluating The Way to Look At Business for Investing, Business and Career
Value, Risk and Investment Metrics
- What are Things Worth Right Now
- Money Do We Need to Change How We Count It
- Hard Assets with Soft Valuations
- Does Volatility Matter
- Value at Risk - Real or Fantasy
- Other Measures: Risk Premiums, P/E Ratios and All That
- Regression, Extrapolation and Historical Averages
- Projections are So Yesterday , Probability is So Today
Using Better Value and Risk Metrics in investing, business and your career
Random & Concluding Topics
- New Industries and What to Do About Them
- Emerging Economies - New Paths or Same Old Cycles
- Socially Responsible Investing /Environmental, Social and Governance Factors (SRI/ESG)
- Economic Activism
- Trend Watching and Catching
Never Close Your Eyes, or You Will Miss Something
About the author
Robert S. Kricheff is Senior Vice President, Portfolio Manager, and Global Strategist at Shenkman Capital, a global money management company. He regularly writes on markets and economics for the firm. Prior to joining Shenkman he was Head of High Yield Sector Strategy at Credit Suisse. Robert has a bachelors from New York University in Economics and Journalism and a masters from the University of London in Financial Economics. He has published two books and two e-books on investment analysis.
Report
My first speech on Wall Street in 1969 was titled "The Best Investor Is a Social Scientist." After reading Bob's enlightening assessment of how to successfully navigate markets during this time of rapid transition and disruption, I'm confident that my thesis is as true today as it was then. That Doesn't Work Anymore is as valuable a tool for understanding how the world is changing as it is a guide for investors, business leaders and money managers to apply a broader scope and more rigor to work.
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Michael Milken, Chairman, Milken Institute
Kricheff explains why so many of the broadly used economic and financial tools need to be reconsidered in the face of rapid technological change.
That Doesn't Work Anymore highlights the unique challenges that industries and companies face as technology changes the world-particularly in the emerging markets.
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Eraj Shirvani, Credit Suisse AG, Vice Chairman - Emerging Markets
Bob Kricheff is the Malcolm Gladwell of investing. He rightly forces you to question the stalwart theories and rules of economics during a time where technological disruption across all industries has become the norm.
That Doesn't Work Any More analyzes everything from Keyes vs. Hayek to the impact of music streaming, and even the food industry. It is a must read for anyone serious about capturing alpha in a rapidly changing economic landscape.
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Judy Joo, Chef, restaurateur, TV personality, and author
An entertaining and enlightening book that expertly questions the status quo of investment economics during this present period of rapid technological innovation. Bob challenges core economic assumptions and provides a great, and often humorous, guide for navigating investments through an environment of constant disruption. Well done Bobby K!
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Patrick Dyson, Partner, GoldenTree Asset Management
We are surrounded by data, and we must learn to use new forms of information to make better decisions.
That Doesn't Work Any More illustrates how modern technology has changed the data we use, and the context for how we use it. This book is a helpful guide of novel ways to analyze the economy and our businesses.
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Charles Rivkin, Chairman and CEO, Motion Picture Association of America (MPAA)
Business in the 21st century requires a different lens to interpret trends and construct approaches to investment and management.
That Doesn't Work Anymore is a splendid prism through which economic data and developments can be viewed and understood. Robert Kricheff has written a clear and concise volume that frames economic concepts in a contemporary light. It is easy to read with robust examples that enrich one's understanding of particular topics. His insights are entertaining and invaluable.
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Robert I. Grossman, M.D., The Saul J. Farber Dean and Chief Executive Officer, NYU Langone Health
