Laurence CopelandBiographyLaurence Copeland holds degrees from the Universities of Oxford and Manchester. His first academic post was as a lecturer at the University of Manchester Institute of Science and Technology.In 1991, he was appointed to the Chair of Finance at the University of Stirling, and since 1995, he has held a similar post at Cardiff University, where he currently teaches a number of modules on the MSc Financial Economics, of which he is Course Director. His presentations at international conferences and publications in academic journals cover a wide range of subjects including: inflation and the Phillips Curve, exchange rates and currency markets, stock and bond markets, index futures, mutual funds, Asian markets and the impact of the 1997-8 crisis. He is author of the widely-used textbook Exchange Rates and International Finance , first published in 1988 and now in its 3rd edition. In addition to being a consultant to a number of major banks, he has offered training courses to market professionals in the UK and Europe. In the public sphere, he has written a number of articles in national newspapers, mainly on the subject of European Monetary Union, and makes frequent appearances on TV and radio. Laurence S. Copeland is a Professor at the University of Cardiff. Laurence is also an occasional contributor to The Fleet Street Newletter. Books by Laurence Copeland
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Investing RulesAll things in moderation, especially greed. Don't try too hard to buy at the bottom and sell at the top. Either be a long term investor, holding through ups and downs, or be prepared to sell out when you have made a reasonable profit, even if you subsequently find you could have done better by holding on. A short term investor is a gambler, so he or she should be ready to leave something on the table when they leave. Market gurus repeat themselves, but history never does. The past often seems to provide hints about the future, but usually the hints are unreliable signposts. So exchange rates may always have risen when the central bank raised interest rates, but that doesn't mean it'll be the same this time around. Like the weather, there are always new records being set, and that means precedents are no help. "Ripeness is all" (Shakespeare). The fruit falls when it's ripe. Any later and it goes rotten. Timing is everything, in the markets as elsewhere - something economists often forget. For example, it didn't take a genius to figure out that tech stocks were overvalued long before the peak of the boom. But you could have lost a lot of money going short on the way up, and several fund managers lost their jobs because they kept out of the market bonanza. Another example is the overvaluation of the US dollar in the first half of the 1980's. So figuring out which stocks or currencies are mispriced is no help. The key to making money is knowing when the mispricing is going to be corrected (or, as is usually the case, overcorrected). Taken from The Global-Investor Book of Investing Rules |
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