Predictor of market downturn wins book prize

Wed Oct 15, 2008 5:21am EDT
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NEW YORK (Reuters Life!) - "When Markets Collide: Investment Strategies for the Age of Global Economic Change" (McGraw-Hill) by fund manager Mohamed El-Erian won the Financial Times/Goldman Sachs Business Book of the Year award on Tuesday.

The book contends that the world financial system is in a period of deep change, as emerging economies like China and India bump up against the United States and Europe.

The result is market turmoil, El-Erian wrote, in a book that some saw as predictive of the upheaval of recent weeks.

"The markets were trying to tell us something," El-Erian, the joint chief of Pacific Investment Management Co. (PIMCO), said after the prize was announced in New York.

The other shortlisted titles were "The Snowball: Warren Buffett and the Business of Life" (Bantam) by Alice Schroeder; "Cold Steel: The Multibillion Dollar Battle for a Global Industry" (Little Brown), by Tim Bouquet and Byron Ousey; "McMafia: A Journey Through the Global Criminal Underworld" (Knopf), by Misha Glenny; "Remix: Making Art and Commerce Thrive in the Hybrid Economy" (Penguin Press) by Lawrence Lessig; and "A Splendid Exchange: How Trade Shaped the World" (Atlantic Monthly Press) by William Bernstein.

(Editing by Miral Fahmy)