About the author
Acknowledgements
Preface
Introduction
1. The Declining Everything
2. The Big Conundrum
3. The End of the Debt Super-Cycle
4. The Retirement of the Baby Boomers
5. The Declining Spending Power of the Middle Classes
6. The Rise of the East
7. The Death of Fossil Fuels
8. Mean Reversion of Wealth-to-GDP
9. The Perfect Storm
10. How to Improve Productivity
11. What's Next?
12. Why Index Investing Will Dwindle
Bibliography
Niels Clemen Jensen has over 30 years of investment banking and
investment management experience. He began his career in Copenhagen
in 1984 before moving to Sherson Lehman in London in 1986. In 1989
he joined Goldman Sachs and became co-head of its U.S. equity
business in Europe in 1992, a post he held until 1996, when he
joined Oppenheimer to manage its European business. In 1999 he
re-joined Lehman Brothers, now in charge of European Wealth
Management. In 2006 he was appointed Director of Trafalgar House
Trustees Limited, advising one of the UK's leading corporate
pension funds on its investment strategy.
Niels founded Absolute Return Partners in 2002 and is Chief
Investment Officer. He is a graduate of University of Copenhagen
with a Masters Degree in economics.
The lessons learned in the stupendous global bull market of the
last 40 years will serve us very poorly in the years ahead. With
The End of Indexing, Niels Jensen offers a treasure trove of market
insights, presented in a global context, that will help readers
reach their goals despite the coming headwinds.
*Rob Arnott, founder and CEO of Research Affiliates*
Niels Jensen is particularly well versed in not only the trends of
the markets, but how to take advantage of them. I have worked
closely with Niels for over 15 years and I rank him as one of the
most astute investors I know. His book, The End of Indexing, it is
not only a remarkable study of market trends and economic
reasoning, it is done with his inimitable style and grace in
writing that makes everything he writes so readable and immediately
come to the front of my reading list when it shows up in my inbox.
This is a book you're going to want to read more than once. And
every time you do you will learn something new and important.
*John Mauldin, five times bestselling author and chairman of
Mauldin Economics.*
So often, it seems that analysts and investors are aware of
important long-term issues but choose to discount them, and focus
instead on short-term ones, that seem more concrete – retaining
only a vague sense of concern that they might be missing something.
Keynes taught us the dangers of being myopic. So, for example, it
is important to consider both short-term ‘momentum’ and long-term
‘value’ when investing: they are, as it were, two sides of the same
coin. Niels’ book, and the approach he takes to separating out key
long-term structural issues and hammering home their importance,
may help to redress the balance. And it may well help a number of
investors to improve upon their own approaches.
*Sushil Wadhwani, Founder of Wadhwani Asset Management*
How apt that I just finished The End of indexing by Niels Jensen in
the midst one of those chilling tropical downpours in Asia. It is
indeed a highly readable rainy-day read that pours cold water on
the future of passive investing. Niels takes the reader on a
comprehensive tour of some depressing megatrends affecting the
global economy and asset markets. You don’t even need to buy into
every aspect of these to sympathise with his intelligent
interpretations. Niels’ vast market experience shines through in
his clear translation of trends into investment strategies. His
conclusion that passive investment strategies expose investors to
the wrong type of risk at the wrong side of the megatrends, is
accompanied by some convincing suggestions regarding where to
maintain risk exposures.
*Gabriel Sterne, Head of Global Macroeconomics, Oxford
Economics*
An eye-catching title to grab your attention, and the book
certainly does not disappoint. Niels Jensen avoids trotting out the
old pros and cons of passive investing but instead pursues several
big picture, important, interesting themes, focusing on structural
mega-trends he says are set to disrupt investors around the
world.
*Nick McBreen, FT Advisor*
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