Global Shocks

Praise for the First Edition

“When the markets are going crazy and the financial world seems to be falling apart, Nick Sargen is one of the first people I call to figure out what it means from an historical, economic, and investment perspective.  Global Shocks has it all, including how to survive and thrive in the next inevitable financial crisis.”

— Consuelo Mack , Anchor and Executive Producer, Consuelo Mack Wealth Track 

“Over the years, financial crisis after crisis seemingly catches the world by surprise. Nick Sargen skillfully shows us how to be better prepared for turbulent markets. Global Shocks highlights common patterns in episodes of financial stress and offers an invaluable framework for future investment decisions.”

— Lawrence Goodman , President, Center for Financial Stability 

“This is a very timely and informative book written by a highly skilled economist and investment practitioner. To overcome major market risks, investors need to understand the events that lead up to market crises, how officials deal with them, and their market consequences. The author provides his wisdom with great clarity and offers clear-cut investment guidelines.”

— Henry Kaufman , Henry Kaufman and Company, Inc.

“Readers of this book will benefit from the author’s rare amalgam of sophisticated fundamental and policy analysis, a wealth of hands-on experience as a successful investment manager, and a skilled writer’s felicitous ability to focus on the most critical points and to express them succinctly. The result is a thoughtful, readable, and practical investor’s guide to anticipating and managing moments of financial, economic, and systemic stress that appear to have become more frequent in recent years.”

— John Lipsky , Peter G. Peterson Distinguished Scholar, Johns Hopkins University

Markets are unpredictable, but your strategy doesn’t have to be. This revised and expanded edition of Global Shocks equips individual investors with a practical framework for navigating financial crises and market shocks. Written from a practitioner’s perspective, it offers clear guidance and real-world insights to help you protect and grow your portfolio when volatility strikes. Through 12 compelling case studies—from the collapse of Bretton Woods to the COVID pandemic and recent trade tensions—you’ll learn how crises unfold, how policymakers respond, and how investors can position for resilience and opportunity. Explore patterns in interest and exchange rates, understand the difference between currency crises and asset bubbles, and discover strategies to limit losses and capitalize on recovery. Timely lessons. Actionable strategies. A must-read for anyone investing in uncertain times.  

Nicholas P. Sargen is an international economist who has turned global money manager.  He has been involved in international financial markets since the early 1970s, when he began his career at the U.S. Treasury and the Federal Reserve.  He subsequently worked on Wall Street for 25 years, holding senior positions with Morgan Guaranty Trust, Salomon Brothers Inc., Prudential Insurance and J.P. Morgan Private Bank.  In 2003, he became Chief Investment Officer for the Western & Southern Financial Group and its affiliate, Fort Washington Investment Advisors Inc. until 2014.  He is currently an Economic Consultant and is affiliated with the University of Virginia’s Darden School of Business.