We, the Markets

Reviewed by Diario de un Inversor · UpdatedJune 13, 2026

Our review

Daniel Lacalle, a fund manager with experience at international hedge funds and a global economic commentator, writes in this book an exercise in demystifying financial markets. The central thesis is that markets are not abstract entities or elite conspiracies: they are the aggregated result of millions of individual decisions by savers, investors, and businesses. The phrase «we, the markets» in the title encapsulates that idea: anyone who saves in a pension fund or a bank deposit is part of the very market that politicians typically point to as the enemy. The book, published in 2013, fulfils its popular purpose well: Lacalle writes with clarity and conviction, and his arguments are backed by genuine professional experience. The most obvious limitation is that the book has a clear ideological orientation — liberal and critical of state intervention — which at times overshadows the analysis. Readers who do not share that framework will find some chapters closer to political essay than neutral financial analysis.

Key takeaways

• Financial markets are the aggregated result of individual decisions by millions of people, not elite conspiracies.
• Any saver who deposits money in a fund or a bank is, in fact, an active participant in the very markets they criticise.
• Excessive state intervention in markets generates distortions that often harm citizens more than deregulated markets themselves.
• Media coverage of financial markets tends to magnify volatility and ignore long-term value creation.

Fact

The book was published in 2013, when Daniel Lacalle was a manager at Ecofin Limited and subsequently at Pimco, two internationally recognised asset management firms.