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Security Prices in a Competitive Market Hardcover – 1 Jan 1971

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"Tales of the neighbor who doubled his money overnight are allover the place. The other neighbor who lost his shirt isn't talking. But the stocks of both are part of the market statistics, which is what Brealey dissects with convincing skill and, thereby, annihilates some of the most generally and fervently held beliefs about the stock market."--"Innovation"

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Richard Brealey is Emeritus Professor of Finance at London Business School. --This text refers to the Paperback edition.

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1 of 1 people found the following review helpful
A time capsule of early statistical analysis of stock movements 26 Nov. 2012
By Happy Husband! - Published on
Format: Hardcover Verified Purchase
This is a sort of time capsule of thoughts from the early days of statistical analysis of stock movements. It shows clearly that there is little predictability from day to day (hence supporting the random walk model). It also shows that share price variance (or standard deviation) correlates with % gain in the longer term at the group level (hence supporting the Fama et al analyses). Although it may seem charmingly old fashioned and basic (it has little pictures and explanatory paragraphs to explain standard deviation) in fact it conveys some timeless information in a very straightforward way. Essentially of interest to those who think that it is worth listening to an earlier generation even if the information has been subsequently updated and expanded.
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