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21 of 22 people found the following review helpful
5.0 out of 5 stars Everything is a risk
Are you a private investor looking for handy tips on hot stocks? Good luck, but this might not be for you. You won't find get-rick-quick advice in this scholarly work, but you might learn why you're drawn to actively managed funds despite their history of market underperformance. You'll also be enriched by the stories and depth of research here. Another reviewer objects...
Published on 3 July 2003 by Owen Gard

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98 of 102 people found the following review helpful
3.0 out of 5 stars Spins a good yarn
This is full of highly entertaining anecdotes, pithy quotations and useful snippets of knowledge which add up to a cogent argument only by making some outrageously sweeping assumptions.
It is difficult to argue with the excellent summary of risk management during the course of this century, and anyone looking for a thought-provoking introduction to Markowitz and...
Published on 19 April 1999


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2 of 24 people found the following review helpful
3.0 out of 5 stars Managing risk - creating order from chaos, 7 April 1999
By A Customer
Not what I expected at all. Very much an accompaniment to Fermat's Last Theorem rather than the analysis of risk I was expecting. Risk from risi care meaning to dare: i.e. risk is a choice not a fate. Mathematically blending new information into old to help make better decisions. Probability: ratio of favourable outcomes to total opportunities. Odds: ratio of favourable outcomes to unfavourable outcomes. A F M Smith "Any approach to scientific inference which seeks to legitimises an answer in response to complex uncertainty is for me a totalitarian parody of a rational learning process". Order is impossible to find unless disorder is there first. Changes in stock prices - normal distribution but based on unpredictable information so stock prices move in unpredictable ways. Reality contains sets of circumstances that people had never contemplated before. Reality violated the symmetry of the bell curve regressing to means that were unstable. Consequences of decisions rather than just inputs to decisions need to be evaluated. Patterns of the past do not always reveal the path to the future. Any given instance is so unique that there are no others similar in sufficient numbers to tabulate to draw any inferences of probability of results. Whatever had a measurable probability yesterday has an unknown probability tomorrow. We are not prisoners of an inevitable future, uncertainty makes us free. As we make decisions we change the world. Whether those decisions, make things better or worse depends on us. Game theory: true source of uncertainty lies in the intentions of others.
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Against the Gods: The Remarkable Story of Risk
Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein (Paperback - 29 Sep 1998)
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