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Capital Ideas: The Improbable Origins of Modern Wall Street Paperback – 15 Jul 2005
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Richard Brealey London Business School This is a great book...captures marvelously the excitement of the search for new ideas.
"Capital Ideas" traces the origins of modern Wall Street, from the pioneering work of early scholars and the development of new theories in risk, valuation, and investment returns, to the actual implementation of these theories in the real world of investment management. Bernstein brings to life a variety of brilliant academics who have contributed to modern investment theory over the years: Louis Bachelier, Harry Markowitz, William Sharpe, Fischer Black, Myron Scholes, Robert Merton, Franco Modigliani, and Merton Miller. Filled with in-depth insights and timeless advice, "Capital Ideas" reveals how the unique contributions of these talented individuals profoundly changed the practice of investment management as we know it today.See all Product description
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Its hard to recommend this book because those interested in Finance, will not get good descriptions of the concepts so as to solidify their grasp.
The concept I found rather hilarious is that of the rational investor - I have yet to meet one - and thank God not many of the people described in this book believe in its existence either. The concept of Noise I found most believable because I think that's how the business of investing is conducted virtually all the time.
If you picked up this book to learn how to improve on your stock selection then you wasted your money (and time) because it is fairly obvious that this still comes down to your own wit or analysis or reading sheep entrails or all of the aforementioned.
This book is about the history of modern finance and an excellent one at that.