Top positive review
Very interesting read
on 6 August 2011
This is a great read (if you like this sort of thing). Not too mathematical (there's a bit of maths in the appendices if you want though), anecdotal enough to make the (relatively dry) subject matter more interesting. A great insight into how one of the more brilliant thinkers of our time operates, and a huge nail in the coffin of the 'efficient market hypothesis', if there were ever any doubt that that theory was discredited. Does put the EMH nicely into context, too - it could only ever really be a working hypothesis for rough and ready financial modelling in very limited circumstances, whereas the mistake has been to try to extend EMH to become almost a mantra covering all markets all of the time.
The way Mandelbrot describes fractal modelling it seems a promising basis for all sorts of further research. Very interesting concluding chapter on practical applications of his theory and its derivatives ('In the Lab').
As another reviewer says, this is essentially a 'single point' book, with the point being made repeatedly and in a number of ways. For me, however, that did not detract: the point has sufficient depth to warrant the analysis and exploration undertaken.