Capital Ideas

Capital 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. A good if ideologically uncritical history of the theories and theoreticians of modern finance, including the influence of the Chicago school This is a book written by someone who believes d in the system, so one shouldn t expect questions of human impact or ideology It s all about the numbers But if you ever wanted to understand the previous century on Wall Street up to the early 90s from that perspective, this isn t a bad place to start I m curious how the current economic situat A good if ideologically uncritical history of the theories and theoreticians of modern finance, including the influence of the Chicago school This is a book written by someone who believes d in the system, so one shouldn t expect questions of human impact or ideology It s all about the numbers But if you ever wanted to understand the previous century on Wall Street up to the early 90s from that perspective, this isn t a bad place to start I m c
A little dated in the face of advances in behavioral economics, but a great comprehensive history of the development of the modern financial theories that influenced the way finance was taught to my generation of professionals. The ideas in Capital Ideas have been covered elsewhere, but probably never as well Peter Bernstein looked into every old academic journal and interviewed every old economist to help him understand how new ideas about efficient markets and financial engineering penetrated Wall Street and reshaped American finance It s a great story of abstract economic speculation having a profound effect on real lives and real money Bernstein himself is in a perfect position to explain these conjoined develop The ideas in Capital Ideas have been covered elsewhere, but probably never as well Peter Bernstein looked into every old academic journal and interviewed every old economist to help him understand how new ideas about efficient markets and financial engineering penetrated Wall Street and reshaped American finance It s a great story of abstract economic speculation having a profound effect on real lives and real money Bernstein himself is in a perfect position to explain these conjoined developments, since he worked as an academic economist and also ran a brokerage shop on Wall Street for decades.While early Wall Street Journal editors Charles Dow and William Peter Hamilton argued that smart forecasters could predict changing tides in the market the
Your investment manager or stock broker probably believes he can beat the market ie do a better job investing your money than simply putting your money in an index fund And he is wrong Anyone who says I can beat the market is a liar Buy and hold is a better strategy for the investor than actively trading As Nobel laureate Eugene Fama recently pointed out again using data from 1984 2006 Even before expenses, the overall portfolio of active mutual funds shows no evidence that active Your investment manager or stock broker probably believes he can beat the market ie do a better
While not what I would call exciting, this was interesting none the less Capital Ideas is a history of the people and papers which contributed to modern economic and financial theory It s interesting to note that many things which everyone seems to accept as fact today with were unheard of 50 years ago What will the next 50 years bring These few paragraphs summarize the tone and feel of the book nicely While discussing the conflict which arose between the academics and the practitioners Ma While not what I would call exciting, this was interesting none the less Capital Ideas is a history of the people and papers which contributed to modern economic and financial theory It s interesting to note that many things which everyone seems to accept as fact today with were unheard
The late Peter L Bernstein s Against the Gods is the quintessential book on the phenomenon of risk After several re readings over the years it still stands up That epic book prompted me to delve in another Bernstein opus, Capital Ideas While this study of seminal ideas that shaped Wall Street has its merits, it is less likely to be re read and referenced Bernstein profiles the theoretical titans who came up with models, theorems and instruments like CAPM, the efficient market hypothesis, th The late Peter L Bernstein s Against the Gods is the quintessential book on the phenomenon of risk After several re readings over the years it still stands up That epic book prompted me to delve in another Bernstein opus, Capital Ideas While this study of seminal ideas that shaped Wall Street has its merits, it is less likely to be re read and referenced Bernstein profiles the theoretical titans who came up with models, theorems and instruments like CAPM, the efficient market hypothesis, the random walk and portfolio insurance The book has a biographical bent, focusing on the nuances, habits and oddities of philosophical
This book depicts the tales of the proponents of the Efficient Market Hypothesis, including the following Fisher Black, Eugene Fama, William Fouse, Hyne Leland, Harry Markowitz, John McQuown, Robert C Merton, Merton Miller, Franco Modigliani, Barr Rosenberg, Mark Rubinstein, Paul Samuelson, Myron Scholes, William Sharpe, James Tobin, Jack Treynor, and James Vertin It discusses the origins of the dividend discount model, CAPM, the Black Scholes option pricing model, and other models The book d This book depicts the tales of the proponents of the Efficient Market Hypothesis, including the following Fisher Black, Eugene Fama, William
French mathematician Louis Bachelier proved decades ago that the vast majority of investors who trade actively do not beat market averages The cornerstone concept has since become the foundation of many contemporary investment management concepts such as the Modern Portfolio Theory MPT , the Modigliani Miller theorem, andrelatively recent ideas such as portfolio insurance expounded by Leland and Rubinstein Capital Ideas is a treatise on how these concepts were conceived and develope French mathematician Louis Bachelier proved decades ago that the vast majority of investors who trade actively do not beat market averages The cornerstone concept has since become the foundation of many contemporary investment
This was good I think I would have enjoyed itif I wasn t in the middle of law school I had trouble devoting as much attention to it as I would have liked Nevertheless, I felt that I learned a decent amount from it I guess I was disappointed that the con
I liked this book for the fact that it provided solid historical context for some of the work I do related to investments It was written by the author of one of my favorite books, Against the Gods He does an excellent job of finding the middle ground between ivory tower acad

✑ Capital Ideas  pdf ✓ Author Peter L. Bernstein – Manchesterjobvacancies.co.uk
  • Paperback
  • 360 pages
  • Capital Ideas
  • Peter L. Bernstein
  • 20 June 2017
  • 0471731749