Justin Fox: The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street
Description
Chronicling the rise and fall of the efficient market theory and the century-long making of the modern financial industry, Justin Fox's "The Myth of the Rational Market" is as much an intellectual whodunit as a cultural history of the perils and possibilities of risk. The book brings to life the people and ideas that forged modern finance and investing, from the formative days of Wall Street through the Great Depression and into the financial calamity of today. It's a tale that features professors who made and lost fortunes, battled fiercely over ideas, beat the house in blackjack, wrote bestselling books, and played major roles on the world stage. It's also a tale of Wall Street's evolution, the power of the market to generate wealth and wreak havoc, and free market capitalism's war with itself. The efficient market hypothesis - long part of academic folklore but codified in the 1960s at the University of Chicago - has evolved into a powerful myth. It has been the maker and loser of fortunes, the driver of trillions of dollars, the inspiration for index funds and vast new derivatives markets, and the guidepost for thousands of careers.
The theory holds that the market is always right, and that the decisions of millions of rational investors, all acting on information to outsmart one another, always provide the best judge of a stock's value. That myth is crumbling. Celebrated journalist and columnist Fox introduces a new wave of economists and scholars who no longer teach that investors are rational or that the markets are always right. Many of them now agree with Yale professor Robert Shiller that the efficient markets theory 'represents one of the most remarkable errors in the history of economic thought'. Today the theory has given way to counterintuitive hypotheses about human behavior, psychological models of decision making, and the irrationality of the markets. Investors overreact, underreact, and make irrational decisions based on imperfect data. In his landmark treatment of the history of the world's markets, Fox uncovers the new ideas that may come to drive the market in the century ahead.
The transition from "married" to "married with children" can be tough. Before they know it, a once youthful and energetic married couple finds themselves in a minivan loaded with noisy kids and littered with Cheerios, crusty Sippy cups, banana peels, and missing library books. As much as you love your children and work hard to nurture and train them for the future, the challenges that come with parenthood can make the "for better or for worse" promise a hard one to honor. For Better or For Kids will enable couples to: * Build a God-centered marriage instead of a Child-centered or Me-centered marriage * Avoid the dangers of spouse-neglect and self-neglect * Effectively communicate in the chaos * Explore ways to parent The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street pdf together as one team * Find balance in the busyness For Better or For Kids is about remembering that even when you feel worn out, over-extended, and neglected, you promised to be a team. Marriage with kids may not always be what we expected, but it is good. We need to make a vow to love our spouse with kids in the house.
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Author: Justin Fox
Number of Pages: 400 pages
Published Date: 18 Jan 2010
Publisher: Harriman House Publishing
Publication Country: Petersfield, United Kingdom
Language: English
ISBN: 9781906659691
Download Link: Click Here
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