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teokajlibroj's review
5.0
A fascinating and engaging read. My only complaint is over the ending (or lack of one) which was anti-climatic and lacking either conclusion or much of a discussion of the 2008 crisis.
lizwisniewski's review
2.0
Well written, but all about econometrics - found myself snoozing through the things I could learn. Not really worth the whole read but I enjoyed the 1/3 I got though.
williamac's review
5.0
This book was recommended to me by several people over the years, but I was deterred by the title. The book is great, and the title is a bit misleading. The book, more than anything else, is a rather good history lesson on financial markets, providing context and behavioral anecdotes. This book gives some perspective to the hodgepodge of the world's financial markets today.
joejoh's review
4.0
While I think John Cassidy's [b:How Markets Fail: The Logic of Economic Calamities|6691186|How Markets Fail The Logic of Economic Calamities|John Cassidy|https://images.gr-assets.com/books/1442955895s/6691186.jpg|6886629] is more accessible, this book definitely covers more ground. I think anyone planning on reading this book, though, might do better to start with [b:The Undoing Project: A Friendship That Changed Our Minds|30334134|The Undoing Project A Friendship That Changed Our Minds|Michael Lewis|https://images.gr-assets.com/books/1464874845s/30334134.jpg|50830817] by Michael Lewis, because an understanding of Prospect Theory and Behavioral Economics would go a long way to understanding why the Efficient Market Hypothesis is based on false premises (the biggest false premise being the belief in rational actors). While the Efficient Market Hypothesis is an important and usable model for equities, and this book does make sure to emphasize that, it is a limited model that is not always correct. In fact, when it is wrong, it is very wrong. In the end, attempts to beat the market will always fail. More importantly: efforts to beat the market by creating new derivatives or other financial products will always lead to financial disaster.
ecuadrafoy's review
4.0
Great book that explains the ideas from the last century that have driven the market. A bit heavy on some of the financial terms but overall it was an enjoyable read.
joshmaher's review
4.0
Great book, goes very well with the Ascent of Money and Debt. I'll be reading a few more books written by the characters in this book.... the characters in the book are all those that created theories for and against rational markets. I've read Mandelbrot, but many of the others weren't on my radar.
If you want an understanding of why the financial infrastructure is keenly based on the principles of a rational market you should read this book. It explains rationally why we as a society made the decisions we made and why those decisions can be both good and bad. Really insightful for those with a true interest in the financial economy.
If you want an understanding of why the financial infrastructure is keenly based on the principles of a rational market you should read this book. It explains rationally why we as a society made the decisions we made and why those decisions can be both good and bad. Really insightful for those with a true interest in the financial economy.
mousieta's review
3.0
Interesting read. Hard to keep all the people straight, but over all pretty good.
monk888's review
5.0
If I were teaching a course on financial markets and Wall Street, this book would be first on the reading list.