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Capital Ideas: The Improbable Origins of Modern Wall Street
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.read more
Reviews forCapital Ideas: The Improbable Origins of Modern Wall Street
As the book's subtitle ('The Improbable Origins of Modern Wall Street') suggests, Peter Bernstein has written a history of how academic theory shaped financial practice in the last half of the 20th century. It is at once an entertaining and enlightening treatment, particularly for those readers who have heard the names (like Fisher Black, Bill Sharpe, and Harry Markowitz) and want the “back fill” on their stories. Bernstein, who was an insightful researcher in his own right as well as the founding editor of Journal of Portfolio Management, serves as the finance profession’s Boswell. While he is at his best regaling the reader with the small details behind the big ideas, the real payoff here is the good and relatively painless conceptual overview the book provides.read more
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