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The Myth of the Rational Market: A History of Risk, Reward and Dellusion on Wall Street / Cox, Justin
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The Myth of the Rational Market: A History of Risk, Reward and Dellusion on Wall Street
Cox, Justin
 
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List Price : US$ 77.15
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  Book ID : 36456
  ISBN-10 : 81-7094-790-1 / 8170947901
  ISBN-13 : 978-81-7094-790-5 / 9788170947905
  Place of Publication : Delhi
  Year of Publication : 2010
  Edition : (First Edition)
  Language : English
  400p., 23 cm.
   
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 CONTENTS
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 DESCRIPTION
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Modern investing know-how is founded on the efficient market hypothesis, which holds that markets are rational and, therefore, difficult to beat. Originally codified in the 1960s at the University of Chicago, the efficient market theory became accepted wisdom for both academicians and market players. This theory has been the driver of trillions of investment dollars, the inspiration for index funds and vast new derivatives markets the world over. 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. Â The great financial crash of 2008 has forced the investment world to ask the heretical question whether the theory is, in fact, wrong.

A hugely acclaimed international bestseller, The Myth of the Rational Market is a fascinating exploration of how and whether the efficient market theory is seriously flawed. The answer could affect how the world invests - and how you should.

Celebrated journalist and columnist Fox introduces a new wave of economists and scholars who now agree with Yale professor Robert Shiller that the efficient market theory 'represents one of the most remarkable errors in the history of economic thought.' The new thinking holds that investors overreact, under react, and make irrational decisions based on imperfect data. In his landmark book, Fox uncovers the new ideas that may come to drive the market in the century ahead.

So, is your existing investment knowledge flawed? Do investors need to update themselves with new knowledge in order to profit in the contemporary markets?

Read this book and decide for yourself; it may be the most important investment decision you will ever make.

REVIEWS:
"Fascinating and entertainingly told. ... Mr Fox has written a worthy successor to 'Capital Ideas', the late Peter Bernstein's 1990s classic on the emergence of the rational-market myth: bang up-to-date; alas, without the happy ending." — The Economist

"Do we really need yet another book about the financial crisis? Yes, we do - because this one is different ... a must read." — The New York Times

"An insightful book. Fox's smart journalistic eye and fine prose keep the theoretical discussion lively." — Harvard Business Review

"The rare business history that reads like a thriller. ... A must-read for anyone interested in the markets, our economy or government, this dense but spellbinding work brings modern finance and economics to life." — Publishers Weekly

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