Book Description
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.
Customer Reviews:
Capital Ideas Evolving.......2007-09-19
This was not an easy read, but it was worth it. I received my MBA in 1976. Much of this book was an explanation of the effects of the Capital Asset Pricing Model (CAPM) on current investment practices. He assumes that the reader is well versed with the intricacies of CAPM. I had to go back to other sources to review CAPM, but once I did, the book was a great explanation of how CAPM and other academic innovations have had a practical effect on portfolio management. When I finished the book, I had to admit that I was not able to apply much to my personal portfolio management, but I have a much better understanding of what my pension plan administrator is thinking about as well as what certain mutual funds managers are doing. The book is more beneficial for the professional investor than the individual investor.
Ludicrous.......2007-08-21
Maybe this is a great intro to classic theory, but then there is something wrong with classical thinking.
My one-star rating is for his "forgiveness" of the Long Term Capital Management gang, since no one could have predicted what actually happened.
LTCM managers (inducing Merton and Sholes, subjects of chapters) had excessive confidence in models based on theories that have not been even come close to being validated.
It is ironic that Amazon pairs this book with "The Black Swan" in their "Buy Two" promotion since Bernstein has clearly been "fooled by randomness".
Accessible explanation of the foundations of finance.......2007-08-02
In the early 1950s, graduate student Harry Markowitz presented his Ph.D. dissertation to the University of Chicago economics department. The response was less than encouraging. "This isn't a dissertation in economics," Milton Friedman told Markowitz. "It's not math, it's not economics, it's not even business administration." Whatever it was, Markowitz's heterodox theory of portfolio selection changed finance forever and earned a Nobel Prize. Financial historian and investment manager Peter L. Bernstein humanizes his saga of great shifts in financial theory by organizing it around eminent thinkers (Markowitz, Myron Scholes, Franco Modigliani, Robert Merton, Bill Sharpe and others, if you ever want to look up a finance guru). Deepening his analysis with insights from "behavioral finance," Bernstein describes how these innovators generated and extended the now-orthodox "capital ideas" of portfolio selection, capital structure, the Capital Asset Pricing Model, the efficient market hypothesis and the Black-Scholes-Merton theory of option pricing. Bernstein's erudition is dazzling, his explanations pellucid and his narrative filled with scintillating characters. getAbstract doesn't need to hedge: you'll find this overview of current finance theory and practice brilliant, even if you don't know your alpha from alfalfa.
Unique and sunsurpassed........2007-07-28
I have recommended this and his previous book for finance graduate students at the University of Maryland.
An excellent book.......2007-07-19
This book should be on your book shelf. I would critize the book in that although it recommends against portfolios of individual securities it does not warn the investor against professional portfolio managers.
By way of example:Piscaqua Research in a study covering the period 1987-96 found that only 10 out of 145 major pension funds, or just seven percent, out performed a portfolio consisting of a simple 60%/40% mix of the S&P 500 index and the Lehman Bond index respectively.
Or is it logical I ask for you to believe that you can predict which actively managed funds will out perform, or are you overconfident of your skills? If you are trying to find the great fund managers who will out perform in the future ask yourself: what am I going to do differently in terms of identifying the future winning fund managers, than did the pension plans and their advisors? And if you are not going to something different what logic is there in playing a game at which others with superior resources have consistently failed?
If you a really serious in finding an investment technique that will provide you with reasonable return with less risk I suggest the following little book. This is a little book that I have written and contains the essential of how to invest. Just click on the title to find the book. How to Make Money in the Stock Market-Buy 2,500 Different Stocks-Pay no Commission
Customer Reviews:
Thorough introduction to financial theater.......2006-09-07
A great book to establish an understanding for how the current investment strategies came about. Petere Bernstein did a great job of introducing mathematical masterminds such as Louis Bachelier; the inventor of stochastic analysis concepts, the birth of Dow Jones, the creation of S&P 500 index by Alfred Cowles, Portfolio Selection by Harry Markowitz and many other financial and statistical intellects.
Flawed.......2006-03-03
Again it is evident that acedemicians, whatever their field, will tend to embrace elegant, complex but flawed theories over simpler and more sound ones.
The Graham and Dodd disciples (e.g. Warren Buffett) have shown that they can consistently beat the market indices by simply buying good companies at good prices.
A disappointing book..........2005-08-29
I borrowed the book from my library (fortunately I didn't buy
it) with great expectations. What I found it to be was a 300+
page infomercial for Academic Finance. Bernstein is not
merely a cheerleader of Modern Academic Finance, but a Worshipper.
His gods are messrs Markowitz, Sharpe et al. I returned the book
after reading about 1/2 of it.
The book is disappointing on several fronts :
- It is completely biased in its treatment.
- There is no mention of Behavioral Finance. Bernstein does not
even acknowledge the role psychology plays in the markets. For
the gods and disciples of modern academic finance, the market
is always efficient. Which we know (by now) is pure Bunk.
- There is nothing in the book about Ben Graham (and his students
and followers), people who revolutionized the investing world
at least as much as the ivory tower theorists.
Readers hoping to learn something useful from the book will be
sorely disappointed.
Excellent Timeline.......2005-07-19
Dr. Bernstein immerses readers in lucid tales about the evolution of the capital market theories that helped shape Wall Street's mindscape. Along the way he introduces the names and faces that delivered to the investment community ideas about Brownian Motion, the Efficient Frontier, the Separation Theorem, the Capital Asset Pricing Model (CAPM), the Capital Structure Puzzle, the Black - Scholes Option Pricing Model and portfolio insurance strategies, to name a few.
One of the interesting factors that emerges from this book is the powerful influence of the computer...which today we all take for granted. Quite a few of the presented ideas were indeed introduced well before the computer's general commercialization. As such, they often lay dormant, undiscovered or under-appreciated for years, even decades. It leads one to wonder about what investors are missing today that will emerge into common useage in the future. How exciting!
Beginning investors will experience Capital Ideas as a useful outline of the many principal concepts they will be working with should they decide to pursue the field more seriously. Experienced investors will likely find that Capital Ideas neatly summarizes many of the academic theories they've been exposed to.
A noteable gap in Dr. Berstein's exposition arises through his decision not to directly address the implications of Dr. Richard Roll's MPT critique. To say the least: It is quite important to understanding the CAPM's implications.
Addicted to the N(0,1);Bernstein has to have his fix.......2004-11-19
This book,published in 1992, is an earlier version of Bernstein's "Against the Gods-The Remarkable Story of Risk",published in 1996.Both books cover much of the same ground.Bernstein traces the origins of the post WW2 portfolio analysis-risk management models ,such as the mean variance(standard deviation)model,CAPM( capital asset pricing model )and the Black Scholes options pricing model ,back to the work done at the turn of the century by the French mathematician Louis Bachelier .Basically,this approach analyzes ALL markets,not just financial markets, on the assumptions that price movements are 1)all independent of each other,2)are all small and homogeneous,so that each price movement or change over time can be viewed as if it were a small gas particle interacting with other billions of identically small gas particles in a series of collisions that all are self cancelling in the long run and 3)the law of large numbers and the central limit theorem holds so that the normal probability distribution can be used .The question that then needs to be asked and answered is "What is the degree of empirical evidence supporting the overwhelming use of the normal probability distribution in financial and economic analysis?"The answer,which can be easily obtained by any reader of this review who picks up a copy of Benoit Mandelbrot's latest book(2004),titled "The (Mis)Behavior of Markets",with Richard Hudson,is that there is little,if any,evidence that supports the use of the Normal probability distribution as a general modeling approach.Mandelbrot's extensive research ,duplicated by a number of other researchers in a number of different countries over the last 25 years,has been available since the mid 1950's.How does Bernstein react to this mass of empirical and scientific evidence?Bernstein reacts in a ,to say the least,nonscientific way:"...Mandelbrot remains on the periphery of financial theory,both because of the inconvenience to analysts of accepting his arguments and because of the natural human desire to hope that fluctuations will remain within familiar bounds"(Bernstein,1992,p.132).It is also strange to find the very favorable,well deserved, comments showered upon John Maynard Keynes throughout the book because Keynes would agree with Mandelbrot,not Bernstein.Keynes made it very clear in chapters 28-30 of his A Treatise on Probability(1921;TP) that the exacting assumptions necessary for the general application of the normal probability distribution,excepting physics and biology,were generally not satisfied unless homogeneity and stability held over time for the material being examined.The objections Keynes made ,in the Keynes-Tinbergen debate in the Economic Journal of 1939-40 over Tinbergen's use of a normal probability distribution ,to the claim that econometricians could test and predict business cycles over time,are clearly in the spirit of Mandelbrot's much,much more empirically supported conclusions.Nonetheless,I would still recommenmd that either this book or the 1996 book be bought,but not both.
Book Description
A dynamic, easy-to-use handbook, The Longman Handbook for Readers and Writers allows writers to quickly and easily reference the information they need to improve their personal, business, and academic writing. writing process, business writing, grammar, punctuation, mechanics, electronic research, documentation/citation style guides, avoiding plagiarism, ESL. Any student or professional interested in improving their writing.
Customer Reviews:
Gift.......2007-02-18
I bought this as a gift for my son. It will be my last purchase at Amazon as long as they continue to promote products that encourage animal fighting.
Most useful english book I've ever used. .......2005-11-08
I bought this book for an English class last winter. Now, I'm a music major and I have tons of music books, but I must say that this is the most useful book I have ever bought. Everything is explained in a concise and direct manner, and is easy to find. Whenever I'm in doubt of how to use a punctuation mark, or how to phrase something correctly I always come to this book. Whenever I have to write a paper, this book is right next to me. I love that its relatively small, too. Great book. Highly recomended.
Bible for writers.......2001-01-02
I absolutely loved this book. Although I am not a writer, I know I will defineatly use this book when I am writing technical papers. This book is so nifty. It has examples and an easy table of contents. It's like a bible for writing. :)
Average customer rating:
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The Longman Writer: Rhetoric, Reader, Handbook (5th Edition)
Judith Nadell ,
John Langan , and
Linda McMeniman
Manufacturer: Longman
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The Longman Writer
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Literature: An Introduction to Fiction, Poetry, and Drama, Interactive Edition (9th Edition)
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Writing with Style: Conversations on the Art of Writing (2nd Edition)
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The Norton Reader: An Anthology of Nonfiction
ASIN: 0205334644 |
Book Description
A dynamic, easy-to-use handbook, The Longman Handbook for Readers and Writers allows writers to quickly and easily reference the information they need to improve their personal, business, and academic writing.
Writing process, business writing, grammar, punctuation, mechanics, electronic research, documentation/citation style guides, avoiding plagiarism, ESL.
Any student or professional interested in improving their writing.
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The Longman Handbook for Writers and Readers (MLA Update), Third Edition
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The Elements of Style, Fourth Edition
ASIN: 0321202562 |
Product Description
Review Copy
Book Description
The culinary and food industry is the fifth fastest-growing employment market in the United States. Twelve new profiles have been added to this edition. New sections have been added to provide information about food publicity and marketing, community and social service, and culinary computer jobs. Appendixes have been completely revised and updated to help today's job-seekers identify and break into the right career. This updated edition combines the latest salary information, trends, and opportunities in the food and beverage industry with profiles of nearly eighty jobs.
Book Description
This digital document is an article from Frozen Food Age, published by Cygnus Business Media on December 1, 2004. The length of the article is 426 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
Citation Details
Title: CareerWatch.(Cold Counsel)(Illustration)
Publication:
Frozen Food Age (Magazine/Journal)
Date: December 1, 2004
Publisher: Cygnus Business Media
Volume: 53
Issue: 5
Page: 54(1)
Article Type: Illustration
Distributed by Thomson Gale
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Food jobs image outdated says industry chief.(Jack Matthews, career opportunities) : An article from: Food Trade Review
Manufacturer: Thomson Gale
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Release Date: 2006-02-07 |
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This digital document is an article from Food Trade Review, published by Thomson Gale on May 1, 2005. The length of the article is 544 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
Citation Details
Title: Food jobs image outdated says industry chief.(Jack Matthews, career opportunities)
Publication:
Food Trade Review (Magazine/Journal)
Date: May 1, 2005
Publisher: Thomson Gale
Volume: 75
Page: 349(1)
Distributed by Thomson Gale
Book Description
This digital document is an article from Frozen Food Age, published by Cygnus Business Media on April 1, 2004. The length of the article is 746 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
Citation Details
Title: School of reality: marketing's supposed to be the hot new career opportunity. Here's a few things they should add to curriculum.(Cold Counsel)
Author: Barry Feig
Publication:
Frozen Food Age (Magazine/Journal)
Date: April 1, 2004
Publisher: Cygnus Business Media
Volume: 52
Issue: 9
Page: 46(1)
Distributed by Thomson Gale
Book Description
Regardless of your position in restaurant management, your goals will include cost control, and may at times conflict with the goals of other team members. This book teaches you how to systematically analyze your operations and determine the best course of action. Practical Food and Beverage Cost Control, 2e is designed to share successful cost management strategies and procedures with anyone who wishes to update or renew their cost control knowledge. Details on how to plan, assess and interpret the many cost control aspects of food and beverage operations are included along with vital financial information to meet the company's profit and expense objectives. While emphasis is placed on the perspective of the “the manager”, focus is placed on the importance of the restaurant management team working together toward minimizing expenses and maximizing profit. With practical inclusions and helpful forms, this resource can be put to use today in any foodservice application.
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Cover Letters Made Easy (... Made Easy)
Patty Marler , and
Jan Bailey Mattia
Manufacturer: McGraw-Hill Companies
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Binding: Paperback
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Book Description
Made Easy Series Cover Letters Made Easy CONTENTS: Top 20 Openers To Get Your Cover Letter Read; Why a Cover Letter?; Cover Letter Varieties; What Employers Look For; Cover Letter Know How; Employer Transitions; Putting It All Together; The Good, the Bad, and the Ugly; Sample Cover Letters.
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Against the Gods: The Remarkable Story of Risk
