BookShared
  • MEMBER AREA    
  • Adaptive Markets: Financial Evolution at the Speed of Thought

    (By Andrew W. Lo)

    Book Cover Watermark PDF Icon Read Ebook
    ×
    Size 22 MB (22,081 KB)
    Format PDF
    Downloaded 598 times
    Last checked 9 Hour ago!
    Author Andrew W. Lo
    “Book Descriptions: A new, evolutionary explanation of markets and investor behavior

    Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe--and as financial bubbles, crashes, and crises suggest. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist.

    Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency isn't wrong but merely incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought--a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation.

    A fascinating intellectual journey filled with compelling stories, Adaptive Markets starts with the origins of market efficiency and its failures, turns to the foundations of investor behavior, and concludes with practical implications--including how hedge funds have become the Galapagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises.

    An ambitious new answer to fundamental questions in economics, Adaptive Markets is essential reading for anyone who wants to know how markets really work.”

    Google Drive Logo DRIVE
    Book 1

    The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution

    ★★★★★

    Gregory Zuckerman

    Book 1

    A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market

    ★★★★★

    Edward O. Thorp

    Book 1

    The Algebra of Wealth: A Simple Formula for Financial Security

    ★★★★★

    Scott Galloway

    Book 1

    Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts

    ★★★★★

    Annie Duke

    Book 1

    The Master Algorithm: How the Quest for the Ultimate Learning Machine Will Remake Our World

    ★★★★★

    Pedro Domingos

    Book 1

    Misbehaving: The Making of Behavioral Economics

    ★★★★★

    Richard H. Thaler

    Book 1

    Against the Gods: The Remarkable Story of Risk

    ★★★★★

    Peter L. Bernstein

    Book 1

    Private Equity: A Memoir

    ★★★★★

    Carrie Sun

    Book 1

    Chip War: The Fight for the World's Most Critical Technology

    ★★★★★

    Chris Miller

    Book 1

    Skin in the Game: The Hidden Asymmetries in Daily Life

    ★★★★★

    Nassim Nicholas Taleb

    Book 1

    Supremacy: AI, ChatGPT, and the Race that Will Change the World

    ★★★★★

    Parmy Olson

    Book 1

    Quantum Supremacy

    ★★★★★

    Michio Kaku

    Book 1

    The Cold Start Problem: How to Start and Scale Network Effects

    ★★★★★

    Andrew Chen

    Book 1

    The Ascent of Money: A Financial History of the World

    ★★★★★

    Niall Ferguson

    Book 1

    The Black Swan: The Impact of the Highly Improbable

    ★★★★★

    Nassim Nicholas Taleb

    Book 1

    A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing

    ★★★★★

    Burton G. Malkiel