CAPITAL IDEAS
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. Starting with the French mathema-tician Louis
Bachelier--who wrote about the unpredictability of stock prices in
the early 1900s--Bernstein brings to life a variety of brilliant
academics who have contributed to modern investment theory over the
years: Harry Markowitz, who wrote about optimizing the tradeoff
between risk and reward William Sharpe, who shook the pillars of
the investment establishment by asserting that the market cannot be
beaten Fischer Black, Myron Scholes, and Robert Merton, who paved
the way for the creation of financial derivatives and new ways of
controlling risk Franco Modigliani and Merton Miller, who extolled
the central role of arbitrage in determining the value of
securities
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.
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