Against the Gods

The Remarkable Story of Risk

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Author: Peter L. Bernstein

Publisher: John Wiley & Sons

ISBN: 0470534532

Category: Business & Economics

Page: 400

View: 8686

A Business Week, New York Times Business, and USA Today Bestseller "Ambitious and readable . . . an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism." -The New York Times "An extraordinarily entertaining and informative book." -The Wall Street Journal "A lively panoramic book . . . Against the Gods sets up an ambitious premise and then delivers on it." -Business Week "Deserves to be, and surely will be, widely read." -The Economist "[A] challenging book, one that may change forever the way people think about the world." -Worth "No one else could have written a book of such central importance with so much charm and excitement." -Robert Heilbroner author, The Worldly Philosophers "With his wonderful knowledge of the history and current manifestations of risk, Peter Bernstein brings us Against the Gods. Nothing like it will come out of the financial world this year or ever. I speak carefully: no one should miss it." -John Kenneth Galbraith Professor of Economics Emeritus, Harvard University In this unique exploration of the role of risk in our society, Peter Bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the distant past. Against the Gods chronicles the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today. "An extremely readable history of risk." -Barron's "Fascinating . . . this challenging volume will help you understand the uncertainties that every investor must face." -Money "A singular achievement." -Times Literary Supplement "There's a growing market for savants who can render the recondite intelligibly-witness Stephen Jay Gould (natural history), Oliver Sacks (disease), Richard Dawkins (heredity), James Gleick (physics), Paul Krugman (economics)-and Bernstein would mingle well in their company." -The Australian

Against the Gods

The Remarkable Story of Risk

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Author: Peter L. Bernstein

Publisher: John Wiley & Sons

ISBN: 9780471295631

Category: Business & Economics

Page: 383

View: 9499

A blend of biography and history shows how famous scientists and creative amateurs developed the concepts of risk, risk management, and probability, paving the way for progress in business and technology

Capital Ideas

The Improbable Origins of Modern Wall Street

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Author: Peter L. Bernstein

Publisher: John Wiley & Sons

ISBN: 1118523989

Category: Business & Economics

Page: 360

View: 8893

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.

The Power of Gold

The History of an Obsession

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Author: Peter L. Bernstein

Publisher: John Wiley & Sons

ISBN: 111827010X

Category: Business & Economics

Page: 432

View: 6086

A colorful history of humankind's obsession with gold revisits the ancient world, where gold was the absolute standard of wealth, and traces its rocky road to the present. By the author of Against the Odds. 100,000 first printing. $150,000 ad/promo. First serial, Worth.

Capital Ideas Evolving

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Author: Peter L. Bernstein

Publisher: John Wiley & Sons

ISBN: 9781118046203

Category: Business & Economics

Page: 304

View: 9099

"A lot has happened in the financial markets since 1992, when Peter Bernstein wrote his seminal Capital Ideas. Happily, Peter has taken up his facile pen again to describe these changes, a virtual revolution in the practice of investing that relies heavily on complex mathematics, derivatives, hedging, and hyperactive trading. This fine and eminently readable book is unlikely to be surpassed as the definitive chronicle of a truly historic era." —John C. Bogle, founder of The Vanguard Group and author, The Little Book of Common Sense Investing "Just as Dante could not have understood or survived the perils of the Inferno without Virgil to guide him, investors today need Peter Bernstein to help find their way across dark and shifting ground. No one alive understands Wall Street's intellectual history better, and that makes Bernstein our best and wisest guide to the future. He is the only person who could have written this book; thank goodness he did." —Jason Zweig, Investing Columnist, Money magazine "Another must-read from Peter Bernstein! This well-written and thought-provoking book provides valuable insights on how key finance theories have evolved from their ivory tower formulation to profitable application by portfolio managers. This book will certainly be read with keen interest by, and undoubtedly influence, a wide range of participants in international finance." —Dr. Mohamed A. El-Erian, President and CEO of Harvard Management Company, Deputy Treasurer of Harvard University, and member of the faculty of the Harvard Business School "Reading Capital Ideas Evolving is an experience not to be missed. Peter Bernstein's knowledge of the principal characters-the giants in the development of investment theory and practice-brings this subject to life." —Linda B. Strumpf, Vice President and Chief Investment Officer, The Ford Foundation "With great clarity, Peter Bernstein introduces us to the insights of investment giants, and explains how they transformed financial theory into portfolio practice. This is not just a tale of money and models; it is a fascinating and contemporary story about people and the power of their ideas." —Elroy Dimson, BGI Professor of Investment Management, London Business School "Capital Ideas Evolving provides us with a unique appreciation for the pervasive impact that the theory of modern finance has had on the development of our capital markets. Peter Bernstein once again has produced a masterpiece that is must reading for practitioners, educators and students of finance." —André F. Perold, Professor of Finance, Harvard Business School

A Primer on Money, Banking, and Gold (Peter L. Bernstein's Finance Classics)

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Author: Peter L. Bernstein

Publisher: John Wiley & Sons

ISBN: 9780470435205

Category: Business & Economics

Page: 272

View: 4614

One of the foremost financial writers of his generation, Peter Bernstein has the unique ability to synthesize intellectual history and economics with the theory and practice of investment management. Now, with classic titles such as Economist on Wall Street, A Primer on Money, Banking, and Gold, and The Price of Prosperity—which have forewords by financial luminaries and new introductions by the author—you can enjoy some of the best of Bernstein in his earlier Wall Street days. With the proliferation of financial instruments, new areas of instability, and innovative capital market strategies, many economists and investors have lost sight of the fundamentals of the financial system—its strengths as well as its weaknesses. A Primer on Money, Banking, and Gold takes you back to the beginning and sorts out all the pieces. Peter Bernstein skillfully addresses how and why commercial banks lend and invest, where money comes from, how it moves from hand to hand, and the critical role of interest rates. He explores the Federal Reserve System and the consequences of the Fed's actions on the overall economy. But this book is not just about the past. Bernstein's novel perspective on gold and the dollar is critical for today's decision makers, as he provides extensive views on the future of money, banking, and gold in the world economy. This illuminating story about the heart of our economic system is essential reading at a time when developments in finance are more important than ever.

Economist on Wall Street (Peter L. Bernstein's Finance Classics)

Notes on the Sanctity of Gold, the Value of Money, the Security of Investments, and Other Delusions

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Author: Peter L. Bernstein

Publisher: Wiley

ISBN: 0470384298

Category: Business & Economics

Page: 304

View: 2760

One of the foremost financial writers of his generation, Peter Bernstein has the unique ability to synthesize intellectual history and economics with the theory and practice of investment management. Now, with classic titles such as Economist on Wall Street, A Primer on Money, Banking, and Gold, and The Price of Prosperity—which have forewords by financial luminaries and new introductions by the author—you can enjoy some of the best of Bernstein in his earlier Wall Street days. Peter Bernstein's Economist on Wall Street is a collection of writings from 1955 to 1970. The book is especially interesting because so many of Bernstein's observations reflect the most important issues of the present—the outlook for inflation and its control, the intricacies of monetary policy, the future of the dollar, and the dilemmas of household finances. Bernstein was also concerned with developments in portfolio management, including the new influence of institutional investors and rules for optimal asset mixes. He provides light touches, too, as he indulges in fantasies and philosophical musings over a wide variety of topics. With so many years of hindsight, we should not be surprised to find some of Bernstein's predictions running awry. But why? In each instance, these forecasts were biased by memories of the past. There is a big lesson to be learned there. Economist on Wall Street is a remarkable book, with lasting relevance and keen insights into the art of investment management, the capital markets, gold and the dollar, and the fun of being alive.

Twelve Against the Gods

The Story of Adventure

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Author: William Bolitho

Publisher: Diversion Books

ISBN: 1635765048

Category: History

Page: N.A

View: 8156

"It's really quite good." - Elon Musk Twelve Against the Gods was an instant bestseller when it first published in 1929. In his trademark journalist style, author William Bolitho details the lives of twelve great adventurers—Alexander the Great, Casanova, Christopher Columbus, Mahomet, Lola Montez, Cagliostro (and Seraphina), Charles XII of Sweden, Napoleon I, Lucius Sergius Catiline, Napoleon III, Isadora Duncan, and Woodrow Wilson. Bolitho shines light on both the struggles and successes that made these figures so iconic, and demonstrates how they all battled convention and conformity to achieve enduring fame and notoriety. “We are born adventurers,” Bolitho writes, “and the love of adventures never leaves us till we are very old; old, timid men, in whose interest it is that adventure should quite die out. This is why all the poets are on one side, and all the laws on the other; for laws are made by, and usually for, old men." Though his essays are nearly one hundred years old, they encompass the timeless values of perseverance, bravery, and strength of spirit that have proven to resonate with the pioneers and thought leaders of today.

Wedding of the Waters: The Erie Canal and the Making of a Great Nation

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Author: Peter L. Bernstein

Publisher: W. W. Norton & Company

ISBN: 0393340201

Category: History

Page: 464

View: 6541

"One corner of the great American panorama enlarged to highlight starry-eyed visionaries, political machinations, indefatigable ingenuity, and cockeyed optimism."—Kirkus Reviews The building of the Erie Canal, like the construction of the Brooklyn Bridge and the Panama Canal, is one of the greatest and most riveting stories of American ingenuity. Best-selling author Peter Bernstein presents the story of the canal's construction against the larger tableau of America in the first quarter-century of the 1800s. Examining the social, political, and economic ramifications of this mammoth project, Bernstein demonstrates how the canal's creation helped prevent the dismemberment of the American empire and knit the sinews of the American industrial revolution. Featuring a rich cast of characters, including not only political visionaries like Washington, Jefferson, van Buren, and the architect's most powerful champion, Governor DeWitt Clinton, but also a huge platoon of Irish diggers as well as the canal's first travelers, Wedding of the Waters reveals that the twenty-first-century themes of urbanization, economic growth, and globalization can all be traced to the first great macroengineering venture of American history.

Insurance Economics

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Author: Peter Zweifel,Roland Eisen

Publisher: Springer Science & Business Media

ISBN: 364220547X

Category: Business & Economics

Page: 451

View: 7907

Presenting theoretical foundations and empirical research, this text introduces the reader to the core issues and analytical tools of insurance economics, examining in detail a host of key factors including supply and demand, regulation and social insurance.

Managing Risk and Uncertainty

A Strategic Approach

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Author: Richard Friberg

Publisher: MIT Press

ISBN: 0262528193

Category: Business & Economics

Page: 400

View: 4432

A comprehensive framework for assessing strategies for managing risk and uncertainty, integrating theory and practice and synthesizing insights from many fields.

Deep Risk

How History Informs Portfolio Design

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Author: William J. Bernstein

Publisher: N.A

ISBN: 9780988780316

Category: Asset allocation

Page: 56

View: 1489

This booklet takes portfolio design beyond the familiar "black box" mean-variance framework. Most importantly, the short-term volatility of financial assets, commonly measured as standard deviation, is a highly imperfect measure of the actual long-horizon perils faced by real-world investors subject to the vagaries of financial and military history. These risks have names--inflation, deflation, confiscation, and devastation--and any useful discussion of portfolio design of necessity incorporates their probabilities, consequences, and costs of mitigation ... This booklet contains ... with luck, a framework within income and all-equity portfolios. This booklet contains ... with luck, a framework within which to think more clearly about risk. Note: the entire Investing for Adults series is not for beginners.

Plight of the Fortune Tellers

Why We Need to Manage Financial Risk Differently

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Author: Riccardo Rebonato

Publisher: Princeton University Press

ISBN: 9781400836390

Category: Business & Economics

Page: 328

View: 4661

Today's top financial professionals have come to rely on ever-more sophisticated mathematics in their attempts to come to grips with financial risk. But this excessive reliance on quantitative precision is misleading--and puts everyone at risk. In Plight of the Fortune Tellers, Riccardo Rebonato forcefully argues that we must restore genuine decision making to our financial planning. Presenting a financial model that uses probability, experimental psychology, and decision theory, Rebonato challenges us to rethink the standard wisdom about risk management. He offers a radical yet surprisingly commonsense solution: managing risk comes down to real people making decisions under uncertainty. Plight of the Fortune Tellers is a must-read for anyone concerned about how today's financial markets are run. In a new preface, Rebonato explains how the ideas presented in this book fit into the context of the global financial crisis that followed its original publication. He argues that risk managers are still stuck in a probabilistic rut, and need to engage with the structural causes of real events.

The Poker Face of Wall Street

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Author: Aaron Brown

Publisher: John Wiley & Sons

ISBN: 1118161106

Category: Business & Economics

Page: 368

View: 5266

Wall Street is where poker and modern finance?and the theory behind these "games"?clash head on. In both worlds, real risk means real money is made or lost in a heart beat, and neither camp is always rational with the risk it takes. As a result, business and financial professionals who want to use poker insights to improve their job performance will find this entertaining book a "must read." So will poker players searching for an edge in applying the insights of risk-takers on Wall Street.

Devil Take the Hindmost

A History of Financial Speculation

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Author: Edward Chancellor

Publisher: N.A

ISBN: 9780330484091

Category: Speculation

Page: 386

View: 8696

The (Mis)Behaviour of Markets

A Fractal View of Risk, Ruin and Reward

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Author: Benoit B. Mandelbrot,Richard L. Hudson

Publisher: Profile Books

ISBN: 1847651550

Category: Business & Economics

Page: 352

View: 8663

This international bestseller, which foreshadowed a market crash, explains why it could happen again if we don't act now. Fractal geometry is the mathematics of roughness: how to reduce the outline of a jagged leaf or static in a computer connection to a few simple mathematical properties. With his fractal tools, Mandelbrot has got to the bottom of how financial markets really work. He finds they have a shifting sense of time and wild behaviour that makes them volatile, dangerous - and beautiful. In his models, the complex gyrations of the FTSE 100 and exchange rates can be reduced to straightforward formulae that yield a much more accurate description of the risks involved.

A Short History of Financial Euphoria

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Author: John Kenneth Galbraith

Publisher: Penguin

ISBN: 110165080X

Category: Business & Economics

Page: 128

View: 486

The world-renowned economist offers "dourly irreverent analyses of financial debacle from the tulip craze of the seventeenth century to the recent plague of junk bonds."—The Atlantic.

The Book on Games of Chance

The 16th-Century Treatise on Probability

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Author: Gerolamo Cardano

Publisher: Courier Dover Publications

ISBN: 048680898X

Category: Games & Activities

Page: 64

View: 4497

Mathematics was only one area of interest for Gerolamo Cardano ― the sixteenth-century astrologer, philosopher, and physician was also a prolific author and inveterate gambler. Gambling led Cardano to the study of probability, and he was the first writer to recognize that random events are governed by mathematical laws. Published posthumously in 1663, Cardano's Liber de ludo aleae (Book on Games of Chance) is often considered the major starting point of the study of mathematical probability. The Italian scholar formulated some of the field's basic ideas more than a century before the better-known correspondence of Pascal and Fermat. Although his book had no direct influence on other early thinkers about probability, it remains an important antecedent to later expressions of the science's tenets.

Streetwise

The Best of the Journal of Portfolio Management

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Author: Peter L. Bernstein,Frank J. Fabozzi

Publisher: Princeton University Press

ISBN: 9780691011288

Category: Business & Economics

Page: 321

View: 2969

"Streetwise" brings together classic articles from the publication that helped revolutionize the way Wall Street does business. The editors have selected 41 of the most influential articles to appear in the journal over the past 25 years, some of them written by Nobel laureates and all aimed at stimulating dialogue between academic economists and investment professionals.

When Genius Failed

The Rise and Fall of Long-Term Capital Management

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Author: Roger Lowenstein

Publisher: Random House

ISBN: 0375506446

Category: Business & Economics

Page: 288

View: 6493

With a new Afterword addressing today’s financial crisis A BUSINESS WEEK BEST BOOK OF THE YEAR In this business classic—now with a new Afterword in which the author draws parallels to the recent financial crisis—Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall. When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself. The dramatic story of Long-Term’s fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein shows that LTCM’s implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instability—and as a wake-up call that Wall Street and government alike tragically ignored.