Capital Ideas The Improbable Origins of Modern Wall Street

ISBN-10: 0471731749

ISBN-13: 9780471731740

Edition: 1992

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Description: "Capital Ideas traces the origins of modern Wall Street, from the pioneering work of early scholars, the development of new theories of risk, valuation, and investment returns by the next generation of scholars, to the actual implementation of these theories in the real world of investment management. Starting with the French mathematician Louis Bachelier who wrote the unpredictability of stock prices in early 1900s, Bernstein brings to life a variety of brilliant academics who contributed to modern investment theory. The characters include Harry Markowitz who wrote about optimizing the trade-off between risk and reward. William Sharpe who shook the pillars of the investment establishment by asserting that the market cannot be beaten. Fisher Black, Myron Scholes, and Robert Merton, who paved the way for the creation of financial derivatives and new ways of controlling risk. And Franco Modigliani and Merton Miller who extolled the central role of arbritrage in determining the value of securities. Bernstein shows how the contributions of each individual built upon each other and led to the development of a unified theory of market behavior, investment returns, and risk management. Most importantly, Bernstein explains how academic theory was translated into practice and profoundly changed the practice of investment management. This new Wiley edition is a paperback reprint of the original title with no new material added.

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Book details

List price: $19.95
Copyright year: 1992
Publisher: John Wiley & Sons, Incorporated
Publication date: 6/20/2005
Binding: Paperback
Pages: 360
Size: 6.00" wide x 9.00" long x 1.00" tall
Weight: 1.056

Peter L. Bernstein graduated magna cum laude from Harvard College with a degree in economics. After serving as a member of the research staff at the Federal Reserve Bank of New York and at the Office of Strategic Services in Washington, Bernstein joined the the Air Force, attaining the rank of captain serving in World War II, and assigned to the Office of Strategic Services. After the war, Bernstein taught economics for many years as an adjunct professor on the Graduate Faculty of the New School for Social Research in New York. In 1951, after teaching economics at Williams College and spending five years in commercial banking, Bernstein became Chief Executive of a nationally known investment counsel firm He retired in 1973 to launch Peter L. Bernstein, Inc. Bernstein was the first Editor of The Journal of Portfolio Management in 1974,and is now Consulting Editor of the Journal. He served on the Visiting Committee to the Economics Department at Harvard University, as a Trustee and member of the Finance Committee of the College Retirement Equities Fund, and as a Trustee of the Investment Management Workshop sponsored by the Association for Investment Management & Research. Bernstein is the author of nine books in economics and finance and he has also written articles in professional journals such as The Harvard Business Review and the Financial Analysts Journal, and in the press, including The New York Times, The Wall Street Journal, Worth Magazine, and Bloomberg publications. He has contributed to collections of articles published by Perseus and FT Mastering. He is also a lecturer on risk management, asset allocation, portfolio strategy, and market history. Bernstein has received three major awards from the Association for Investment Management & Research, which include; The Award for Professional Excellence, The Graham & Dodd Award, given annually for the outstanding article in the Financial Analysts Journal for the previous year, and The James R. Vertin Award, recognizing individuals who have produced a body of research notable for its relevance and enduring value to investment professionals.

Acknowledgments
Introduction: The Revolution in the Wealth of Nations
Setting the Scene
Are Stock Prices Predictable?
The Whole and the Parts
Fourteen Pages to Fame
The Interior Decorator Fallacy
The Most Important Single Influence
The Demon of Chance
Illusions, Molecules, and Trends
Anticipating Prices Properly
The Search for High P.Q.
What Are Stocks Worth?
The Best at the Price
The Bombshell Assertions
Risky Business
The Universal Financial Device
From Gown to Town
The Constellation
The Accountant for Risk
The Ultimate Invention
The Future
The View from the Top of the Tower
Notes
Bibliography and Other Sources
Name Index
Subject Index
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