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Capital Ideas Evolving

ISBN-10: 0470452498

ISBN-13: 9780470452493

Edition: 2007

Authors: Peter L. Bernstein

List price: $15.99
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"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." - Andr_ F. Perold, Professor of Finance, Harvard Business School
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Book details

List price: $15.99
Copyright year: 2007
Publisher: John Wiley & Sons, Limited
Publication date: 4/29/2009
Binding: Paperback
Pages: 304
Size: 6.25" wide x 9.25" long x 1.00" tall
Weight: 0.880
Language: English

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.

Preface
A Note on Usage
The Behavioral Attack
Who Could Design a Brain . . .
The Strange Paradox of Behavioral Finance: "Neoclassical Theory Is a Theory of Sharks",
The Theoreticians,
The Worldly Philosopher
The Institutionalists
"Risk Is Not an Add-On"
"The Only Part of Economics That Really Works"
The People's Risk Manager
The Engineers
"It's Dangerous to Think of Risk as a Number"
"You Have a Little World"
"Omega Has a Nice Ring to It"
The Practitioners
Barclays Global Investors: "It Was an Evangelical Undertaking"
The Yale Endowment Fund: Uninstitutional Behavior
CAPM II: The Great Alpha Dream Machine: We Don't See Expected Returns
Making Alpha Portable: "That's Become the New Mantra"
Martin Leibowitz: CAPM in a New Suit of Clothes
Goldman Sachs Asset Management: "I Know the Invisible Hand Is Still There"
Capital Ideas Tomorrow
Nothing Stands Still
Notes
Bibliography
Acknowledgments
Index