The Myth of the Rational Market Audiobook

" To be appreciated most by financial planners, economists, stock market analysts and all others involved with investment theory and managing other people's money. Discusses the rise of the Capital Asset Pricing Model, Modern Portfolio Theory and its companion the Efficient Market Hypothesis which influenced portfolio management for decades, and how academic research and events have overthrown those belief systems. Other issues discussed include the rise of portfolio insurance, options and derivatives, and the mortgage bubble. What it lacks is a discussion of how the overthrow of the Efficient Market has undermined basic assumptions in the Financial Planning world (e.g. The Efficient Frontier used in portfolio allocation), and what that means for those seeking guidance on how to build their financial future, especially a financially secure retirement. "

" I found this book to be a serious primer on macroeconomic -- something that I could take notes on, refer back to, etc. An interesting read for an overview of what could be a dry subject. Feel I learned 2 years worth of econ research with this book, although I had to take a lot of notes and supplement my understanding by looking up details and overview of ideas and people on the internet. But Justin Fox is extremely readable and insightful. "

" A very readable narrative of economic history through the last 120 years or so. The author clearly enjoys the intellectual battle of economic ideas between the quantitative efficient marketers of the Chicago school and the behaviorists who are more skeptical of any dubious claims of "the market is always right" crowd. Great spirited debate between the great finance intellectuals and Nobel laureates described here. I was left with the sneaking suspicion that a lot of brainpower has been wasted in Finance rather than in genuine wealth-creating and society-improving activities! Finance should perhaps be the (overhead) grease that oils society rather than an end in itself? Anyway, great book with exhaustive research - read it. "

" This is a synopsis of the history of financial history, mostly the failed idea that prices of securities are rational, how those ideas became politicized and then ffailed. Not a pretty nor entertaining tale as told. As my daughter, Jessica likes to say, you can do better. "

" Not really what I was looking for. This is more a history than anything. "

" Fox takes an axe to the UChicago Rational Market theories. He does a thorough job of chronicling the history of the theory, its application, and the disaster that unfolded in its application. "

" Four stars if you're into this sort of thing...the economics/finance nerd in me really enjoyed it. "

" Great. Very narrative and readable, and covers the whole arc of the story. Mandatory reading for anyone who wonders why some modern economists seem to have no idea what they're talking about. "

" Interesting read. Hard to keep all the people straight, but over all pretty good. "

" Wildly boring history lesson with an endless stream of names for the first half. Got much more interesting after the half-way point. "

" Great 100+ year review/synopsis/report on what we call economics and finance. Great read for anyone interested in anything that happens in the world. Period. Ever. Well, at least anything tied to domestic economics. Enjoy! "

" Fascinating history of modern finance. How we moved from markets being really novel to markets knowing more than we know and always being right to where we are today. Easy to read even for those who know little about finance. I would highly recommend it. "

" Comprehensive history of finance, theory as well as (Wall Street) practice. "

" The author is now the editor of the Harvard Business Review. Fascinating history (much of it very recent)of the debate over the extent to which the free market correctly assesses risk and prices assets. I think it has a bad title. The topic is presented in a balanced manner. Almost gave it 5 stars. "

" Comprehensive history of finance, theory as well as (Wall Street) practice. "

" This is a synopsis of the history of financial history, mostly the failed idea that prices of securities are rational, how those ideas became politicized and then ffailed. Not a pretty nor entertaining tale as told. As my daughter, Jessica likes to say, you can do better. "

" Interesting read. Hard to keep all the people straight, but over all pretty good. "

" A relatively fast paced and informing review of the academic approach to the markets over time. Worth the time "

" Well written, but all about econometrics - found myself snoozing through the things I could learn. Not really worth the whole read but I enjoyed the 1/3 I got though. "

" Great 100+ year review/synopsis/report on what we call economics and finance. Great read for anyone interested in anything that happens in the world. Period. Ever. Well, at least anything tied to domestic economics. Enjoy! "

" Four stars if you're into this sort of thing...the economics/finance nerd in me really enjoyed it. "