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Investors and Markets: Portfolio Choices, Asset Prices, and Investment Advice (Princeton Lectures in Finance) Hardcover – October 22, 2006


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Product Details

  • Series: Princeton Lectures in Finance
  • Hardcover: 232 pages
  • Publisher: Princeton University Press (October 22, 2006)
  • Language: English
  • ISBN-10: 0691128421
  • ISBN-13: 978-0691128429
  • Product Dimensions: 9.3 x 6.4 x 0.8 inches
  • Shipping Weight: 1 pounds
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Best Sellers Rank: #1,293,008 in Books (See Top 100 in Books)

Editorial Reviews

Review

"Throughout the past 40 years, Sharpe has remained one of the most influential voices in finance for both academics and practitioners. As is true for all of Sharpe's writings, investment professionals will do well to read Investors and Markets and carefully absorb its insights."--Ronald L. Moy, Financial Analysts Journal

"William F. Sharpe says his pioneering work on the Capital Asset Pricing Model is ready for a makeover. The 42-year-old model--which earned Mr. Sharpe a Nobel Memorial Prize in economics in 1990-- is being revamped because Mr. Sharpe says he found a better way for portfolio managers and business-school students to learn about how portfolios are constructed and securities are priced. . . . Mr. Sharpe's new book shows that a simulator based on the state/preference model can mimic market behavior and can be used where mean-variance analysis won't work."--Joel Chernoff, Pensions and Investments

"William Sharpe has written a new book . . . which may cause a revolution -- or, at least, a coup in finance. . . . Investors and Markets brings the subjects of portfolio choice and asset pricing together into a single, integrated view of investment science. . . . The impact of [this book], though more a coup than a revolution, deserves to occur more quickly."--John Finneran, The Motley Fool

"Sharpe's Investors and Markets is an impressive and thought provoking work. . . . [H]is work breaks new ground in the fields of portfolio and asset pricing theory. I highly recommend this book, particularly for planners interested in understanding the theory behind the advice that we give."--NAPFA Advisor

"[Sharpe's book] has much that is good: setting out complex issues such as the capital-asset pricing model and market risk/reward theorem in readily understandable terms, showing the importance of trading. Mime preferences, risk aversion, how individual actions, perhaps irrational on occasion, can still lead to a rational outcome, estimates of the equity risk premium, and the relative value of passive and active investing."--Andrew Milligan, The Business Economist

From the Inside Flap

"Bill Sharpe has a wonderful knack for devising simple examples to draw out a succession of important lessons about portfolio choice and equilibrium asset prices."--Richard Brealey, London Business School

"Here is one of finance's great minds offering commonsense advice for individual investors who, for the most part, wander in the wilderness of the financial markets. Sharpe develops this advice from a high level of theoretical sophistication and analysis. His concerns are profound, his arguments are powerful and innovative, his language is refreshingly lucid, and his conclusions are compelling. Like Sharpe's earlier works, this book is a major contribution to the literature of finance."--Peter L. Bernstein, author of Capital Ideas: The Improbable Origins of Modern Wall Street

"Bill Sharpe is a highly original thinker and one of the most lucid and accessible writers in the field of finance. Investors and Markets artfully combines insights about portfolio choice and asset pricing that give individual investors a framework for making better savings and investment decisions."--Burton G. Malkiel, author of A Random Walk Down Wall Street

"Sharpe has managed to integrate the key areas of optimum portfolio choice and general equilibrium theory. While mean-variance portfolio theory has been around long enough that a number of books have been written that make it accessible to any MBA student, the same cannot be said for asset pricing theory except in its most elementary form. Sharpe's book will for the first time allow me to teach some of this important theory to my MBA students."--Martin J. Gruber, New York University


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63 of 79 people found the following review helpful By Craig W. French on December 4, 2006
Format: Hardcover
William Sharpe, who really needs no introduction, has made major contributions to some of the most influential discoveries in financial economics. From his parsimonious diagonal model which simplified the use of Markowitz' normative (prescribing how investors should behave) mean/variance approach to portfolio choice to the positive (describing how investors actually behave) Capital Asset Pricing Model, Professor Sharpe clearly approaches -- even from his earliest investigations - financial economics from a pragmatic perspective. Of course that work contributed to his selection in 1990 as a co-recipient (along with Harry Markowitz and Merton Miller) of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

In addition to his academic pursuits, Professor Sharpe has also been commercially successful, as a RAND economist, and as President, Chairman and/or Director of several enterprises related to investments. Of course, practitioners may know him best for his famous "reward-to-variability" ratio which we all know as the Sharpe ratio. Professor Sharpe has also made important fundamental contributions to options valuation, asset allocation implementation, and returns-based style analysis.

His pioneering books are standard text assignments for both undergraduate and graduate students of finance; these include Portfolio Theory and Capital Markets (McGraw-Hill, 1970 and 2000), Asset Allocation Tools (Scientific Press, 1987), Fundamentals of Investments (with Gordon J. Alexander and Jeffrey Bailey, Prentice-Hall, 2000), Investments (with Gordon J. Alexander and Jeffrey Bailey, Prentice-Hall, 1999).
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9 of 9 people found the following review helpful By C. Ang VINE VOICE on September 1, 2009
Format: Paperback
Investors and Markets is written by Bill Sharpe, who is most known for the development of the widely-used Capital Asset Pricing Model (CAPM) which earned him the Nobel Prize. In this book, he attempts to bring to MBAs the material that is being taught to PhDs. He begins by saying that MBAs are taught the mean-variance framework (developed by Harry Markowitz) and PhDs are taught the state-preference approach (developed by Ken Arrow and Gerard Debreu). As a start, the reader should realize that this goal is ambitious and this is probably why this is one of the rare (maybe even the only book) that attempts to do this.

Mean-variance analysis has gained wide acceptance because of its simplicity and its ease of use. You only need two statistics, i.e. mean and variance (or its square root - standard deviation), as a measure of return and risk. Mean and variance can be easily calculated from readily available data with the use of simple mathematics. Even the application of mean-variance analysis to portfolio management is relatively simple to implement, because the goal is to minimize the portfolio variance given certain constraints and is a straightforward quadratic programming problem (there are now variations to this but the general idea is still the same). On the other hand, the state-preference approach is more abstract. In my opinion, once you bring in utility functions and the different kinds of utility functions, the subject matter just becomes much more difficult. Now the goal becomes maximizing utility. One tough aspect of this approach is that most interesting problems involving utility maximization do not have solutions that, loosely, can be expressed as a finite set of generally accepted functions (see my point about complexity?).
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9 of 15 people found the following review helpful By William J. Snyder on August 23, 2007
Format: Hardcover
An important, relatively recent book by William Sharpe, a Nobel Prize winning economist and Stanford business prof. Not for the rank-and-file investor; but much useful information for pros and teachers of finance. Last chapter contains a summary of very useful advice suitable for anyone who invests in stocks.
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3 of 16 people found the following review helpful By Jacob P. Rapp on September 5, 2007
Format: Hardcover
good new book for good price. of all the books on the subject, this is by far the easiest to read.
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