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Franklin Allen, Nippon Professor of Finance and Economics, The Wharton School of the University of Pennsylvania
“George Szpiro has written a wonderful book. Often finance is viewed as one of the driest of fields. Szpiro makes the history of the option pricing formula fascinating at many levels. He starts with the history of options, bringing in the Tulipmania, the Dutch East India Company, the Amsterdam Bourse, Joseph de La Vega, John Law’s colorful life and on and on. The mathematical tools needed for deriving the formula and the people who developed them are also heroes of the tale. The climax is reached with Fisher Black, Myron Scholes and Robert Merton’s time together at MIT and the derivation of the formula that revolutionized finance. It is a book that is very difficult to put down. This will be true for beginning students of finance as well as the highest earning traders. I thoroughly recommend it!”
Except for the LTCM case and an attempt in the last chapter, limitations and failures of statistical applications are not covered.
I found the history of financial markets very interesting, and how recenty our understanding, and the science and mathematics of the markets are.
At the beginning, his studies of investment manias (tulip bubble, the Mississippi and the East Indies bubble) goes on for too long.
This is an interesting historical read about the history of trading. Entertaining and informative. I recommend this book to all.Published 15 months ago by Happy
Pricing the Future has its merits. It brings to light much financial history and reminds us that many things we now take for granted were obscure in 1900 or even 1970. Read morePublished 17 months ago by William Meyers
As an engineer with much of the attendant knowledge of physical science and mathematics, I have been very curious about the quantitative side of financial markets. Read morePublished 19 months ago by Case Marsh
300 years of precursors to the Black-Scholes option pricing formula are traced via accounts of the lives and works of a dozen or so major characters and another dozen minor... Read morePublished 21 months ago by David J. Aldous
important reading for anyone studying or investing in options. the book is well written and informative, although it can be a slow and careful read.Published on August 8, 2012 by David Rottenberg
This is an excellent book that discusses the origin of Financial Mathematics and its relation to physics. Is full of interesting historical details.Published on August 5, 2012 by ricardo mansilla
Too many of us have learned options strategies and theory from texts that present it all in packages, now backed up by Excel spreadsheets with all the formulas embedded in them,... Read morePublished on May 29, 2012 by Scott E. Pardee
This book is terrible in so many ways it is hard to know where to begin. The author has an infuriating tendency to talk down to the reader at the same time that he tries to show... Read morePublished on April 13, 2012 by mrcrovelli