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Adaptive Markets: Financial Evolution at the Speed of Thought by [Lo, Andrew W.]
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Adaptive Markets: Financial Evolution at the Speed of Thought Kindle Edition

4.5 out of 5 stars 38 customer reviews

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Length: 504 pages Word Wise: Enabled
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Editorial Reviews

Review

Shortlisted for the 2017 Financial Times and McKinsey Business Book of the Year Award

"Mr. Lo makes a convincing argument and he also uses the book to lay out some interesting ideas--such as a huge, diversified fund that would invest in a range of potential cancer treatments."--Economist

"[A] remarkable new book. . . . Lo’s book will be read and read widely. . . . His insights should allow investors and regulators alike to manage risks better. They should read it."--John Authers, Financial Times

"This new book will become another essential read for anybody interested in financial markets. . . . [It] is a thoroughly interesting and enjoyable read. It is not technical, the explanations are super-clear, and there is some excellent story telling."--Enlightened Economist

"[Lo] has a knack for providing a telling anecdote or story to illustrate his point. More important, he also avoids being condescending or triumphalist."--Matthew Partridge, Money Week

"Using research in evolutionary biology, psychology, neuroscience and artificial intelligence, Mr. Lo . . . explains how human behavior shapes the markets, leading to swings between stability and instability, profit and loss, innovation and regulation."--Pensions & Investments

"Andrew Lo’s Adaptive Markets is a masterly synthesis of the traditional, rationality-based approach and new approaches based on psychology and neuroscience, evolutionary theory, and techniques such as computer simulations and artificial intelligence."--Diane Coyle, Project Syndicate

"Andrew Lo’s ambitious book offers a welcome, fresh look at how financial markets work and why they sometimes fail. . . . Adaptive Markets makes a valuable and welcome contribution, rewarding the reader by broadening and improving our understanding of finance and markets--in stable and unstable times."--Milton Ezrati, City Journal

"The financial markets we create similarly reflect 'principles of evolution--competition, innovation, reproduction and adaptation'. In this important book, Lo of the Massachusetts Institute of Technology demonstrates the radical implications of this insight."--Martin Wolf, Financial Times

"[Adaptive Markets] is a summation of developments in fields ranging from economics and behavioral finance to neuroscience and artificial intelligence--all influences on the adaptive markets hypothesis Lo proposes as a framework for finance that considers both rational and irrational behavior."--Institutional Investor

"By reading Adaptive Markets, investors and their advisors will benefit from a better understanding of the reasons, based in biology and human nature, that the market is not efficient."--Laurence B. Siegel, Advisor Perspectives

"Lo’s new book is a fascinating exploration of the evolution of financial innovation. It’s filled with fascinating stories of what drives human behavior and, ultimately, markets."--Larry Swedroe, ETF.com

"[Adaptive Markets] doubles as a kind of intellectual history of the global financial system and the innovations that have shaped it. . . . The book abounds with interesting anecdotes drawn from many fields, including the author’s own experiences."--Foreign Affairs

"A new theory should be able to capture all that its predecessors have to offer while adding new features. Lo’s adaptive-markets hypothesis is just such a replacement. . . . This book is essential reading."--IISS

From the Back Cover

"Andrew Lo combines wonderfully broad scholarship and a delightfully instructive style to present dramatically new perspectives on how markets work and how they can be regulated more effectively. This important book will teach and entertain, and should influence those charged with keeping markets healthy."--Simon A. Levin, Princeton University

"Adaptive Markets will appeal to anyone who distrusts dogmatic economic theories and thirsts for a coherent view of how market economies produce both great gain and great pain for societies. Andrew Lo integrates a deep understanding of finance with a broad knowledge of biology, psychology, and ethics to offer a tantalizing vision of how financial engineering could become a powerful force for a more just, healthy, and prosperous world."--Peter Hancock, President and CEO, AIG

"We tell stories, we learn from them, and we make them up. In this magnificent book, Andrew Lo explains how our attraction to stories drives markets, explains past catastrophes, and suggests future opportunities for world-saving financial engineering. And he packages it all in fascinating stories of his own."--Patrick Henry Winston, Massachusetts Institute of Technology

"Andrew Lo is a brilliant financial economist, visionary innovator, bold contrarian, gifted writer, and an unrelenting idealist. These traits are evident in this wonderful book, which traces the ‘evolutionary explosion of financial innovation' that began with Vanguard's creation of the first index mutual fund in 1974, tracking the S&P 500 Index. I continue to hold to index funds, but Dr. Lo's book persuades me to keep a mind that is open―or at least ajar--to the new world of investment technology, investor preferences, and transaction efficiency, and to the wisdom of those who are smarter than I am."--John C. Bogle, founder of the Vanguard Group and the First Index Mutual Fund, and author of The Little Book of Common Sense Investing

"This is a wonderful book. Andrew Lo traces a journey in which he reconsiders rationality in economics, moving from the efficient market hypothesis to his own Adaptive Markets Hypothesis through psychology, neuroscience, biology, and studies of financial innovations and crises. The book presents many valuable findings and is also full of emotion--enthusiasm, joy, frustration, and pain. It is itself a manifestation of the important finding that rational thinking and emotion go together."Nobuhiro Kiyotaki, Princeton University


Product details

  • File Size: 16716 KB
  • Print Length: 504 pages
  • Publisher: Princeton University Press (April 24, 2017)
  • Publication Date: April 24, 2017
  • Sold by: Amazon Digital Services LLC
  • Language: English
  • ASIN: B06X9R8Y2M
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Lending: Not Enabled
  • Enhanced Typesetting: Not Enabled
  • Amazon Best Sellers Rank: #7,635 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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