- Paperback: 368 pages
- Publisher: Basic Books; annotated edition edition (March 7, 2006)
- Language: English
- ISBN-10: 0465043577
- ISBN-13: 978-0465043576
- Product Dimensions: 6.1 x 0.8 x 9.2 inches
- Shipping Weight: 1.4 pounds (View shipping rates and policies)
- Average Customer Review: 149 customer reviews
- Amazon Best Sellers Rank: #40,946 in Books (See Top 100 in Books)
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The Misbehavior of Markets: A Fractal View of Financial Turbulence annotated edition Edition
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Top customer reviews
My key takeaway from this book is that market participants' tools underassess risk and thus market participants should be wary of becoming model-dependent.
Additionally, supporting research and proofs are in the appendix or on the book's designated website for the more curious readers.
Mandelbrot, to his credit, warns the reader early on that his is not an investment guide. He simply offers his ideas, and admits that some don't offer as much insight currently as he wishes. He is, however, optimistic that his philosophies and his alternative (edge-type) thinking will prevail in some form.
Truly wish I read this before b-school, as he explains why I scratched my head through a good portion because the theories didn't look "right." As a couple of other reviewers have noted, the first part of the book is best, and sort of stumbles to find itself in the second half. All that said, this is a valuable contribution and highly recommended.
This book toes together so much history and so many concepts in such an elegant style that it is very hard to oversell the work. I have a hard time imagining a field in which this knowledge is not applicable in some way. And anyone who has even a baseline sense of curiosity will find the interweaving of the many great stories compelling.
I would imagine that some math majors will find that the information is somewhat basic, but only if they are exposed to a lox on non linear problems in a complexity theory or econophysics field. For everyone else, this is a masterpiece, an entertaining, accessible masterpiece.
Oh, and for any of you who like Nassim Taleb's work, this is absolutely essential reading. I also suggest diving into network and sync theories which fill in the gaps left by Mandelbrot. Much good work has been done since he wrote this. "Linked" and "sync" are especially good and accessible.
Most recent customer reviews
He examines CAPM, MPT, and Black-Scholes and shows that these models have major issues, mainly rigid...Read more