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Capital Ideas: The Improbable Origins of Modern Wall Street
"Capital Ideas" traces the origins of modern Wall Street, from the pioneering work of early scholars and the development of new theories in risk, valuation, and investment returns, to the actual implementation of these theories in the real world of investment management. Bernstein brings to life a variety of brilliant academics who have contributed to modern inve...more
Paperback, 340 pages
Published
June 20th 2005
by John Wiley & Sons
(first published 1991)
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This book depicts the tales of the proponents of the Efficient Market Hypothesis, including the following:
Fisher Black, Eugene Fama, William Fouse, Hyne Leland, Harry Markowitz, John McQuown, Robert C. Merton, Merton Miller, Franco Modigliani, Barr Rosenberg, Mark Rubinstein, Paul Samuelson, Myron Scholes, William Sharpe, James Tobin, Jack Treynor, and James Vertin. It discusses the origins of the dividend discount model, CAPM, the Black-Scholes option pricing model, and other models.
...more
Fisher Black, Eugene Fama, William Fouse, Hyne Leland, Harry Markowitz, John McQuown, Robert C. Merton, Merton Miller, Franco Modigliani, Barr Rosenberg, Mark Rubinstein, Paul Samuelson, Myron Scholes, William Sharpe, James Tobin, Jack Treynor, and James Vertin. It discusses the origins of the dividend discount model, CAPM, the Black-Scholes option pricing model, and other models.
...more
While not what I would call exciting, this was interesting none the less.
"Capital Ideas" is a history of the people and papers which contributed to modern economic and financial theory. It's interesting to note that many things which everyone seems to accept as fact today with were unheard of 50 years ago. What will the next 50 years bring?
These few paragraphs summarize the tone and feel of the book nicely. While discussing the conflict which arose between the a...more
"Capital Ideas" is a history of the people and papers which contributed to modern economic and financial theory. It's interesting to note that many things which everyone seems to accept as fact today with were unheard of 50 years ago. What will the next 50 years bring?
These few paragraphs summarize the tone and feel of the book nicely. While discussing the conflict which arose between the a...more
This was good. I think I would have enjoyed it more if I wasn't in the middle of law school. I had trouble devoting as much attention to it as I would have liked. Nevertheless, I felt that I learned a decent amount from it. I guess I was disappointed that the connections weren't made between the theories being explained and the effect on modern finance.
I liked this book for the fact that it provided solid historical context for some of the work I do related to investments. It was written by the author of one of my favorite books, "Against the Gods". He does an excellent job of finding the middle ground between "ivory tower" academic theory and practical application.
“Capital Ideas” The Improbable Origins of Modern Wall Street is considered a worldwide guide to modern investment theories and practices. Capital Ideas Evolving is a follow-up to this work & was published in May 2007. This is essential reading for those that want to understand modern investment theories.
Brian
added it
Bernstein is the man. Not only a fond summary of the leading innovators of capital market theory, but also a sound defense of the need for capital markets. Makes me want to find some numbers and write a paper. If only I were bright enough to do so.
An overview of standard modern portfolio theory, mainly since WW II but with some pre-war antecedents. Probably showing more of the equations would be helpful to rhe reader's understanding
A good -- if ideologically uncritical -- history of the theories and theoreticians of modern finance, including the influence of the Chicago school. This is a book written by someone who believes(d?) in the system, so one shouldn't expect questions of human impact or ideology. It's all about the numbers. But if you ever wanted to understand the previous century on Wall Street (up to the early 90s) from that perspective, this isn't a bad place to start. I'm curious how the current economic si...more
good book about the history of financial modelling. gives some insights into particular model conceptions, e.g., Black and Scholes.
Story of how academic thought began to infiltrate wall-street with their washington-mathmatatatics... Finance 101 all over again.
Good account of the origins of modern investment theory and analysis, as it came out of the Chicago School. I'd be mroe curious to hear Bernstein's reaction to the current economic crisis and whether the fundamental assumptions of the Efficient Market Hypothesis are inherently flawed. It's a shame we lost a great explainer earlier this year.
it is good introduction of modern finance, first introduced on Academy, then used on Wall Street
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Founder and President of Peter L. Bernstein, Inc., which he established in 1973 as economic consultants to institutional investors and corporations around the world.
In 1951, after teaching economics at Williams College and a five-year stint in commercial banking, Peter became Chief Executive of a nationally–known investment counsel firm, where he personally managed billions of dollars ...more
More about Peter L. Bernstein...
In 1951, after teaching economics at Williams College and a five-year stint in commercial banking, Peter became Chief Executive of a nationally–known investment counsel firm, where he personally managed billions of dollars ...more
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