Capital Ideas Evolving, Peter L. Bernstein
Capital Ideas Evolving, Peter L. Bernstein
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Capital Ideas Evolving

Author: Peter L. Bernstein

Narrator: Sean Pratt

Unabridged: 10 hr 33 min

Format: Digital Audiobook Download

Publisher: Ascent Audio

Published: 01/22/2009


Synopsis

In all of history and in all fields of intellectual endeavor, a tension has existed between theory and practice. Those who earn a living in the real world seldom want to appear as slaves to some set of abstract ideas. It was no surprise, therefore, that the word “baloney” was Wall Street’s greeting to the pioneering theories of finance developed by a small group of academics from 1954-1972. Yet those breakthrough theories would in time earn five Nobel Prizes in Economic Science. Baloney they were not.

Bernstein, today’s foremost financial historian expands here upon his groundbreaking book of 1992, Capital Ideas: The Improbable Origins of Modern Wall Street, to recount how these financial theories finally migrated from towers of ivory to towers of glass on Wall Street and other financial centers around the world. The result has been a global revolution in the nature of financial markets, the menu of investment strategies, the development of exotic financial instruments, and the role of an uncertain future in all investment decisions. Even the academics who originally developed these theories are active today in the markets and in the creation of new financial structures and strategies.

Based on personal interviews with leading practitioners and theorists, this audio describes how today’s key practical applications developed from the core ideas of finance theory into the new and exciting formats of the investment process found in today’s environment. This engaging and insightful audio book brings to life the individuals, ideas and issues that are transforming the financial landscape.

Reviews

Goodreads review by Rob on September 22, 2021

While the first two books focused more on the theory & newfound ideas of risk, book three provides stories of actual implementation for portfolio managers. 4 star for those interested in the topic, probably a 2 for those uninterested.......more

Goodreads review by Nilesh on July 29, 2011

I read this book along with "The Myth of Rational Markets" by Justin Fox - a great parallel read on the same topic - most recommended. Peter Bernstein's book is rich in history, voluminous in case study details (particularly in its sections on GS, Barclays Global, TIAA-CREF etc) but just not critica......more

Goodreads review by Ronny on January 30, 2025

A well-written account of the main academic ideas within finance and how they have evolved uptil 2006. Given the subject matter, one would be hard-pressed to make it less dense Bernstein does. It is not without logical faults and some evidence of confirmation bias - which is natural when the book is......more

Goodreads review by Adwaitvedant on March 21, 2021

The book ( along with the prequel Capital Ideas - Improbable origins of Modern Wall Street ) gives a very thoughtful and interesting account of various quantitative (often Nobel prize winning) theories and their role in shaping modern wall street. The author has interviewed virtually every Nobel pri......more

Goodreads review by Adarsh on November 24, 2019

I like the content of the book. Good coverage on how idea of portfolio diversification, risk evaluation is evolving with time. Book has several references to previous book "Capital Ideas: The Improbable Origins of Modern Wall Street" that not only works as reference, but also build a connection to t......more