
Adaptive Markets
Financial Evolution at the Speed of Thought
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Narrated by:
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Jonathan Yen
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By:
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Andrew W. Lo
About this listen
Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe - and as financial bubbles, crashes, and crises suggest.
This is one of the biggest debates in economics, and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew W. Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist.
Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency isn't wrong but merely incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought - a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation.
PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your My Library section along with the audio.©2017 Princeton University Press (P)2018 TantorListeners also enjoyed...
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Exploring the sometimes hilarious, sometimes devastating impact of crowd behavior and trading trickery on the financial markets, this book brilliantly combines two all-time investment classics. Extraordinary Popular Delusions and Confusión de Confusiones take us from Tulipmania in 1634-when tulips actually traded at a higher price than gold - to the South Sea "bubble" of 1720, and beyond. Securities analyst and author Martin Fridson guides you on a quirky, entertaining, and intriguing journey back through time.
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I hate it
- By Sai on 07-22-21
By: Joseph de la Vega, and others
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The Alchemy of Finance
- By: George Soros
- Narrated by: Grover Gardner
- Length: 2 hrs and 49 mins
- Abridged
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George Soros, called "a superstar among money managers" by The New York Times, shares the investment strategies he uses to read the mind of the market.
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Audible doesn't have full version
- By Steve on 06-17-15
By: George Soros
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More Than You Know
- Finding Financial Wisdom in Unconventional Places
- By: Michael J. Mauboussin
- Narrated by: Sean Runnette
- Length: 7 hrs and 27 mins
- Unabridged
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Since its first publication, Michael J. Mauboussin's popular guide to wise investing has been translated into eight languages and has been named best business book by BusinessWeek and best economics book by Strategy+Business. Now updated to reflect current research and expanded to include new chapters on investment philosophy, psychology, and strategy and science as they pertain to money management.
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Liked it better when it was written by Taleb
- By Ian on 11-24-18
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The Quants
- How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It
- By: Scott Patterson
- Narrated by: Mike Chamberlain
- Length: 14 hrs and 10 mins
- Unabridged
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In March 2006, the world’s richest men sipped champagne in an opulent New York hotel. They were preparing to compete in a poker tournament with million-dollar stakes. At the card table that night was Peter Muller, who managed a fabulously successful hedge fund called PDT. With him was Ken Griffin, who was the tough-as-nails head of Citadel Investment Group. There, too, were Cliff Asness, the sharp-tongued, mercurial founder of the hedge fund AQR Capital Management, and Boaz Weinstein, chess “life master” and king of the credit-default swap.
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perhaps the best book on the Quants
- By D. Littman on 04-14-10
By: Scott Patterson
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Hedge Fund Market Wizards
- How Winning Traders Win
- By: Jack D. Schwager
- Narrated by: Clinton Wade
- Length: 16 hrs and 10 mins
- Unabridged
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From best-selling author, investment expert, and Wall Street theoretician Jack Schwager comes a behind-the-scenes look at the world of hedge funds, from 15 traders who've consistently beaten the markets. Exploring what makes a great trader a great trader, Hedge Fund Market Wizards breaks new ground, giving readers rare insight into the trading philosophy and successful methods employed by some of the most profitable individuals in the hedge fund business.
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So much timeless wisdom
- By Rodney Williams on 08-24-20
By: Jack D. Schwager
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The Wisdom of Finance
- Discovering Humanity in the World of Risk and Return
- By: Mihir Desai
- Narrated by: Mihir Desai
- Length: 6 hrs and 29 mins
- Unabridged
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This book captures Desai’s lucid exploration of the ideas of finance as seen through the unusual prism of the humanities. Through this novel, creative approach, Desai shows that outsiders can access the underlying ideas easily and insiders can reacquaint themselves with the core humanity of their profession. The mix of finance and the humanities creates unusual pairings: Jane Austen and Anthony Trollope are guides to risk management; Jeff Koons becomes an advocate of leverage; and Mel Brooks’s The Producers teaches us about fiduciary responsibility.
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The narrative that humanized finance
- By A. Sharafi on 01-04-25
By: Mihir Desai
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The Art of Execution
- How the World's Best Investors Get It Wrong and Still Make Millions
- By: Lee Freeman-Shor
- Narrated by: RJ Malyk
- Length: 3 hrs and 9 mins
- Unabridged
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A riveting listen for investors of every level, this audiobook shows you exactly what to do and what not to do when your big idea is losing or winning - and demonstrates conclusively why the most important thing about investing is always the art of execution.
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Horrible Read - Do not recommend
- By Amazon Customer on 03-01-21
By: Lee Freeman-Shor
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The Most Important Thing
- Uncommon Sense for The Thoughtful Investor
- By: Howard Marks
- Narrated by: John FitzGibbon
- Length: 7 hrs and 9 mins
- Unabridged
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Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career.
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Five Star Book, two Star Audiobook
- By Johnny on 06-08-15
By: Howard Marks
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The Misbehavior of Markets
- A Fractal View of Financial Turbulence
- By: Benoit Mandelbrot, Richard L. Hudson
- Narrated by: Jason Olazabal
- Length: 10 hrs and 6 mins
- Unabridged
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In his first book for a general audience, Mandelbrot, with co-author Richard L. Hudson, shows how the dominant way of thinking about the behavior of markets-a set of mathematical assumptions a century old and still learned by every MBA and financier in the world-simply does not work. As he did for the physical world in his classic The Fractal Geometry of Nature, Mandelbrot here uses fractal geometry to propose a new, more accurate way of describing market behavior.
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Where are the PDF?
- By RD on 03-30-19
By: Benoit Mandelbrot, and others
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Inside the Black Box (3rd Edition)
- A Simple Guide to Systematic Investing
- By: Rishi K. Narang
- Narrated by: Michael Kirby
- Length: 16 hrs and 20 mins
- Unabridged
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In the newly revised third edition of Inside the Black Box: A Simple Guide to Systematic Investing, veteran practitioner and investor Rishi K Narang delivers another insightful discussion of how quantitative and algorithmic trading strategies work in non-mathematical terms. As with prior editions, this third edition is full of timeless concepts and timely updates. Supplemented by compelling anecdotes and real-world stories, the book explains the most relevant developments in the discipline since the publication of the second edition in 2013.
By: Rishi K. Narang
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When Genius Failed
- The Rise and Fall of Long-Term Capital Management
- By: Roger Lowenstein
- Narrated by: Roger Lowenstein
- Length: 9 hrs and 12 mins
- Abridged
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Roger Lowenstein, the bestselling author of Buffett, captures Long-Term's roller-coaster ride in gripping detail. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein crafts a story that reads like a first-rate thriller from beginning to end. He explains not just how the fund made and lost its money, but what it was about the personalities of Long-Term's partners, the arrogance of their mathematical certainties, and the late-nineties culture of Wall Street that made it all possible.
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When Genius Failed
- By Sean on 12-17-08
By: Roger Lowenstein
What listeners say about Adaptive Markets
Highly rated for:
Reviews - Please select the tabs below to change the source of reviews.
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- Jay Oza
- 04-03-18
Made finance enjoyable
If you could sum up Adaptive Markets in three words, what would they be?
Made finance understandable.
What other book might you compare Adaptive Markets to and why?
The only one I can think of right now is "Black Swan." But this one is straightforward whereas the the other one is little pompous.
Which scene was your favorite?
Not applicable.
If you were to make a film of this book, what would the tag line be?
Not applicable.
Any additional comments?
If you want to understand finance from a leading expert who explains it without using any formulas, then get this book. It is long but well worth the effort. You will be much smarter than before.
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- Abovetreeline
- 11-27-18
pie in the sky socialist finance marketing.
listened twice. ideas outside the box. analaogy: written by someone from the marketing Dept of a finance magazine
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- Lui-CostaMesa
- 05-22-18
Deserves a higher score, but could not download the extra pet from audio books nor from the publisher's website.
Presents some interesting concepts that connect stock market behavior with natural processes. Interesting and informative. Now i need some excel file so I can put adaptive techniques into use...
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- Michael
- 08-12-19
Meandering
Insights into the workings of the finance industry are very interesting but the “text” meanders. The adaptive markets hypothesis is also interesting but it’s not compelling.
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- Ryan McMahan
- 07-02-23
World Changing
A truly incredible work produced by an exceptional mind. The interdisciplinary components of this text are astounding. The last three chapters are world changing.
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- James S.
- 06-20-18
Slow buildup leading to deep insights
I'm not an expert in finance or economics, but A.W. Lo seems to be cited highly enough to imply that he is.
This audible is a bit slow at first as Lo builds up his arguments in favor of his Adaptive Markets Hypothesis. He warns and apologizes to the reader in the intro about the extensive length required for the book to relay his intended message. He spends a lot time upfront on evolutionary and developmental biology, then behavioral economics, and finally leads into implications for financial economics.
I think he pulls it all together very well, and the narrator does a great job adding interest so it doesn't feel so long and drawn out.
I started this audible soon after finishing The Money Formula, by Paul Wilmott. I think the two books complement each other well.
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2 people found this helpful
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- Dmitry
- 06-17-19
Not to much about adoptive markets
If you remove everything not related to the adoptive market subject, the book will be 3 times smaller. I'd like too hear deeper analisys and less medical discussions.
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- abelardo gonzalez
- 05-28-23
Excellent description human behavior and finances
Narrator easy to listen to,
extremely interesting and sheds new light on not just our financial markets behave but how they are connect to human behavior.
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- ujjwal kumar
- 08-01-18
Eye opener and unique insights
this book literally makes you rethink how you originally thought about financial markets. it's insightful and I would say a more complete picture of what happens in the markets. I always felt that there something missing in mental model of how markets function because I have been observing them for a long time and this book fills the gaps and enabled me to reimagine things in new light.
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1 person found this helpful
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- r
- 10-05-18
Quants and physics
It's nice to know that people are moving beyond these older models. I found this book more confirming than inventive.
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