No one alive understands Wall Street's intellectual history better, and that makes Bernstein our best and wisest guide to the future. Bogle, founder of The Vanguard Group and author, The Little Book of Common Sense Investing"Just as Dante could not have understood or survived the perils of the Inferno without Virgil to guide him, investors today need Peter Bernstein to help find their way across dark and shifting ground. This fine and eminently readable book is unlikely to be surpassed as the definitive chronicle of a truly historic era."-John C. Happily, Peter has taken up his facile pen again to describe these changes, a virtual revolution in the practice of investing that relies heavily on complex mathematics, derivatives, hedging, and hyperactive trading. This engaging and insightful audio book brings to life the individuals, ideas and issues that are transforming the financial landscape."A lot has happened in the financial markets since 1992, when Peter Bernstein wrote his seminal Capital Ideas.
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. Even the academics who originally developed these theories are active today in the markets and in the creation of new financial structures and strategies. 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. 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.
Yet those breakthrough theories would in time earn five Nobel Prizes in Economic Science.
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.
Those who earn a living in the real world seldom want to appear as slaves to some set of abstract ideas. In all of history and in all fields of intellectual endeavor, a tension has existed between theory and practice.
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