理性市场的神话
The Myth of the Rational Market
Justin Fox · 初版 2008 年
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Justin Fox的The Myth of the Rational Market记录了efficient market theory的兴衰以及现代金融业长达一个世纪的发展历程，它既是一部探寻思想脉络的侦破故事，也是一部关于风险的危险与可能性的文化史。本书生动再现了铸就现代金融与投资的人物与思想，从华尔街的初创时期历经大萧条，一直延续到当今的金融浩劫。书中讲述了许多教授的故事：他们积累又输掉财富，在学术观点上激烈交锋，在二十一点赌桌上击败庄家，写出畅销……
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…Politics, and the Fight for a Better Future》（保罗·克鲁格曼，2020 年）《Zombie Economics: How Dead Ideas Still Walk Among Us》（约翰·奎金，2010 年）加推：《Predictably Irrational》（丹·艾瑞里，2008 年）《The Myth of the Rational Market》（贾斯汀·福克斯，2009 年）《The Black Swan》（纳西姆·尼古拉斯·塔勒布，2007 年）
…Politics, and the Fight for a Better Future" by Paul Krugman (2020) "Zombie Economics: How Dead Ideas Still Walk Among Us" by John Quiggin (2010) Bonus: "Predictably Irrational" by Dan Ariely - 2008 "The Myth of the Rational Market" by Justin Fox - 2009 "The Black Swan" by Nassim Nicholas Taleb - 2007
我想推荐一本书：Justin Fox 写的《The Myth of the Rational Market》
I'd like to recommend the book: The Myth of the Rational Market by Justin Fox
顺便安利一本书，我本科时读过，写这个主题以及 20 世纪到 21 世纪初 quant finance 历史写得特别棒：https://byjustinfox.com/myth-of-the-rational-market/
Just going to plug a book here that was an awesome read in my undergrad on that topic, and the history of quant finance over the 20th / early 21st centuries: https://byjustinfox.com/myth-of-the-rational-market/
…它是可以被纠正的。金融业根本没有吸取过去 100 年里关于金融工具的教训。塔勒布的《Black Swan》讨论了这种失败，福克斯的《The Myth of the Rational Market》也是如此。那些不熟悉这些著作中理念的高管、经济学家和技术官僚，应该被彻底清出这个行业。这意味着绝大多数人都得卷铺盖。为什么？因为他们冥顽不化——他们的整套…
…that it can be corrected. The financial industry has failed to absorb the lessons of the last 100 years concerning financial instruments. Taleb's "Black Swan" addresses this failure as does Fox's "The Myth of the Rational Market". Those executives/economists/technocrats unfamiliar with the ideas in those works should be removed forever from the industry. That means most of them. Why? Because they are ineducable - their entire…
…坚信在作者描述的那种情况下它根本行不通。面对一大群信息极其闭塞的乌合之众，区区几个套利者根本无法纠正价格。不管怎么说，我知道这些是因为我刚读完 Justin Fox 写的《The Myth of the Rational Market》。这是关于这一理念的传记，记录了它如何从一个试探性的观察演变成教条，再到沦为众多市场倾向中的一种。至少按照 Justin Fox 的叙述方式，那些更强硬的版本…
…believes that it won't work in exactly the case the author describes. A few arbitrageurs in a very misinformed crowd won't correct the price. Anyway, I know all this because I just finished the book The Myth of the Rational Market, by Justin Fox. It's the biography of the idea, from a tentative observation to dogma to just one tendency of the market among many. At least the way Justin Fox tells the story, the stronger versions…