…canonical value investing books, or Cunningham's book of excerpts from Berkshire Hathaway's annual letters by the chairman. For a more scientifically minded angle to this topic, please see Didier Sornette's "Why stock markets crash" (PUP 2003). Price and value are two different things, at least in my representation of the world...
If anyone is interested in this sort of thing, I'd highly recommend the (very technical) book Why Stock Markets Crash by Didier Sornette - a guy who comes from a Physics/Geophysics background. tl;dr - Stock markets crash because of fractals/chaos/complex systems. And there's no such thing as an equilibrium (in the stock…
因为我主要对风险和波动率感兴趣，这份书单可能会有点偏向性，不过还是列一下：漫步华尔街（A random walk down Wallstreet）；期权波动率与定价（Options and volatility pricing，内滕伯格著）；为什么股市会崩盘（Why stock markets crash，迪迪埃·索尔内特著）；疯狂、惊恐与崩盘（Manias, panics and Crashes，阿里伯与金德尔伯格著）；债：第一个5000年（Debt: the first 5000 years）
Since I'm mainly interested in risk and volatility, this list might be a bit biased but here we go: A random walk down Wallstreet Options and volatility pricing, by Natenberg Why stock markets crash, by Didier sornette Manias, panics and Crashes by Aliber and Kindleberger Debt: the first 5000 years
…inefficiencies. What this means is that the very fabric of the market itself can give rise to bubbles or crashes. A brilliant book that I found an eye-opening read is by Didier Sornette, a physicist by training, "Why stock markets crash," circa 2003.
Mathematically trained economist here. Why Stock Markets Crash by Didier Sornette The complete oeuvre of Paul Wilmott (The Computational Beauty of Nature, by Gary W. Flake because it's wonderful and puts you in the right frame of mind)
……经典的价值投资书籍，或者坎宁安整理的伯克希尔·哈撒韦历年致股东信选集。如果想从更具科学思维的角度来看待这个话题，请参阅迪迪埃·索尔内特（Didier Sornette）的《为什么股市会崩盘》（Why stock markets crash，普林斯顿大学出版社 2003年）。价格和价值是两码事，至少在我对世界的认知里是这样……
…canonical value investing books, or Cunningham's book of excerpts from Berkshire Hathaway's annual letters by the chairman. For a more scientifically minded angle to this topic, please see Didier Sornette's "Why stock markets crash" (PUP 2003). Price and value are two different things, at least in my representation of the world...
如果有人对这类东西感兴趣，我强烈推荐迪迪埃·索尔内特写的（非常硬核的）《为什么股市会崩盘》——作者拥有物理学/地球物理学背景。太长不看（tl;dr）：股市崩盘源于分形/混沌/复杂系统。而且（在股票市场里）根本不存在均衡这回事……
If anyone is interested in this sort of thing, I'd highly recommend the (very technical) book Why Stock Markets Crash by Didier Sornette - a guy who comes from a Physics/Geophysics background. tl;dr - Stock markets crash because of fractals/chaos/complex systems. And there's no such thing as an equilibrium (in the stock…
因为我主要对风险和波动率感兴趣，这份书单可能会有点偏向性，不过还是列一下：漫步华尔街（A random walk down Wallstreet）；期权波动率与定价（Options and volatility pricing，内滕伯格著）；为什么股市会崩盘（Why stock markets crash，迪迪埃·索尔内特著）；疯狂、惊恐与崩盘（Manias, panics and Crashes，阿里伯与金德尔伯格著）；债：第一个5000年（Debt: the first 5000 years）
Since I'm mainly interested in risk and volatility, this list might be a bit biased but here we go: A random walk down Wallstreet Options and volatility pricing, by Natenberg Why stock markets crash, by Didier sornette Manias, panics and Crashes by Aliber and Kindleberger Debt: the first 5000 years
……无效率。这意味着市场本身的内在结构就足以引发泡沫或崩盘。物理学家出身的迪迪埃·索尔内特写过一本神书《为什么股市会崩盘》（大约2003年出版），我觉得读来大开眼界。
…inefficiencies. What this means is that the very fabric of the market itself can give rise to bubbles or crashes. A brilliant book that I found an eye-opening read is by Didier Sornette, a physicist by training, "Why stock markets crash," circa 2003.
我是受过数学训练的经济学人。推荐迪迪埃·索尔内特的《为什么股市会崩盘》；保罗·威尔莫特（Paul Wilmott）的全部著作（加里·W·弗莱克的《大自然的计算之美》，因为太精彩了而且能帮你理清思路）
Mathematically trained economist here. Why Stock Markets Crash by Didier Sornette The complete oeuvre of Paul Wilmott (The Computational Beauty of Nature, by Gary W. Flake because it's wonderful and puts you in the right frame of mind)
迪迪埃·索尔内特的《为什么股市会崩盘》，是我读过的将物理学应用于经济学最严谨的一本书。
Why Stock Markets Crash by Didier Sornette is the book which most rigorously applies physics to economics that I have ever read.