书籍介绍
在线阅读本书
Capital Ideas traces the origins of modern Wall Street, from the pioneering work of early scholars and the development of new theories in risk, valuation, and investment returns, to the actual implementation of these theories in the real world of investment management. Bernstein brings to life a variety of brilliant academics who have contributed to modern investment theory over the years: Louis Bachelier, Harry Markowitz, William Sharpe, Fischer Black, Myron Scholes, Robert Merton, Franco Modigliani, and Merton Miller. Filled with in–depth insights and timeless advice, Capital Ideas reveals how the unique contributions of these talented individuals profoundly changed the practice of investment management as we know it today.
AI导读
核心看点
- 梳理现代投资理论从学术到实践的演进脉络
- 深入解读马科维茨、夏普等大师的核心思想
- 揭示计算机技术如何推动金融工程革命
适合谁读
- 对金融思想史和投资理论发展感兴趣的读者
- 希望了解华尔街背后学术逻辑的投资者
- 金融专业学生及从事资产管理行业的从业者
读前提醒
- 书中包含大量学者生平八卦，需耐心筛选干货
- 缺乏专业背景者阅读原版可能吃力，建议选译本
- 部分理论叙述较为冗长，可结合目录跳读重点
读者共识
- 文笔流畅生动，将枯燥理论讲得深入浅出
- 被誉为现代投资理论史的最佳入门读物之一
- 虽被指废话较多，但宏观脉络梳理极具价值
本导读基于书籍简介、目录、原文摘录、短评和书评生成，不等同于全文精读。
精彩摘录
- "遗憾的是，在互联网电商领域，长尾现象有消失的趋势。来自淘宝的统计数据发现，畅销品构成的短头越来越粗，而其他产品构成的长尾越来越短，甚至消失了。对于整个平台系统而言，长尾效应的消失是致命的。它将导致整个平台不再外延扩张，而是向内收缩，导致平台被锁住，整个生态系统遭到破坏。而同时，还有很多案例显示马太效应对于经济、文化等系统的破坏力量。破坏的根源在于马太效应遏制多样性、创新的产生。"
- "Keynes uses the expression “Liquidity Preference” to describe the idea that investors will not part with their cash unless they perceive the reward for doing so as adequate. Interest, in other words, is not only a reward for saving; it is a reward for taking the risk of owning assets that fluctuate "
- "Tobin points out that Keynes built two bizarre features into his theory of Liquidity Preference. For one thing, Keynes assumed that investors’ expectations of interest rates in the future are extremely slow to change: “. . . the rate of interest is a highly conventional, rather than a highly psychol"
- "The convenient fact that has just been proved is that the proportionate composition of the non-cash [i.e., risky] assets is independent of their aggregate share of the investment balance. This concept has come to be known as the Separation Theorem, because it argues that the Markowitzian process of "
- "巴恰塔亚等人认为，社会的创造性源于个人认识和社会网络的结构。互联度太高导致社会成员的相似性太高，会降低一个社会的创造性；互联度太低则丧失了合作创新机制。"
- "对于金融业来说，从来都是信息比知识更重要。"
- "Economists insist that you can't have your cake and eat it too. If we want more of something, we have to give up something else -- guns for butter, saving for consumption, employment for leisure."
- "Such volume would be impossible without the computer. Many complex securities could not even be priced without the computer’s speed and mathematical capabilities. The whole world, it seems, is becoming computerized."
用户评论
just summarize the entire history of capital theories.....
金融学术历史的细节……
从理论发端开始，更有可能培养点悟性。
掌握理论，在投资实践在予以应用，悟性是关键啊。
市场中一堆掌握各种理论、各类分析方法，做二级市场投资还是要扑街，可能就是残酷的比武，结果就是输赢两种状态吧。
这本书曾经是我读过的第一本原版专业相关书籍，可谓是金融理论发展的编年史，金融学的重要理论（MPT、EMH、CAPM、BS等等）都悉数予以介绍，对金融理论有兴趣的可以一读，不过事先警告一下，没有专业背景的读起来可能会比较辛苦，可以尝试一下翻译版。
一本好的思想史
Part 1.2.3
不懂Politics of Finance课Yasuda为什么一直让我们读经济学史八卦，根本就没有代入感。
作者废话超多
3.5/5 作者愿意把发展线索穿起来讲这个尝试很不错，但是第一有用的背景介绍太少，第二无关背景废话太多。
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