Capital Ideas Evolving 9780470452493 epub 下载 pdf 网盘 2025 mobi 在线 免费

　　"Alothashappenedinthefinancialmarketssince1992,whenPeterBernsteinwrotehisseminalCapitalIdeas.Happily,Peterhastakenuphisfacilepenagaintodescribethesechanges,avirtualrevolutioninthepracticeofinvestingthatreliesheavilyoncomplexmathematics,derivatives,hedging,andhyperactivetrading.Thisfineandeminentlyreadablebookisunlikelytobesurpassedasthedefinitivechronicleofatrulyhistoricera."—JohnC.Bogle,founderofTheVanguardGroupandauthor,TheLittleBookofCommonSenseInvesting"JustasDantecouldnothaveunderstoodorsurvivedtheperilsoftheInfernowithoutVirgiltoguidehim,investorstodayneedPeterBernsteintohelpfindtheirwayacrossdarkandshiftingground.NoonealiveunderstandsWallStreet′sintellectualhistorybetter,andthatmakesBernsteinourbestandwisestguidetothefuture.Heistheonlypersonwhocouldhavewrittenthisbook;thankgoodnesshedid."—JasonZweig,InvestingColumnist,Moneymagazine"Anothermust–readfromPeterBernstein!Thiswell–writtenandthought–provokingbookprovidesvaluableinsightsonhowkeyfinancetheorieshaveevolvedfromtheirivorytowerformulationtoprofitableapplicationbyportfoliomanagers.Thisbookwillcertainlybereadwithkeeninterestby,andundoubtedlyinfluence,awiderangeofparticipantsininternationalfinance."—Dr.MohamedA.El–Erian,PresidentandCEOofHarvardManagementCompany,DeputyTreasurerofHarvardUniversity,andmemberofthefacultyoftheHarvardBusinessSchool"ReadingCapitalIdeasEvolvingisanexperiencenottobemissed.PeterBernstein′sknowledgeoftheprincipalcharacters–thegiantsinthedevelopmentofinvestmenttheoryandpractice–bringsthissubjecttolife."—LindaB.Strumpf,VicePresidentandChiefInvestmentOfficer,TheFordFoundation"Withgreatclarity,PeterBernsteinintroducesustotheinsightsofinvestmentgiants,andexplainshowtheytransformedfinancialtheoryintoportfoliopractice.Thisisnotjustataleofmoneyandmodels;itisafascinatingandcontemporarystoryaboutpeopleandthepoweroftheirideas."—ElroyDimson,BGIProfessorofInvestmentManagement,LondonBusinessSchool"CapitalIdeasEvolvingprovidesuswithauniqueappreciationforthepervasiveimpactthatthetheoryofmodernfinancehashadonthedevelopmentofourcapitalmarkets.PeterBernsteinonceagainhasproducedamasterpiecethatismustreadingforpractitioners,educatorsandstudentsoffinance."—AndréF.Perold,ProfessorofFinance,HarvardBusinessSchool

Preface.

A Note on Usage.

PART I: THE BEHAVIORAL ATTACK.

1. Who Could Design a Brain . . . .

2. The Strange Paradox of Behavioral Finance: Neoclassical Theory

Is a Theory of Sharks,

PART II: THE THEORETICIANS,

3. Paul A. Samuelson: The Worldly Philosopher.

The Institutionalists.

4. Robert C. Merton: Risk Is Not an Add-On.

5. Andrew Lo: The Only Part of Economics That Really Works.

6. Robert Shiller: The Peoples Risk Manager.

The Engineers.

7. Bill Sharpe: Its Dangerous to Think of Risk as a Number.

8. Harry Markowitz: You Have a Little World.

9. Myron Scholes: Omega Has a Nice Ring to It.

PART III: THE PRACTITIONERS.

10. Barclays Global Investors: It Was an Evangelical

Undertaking.

11. The Yale Endowment Fund: Uninstitutional Behavior.

12. CAPM II: The Great Alpha Dream Machine: We Dont See Expected

Returns.

13. Making Alpha Portable: Thats Become the New Mantra.

14. Martin Leibowitz: CAPM in a New Suit of Clothes.

15. Goldman Sachs Asset Management: I Know the Invisible Hand Is

Still There.

PART IV: CAPITAL IDEAS TOMORROW.

16. Nothing Stands Still.

Notes.

Bibliography.

Acknowledgments.

Index.

　　Peter L. Bernstein is President of Peter L. Bernstein, Inc., an investment con-sultant firm he founded in 1973, after many years of managing billions of dollars in individual and institutional portfolios. Bernstein is also the author of ten books on economics and finance, including the bestselling Capital Ideas, Against the Gods: The Remarkable Story of Risk, and The Power of Gold: The History of an Obsession. He has lectured widely throughout the United States and abroad, and has received the highest honors from his peers in the investment profession.

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信息比率（阿尔法收益）=信息系数（收益预测值与实际结果的相关性）*sqrt{广泛度（策略创造的机会次数）}

分散化对基金的波动性只有一个相对次要的影响，好处是增加基金的回报而非降低波动风险

在无套利条件下，资本理念和行为金融基本原理之间的争论也随之消失

行为异象正是阿尔法产生的地方

制度变化会对进化的力量有所反映从而发生变化

必须意识到模型的局限性、模型近似值的合理性以及模型对实际应用的敏感性。

编辑推荐

　　The best and most accessible book about the development of modern investment theory and how the ideas of a small group of academics spawned a revolution in the real world of investment management. Capital Ideas Evolving describes the counter-attack against modern investment theory and how the theory remains the bedrock of the financial world.

书籍介绍

"A lot has happened in the financial markets since 1992, when Peter Bernstein wrote his seminal Capital Ideas. 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 fine and eminently readable book is unlikely to be surpassed as the definitive chronicle of a truly historic era."

—John C. 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. No one alive understands Wall Street's intellectual history better, and that makes Bernstein our best and wisest guide to the future. He is the only person who could have written this book; thank goodness he did."

—Jason Zweig, Investing Columnist, Money magazine

"Another must-read from Peter Bernstein! This well-written and thought-provoking book provides valuable insights on how key finance theories have evolved from their ivory tower formulation to profitable application by portfolio managers. This book will certainly be read with keen interest by, and undoubtedly influence, a wide range of participants in international finance."

—Dr. Mohamed A. El-Erian, President and CEO of Harvard Management Company, Deputy Treasurer of Harvard University, and member of the faculty of the Harvard Business School

"Reading Capital Ideas Evolving is an experience not to be missed. Peter Bernstein's knowledge of the principal characters-the giants in the development of investment theory and practice-brings this subject to life."

—Linda B. Strumpf, Vice President and Chief Investment Officer, The Ford Foundation

"With great clarity, Peter Bernstein introduces us to the insights of investment giants, and explains how they transformed financial theory into portfolio practice. This is not just a tale of money and models; it is a fascinating and contemporary story about people and the power of their ideas."

—Elroy Dimson, BGI Professor of Investment Management, London Business School

"Capital Ideas Evolving provides us with a unique appreciation for the pervasive impact that the theory of modern finance has had on the development of our capital markets. Peter Bernstein once again has produced a masterpiece that is must reading for practitioners, educators and students of finance."

—André F. Perold, Professor of Finance, Harvard Business School