Welcome
to Step 2, where the evolution of modern finance is discussed. Peter
L. Bernstein provides both the inspiration for this step
in his two books, Capital Ideas, The Improbable Origins of
Modern Wall Street and Against the Gods, The Remarkable Story
of Risk. Both are recommended as supplemental sources to
this 12-Step Program.
Program Overview
The tumultuous stock markets with their
many new instruments and novel approaches to investing
are a dramatic contrast
from the quiet academic libraries where the academics created
their revolution. Considering the extent of the academics’ research,
we know that it deserves to be considered a superior source
of information for making decisions concerning investment
portfolios. Random and efficient markets have been one
of the underlying themes throughout this step.
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