The Alchemy of Finance: The New Paradigm (Engelska) Pocketbok – Illustrerad, 19 Augusti 2003
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- Utgivare : John Wiley & Sons Inc; 2nd Revised ed. utgåvan (19 Augusti 2003)
- Språk : Engelska
- Pocketbok : 416 sidor
- ISBN-10 : 0471445495
- ISBN-13 : 978-0471445494
- Rangordning för bästsäljare: #8,326 i Böcker (Visa Topp 100 i Böcker)
"...contains a detailed description of his trading methods and repays careful reading." (Investors Chronicle, 1st April 2005)
"...these updated classics are packed with investment wisdom..." (What Investment, November 2003)
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"An honest struggle by an independent and searching mind to break through an old and stale orthodoxy with new and meaningful insights into financial and human behavior" --Paul A. Volcker
"An extraordinary . . . inside look into the decision-making process of the most successful money manager of our time. Fantastic." --The Wall Street Journal
"A breathtakingly brilliant book. Soros is one of the core of masters . . . who can actually begin to digest the astonishing complexity . . . of the game of finance in recent years." -- Esquire
"A seminal investment book . . . it should be read, underlined, and thought about page by page, concept by idea. . . . He's the best pure investor ever . . . probably the finest analyst of the world in our time." --Barton M. Biggs Director, BKF Capital Group, Inc.
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It is massively complex in the ideas presented, necessarily so. I did find my self re-reading certain pages, sections two or three times to get my head around the points he was trying to make. Having said that, I think that the ideas were as simplified and accessible as they could get, whilst retaining the points the author was trying to put across.
George Soros is essentially presenting an opposite theory of how markets work to that of Scholes et al. As Soros's fund is a practical application of his theories, the successes of that may be equated with the value of what he says. However, Soros is pushing a theory that markets are unpredictable and irrational and that models are a straw man ... really saying his speculation is largely an exploitation of that knowledge.
The opposing view (from around the same time) was being implemented practically by Scholes, Meriweather and others in LTCM (See "When Genius Failed"). To see how both sides where successfully exploiting more naive market participants see "All that Glitters".
After the dramatic failure of LTCM, more sway was given to Soros' point of view, largely as his successful fund had been battered but survived more or less in tact. Some time in more recent history that fund also took a big kicking. Bizarrely this does give some more credence to to the theory Soros puts forward .... he is saying that one makes money in markets by being maverick and ignoring popular theory, so once people started copying him it is time to change the game plan or face the consequences!
All in all a very interesting thesis, especially to anyone with any knowledge of the man or the markets. Although it is economic theory and market psychology, etc, it is written more as manifesto and so engaging and accessible.
Not for the newcomer though, it would probably pay to have read a bit about trading, derivatives etc before attempting this one.