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Justin Fox


Subtitle: A History of Risk, Reward, and Delusion on Wall Street, Harper Collins, NYC, 2009, 382 pgs., incex, notes, cast of characters


Reviewer's comments - Of course these chapter titles 'random walk - are meant to bug Burton Malkiel, the preeminent prophet of the 'rational market'. This is an excellent critical appraisal of the havoc academic economists have made of investing in the stock market.


inroduction: It had been working so exceptinally well


Early Days
Chapter 1 - Irving Fischer Loses his Briefcase, and then his Fortune


Chapter 2 - A Random Walk From Fred Macaullay to Holbrook Working


The Rise of the Rational Market
Chapter 3 - Harry Markowitz Brings Statistical Man to the Stock Market


Chapter 4 - A Random Walk From Paul Samuelson to Paul Samuelson


Chapter 5 - Modigliani and Miller Arrive at Simplfying Assumption


Chapter 6 - Gene Fama makes the Best Proposition in Economics


The Conquest of Wall Street
Chapter 7 - Jack Bogle Takes on the Performance Cult (and wins)


Chapter 8 - Fischer Black Chooses to Focus on the Probable


Chapter 9 - Michael Jensen Gets Corporations to Obey the Market


The Challenge
Chapter 10 - Dick Thaler Gives Economic Man a Personality


Chapter 11 - Bob Shiller Points out the Most Remarkable Error


Chaper 12 - Beating the Market With Warren Buffett and Ed Thorp


Chapter 13 - Alan Greenspan Stops a Random Plunge Down Wall Street


The Fall
Chapter 14 - Andrei Shleifer Moves Bdyond Rabbi Economics


Chaper15 - Mike Jensen Changes His Mind About the Corporation


Chapter 16 - Gene Fama and Dick Thaler Knock Each Oher Out


Epilogue: The Anatomy of a Financial Crisis


Cast of Characters


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