Оглавление
Bernstein Peter L.. Capital Ideas
Acknowledgments
Introduction: The Revolution in the Wealth of Nations
PART I. Setting the Scene
Chapter 1. Are Stock Prices Predictable?
PART II. The Whole and the Parts
Chapter 2. Fourteen Pages to Fame
Chapter 3. The Interior Decorator Fallacy
Chapter 4. The Most Important Single Influence
PART III. The Demon of Chance
Chapter 5. Illusions, Molecules, and Trends
Chapter 6. Anticipating Prices Properly
Chapter 7. The Search for High P.Q
PART IV. What Are Stocks Worth?
Chapter 8. The Best at the Price
Chapter 9. The Bombshell Assertions
Chapter 10. Risky Business
Chapter 11. The Universal Financial Device
PART V. From Gown to Town
Chapter 12. The Constellation
Chapter 13. The Accountant for Risk
Chapter 14. The Ultimate Invention
PART VI. The Future
Chapter 15. The View from the Top of the Tower
Notes
Bibliography and Other Sources
Name Index
Subject Index
Отрывок из книги
All authors who undertake projects like this need help from others. I have been unusually fortunate in having had such generous and essential assistance from the people named below.
The book could never have taken shape without the participation of the people whose work it describes: Fischer Black, Eugene Fama, William Fouse, Hayne Leland, Harry Markowitz, John McQuown, Robert C. Merton, Merton Miller, Franco Modigliani, Barr Rosenberg, Mark Rubinstein, Paul Samuelson, Myron Scholes, William Sharpe, James Tobin, Jack Treynor, and James Vertin. Each of them spent long periods of time with me in interviews, and most of them engaged in voluminous correspondence and telephone conversations as well. All of them read drafts of the chapters in which their work is discussed and gave me important criticisms and suggestions that enrich virtually every page of the book. Most of them also provided their photographs.
.....
They fluctuate in sympathy with one another, so that trouble in one place often spreads across the markets: chaos theory reminds us that the flutter of a butterfly’s wings in Mexico can turn out to be the cause of a tidal wave in Hawaii. Most important, the prices of stocks and bonds reflect people’s hopes and fears about the future, which means they can easily wander away from the realities of the present.
There is no way to purge financial markets of these attributes. Efforts to do so – and regulation has come in many different forms – impair the efficiency with which financial assets perform the broad social function of serving as a store of value. Liquidity, low transaction costs, and the freedom of investors to act on information are essential to that function.
.....
