I started this book a number of years ago and left it with a few chapters left due to work pressures. Finally finished it and I must say it remains an engaging read. Most of this is not going to be new for people following economics over the last few years but it is a concise summary of how financial markets have considered risk. As a ex-finance perspective I can say this the sckeptism often noted by professionals regarding the theoretical models was ignored a little except near the end. I clearly remember talking to the captain market / security desks whose general reactions to all these pricing models was one of resignation not unthinking belief.

Not sure if the casual reader will enjoy this book since there is a huge cast of characters who do get muddled if one is not familiar with finance and economist history. This is not as much of an introductory text that I was expecting. However it is still worth reading for people who want to understand how the markets have been structured recently. For me - I liked going back and reading around some of the texts he mentioned. It took forever to finish he book but the journey was a lot of fun!

A fascinating and engaging read. My only complaint is over the ending (or lack of one) which was anti-climatic and lacking either conclusion or much of a discussion of the 2008 crisis.

Well written, but all about econometrics - found myself snoozing through the things I could learn. Not really worth the whole read but I enjoyed the 1/3 I got though.

This book was recommended to me by several people over the years, but I was deterred by the title. The book is great, and the title is a bit misleading. The book, more than anything else, is a rather good history lesson on financial markets, providing context and behavioral anecdotes. This book gives some perspective to the hodgepodge of the world's financial markets today.

While I think John Cassidy's [b:How Markets Fail: The Logic of Economic Calamities|6691186|How Markets Fail The Logic of Economic Calamities|John Cassidy|https://images.gr-assets.com/books/1442955895s/6691186.jpg|6886629] is more accessible, this book definitely covers more ground. I think anyone planning on reading this book, though, might do better to start with [b:The Undoing Project: A Friendship That Changed Our Minds|30334134|The Undoing Project A Friendship That Changed Our Minds|Michael Lewis|https://images.gr-assets.com/books/1464874845s/30334134.jpg|50830817] by Michael Lewis, because an understanding of Prospect Theory and Behavioral Economics would go a long way to understanding why the Efficient Market Hypothesis is based on false premises (the biggest false premise being the belief in rational actors). While the Efficient Market Hypothesis is an important and usable model for equities, and this book does make sure to emphasize that, it is a limited model that is not always correct. In fact, when it is wrong, it is very wrong. In the end, attempts to beat the market will always fail. More importantly: efforts to beat the market by creating new derivatives or other financial products will always lead to financial disaster.

Great book that explains the ideas from the last century that have driven the market. A bit heavy on some of the financial terms but overall it was an enjoyable read.

Great book, goes very well with the Ascent of Money and Debt. I'll be reading a few more books written by the characters in this book.... the characters in the book are all those that created theories for and against rational markets. I've read Mandelbrot, but many of the others weren't on my radar.

If you want an understanding of why the financial infrastructure is keenly based on the principles of a rational market you should read this book. It explains rationally why we as a society made the decisions we made and why those decisions can be both good and bad. Really insightful for those with a true interest in the financial economy.