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Adaptive Markets

Financial Evolution at the Speed of Thought

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Adaptive Markets

Written by: Andrew W. Lo
Narrated by: Jonathan Yen
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About this listen

Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe - and as financial bubbles, crashes, and crises suggest.

This is one of the biggest debates in economics, and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew W. Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist.

Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency isn't wrong but merely incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought - a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation.

©2017 Princeton University Press (P)2018 Tantor Economics Forecasting & Strategic Planning Investing & Trading Management & Leadership Theory Financial Markets
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This is one of the best books I have read (or listened to) in a long time. Professor Lo writes brilliantly explaining complex topics with rare clarity and wit. Even if you may not agree with all his conclusions, I can guarantee that you will end wiser for having read the book. Anyone who is interested in finance and financial markets will find this book enriching and entertaining and that is a difficult balance to acheiev, but the author has done it. Highly recommended!

A must read!

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book goes into sufficient depth and makes it interesting. lots of concepts are covered well

perfect for beginners to learn about finance

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