A savvy appreciation of how a small band of disinterested academics has revolutionized the way Wall Street and its offshore counterparts manage the world's investment wealth. A securities-industry veteran and founding editor of The Journal of Portfolio Management, Bernstein provides a lively, lucid history of the scholarship that has helped advance institutional investing beyond the more-art-than-science stage. For openers, he focuses on an obscure French polymath whose turn-of-the-century doctoral thesis on the unpredictability of stock prices anticipated Einstein's work on relativity. Over the years, this Gallic ground- breaker was followed by other pioneers, including an English statistician who put paid to any notion that securities analysts can pick undervalued issues with any consistency, and an American astronomer whose main claim to financial fame was his discovery that stock prices move in random patterns. Eventually, a host of Nobel laureates in Economics (Harry Markowitz, Franco Modigliani, Paul Samuelson, James Tobin, etc.) contributed as well. As Bernstein makes clear, however, professional investors at bank trust departments, foundations, insurance companies, mutual funds, and elsewhere long resisted unconventional wisdom—in particular, that originating with ivory-tower theoreticians. Once the bear market of 1973-74 had wreaked its havoc, though, many of the recalcitrants conceded there just might be something in the idea of systematically controlling risk in the competition for above- average investment returns. At any rate, less than two decades later (with a big assist from powerful numbers-crunching computers), asset allocation, diversification, hedging, performance measurement, portfolio insurance, and allied techniques are norms, not novelties, in the management of large pools of money. While his text may prove a bit difficult for market tyros, Bernstein makes a fine job of tracing the town/gown links that are restructuring big-time investment strategy and practice.
Pub Date: Dec. 16, 1991
ISBN: 0-02-903011-0
Page Count: 350
Publisher: Free Press
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: Nov. 1, 1991
An autobiography as toxic and addictive as any drug its author has ever ingested.
The legendary booze-addled metal rocker turned reality-TV star comes clean in his tell-all autobiography.
Although brought up in the bleak British factory town of Aston, John “Ozzy” Osbourne’s tragicomic rags-to-riches tale is somehow quintessentially American. It’s an epic dream/nightmare that takes him from Winson Green prison in 1966 to a presidential dinner with George W. Bush in 2004. Tracing his adult life from petty thief and slaughterhouse worker to rock star, Osbourne’s first-person slang-and-expletive-driven style comes off like he’s casually relating his story while knocking back pints at the pub. “What you read here,” he writes, “is what dribbled out of the jelly I call my brain when I asked it for my life story.” During the late 1960s his transformation from inept shoplifter to notorious Black Sabbath frontman was unlikely enough. In fact, the band got its first paying gigs by waiting outside concert venues hoping the regularly scheduled act wouldn’t show. After a few years, Osbourne and his bandmates were touring America and becoming millionaires from their riff-heavy doom music. As expected, with success came personal excess and inevitable alienation from the other members of the group. But as a solo performer, Osbourne’s predilection for guns, drink, drugs, near-death experiences, cruelty to animals and relieving himself in public soon became the stuff of legend. His most infamous exploits—biting the head off a bat and accidentally urinating on the Alamo—are addressed, but they seem tame compared to other dark moments of his checkered past: nearly killing his wife Sharon during an alcohol-induced blackout, waking up after a bender in the middle of a busy highway, burning down his backyard, etc. Osbourne is confessional to a fault, jeopardizing his demonic-rocker reputation with glib remarks about his love for Paul McCartney and Robin Williams. The most distinguishing feature of the book is the staggering chapter-by-chapter accumulation of drunken mishaps, bodily dysfunctions and drug-induced mayhem over a 40-plus-year career—a résumé of anti-social atrocities comparable to any of rock ’n’ roll’s most reckless outlaws.
An autobiography as toxic and addictive as any drug its author has ever ingested.Pub Date: Jan. 25, 2010
ISBN: 978-0-446-56989-7
Page Count: 320
Publisher: Grand Central Publishing
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: Dec. 1, 2009
IN THE NEWS
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
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