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The Myth of the Rational Market
A History of Risk, Reward, and Delusion on Wall Street
Justin Fox The Myth of the Rational Market : Justin Fox : Vision Books : Book (ISBN: 8170947901)
Pages: 400
Price: Rs. 595
Format: Paperback
ISBN13/10: 9788170947905 / 8170947901
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Published in 2010
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Table of Contents

Modern investing know-how is founded on the efficient market hypothesis, which holds that markets are rational and, therefore, difficult to beat. Originally codified in the 1960s at the University of Chicago, the efficient market theory became accepted wisdom for both academicians and market players. This theory has been the driver of trillions of investment dollars, the inspiration for index funds and vast new derivatives markets the world over. The theory holds that the market is always right, and that the decisions of millions of rational investors, all acting on information to outsmart one another, always provide the best judge of a stock’s value. The great financial crash of 2008 has forced the investment world to ask the heretical question whether the theory is, in fact, wrong.

A hugely acclaimed international bestseller, The Myth of the Rational Market is a fascinating exploration of how and whether the efficient market theory is seriously flawed. The answer could affect how the world invests — and how you should.

Celebrated journalist and columnist Fox introduces a new wave of economists and scholars who now agree with Yale professor Robert Shiller that the efficient market theory “represents one of the most remarkable errors in the history of economic thought.” The new thinking holds that investors overreact, under react, and make irrational decisions based on imperfect data. In his landmark book, Fox uncovers the new ideas that may come to drive the market in the century ahead.

So, is your existing investment knowledge flawed? Do investors need to update themselves with new knowledge in order to profit in the contemporary markets?

Read this book and decide for yourself; it may be the most important investment decision you will ever make . . .


". . . the rise and fall of the efficient market hypothesis . . . a must-read"  The New York Times

". . . excellent . . . impressively broad and richly researched"  The Financial Times

"Fascinating and entertainingly told. ... Mr. Fox has written a worthy successor to Capital Ideas, the late Peter Bernstein's 1990s classic on the emergency of the rational-market myth: bang up-to-date; alas, without the happy ending."  The Economist

"An insightful book, Fox's smart journalistic eye and fine prose keep the theoretical discussion lively"  Harvard Business Review

"A must-read for anyone interested in the markets . . . this spellbinding work brings modern finance and economics to life . . . reads like a thriller"  Publishers Weekly

"Mr. Fox's book is really a lively chapter in the history of ideas. ... Among much else, Mr. Fox presents lucid explanations of Portfolio Theory, the Capital Asset Pricing Model and Options Pricing Theory without the use of a single equation. Mr. Fox has produced a valuable and highly readable history of risk and reward."  Burton G. Malkiel, The Wall Street Journal

Justin Fox

Justin Fox is the business and economics columnist for Time magazine. Previously an editor and writer at Fortune, he appears frequently on CNN and CNBC. He lives in New York with his wife and son. www.byjustinfox.com

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