The Alchemy of Finance: Reading the Mind of the Market (Wiley Investment Classics (Paperback)) |
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 | Soros explains here his key analytical principle of reflexivity - essentially a positive feedback loop - in the context of boom-bust cycles in financial markets and economies, and its applications in his extraordinarily successful "global macro" trading system during the 1970s, 80s, and early 90s.
He gives unique contrarian insights into our understanding of supposedly cut-and-dried economic and financial ideas, such as his trenchant denial of the efficient markets hypothesis and financial markets equilibria. He draws surprising links between economic phenomena which hitherto were supposed to be independent of each other, the best example being his emphasis on the propensity for bank lending to reflexively influence the collateral values of the financial assets which it finances in such a way as to lead to a boom-bust cycle.
That mainstream economists would quibble with Soros's ideas are to be expected, for economists are known for being unreasonably disputatious and uncommonly ... read more.
Written by George Soros.
Published 19 August 2003.
Published by John Wiley & Sons.
rrp £13.95.
416 pages Paperback.
ISBN: 0471445495
ISBN-13: 9780471445494 | |
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