Revolution in Investment: Wall Street Theory from the Ivory Tower: Theory of Wall Street from the Ivory Tower

Author: Peter Bernstein
Publisher:
Publish Date: 2001-08-01
Features: Thirty years ago, Wall Street analysts tried to reject the theory of capital innovation that emerged from the academic ivory tower. But the facts forced them to transform the abstract theories of academia into practical methods for controlling risks and stopping client losses. From then on, the Wall Street capital market began to become violent and noisy, filled with various financial instruments and novel investment portfolio management strategies. It was an investment revolution! It did not originate from the skyscrapers in Lower Manhattan. Instead, it was rooted in a small group of heroes who conducted abstract financial analysis research within the academic ivory tower, including Bachelier, Markowitz, Tobin, Fama, and Samuelson.