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 Welcome
to Step 2, where the evolution of modern finance is
discussed.
Peter L. Bernstein provides both
the inspiration for this step in his two books, Capital
Ideas, The Improbable Origins of Modern Wall Street
and Against the Gods, The Remarkable Story of Risk.
Both are recommended as supplemental sources to this
12-Step Program.
Program Overview
The tumultuous stock markets with
their many new instruments and novel approaches to
investing are a dramatic contrast from the quiet
academic libraries where the academics created their
revolution. Considering the extent of the academics’ research,
we know that it deserves to be considered a superior
source of information for making decisions concerning
investment portfolios. Random and efficient markets
have been one of the underlying themes throughout
this step.
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