• A Mathematician Plays The Stock Market
A Mathematician Plays The Stock Market

A Mathematician Plays The Stock Market

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Bad news is not that mathematicalBad news is not that mathematical; good news no formulas!More about psychological aspects of investing than mathematical aspects of investing. There are better books out there on psychology and the stock market. 2Not a trading manual, but a good read nonethelessThis book could very easily be used as a text book for most standard Security Analysis courses, and do a better job of teaching the subject matter The author takes a bit of a survey approach in discussing the various ways and methods used in forecasting and/or valuing stocks. It presents a very objective, and often lighted-hearted, review of both modern and classical financial theory, explaining them in a sufficiently technical way as to meet the needs of the topic, but not in such a manner as to make the discussions boring or opaque for those being introduced to the concepts.This is not a manual on trading. While the author's personal story of major losses in WorldCom stock do provide the means to learn a few lessons, he is not providing a do this, do that sort of strategy for making money in the markets. That said, however, some of the research and studies he quotes are worth reviewing.Even for an experienced stock trader or investor, this is a book worth reading. Paulos presents some things that have been overlooked, and oftentimes turns a different kind of light on the market than one generally uses. 4ridendo castigat moresRidendo castigat mores.This book is an eye-opener. It teaches you why you should cultivate modesty, humbleness and doubt. In a funny way it teaches you that everything should be taken cum grano salis: your knowledge, your experience and - most of all - your losses. The more you think you command the stock market, the more you think you are clever, the more you believe there are market gurus, the more you need this book. So, help yourself reading it.Myself, I like to think I am immune to the multitude of scams investors are subject to. Not immune to loss - let me make it clear - but protected against the many traps, swindles and stings stock buyers are allured to. The reason is simple: I don't believe in easy money; I don't believe that I am more intelligent than the guy next to me; I don't believe that I can discover opportunities that my neighbor will not discover too. Or - perhaps more likely - has already discovered.Those are the beliefs that support me when I - timidly, I must say - I transform some slices of my nest-egg into stock. These tenets have kept me afloat (so far).Now, what happens when you read Paulos' 'A mathematician plays the stock market'? You start thinking 'am I really as impervious to the market vicissitudes as I think I am?' Or else: `if even a guy as smart as Paulos can fall in love with a piece of smoke and use his knowledge to justify his march towards self-destruction, am I really insusceptible?' Not likely.In this book Paulos describes how he used his expertise against himself as his investment in the Worldcom stocks vaporized away. Day after day he kept finding justification not to get rid of his vanishing share of illusion.When I finished reading the book I proposed myself the following argument:It is a fact that the cheapest way to learn through experience is learning with someone else's experience, not with our own. That's what Paulos' book offers us: one more opportunity to learn what not to do. For $ 9.72 this is a really inexpensive way of - I wouldn't say of making money, but of not losing money.After reading the book I am back to the spot I never left: buy the blue chips, forget the fads, crazes, fashion and FUD (*) and wait. In the stock market pride, hurry and greed are very likely to bring you disaster.Moli re's "ridendo castigat mores" (laughing castigate the mores) can be bended so as to be applied to this book: laughing learn what not to do with your money in the stock market. Especially, don't fall in love with your possessions.FUD - acronym for 'Fear Uncertainty and Doubt' describes an old trick IBM invented to coax its customers into buying more of the same instead of buying from its competitors. Microsoft learned the lesson and is using it very well, thanks. In the stock market some gurus will entice you promising what the market can not deliver. At the same time they will try to convince you that not following their "method', `hints' or `recommendation' is to be fearful, uncertain and doubtful. 5Cannot predict the future by looking into the pastI was entertained by the mathmaticians perspective of the stock market. The writer was able to break down all the money making methods (technical analysis, financial analysis, decimal vs. fraction, etc.) of the stock market into bottom line numbers.The reason that I stated my title "Cannot predict the future by looking into the past", is because anytime a market analysis theory was placed into a numeral perspective it was concluded as luck and could not be really used as a final conclusion. Which is true because if any one has a conclusive method to predict the future of the stock market should be very rich and should not declare it.Enjoy the read. 3Excellent and realistic investment book.This is an excellent book on investment theory. It reviews fundamental analysis, technical analysis, option theory and many other topics. The author explains exceptionally well the Efficient Market Hypothesis and the debate surrounding it. He also introduces basic concepts of behavioral finance.Abstract.As a mathematician having studied the stock market, he believes the stock market is pretty efficient; and that both technical analysis and fundamental analysis do not have much predictive value.Technical analysis according to him should be renamed trend analysis, as it consists in graphing and extrapolating current stock price trends. He covers the major strategies technical analysts use such as buying stocks when their current price breaks through its moving average, and selling them when they fall under this same moving average.He covers fundamental analysis and their associated metrics in good details. Reading this section, you will become familiar with all the usual metrics, including P/E, PEG, P/Book value, P/Sales.Mr. Paulos makes a case that the stock market captures the aggregate of all our psychological foibles, and goes on giving a good introduction in behavioral finance. He illustrates the common psychological flaws associated with investor behavior, including: the confirmation bias, anchoring effect, status quo bias, endowment effect, and Richard Thaler's mental accounts. He also illustrates flaws we incur when doing investment research, such as: data mining back testing, and the survivor bias. But, in aggregate these human errors partly cancel themselves out rendering the stock market pretty efficient.The book's gem is the debate on the Efficient Market Hypothesis (EMH). The fewer the investors believe in EMH, the more they will engage in technical and fundamental analysis to extract excess return above the index. These "active" investors will render the market increasingly efficient, and negate their opportunities to earn excess return. The opposite is also true. If investors believe in EMH, they will become "passive" and just buy the stock index through a Vanguard fund or an ETF. As a result, the market will not be so efficient, and the EMH will not hold up in such a situation. So if you believe in EMH, it is false. But, if you don't believe in it, it is valid.Paulos argues that enough active investors do not believe in the EMH to render it valid. This argument is convincing when you think of the thousands of mutual funds, hedge funds, and private managers on Wall Street. Thus, there are plenty of professional active investors to render the market very efficient. But, Paulos does not deny that certain markets at certain times, temporarily ignored by Wall Street, may be less than efficient. Thus, for him the EMH debate is not just a true or false question, it is a matter of degree.Active investors play a crucial role in making the market efficient. Paulos makes an interesting distinction between the technical analyst and fundamental analyst. He states that technical analysts are momentum investors. Thus, they cause market volatility to increase. When stock prices increase, these guys buy even more. When stock prices decrease, they sell. Thus, they accentuate the swings in stock movements. Notice that they break the rule of Buy Low Sell High. The fundamental analysts are really value investors or contrarians. They do just the opposite of the technical analysts, and cause stock price movements to moderate. Thus, the two types of analysts/investors play a different role. But, together their active analysis make the stock market very efficient. The EMH states that all information is disseminated and absorbed immediately within the investment community, and thus is fully reflected within stock prices. But, somebody has to process this information. And, that is what the technical and fundamental analysts do.One of Paulos other big concept concerns the statistical distribution of stock price movements. According to the EMH, stock price movements are random. And, this is true as confirmed by the autocorrelation on any time series of stock prices that is typically very close to zero. If stock prices move randomly, they should assume a normal distribution. But, Paulos indicates it is not always the case. In other words, extreme events (stock crashes or booms) happen more frequently than in a normal distribution. He adds that at the tails, the price movement of stocks is better captured by the power laws. Check page 178 for a detailed explanation on power laws. This is fascinating, and it may represent an upgrade to the EMH that relies solely on the normal distribution. 5Unsatisfying melangeAn odd book. Jaunty style, framed by (a) the author's investment experience, contains (b) a variety of math topics related to the stock market, mixed with (c) brief accounts of classic (prisoners dilemma, regression effect) and recently fashionable (power laws, Parrondo's rachet) topics in mathematical probability. Perhaps a decent read if you haven't read anything else, but this material is covered much better by (a) Taleb Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets, (b) Malkiel A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Editionand (c) Peterson The Jungles of Randomness: A Mathematical Safari. 2Excellent Book!!Well, I bought this on a whim. Good marketing through a newspaper review.He explains risk and randomness quite well. He punctuates his examples with mathematics, which can be extremely difficult to digest the first, second, third re-read (of his examples). Sometimes you just have to accept his conclusions and move on.I find this a great compliment to "A Random Walk Down Wall Street," which he references in the book, as well as it corollary "A Not so Random Walk down wall Street" (I have never seen this).I like how he weaves his own personal failures with WorldCom mania. Whether he is trying to elicit sympathy -maybe- most of us in his position were caught up in the same mania he did.But, now he's making it back by selling this book at a [money amount]retail. ... (ok, i still give it 4 stars!) 4A broad survey at novice level of main ideas in math-financial markets; almost no direct mathThis is a non-technical first introduction-sort of survey of many big ideas that are told for understanding the behavior of assets, markets and investors. I wish I had read this some years ago, as I wound up cobbling together this sort of content myself. It is a quick read, and does not offer tools that are directly actionable, in the sense of, ready to plug into a spreadsheet. It is a step back from that sort of thing. Basic investment strategies according to broad categories are described (fundamentals, value, growth, technical analysis) along with behavioral economics in braod terms. It is wrapped into the author's story of some truly primitive mistakes on the way to losing on an investment in WorldCom in the dot-bomb bust. 4(4 1/2) A Mathematician Learns A Hard LessonAlternate titles which I considered for this review of the book by the well known professor John Allen Paulos were:"A Survey Course in Investment Theory", or"Don't Confuse Intelligence with Insight", or"How Smart People Do Dumb Things" or even,"A Little Knowledge is a Dangerous Thing'.This book is really two separate literary endeavors, and while they are intertwined the first forms the platform for the second. In some ways, the book needs a bifurcated review, since it suffers from seemingly being directed at multiple audiences. The basis of the book is Paulos' cautionary story of his disastrous flirtation with the stock of Worldcom during the final phase of the "market bubble" in 2000 and 2001. The tale is remarkable only for the fact that it proves that knowledge and intelligence may be necessary conditions for avoiding investment disaster but they are far from sufficient (as logicians would say). A very smart college professor suffered exactly the same sort of disastrous losses in the stock market as many other traders and investors who forgot to balance risk and reward or let greed overwhelm fear in the constant tug-of-war between those opposing emotions. Paulos uses this tale, whose various aspects are interspersed throughout the book, as the basis of a very interesting discussion of many aspects of investment theory. There is also an excellent bibliography for those readers who are interested in pursuing some of the ideas which he discusses.The author presents an excellent discussion of the intersection of mathematics and psychology (with some economic and business theory added) that is comprehensive enough to provide readers with a solid basis for understanding market fundamentals. He also discusses stock picking techniques and strategies, including the differences between fundamental and technical analysis. And his discussion of such topics as The Efficient Market Hypothesis, Chaos Theory and Expected Value are rigorous yet understandable. Unfortunately, the strong point of the book will undoubtedly be its major weakness for many readers. That is, it elucidates the theoretical underpinnings of the current state of academic research with regard to investment theory in a very understandable fashion, but except for the cautionary impact of his personal tale and some general investment guidelines which emanate from the material presented, there is little here of practical help to an individual investor. (As a student of the market and former managing partner of an investment firm, I found the book very enjoyable. It succeeded in filling in some gaps in my knowledge base and in some cases reminded me of lessons that I had forgotten.) So, if you are looking for an interesting in-depth introduction to some aspects of the mathematics and psychology of investment theory written in a very entertaining manner, this book is highly recommended and my four star rating is appropriate. (I should probably caution that my approach was to read a chapter at a time, since that gave me time to reflect upon the material rather than losing it's impact by immediately proceeding to a new concept.) However if you are looking for light reading or a practical investment handbook, then this book may disappoint you.Tucker Andersen 4Digestable, Entertaining Treatment of Complex SubjectProf. Paulos does a wonderful job of debunking many of the misconceptions about investing in a humorous and understandable way. His advice is good in that it instructs the reader more on what not to do than what to do. While the material is readily understandable in most parts, his math and investment theory is not wimpy -- his debunking the overuse of the normal distribution as a basis for considering investment risk is just one example. Would recommend to investors of all levels of acumen ... as well as those that just like to revisit math teasers from their school days. Really neat book! 5
See All Reviews
Shipment tracking ID will be provided after your product(s) is dispatched. The delivery date stated is indicative and subject to availability, payment authorization, verification, and processing. In case your product(s) is not delivered due to an incorrect or invalid address, we will not be able to process any claims. However, we will notify you if it is returned to us.
  • Return or exchange requests can be made within 10 days of the delivery date.
  • To return or exchange any items, please email us at info@directnine.uk, clearly mentioning your order number and our customer support team will guide you on the process.
  • To be eligible for return, products must be in the exact condition you received them in. All packaging material must be undamaged and unused with the price tags intact.
  • Orders can be cancelled before dispatch. If the order has already been dispatched, cancellation fees might be charged.
  • Due to the nature of the products that we sell, we will not be able to replace or refund unwanted items if they have been opened or any seals are broken.
  • The refund will not include the import duties or the cost of delivery or return postage.
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Excellent Book
Reviews

Customer Reviews

Bad news is not that mathematicalBad news is not that mathematical; good news no formulas!More about psychological aspects of investing than mathematical aspects of investing. There are better books out there on psychology and the stock market. 2Not a trading manual, but a good read nonethelessThis book could very easily be used as a text book for most standard Security Analysis courses, and do a better job of teaching the subject matter The author takes a bit of a survey approach in discussing the various ways and methods used in forecasting and/or valuing stocks. It presents a very objective, and often lighted-hearted, review of both modern and classical financial theory, explaining them in a sufficiently technical way as to meet the needs of the topic, but not in such a manner as to make the discussions boring or opaque for those being introduced to the concepts.This is not a manual on trading. While the author's personal story of major losses in WorldCom stock do provide the means to learn a few lessons, he is not providing a do this, do that sort of strategy for making money in the markets. That said, however, some of the research and studies he quotes are worth reviewing.Even for an experienced stock trader or investor, this is a book worth reading. Paulos presents some things that have been overlooked, and oftentimes turns a different kind of light on the market than one generally uses. 4ridendo castigat moresRidendo castigat mores.This book is an eye-opener. It teaches you why you should cultivate modesty, humbleness and doubt. In a funny way it teaches you that everything should be taken cum grano salis: your knowledge, your experience and - most of all - your losses. The more you think you command the stock market, the more you think you are clever, the more you believe there are market gurus, the more you need this book. So, help yourself reading it.Myself, I like to think I am immune to the multitude of scams investors are subject to. Not immune to loss - let me make it clear - but protected against the many traps, swindles and stings stock buyers are allured to. The reason is simple: I don't believe in easy money; I don't believe that I am more intelligent than the guy next to me; I don't believe that I can discover opportunities that my neighbor will not discover too. Or - perhaps more likely - has already discovered.Those are the beliefs that support me when I - timidly, I must say - I transform some slices of my nest-egg into stock. These tenets have kept me afloat (so far).Now, what happens when you read Paulos' 'A mathematician plays the stock market'? You start thinking 'am I really as impervious to the market vicissitudes as I think I am?' Or else: `if even a guy as smart as Paulos can fall in love with a piece of smoke and use his knowledge to justify his march towards self-destruction, am I really insusceptible?' Not likely.In this book Paulos describes how he used his expertise against himself as his investment in the Worldcom stocks vaporized away. Day after day he kept finding justification not to get rid of his vanishing share of illusion.When I finished reading the book I proposed myself the following argument:It is a fact that the cheapest way to learn through experience is learning with someone else's experience, not with our own. That's what Paulos' book offers us: one more opportunity to learn what not to do. For $ 9.72 this is a really inexpensive way of - I wouldn't say of making money, but of not losing money.After reading the book I am back to the spot I never left: buy the blue chips, forget the fads, crazes, fashion and FUD (*) and wait. In the stock market pride, hurry and greed are very likely to bring you disaster.Moli re's "ridendo castigat mores" (laughing castigate the mores) can be bended so as to be applied to this book: laughing learn what not to do with your money in the stock market. Especially, don't fall in love with your possessions.FUD - acronym for 'Fear Uncertainty and Doubt' describes an old trick IBM invented to coax its customers into buying more of the same instead of buying from its competitors. Microsoft learned the lesson and is using it very well, thanks. In the stock market some gurus will entice you promising what the market can not deliver. At the same time they will try to convince you that not following their "method', `hints' or `recommendation' is to be fearful, uncertain and doubtful. 5Cannot predict the future by looking into the pastI was entertained by the mathmaticians perspective of the stock market. The writer was able to break down all the money making methods (technical analysis, financial analysis, decimal vs. fraction, etc.) of the stock market into bottom line numbers.The reason that I stated my title "Cannot predict the future by looking into the past", is because anytime a market analysis theory was placed into a numeral perspective it was concluded as luck and could not be really used as a final conclusion. Which is true because if any one has a conclusive method to predict the future of the stock market should be very rich and should not declare it.Enjoy the read. 3Excellent and realistic investment book.This is an excellent book on investment theory. It reviews fundamental analysis, technical analysis, option theory and many other topics. The author explains exceptionally well the Efficient Market Hypothesis and the debate surrounding it. He also introduces basic concepts of behavioral finance.Abstract.As a mathematician having studied the stock market, he believes the stock market is pretty efficient; and that both technical analysis and fundamental analysis do not have much predictive value.Technical analysis according to him should be renamed trend analysis, as it consists in graphing and extrapolating current stock price trends. He covers the major strategies technical analysts use such as buying stocks when their current price breaks through its moving average, and selling them when they fall under this same moving average.He covers fundamental analysis and their associated metrics in good details. Reading this section, you will become familiar with all the usual metrics, including P/E, PEG, P/Book value, P/Sales.Mr. Paulos makes a case that the stock market captures the aggregate of all our psychological foibles, and goes on giving a good introduction in behavioral finance. He illustrates the common psychological flaws associated with investor behavior, including: the confirmation bias, anchoring effect, status quo bias, endowment effect, and Richard Thaler's mental accounts. He also illustrates flaws we incur when doing investment research, such as: data mining back testing, and the survivor bias. But, in aggregate these human errors partly cancel themselves out rendering the stock market pretty efficient.The book's gem is the debate on the Efficient Market Hypothesis (EMH). The fewer the investors believe in EMH, the more they will engage in technical and fundamental analysis to extract excess return above the index. These "active" investors will render the market increasingly efficient, and negate their opportunities to earn excess return. The opposite is also true. If investors believe in EMH, they will become "passive" and just buy the stock index through a Vanguard fund or an ETF. As a result, the market will not be so efficient, and the EMH will not hold up in such a situation. So if you believe in EMH, it is false. But, if you don't believe in it, it is valid.Paulos argues that enough active investors do not believe in the EMH to render it valid. This argument is convincing when you think of the thousands of mutual funds, hedge funds, and private managers on Wall Street. Thus, there are plenty of professional active investors to render the market very efficient. But, Paulos does not deny that certain markets at certain times, temporarily ignored by Wall Street, may be less than efficient. Thus, for him the EMH debate is not just a true or false question, it is a matter of degree.Active investors play a crucial role in making the market efficient. Paulos makes an interesting distinction between the technical analyst and fundamental analyst. He states that technical analysts are momentum investors. Thus, they cause market volatility to increase. When stock prices increase, these guys buy even more. When stock prices decrease, they sell. Thus, they accentuate the swings in stock movements. Notice that they break the rule of Buy Low Sell High. The fundamental analysts are really value investors or contrarians. They do just the opposite of the technical analysts, and cause stock price movements to moderate. Thus, the two types of analysts/investors play a different role. But, together their active analysis make the stock market very efficient. The EMH states that all information is disseminated and absorbed immediately within the investment community, and thus is fully reflected within stock prices. But, somebody has to process this information. And, that is what the technical and fundamental analysts do.One of Paulos other big concept concerns the statistical distribution of stock price movements. According to the EMH, stock price movements are random. And, this is true as confirmed by the autocorrelation on any time series of stock prices that is typically very close to zero. If stock prices move randomly, they should assume a normal distribution. But, Paulos indicates it is not always the case. In other words, extreme events (stock crashes or booms) happen more frequently than in a normal distribution. He adds that at the tails, the price movement of stocks is better captured by the power laws. Check page 178 for a detailed explanation on power laws. This is fascinating, and it may represent an upgrade to the EMH that relies solely on the normal distribution. 5Unsatisfying melangeAn odd book. Jaunty style, framed by (a) the author's investment experience, contains (b) a variety of math topics related to the stock market, mixed with (c) brief accounts of classic (prisoners dilemma, regression effect) and recently fashionable (power laws, Parrondo's rachet) topics in mathematical probability. Perhaps a decent read if you haven't read anything else, but this material is covered much better by (a) Taleb Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets, (b) Malkiel A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Editionand (c) Peterson The Jungles of Randomness: A Mathematical Safari. 2Excellent Book!!Well, I bought this on a whim. Good marketing through a newspaper review.He explains risk and randomness quite well. He punctuates his examples with mathematics, which can be extremely difficult to digest the first, second, third re-read (of his examples). Sometimes you just have to accept his conclusions and move on.I find this a great compliment to "A Random Walk Down Wall Street," which he references in the book, as well as it corollary "A Not so Random Walk down wall Street" (I have never seen this).I like how he weaves his own personal failures with WorldCom mania. Whether he is trying to elicit sympathy -maybe- most of us in his position were caught up in the same mania he did.But, now he's making it back by selling this book at a [money amount]retail. ... (ok, i still give it 4 stars!) 4A broad survey at novice level of main ideas in math-financial markets; almost no direct mathThis is a non-technical first introduction-sort of survey of many big ideas that are told for understanding the behavior of assets, markets and investors. I wish I had read this some years ago, as I wound up cobbling together this sort of content myself. It is a quick read, and does not offer tools that are directly actionable, in the sense of, ready to plug into a spreadsheet. It is a step back from that sort of thing. Basic investment strategies according to broad categories are described (fundamentals, value, growth, technical analysis) along with behavioral economics in braod terms. It is wrapped into the author's story of some truly primitive mistakes on the way to losing on an investment in WorldCom in the dot-bomb bust. 4(4 1/2) A Mathematician Learns A Hard LessonAlternate titles which I considered for this review of the book by the well known professor John Allen Paulos were:"A Survey Course in Investment Theory", or"Don't Confuse Intelligence with Insight", or"How Smart People Do Dumb Things" or even,"A Little Knowledge is a Dangerous Thing'.This book is really two separate literary endeavors, and while they are intertwined the first forms the platform for the second. In some ways, the book needs a bifurcated review, since it suffers from seemingly being directed at multiple audiences. The basis of the book is Paulos' cautionary story of his disastrous flirtation with the stock of Worldcom during the final phase of the "market bubble" in 2000 and 2001. The tale is remarkable only for the fact that it proves that knowledge and intelligence may be necessary conditions for avoiding investment disaster but they are far from sufficient (as logicians would say). A very smart college professor suffered exactly the same sort of disastrous losses in the stock market as many other traders and investors who forgot to balance risk and reward or let greed overwhelm fear in the constant tug-of-war between those opposing emotions. Paulos uses this tale, whose various aspects are interspersed throughout the book, as the basis of a very interesting discussion of many aspects of investment theory. There is also an excellent bibliography for those readers who are interested in pursuing some of the ideas which he discusses.The author presents an excellent discussion of the intersection of mathematics and psychology (with some economic and business theory added) that is comprehensive enough to provide readers with a solid basis for understanding market fundamentals. He also discusses stock picking techniques and strategies, including the differences between fundamental and technical analysis. And his discussion of such topics as The Efficient Market Hypothesis, Chaos Theory and Expected Value are rigorous yet understandable. Unfortunately, the strong point of the book will undoubtedly be its major weakness for many readers. That is, it elucidates the theoretical underpinnings of the current state of academic research with regard to investment theory in a very understandable fashion, but except for the cautionary impact of his personal tale and some general investment guidelines which emanate from the material presented, there is little here of practical help to an individual investor. (As a student of the market and former managing partner of an investment firm, I found the book very enjoyable. It succeeded in filling in some gaps in my knowledge base and in some cases reminded me of lessons that I had forgotten.) So, if you are looking for an interesting in-depth introduction to some aspects of the mathematics and psychology of investment theory written in a very entertaining manner, this book is highly recommended and my four star rating is appropriate. (I should probably caution that my approach was to read a chapter at a time, since that gave me time to reflect upon the material rather than losing it's impact by immediately proceeding to a new concept.) However if you are looking for light reading or a practical investment handbook, then this book may disappoint you.Tucker Andersen 4Digestable, Entertaining Treatment of Complex SubjectProf. Paulos does a wonderful job of debunking many of the misconceptions about investing in a humorous and understandable way. His advice is good in that it instructs the reader more on what not to do than what to do. While the material is readily understandable in most parts, his math and investment theory is not wimpy -- his debunking the overuse of the normal distribution as a basis for considering investment risk is just one example. Would recommend to investors of all levels of acumen ... as well as those that just like to revisit math teasers from their school days. Really neat book! 5
See All Reviews
Return And Refund Policy
  • Return or exchange requests can be made within 10 days of the delivery date.
  • To return or exchange any items, please email us at info@directnine.uk, clearly mentioning your order number and our customer support team will guide you on the process.
  • To be eligible for return, products must be in the exact condition you received them in. All packaging material must be undamaged and unused with the price tags intact.
  • Orders can be cancelled before dispatch. If the order has already been dispatched, cancellation fees might be charged.
  • Due to the nature of the products that we sell, we will not be able to replace or refund unwanted items if they have been opened or any seals are broken.
  • The refund will not include the import duties or the cost of delivery or return postage.
  • If your refund is approved, then it will automatically be credited to the original method of payment, within 7-10 days.
  • DirectNine reserves the right to alter and enforce this Return and Refund Policy at any time without having to serve a prior notice to users.
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Shipment tracking ID will be provided after your product(s) is dispatched. The delivery date stated is indicative and subject to availability, payment authorization, verification, and processing. In case your product(s) is not delivered due to an incorrect or invalid address, we will not be able to process any claims. However, we will notify you if it is returned to us.

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