Heterodox Investment Theory
Stochastic Predictability and Uncertainty
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Beschreibung
The best and the brightest investment gurus often rely on rational, statistical calculations of risk and return of investments. Pistorius traces their rhetoric and comes to a modest conclusion that stochastic predictability does not exist in investing. Thus, if we follow investment advice, we are gambling because of their rank in professional hierarchies of status and authority, not because of their access to the holy grail of a successful prediction.
— Slawomir Magala, Professor of cross-cultural management (emeritus), Rotterdam School of Management, Netherlands, and, Professor of management and social communication, Jagiellonian University Cracow, PolandThis book combines the study of rhetoric, history, philosophy, philosophy of statistics and the culture of investing to discuss the foundations of stochastic predictability in investment theory. Besides discussing the problem of stochastic prediction, the book also covers alternative investment theories. Ideas from uncertainty economics, expressed by the likes of Keynes, Knight, Von Mises, Taleb and McCloskey are also discussed. This book will be of interest to researchers and academics in the field of investment theory, as well as investment practitioners.
- Combines the study of finance and the arts
- Explores the issue of stochastical prediction
- Presents alternative investment theories
- Engages with ideas from uncertainty economics
Combines the study of finance and the arts Explores the issue of stochastical prediction Presents alternative investment theories Engages with ideas from uncertainty economics
Autor*in
Thomas Pistorius
Themen in »Heterodox Investment Theory«
Stochastical predictability Uncertainty economics Keynes Knight Von Mises Taleb McCloskey Alternative investment theories Modern investment theory Modelling financial markets investments and securities household finance
Stimmen zu »Heterodox Investment Theory«
“Heterodox Investment Theory is a thought-provoking book … . The book’s greatest contribution is to encourage investment professionals to look beyond the standard investment models that are taught in business schools and the statistics underlying the theories and to consider alternative models that may enhance their understanding of financial markets. Those who are comfortable with the jargon of philosophy and rhetoric will likely find this an interesting book that opens up their minds to new modes of thinking.” (Ronald L. Moy,Enterprising Investor, blogs.cfainstitute.org, June 21, 2019)
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