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- Published on: 1800
- Binding: Paperback
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By ballyhoo
A somewhat rambling, poorly constructed book with very little structure, often consisting of short sentences which together form a curious sequence of non-sequiturs. There is a lack of data in the form of tables and graphs. Parts of it seem like a long sequence of references to the literature, but if you wade through the references, many are hopelessly outdated - really only the 21st century is relevant now unless you are a real big-picture type (read: Winton). In places the mechanics of e.g. futures markets are spelled out in enormous detail with much repetition, while in other places huge leaps of logic are taken in a single phrase. As an investment manager, it took me a while to realise that when he talks of 'skewness in prices' he literally means just that, and not skewness in returns, which is what I would expect - we are talking about asset prices that are really lacking in trend, and mean-revert powerfully! But if this is stated clearly somewhere, I missed it, and the graphics are missing, as I said. Overall, very disappointing and I cannot recommend.
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