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The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street by Justin Fox

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Cast of Characters

Kenneth Arrow Economist who in the early 1950s helped formulate, along with Gerard Debreu, the best mathematical model yet of how the invisible hand of the market worked, then spent much of the rest of his career examining situations where it didn’t. Shared the economics Nobel in 1972.

Roger Babson Launched several market-data businesses in the early years of the twentieth century, then became a prominent value-oriented investment guru whose repeated warnings of a late-1920s stock market crash were dismissed by Wall Street (and by Irving Fisher).

Louis Bachelier French mathematician whose 1900 dissertation, written under the supervision of the great scientist Henri Poincaré, established that short-term financial market ...

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