Adaptive Markets

Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe - and as financial bubbles, crashes, and crises suggest. This is one of the biggest debates in economics, and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew W. Lo cuts through this debate with a new framework.

The Adaptive Markets Hypothesis (AMH) presents a formal and systematic exposition of a new narrative about financial markets that reconciles rational investor behavior with periods of temporary financial insanity. In this narrative, intelligent but fallible investors learn from and adapt to randomly shifting environments. Financial markets may not always be efficient, but they are highly competitive, innovative, and adaptive, varying in their degree of efficiency as investor populations and the financial landscape change over time.

When change requires you to challenge people's familiar reality, it can be difficult, dangerous work. Whatever the context - whether in the private or the public sector - many will feel threatened as you push though major changes. But as a leader, you need to find a way to make it work.

To lead is to live dangerously. It's romantic and exciting to think of leadership as all inspiration, decisive action, and rich rewards, but leading requires taking risks that can jeopardize your career and your personal life. It requires putting yourself on the line, disrupting the status quo, and surfacing hidden conflict. And when people resist and push back, there's a strong temptation to play it safe. Those who choose to lead plunge in, take the risks, and sometimes get burned.

The ancient Stoics had something. Modern psychology proved they were right. But there's a third option nobody's talking about. Picture those people who stay weirdly calm when everything goes wrong. Not the fake-zen types pretending life's all crystals and gratitude journals. The ones who genuinely don't lose their heads when the world's on fire. They're not built different. They're running different software.

Emotion Informs, but Behavior Transforms. Emotional intelligence was groundbreaking in its time, offering valuable tools for self-awareness and managing emotions. However, while EI is crucial, it often doesn’t address the root causes of performance challenges. People may take action based on emotional awareness, but they frequently don’t achieve the intended results because they don't truly understand the deeper factors driving behavior and performance. This gap can lead to frustration, as even well-intentioned actions fall short of producing lasting change. Adaptive Intelligence builds...

“By far the best book on investing ever written.” — Warren Buffett The classic text of Benjamin Graham’s seminal The Intelligent Investor has now been revised and annotated to update the timeless wisdom for today’s market conditions. The greatest investment advisor of the twentieth...

The New York Times bestseller by the acclaimed, bestselling author of Start With Why and Together is Better. Now with an expanded chapter and appendix on leading millennials, based on Simon Sinek's viral video "Millenials in the workplace" (150+ million views). Imagine a world where almost...

Your company needs you to lead. Your family needs you to lead. The world needs you to lead. So how do you lead when unforeseen circumstances come along and rip the rug out from under you? It’s simple. You adapt. In this 10th Anniversary Edition of Adapt or Die, Rick speaks from experience to explore the needs of corporate leaders with more specificity than ever, with a brand-new look at how individuals and companies alike can better adapt in a post-pandemic world - and how each of us can fearlessly prepare for whatever comes next.

A new understanding of how our bodies work, how to keep them healthy, and how our biological diversity unites us rather than divides us How does the body work—and why does it seem to work so differently for each of us? Why do we grow tall or short, obese or slim? Why do some of us stay healthy...

A lo largo de los años, la evolución del mercado ha comprobado lo sabias que han sido las estrategias enseñadas por Graham. A la vez que conserva la integridad del texto original, esta edición revisada incluye comentarios actualizados del famoso periodista financiero Jason Zweig, cuya...

"This is science writing as wonder and as inspiration." —The Wall Street Journal Wall Street Journal From one of the most influential scientists of our time, a dazzling exploration of the hidden laws that govern the life cycle of everything from plants and animals to the cities we live in...

Not just another book on communication. Adaptive Listening helps you up-level the under-trained side of communication amidst the realities of a hectic workday. Researched and tested exclusively in the work setting, Adaptive Listening moves you beyond active listening, embracing easy-to-remember techniques that strengthen relationships and get work done more effectively.

How the world’s oldest asset secretly shapes our modern economy In The Land Trap, Mike Bird—Wall Street editor at The Economist—reveals how this ancient asset still exerts outsize influence over the modern world. From the speculative land grabs of colonial America to China's real estate...

From Wall Street to Main Street, John Brooks, longtime contributor to the New Yorker, brings to life in vivid fashion twelve classic and timeless tales of corporate and financial life in America. What do the $350 million Ford Motor Company disaster known as the Edsel, the fast and incredible...

""Whether you prevail or fail, endure or die, depends more on what you do to yourself than on what the world does to you.""—Jim Collins Decline can be avoided. Decline can be detected. Decline can be reversed. Amid the desolate landscape of fallen great companies, Jim Collins began to wonder...

#1 NEW YORK TIMES BESTSELLER A bold work from the author of The Black Swan that challenges many of our long-held beliefs about risk and reward, politics and religion, finance and personal responsibility In his most provocative and practical book yet, one of the foremost thinkers of our...

We live in a world where businesses can transform overnight, and signs of change can be found long before an industry shift happens. Most people just don't know how to see them. After a career spent helping brands anticipate what's coming next across healthcare, technology, and other rapidly evolving sectors, I've learned that the future doesn't arrive suddenly. It arrives quietly. It shows up first in the subtle ways people talk, the small changes in what they value, and the emerging behaviors happening at the edges of culture. By the time the shift hits the mainstream, the opportunity has...

The Wall Street Journal's award-winning business reporter unveils the bizarre and sinister story of how a math genius named Tom Hayes, a handful of outrageous confederates, and a deeply corrupt banking system ignited one of the greatest financial scandals in history. In 2006, an oddball group of...

Foreword by Bill Gates Microsoft’s CEO tells the inside story of the company’s continuing transformation, tracing his own personal journey from a childhood in India to leading some of the most significant technological changes in the digital era. As much a humanist as engineer and executive...