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The Misbehavior of Markets  By  cover art

The Misbehavior of Markets

By: Benoit Mandelbrot,Richard L. Hudson
Narrated by: Jason Olazabal
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Publisher's summary

Benoit B. Mandelbrot, one of the century’s most influential mathematicians, is world-famous for making mathematical sense of a fact everybody knows but that geometers from Euclid on down had never assimilated: Clouds are not round, mountains are not cones, coastlines are not smooth. To these classic lines we can now add another example: Markets are not the safe bet your broker may claim.

In his first book for a general audience, Mandelbrot, with co-author Richard L. Hudson, shows how the dominant way of thinking about the behavior of markets-a set of mathematical assumptions a century old and still learned by every MBA and financier in the world-simply does not work. As he did for the physical world in his classic The Fractal Geometry of Nature, Mandelbrot here uses fractal geometry to propose a new, more accurate way of describing market behavior. The complex gyrations of IBM’s stock price and the dollar-euro exchange rate can now be reduced to straightforward formulae that yield a far better model of how risky they are.

With his fractal tools, Mandelbrot has gotten to the bottom of how financial markets really work, and in doing so, he describes the volatile, dangerous (and strangely beautiful) properties that financial experts have never before accounted for. The result is no less than the foundation for a new science of finance. 

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2007 Benoit Mandelbrot and Richard L. Hudson (P)2019 Hachette Audio

What listeners say about The Misbehavior of Markets

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  • RD
  • 03-30-19

Where are the PDF?

Very very good but where are the PDFs? The book is very interesting fractal vs bell curve.

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22 people found this helpful

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    4 out of 5 stars

Mandelbrot is legendary. The reader is out of his depth.

Olazabal keeps getting in the way. Everything that's not English must be Spanish? "Arbitrageur" should be pronounced [ärbəˌträˈZHər] but we get the hard "g" of Spanish. CBOE is not an "operations" exchange. There are others less severe but it adds up. This also tells you the producers were getting paid for nothing. It's still compelling to question our most comforting (and wrong) financial market assumptions, but it could have been a lot more "listenable."

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18 people found this helpful

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Enjoyable Story

Mandelbrot tells a good story about how his revolutionary ideas undermine conventional wisdom. More than likely your retirement plans are built on an unstable foundation, based on his ideas. I think he is right, I just don’t know how to take this information and improve my situation.

The audio quality is good except where it isn’t there are a handful of places where they recorded over corrections that were done poorly.

The PDF is poor quality, some pages are illegible. Inexcusable for what I paid for the book.

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7 people found this helpful

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  • JG
  • 02-07-20

The book's good ideas outweigh the bad.

Interesting discussions of price distributions, path dependency, fractals, and market risk. Marred by poor copy editing (it's "Chicago Board Options Exchange") and the reader's mipronunciations of non-English names and terms. The authors' conclusion, in which they express hope that more-enlightened academic research into market behavior will make the world a better place, is naive but doesn't much detract from the better ideas in the book.

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6 people found this helpful

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One of the best books i’ve ever read on markets

This book should be required reading for anyone interested in investing, markets, or finance. Basic familiarity with options and mathematics is extremely helpful and understanding this book, but it is overall quite approachable.

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normal distribution dost work, markets are risky

nothing new for one familiar with current financial engineering agenda - fat tail distributions, GBM is a bad representation of market dynamics, volatility is clustered...

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5 people found this helpful

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Well presented

Well presented work by an iconoclast genius. The a companion pdf is helpful,. More formal math would have helped some of us, but restricted the audience.

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4 people found this helpful

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not for dumbs

most people who attempt to read this will give up because they are lazy or stupid. that's fine, though, more gains for me.

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3 people found this helpful

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    4 out of 5 stars

Great ideas, terrible narration

The ideas discussed in this book were transformative for the time - but the narrator sounds like he’s reading a hash brown recipe the entire time. 0 enthusiasm and puts emphasis on weird parts, like he doesn’t really understand what he’s reading.

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Narrator sucks

Seriously if you're not interested in the theme of an audiobook don't attempt to narrate. Your lack of interest is showing and it's cringe worthy.

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2 people found this helpful