Capital Ideas Evolving Book

Preface     ix
A Note on Usage     xx
The Behavioral Attack
Who Could Design a Brain...     3
The Strange Paradox of Behavioral Finance: "Neoclassical Theory Is a Theory of Sharks"     19
The Theoreticians
Paul A. Samuelson: The Worldly Philosopher     37
The Institutionalists
Robert C. Merton: "Risk Is Not an Add-On"     47
Andrew Lo: "The Only Part of Economics That Really Works"     58
Robert Shiller: The People's Risk Manager     65
The Engineers
Bill Sharper: "It's Dangerous to Think of Risk as a Number"     91
Harry Markowitz: "You Have a Little World"     100
Myron Scholes: "Omega Has a Nice Ring to It"     110
The Practitioners
Barclays Global Investors: "It Was an Evangelical Undertaking"     127
The Yale Endowment Fund: Uninstitutional Behavior     148
CAPM II: The Great Alpha Dream Machine: We Don't See Expected Returns     165
Making Alpha Portable: "That's Become the New Mantra"     179
Martin Leibowitz: CAPM in a New Suit of Clothes     196
Goldman Sachs Asset Management: "I Know the Invisible Hand Is Still There"     214
Capital Ideas Tomorrow
Nothing Stands Still     237
Notes     247
Bibliography     252
Acknowledgments     261
Index     263