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Lädt ... Fischer Black and the Revolutionary Idea of Finance (2005. Auflage)von Perry Mehrling
Werk-InformationenFischer Black and the Revolutionary Idea of Finance von Perry Mehrling
   Keine Keine aktuelle Diskussion zu diesem Buch. 1   PointedPundit | Mar 23, 2008 |  keine Rezensionen | Rezension hinzufügen
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praise for FISCHER BLACK AND THE REVOLUTIONARY IDEA OF FINANCE "The story of Fischer Black. . . . is remarkable both because of the creativity of the man and because of the revolution he brought to Wall Street. . . . Mehrling's book is fascinating." --FINANCIAL TIMES "A fascinating history of things we take for granted in our everyday financial lives." --THE NEW YORK TIMES "Mehrling's book is essential reading for anyone interested in the development of modern finance or the life of an idiosyncratic creative genius." --PUBLISHERS WEEKLY "Fischer Black was more than a vital force in the development of finance theory. He was also a character. Perry Mehrling has captured both sides of the picture: the evolution of thinking about the pricing of risk and time, as well as the thinkers, especially this fascinating eccentric, who worked it out." --ROBERT M. SOWLO, Nobel laureate and Institute Professor of Economics, Emeritus, Massachusetts Institute of Technology "Although I worked closely with Fischer for nine years at Goldman Sachs and clearly recognized both his genius and the breadth and originality of his ideas, until I read this book, I had only the vaguest grasp of the source of his inspiration and no understanding at all of the source of his many idiosyncrasies." --BOB LITTERMAN, Partner, Kepos Capital "Perry Mehrling has done a remarkable job of tracing the intellectual and personal development of one of the most original and complex thinkers of our generation. Fischer Black deserved it: a charming and brilliant book about a charming and brilliant man." --ROBERT E. LUCAS JR., Nobel laureate and Professor of Economics, The University of Chicago Keine Bibliotheksbeschreibungen gefunden. |
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 Google Books — Lädt ...GenresMelvil Decimal System (DDC)332.092Social sciences Economics Finance Biography And History BiographyKlassifikation der Library of Congress [LCC] (USA)BewertungDurchschnitt: (4.08)
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Fischer Black was an unlikely revolutionary. He thought like no one else. While teaching, his colleagues attacked problems with formulas and models. Fischer Black did not. He opted to explore them from as many different angles as he could conceive. Once solved, he generated a formula. Solving problems this way, Black found he avoided formula-dictated thinking ruts.
His teaching style was bizarre. He got bored teaching regurgitated knowledge. In his view regular lectures were a waste of time. He developed an engaging teaching style by asking 50 open-ended questions. Combined with his insistence that students learn the language of finance, this interaction gave air to brilliant minds. Black cherry-picked great ideas. His students loved the vibrant seminars.
Fischer Black became famous for what he cared less about: the Black-Scholes option model. Options were just a passing interest. He cared more about Capital Asset Pricing Model (CAPM) developed by Jack Traynor. He sought to apply it to economics.
He failed to leave a legacy in traditional economics. Fischer Black had degrees in physics and mathematics but no formal training in economics. In academia, he became recognized as forward-thinking in finance, but out of his depth in economics.
Robert Rubin, then the managing partner of Goldman Sachs, said it best when he sold his partners on the idea of hiring the academic Black.
“We will learn from Fischer,” he is quoted by the author as saying, “and he will learn from us.”
Fischer was egoless. He took rebuttals in stride. Open to change, he was an unapologetic believer in free markets. His unorthodox style sparked a revolution in the business of finance. His innovative thinking drove finance to the forefront of the science of economics.
Perry Mehrling has written a brilliant biography about a brilliant man.
Posted by the Pointed Pundit
July 15, 2007
2:12:18 PM (