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 Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist.Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency isn't wrong but merely incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought--a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation.A fascinating intellectual journey filled with compelling stories, Adaptive Markets starts with the origins of market efficiency and its failures, turns to the foundations of investor behavior, and concludes with practical implications--including how hedge funds have become the Galapagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises.An ambitious new answer to fundamental questions in economics, Adaptive Markets is essential reading for anyone who wants to know how markets really work.

    Award-winning journalist Jennifer Senior now asks: what are the effects of children on their parents?"All Joy and No Fun is an indispensable map for a journey that most of us take without one. Brilliant, funny, and brimming with insight, this is an important book that every parent should read, and then read again. Jennifer Senior is surely one of the best writers on the planet."-Daniel Gilbert, author of Stumbling on HappinessIn All Joy and No Fun, award-winning journalist Jennifer Senior isolates and analyzes the many ways in which children reshape their parents' lives, whether it's their marriages, their jobs, their habits, their hobbies, their friendships, or their internal senses of self. She argues that changes in the last half century have radically altered the roles of today's mothers and fathers, making their mandates at once more complex and far less clear. Recruiting from a wide variety of sources-in history, sociology, economics, psychology, philosophy, and anthropology-she dissects both the timeless strains of parenting and the ones that are brand new, and then brings her research to life in the homes of ordinary parents around the country. The result is an unforgettable series of family portraits, starting with parents of young children and progressing to parents of teens. Through lively and accessible storytelling, Senior follows these mothers and fathers as they wrestle with some of parenthood's deepest vexations-and luxuriate in some of its finest rewards.Meticulously researched yet imbued with emotional intelligence, All Joy and No Fun makes us reconsider some of our culture's most basic beliefs about parenthood, all while illuminating the profound ways children deepen and add purpose to our lives. By focusing on parenthood, rather than parenting, the book is original and essential reading for mothers and fathers of today-and tomorrow.

    Darrell Huff runs the gamut of every popularly used type of statistic, probes such things as the sample study, the tabulation method, the interview technique, or the way the results are derived from the figures, and points up the countless number of dodges which are used to fool rather than to inform.

    . . the noblest and the most infamous in the world, the finest and most vulgar on earth.” The characterization of finance as deceitful, infamous, and vulgar still rings true today – particularly in the wake of the 2008 financial crisis. But, what happened to the fairest, noblest, and finest profession that de la Vega saw?  De la Vega hit on an essential truth that has been forgotten: finance can be just as principled, life-affirming, and worthy as it can be fraught with questionable practices.  Today, finance is shrouded in mystery for outsiders, while many insiders are uneasy with the disrepute of their profession.  How can finance become more accessible and also recover its nobility? Harvard Business School professor Mihir Desai, in his “last lecture” to the graduating Harvard MBA class of 2015, took up the cause of restoring humanity to finance. With incisive wit and irony, his lecture drew upon a rich knowledge of literature, film, history, and philosophy to explain the inner workings of finance in a manner that has never been seen before. This book captures Desai’s lucid exploration of the ideas of finance as seen through the unusual prism of the humanities. Through this novel, creative approach, Desai shows that outsiders can access the underlying ideas easily and insiders can reacquaint themselves with the core humanity of their profession. The mix of finance and the humanities creates unusual pairings: Jane Austen and Anthony Trollope are guides to risk management; Jeff Koons becomes an advocate of leverage; and Mel Brooks’s The Producers teaches us about fiduciary responsibility. In Desai’s vision, the principles of finance also provide answers to critical questions in our lives. Among many surprising parallels, bankruptcy teaches us how to react to failure, the lessons of mergers apply to marriages, and the Capital Asset Pricing Model demonstrates the true value of relationships. THE WISDOM OF FINANCE is a wholly unique book, offering a refreshing new perspective on one of the world’s most complex and misunderstood professions.

    This Harriman House edition includes Charles Mackay's account of the three infamous financial manias - John Law's Mississipi Scheme, the South Sea Bubble, and Tulipomania.Between the three of them, these historic episodes confirm that greed and fear have always been the driving forces of financial markets, and, furthermore, that being sensible and clever is no defence against the mesmeric allure of a popular craze with the wind behind it.In writing the history of the great financial manias, Charles Mackay proved himself a master chronicler of social as well as financial history. Blessed with a cast of characters that covered all the vices, gifted a passage of events which was inevitably heading for disaster, and with the benefit of hindsight, he produced a record that is at once a riveting thriller and absorbing historical document. A century and a half later, it is as vibrant and lurid as the day it was written.For modern-day investors, still reeling from the dotcom crash, the moral of the popular manias scarcely needs spelling out. When the next stock market bubble comes along, as it surely will, you are advised to recall the plight of some of the unfortunates on these pages, and avoid getting dragged under the wheels of the careering bandwagon yourself.

    The four principles that can help us to overcome our brains' natural biases to make better, more informed decisions -- in our lives, careers, families and organizations.In Decisive, Chip Heath and Dan Heath, the bestselling authors of Made to Stick and Switch, tackle the thorny problem of how to overcome our natural biases and irrational thinking to make better decisions, about our work, lives, companies and careers.    When it comes to decision making, our brains are flawed instruments.  But given that we are biologically hard-wired to act foolishly and behave irrationally at times, how can we do better?  A number of recent bestsellers have identified how irrational our decision making can be.  But being aware of a bias doesn't correct it, just as knowing that you are nearsighted doesn't help you to see better.  In Decisive, the Heath brothers, drawing on extensive studies, stories and research, offer specific, practical tools that can help us to think more clearly about our options, and get out of our heads, to improve our decision making, at work and at home.

    Charting the most cutting-edge scientific breakthroughs, and marshalling his decades of research and clinical practice, Walker explains how we can harness sleep to improve learning, mood and energy levels, regulate hormones, prevent cancer, Alzheimer's and diabetes, slow the effects of aging, and increase longevity. He also provides actionable steps towards getting a better night's sleep every night.

    Buy it and read it." -Kenneth L. Fisher Forbes The runaway bestseller-updated with new material included for the first time! "The Warren Buffett Way outlines his career and presents examples of how his investment techniques and methods evolved and the important individuals in that process. It also details the key investment decisions that produced his unmatched record of performance." -from the Foreword by Peter S. Lynch Bestselling author, One Up on Wall Street and Beating the Street ." . . an extraordinarily useful account of the methods of an investor held by many to be the world's greatest." -The Wall Street Journal "Robert Hagstrom presents an in-depth examination of Warren Buffett's strategies, and the 'how and why' behind his selection of each of the major securities that have contributed to his remarkable record of success. His 'homespun' wisdom and philosophy are also part of this comprehensive, interesting, and readable book." -John C. Bogle Chairman, The Vanguard Group "It's first rate. Buffett gets a lot of attention for what he preaches, but nobody has described what he practices better than Hagstrom. Here is the lowdown on every major stock he ever bought and why he bought it. Fascinating. You could even try this at home." -John Rothchild Financial columnist Time magazine

    People used to download music for free, then Steve Jobs convinced them to pay. How? By charging 99 cents. That price has a hypnotic effect: the profit margin of the 99 Cents Only store is twice that of Wal-Mart. Why do text messages cost money, while e-mails are free? Why do jars of peanut butter keep getting smaller in order to keep the price the “same”? The answer is simple: prices are a collective hallucination. In Priceless, the bestselling author William Poundstone reveals the hidden psychology of value. In psychological experiments, people are unable to estimate “fair” prices accurately and are strongly influenced by the unconscious, irrational, and politically incorrect. It hasn’t taken long for marketers to apply these findings. “Price consultants” advise retailers on how to convince consumers to pay more for less, and negotiation coaches offer similar advice for businesspeople cutting deals. The new psychology of price dictates the design of price tags, menus, rebates, “sale” ads, cell phone plans, supermarket aisles, real estate offers, wage packages, tort demands, and corporate buyouts. Prices are the most pervasive hidden persuaders of all. Rooted in the emerging field of behavioral decision theory, Priceless should prove indispensable to anyone who negotiates.

    The Sovereign Individual details strategies necessary for adapting financially to the next phase of Western civilization. Few observers of the late twentieth century have their fingers so presciently on the pulse of the global political and economic realignment ushering in the new millennium as do James Dale Davidson and Lord William Rees-Mogg. Their bold prediction of disaster on Wall Street in Blood in the Streets was borne out by Black Tuesday. In their ensuing bestseller, The Great Reckoning, published just weeks before the coup attempt against Gorbachev, they analyzed the pending collapse of the Soviet Union and foretold the civil war in Yugoslavia and other events that have proved to be among the most searing developments of the past few years. In The Sovereign Individual, Davidson and Rees-Mogg explore the greatest economic and political transition in centuries—the shift from an industrial to an information-based society. This transition, which they have termed "the fourth stage of human society," will liberate individuals as never before, irrevocably altering the power of government. This outstanding book will replace false hopes and fictions with new understanding and clarified values.

    We’re told that learning is all self-discipline, that we must confine ourselves to designated study areas, turn off the music, and maintain a strict ritual if we want to ace that test, memorize that presentation, or nail that piano recital.   But what if almost everything we were told about learning is wrong? And what if there was a way to achieve more with less effort?   In How We Learn, award-winning science reporter Benedict Carey sifts through decades of education research and landmark studies to uncover the truth about how our brains absorb and retain information. What he discovers is that, from the moment we are born, we are all learning quickly, efficiently, and automatically; but in our zeal to systematize the process we have ignored valuable, naturally enjoyable learning tools like forgetting, sleeping, and daydreaming. Is a dedicated desk in a quiet room really the best way to study? Can altering your routine improve your recall? Are there times when distraction is good? Is repetition necessary? Carey’s search for answers to these questions yields a wealth of strategies that make learning more a part of our everyday lives—and less of a chore.   By road testing many of the counterintuitive techniques described in this book, Carey shows how we can flex the neural muscles that make deep learning possible. Along the way he reveals why teachers should give final exams on the first day of class, why it’s wise to interleave subjects and concepts when learning any new skill, and when it’s smarter to stay up late prepping for that presentation than to rise early for one last cram session. And if this requires some suspension of disbelief, that’s because the research defies what we’ve been told, throughout our lives, about how best to learn.   The brain is not like a muscle, at least not in any straightforward sense. It is something else altogether, sensitive to mood, to timing, to circadian rhythms, as well as to location and environment. It doesn’t take orders well, to put it mildly. If the brain is a learning machine, then it is an eccentric one. In How We Learn, Benedict Carey shows us how to exploit its quirks to our advantage.  Praise for How We Learn“This book is a revelation. I feel as if I’ve owned a brain for fifty-four years and only now discovered the operating manual.”—Mary Roach, bestselling author of Stiff and Gulp“A welcome rejoinder to the faddish notion that learning is all about the hours put in.” —The New York Times Book Review   “A valuable, entertaining tool for educators, students and parents.” —Shelf Awareness   “How We Learn is more than a new approach to learning; it is a guide to making the most out of life. Who wouldn’t be interested in that?” —Scientific American   “I know of no other source that pulls together so much of what we know about the science of memory and couples it with practical, practicable advice.”—Daniel T. Willingham, professor of psychology at the University of Virginia

    And then, there are three suburban dads just trying to make the world a little bit better. Meet Brad Barrett and Jonathan Mendonsa of the award-winning Choose FI podcast and Chris Mamula of the popular blog “Can I Retire Yet?”. They have walked the talk and now want to share their knowledge with you. Together, these three regular guys will show you how they did something extraordinary. They are all financially independent and doing meaningful work that fulfills them. All three left their corporate 9 to 5 jobs and are reaping the benefits of extra time with their families. Mirroring the format of the popular Choose FI podcast, this book pulls from the collective knowledge of those who have decided to build a lifestyle around their passions instead of allowing their finances to dictate their future. These stories demonstrate universal principles, giving you the opportunity to pick the elements that are the most applicable to your financial situation and “choose your own adventure.”FI or Financial Independence is the new debt-free and getting back to 0 is just the beginning of a wonderful journey. Whether you have mountains of debt now or are recently debt free and wondering what to do next, Choose FI : Your Blueprint to Financial Independence will give you the information to guide your next move.

    In Quirkology, he navigates the backwaters of human behavior, discovering the tell-tale signs that give away a liar, the secret science behind speed-dating and personal ads, and what a person's sense of humor reveals about the innermost workings of their mind- all along paying tribute to others who have carried out similarly weird and wonderful work. Wiseman's research has involved secretly observing people as they go about their daily business, conducting unusual experiments in art exhibitions and music concerts, and even staging fake seances in allegedly haunted buildings. With thousands of research subjects from all over the world, including enamored couples, unwitting pedestrians, and guileless dinner guests, Wiseman presents a fun, clever, and unexpected picture of the human mind.

    In Happiness by Design, happiness and behavior expert Paul Dolan combines the latest insights from economics and psychology to illustrate that in order to be happy we must behave happy. Our happiness is experiences of both pleasure and purpose over time and it depends on what we actually pay attention to. Using what Dolan calls deciding, designing, and doing, we can overcome the biases that make us miserable and redesign our environments to make it easier to experience happiness, fulfilment, and even health.  With uncanny wit and keen perception, Dolan reveals what we can do to find our unique optimal balance of pleasure and purpose, offering practical advice on how to organize our lives in happiness-promoting ways and fresh insights into how we feel, including why:• Having kids reduces pleasure but gives us a massive dose of purpose• Gaining weight won’t necessarily make us unhappier, but being too ambitious might• A quiet neighborhood is more important than a big houseVividly rendering intriguing research and lively anecdotal evidence, Happiness by Design offers an absorbing, thought-provoking, new paradigm for readers of Stumbling on Happiness and The How of Happiness.

    We meet people, date, get into and out of relationships, all with the hope of finding someone with whom we share a deep connection. This seems standard now, but it’s wildly different from what people did even just decades ago. Single people today have more romantic options than at any point in human history. With technology, our abilities to connect with and sort through these options are staggering. So why are so many people frustrated?Some of our problems are unique to our time. “Why did this guy just text me an emoji of a pizza?” “Should I go out with this girl even though she listed Combos as one of her favorite snack foods? Combos?!” “My girlfriend just got a message from some dude named Nathan. Who’s Nathan? Did he just send her a photo of his penis? Should I check just to be sure?” But the transformation of our romantic lives can’t be explained by technology alone. In a short period of time, the whole culture of finding love has changed dramatically. A few decades ago, people would find a decent person who lived in their neighborhood. Their families would meet and, after deciding neither party seemed like a murderer, they would get married and soon have a kid, all by the time they were twenty-four. Today, people marry later than ever and spend years of their lives on a quest to find the perfect person, a soul mate.For years, Aziz Ansari has been aiming his comic insight at modern romance, but for Modern Romance, the book, he decided he needed to take things to another level. He teamed up with NYU sociologist Eric Klinenberg and designed a massive research project, including hundreds of interviews and focus groups conducted everywhere from Tokyo to Buenos Aires to Wichita. They analyzed behavioral data and surveys and created their own online research forum on Reddit, which drew thousands of messages. They enlisted the world’s leading social scientists, including Andrew Cherlin, Eli Finkel, Helen Fisher, Sheena Iyengar, Barry Schwartz, Sherry Turkle, and Robb Willer. The result is unlike any social science or humor book we’ve seen before.In Modern Romance, Ansari combines his irreverent humor with cutting-edge social science to give us an unforgettable tour of our new romantic world.