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![The Evolution of Technical Analysis: Financial Prediction from Babylonian Tablets to Bloomberg Terminals (English Edition) par [Andrew W. Lo, Jasmina Hasanhodzic]](https://m.media-amazon.com/images/I/51HbXyA1MNL._SY346_.jpg)
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The Evolution of Technical Analysis: Financial Prediction from Babylonian Tablets to Bloomberg Terminals (English Edition) 1er Édition, Format Kindle
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Whether driven by mass psychology, fear or greed of investors, the forces of supply and demand, or a combination, technical analysis has flourished for thousands of years on the outskirts of the financial establishment. In The Evolution of Technical Analysis: Financial Prediction from Babylonian Tablets to Bloomberg Terminals, MIT's Andrew W. Lo details how the charting of past stock prices for the purpose of identifying trends, patterns, strength, and cycles within market data has allowed traders to make informed investment decisions based in logic, rather than on luck. The book
- Reveals the origins of technical analysis
- Compares and contrasts the Eastern practices of China and Japan to Western methods
- Details the contributions of pioneers such as Charles Dow, Munehisa Homma, Humphrey B. Neill, and William D. Gann
The Evolution of Technical Analysis explores the fascinating history of technical analysis, tracing where technical analysts failed, how they succeeded, and what it all means for today's traders and investors.
- ISBN-13978-1576603499
- Édition1er
- ÉditeurBloomberg Press
- Date de publication26 août 2010
- LangueAnglais
- Taille du fichier1740 KB
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Description du produit
Revue de presse
Quatrième de couverture
Biographie de l'auteur
ANDREW W. LO is the Harris & Harris Group Professor of Finance at MIT Sloan School of Management and the director of MIT's Laboratory for Financial Engineering. He has published numerous papers in leading academic and practitioner journals, and his books include The Econometrics of Financial Markets, A Non-Random Walk Down Wall Street, and Hedge Funds: An Analytic Perspective. His awards include the Alfred P. Sloan Foundation Fellowship, the Paul A. Samuelson Award, the Graham and Dodd Award, the James R. Vertin Award, and the American Association of Individual Investors Award. He is also Chairman and Chief Investment Strategist of AlphaSimplex Group, LLC.
JASMINA HASANHODZIC is a research scientist at Alpha-Simplex Group, LLC, where she develops quantitative investment strategies and benchmarks. She received her PhD from MIT's Department of Electrical Engineering and Computer Science. Her works on alternative market betas and technical analysis have appeared in leading publications, such as the Journal of Investment Management, and she is the coauthor with Andrew Lo of the book The Heretics of Finance. She also serves on the Board of Directors of the Market Technicians Association Educational Foundation.
--Ce texte fait référence à l'édition kindle_edition.Détails sur le produit
- ASIN : B0042JSMMS
- Éditeur : Bloomberg Press; 1er édition (26 août 2010)
- Langue : Anglais
- Taille du fichier : 1740 KB
- Synthèse vocale : Activée
- Lecteur d’écran : Pris en charge
- Confort de lecture : Activé
- X-Ray : Non activée
- Word Wise : Activé
- Pense-bêtes : Sur Kindle Scribe
- Nombre de pages de l'édition imprimée : 226 pages
- Pagination - ISBN de l'édition imprimée de référence : 1576603490
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This book acts as both a history of, and an argument for, technical analysis. As far as the history element is concerned, it is far too detailed. I cannot imagine what sort of reader would have any interest in such micro-information. I have little doubt that it is well researched, but the early chapters had me thinking of that famous Wendy's advertising strapline - "Where's the beef?"
The book presents a reasonably robust argument for the strengths of technical analysis, citing frequently the work of one of the authors, Lo. In my view, though, there is a yawning gap in its failure to consider the evolution of both quantitative analysis and high frequency trading. Quant funds are equipped with computational power, trading software and financial and non-financial databases vastly in excess of anything available to the typical technical analyst. Since these resources are capable of matching anything a technical analyst can do and of executing the prescribed trades almost instantaneously, what scraps are left on the table for the everyday technical analyst?
The omission of this issue is what makes me reluctant to award the fourth star. However, I (mostly) enjoyed reading the book and I suspect that I shall dip back into it from time to time, so the fourth star stands.

The Good:
This is a pure history book. You will not find any guidance for application of technical analysis here.
The authors regard technical analysis with sufficient objectivity to acknowledge its potential value.
If you do not have an MBA in Finance, the overview of the history of EMH and Random Walk as two related yet distinct theories is worth the price of the book. The authors are steeped in the theories of modern finance and their discourse thereon is brilliantly written. This was by far my favorite part of the book.
The Bad:
The authors freely admit they are writing about technical analysis from the perspective of outsiders (though they work together managing nearly a billion bucks using quantitative and possibly even technically based strategies, and are regarded by technicians as the tip of the spear among academics advancing the cause of TA). If you are a well-read technician, perhaps a professional one, you will not find any new revelations in the historic review of technical analysis. You probably have been exposed to the important historic information in the classics already on your technician's bookshelf. More importantly, I was disappointed the material was not better organized, and that the essence of certain historic figures' body of work were not presented in a more unified, coherent way.
The Ugly:
If you are not a well read technician, you may not realize how jumbled this book can be.
The other disappointment of the work is that an enormous amount of exposition is devoted to discussing the development of commerce, the discovery of price records, and the supposition that since such records are found, it is natural to assume they were used for technical analysis. However, only the surface is scratched here. Lastly, the authors tend to give undue emphasis to various categories of non-technicians' disdain, ostracism of, disregard for, and general ignorance of technical analysis. They use much more polite language in citing research that discredits the EMH.
In conclusion:
This book represents a very, very important first step in assembling the history of technical analysis into a single volume. I am grateful to the authors for having undertaken it. However, it is not a "definitive" or "authoritative" reference that blocks out the need for others to write history books in the same vein. It can be used either to round out some missing history details for you, to identify some research you might have overlooked, or to give you an idea of the role of price in the grand arc of economic history. The authors are to be commended for creating what may be the first pure-play history book on technical analysis. Hopefully more will follow.
