Here are 100 books that The Random Character of Stock Market Prices fans have personally recommended if you like
The Random Character of Stock Market Prices.
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I’ve always been fascinated by the quest to understand how nature works and to find patterns amid complexity. This drew me towards physics, which seemed unparalleled in its ability to uncover general rules. In contrast, biology seemed merely descriptive, and despite a fondness for wildlife, I stayed away from the subject in school. It turns out, however, that physics and biology are perfect companions; a whole field, biophysics, explores how physical principles are central to the workings of living things. I became a biophysicist, researching topics like the organization of gut microbes and teaching and writing about biophysics more broadly, at scales from DNA to ecosystems.
This isn’t a book about biology, but it makes the list anyway. Genes, chemistry, and mechanics stretch our conception of life. Still, there’s more needed to make sense of it all: the emerging understanding that dynamic interactions, feedback loops, and a bit of randomness make life alive. We need more books that lay this out; this was one of my motivations for writing my book.
Philip Ball’s very recent How Life Works seems masterful, and I’m sure it would make this list if I were writing a month or two later, after I’ve finished reading it. But since I can’t list either my book or his, I’ll list Gleick’s book, one of the best popular science books ever. It dives into the science of order and chaos, from the turbulence of Jupiter’s red spot to the unpredictability of weather, with a bit of biological pattern formation in the mix.…
Uncover one of the most exciting frontiers of modern physics in this fascinating, insightful and accessible overview of Chaos theory.
'An exceedingly readable introduction to a new intellectual world' Observer
From the turbulence of the weather to the complicated rythmns of the human heart, 'chaos' is at the centre of our day to day lives. Cutting across several scientific disciplines, James Gleick explores and elucidates the science of the unpredicatable with an immensely readable narrative style and flair.
'An awe-inspiring book. Reading Chaos gave me the sensation that someone had just found the light-switch' Douglas Adams
I believe that knowledge is power. Understanding how something works leads to practical applications. In markets, I believe you should develop your own ideas on how to invest rather than being told. After all, how can you profit if you’re doing what everyone else is doing? Markets are efficient enough to give an opportunity to everyone but advantage to no one, unless you do something different than the crowd. My list is designed to give you information to develop investment strategies based on chaos theory, complexity, and fractals. It is not designed to tell you how to invest.
Readers of this list may be surprised that there are no books by Benoit Mandelbrot, the father of fractals. I found his books fascinating but frustrating. Feder’s book, by contrast, was readable and usable.
This book taught me how to do fractal analysis. While Feder’s book has nothing to do with markets, it has everything to do with applications. While I reuse much of Feder’s methodology in my books, readers will find it useful to see other practical applications of fractal analysis.
This lovely little book will take off and fly on its own power, but the author has asked me to write a few words, and one should not say no to a friend. Specific topics in fractal geometry and its applications have already benefited from several excellent surveys of moderate length, and gossip and preliminary drafts tell us that we shall soon see several monographic treatments of broader topics. For the teacher, however, these surveys and monographs are not enough, and an urgent need for more helpful books has been widely recognized. To write such a book is no easy…
I believe that knowledge is power. Understanding how something works leads to practical applications. In markets, I believe you should develop your own ideas on how to invest rather than being told. After all, how can you profit if you’re doing what everyone else is doing? Markets are efficient enough to give an opportunity to everyone but advantage to no one, unless you do something different than the crowd. My list is designed to give you information to develop investment strategies based on chaos theory, complexity, and fractals. It is not designed to tell you how to invest.
Fractals are a combination of chance and rules, randomness and order. This book gives us multiple examples of how important randomness and uncertainty are to evolution, adaptability, and innovation.
This book is not about the markets, but it does show us how the element of uncertainty that cannot be eliminated from investing is crucial to the functioning of markets and other non-linear dynamical systems. Since risk and uncertainty are closely tied, understanding how chance functions in the development of markets will help in the development of market strategies.
Using game theory and examples of actual games people play, Nobel laureate Manfred Eigen and Ruthild Winkler show how the elements of chance and rules underlie all that happens in the universe, from genetic behavior through economic growth to the composition of music. To illustrate their argument, the authors turn to classic games--backgammon, bridge, and chess--and relate them to physical, biological, and social applications of probability theory and number theory. Further, they have invented, and present here, more than a dozen playable games derived from scientific models for equilibrium, selection, growth, and even the composition of RNA.
I believe that knowledge is power. Understanding how something works leads to practical applications. In markets, I believe you should develop your own ideas on how to invest rather than being told. After all, how can you profit if you’re doing what everyone else is doing? Markets are efficient enough to give an opportunity to everyone but advantage to no one, unless you do something different than the crowd. My list is designed to give you information to develop investment strategies based on chaos theory, complexity, and fractals. It is not designed to tell you how to invest.
The Austrian School of Economics has been completely non-mathematical. Yet their concepts have direct analogies to complexity theory. Reading this book gives you fundamental economic ideas that tie back to the mathematical foundations of complexity, chaos, and fractals.
When dealing with markets, which are made up of people, after all, I have always found that basing your ideas on behavior rather than pure mathematics is always the way to go. Otherwise, you will not know when the markets have changed, and your ideas may no longer work.
This book also brings us back to the idea of cycles and explains them in an intuitive way. O’Driscoll and Rizzo also write well, so this isn’t a dry academic overview. It is a book that gives you both theory and intuition.
The Economics of Time and Ignorance is one of the seminal works in modern Austrian economics. Its treatment of historical time and of uncertainty helped set the agenda for the remarkable revival of work in the Austrian tradition which has led to an ever wider interest in the once heretical ideas of Austrian economics. It is here reprinted with a substantial new introductory essay, outlining the major developments in the area since its original publication a decade ago.
I’ve been teaching physics applied to biology for decades. When working at the National Institutes of Health, I realized that most biologists don’t know physics. While I appreciate the complexity that evolution generates, I find the simplicity and generality of physics in explaining life to be amazing and captivating. When I taught biological physics to undergraduates at Oakland University, I strived to find elementary “toy” models that the students could analyze and that provided valuable insight. The books on this list all adopt a similar point of view: physics provides unity to the diversity of life.
Diffusion is rarely taught in physics classes, yet it’s so important for biology.
I love Howard Berg’s first sentence: “Biology is wet and dynamic.” Few authors can make mathematics so engaging and meaningful.
This book is one of those little books that have a big impact. Diffusion is most important at small scales, so get ready to enter the fascinating realm of swimming bacteria and ions moving across cell membranes.
This book is a lucid, straightforward introduction to the concepts and techniques of statistical physics that students of biology, biochemistry, and biophysics must know. It provides a sound basis for understanding random motions of molecules, subcellular particles, or cells, or of processes that depend on such motion or are markedly affected by it. Readers do not need to understand thermodynamics in order to acquire a knowledge of the physics involved in diffusion, sedimentation, electrophoresis, chromatography, and cell motility--subjects that become lively and immediate when the author discusses them in terms of random walks of individual particles.
When people ask me why I became a statistician, and what its attraction is, I simply tell them that, using statistics, I have been on voyages of discovery and travelled to worlds they didn’t know existed. Using data and statistical methods instead of light and optics, I have seen things others could not imagine. Like an explorer of old, I have joined adventures peeling back the mysteries of the world around us. In my books on statistics, data science, data mining, and artificial intelligence, I have tried to convey some of this excitement, and to show the reader how they too can take part in this wonderful modern adventure.
This is my go-to book for when I need to find proofs or examples of the theory or applications of probability. It’s an old book now, but it remains unsurpassed as an outline of the foundations of classical probability theory. The preface to the second edition says “in addition to an unexpected number of users, the book seems to have found friends who read it merely for fun; it is most heartening that they range from pure mathematicians to pure amateurs”. And that must surely be exactly right: I find myself re-reading it because of the insights and perspectives it sheds.
A complete guide to the theory and practical applications of probability theory
An Introduction to Probability Theory and Its Applications uniquely blends a comprehensive overview of probability theory with the real-world application of that theory. Beginning with the background and very nature of probability theory, the book then proceeds through sample spaces, combinatorial analysis, fluctuations in coin tossing and random walks, the combination of events, types of distributions, Markov chains, stochastic processes, and more. The book's comprehensive approach provides a complete view of theory along with enlightening examples along the way.
I have over four decades of experience working and innovating in the financial markets and have been a prolific contributor to academic and practitioner finance literature. I started my career at Salomon Brothers in 1984, where I became a managing director in the bond-arbitrage group, and in 1993 I was a co-founding partner of the hedge fund Long-Term Capital Management. I founded Elm Wealth in 2011 to help clients, including my own family, manage and preserve their wealth with a thoughtful, research-based, and cost-effective approach that covers not just investment management but also broader decisions about wealth and finances.
This book by "Adam Smith" (a tongue-in-cheek pseudonym) is a witty, irreverent dive into Wall Street's chaotic world. I was continuously laughing and learning both times I read this book.
It exposes the madness and irrationality of the financial decision-making of many market participants while debunking common myths and "get rich quick" schemes. I was left with a much deeper understanding of the actual game that is being played below the surface.
It was one of the first books that explained to me how "winning" doesn't always mean making the most money. It made me a much more aware investor. This unconventional book was decades ahead of its time, and it’s a fun, short, and highly worthwhile read.
“The best book there is about the stock market”—timeless investing basics by the host of the Emmy Award–winning show Adam Smith’s Money World (The New York Times Book Review).
This essential book takes readers to the Street to learn about the intricacies of money and how the stock market impacts every area of our lives. According to the author, the key to making wise, lucrative investments is knowing ourselves. In witty, easily accessible language, he shares pithy insights about the role of intuition and the psychology of guilt, arguing that there is no substitute for information. Smith’s Irregular Rules shatter…
I have taught undergraduate and PhD students physics and biophysics for 36 years, and I never get tired of it. I always look for hot new topics and everyday things that we all see but rarely notice as interesting. I also look for “how could anything like that possibly happen at all?”-type questions and the eureka moment when some idea from physics or math pries off the lid, making a seemingly insoluble problem easy. Finally, I look for the skills and frameworks that will open the most doors to students in their future work.
Throughout science, math, finance, and your personal life… underlying almost everything is the concept of a random walk. I love how Mlodinow builds our intuition for this simple yet subtle idea. Yes, the expectation may be zero, but the variance grows without limit—it took me years of study to truly feel that statement and others in my bones, but Mlodinow shows this and much more through vivid, often hilarious examples. It is no exaggeration to say that after Chapter 6, you will understand conditional probability—where so many of us stumble when we think about real situations—better than you would after a whole course on statistics.
And although this is a science book, I challenge anyone to read the last five pages and end up dry-eyed. Years later, as I reread them, the impact is undiminished.
Leonard Mlodinow's The Drunkard's Walk: How Randomness Rules Our Lives is an exhilarating, eye-opening guide to understanding our random world.
Randomness and uncertainty surround everything we do. So why are we so bad at understanding them?
The same tools that help us understand the random paths of molecules can be applied to the randomness that governs so many aspects of our everyday lives, from winning the lottery to road safety, and reveals the truth about the success of sporting heroes and film stars, and even how to make sense of a blood test.
The Drunkard's Walk reveals the psychological illusions…
In today’s tech-obsessed world, social media may well be the perfect platform to showcase the world’s beauty to armchair travelers across the globe, but travel is so much more than just getting that perfect Instagram shot. Travel should be meaningful. It should excite and inspire you, rejuvenate and ground you, educate and challenge you, and most importantly, humble you. Travel gives us our most wondrous stories, our most cherished memories, and countless irreplaceable learnings that we can choose to pay forward to others. It teaches us about ourselves and each other, it broadens our horizons, and, just like a reset button, it forces us to refocus on what matters.
Cuba occupies a place of undisputed fascination in the American psyche. This island nation remains a mystery to most Americans despite its proximity to America. Few Americans have traveled to Havana, and still fewer have traveled deeper into this isolated country.
Chris Messner, a photographer, is one of the few Americans who have been able to travel extensively throughout this island. In his book, Cuba Open from the Inside, Messner documents the character of Cuba's people, its rich history, and the country's vast culture.
As Cuba's leaders age and the possibility of travel to Cuba increases, this book acts as an exceptional resource for would-be travelers. Through multiple journeys, Messner has covered more than 4,000 miles on the back roads of Cuba. Through his words and pictures he provides a snapshot of this island nation and documents the Cuba of today—the 1950s time capsule country located 90 miles from…
Cuba occupies a place of undisputed fascination in the American psyche. Despite its proximity to America, this island nation remains a mystery to most Americans. Few Americans have traveled to Havana, and still fewer have traveled deeper into this isolated country.
Chris Messner, a photographer, is one of the few Americans who have been able to travel extensively throughout this island. In his book, "Cuba Open from the Inside," Messner documents the character of Cuba's people, its rich history, and the vast culture of the country.
As Cuba's leaders age and the possibility of travel to Cuba increases, this book…
I’ve always been driven by curiosity about other cultures. I grew up in Germany but became restless and studied in Italy before moving to the United States. Some of the texts I recommend here I discovered while working on the Norton Anthology of World Literature. When I began this work, I realized just how narrow my own education had been and spent the next several years reading world literature and world culture. Ever since, I’ve been on a mission to expand how culture is taught. This is why I became an academic: to excite students about world culture.
The Chauvet Cave in Southern France is a unique time capsule that gives us a glimpse into the imaginary world of humans living 30,000 years ago.
Dawn of Art is written by those who discovered the cave and recognized it as the earliest masterpiece of human-made art.
What I found most fascinating about the cave as described in this book is the fact that humans decorated it over a period of thousands of years, perhaps as many as two hundred generations.
This is a remarkable achievement of collective artmaking, with one generation passing down the required artistry to the next generation. It made me wonder whether we have lost the reverence for the past that our distant ancestors must have possessed.
An intriguing study of the early evolution of human artistic endeavors focuses on recent discoveries in the Chauvet cave, Stone Age paintings and engravings of animals that are more than thirty thousand years old. BOMC Div. Natural Science Main.
