CHF19.00
Download steht sofort bereit
A comprehensive history of the evolution of technical analysis from ancient times to the Internet age 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
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,
Autorentext
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.
Klappentext
"A movement is over when the news is out," so goes the Wall Street maxim. For thousands of years, technical analysis—marred with common misconceptions likening it to gambling or magic and dismissed by many as "voodoo finance"—has sought methods for spotting trends in what the market's done and what it's going to do. After all, if you don't learn from history, how can you profit from it? In The Evolution of Technical Analysis, the director of MIT's Laboratory for Financial Engineering, Andrew Lo, and coauthor Jasmina Hasanhodzic present an engaging account of the origins and development of this mysterious "black art," tracing its evolution from ancient Babylon to the rise of Wall Street as the world's financial center. Along the way, the practices of Eastern technical analysts like Munehisa Homma ("the god of the markets") are compared and contrasted with those of their Western counterparts, such as Humphrey Neill, William Gann, and Charles Dow ("the father of technical analysis"). With deep roots in antiquity, technical analysis is part art and part science, seeking to divine trends, reversals, cycles, and other predictable patterns in historical market prices. While the techniques for capturing such regularities have evolved considerably over the centuries, the all-too-human predilection to extrapolate into the future using the past has been a constant driving force throughout history. The authors chronicle the fascinating and unexpected path of charting that likely began with simple superstitions and coincidences, and has developed into widespread practices in many markets and instruments, involving sophisticated computational algorithms and visualization techniques. The Evolution of Technical Analysis is the story of how some early technicians failed miserably, how others succeeded beyond their wildest dreams, and what it means for traders today.s
Inhalt
Introduction vii
Chapter 1: Ancient Roots 1
The Beginnings 2
Ancient Babylon 5
Ancient Greece 11
Ancient Rome 15
Negative Attitudes toward Traders 18
Chapter 2: The Middle Ages and the Renaissance 21
Western Europe 22
Technical Analysis 32
Societal Attitudes 39
Chapter 3: Asia 43
Japan 44
China 49
Chapter 4: The New World 59
Wall Street 60
Societal Attitudes 73
Chapter 5: A New Age for Technical Analysis 81
Dow Theory 82
Relative Strength 91
Market Cycles and Waves 92
Chart Patterns 94
Volume of Trading 96
Market Breadth 99
Nontechnical Analysis 99
Chapter 6: Technical Analysis Today 105
Trends 106
Patterns 109
Strength 111
Cycles 112
Wall Street's Reinterpretation of Technical Analysis 114
Chapter 7: A Brief History of Randomness and Efficient Markets 131
Prices As Objects of Study 134
The Emergence of Efficient Markets 137
What is Random? 141
Chapter 8: Academic Approaches to Technical Analysis 149
Theoretical Underpinnings 150
Empirical Evaluation 151
Adaptive Markets and Technical Analysis 161
Notes 167
Bibliography 191
Acknowledgments 199
About the Authors 203
Index 205