Interesting finance book review: A Call for Judgment

In summary, the reviewer finds the book interesting and would like to hear what other quants think of it.
  • #1
StatGuy2000
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Recently, I came across this review by Cosma Shalizi, a statistics professor at Carnegie Mellon (and who was trained as a physicist, with a PhD focusing on research in statistical mechanics and complex systems), of a book titled "A Call for Judgment" by Amar Bhide, a law professor at Tufts University.

http://masi.cscs.lsa.umich.edu/~crshalizi/reviews/bhide-contra-finance.html [Broken]

As someone who does not work in or specialize in finance, I'm not particularly qualified to comment on either the review or the book, but I know that there a number of quants here on this forum (I'm thinking of twofish-quant in particular), and would like to solicit opinions here on this forum.
 
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  • #2


This is interesting. So far, this particular post had over 200 views but not one reply. Perhaps this may be due to family activities during the holidays.
 
  • #3


StatGuy2000 said:
This is interesting. So far, this particular post had over 200 views but not one reply. Perhaps this may be due to family activities during the holidays.

I'm no finance wizard, but why don't you start with telling us why you feel the review is interesting :)
 
  • #4


Greg Bernhardt said:
I'm no finance wizard, but why don't you start with telling us why you feel the review is interesting :)

Well, to start with, the reviewer is a physicist-turned-statistician with an interest in complex systems, and he periodically reviews books which are of professional interest to him, and I suspect also to a significant proportion of the audience for Physics Forums.

Furthermore, the book itself involves a discussion about the theory and practice of modern finance, and given that we have a number of people who are quants (and who were once trained as physicists), I would be curious to read what their opinions are regarding either the book or the reviewer's assessment of the book or its subject matter.
 
  • #5


Thank you for sharing this review and for inviting opinions from fellow scientists on this forum. I believe it is important to critically evaluate and question ideas and concepts, especially in fields that may not be our area of expertise. I find it interesting that a statistics professor and a law professor are both discussing finance, which highlights the multidisciplinary nature of this field.

Having read the review, it seems that the book raises important points about the limitations of mathematical models in finance and the need for human judgment in decision-making. As scientists, we are trained to use data and models to understand complex systems, but we also understand the importance of incorporating human judgment and critical thinking in our analyses.

I am not familiar with the book or its author, but I believe that it is valuable to consider different perspectives and critiques in any field, including finance. It is also important to recognize the role of biases and limitations in our own thinking and decision-making processes, and to continuously reassess and improve our approaches.

Overall, I think this review and book bring up important discussions and considerations in the realm of finance, and I look forward to hearing the opinions of fellow quants on this forum.
 

1. What is the main premise of "Interesting finance book review: A Call for Judgment"?

The main premise of the book is that traditional financial models and systems are not sufficient for making sound investment decisions, and that a combination of data analysis and human judgment is necessary for successful investing.

2. What makes this finance book different from others on the market?

This book stands out because it challenges the conventional thinking in finance and offers a new perspective on decision-making in the industry. It also incorporates real-world examples and practical strategies for applying the concepts discussed.

3. Is this book suitable for non-finance professionals?

Yes, this book is written in a way that is accessible to readers from various backgrounds and does not require a deep understanding of finance. However, some basic knowledge of financial concepts may be helpful in fully understanding the content.

4. Can this book be applied to different types of investments?

Yes, the strategies and principles discussed in the book can be applied to various types of investments, including stocks, bonds, real estate, and more. The focus is on decision-making and judgment, which can be applied to any investment opportunity.

5. What are some key takeaways from "Interesting finance book review: A Call for Judgment"?

Some key takeaways include the importance of incorporating both data analysis and human judgment in decision-making, the limitations of traditional financial models, and the need for adaptability and flexibility in the face of uncertainty and changing market conditions.

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