Heterodox Investment Theory Stochastic Predictability and Uncertaint
The best and the brightest investment gurus often rely on rational, statistical calculations of risk and return of investments. Pistorius traces their rhetoric and comes to a modest conclusion that stochastic predictability does not exist in investing. Th
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Thomas Pistorius
Heterodox Investment Theory Stochastic Predictability and Uncertainty
Thomas Pistorius Zevenbergen, The Netherlands
ISBN 978-3-319-55004-6 DOI 10.1007/978-3-319-55005-3
ISBN 978-3-319-55005-3 (eBook)
Library of Congress Control Number: 2017941716 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: Emma Hardy Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To Mieke
Acknowledgements
Creating a book version of my dissertation is the crown on my project on investment theory. The writing of a dissertation was a natural part of my Bildung, so I start with thanking my parents who have encouraged me to engage in intellectual projects like this. Nevertheless, my first thanks go to my wife Mieke, I could not have written the dissertation and the subsequent book without her support. Next, I would like to thank the staff of the part-time PhD-program at the Rotterdam School of Management at the Erasmus University Rotterdam in the Netherlands. Frits van Engeldorp Gastelaars was always ready to help and willing to share his knowledge of science and writing. Marja Flory coached me through the PhD-process and introduced me in her international academic network. I have had for example a number of talks with Deirdre McCloskey. Meeting Deirdre McCloskey, receiving her comments, and (re-)reading her work on rhetoric, writing, economics, ethics, philosophy, and history has inspired me to writing the dissertation and the book. It has been a pleasure to work with my promotor, Slawek Magala. His intellectual strength combined with his hands-on management of the PhD-process has been of benefit
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