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22-Feb-08
Michael Shermer's new Book: The Mind of the Market
Shermer is a skeptic, and a devout libertarian. I had previously read his work, Why People Believe Weird Things, which I found interesting and entertaining, so when I saw this, especially given the title, I decided to take a run at it. I rather expected the focus to be on Behavioral Finance, but he only touches on that now rather common ground briefly. The main thread, throughout, is what he sees as the evolutionary origin of just about everything we do, whether altruistic or selfish, as individuals, in groups, in the market, etc. He presents a fair amount of evidence in support of an evolutionary basis for altruism and cooperative behavior, and for bottom up (as opposed to paternalistic) self-organized societies, institutions, markets, etc. As for the direct relevance of all of this to trading, I'd be hard pressed to give any examples. So, it was interesting, but not quite what I was expecting!
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