Summary: In addition to reading The Skilled Investor, there is a book that is also well worth reading. “Capital Ideas: The Improbable Origins of Modern Wall Street” by Peter L. Bernstein does an excellent job of tracing the history of how scientifically based ideas have changed the securities markets.

Any investor would benefit from reading this approachable and well-written book. Capital Ideas presents the subject as a history of ideas and discusses their validation and implementation. It also helps you to understand discrepancies between established investment theories and certain widespread industry practices that persist. 

Published in 1992, Capital Ideas is still in print and is available in paperback for something over $10. This is not an esoteric book. If you read it, you will have company. The Amazon sales rank for “Capital Ideas” was #727 in March of 2005. Any book with a rank of less than a thousand on Amazon.com is being purchased by many people.

Note that The Skilled Investor receives no compensation from this book’s author or publisher for suggesting this book and has not been in contact with Peter Bernstein. The Skilled Investor suggests this book solely because it believes that this book is worth you money and your time to read it.

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