Market-prices
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Great Collectors Guide
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A "simple" economic problemso far has had less successes
than other sciences, such as for instance physics,
because it has to deal with problems of
greater complexity. However, it seems that economists have
made little effort to rank economic problems according
to their level of complexity.
In this book, from the
very outset, the author selects a question which may
be seen as one of the "simplest" problems in economics.
Why?
Instead of considering the question of
price determination on one market
which depends upon all the numerous factors which
affect demand and supply, the author concentrates his
attention on the RELATIVE price differences between
several (spatially separated) wheat markets.
In such a way, all the factors
affecting demand/supply are so to say brushed aside.
The book first develops a very simple model which
describes the process of spatial arbitrage, that is to say
the decision to buy on a more distant market whenever the
price on that market added to the transport cost is smaller
than the price on nearer markets.
The model is first used to compare prices on only two
markets. Even in this simple form it permits
several predictions which are matched by observation.
In subsequent chapters the model is extended to
the case of N spatially separated markets and this
discloses the existence of a pattern of
prices WAVES hidden behind more of less erratic
price fluctutations due to random exogenous shocks.
Such price waves are indeed observed provided the
data are sufficiently "fine grained" in space as
well as time.
This is an elegant solution to the fundamental
problem of understanding the interactions between
N markets trading in the same commodity.
An incredibly insightful read. Highly recommended.

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This book was the best of the whole "Hal & Roger" series!!
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Limited geographical appeal
"...the Price of Truth"
The Road to HellBut no one ever mistook Chicago for an ideal world. Mob hit men execute people for transgressions large and small, crooked cops bury the evidence and when the evidence eventually surfaces, crooked judges ignore it and their duty to the law.
This book takes us through the hell that was Bob Lowe's life after he witnessed a mob execution on Chicago's west side. The price this man had to pay for his devotion to doing the right thing is heartwrenching and inexcusable. An incredible story. Possley deserves credit for persuading Lowe (and others) to tell it, and Possley and Kogan lay the story out in a straightforward fashion, without stooping to melodrama or false sentiment. Lowe's adherence to doing the right thing is heroic, but sadly, the stronger message that comes from this book is that doing the right thing is always the best thing, especially when you have to place your trust in an inefficient and corrupt judicial system.

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Thundering good read!
Fantastic introduction to Victorian mystery seriesI also liked the romance which developed between Charlotte Ellison and Thomas Pitt, and found it entirely believable. Anne Perry pulls it off, despite Charlotte and Thomas being from different classes, because she had the foresight to make Charlotte something of a social misfit. She was honest. She said precisely what was on her mind without considering what the listener wanted to hear. She did not accept the double standard of behavior that her family, friends, and neighbors subscribed to (one set of rules for men, another more strigent set of rules for women). She read the newspapers and "unfeminine" books on topics such as military history to the shock and horror of her family and friends. All of these things made her, as her mother put it, "a liability on the marriage market". She would not attract a suitor of her own class (nor of the aristocracy nor gentry). The only option (not spoken of in the novel) is for her to marry down socially, but she also gains far more emotionally from her relationship with Thomas. She has found someone she can love and respect, and who loves and respects her in return. Thomas is also something of a social misfit as well. Anne Perry accomplishes this by making him a member of the servant class by birth, but because he was educated side by side with the Lord of the manor's son, he, too, does not quite "fit" neatly into one class or another. A good example of Thomas being not quite in the class that people expect is how his voice and appearance are described. In the Victorian era, as well as now, voice (and diction) are a good indication of class. Thomas, because of his education, did not sound like a servant or a tradesman (which is how policemen were ranked socially). The development of their relationship was also well done. There is no rush to sexual relations. The dislike that Charlotte and Thomas initially feel for eachother changes to respect, admiration, and finally each acknowledges their love for eachother. It was nice to see how Charlotte came to change her feelings about Thomas. The main characters actually get to know eachother beforehand!
The ending was also a bit of a surprise--the murderer was not the obvious suspect, and the reason for the murders was unexpected. This novel was enjoyable all around. Highly recommended.
An Intriguing Start to a Brilliant SeriesThis book is the first book in the popular Charlotte and Thomas Pitt mystery series and will have you running to the bookstore to get the second installement(if not the whole series, like me!) The Carter Street Hangman is a fabulous start to a wonderful collection of crime mysteries.
What I found so refreshing about this book was that fact that it was so calm, so sophisticated. Because of it's Victorian setting there were no gunshots, no foul language or explicit sex scenes. Even though the characters were watching their servants, neighbors and family members die at the hands of a madman, they remain composed and somewhat calm. The high society Ellison family faces these deaths with a sense of purpose as well as dignity.
The romance between Charlotte Ellison and police officer, Thomas Pitt begins to take place in this book, and by the end pages a true partnership is made. The sweet love affair between these two characters lends an enchanting twist to the story.
Historical fiction and mystery lovers, you will find the perfect mix of both genres in this book. Read it and see for yourself.

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The Tell Tale HeartSo read Poe - and you'll be equally horrorfied and entertained forevermore!
One of horror's finest...
Aaron's Corner

Please stop the senseless violence!!!
A Great Book
A Great Book
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Gritty and Honest Fictional Portrayal Of Drug Dealer's World
Brilliant, an excellent piece of Literature
An unconventional murder mystery with street credibilityAll of Clockers' characters were realistically flawed, able to invoke both sympathy and disgust. Strike, the ulcer-stricken dealer, was in constant turmoil as he struggled between trying to earn enough from his illicit trade to get out of it, and attempting to help others avoid being dragged into the same web. Rocco, the homicide detective and delinquent family-man, had a love-hate relationship with his work, and sought a mission through which to justify his continued involvement in the force. Victor (Strike's brother) was an honest, hard working black man who had risen above the allure of the street life around him, but wrestled with his own demons and internal sense of justice. Everyone's paths met with the murder of a lesser character, at which point the cat and mouse game was afoot.
Lesser, but no less interesting plot lines abound: Strike's education of his would-be apprentice, Tyrone; Strike's efforts to free himself from an unhealthily dependent relationship with drug kingpin Rodney; and Rocco's schoolboy interest in being shadowed by a cocksure filmmaker with an interest in a police picture. Also fascinating and seemingly credible were the lessons in police and ghetto-civilian dealings: crooked cops being paid for protection; dealers ratting on one another to escape arrest; and unlikely, yet highly effective, working relationships between cops and dealers born from years of coexistence. Lastly, the issues broached by Clockers are current by today's standards, including AIDS, the questionable efficacy of drug busts, and the shiftlessness of ghetto kids who turn to pushing in the absence of concerned adults.

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Huston Scores Another Solid Hit!Like Balance Of Power, The Price Of Power is a political/military thriller that grabs your attention right from the start and never lets go. The action is electrifying, the characters are very well- developed and the dialogue is crisp and realistic. You could almost envision seeing and listening to Bill Clinton in some respects if you try real hard. While 501 pages in length, there isn't one page that you'll be sorry you read.
The Price Of Honor is a book you won't want to miss. But do yourself a favor and read Balance Of Power first. Enjoy them both!
"A Solid Sequel"
"Thrilling Page Turner !"
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Why Stock Markets CrashThe book attempts two difficult challenges: first to model the potential timings of instabilities conducive to crashes in financial markets, and second to describe both the resulting models and their underlying phenomena intelligibly to the lay reader unfamiliar with much, or even all, of the mathematics involved. I found the author remarkably successful on both counts. The book reads uncommonly well provided one does not get distracted by the inevitable unfamiliarity of some of the mathematical terms, and in support of its main argument presents a wealth of interesting and uncommon information. Importantly, it also reflects a familiarity with the realities of financial markets, typically lacking in academic studies of market phenomena.
This appraisal will not be shared by all readers. If you are a fan of Kramer and Kudlow or prefer information about financial markets in sound bites from CNBC, or if you are looking for specific guidance on how to make money in markets, this book is not written for you. Furthermore, the book contains references to a considerable amount of serious mathematics which is likely to annoy some fraction of its readership. This can be circumvented, as suggested, by simply skimming whatever is unfamiliar. What is missed will have been addressed to a different audience, and not much of relevance will be lost. However, if you are frustrated by (or hostile to) unfamiliar mathematical terms and references, however inessential to the gist of the argument, best give it a pass.
For the rest, this is a deep study of engaging interest which repays more than one reading.
New Insights into Market DynamicsTo give you a flavor of the book's perspective, consider what happens during a typical day in the market when all of the momentum players, trend spotters, value hounds and growth seekers meet up with each other via buy and sell orders. Typically, the market doesn't move very much, though billions of trades execute. As the author explains, this is possible only through what may be described as complete chaos. That is (simplifying here), for every person who thinks the price is going to fall, and acts on it, there is someone who must be doing the exact opposite. So, the market is stabilized only through complete disagreement (disorder). It's those rare times when agreement (order) rules the day that you get HUGE market swings. The good news is that order is something we can wrap our minds around, identify driving forces, build models, and make predictions -- and this book does all that.
There are not many equations in this book, and you can skip them without losing lock on the book's theme. The concepts and tools covered in this book are at the cutting edge of science and probably new to you, but new analytical insights are valuable, and the author explains them all in layman's terms. I look at this book as a scientific study into Warren Buffet's statement that money managers are "lemmings".
An Engaging and Thought-Provoking WorkFunny thing though, this was not written by an economist, but by a geophysicist.
It seems physicists and psychologists in particular are writing more interesting economics books these days than economists themselves.
The core focus of the book is a derivation of a market model that includes value investors, momentum investors and the herding effect of individual economic agents acting in a world of partial information. The final model is stunning.
Sornette points out the main problem with predicting bubbles: even if all the signs say "yes," there is still a pretty good chance that the bubble will be self-correcting. Turns out chasing market bubbles is a little like chasing soap bubbles - they may simply disappear at any moment. Thus, the book and the model are of limited use in any type of market timing. Indeed, the model suggests that the market should now be in the tank, and yet it continues to hover on the higher side of its expected range.
As much as I loved the book, there was a slight aftertaste that this was all nothing but a very mathematical and high-minded type of technical analysis. That at base, when all was said and done, this was not all that different from the various "tools" in the chartist's handbook, e.g. MACD, RSI and OBV, etc., etc., etc. The difference may be solely that Sornette knows his statistics and would easily and readily dismiss any model which did not perform significantly different from chance.
Finally, this book will have you trotting out your old high school calculus book. It brought back memories of just how much fun mathematics can be.
All in all - I give it 5 stars.