Wednesday, April 16, 2014
Friedman, Fortune Tellers
Friedman accomplishes two main tasks in this book. First, he brings his characters to life, recounting their personal, intellectual, and entrepreneurial successes and travails, their pet social and political ideas—some that now seem appalling, and the battles they did with one another. Second, he describes the dominant styles of forecasting (and, by extension, investing) of the period, which remain with us today—“historical patterns, mathematical models, expectations, and empirical analogies.” (p. 210)
The book is a darned good read and belongs in the library of every investor and trader. After all, despite all protestations to the contrary, we are fortune tellers too.