文档介绍：, THE
ALCHEMY
READING THE MIND OF THE MARKET
E SOROS
NEW PREFACE FOREWORD BY PAUL TUDOR JONES 11
,crP*
John Wiley & Sons, Inc.
New York Chichester Brisbane Toronto Singapore
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' TO SUSAN,
without whom this book would have been ready much sooner
A number of people have read all or part of the manuscript at vari-
ous stages of its development. They are too numerous to be listed,
but I want to thank them all for their help and criticism. Byron
Wien, in particular, has gone beyond the call of duty in reading and
commenting on, the manuscript at three different stages of develop-
ment. Special thanks are due to Antonio Foglia, who generated the
graphics that illustrate the real-time experiment. Larry Chiarello
supplied the figures.
I also want to thank the team that contributed to the perform-
ance of Quantum Fund during the experiment: Bill Ehrman, Gary
Gladstein, Tom Larkin, Robert Miller, Steven Okin, Joe Orofino,
Stephen Plant, Allan Raphael, and Anne Stires.
More ebooks visit: inal english ebooks
This file was collected form the , the author keeps the copyright.
More ebooks visit: inal english ebooks
This file was collected form the , the author keeps the copyright.
'I CONTENTS
Foreword 1
Preface 4
: Introduction 11
I
Part I
THEORY
1. The Theory of Reflexivity
Anti-equilibrium 27
The Problem of Imperfect Understanding 31
The Problem of the Social Sciences 34 e
The Participants' Bias 40
The Concept of Reflexivity 41
Reflexivity versus Equilibrium 43
2. Reflexivity in the Stock Market
3. Reflexivity in the Currency Market
4. The Credit and Regulatory Cycle
Part I1
HISTORICAL PERSPECTIVE
5. The International Debt Problem
6. The Collective System of Lending
7. Reagan's lmperial Circle
8. Evolution of the Banking System
9. The