FT Business Book of the Year

Best business books

All the books listed for the Financial Times and McKinsey Business Book of the Year Award

The Myth of the Rational Market by Justin Fox

The Myth of the Rational Market

Fox, a respected US financial journalist, covers ground that ranges from the notion of market efficiency – that market prices always incorporate all available knowledge about a security, with the corollaries that stocks will follow a “random walk” and that it is impossible to beat the market in the long term – to the panoply of models for measuring risk and pricing derivatives that came with it. — Read the complete FT review


A lively history of ideas, The Myth of the Rational Market by former Time Magazine economics columnist Justin Fox, describes with insight and wit the rise and fall of the world’s most influential investing idea: the efficient markets theory. Both a New York Times bestseller and Notable Book of the Year–longlisted for the Financial Times Business Book of the Year Award and named one of Library Journal Best Business Books of the Year–The Myth of the Rational Market carries readers from the earliest days of Wall Street to the current financial crisis, debunking the long-held myth that the stock market is always right in the process while intelligently exploring the replacement theory of behavioral economics.