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Investments Third Edition
Investments is intended primarily as a textbook for courses in investment analysis.
Our guiding principle has been to present the material in a framework that is organized by a central core of consistent fundamental principles. We make every attempt to strip away unnecessary mathematical and technical detail. and we have concentrated on providing the intuition that may guide students and practitioners as they confront new ideas and challenges in their professional lives.
Our primary goal is to present material of practical value. but all three of us are active researchers in the science of financial economics and find virtually all of the material in this book to be of great intellectual interest. Fortunately. we think. there is no contradiction in the field of investments between the pursuit of truth and the pursuit of money. Quite the opposite. The capital asset pricing model. the arbitrage pricing model. the efficient markets hypothesis. the option-pricing model. and the other centerpieces of modern financial research are as much intellectually satisfying subjects of scientific inquiry as they are of immense practical importance for the sophisticated investor.
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