Free Ebook Devalued and Distrusted: Can the Pharmaceutical Industry Restore its Broken Image?

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Devalued and Distrusted: Can the Pharmaceutical Industry Restore its Broken Image?

Devalued and Distrusted: Can the Pharmaceutical Industry Restore its Broken Image?


Devalued and Distrusted: Can the Pharmaceutical Industry Restore its Broken Image?


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Devalued and Distrusted: Can the Pharmaceutical Industry Restore its Broken Image?

Review

"Oz should invite LaMattina back on his show.  Since LaMattina treats all concerns respectfully, Oz needn’t worry about feeling devalued or distrusted."  (Barron's, 5 May 2014) “This is an honest book by an insider who believes in the basic good that the industry does.”  (The Quarterly Review of Biology, 1 September 2013) “Summing Up:  Recommended.  General audiences.”  (Choice, 1 September 2013) “For those more loosely associated or aspiring to work with in it, I particularly recommend this book as a balanced and informative read on the pressures the industry faces. It should also provide the basis for more reasoned argument and forewarn anyone else potentially ambushed by a TV show.”  (ChemMedChem, 19 July 2013) “That said, the suggestions made by LaMattina for improvements in productivity and transparency are timely, and the book makes interesting if unexciting reading.”  (Chemistry & Industry, 1 June 2013) “John LaMattina (ex-head of Pfizer's global R&D) has a new book out about the industry, called Devalued and Distrusted.  He tells Pharmalot that he got the idea to write a sequel to his earlier book, Drug Truths, when he appeared on the "Dr. Oz" show.”  (In The Pipeline, 1 December 2012)  

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Review

“ … the book is laden with so many facts, critical insights and pearls of wisdom that it deserves the attention of a wide audience, from lay people to professionals in R&D, medicine, government, business and mass media. Dr. LaMatina has performed a public service by drawing on his broad experience to clarify the issues and the many challenges that have to be faced if progress in therapeutic molecular medicine is to continue, and to illuminate the ongoing tensions that are bound to arise with ever increasing risks and costs in pharma and biotech R&D, never-perfect new medicines and constantly rising consumer expectations and government involvement.”—E J Corey, Harvard University

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Product details

Paperback: 136 pages

Publisher: Wiley; 1 edition (January 9, 2013)

Language: English

ISBN-10: 1118487478

ISBN-13: 978-1118487471

Product Dimensions:

6.1 x 0.4 x 9.2 inches

Shipping Weight: 4 ounces (View shipping rates and policies)

Average Customer Review:

4.0 out of 5 stars

14 customer reviews

Amazon Best Sellers Rank:

#1,539,909 in Books (See Top 100 in Books)

My brain is aware of what this book calls sedation, dry mouth, and arrhythmia as side effects from some medications that I associate with people in Minneapolis who thought I was crazy and tried to turn me into a highly medicated individual. Our society functions on high mobility, but those who are not mobile try to avoid phone conversations with anyone who is likely to tell us to call 9-1-1 to be taken to someplace where we will be treated for derangement. The F.D.A. failed to approve a combination drug that fools the brain into thinking anything sweet is unappetizing because symptoms arising from old man fat dread are not always the best way to get our society to only 500,000 first-time heart attacks each year. LaMattina calls himself a senior partner who would have occupational glee if only 500,000 Americans had a first-time heart attack each year because they take enough statins to keep from having 510,000 heart attacks. Millions of Americans would be taking pills to reduce the risk factors associated with the way Americans live, eat, and throw what they are not using right now in the trash.In my lifetime, institutional thinking has assumed that hundreds of millions of Americans can be treated like patients so hundreds of thousands will have extra years of life. I took beta blockers to slow my heartbeat so the heart muscle would not have fatal arrhythmia before I had lived a normal lifespan. I seem young now compared to old people walking around like zombies on pacemakers and former stroke victims. The F.D.A. wants 10,000 users of a new drug to live long enough for five years of test results before we get new forms of brain control that reduce diabetes, cardiovascular events, and the terror of meaningless activities becoming expenses of the last illness that reduce estates.

John LaMattina's lengthy career in the pharmaceutical industry had prepared him for close encounters of many kinds, but nothing could have prepared him for his encounter with Dr. Oz. Perhaps it was ignorance that led him to believe that his appearance on one of Dr. Oz's television segments would be relatively benign, but he had another thing coming. Next time, no doubt, LaMattina will ask questions. A lot of them. Undoubtedly shock set in once he realized that he, along with big pharma, was the target of the day. Monstrous villains, evil money-mongers who were only out for one thing ... themselves and that buck. Right on down the yellow brick road LaMattina went in an effort to explain away the "Four Secrets That Drug Companies Don't Want You to Know."The statements, of course, were inflammatory and LaMattina answered them as best he could. The audience reaction clearly indicated that the questions needed further explanation. This book is a result of those four questions. I had only one problem with this book and that was to keep people from walking off with it before I had finished it. It is not a lengthy tome and in fact it can be read in a day if one is so inclined. It is written with the layman in mind, yet has sufficient references for those who wish to explore the topic further. The risks to the public, who may have decided to discard prescribed medications as a result of the show, were plentiful. LaMattina lamented that "oftentimes diet and exercise are not sufficient to reduce the risk of these diseases [diabetes, osteoarthritis, osteoporosis, etc.]; and at some point specific medicines may be required to restore a person's health to prevent long-term consequences of the disease." (p. 15)LaMattina decided to discuss many of the issues big pharma faces, particularly in R & D. The first thought that came to mind was that he would be biased wholly toward pharma, but I found the discussion to be extremely informative without being inflammatory. He fully acknowledges the shortcomings of the industry, but also is quick to point our "the value the biopharmacceutical industry adds to improving the world's health." (p.58) Historically, the discussion mainly focuses on the last decade, but has snippets relative to what is going on today. I found his insight to be invaluable, particularly because of his insider view of the pharmaceutical industry as the former president of Pfizer's Global R & D Division.I felt LaMattina sat down and asked himself those difficult questions we all are curious about. I ended up being quite enamored with this book and learned much more than I ever thought I would (or would want to) about the big pharma and R & D. The writing was in what I call a conversational format. The let-me-tell-you-about-what-I-know attitude had me mesmerized. I definitely came away feeling more comfortable with the industry and LaMattina left few stones unturned. It was probably a good thing that he never asked what Dr. Oz's segment was about or we wouldn't have this amazing book."Four Secrets That Drug Companies Don't Want You to Know."1. Drug companies underestimate dangerous side effects.2. Drug companies control much of the information your doctor gets.3. You're often prescribed drugs that you don't need.4. Drugs target the symptoms, not the cause.CHAPTER 1: THE FOUR SECRETS THE DRUG COMPANIES DON'T WANT YOU TO KNOWDrug Companies Underestimate Dangerous Side EffectsDrug Companies Control Much of the Information Your Doctor GetsYou're Often Prescribed Drugs That You Don't NeedDrugs Target the Symptoms, Not the CauseConclusionReferencesCHAPTER 2: WHAT HAS HAPPENED TO R&D PRODUCTIVITY?Impact of Mergers on R&D ProductivityHeightened FDA Requirements for NDAsHigher Hurdles Set by PayersConclusionReferencesCHAPTER 3: KEY THERAPEUTIC AREAS FOR IMPROVING HEALTHCancerDiseases of the BrainCardiovascular Disease (CVD)DiabetesBacterial InfectionsConclusionReferencesCHAPTER 4: IMPROVING R&D OUTPUTThe Views of OthersPharma's Blockbuster Mentality Needs to ChangeCan "Predictive Innovation" Lead to Greater Success Rates?Would Royalties Make Scientists More Productive?Will Drug Repositioning Help Fill the R&D Pipeline?Consultants Don't Always Have the FactsPersonal ViewsDiscovery Must Focus on ProductivityDoes Size Help or Hinder R&D Productivity?To Outsource or Not to Outsource? That's the Pharma R&D QuestionBig Pharma Early Research CollaborationsConclusionReferencesCHAPTER 5: RESTORING PHARMA'S IMAGEIllegal Detailing of DrugsPharmaceutical Companies Should Drop TV AdsThe Need for Greater TransparencyHow Committed Is Big Pharma to Rare Diseases?Pharmaceutical Companies and PhilanthropyPharma Needs to Have Its Scientists Tell Their StoriesConclusionReferencesCHAPTER 6: FINAL THOUGHTSReferencesINDEX

John LaMattina is a thirty-year veteran of the pharmaceutical industry and former president of Pfizer's Global R&D Division, an ultimate insider of the pharmaceutical world. While there is much I dislike about the pharmaceutical industry, it is very interesting to read his account.However his critique of traditional remedies is fraught with inaccuracies. For example the use of Ginkgo biloba leaves for cognitive impairment is not a traditional use- the Chinese never significantly used ginkgo leaves and this use was derived from the modern German pharmaceutical industry which is far more open to botanical treatments than the US. While it showed little effect for people of normal cognition as he rightly points out, smaller trials show some advantage for people with Alzheimer's.He points out that cysteine has a weaker effect at stopping smoking than Chantix, which is true. But unlike Chantix it doesn't have the psychopathological effects that I have seen in my own family members who attempted to use it to stop smoking. While he never points out the serious side effects of Chantix, now (but not initially) in the required list of side effects read in television commercials (always listen with your eyes closed to avoid distracting calming pictures) a lower efficacy is better than iatrogenic mental disease.He is also a strong proponent of statins, citing much lower side effects than I see clinically (which makes me suspicious of the statistics cited.) But since statins can cause diabetes, muscle dysfunction and can clog liver CYP450 liver pathways, prescribing them is not the slam dunk he believes.Much more interesting are his suggestions for managing R&D and improving the reputation of the industry by stopping the illegal detailing of drugs to doctors for unapproved uses, pulling all television ads (the side effect list is one reason why), engaging in greater transparency (the drug lawyers will howl), greater commitment to rare diseases and greater publicity of the stories of the science of drug discovery. He also decries mergers and acquisitions of companies researching new drugs- corporate cultures often are different and scientists are laid off to avoid duplication, usually to the detriment of R&D.

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Get Free Ebook , by Chautona Havig

Get Free Ebook , by Chautona Havig

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, by Chautona Havig


, by Chautona Havig


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, by Chautona Havig

Product details

File Size: 5166 KB

Print Length: 294 pages

Publication Date: March 15, 2018

Sold by: Amazon Digital Services LLC

Language: English

ASIN: B07B7LWG25

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Amazon Best Sellers Rank:

#153,172 Paid in Kindle Store (See Top 100 Paid in Kindle Store)

I enjoyed this book. Sometimes Madeline is a little hard for me to understand (her thinking), but I do like her! She is intelligent, observant, earnest, kind, and spunky (in a reasonable -- not foolhardy -- way). Through this series, she is learning to be a detective, so the mysteries have been gradually getting more complicated. Also featured is the friendship of Madeline with Russell. I love to read about them, partly because I like Russell a lot! The series seems accurate to the time period (1901), and I do really like that kind of historical fiction.I docked a star because at times, the storytelling seems unnecessarily cryptic. I know that the mystery is supposed to be revealed in the end (and it was) -- but in the beginning, I was honestly having some trouble figuring out what was happening AT ALL. Perhaps that is just me.Anyway, I liked this book quite a lot. I was given a copy, but I am under no obligation. I offer my free and honest opinion. I also bought a copy.

I have not been disappointed yet with a book from Chautona and this wasn't any different. It took me a little longer to finish this book because my actual paying job kept getting in the way but I persisted until I got to the last page and completed the story! It was a good one-there is a mystery involved again and Madeline is involved in solving it. I have to admit, I did not have it figured out like I normally do in a lot of mysteries I read. I love the Madeline stories and especially the way Chautona writes about her characters and the details of the story lines as I can close my eyes and picture myself right there in the story. I have to admit-I'm getting a little impatient in seeing Madeline take a beau but it does keep me coming back to read more!! Thank you for another read worth getting and reading to the last page!!

Kudos to Chautona for another fantastic story. I read until four this morning because I just couldn't stop and just now finished the epilogue. I can hardly wait for Meddlin' Madeline's next adventure, and there will obviously be more based on the epilogue.I love that Chautona writes clean stories; I can happily share what enjoyment I get from her books knowing there isn't anything I wouldn't want my kids to see if they choose to read them too.There were a few things missed in editing that made me have to reread a sentence here or there, but not many and it did not adversely affect my enjoyment of the story.Chautona's books are on my "must buy" list; she does a splendid job with every style she writes.

This book is great, I loved it. I recommended that my husband read it because he loves treasure hunts. I feel that this book is a book anyone can read. I have read most of Chautona Havig' s books and I didn't think she could write anything that I would like better than Past Forward, but she has.Elizabeth Lawson

As always, Chautona Havig delivers! I love her well rounded characters. Madeline is meddling again, she just can't help herself! The best part about this series is the development of Madeline's sleuthing skills. We get to grow with her as she hones her natural abilities. And there are just touches of blooming romances along the way to satisfy my girly side, which is just the way I like it. I can't wait till the next installment!

Madeline is amazing. One of Chautona’s best series. I love seeing her detective instincts develop, as well as getting to know her and her family and friends.

5 stars for this delightful book set early in the 20th century. It focuses on Madeline and her love for a good mystery and how to figure them out. I enjoyed the book and would recommend it.

A riddle - - - a puzzle -- a hoax -- what is it really? Can Madeline solve it?

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Ebook Free Choice Bread Machine Recipes Cookbook 131 Delicious Recipes for 1½ & 2-pound Bread Makers, by Katherine Hupp

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Choice Bread Machine Recipes Cookbook 131 Delicious Recipes for 1½ & 2-pound Bread Makers, by Katherine Hupp

Choice Bread Machine Recipes Cookbook 131 Delicious Recipes for 1½ & 2-pound Bread Makers, by Katherine Hupp


Choice Bread Machine Recipes Cookbook 131 Delicious Recipes for 1½ & 2-pound Bread Makers, by Katherine Hupp


Ebook Free Choice Bread Machine Recipes Cookbook 131 Delicious Recipes for 1½ & 2-pound Bread Makers, by Katherine Hupp

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Choice Bread Machine Recipes Cookbook 131 Delicious Recipes for 1½ & 2-pound Bread Makers, by Katherine Hupp

Product details

Paperback: 98 pages

Publisher: CreateSpace Independent Publishing Platform (November 8, 2014)

Language: English

ISBN-10: 1503131459

ISBN-13: 978-1503131453

Product Dimensions:

7 x 0.2 x 10 inches

Shipping Weight: 8.6 ounces (View shipping rates and policies)

Average Customer Review:

3.9 out of 5 stars

35 customer reviews

Amazon Best Sellers Rank:

#496,537 in Books (See Top 100 in Books)

I have an Oster CKSTBRTW20 Bread Maker (LOVE it). So far, I have made the recipes for Honey Grain, Sandwich, and Cheddar Cheese Bread. All of them turned out great! I'm looking forward to trying the Caramelized Onion Loaf as well as the Asiago Tomato Bread. More baking days ahead...Update - March 12, 2015: made the Caramelized Onion Loaf and it was so good! Even better with a smear of butter!

We've quite enjoyed this cookbook. We're finally getting some use out of the bread maker we got at our wedding. The recipes in this book are much better than ones that came with the bread machine. We especially enjoyed the English muffin recipe and the cinnamon raisin bread. Even the basic bread was better than store-bought. We can't wait to try more of them!

I just got a bread machine for me and wanted more recipes than the few that come with the book. This one is great for that. It gives me a lot of variety and we can enjoy a different bread every time I go into the kitchen. I don't think I have made the same bread twice. Because we live in a cold weather state, I make a lot of soup and nothing goes better with soup than hot bread.

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No pictures. No descriptions. No anything. Had the 131 recipes but very very low quality printing. for the $ you can get a MUCH buying something else.

Very interesting Bread Cookbook it was very professional written

I like to use a bread machine to make my own bread and the many different recipes in this book makes the task more interesting and end enjoyable.

Lots and lots of awesome bread machine recipes. It's current and uncomplicated.

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Ebook Free Best Easy Day Hikes Nashville (Best Easy Day Hikes Series), by Keith Stelter

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Best Easy Day Hikes Nashville (Best Easy Day Hikes Series), by Keith Stelter

Best Easy Day Hikes Nashville (Best Easy Day Hikes Series), by Keith Stelter


Best Easy Day Hikes Nashville (Best Easy Day Hikes Series), by Keith Stelter


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Best Easy Day Hikes Nashville (Best Easy Day Hikes Series), by Keith Stelter

From the Back Cover

Best Easy Day Hikes Nashville includes concise descriptions and detailed maps for twenty easy-to-follow hikes in Nashville and environs. Discover everything from hidden downtown solitudeto lake and river views to quiet country woods—including the Brentwood and Murfreesboro Greenways, and Cedars of Lebanon, Long Hunter, and Henry Horton State Parks.  Look inside for:• Casual hikes to three-hour adventures• Hikes for everyone, including families• Mile-by-mile directions and clear trail maps• Trail Finder for best hikes for families, water lovers, history lovers, birders, and dogs • GPS coordinates

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About the Author

Keith Stelter is a columnist for the HCN newspaper group and served as executive director of the Texas Outdoor Writers Association during 2006 and 2007. 

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Product details

Series: Best Easy Day Hikes Series

Paperback: 128 pages

Publisher: FalconGuides; First edition (June 14, 2011)

Language: English

ISBN-10: 076275981X

ISBN-13: 978-0762759811

Product Dimensions:

4.2 x 0.2 x 6.8 inches

Shipping Weight: 3.2 ounces

Average Customer Review:

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Amazon Best Sellers Rank:

#1,762,874 in Books (See Top 100 in Books)

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Ebook Download Trains, Buses, People: An Opinionated Atlas of US Transit

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Review

"Transit planners, elected representatives, and transportation enthusiasts should all find something to love or learn in this honest and expansive status report." (Atlantic's CityLab)"Spieler knows this subject to a significant depth but has managed something remarkable, perhaps mirrored in his choice of the accessible atlas format: he has made a great deal of comparative information very easy to understand and digest. The approach is tailor-made to help convince nonexperts—be they the general public or perhaps more importantly politicians and others with influence—to mimic the good and avoid the bad...The end result makes the book a compelling and useful compendium of the state of transit in the United States." (Civil Engineering)"Gets right to the point: put [transit] where the people are...The author combines detailed knowledge and a refreshing frankness...Keep this book within easy reach." (Planning)"A transit wonk's bible...Urban planner Christof Spieler is a transportation hero." (Mobility Lab)"Spieler's book is perfectly designed to be both readable and browsable—a great gift for an urbanist or transport geek and a great book for the coffee table. You can read around in for a long time, exploring different cities, their strengths and their missed opportunities. Let's hope it produces a smarter conversation about urban transit." (Jarett Walker's Human Transit blog)"Belongs on an urbanist's bookshelf...one of the best transit/planning books I've read in a long time." (Greater Greater Washington)"For all of their hardcore infrastructure, urban transit networks are essentially human creations, and understanding what makes them successful is essential for building successful cities. Supported by urban histories and incisively presented data, Christof Spieler sets the rules of engagement for effective transit and offers a roadmap for achieving it." (Janette Sadik-Khan, Principal, Bloomberg Associates; former NYC Transportation Commissioner)"This edifying publication...serves as an awakening guide to planning both feasible and practical public-transit systems." (San Francisco Book Review)"Christof Spieler was the driving force behind Houston's transit transformation, but he's also one of America's great transit travelers, a careful observer of history, technology, geometry, and politics. This book is an atlas of beautiful detail about 47 U.S. cities, but it's also a call to action, demanding clearer and more effective transit planning and advocacy." (Jarrett Walker, President and Principal Consultant, Jarrett Walker + Associates, author of "Human Transit")"This book is comprehensive enough to be a resource for transit professionals, but delivered in readable, straightforward language; an objective look at the state of transit by a passionate advocate." (Annise Parker, former Mayor of Houston)

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About the Author

Christof Spieler, PE, LEED AP, is a Vice President and Director of Planning at Huitt-Zollars and a Lecturer in Architecture and Engineering at Rice University. He was a member of the board of directors of Houston METRO from 2010 to 2018.

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Product details

Paperback: 264 pages

Publisher: Island Press (October 23, 2018)

Language: English

ISBN-10: 1610919033

ISBN-13: 978-1610919036

Product Dimensions:

8.5 x 0.6 x 11 inches

Shipping Weight: 1.6 pounds (View shipping rates and policies)

Average Customer Review:

4.2 out of 5 stars

5 customer reviews

Amazon Best Sellers Rank:

#175,500 in Books (See Top 100 in Books)

I just received the book today and am just now thumbing through it. It seems a very insightful and well researched book. However this is clearly a book intended for a U.S. audience. People interested in Canadian cities and planning are likely to be offended. With L.A for example he credits the nice weather for boosting bus ridership. Montreal by comparison has much higher per capita bus ridership than L.A. with much worse weather for most of the year. Seems irrelevant to point out nice weather as a contributing factor for high riidership transit, when right here on the North American continent we have cities that prove otherwise. In Boston he barely mentions the major employment hubs along Route 128. Those hubs are the main reason why Boston will never see congestion pricing, why statewide initiatives to improve transit usually fail, & why car ownership is as high as it is in the city because so many Bostonians have to reverse commute into transit poor suburban areas. He also says the Green Line in Boston is “America’s” busiest light rail system. I know from being a transit enthusiast for the last 3 decades, that when it comes to transit it’s never wise to make a statement such as “America’s” best or worst anything. You say something such as either North America’s busiest light rail system, which in terms of ridership I believe the Green Line falls behind the Calgary C-Train as well as Toronto’s streetcar network (if you’re putting that in the same category as light rail) or you say the United State’s busiest light rail system, which in that case, yes the Green Line is the busiest. Saying America by itself is just too vague.Also on his map for Boston he lists several “BRT” bus routes. Boston doesn’t have any full “BRT” Routes. A couple routes with some BRT features, but no full “BRT” On the MBTA map however, the T lists several “Key” bus routes. Most of these “Key” routes, yes are frequent, but have little if anything in the way of full “BRT” features, however the author lists these routes as “BRT”. It’s as though he never went, or even talked to anyone who’s been to Boston.Also any City Planner who goes on about Planning and “Bus Miracles” in Seattle, without mentioning Vancouver, BC a 3 hour drive to the north, makes me seriously question their professionalism. Yes, Seattle has much in common with Boston & Philadelphia, as Spieler mentions, but Seattle has even more in common with Vancouver, and Vancouver is a city which far surpasses “progressive” Seattle & Portland both, when it comes to transit ridership. Spieler neglects to mention this.

Great for experts and novices alike. Highly recommended

I'm a transit nerd, so this atlas is fascinating and extremely useful for a variety of reasons. The information seems thoughtful and well researched, but several editing mistakes have me questioning data accuracy and distract from an otherwise great publication. Hopefully a new revision comes out to correct the issues.

Great read with informative graphics!

This book is great for the general public and those involved in planning, including transportation planning. With lively prose and informative graphics, this book brings transit to life.

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Product details

Paperback: 64 pages

Publisher: Independently published (January 8, 2019)

Language: English

ISBN-10: 1793433682

ISBN-13: 978-1793433688

Product Dimensions:

8 x 0.2 x 10 inches

Shipping Weight: 6.9 ounces (View shipping rates and policies)

Average Customer Review:

4.6 out of 5 stars

3 customer reviews

Amazon Best Sellers Rank:

#82,689 in Books (See Top 100 in Books)

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Get Free Ebook The Misbehavior of Markets: A Fractal View of Financial Turbulence

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Audible Audiobook

Listening Length: 10 hours and 6 minutes

Program Type: Audiobook

Version: Unabridged

Publisher: Hachette Audio

Scheduled Audible.com Release Date: March 26, 2019

Language: English, English

ASIN: B07PCSM62Z

Amazon Best Sellers Rank:

The author shows how modern financial theory underestimates risk in financial markets. Famous as "the father of fractal geometry," Mandelbrot is less well-known for his contributions to financial market theory. He is the tour de force behind Taleb's "Black Swan" writings."Misbehavior" is more of an introduction to fractal finance than a textbook about how to implement Mandelbrot's ideas into trading systems. Nevertheless, it provides a foundation and introduction to new methods that many may find useful, with enough detail to begin incorporating same into quantitative models. Other works by Mandelbrot go much deeper into the "how to" side of fractal finance.Benoît (pronounced "ben-wah") Mandelbrot writes in a clear, conversational style. The text avoids mathematical formulas, using instead a combination of written descriptions and entertaining analogies to explain. Chapter notes in an appendix present the mathematical formulas behind his descriptions, along with further (clear, simple) explanations.The book divides into three parts: The Old Way, The New Way, and The Way Ahead. The first part describes the history leading up to modern finance as still taught in most business schools. It describes contributions by key figures such as Louis Bachelier, Paul Samuelson, William Sharpe, Harry Markowitz, Myron Scholes, and Fischer Black. I found this summary quite interesting, a valuable lesson history. Although we learned MPT (modern portfolio theory) in my MBA finance classes, it's background and potential shortfalls were not addressed.The second part steps back to examine the nature of markets (turbulent, not Gaussian), identify contradictions between observation and modern theory (extreme events way more common than predicted), and then develop a better, multi-fractal (i.e. scalable) view of finance. Here Mandelbrot excels. Illustrations ("cartoons") help get points across while entertaining analogies (e.g. "Noah, Joseph, and Market Bubbles") and a true story of engineering genius (H.E. Hurst's analysis of Nile River floods) lead to insight into market trends useful to trend-followers.The third part looks to the future. It summarizes the previous material in "Ten Heresies of Finance" and points the way for future research.Overall, I loved this book. Obviously, Nassim Nicholas Taleb did too ("...the first book in economics that spoke directly to me.") It contains valuable information for every investor, professional or amateur, experienced or novice. Rather than something for advanced-level traders, I think it is the first book for anyone interested in investing or trading. It will open your eyes like no other, and inject a dose of realism and humility about money and markets that otherwise might cost a lot more than this book's price.

Great book (albeit incomplete if you're looking for definitive answers) that discusses the shortcomings of risk assessments for financial products and portfolios. As others have said, the author has posed several questions regarding the validity of financial practitioners' existing tools in corporate finance (valuation), options, and portfolio theory. One answer: multifractal theory; which the author posits could be the foundation for the next class of financial economists (best case).My key takeaway from this book is that market participants' tools underassess risk and thus market participants should be wary of becoming model-dependent.Additionally, supporting research and proofs are in the appendix or on the book's designated website for the more curious readers.

Mandelbrot sets out to demolish most of the theoretical bases of financial theory that led to several of the financial crises in the last several decades, foremost of which is that the random motions in prices of commodities and stocks can be assumed to be normally distributed. This sounds like an esoteric sort of argument, but anyone who wishes to win in any game of chance must have some solid notion of how to deal with risk. If one uses the standard model employing the normal (Gaussian) distribution, one will always underestimate the probability of rare events. This can lead to ruin, sometimes on a small scale. As an example, Mandelbrot talks about the rise and fall of the mother of all hedge funds - Long Term Capital Management which took a measly $3.6 billion bailout in the late 1990's because it underestimated risk. But it can happen on a much larger scale as in the crash of 2008 when many large financial institutions in the US held leveraged positions in mortgage security debt instruments. Long story short, everyone underestimated the risk of the unexpected happening, and it nearly crashed western civilization. The cost of that mistake will be measured in the $trillions.Mandelbrot goes through the models that set up the whole thing: Bachelier, Sharpe, Black-Scholes, and standard portfolio theory. He briefly discusses their power. It's a great, if somewhat sketchy overview of what tools financiers and bankers often use. But in each case, lurking in the background are the assumptions of normality in price movements, and of statistical independence between time periods and between different asset classes.There is no question that Mandelbrot proves that cotton price fluctuations are badly described by the normal distribution. The quantitative and qualitative information he brings to other asset classes is much less robust. He gives us very good arguments as to why other classes behave as does cotton; but It is hard to say that he brings the same level of quantitative rigor to these. For those of us who want the argument to end with everyone believing the fractal story, it's a bit of a disappointment. What he does do, though, is to describe the Cauchy distribution function which, with some slight generalizations can produce distribution functions that will accurately characterize time series price data whose variation obeys power-laws in the tails of the distribution. The upshot is that anyone with a solid understanding of college level statistics could go on to derive their own Black-Scholes formula.His publisher appears to have set two rules: 1) no math of any sort in the body of the book, and 2) only simple algebraic equations in the notes. These prohibitions have several consequences. One is that the book is quite readable to anyone, even someone who has not finished eighth grade algebra. A reader can get a vague sense for what Mandelbrot is saying without the math. The flip side is that people who have finished eighth grade algebra may find the arguments hand-wavy when they could be much more solid. Anyone who has a solid background in statistics is likely to be able to fill in the gaps much better, but they will find the arguments fall far short of the kind of proof that one would expect in a 300 page book written by a world-famous mathematician. The people who have studied Black-Scholes, understand its derivation, and use it everyday will likely want a little bit more data and a lot more math before they kill the beast that writes their paychecks. Specifically, they will want a replacement method, which Mandelbrot only hints at.I found the text here to be a little bit discursive and somewhat repetitive. I often enjoyed his anecdotes, but I did find myself skipping paragraphs, pages, and even chapters. I bought the book knowing that markets have fractal behavior, and hoping to be able to make my own mathematical models based on information in this book. It did allow me to make the intuitive connection between power-law behavior and fractal behavior. And I believe the book has gotten me to the point where I can do all the steps required to price risk and characterize random motions in the prices of assets; although I think a six page monograph that admitted mathematical notation would have been more than sufficient.

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