Bruce Jacobs sifts through the history of modern finance, from the efficient market hypothesis to behavioral psychology and chaos theory, to determine the cause of recent market crashes.

• Includes a Foreword from Nobel Laureate Harry M. Markowitz.
• Showcases the expertise of an author who identified and predicted the causes of 1987, 1997 and 1998 crashes.
• Explains the risks of little-understood option replication.
• Offers chapter summaries, appendices and a glossary.

Bruce I. Jacobs is co-founder, co-chief investment officer, and co-director of research at Jacobs Levy Equity Management. He holds a Ph.D. in finance from the Wharton School of the University of Pennsylvania. For 35 years, he has been a major voice for financial transparency. Jacobs has written journal articles and books on equity management and financial crises, including Too Smart for Our Own Good: Ingenious Investment Strategies, Illusions of Safety, and Market Crashes (2018). He has spoken at prestigious forums, including those held by University of California, Berkeley, the Wharton School, Institute for Quantitative Research in Finance, CFA Institute, Society of Quantitative Analysts, and New York Society of Security Analysts.