Review

'The (mis)behaviour of markets'
Throughout history, millions have been won and lost on the stock market: lost in the Wall Street Crash of 1929, won in the Dot-Com Boom of the 1990s. We all know that playing on the markets is a dicey game, but after decades of research we now have a better understanding of the way markets work. Or do we? According to Benoît Mandelbrot, modern financial theory is based on unrealistic assumptions that need a complete re-think.