This book is a supposedly new approach to financial modeling from the viewpoint of "statistical physics". In fact, it is far from being that. First, there is little or no content really related to statistical physics in it. Apart from the fact that random variables and stochastic processes are also used in physics, the only feature in common between statistical physics and this book is some notational similarities and a lack of rigour which, justified in the case where it is supplemented by physical intuition, leads here to numerous mistakes and sloppy reasoning.

The title, while promising, is quite arrogant: not only there is no "theory of financial risks" in the book but many of the main issues of risk management are not even mentioned: Value at Risk receives less than a page at the end, while hedging of exotic options is not even an issue.

Also, while the first part of the book insists on choosing the correct distribution for price returns, the chapter on options exclusively gives computations for the case of ...Brownian motion (not even exponential Brownian motion)! One is left wondering whether these fancy models presented in the first part were worth mentioning?

Another point is the readership of this book: given the notational complexity of the book and the analogies with physics, only a PhD in theoretical physics can possibly find this book readable. In fact, a finance student will find it too light on the finance side while a math-minded student will find it too sloppy and imprecise.

The surprisingly low level of mathematical rigour - one confuses regularly "uncorrelated" with "independence"- is nevertheless accompanied by an incredibly sophisticated set of tools such as random matrix theory, which are exotic even for professional researchers. Perhaps it would be better to spend more time explaining the concept of stochastic volatility or nonstationarity than rocketing the reader into unknown grounds...

I come to the conclusion that the aim of the book is more to impress the reader about the technical sophistication of the authors than to teach anything in a clear manner.

Although OK as a bedtime reader, this book certainly does not contain anything one can practically implement: in fact the presentation is so imprecise that one is lost in the successive and uncontroled approximations, not knowing at the end what is the algorithm proposed to solve a given problem.

This text has a nice discussion of Levy distributions and (important!) discusses why the central limit theorem does not apply to the tails of a distribution in the limit of many independent random events. An exponential distribution is given as an example how the CLT fails. I was first happy to see a chapter devoted to portfolio selection, but the chapter (like most of the book) is very difficult to follow (I gave up on that chapter, unhappily, because it looked interesting). The notation could have been better (to be quite honest, the notation is horrible), and the arguments (many of which are original) could have been made sharper and clearer. For my taste, too many arguments in the text rely on uncontrolled approximations, with Gaussian results as special limiting cases. The chapters on options are original, introducing their idea of history-dependent strategies (however, to get a strategy other than the delta-hedge does not not require history-dependence, CAPM is an example), but the predictions too often go in the direction of showing how Gaussian returns can be retrieved in some limit (I find this the opposite of convincing!). For an introduction to options, the 1973 Black-Scholes paper is still the best (aside from the wrong claim that CAPM and the delta-hedge yield the same results). The argument in the introduction in favor of 'randomness' as the origin of macroscopic law left me as cold as a cucumber. On page 4 a density is called 'invariant' under change of variable whereas 'scalar' is the correct word (a common error in many texts on relativity). The explanation of Ito calculus is inventive but inadequate (see instead Baxter and Rennie for a correct and readable treatment, one the forms the basis for new research on local volatility). Also, utlility is once mentioned but never criticized. Had the book been more pedagogically written then one could well have used it as an introductory text, given the nice choice of topics discussed.

Unfortunately, but not surprisingly, the previous reviewer prefered to remain anonymous. Otherwise, we would happily have argued with him privately. But his review contains so many erroneous and obnoxious statements that we feel we have to reply publicly, at least on the most important points.

a) After spending a full chapter (2) on empirical data and faithful models to describe them, we only price options using...the Brownian motion, says our reviewer (not even the Black-Scholes model, adds he). Well, either the reviewer has only casually browsed through our book, or this is total bad faith and disinformation. After discussing a general option pricing formula, we indeed illustrate it first (4.3.3) with the Black-Scholes model, then with Bachelier's (Brownian) model which, as we explain, is actually a better model for short term options. But the rest of the chapter is entirely devoted to non-Gaussian effects: a theory of the smile, its relation with kurtosis and long-ranged correlation in the volatility, and comparison with actual market smiles (4.3.4), and more importantly, the hedging strategies and residual risk (4.4), alternative hedging strategies for Value-at-Risk control (4.4.6), etc. The emphasis on risk, absent in the Black-Scholes world, is our main message, and partly justifies the title of our book.

b) "There is no statistical physics" in our book, moans the reviewer. Our aim was not to draw phoney analogies, but to present this field in the spirit of statistical physics, with what we feel is an interesting balance between intuition and rigour. (Many physicists feel stranded when reading standard mathematical finance books, where data is scarce, and rigour hides the inadequacies of the models). However, there are several genuine inputs from statistical physics, e.g. data processing, approximations, simple agent based models (2.8-9), functional derivatives to obtain optimal hedges (4.4), saddle point estimates of the Value at Risk for complex portfolios (5.4) and finally, Random Matrices that the reviewer finds unduly complex -- perhaps only because new to him. However, this is contained in "starred" section, indicating that it can be skipped at first reading, as many more advanced sections.

Two more details. We indeed sometimes consider independent random variables, sometimes only uncorrelated, hopefully not confusing the two. If the reviewer spotted incorrect statements, we would be grateful to him if we can correct them in further editions. Second, our book is not meant to provide ready to implement recipes but to present a different way of thinking about finance. Nevertheless, many of the ideas have already been implemented and are used by several (open minded?) financial institutions.

I have been a fan of Margaret Maron's for years. I read all of her first series of books, the Sigrid Harald mysteries. I was at first disappointed when she had made the switch to Deboral Knott and had a hard time liking Deborah as much as Sigrid - maybe with Sigrid, "like" is not the right word, but rather "fascinated by" is better put. I have now, however, come to enjoy this series as much. In this episode, Judge Knott has recently broken with her semi-boyfriend and she is assigned to a divorce settlement case in a neighboring city. One of the divorcing spouses is killed and Deborah steps in to help solve the murder. This is a bit different from the regular Judge Knott mysteries as she does not actively work on finding the culprit, rather she lets people around her gossip, watches peoples'interactions, and puts two and two together. Maron's writing, as usual, is topnotch; the mystery is easy to figure out but the book is still a winner because she always makes the surrondings and people inhabiting the book interesting. Can't wait for the next episode, "Slow Dollar." Keep 'em coming, Ms. Maron!

Uncommon Clay is not one of Margaret Maron's best Judge Deborah Knott books. That said, it is still very much worth reading. The ending was a little too easy to figure out for my tastes. However, Maron (in the Knott series) has a great ability to describe people and places so that you truly feel that not only can you imagine what it would be like - but you can feel like you are there. Uncommon Clay taught me a lot about pottery making in the area. Also, we learn more about Deborah's friendships. I was glad to see the end of her relationship; although, I do think it would be nice to see her get revenge. "Living well is the best revenge" and by the end of the book, I'm not sure I was satisfied that she was living well. I highly recommend all of the Judge Deborah Knott books.

Continuing my love affair with the works of Margaret Maron, I returned to her Deborah Knott series and really enjoyed "Uncommon Clay", which is a quick read with an ending that surprised me.

Deb is again on the road, visiting Asheboro this time, and the reader gets the treat of learning more about NC folk crafts...(prior novels have featured furniture), this time with the work of Carolina's folk pottery industry. Some interesting and colorful new characters and friends are added to the story line. The book also continues the saga of Deb's romances, and how badly they go sometimes. In this tale, Deb has two embarrassing scrapes with the down side of relationships. Maron also takes the time to insert a small tidbit about Oscar Nauman, a character from her Sigrid Harald series, in a way that makes the reference seem real and natural.

With its interesting plots, spunky heroine, delightful descriptions of large southern families and friends, and its ability to educate the reader on the life and times of beautiful NC, the Knott series is a fast, entertaining, and well written group of books. Uncommon Clay still leaves me hungry for more!

This book seems like it was written at the beginning stages of the self-help pop psychology movement. It is like an extra long version of a fashion magazine article on anger "styles." Get yourself a practical book that gets to the heart of the matter like 60 second anger management : quick tips to handle explosive feelings by Michael Hershorn. Anger Management Workbook by W.A.Angus is also a good choice for its practicality. The Anger Workbook by Lorraine Bilodeau is a very straightforward book that illuminates the many causes of anger that aren't just behavioral.

I felt as if some parts of this book were written just for me. It was a helpful tool in starting to uncover a lot questions I have about myself & why I feel the way I do.

Thought provoking! Changed my life!

My 3 year old "loves" all things Harry Potter, especially since big brother does. Have been looking foward to something that was more on his level for him to enjoy. The book is very nice. He enjoys the pop up and action tabs. The artwork is nice. I was very disappointed that it has no words at all! A little story would have been nice. He does, however, enjoy the book and is very proud to have is "own" Harry Potter book.

I spend every evening reading to my 2 children. Although neither is school aged, both enjoy "reading" this book to me. Each takes a turn and tells about the scenes on the page. In this way they are laying the foundation for early reading. The illustrations are first rate. The pull tabs effectively illustrate cause and effect relationships. One of the best things about this book is the fact that there are no word whatsoever. The story is told by my children and their version is always right. It is helpful that everyone in the family is familiar with the story in one form or another. (movie or novels)

The book spell about a boy named Harry potter, who discover a new wolrd whem a guardian said to him tha he is a wizard. So, when the year begins, he make frinds and enemies, he learn magic stuff and how to play the famous quiddich. But he has to face his post to, because the worst wizard, Lord Voldemort wants to kill him. Tis book show the diference between the good and the evil, about friendship, confidence and love. Read it, you will like!

There is little movement in this exploration of a mid level suburban English family. Admittedly, there are passages of remarkable insight, but enormous amounts of time are devoted to the author's obsessions with parturition, infant development,
pale sexuality, and show-offy displays of her academic credentials in literature. I kept hoping for some original thoughts and theories of human behavior, but was disappointed and bored. Much of this material has been explored before and with greater skill and intelligence.

As I moved from page to page it reminded me of slogging through the swamps of Mississippi, on bivouac, back in 1945. It was something that had to be done, but I wondered why.

This is a breathtaking novel. I was not that enthusiatic about The Virgin in te Garden but this book was amazing on every level. I love the development of these characters (who seem very real, very Known to me). Frederica is especially well developed. Her intelligence and lack of self-knowledge are an endearing package. I personally love the intricate explanations of ideas- it is refreshing to read about things that I think about and yet have never found elsewhere. My only real probelm with the book is that the author's voice intrudes too much; it isn't necessary to me to be AWARE of the fact that this is a novel. Byatt almost wants us to be aware that this is fiction when I would always rather be in that pleasant state of believing in the fiction. But overall, I couldn't put this book down; what happens at the end is shockingly sad. I wonder what book 3 in the series will bring.

Byatt's use of words, language, create beautiful mental images. I've never run across an author who is able to "paint" with words. I didn't like Frederica Potter, introduced in the first novel of Byatt's four-book series, A Virgin In The Garden. I didn't sympathize with her. I didn't understand her cold, passionate, intellectual personality. By the end of Still Life, I desperately cared for her. The third book, Babel Tower, disturbs me. That's a different review. Still Life is superior to A Virgin In The Garden. I couldn't put it down. If you're a Byatt fan, don't miss these novels. The seem to be more unwieldly than Possession, but Byatt's genius is all there.

Once again Religion pokes its nose into places that it does not belong.

Who cares if these books have the blessing of anything or anyone. They are entertaining and fictional. They are nothing more words on paper.

It's very sad to see that there are folks out there that must label everything.

Sometimes a cigar is just a cigar.

Because simple words on paper have in the past led to just about every major manmade disaster since words were put on paper, as people actually respond to the inherent philosophy or message that is part of every text, intended or not, it is always worthwhile to spend some time analyzing those works which have become popular.

This book by Francis Bridger is one of the best of the bunch of books seeking to look more deeply at the world of Harry Potter. Instead of arguing the specifics of the magic or apparent 'occult' Bridger takes a different path showing how Rowling skillfully weaves a tale in the fine tradition of British literature, using themes, images, allusions, etc. throughout her books which can be found in a great deal of writings written by those who call the British Isles home.

We in America, however, love practicality, have a hard time getting literary methods, and get confused, or angry, when our sensibilities are apparently attacked by terminology. Rowling, rather than endorsing any sort of scandalous occultism, is instead writing a tale of great heroism, discovery, and even spirituality which uses 'magical' themes to point to deeper truths, truths which are inherent in a Christian understanding of the world. Before we Christians attack the use of the word magic in these great texts, we must first attend to these texts as literature, and must learn how to understand how to read all of Potter's tales, present and future, in the context of a great tradition of fantasy writings.

Yes, these books are rousing tales but any book which creates the kind of sensation as these must also be speaking deeply to our present society. Bridger explains these deeper truths and messages in their appropriate context, and makes re-reading Potter that much more enjoyable and worthwhile. Plus, he is a very engaging author himself, whose nonfiction prose is almost as engaging as Rowling's.

This is a very fair, erudite, interesting study of what is arguably the most influential literature of this generation. Being spiritual does not mean we can turn off our minds, blindly accepting what various gurus tell us to believe. Nor is christophobia a reason to deny the importance of studying great literature, at all the levels which makes great literature great.

If you are interested at all in the Potter phenomenon this is the one book, besides Rowling's, you should get. No, this book may not interest everyone, and those who rate this present book low without reading it themselves are guilty of the same ignorant prattle which afflicts many of those in the Christian world. We all can and should think, and should discuss intelligently cultural issues before us. Bridger aids immensely and succinctly in this particular discussion.

Up till 'Charmed', books about HP have been (1) diatribes against the books due to the dark magic therein, (2) defenses against type 1, and (3) analyses of HP as literature. In types 1 and 2, the various authors usually tell the reader what his or her conclusion should be.

This book takes a different approach, one of positive analysis with thoughtful conclusions -- but not forcing those conclusions down the reader's throat. It is extremely well written -- and is as readable and enjoyable as the HP books themselves.

'A Charmed Life' is divided into 5 long chapters, plus a shorter 6th with conclusions, and the long chapters are helpfully broken by mid-chapter headings. These chapters give an indepth look at some of Rowling's favorite issues, such as:
(1) actions have consequences,
(2) beware of the deceitfulness of appearances [a major lesson in LOTR],
(3) the target audience [first, JKR herself; second, those that like an exciting mystery], and I might add parenthetically, when Jo Rowling is interviewed, she constantly insists that her books are written for older teens and adults.
(4) the world view -- what you see is not all there is, [helpful to the Christian]
(5) the complicatedness of the moral world -- when things aren't exactly black and white,
and (6) periodic comparisons with 'The Chronicles of Narnia', LOTR, and Lewis Carroll's works.

Bridger looks at the issues of faith, fact, and truth, as portrayed by Jo Rowling, and finds much that is compatable to the way Christians are to think and believe.

'Charmed' is a helpful book to those who want to think carefully about these things.
To those who like their conclusions given to them, it is not so helpful.

These stories leave some very ominous things to the imagination.
Not all of them are great-the protagonist of "Call Home" is a
complete idiot and deserves everything he gets-but stories like "The Dog Park" and "When They Gave Us Memory" make up for
any weaknesses. You can get lost in the beauty of Etchison's prose and you should,if you love to read...

Dennis Etchison is one of horror's true unsung heroes (despite the fact that an anthology he just edited, The Museum of Horrors, won another World Fantasy Award for him). His writing is difficult to access, but like a true poet Mr. Etchison manages to weave together bizarre but beautiful stories that reach deep down into one's soul. That might sound like hyperbole, but it's not...certainly not for me, anyway.

In "The Dead Cop" we find a man slowly losing himself as Los Angeles itself succumbs to rioting. As the city tears itself apart, so does our protagonist, who searches for meaning behind the death of his son. ...P>Yes, his writing is a bit vague for those who want easy answers, but if you're willing to give each of his tales the time they deserve, you'll find a great deal of power in this book.

Dennis Etchison made his name writing short stories in the 70's and 80's. If you have never heard of or read his collections "The Dark Country," "Red Dreams," or "The Blood Kiss," it is your loss. All three titles were published in the 80's as hardcover Scream Press publications, illustrated by J.K. Potter.

Tym bardziej, że sprzedawajÄ... inne egzemplaże na Ukrainie! To okropieństwo, że takie wydawnictwo jeszcze popiera plagiaty Potterowskie!
I mean... This publish its no good. When I read that book in Russian (I come from Poland) I was angry! Thirst book "Garri Pottzer i filosofiskii kamen" was publisht in Ukraina in much better paper and translate.

Harry Potter and the Goblet of Fire is about a boy named Harry and his friends Ron and Hermione. This book has loads of surprising things happen to them. The climax of the book is exciting when he runs into someone that he really isnt suspecting to see or meet. Harry has some problems this year when he gets there. He get entered in a triwizard cup by someone unknown. Then he has Rita Skeeter a paper reporter for the wizarding world writing bad things about him in the newspaper. He starts getting through the tasks pretty well intell he gets to the triwizard cup when something wierd happens to him. Harry get into dangerous situation. Will he Survive?
Harry Potter and the Goblet of Fire is a great book to me because I like lots of action in my books. So if your looking for a lot of action this is the book for you. I also think this story setting makes the book very interesting as well. Mostly because its interesting to reading about the a magical fantasy world. I would definatley recomend this book to anyone who likes action filled books.

I really liked the story. The translation was great and just as funny as the English version. I reccommens it to everyone who can read in Russian.

I really like this journal because of it's cover and large amount of space inside instead of a page with pictures it has just one small picture inside that takes up very little space. Writing in this journal has become something I love.

This journal is awsome! I don't use it as a "journal, but I use it for writing Harry Potter spells in it! So it looks like a Hogwarts Encyclopedia of spells and it is fun! The pages are dark white color! And on the right-hand corner is a wizardry hat with little stars on it!

I love this journal!! I use it to write interesting facts that I read in all the Harry Potter Books, for example, how to play Quidditch, and the houses ( the crests on the cover are wonderful), and more. This book is really great to just write your favorit things in, and the pictures on the entire page is a really great idea. Hary Potter is the Best!!

This is definitely an interesting topic. I actually know of a class teaching Harry Potter and the Sorcerer's Stone in college. Does that make Potter books literature? I can't rightly say, but I will say that the Harry Potter books have dramatically re-introduced literacy into the lives of children AND adults. Furthermore, the series surreptitiously pushes the boundaries of what Americans have considered a long time as being "children's literature." Rowling, not constrained by the coddling nature of our own country's hypocritical and overprotective stance towards children, creates a rich world of evolving characters with deep emotions and clever bits of humor. If Rowling's books can get children, en masse, to read and read well, I say her books practically deserve their own branch of study. How many things have caught the interests of children in recent years without stooping to vapid juvenilia? At least Potter isn't Pokemon and he is certainly a step above Goosebumps!

I thought this book was great! Originally I disliked the 2nd book. Now that i have the literature guide i can relate more to the book. I enjoy it more. While it still isn't as exciting i can't say that i think it's that boring, anymore tho. I reccomend this book for people who find these books uninteresting. Or for someone who doesn't understand it that well. It'd be great for little kids.

This is largely in response to a reader from NJ below who takes issue with teaching Harry Potter as great literature. I am an aspiring librarian, with a BA in English Lit, and former student myself who wants to scream NO! as loudly as possible to this person's antiquated ideas. There are hundreds of books out there that are termed "classics" that will (and should be) taught to youth. Unfortunatly many of these are boring and make children think of reading as a chore for years to come. Why should fun books and educational books be mutually exclusive? I would not teach ONLY Harry Potter in a classroom, but if it will get kids to read I would definitly make it part of the curriculum. At the age this book is aimed at (5-8th grade I assume) shoving classics down the throats of children should be secondary to opening the world of literature to them. There are more books than can ever be taught in any school, give students the interest in reading to find out which ones they want to read themselves. The Harry Potter books are wonderful. The plotting is at an almost adult level. They are complicated and full of symbolism and concepts that most childrens books gloss over (or dumb down). However, instead of intimidating a young audience away, Harry Potter is showing children as young as 8 that reading is one of the most wonderful pastimes available to them. It's working! Please, as educators, parents, and librarians, encourage that. I read those "classics" in Middle School, Johnny Tremain and The Moon is Down almost lost me as a reader forever. They were dry and horrible and full of educational value. It was the seldom taught, but much loved, book Rebecca that showed me what reading has to offer. Remember, no book is a classic until looked at in hindsight, and has stood the test of time, but I would put money on Harry Potter still being around in 20 years.