Journal of Economic Literature
Book Reviews
2026-09-01
Juhani T. Linnainmaa of University of Chicago reviews “The Heretics of Finance: Conversations with Leading Practitioners of Technical Analysis” by Andrew W. Lo, Jasmina Hasanhodzic,. The EconLit Abstract of the reviewed work begins “Presents interviews with fourteen practitioners of technical analysis and explores the craft and culture of the field. Provides profiles of Ralph J. Acampora, Laszlo Birinyi Jr., Walter Deemer, Paul F. Desmond, Gail M. Dudack, Robert J. Farrell, Ian McAvity, John J. Murphy, Robert R. Prechter Jr., Linda Bradford Raschke, Alan R. Shaw, Anthony W. Tabell, and Stan Weinstein. Discusses conviction--countering the skeptics and the scoundrels; the evolution of technical analysis; luck, astrology, and other unsanctioned signs; creativity, talent, and the art of the craft; the challenge of emotions; the path to success; and favorite patterns and indicators. Lo is Harris & Harris Group Professor of Finance at the Sloan School of Management and Director of the Laboratory for Financial Engineering at the Massachusetts Institute of Technology. Hasanhodzic is a research scientist with AlphaSimplex Group. Index.”