Andrew W. Lo first proposed the adaptive markets hypothesis (AMH) in 2004 as an alternative to the efficient markets hypothesis (EMH). Four years later, in Hedge Funds: An Analytic Perspective, he reiterated his hypothesis. Few people did cartwheels over it. This past year he wrote a more popular, though nearly 500-page, book to advance his view, Adaptive Markets: Financial Evolution at the Speed of Thought (Princeton University Press).