I do not recommend this book for the following reasons.1) It could be summarized in 5 pages2) Some of the assumptions used in the model are not valid3) I tested the model and it does not work4) few equations makes it difficult to follow at some points.There are some major shortcomings in this book. Major ones include assuming that the change in the log of the price of a stock is a gaussian random variable and that day to day prices are not correlated. I tested this and it was not true in any of the cases I tried. The world is not gaussian and events are often correlated.For purely academic reading, this book may be interesting, but I suggest that anyone doing so supplement their reading with some real-life statistics of their own.