Cochrane has written the model for a bad textbook. The elements include recycled material, the absence of clarifying narrative, and the absence of applications.This book has no real world sample problems and therefore no real world solutions. There is no evidence in this textbook to suggest the author is capable of solving real world finance problems. It's a mystery how students are supposed to learn asset pricing from this text.There is no value added in presenting well-worn equations with zero interpretation. This book is weakened by presenting old theory with no useful discourse.