The 75th anniversary of the founding of the Financial Analysts Journal offers a rare vista of the evolutionary path of financial analysis and its practitioners. That path is by no means random but is shaped by a complex ecosystem in which technological innovation interacts with shifting business conditions and a growing population of financial stakeholders. Using the lens of the Adaptive Markets Hypothesis—the principles of evolutionary biology and ecology applied to the financial system—we can clearly identify eight discrete financial “eras” in which unique combinations of economic need and technological advances gave rise to new products, services, and financial institutions. By understanding the underlying drivers and resulting dynamics of these eras, we can begin to develop a deeper appreciation for the origins of financial innovation and its great promise for our future.

《金融分析师杂志》创刊75周年提供了金融分析及其从业者的进化路径的罕见视野。这条道路绝不是随机的，而是由一个复杂的生态系统塑造的，在这个生态系统中，技术创新与不断变化的商业环境和不断增长的金融利益相关者群体相互作用。使用适应性市场假说——应用于金融系统的进化生物学和生态学原理——我们可以清楚地确定八个离散的金融“时代”，在这些时代，经济需求和技术进步的独特组合催生了新产品、服务、和金融机构。通过了解这些时代的潜在驱动因素和由此产生的动态，我们可以开始更深入地了解金融创新的起源及其对我们未来的巨大承诺。