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Title: Waste of time and money
Review: I wasn't a fan of Shreve's free notes, but words can't describe how bad this book is. Its too easy and insufficient for readers with a strong probability and measure background, and probably too difficult for readers with basic probability. Most of the interesting material comes from deriving the answer from the end of chapter questions, so I recommend doing all of them. On the other hand, the same material is lucidly and fully conveyed in any basic graduate level probability book. For those interested in learning the martingale measure approach to derivative pricing, try the classic from Baxter and Rennie. For those with basic mathematics, go with Neftci's Intro book.
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