Treynor is brilliant, independent and generous in his support of others and the industry. If he lacks anything, it is a willingness to promote his own accomplishments. This collection of his seminal papers is long overdue, but it could have been much more. He offers no historical context, coyly introducing papers as if they were all written this morning. I think students would like to know that the blandly titled Toward a Theory of Market Value of Risky Assets anticipated CAPM by two years but languished unpublished for four decades before being included in a 1999 anthology. The only clue to this story is a 1999 copyright notice that obfuscates rather than clarifies. Complete citations for the papers would also have been nice. Perhaps Treynor thinks all that matters is what the papers say. For once, he is wrong ...