Inside quant shops. What really happens. Particularly relevant given what happened with Galleon.
Great read / or listen.
I am a statistics student and at times felt Invincible because of all the tool at my disposal and this book told me about the ground reality and the actual story behind Odds. I still have an year's education left and I will take this into account before I think about the predictive ability of Statistics/Mathematics and their associated Models. This one along with Books like "The Black Swan", "Fooled BY randomness" have infact helped me to understand how randomness is in the real world -- it's worlds apart from what we study in books.
Say something about yourself!
I have listened to a number of the books on the recent crash. This is one of my favorites because it has personalities in it. Wish I had become a quant.
Hmm...How can Mike Chamberlain with a nasal voice get an audiobook reading gig??
Really annoying throughout.
This book is very interesting and very well written. The story itself should be called "A confederacy of dunce geniuses". What is inspiring about this story is that it could have only happened in America. Only in America would the conditions be correct for a group of men be so egotistical, "irrationally exuberant", and innovative to the point that they are able to get billions and billions of dollars of other peoples money to invest and make themselves rich in the process, but they did this without ever creating a single thing to sell except paper.
It also goes to show that the love and creation of money for money's sake is a notion this inherently sick. Behind the study of greed and money for money's sake is a study of personality types. The narcissism of geeks and the drives that this creates is a worth studying all by itself.
If you have some background in mathematics or economics and enjoy non-fiction books that read like fiction, you should like this book. Patterson does a great job of developing the characters and explains the technical elements clearly. Even if you don't have a great background in math, you probably will still enjoy it but probably not as much as I did. I can't attest to whether it's accurate or not -- some internet reviews of the book imply the author might have gotten a few things wrong. Also, if you're looking for a book that explains the primary reasons for the financial collapse (ie, the subprime loans and the investment banks bundling them into credit default swaps) this is not the book. The primary players do not have a major role in causing the crisis and bank failures.
I was very disappointed with this title. I have been seeing the ad in the WSJ for a while now and was convinced to get the title after reading Taleb's comment. I was very disappointed in the content, though. Very simple and idiotic narration with names thrown left and right in order to attempt and impress the reader/listener. The author, like many in today's publishing world, try and connect nobody's to great events and names in history for no apparent reason except to impress (why is it important to know that an investor's father fought in World War I????). I am very disappointed in this selection and will avoid the author from now on. The narrator makes the selection even worse. Mr. Chamberlain should find another line of career. His delivery is bad and makes you think of a snob telling a boring story in some fancy golf club.