Author provides detailed illustration of delusions and simplifications of the efficient market theory. He also touches potential future market exploits and vulnerabilities.
Wow this is an exciting story, i didn't expect such a thrilling ride through a topic as bland as...maths lol. The rollercoaster of emotions of billions of $ being made and lost is breathtaking.
The timing and emphasis is great and really adds to the excitement, making the story easier to understand and appreciate.
Always on the edge of my seat, every chapter develops and progresses.
I originally got this because i was interested in how qants could be applied to stock trading, the story is quite light and helped me appreciate it more. I also learned a lot about how the GFC happened because of some smart people...who got outsmarted by the formulas they created.
I really enjoyed every bit of the book. The content has been well researched and the story has been exceptionally well written. Loved it.
The stories of this financial fad are interesting and it adds some information missing from similar Wall Street books I’ve heard, so it’s worthwhile in that respect. For example, this book describes the origins of and people behind VaR and other statistical methods mentioned in other books.
It’s not very well written, though. The author uses too many clichés and often dips into unnecessary melodrama. He tries to get too fancy for his subject matter and it comes across like bad poetry. Chamberlain’s delivery doesn’t help matters, as he employs the singsong inflection favored by cheesy local TV reporters.
I wouldn’t recommend this as a first book for anyone interested in recent Wall Street antics, but for those who have read several and are looking for something more, this should be worth a credit.
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.