We are currently making improvements to the Audible site. In an effort to enhance the accessibility experience for our customers, we have created a page to more easily navigate the new experience, available at the web address www.audible.com/access.
The Wrong Answer Faster: The Inside Story of Making the Machine that Trades Trillions | [Michael Goodkin]

The Wrong Answer Faster: The Inside Story of Making the Machine that Trades Trillions

In 1968, Michael Goodkin is about to graduate from Columbia University. While his classmates interview for jobs, he daydreams of seeing the world as a man of independent means. Noticing that there are no computers on Wall Street and drawing on his experiences as a failed teenage investor and successful gambler, he has an epiphany: Since no one knows the right price for anything, the only way to beat the market is to make a computer that comes up with the wrong answer faster than the professionals. And thus begins a journey that takes this provincial Midwesterner from nearly broke to opulent Park Avenue.
Regular Price:$24.95
  • Membership Details:
    • First book free with 30-day trial
    • $14.95/month thereafter for your choice of 1 new book each month
    • Cancel easily anytime
    • Exchange books you don't like
    • All selected books are yours to keep, even if you cancel
  • - or -

Your Likes make Audible better!

'Likes' are shared on Facebook and Audible.com. We use your 'likes' to improve Audible.com for all our listeners.

You can turn off Audible.com sharing from your Account Details page.

OK

Publisher's Summary

The fascinating story behind the machines that trade trillions of dollars every day... In 1968, Michael Goodkin is about to graduate from Columbia University. While his classmates interview for jobs, he daydreams of seeing the world as a man of independent means. Noticing that there are no computers on Wall Street and drawing on his experiences as a failed teenage investor and successful gambler, he has an epiphany: Since no one knows the right price for anything, the only way to beat the market is to make a computer that comes up with the wrong answer faster than the professionals.

And thus begins a journey that takes this provincial Midwesterner from nearly broke to opulent Park Avenue. The Wrong Answer Faster is the story of unintended consequences: how a technique originally created to minimize market risk spiraled into a multi-trillion dollar game with unparalleled risks.

Having founded and sold a firm that changed the world, Goodkin left New York to travel and play backgammon only to return to found another groundbreaking firm, Numerix, a software company that substituted computational physics for econometrics to better manage derivative risk.

This is the story of the computerization of Wall Street by the man at the helm. Packed with keen insights, based almost entirely on poker, backgammon, and game theory, Goodkin's unique insight to the markets is that everyone has the wrong answers. The solution is not to try to beat the market but to come up with the wrong answers faster.

The epic tale of the untold story how one man with a great idea decided not to play the market but to revolutionize the financial world for generations to come by creating the most groundbreaking tool for market players since the ticker tape.

©2012 Michael Goodkin (P)2012 Audible, Inc.

What the Critics Say

"A bildungsroman, one jacket blurb calls this book - and sure, its a traditional coming-of-age tale. But the story itself is anything but conventional. The pleasures of the book lie in the story of their bumpy path to success." (Canadian Business)

What Members Say

Average Customer Rating

3.5 (2 )
5 star
 (1)
4 star
 (0)
3 star
 (0)
2 star
 (1)
1 star
 (0)
Overall
3.5 (2 )
5 star
 (1)
4 star
 (0)
3 star
 (0)
2 star
 (1)
1 star
 (0)
Story
3.5 (2 )
5 star
 (1)
4 star
 (0)
3 star
 (0)
2 star
 (1)
1 star
 (0)
Performance
Sort by:
  •  
    PHIL San Diego, CA, United States 12-26-12
    PHIL San Diego, CA, United States 12-26-12 Member Since 2011
    HELPFUL VOTES
    315
    ratings
    REVIEWS
    140
    135
    FOLLOWERS
    FOLLOWING
    109
    2
    Overall
    Performance
    Story
    "Good mix of extrepreneurship and personal story"

    We follow this author from an unspectacular start in high school, to increasing success in college and university, to his starting up cutting-edge businesses. The author has a refreshing matter-of-factness, a lack of annoying vanity and razzle-dazzle. He effortlessly moves from clearly explaining some thinking-through of business and entrepreneurship problems, to their implementation by his finding the right people (with money, technology, legal, accounting, etc.) and doing each deal with them, to personal anecdotes that move the story along. He is willing to describe insecurities, awkward moments and setbacks, and thus to give us a "you are there" feel for his struggles, and his pushing forward, pivoting and adjusting, sweating through tough moments, to build success, at each stage. He doesn't bog down in any backwater of the story. The breezy style and lack of phony grandiosity is refreshing. He was in NYC at the ground floor of computerization of trading; he was the living, breathing, entrepreneurial expression of it, coming from the outside of the big Wall Street firms (though many of these ideas became big profit centers later for some of those firms, and the core of many later, more famliar Wall Street stories). He learned well in school, and started putting pieces together in new combinations, and knocking on doors to get it done. To learn a topic, I like to get to its primitive ideas and original thinkers, and work forward through its evolution, and this book serves nicely. It is a segment of the story I hadn't seen. The narrator fits very well with the matter-of-fact, plain-speaking style.

    2 of 2 people found this review helpful
  •  
    Brad Haeger KAPAA, HI, US 06-06-13
    Brad Haeger KAPAA, HI, US 06-06-13
    HELPFUL VOTES
    0
    ratings
    REVIEWS
    1
    1
    FOLLOWERS
    FOLLOWING
    0
    1
    Overall
    Performance
    Story
    "No detailed insights of the technology"

    The book chronicles extremely detailed periods of his life, not the details or inner workings of Numerix and it's technology that changed the investment and trading industry.

    0 of 0 people found this review helpful
  • Showing: 1-2 of 2 results

    There are no listener reviews for this title yet.

Report Inappropriate Content

If you find this review inappropriate and think it should be removed from our site, let us know. This report will be reviewed by Audible and we will take appropriate action.

CANCEL

Thank You

Your report has been received. It will be reviewed by Audible and we will take appropriate action.