In March 2006, the world’s richest men sipped champagne in an opulent New York hotel. They were preparing to compete in a poker tournament with million-dollar stakes. At the card table that night was Peter Muller, who managed a fabulously successful hedge fund called PDT. With him was Ken Griffin, who was the tough-as-nails head of Citadel Investment Group. There, too, were Cliff Asness, the sharp-tongued, mercurial founder of the hedge fund AQR Capital Management, and Boaz Weinstein, chess “life master” and king of the credit-default swap.
Muller, Griffin, Asness, and Weinstein were among the best and brightest of a new breed, the quants. Over the past twenty years, this species of math whiz had usurped the testosterone-fueled, kill-or-be-killed risk takers who’d long been the alpha males of the world’s largest casino. The quants believed that a cocktail of differential calculus, quantum physics, and advanced geometry held the key to reaping riches from the financial markets. And they helped create a digitized money-trading machine that could shift billions around the globe with the click of a mouse. Few realized that night, though, that in creating this extraordinary system, men like Muller, Griffin, Asness, and Weinstein had sown the seeds for history’s greatest financial disaster.
Customer ReviewsSee All
The alpha and omega of the recent financial meltdown (almost)
Highly recommended! If you are looking for a book which will summarise the recent economic condition from alpha to omega, that is highly engaging, with little technical terms yet readable to those with finance and non-finance training, make this THE one!
I cannot imagine why anyone would buy the abridged verion even if time is not on your side. My only complain is that this unabridged version comes in two huge files up to 7 hours each. Broken down into chapters, with each "track" about 35 mins long on average, Chapters are not labeled. (not sure about the abridged version) I've got the hardcover to go with this audiobook.
Brilliant and easy to listen to review of how the current economic problems came about.
This is an engaging book that clear explains the rise of the hedge fund, the entanglement of retail banks with these funds and from this the demand for more and more financial instruments ultimately ending up with the meltdown in 2007. This book is good for both those with a clear understanding of finance and for those who have little knowledge of it but are interested in the topic. The latter will actually find this book quite instructive on financial terms.