People also search for
Born in China to parents whose musical careers were interrupted by the Cultural Revolution, Lang Lang has emerged as one of the greatest pianists of our time. Yet despite his fame, few in the West know of the heart-wrenching journey from his early childhood as a prodigy in an industrial city in northern China to his difficult years in Beijing to his success today.
Journey of a Thousand Miles documents the remarkable, dramatic story of a family who sacrificed almost everything—his parents’ marriage, financial security, Lang Lang’s childhood, and their reputation in China’s insular classical music world—for the belief in a young boy’s talent. And it reveals the devastating and intense relationship between a boy and his father, who was willing to go to any length to make his son a star.
An engaging, informative cultural commentator who bridges East and West, Lang Lang has written more than an autobiography: his book opens a door to China, where Lang Lang is a cultural icon, at a time when the world’s attention will be on Beijing. Written with David Ritz, the coauthor of many bestselling autobiographies, Journey of a Thousand Miles is an inspiring story that will give readers an appreciation for the courage and sacrifice it takes to achieve greatness.
By examining both the address and Lincoln in their historical moment and cultural frame, Wills breathes new life into words we thought we knew, and reveals much about a president so mythologized but often misunderstood. Wills shows how Lincoln came to change the world and to effect an intellectual revolution, how his words had to and did complete the work of the guns, and how Lincoln wove a spell that has not yet been broken.
Through his books and his radio essays for NPR's This American Life, David Rakoff has built a deserved reputation as one of the finest and funniest essayists of our time. Written with humor, sympathy, and tenderness, this intricately woven novel proves him to be the master of an altogether different art form.
LOVE, DISHONOR, MARRY, DIE, CHERISH, PERISH leaps cities and decades as Rakoff sings the song of an America whose freedoms can be intoxicating, or brutal.
The characters' lives are linked to each other by acts of generosity or cruelty. A daughter of Irish slaughterhouse workers in early-twentieth-century Chicago faces a desperate choice; a hobo offers an unexpected refuge on the rails during the Great Depression; a vivacious aunt provides her clever nephew a path out of the crushed dream of postwar Southern California; an office girl endures the casually vicious sexism of 1950s Manhattan; the young man from Southern California revels in the electrifying sexual and artistic openness of 1960s San Francisco, then later tends to dying friends and lovers as the AIDS pandemic devastates the community he cherishes; a love triangle reveals the empty materialism of the Reagan years; a marriage crumbles under the distinction between self-actualization and humanity; as the new century opens, a man who has lost his way finds a measure of peace in a photograph he discovers in an old box—an image of pure and simple joy that unites the themes of this brilliantly conceived work.
Rakoff's insistence on beauty and the necessity of kindness in a selfish world raises the novel far above mere satire. A critic once called Rakoff "magnificent," a word that perfectly describes this wonderful novel in verse.
From the Hardcover edition.
An intensely emotional and provocative story, Little Girl Gone explores the secret hopes and fears that drive good people to do dangerous things . . . and the courage it takes to make things right.
The Owen children long ago left their gracious family home in Point Clear, Alabama, in favor of points north. But when their father takes ill, the youngest, Bonnie, who has spent a decade in Manhattan as an unsuccessful actress, returns to care for him. Soon after his death—unbeknownst to her siblings—she falls in love with and marries a handsome evangelical preacher, and together the couple takes up residence in the stately Owen mansion.
When they receive Bonnie's letter announcing her marriage, Ellen and Morris head for Alabama, believing they must extricate their troublesome sister from her latest mistake. To their surprise, they find that Bonnie's charismatic young husband, Pastor, has already saved her from her self-destructive ways, and Bonnie is now nearly three months pregnant. But Bonnie has only recently informed Pastor that Morris is gay, and Pastor quickly undertakes a campaign to "save" him as well . . .
With grace, warmth, and humor, Dennis McFarland reveals the common ground shared by these flawed yet captivating characters—setting them all, and the reader with them, on an unlikely course toward redemption.
The Map and the Territory is the story of an artist, Jed Martin, and his family and lovers and friends, the arc of his entire history rendered with sharp humor and powerful compassion. His earliest photographs, of countless industrial objects, were followed by a surprisingly successful series featuring Michelin road maps, which also happened to bring him the love of his life, Olga, a beautiful Russian working—for a time—in Paris. But global fame and fortune arrive when he turns to painting and produces a host of portraits that capture a wide range of professions, from the commonplace (the owner of a local bar) to the autobiographical (his father, an accomplished architect) and from the celebrated (Bill Gates and Steve Jobs Discussing the Future of Information Technology) to the literary (a writer named Houellebecq, with whom he develops an unusually close relationship).
Then, while his aging father (his only living relative) flirts with oblivion, a police inspector seeks Martin’s help in solving an unspeakably gruesome crime—events that prove profoundly unsettling. Even so, now growing old himself, Jed Martin somehow discovers serenity and manages to add another startling chapter to his artistic legacy, a deeply moving conclusion to this saga of hopes and losses and dreams.
"ONE OF THE SMARTEST INVESTORS ON THE PLANET."--MONEY MAGAZINE
“This book is an essential read for those who wish to understand the modern world of investing.”
Winner of the 2008 Financial Times and Goldman Sachs Business Book of the Year Award
When Markets Collide is a timely alert to the fundamental changes taking place in today's global economic and financial systems--and a call to action for investors who may fall victim to misinterpreting important signals. While some have tended to view asset class mispricings as mere “noise,” this compelling book shows why they are important signals of opportunities and risks that will shape the market for years to come. One of today's most respected names in finance, Mohamed El-Erian puts recent events in their proper context, giving you the tools that can help you interpret the markets, benefit from global economic change, and navigate the risks.
The world economy is in the midst of a series of hand-offs. Global growth is now being heavily influenced by nations that previously had little or no systemic influence. Former debtor nations are building unforeseen wealth and, thus, enjoying unprecedented influence and facing unusual challenges. And new derivative products have changed the behavior of many market segments and players. Yet, despite all these changes, the system's infrastructure is yet to be upgraded to reflect the realities of today's and tomorrow's world. El-Erian investigates the underlying drivers of global change to shed light on how you should:Think about the new opportunities and risks Construct an appropriately diversified and internationalized portfolio Protect your portfolio against new sources of systemic risk Best think about the impact of central banks and financial policies around the world
Offering up predictions of future developments, El-Erian directs his focus to help you capitalize on the new financial landscape, while limiting exposure to new risk configurations.
When Markets Collide is a unique collection of books for investors and policy makers around the world. In addition to providing a thorough analysis and clear perspective of recent events, it lays down a detailed map for navigating your way through an otherwise perplexing new economic landscape.
WINNER OF THE NATIONAL BOOK AWARD
In this groundbreaking biography, T.J. Stiles tells the dramatic story of Cornelius “Commodore” Vanderbilt, the combative man and American icon who, through his genius and force of will, did more than perhaps any other individual to create modern capitalism. Meticulously researched and elegantly written, The First Tycoon describes an improbable life, from Vanderbilt’s humble birth during the presidency of George Washington to his death as one of the richest men in American history. In between we see how the Commodore helped to launch the transportation revolution, propel the Gold Rush, reshape Manhattan, and invent the modern corporation. Epic in its scope and success, the life of Vanderbilt is also the story of the rise of America itself.
From the Trade Paperback edition.
The first full account of how the Cold War arms race finally came to a close, this riveting narrative history sheds new light on the people who struggled to end this era of massive overkill, and examines the legacy of the nuclear, chemical, and biological weapons that remain a threat today.
Drawing on memoirs, interviews in both Russia and the US, and classified documents from deep inside the Kremlin, David E. Hoffman examines the inner motives and secret decisions of each side and details the deadly stockpiles that remained unsecured as the Soviet Union collapsed. This is the fascinating story of how Reagan, Gorbachev, and a previously unheralded collection of scientists, soldiers, diplomats, and spies changed the course of history.
From the Trade Paperback edition.
Rajan shows how the individual choices that collectively brought about the economic meltdown--made by bankers, government officials, and ordinary homeowners--were rational responses to a flawed global financial order in which the incentives to take on risk are incredibly out of step with the dangers those risks pose. He traces the deepening fault lines in a world overly dependent on the indebted American consumer to power global economic growth and stave off global downturns. He exposes a system where America's growing inequality and thin social safety net create tremendous political pressure to encourage easy credit and keep job creation robust, no matter what the consequences to the economy's long-term health; and where the U.S. financial sector, with its skewed incentives, is the critical but unstable link between an overstimulated America and an underconsuming world.
In Fault Lines, Rajan demonstrates how unequal access to education and health care in the United States puts us all in deeper financial peril, even as the economic choices of countries like Germany, Japan, and China place an undue burden on America to get its policies right. He outlines the hard choices we need to make to ensure a more stable world economy and restore lasting prosperity.
Neil Irwin’s The Alchemists is a gripping account of the most intense exercise in economic crisis management we’ve ever seen, a poker game in which the stakes have run into the trillions of dollars. The book begins in, of all places, Stockholm, Sweden, in the seventeenth century, where central banking had its rocky birth, and then progresses through a brisk but dazzling tutorial on how the central banker came to exert such vast influence over our world, from its troubled beginnings to the Age of Greenspan, bringing the reader into the present with a marvelous handle on how these figures and institutions became what they are – the possessors of extraordinary power over our collective fate. What they chose to do with those powers is the heart of the story Irwin tells.
Irwin covered the Fed and other central banks from the earliest days of the crisis for the Washington Post, enjoying privileged access to leading central bankers and people close to them. His account, based on reporting that took place in 27 cities in 11 countries, is the holistic, truly global story of the central bankers’ role in the world economy we have been missing. It is a landmark reckoning with central bankers and their power, with the great financial crisis of our time, and with the history of the relationship between capitalism and the state. Definitive, revelatory, and riveting, The Alchemists shows us where money comes from—and where it may well be going.
Wall Street investment banks move trillions of dollars a year, make billions in fees, pay their executives in the tens of millions of dollars. But even among the most powerful firms, Lazard Frères & Co. stood apart. Discretion, secrecy, and subtle strategy were its weapons of choice. For more than a century, the mystique and reputation of the "Great Men" who worked there allowed the firm to garner unimaginable profits, social cachet, and outsized influence in the halls of power. But in the mid-1980s, their titanic egos started getting in the way, and the Great Men of Lazard jeopardized all they had built.
William D. Cohan, himself a former high-level Wall Street banker, takes the reader into the mysterious and secretive world of Lazard and presents a compelling portrait of Wall Street through the tumultuous history of this exalted and fascinating company. Cohan deconstructs the explosive feuds between Felix Rohatyn and Steve Rattner, superstar investment bankers and pillars of New York society, and between the man who controlled Lazard, the inscrutable French billionaire Michel David-Weill, and his chosen successor, Bruce Wasserstein.
Cohan follows Felix, the consummate adviser, as he reshapes corporate America in the 1970s and 1980s, saves New York City from bankruptcy, and positions himself in New York society and in Washington. Felix’s dreams are dashed after the arrival of Steve, a formidable and ambitious former newspaper reporter. By the mid-1990s, as Lazard neared its 150th anniversary, Steve and Felix were feuding openly.
The internal strife caused by their arguments could not be solved by the imperious Michel, whose manipulative tendencies served only to exacerbate the trouble within the firm. Increasingly desperate, Michel took the unprecedented step of relinquishing operational control of Lazard to one of the few Great Men still around, Bruce Wasserstein, then fresh from selling his own M&A boutique, for $1.4 billion. Bruce’s take: more than $600 million. But it turned out Great Man Bruce had snookered Great Man Michel when the Frenchman was at his most vulnerable.
The LastTycoons is a tale of vaulting ambitions, whispered advice, worldly mistresses, fabulous art collections, and enormous wealth—a story of high drama in the world of high finance.
From the Trade Paperback edition.
Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts--as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur.
An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps.
all the devils are here."
-Shakespeare, The Tempest
As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?
According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.
All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.
Among the devils you'll meet in vivid detail:
• Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending.
• Roland Arnall, a respected philanthropist and diplomat, who made his fortune building Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices.
• Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies were buried.
• Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud old firm into the ground by promoting cronies and pushing out his smartest lieutenants.
• Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line.
• Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission.
• Brian Clarkson of Moody's, who aggressively pushed to increase his rating agency's market share and stock price, at the cost of its integrity.
• Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted enormous pain on the country.
Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the meltdown and its consequences.
This epic work—named a best book of the year by the Washington Post, Time, the Los Angeles Times, Amazon, the San Francisco Chronicle, and a notable book by the New York Times—tells the story of the Hemingses, whose close blood ties to our third president had been systematically expunged from American history until very recently. Now, historian and legal scholar Annette Gordon-Reed traces the Hemings family from its origins in Virginia in the 1700s to the family’s dispersal after Jefferson’s death in 1826.
Niall Ferguson follows the money to tell the human story behind the evolution of our financial system, from its genesis in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance. What's more, Ferguson reveals financial history as the essential backstory behind all history, arguing that the evolution of credit and debt was as important as any technological innovation in the rise of civilization. As Ferguson traces the crisis from ancient Egypt's Memphis to today's Chongqing, he offers bold and compelling new insights into the rise--and fall--of not just money but Western power as well.
When young Joseph Banks stepped onto a Tahitian beach in 1769, he hoped to discover Paradise. Inspired by the scientific ferment sweeping through Britain, the botanist had sailed with Captain Cook in search of new worlds. Other voyages of discovery—astronomical, chemical, poetical, philosophical—swiftly follow in Richard Holmes's thrilling evocation of the second scientific revolution. Through the lives of William Herschel and his sister Caroline, who forever changed the public conception of the solar system; of Humphry Davy, whose near-suicidal gas experiments revolutionized chemistry; and of the great Romantic writers, from Mary Shelley to Coleridge and Keats, who were inspired by the scientific breakthroughs of their day, Holmes brings to life the era in which we first realized both the awe-inspiring and the frightening possibilities of science—an era whose consequences are with us still.
BONUS MATERIAL: This ebook edition includes an excerpt from Richard Holmes's Falling Upwards.
From the award-winning and bestselling author of Directorate S, the explosive first-hand account of America's secret history in Afghanistan
To what extent did America’s best intelligence analysts grasp the rising thread of Islamist radicalism? Who tried to stop bin Laden and why did they fail? Comprehensively and for the first time, Pulitzer Prize-winning journalist Steve Coll recounts the history of the covert wars in Afghanistan that fueled Islamic militancy and sowed the seeds of the September 11 attacks. Based on scrupulous research and firsthand accounts by key government, intelligence, and military personnel both foreign and American, Ghost Wars details the secret history of the CIA’s role in Afghanistan (including its covert operations against Soviet troops from 1979 to 1989), the rise of the Taliban, the emergence of bin Laden, and the failed efforts by U.S. forces to find and assassinate bin Laden in Afghanistan.
The brilliantly reported New York Times bestseller that goes behind the scenes of the financial crisis on Wall Street and in Washington to give the definitive account of the crisis, the basis for the HBO film
“Too Big To Fail is too good to put down. . . . It is the story of the actors in the most extraordinary financial spectacle in 80 years, and it is told brilliantly.” —The Economist
In one of the most gripping financial narratives in decades, Andrew Ross Sorkin—a New York Times columnist and one of the country's most respected financial reporters—delivers the first definitive blow-by-blow account of the epochal economic crisis that brought the world to the brink. Through unprecedented access to the players involved, he re-creates all the drama and turmoil of these turbulent days, revealing never-before-disclosed details and recounting how, motivated as often by ego and greed as by fear and self-preservation, the most powerful men and women in finance and politics decided the fate of the world's economy.
Includes a profile of current Secretary of State and former chairman and chief executive of ExxonMobil, Rex Tillerson
In this, the first hard-hitting examination of ExxonMobil—the largest and most powerful private corporation in the United States—Steve Coll reveals the true extent of its power. Private Empire pulls back the curtain, tracking the corporation’s recent history and its central role on the world stage, beginning with the Exxon Valdez accident in 1989 and leading to the Deepwater Horizon oil spill in the Gulf of Mexico in 2010. The action spans the globe—featuring kidnapping cases, civil wars, and high-stakes struggles at the Kremlin—and the narrative is driven by larger-than-life characters, including corporate legend Lee “Iron Ass” Raymond, ExxonMobil’s chief executive until 2005, and current chairman and chief executive Rex Tillerson, President-elect Donald Trump's nomination for Secretary of State. A penetrating, news-breaking study, Private Empire is a defining portrait of Big Oil in American politics and foreign policy.
The Age Of Turbulence is Alan Greenspan’s incomparable reckoning with the contemporary financial world, channeled through his own experiences working in the command room of the global economy longer and with greater effect than any other single living figure. Following the arc of his remarkable life’s journey through his more than eighteen-year tenure as chairman of the Federal Reserve Board to the present, in the second half of The Age of Turbulence Dr. Greenspan embarks on a magnificent tour d’horizon of the global economy. The distillation of a life’s worth of wisdom and insight into an elegant expression of a coherent worldview, The Age of Turbulence will stand as Alan Greenspan’s personal and intellectual legacy.
At the beginning of March 2008, the monetary fabric of Bear Stearns, one of the world’s oldest and largest investment banks, began unraveling. After ten days, the bank no longer existed, its assets sold under duress to rival JPMorgan Chase. The effects would be felt nationwide, as the country suddenly found itself in the grip of the worst financial mess since the Great Depression. William Cohan exposes the corporate arrogance, power struggles, and deadly combination of greed and inattention, which led to the collapse of not only Bear Stearns but the very foundations of Wall Street.
From the Trade Paperback edition.
Finalist for the Orange Prize for Fiction
Chosen as a Best Book of the Year by The New York Times Book Review, The Washington Post, Chicago Tribune, The Christian Science Monitor, Kansas City Star, Financial Times, St. Louis Post-Dispatch, and Real Simple
Twenty-year-old Tassie Keltjin, the daughter of a gentleman farmer, has come to a university town as a student. When she takes a job as a part-time nanny for a mysterious and glamorous family, she finds herself drawn deeper into their world and forever changed. Told through the eyes of this memorable narrator, A Gate at the Stairs is a piercing novel of race, class, love, and war in America.
From the Trade Paperback edition.
In Come Into My Trading Room, noted trader andauthor Dr. Alexander Elder returns to expand far beyond the threeM's (Mind, Method, and Money) of his bestselling Trading for aLiving. Shifting focus from technical analysis to the overallmanagement of a trader's money, time, and strategy, Dr. Elder takesreaders from the fundamentals to the secrets of being a successfultrader--identifying new, little known indicators that can lead tohuge profits.
Come Into My Trading Room educates the novice andfortifies the professional through expert advice and proven tradingmethodologies. This comprehensive trading guide provides a completeintroduction to the essentials of successful trading; a fresh lookat the three M's, including a proven, step-by-step money managementstrategy; and an in-depth look at organizing your tradingtime. Come Into My Trading Room reviews thebasics of trading stocks, futures, and options as well as crucialpsychological tactics for discipline and organization—withthe goal of turning anyone into a complete and successfultrader.
By showing traders how to combine the elements of mind, method,and money, Come Into My Trading Room givesreaders the knowledge and insight to enter the market withconfidence and exit with profits. Unparalleled depth and a widerange of coverage will keep all levels of traders engaged,informed, and returning to Come Into My TradingRoom again and again.
Dr. Alexander Elder (New York, NY) is a professionaltrader, technical analysis expert, and practicing psychiatrist. Heis the founder of Financial Trading Inc., providing intensivetrading camps to traders all over the world. Elder's first bookTrading for a Living (Wiley: 0471592242) and the companionstudy guide have sold over 160,000 copies.
Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government--simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life--such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes--and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them.
Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits--the powerful forces of human psychology that are afoot in the world economy today. In a new preface, they describe why our economic troubles may linger for some time--unless we are prepared to take further, decisive action.
Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller Liar's Poker. Out of a handful of unlikely-really unlikely-heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest chronicler of our time.
Washington Post Bestseller
Los Angeles Times Bestseller
Stress Test is the story of Tim Geithner’s education in financial crises.
As president of the Federal Reserve Bank of New York and then as President Barack Obama’s secretary of the Treasury, Timothy F. Geithner helped the United States navigate the worst financial crisis since the Great Depression, from boom to bust to rescue to recovery. In a candid, riveting, and historically illuminating memoir, he takes readers behind the scenes of the crisis, explaining the hard choices and politically unpalatable decisions he made to repair a broken financial system and prevent the collapse of the Main Street economy. This is the inside story of how a small group of policy makers—in a thick fog of uncertainty, with unimaginably high stakes—helped avoid a second depression but lost the American people doing it. Stress Test is also a valuable guide to how governments can better manage financial crises, because this one won’t be the last.
Stress Test reveals a side of Secretary Geithner the public has never seen, starting with his childhood as an American abroad. He recounts his early days as a young Treasury official helping to fight the international financial crises of the 1990s, then describes what he saw, what he did, and what he missed at the New York Fed before the Wall Street boom went bust. He takes readers inside the room as the crisis began, intensified, and burned out of control, discussing the most controversial episodes of his tenures at the New York Fed and the Treasury, including the rescue of Bear Stearns; the harrowing weekend when Lehman Brothers failed; the searing crucible of the AIG rescue as well as the furor over the firm’s lavish bonuses; the battles inside the Obama administration over his widely criticized but ultimately successful plan to end the crisis; and the bracing fight for the most sweeping financial reforms in more than seventy years. Secretary Geithner also describes the aftershocks of the crisis, including the administration’s efforts to address high unemployment, a series of brutal political battles over deficits and debt, and the drama over Europe’s repeated flirtations with the economic abyss.
Secretary Geithner is not a politician, but he has things to say about politics—the silliness, the nastiness, the toll it took on his family. But in the end, Stress Test is a hopeful story about public service. In this revealing memoir, Tim Geithner explains how America withstood the ultimate stress test of its political and financial systems.
From the Hardcover edition.
Remarkably, it was just two years ago that Enron was thought to epitomize a great New Economy company, with its skyrocketing profits and share price. But that was before Fortune published an article by McLean that asked a seemingly innocent question: How exactly does Enron make money? From that point on, Enron's house of cards began to crumble. Now, McLean and Elkind have investigated much deeper, to offer the definitive book about the Enron scandal and the fascinating people behind it.
Meticulously researched and character driven, Smartest Guys in the Room takes the reader deep into Enron's past—and behind the closed doors of private meetings. Drawing on a wide range of unique sources, the book follows Enron's rise from obscurity to the top of the business world to its disastrous demise. It reveals as never before major characters such as Ken Lay, Jeff Skilling, and Andy Fastow, as well as lesser known players like Cliff Baxter and Rebecca Mark. Smartest Guys in the Room is a story of greed, arrogance, and deceit—a microcosm of all that is wrong with American business today. Above all, it's a fascinating human drama that will prove to be the authoritative account of the Enron scandal.
That was Federal Reserve Chairman Ben Bernanke’s vow as the worst financial panic in more than fifty years gripped the world and he struggled to avoid the once unthinkable: a repeat of the Great Depression. Brilliant but temperamentally cautious, Bernanke researched and wrote about the causes of the Depression during his career as an academic. Then when thrust into a role as one of the most important people in the world, he was compelled to boldness by circumstances he never anticipated.
The president of the United States can respond instantly to a missile attack with America’s military might, but he cannot respond to a financial crisis with real money unless Congress acts. The Fed chairman can. Bernanke did. Under his leadership the Fed spearheaded the biggest government intervention in more than half a century and effectively became the fourth branch of government, with no direct accountability to the nation’s voters.
Believing that the economic catastrophe of the 1930s was largely the fault of a sluggish and wrongheaded Federal Reserve, Bernanke was determined not to repeat that epic mistake. In this penetrating look inside the most powerful economic institution in the world, David Wessel illuminates its opaque and undemocratic inner workings, while revealing how the Bernanke Fed led the desperate effort to prevent the world’s financial engine from grinding to a halt.
In piecing together the fullest, most authoritative, and alarming picture yet of this decisive moment in our nation’s history, In Fed We Trust answers the most critical questions. Among them:
• What did Bernanke and his team at the Fed know–and what took them by surprise? Which of their actions stretched–or even ripped through–the Fed’s legal authority? Which chilling numbers and indicators made them feel they had no choice?
• What were they thinking at pivotal moments during the race to sell Bear Stearns, the unsuccessful quest to save Lehman Brothers, and the virtual nationalization of AIG, Fannie Mae, and Freddie Mac? What were they saying to one another when, as Bernanke put it to Wessel: “We came very close to Depression 2.0”?
• How well did Bernanke, former treasury secretary Hank Paulson, and then New York Fed president Tim Geithner perform under intense pressure?
• How did the crisis prompt a reappraisal of the once-impregnable reputation of Alan Greenspan?
In Fed We Trust is a breathtaking and singularly perceptive look at a historic episode in American and global economic history.
From the Hardcover edition.
Few authors have had the kind of lasting impact and global reach that Seth Godin has had. In a series of now-classic books that have been translated into 36 languages and reached millions of readers around the world, he has taught generations of readers how to make remarkable products and spread powerful ideas. In Linchpin, he turns his attention to the individual, and explains how anyone can make a significant impact within their organization.
There used to be two teams in every workplace: management and labor. Now there's a third team, the linchpins. These people figure out what to do when there's no rule book. They delight and challenge their customers and peers. They love their work, pour their best selves into it, and turn each day into a kind of art.
Have you ever found a shortcut that others missed? Seen a new way to resolve a conflict? Made a connection with someone others couldn't reach? Even once? Then you have what it takes to become indispensable, by overcoming the resistance that holds people back. Linchpin will show you how to join the likes of...
· Keith Johnson, who scours flea markets across the country to fill Anthropologie stores with unique pieces.
· Jason Zimdars, a graphic designer who got his dream job at 37signals without a résumé.
· David, who works at Dean and Deluca coffee shop in New York. He sees every customer interaction as a chance to give a gift and is cherished in return.
As Godin writes, "Every day I meet people who have so much to give but have been bullied enough or frightened enough to hold it back. It's time to stop complying with the system and draw your own map. You have brilliance in you, your contribution is essential, and the art you create is precious. Only you can do it, and you must."
Something is wrong with our banking system. We all sense that, but Mervyn King knows it firsthand; his ten years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy he offers us an essential work about the history and future of money and banking, the keys to modern finance.
The Industrial Revolution built the foundation of our modern capitalist age. Yet the flowering of technological innovations during that dynamic period relied on the widespread adoption of two much older ideas: the creation of paper money and the invention of banks that issued credit. We take these systems for granted today, yet at their core both ideas were revolutionary and almost magical. Common paper became as precious as gold, and risky long-term loans were transformed into safe short-term bank deposits. As King argues, this is financial alchemy—the creation of extraordinary financial powers that defy reality and common sense. Faith in these powers has led to huge benefits; the liquidity they create has fueled economic growth for two centuries now. However, they have also produced an unending string of economic disasters, from hyperinflations to banking collapses to the recent global recession and current stagnation.
How do we reconcile the potent strengths of these ideas with their inherent weaknesses? King draws on his unique experience to present fresh interpretations of these economic forces and to point the way forward for the global economy. His bold solutions cut through current overstuffed and needlessly complex legislation to provide a clear path to durable prosperity and the end of overreliance on the alchemy of our financial ancestors.
Forewords by Alice Waters and Michael Pollan
In this dazzling, full color cookbook and kitchen manual filled with lush photographs and beautiful drawings, the chef of Alice Waters’ Chez Panisse offers basic techniques and essential recipes that will transform anyone into a confident home cook.
When his oldest son was leaving for college, Cal Peternell, the chef of San Francisco’s legendary Chez Panisse, realized that, although he regularly made dinners for his family, he’d never taught them the basics of cooking. Based on the life-altering course of instruction he prepared and honed through many phone calls with his son, Twelve Recipes is the ultimate introduction to the kitchen. Peternell focuses on the core foods and dishes that comprise a successful home cook’s arsenal, each building skill upon skill—from toast, eggs, and beans, to vinaigrettes, pasta with tomato, and rice, to vegetables, soup, meats, and cake.
Twelve Recipes will help home cooks develop a core repertoire of skills and increase their culinary confidence. Peternell tells you what basic ingredients and tools you need for a particular recipe, and then adds variations to expand your understanding. Each tip, instruction, and recipe connects with others to weave into a larger story that illuminates the connection between food and life. A deeply personal book, it was written by the chef alone and it glows with warmth and humor as he mulls over such mundane items as toast and rice to offer surprising new insights about foods that only seem exceedingly ordinary. It’s a book you’re as likely to keep by your bedside as your stovetop. With Peternell as your guide, the journey is pure pleasure and the destination is delicious.
Twelve Recipes features gorgeous color photos and inset illustrations by Peternell’s wife and sons (all artists), and forewords by celebrated chef Alice Waters and New York Times columnist and bestselling author Michael Pollan.
"The most entertaining book written on investing isReminiscences of a Stock Operator, by Edwin Lefèvre,first published in 1923."
—The Seattle Times
"After twenty years and many re-reads, Reminiscences isstill one of my all-time favorites."
—Kenneth L. Fisher, Forbes
"A must-read classic for all investors, whether brand-new orexperienced."
—William O'Neil, founder and Chairman, Investor'sBusiness Daily
"Whilst stock market tomes have come and gone, this remainspopular and in print eighty years on."
First published in 1923, Reminiscences of a StockOperator is the most widely read, highly recommended investmentbook ever. Generations of readers have found that it has more toteach them about markets and people than years of experience. Thisis a timeless tale that will enrich your life—and yourportfolio.
—New York Times Book Review
A #1 New York Times bestseller and arguably the best business narrative ever written, Barbarians at the Gate is the classic account of the fall of RJR Nabisco. An enduring masterpiece of investigative journalism by Bryan Burrough and John Helyar, it includes a new afterword by the authors that brings this remarkable story of greed and double-dealings up to date twenty years after the famed deal. The Los Angeles Times calls Barbarians at the Gate, “Superlative.” The Chicago Tribune raves, “It’s hard to imagine a better story...and it’s hard to imagine a better account.” And in an era of spectacular business crashes and federal bailouts, it still stands as a valuable cautionary tale that must be heeded.
Wealthy, powerful, and potentially dangerous, hedge fund moguls have become the It Boys of twenty-first- century capitalism. Beating the market was long thought to be impossible, but hedge funds cracked its mysteries and made fortunes in the process. Drawing on his unprecedented access to the industry, esteemed financial writer Sebastian Mallaby tells the inside story of the hedge funds, from their origins in the 1960s to their role in the financial crisis of 2007 to 2009.
Read Sebastian Mallaby's new book, The Man Who Knew: The Life and Times of Alan Greenspan.
Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a pinata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish.
Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.
Here is the book recounting the life and times of one of the most respected men in the world, Warren Buffett. The legendary Omaha investor has never written a memoir, but now he has allowed one writer, Alice Schroeder, unprecedented access to explore directly with him and with those closest to him his work, opinions, struggles, triumphs, follies, and wisdom.
Although the media track him constantly, Buffett himself has never told his full life story. His reality is private, especially by celebrity standards. Indeed, while the homespun persona that the public sees is true as far as it goes, it goes only so far. Warren Buffett is an array of paradoxes. He set out to prove that nice guys can finish first. Over the years he treated his investors as partners, acted as their steward, and championed honesty as an investor, CEO, board member, essayist, and speaker. At the same time he became the world’s richest man, all from the modest Omaha headquarters of his company Berkshire Hathaway. None of this fits the term “simple.”
When Alice Schroeder met Warren Buffett she was an insurance industry analyst and a gifted writer known for her keen perception and business acumen. Her writings on finance impressed him, and as she came to know him she realized that while much had been written on the subject of his investing style, no one had moved beyond that to explore his larger philosophy, which is bound up in a complex personality and the details of his life. Out of this came his decision to cooperate with her on the book about himself that he would never write.
Never before has Buffett spent countless hours responding to a writer’s questions, talking, giving complete access to his wife, children, friends, and business associates—opening his files, recalling his childhood. It was an act of courage, as The Snowball makes immensely clear. Being human, his own life, like most lives, has been a mix of strengths and frailties. Yet notable though his wealth may be, Buffett’s legacy will not be his ranking on the scorecard of wealth; it will be his principles and ideas that have enriched people’s lives. This book tells you why Warren Buffett is the most fascinating American success story of our time.
Praise for The Snowball
“Even people who don't care a whit about business will be intrigued by this portrait. . . . Schroeder, a former insurance-industry analyst, spent years interviewing Buffett, and the result is a side of the Oracle of Omaha that has rarely been seen.”—Time
“Will mesmerize anyone interested in who Mr. Buffett is or how he got that way. The Snowball tells a fascinating story.”—New York Times
“If the replication of any great achievement first requires knowledge of how it was done, then The Snowball, the most detailed glimpse inside Warren Buffett and his world that we likely will ever get, should become a Bible for capitalists.”—Washington Post
“Riveting and encyclopedic.”—Wall Street Journal
“A monumental biography . . . Schroeder got the best access yet of any Buffett biographer. . . . She deals out marvelously funny and poignant stories about Buffett and the conglomerate he runs, Berkshire Hathaway.”—Forbes
“The most authoritative portrait of one of the most important American investors of our time.”—Los Angeles Times
"Ambitious and readable . . . an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism."
—The New York Times
"An extraordinarily entertaining and informative book."
—The Wall Street Journal
"A lively panoramic book . . . Against the Gods sets up an ambitious premise and then delivers on it."
"Deserves to be, and surely will be, widely read."
"[A] challenging book, one that may change forever the way people think about the world."
"No one else could have written a book of such central importance with so much charm and excitement."
—Robert Heilbroner author, The Worldly Philosophers
"With his wonderful knowledge of the history and current manifestations of risk, Peter Bernstein brings us Against the Gods. Nothing like it will come out of the financial world this year or ever. I speak carefully: no one should miss it."
—John Kenneth Galbraith Professor of Economics Emeritus, Harvard University
In this unique exploration of the role of risk in our society, Peter Bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the distant past. Against the Gods chronicles the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today.
"An extremely readable history of risk."
"Fascinating . . . this challenging volume will help you understand the uncertainties that every investor must face."
"A singular achievement."
—Times Literary Supplement
"There's a growing market for savants who can render the recondite intelligibly-witness Stephen Jay Gould (natural history), Oliver Sacks (disease), Richard Dawkins (heredity), James Gleick (physics), Paul Krugman (economics)-and Bernstein would mingle well in their company."
Pulitzer Prize–winner James B. Stewart shows for the first time how four of the eighties’ biggest names on Wall Street—Michael Milken, Ivan Boesky, Martin Siegel, and Dennis Levine —created the greatest insider-trading ring in financial history and almost walked away with billions, until a team of downtrodden detectives triumphed over some of America’s most expensive lawyers to bring this powerful quartet to justice.
Based on secret grand jury transcripts, interviews, and actual trading records, and containing explosive new revelations about Michael Milken and Ivan Boesky written especially for this paperback edition, Den of Thieves weaves all the facts into an unforgettable narrative—a portrait of human nature, big business, and crime of unparalleled proportions.
In 1925, the legendary British explorer Percy Fawcett ventured into the Amazon jungle, in search of a fabled civilization. He never returned. Over the years countless perished trying to find evidence of his party and the place he called “The Lost City of Z.” In this masterpiece of narrative nonfiction, journalist David Grann interweaves the spellbinding stories of Fawcett’s quest for “Z” and his own journey into the deadly jungle, as he unravels the greatest exploration mystery of the twentieth century.
From the acclaimed, award-winning author of Alexander Hamilton: here is the essential, endlessly engrossing biography of John D. Rockefeller, Sr.—the Jekyll-and-Hyde of American capitalism. In the course of his nearly 98 years, Rockefeller was known as both a rapacious robber baron, whose Standard Oil Company rode roughshod over an industry, and a philanthropist who donated money lavishly to universities and medical centers. He was the terror of his competitors, the bogeyman of reformers, the delight of caricaturists—and an utter enigma.
Drawing on unprecedented access to Rockefeller’s private papers, Chernow reconstructs his subjects’ troubled origins (his father was a swindler and a bigamist) and his single-minded pursuit of wealth. But he also uncovers the profound religiosity that drove him “to give all I could”; his devotion to his father; and the wry sense of humor that made him the country’s most colorful codger. Titan is a magnificent biography—balanced, revelatory, elegantly written.
In the dawning light of a late-summer morning, the people of lower Manhattan stand hushed, staring up in disbelief at the Twin Towers. It is August 1974, and a mysterious tightrope walker is running, dancing, leaping between the towers, suspended a quarter mile above the ground. In the streets below, a slew of ordinary lives become extraordinary in bestselling novelist Colum McCann’s stunningly intricate portrait of a city and its people.
Let the Great World Spin is the critically acclaimed author’s most ambitious novel yet: a dazzlingly rich vision of the pain, loveliness, mystery, and promise of New York City in the 1970s.
Corrigan, a radical young Irish monk, struggles with his own demons as he lives among the prostitutes in the middle of the burning Bronx. A group of mothers gather in a Park Avenue apartment to mourn their sons who died in Vietnam, only to discover just how much divides them even in grief. A young artist finds herself at the scene of a hit-and-run that sends her own life careening sideways. Tillie, a thirty-eight-year-old grandmother, turns tricks alongside her teenage daughter, determined not only to take care of her family but to prove her own worth. Elegantly weaving together these and other seemingly disparate lives, McCann’s powerful allegory comes alive in the unforgettable voices of the city’s people, unexpectedly drawn together by hope, beauty, and the “artistic crime of the century.”
A sweeping and radical social novel, Let the Great World Spin captures the spirit of America in a time of transition, extraordinary promise, and, in hindsight, heartbreaking innocence. Hailed as a “fiercely original talent” (San Francisco Chronicle), award-winning novelist McCann has delivered a triumphantly American masterpiece that awakens in us a sense of what the novel can achieve, confront, and even heal.
BONUS: This edition includes an excerpt from Colum McCann’s TransAtlantic.
“This is a gorgeous book, multilayered and deeply felt, and it’s a damned lot of fun to read, too. Leave it to an Irishman to write one of the greatest-ever novels about New York. There’s so much passion and humor and pure lifeforce on every page of Let the Great World Spin that you’ll find yourself giddy, dizzy, overwhelmed.”—Dave Eggers
“Stunning . . . [an] elegiac glimpse of hope . . . It’s a novel rooted firmly in time and place. It vividly captures New York at its worst and best. But it transcends all that. In the end, it’s a novel about families—the ones we’re born into and the ones we make for ourselves.”—USA Today
“Mesmerizing . . . a Joycean look at the lives of New Yorkers changed by a single act on a single day . . . McCann’s marvelously rich novel . . . weaves a portrait of a city and a moment, dizzyingly satisfying to read and difficult to put down.”—The Seattle Times
“Vibrantly whole . . . With a series of spare, gorgeously wrought vignettes, Colum McCann brings 1970s New York to life. . . . And as always, McCann’s heart-stoppingly simple descriptions wow.”—Entertainment Weekly
“An act of pure bravado, dizzying proof that to keep your balance you need to know how to fall.”—O: The Oprah Magazine
The United States was more a fragile hope than a reality in 1790. During the decade that followed, the Founding Fathers—re-examined here as Founding Brothers—combined the ideals of the Declaration of Independence with the content of the Constitution to create the practical workings of our government. Through an analysis of six fascinating episodes—Hamilton and Burr’s deadly duel, Washington’s precedent-setting Farewell Address, Adams’ administration and political partnership with his wife, the debate about where to place the capital, Franklin’s attempt to force Congress to confront the issue of slavery and Madison’s attempts to block him, and Jefferson and Adams’ famous correspondence—Founding Brothers brings to life the vital issues and personalities from the most important decade in our nation’s history.
Banker to the Poor is Muhammad Yunus's memoir of how he decided to change his life in order to help the world's poor. In it he traces the intellectual and spiritual journey that led him to fundamentally rethink the economic relationship between rich and poor, and the challenges he and his colleagues faced in founding Grameen. He also provides wise, hopeful guidance for anyone who would like to join him in "putting homelessness and destitution in a museum so that one day our children will visit it and ask how we could have allowed such a terrible thing to go on for so long." The definitive history of micro-credit direct from the man that conceived of it, Banker to the Poor is necessary and inspirational reading for anyone interested in economics, public policy, philanthropy, social history, and business.
Muhammad Yunus was born in Bangladesh and earned his Ph.D. in economics in the United States at Vanderbilt University, where he was deeply influenced by the civil rights movement. He still lives in Bangladesh, and travels widely around the world on behalf of Grameen Bank and the concept of micro-credit.
Before Gabrielle Hamilton opened her acclaimed New York restaurant Prune, she spent twenty hard-living years trying to find purpose and meaning in her life. Blood, Bones & Butter follows an unconventional journey through the many kitchens Hamilton has inhabited through the years: the rural kitchen of her childhood, where her adored mother stood over the six-burner with an oily wooden spoon in hand; the kitchens of France, Greece, and Turkey, where she was often fed by complete strangers and learned the essence of hospitality; Hamilton’s own kitchen at Prune, with its many unexpected challenges; and the kitchen of her Italian mother-in-law, who serves as the link between Hamilton’s idyllic past and her own future family—the result of a prickly marriage that nonetheless yields lasting dividends. By turns epic and intimate, Gabrielle Hamilton’s story is told with uncommon honesty, grit, humor, and passion.
Our current economic path is coming to an end. The signposts are all around us: sluggish growth, rising inequality, stubbornly high pockets of unemployment, and jittery financial markets, to name a few. Soon we will reach a fork in the road: One path leads to renewed growth, prosperity, and financial stability, the other to recession and market disorder.
In The Only Game in Town, El-Erian casts his gaze toward the future of the global economy and markets, outlining the choices we face both individually and collectively in an era of economic uncertainty and financial insecurity. Beginning with their response to the 2008 global crisis, El-Erian explains how and why our central banks became the critical policy actors—and, most important, why they cannot continue is this role alone. They saved the financial system from collapse in 2008 and a multiyear economic depression, but lack the tools to enable a return to high inclusive growth and durable financial stability. The time has come for a policy handoff, from a prolonged period of monetary policy experimentation to a strategy that better targets what ails economies and distorts the financial sector—before we stumble into another crisis.
The future, critically, is not predestined. It is up to us to decide where we will go from here as households, investors, companies, and governments. Using a mix of insights from economics, finance, and behavioral science, this book gives us the tools we need to properly understand this turning point, prepare for it, and come out of it stronger. A comprehensive, controversial look at the realities of our global economy and markets, The Only Game in Town is required reading for investors, policymakers, and anyone interested in the future.
Praise for The Only Game in Town
“The one economic book you must read now . . . If you want to understand [our] bifurcated world and where it’s headed, there is no better interpreter than Mohamed El-Erian.”–Time
“A grand tour of the challenges we face, along with ideal solutions and more likely outcomes . . . We desperately need a system in which the central banks are no longer the only game in town.”—Steven Rattner, The New York Times Book Review
“A must-read from one of the most astute financial analysts of our time.”—Walter Isaacson, author of Steve Jobs
“El-Erian’s gift for clarity and his use of compelling examples make important economic issues accessible.”—Anne-Marie Slaughter, president and CEO, New America
“[A] highly intelligent analysis.”—Fareed Zakaria, CNN (book of the week)
Brad Stone enjoyed unprecedented access to current and former Amazon employees and Bezos family members, and his book is the first in-depth, fly-on-the-wall account of life at Amazon. The Everything Store is the book that the business world can't stop talking about, the revealing, definitive biography of the company that placed one of the first and largest bets on the Internet and forever changed the way we shop and read.
Is it culture, the weather, geography? Perhaps ignorance of what the right policies are?
Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence?
Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities.
The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories.
Based on fifteen years of original research Acemoglu and Robinson marshall extraordinary historical evidence from the Roman Empire, the Mayan city-states, medieval Venice, the Soviet Union, Latin America, England, Europe, the United States, and Africa to build a new theory of political economy with great relevance for the big questions of today, including:
- China has built an authoritarian growth machine. Will it continue to grow at such high speed and overwhelm the West?
- Are America’s best days behind it? Are we moving from a virtuous circle in which efforts by elites to aggrandize power are resisted to a vicious one that enriches and empowers a small minority?
- What is the most effective way to help move billions of people from the rut of poverty to prosperity? More philanthropy from the wealthy nations of the West? Or learning the hard-won lessons of Acemoglu and Robinson’s breakthrough ideas on the interplay between inclusive political and economic institutions?
Why Nations Fail will change the way you look at—and understand—the world.
"Guaranteed to make blood boil." —Janet Maslin, New York Times
In Michael Lewis's game-changing bestseller, a small group of Wall Street iconoclasts realize that the U.S. stock market has been rigged for the benefit of insiders. They band together—some of them walking away from seven-figure salaries—to investigate, expose, and reform the insidious new ways that Wall Street generates profits. If you have any contact with the market, even a retirement account, this story is happening to you.
How do the world's most successful traders amass tens, hundreds of millions of dollars a year? Are they masters of an occult knowledge, lucky winners in a random market lottery, natural-born virtuosi—Mozarts of the markets? In search of an answer, bestselling author Jack D. Schwager interviewed dozens of top traders across most financial markets. While their responses differed in the details, all of them could be boiled down to the same essential formula: solid methodology + proper mental attitude = trading success. In Market Wizards Schwager lets you hear, in their own words, what those super-traders had to say about their unprecedented successes, and he distils their responses down into a set of guiding principles you can use to become a trading star in your own right.Features interviews with superstar money-makers including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michel Steinhardt, Ed Seykota, Marty Schwartz, Tom Baldwin, and more Tells the true stories behind sensational trading coups, including the one about the trader who turned $30,000 into $80 million, the hedge fund manager who's averaged 30% returns every year for the past twenty-one years, and the T-bond futures trader who parlayed $25,000 into $2 billion in a single day!
"Market Wizards is one of the most fascinating books ever written about Wall Street. A few of the 'Wizards' are my friends—and Jack Schwager has nailed their modus operandi on the head."
--Martin W. Zweig, Ph.D., Editor, The Zweig Forecast
Fooled by Randomness is the word-of-mouth sensation that will change the way you think about business and the world. Nassim Nicholas Taleb–veteran trader, renowned risk expert, polymathic scholar, erudite raconteur, and New York Times bestselling author of The Black Swan–has written a modern classic that turns on its head what we believe about luck and skill.
This book is about luck–or more precisely, about how we perceive and deal with luck in life and business. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill–the world of trading–Fooled by Randomness provides captivating insight into one of the least understood factors in all our lives. Writing in an entertaining narrative style, the author tackles major intellectual issues related to the underestimation of the influence of happenstance on our lives.
The book is populated with an array of characters, some of whom have grasped, in their own way, the significance of chance: the baseball legend Yogi Berra; the philosopher of knowledge Karl Popper; the ancient world’s wisest man, Solon; the modern financier George Soros; and the Greek voyager Odysseus. We also meet the fictional Nero, who seems to understand the role of randomness in his professional life but falls victim to his own superstitious foolishness.
However, the most recognizable character of all remains unnamed–the lucky fool who happens to be in the right place at the right time–he embodies the “survival of the least fit.” Such individuals attract devoted followers who believe in their guru’s insights and methods. But no one can replicate what is obtained by chance.
Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? It may be impossible to guard ourselves against the vagaries of the goddess Fortuna, but after reading Fooled by Randomness we can be a little better prepared.
PRAISE FOR FOOLED BY RANDOMNESS:
Named by Fortune One of the Smartest Books of All Time
A Financial Times Best Business Book of the Year
“[Fooled by Randomness] is to conventional Wall Street wisdom approximately what Martin Luther’s ninety-five theses were to the Catholic Church.”
–Malcolm Gladwell, author of Blink
“The book that rolled down Wall Street like a hand grenade.”
–Maggie Mahar, author of Bull! A History of the Boom, 1982—1999
“Fascinating . . . Taleb will grab you.”
–Peter L. Bernstein, author of Capital Ideas Evolving
“Recalls the best of scientist/essayists like Richard Dawkins . . . and Stephen Jay Gould.”
–Michael Schrage, author of Serious Play: How the World’s Best Companies Simulate to Innovate
“We need a book like this. . . . Fun to read, refreshingly independent-minded.”
–Robert J. Shiller, author of Irrational Exuberance
“Powerful . . . loaded with crackling little insights [and] extreme brilliance.”