Conventional wisdom long held that big name, highly athletic hitters and young pitchers with rocket arms were the ticket to success. But Beane and his staff, buoyed by massive amounts of carefully interpreted statistical data, believed that wins could be had by more affordable methods such as hitters with high on-base percentage and pitchers who get lots of ground outs. Given this information and a tight budget, Beane defied tradition and his own scouting department to build winning teams of young affordable players and inexpensive castoff veterans. Lewis was in the room with the A's top management as they spent the summer of 2002 adding and subtracting players and he provides outstanding play-by-play. In the June player draft, Beane acquired nearly every prospect he coveted (few of whom were coveted by other teams) and at the July trading deadline he engaged in a tense battle of nerves to acquire a lefty reliever. Besides being one of the most insider accounts ever written about baseball, Moneyball is populated with fascinating characters. We meet Jeremy Brown, an overweight college catcher who most teams project to be a 15th round draft pick (Beane takes him in the first). Sidearm pitcher Chad Bradford is plucked from the White Sox triple-A club to be a key set-up man and catcher Scott Hatteberg is rebuilt as a first baseman. But the most interesting character is Beane himself. A speedy athletic can't-miss prospect who somehow missed, Beane reinvents himself as a front-office guru, relying on players completely unlike, say, Billy Beane. Lewis, one of the top nonfiction writers of his era (Liar's Poker, The New New Thing), offers highly accessible explanations of baseball stats and his roadmap of Beane's economic approach makes Moneyball an appealing reading experience for business people and sports fans alike. --John Moe

    Cohen changed Wall Street. He and his fellow pioneers of the hedge fund industry didn't lay railroads, build factories, or invent new technologies. Rather, they made their billions through speculation, by placing bets in the market that turned out to be right more often than wrong and for this, they gained not only extreme personal wealth but formidable influence throughout society. Hedge funds now oversee more than $3 trillion in assets, and the competition between them is so fierce that traders will do whatever they can to get an edge.Cohen was one of the industry's biggest success stories, the person everyone else in the business wanted to be. Born into a middle-class family on Long Island, he longed from an early age to be a star on Wall Street. He mastered poker in high school, went off to Wharton, and in 1992 launched the hedge fund SAC Capital, which he built into a $15 billion empire, almost entirely on the basis of his wizard like stock trading. He cultivated an air of mystery, reclusiveness, and excess, building a 35,000-square-foot mansion in Greenwich, Connecticut, flying to work by helicopter, and amassing one of the largest private art collections in the world. On Wall Street, Cohen was revered as a genius: one of the greatest traders who ever lived.That image was shattered when SAC Capital became the target of a sprawling, seven-year investigation, led by a determined group of FBI agents, prosecutors, and SEC enforcement attorneys. Labeled by prosecutors as a magnet for market cheaters whose culture encouraged the relentless pursuit of edge and even black edge, which is inside information SAC Capital was ultimately indicted and pleaded guilty to charges of securities and wire fraud in connection with a vast insider trading scheme, even as Cohen himself was never charged.Black Edge offers a revelatory look at the gray zone in which so much of Wall Street functions. It's a riveting, true-life legal thriller that takes readers inside the government's pursuit of Cohen and his employees, and raises urgent and troubling questions about the power and wealth of those who sit at the pinnacle of modern Wall Street.

    Pittsburghers joked their town was the city of champions…and the Pirates. Big Data Baseball is the story of how the 2013 Pirates, mired in the longest losing streak in North American pro sports history, adopted drastic big-data strategies to end the drought, make the playoffs, and turn around the franchise's fortunes.Award-winning journalist Travis Sawchik takes you behind the scenes to expertly weave together the stories of the key figures who changed the way the small-market Pirates played the game. For manager Clint Hurdle and the front office staff to save their jobs, they could not rely on a free agent spending spree, instead they had to improve the sum of their parts and find hidden value. They had to change. From Hurdle shedding his old-school ways to work closely with Neal Huntington, the forward-thinking data-driven GM and his team of talented analysts; to pitchers like A. J. Burnett and Gerrit Cole changing what and where they threw; to Russell Martin, the undervalued catcher whose expert use of the nearly-invisible skill of pitch framing helped the team's pitchers turn more balls into strikes; to Clint Barmes, a solid shortstop and one of the early adopters of the unconventional on-field shift which forced the entire infield to realign into positions they never stood in before. Under Hurdle's leadership, a culture of collaboration and creativity flourished as he successfully blended whiz kid analysts with graybeard coaches—a kind of symbiotic teamwork which was unique to the sport.Big Data Baseball is Moneyball on steroids. It is an entertaining and enlightening underdog story that uses the 2013 Pirates season as the perfect lens to examine the sport's burgeoning big-data movement. With the help of data-tracking systems like PitchF/X and TrackMan, the Pirates collected millions of data points on every pitch and ball in play to create a tome of color-coded reports that revealed groundbreaking insights for how to win more games without spending a dime. In the process, they discovered that most batters struggled to hit two-seam fastballs, that an aggressive defensive shift on the field could turn more batted balls into outs, and that a catcher's most valuable skill was hidden. All these data points which aren't immediately visible to players and spectators, are the bit of magic that led the Pirates to spin straw in to gold, finish the 2013 season in second place, end a twenty-year losing streak.

    Many have speculated about what might have happened or what must have happened, but no reporter has been able to get the full story -- until now.In The Wizard of Lies, Diana B. Henriques of The New York Times -- who has led the paper’s coverage of the Madoff scandal since the day the story broke -- has written the definitive book on the man and his scheme, drawing on unprecedented access and more than one hundred interviews with people at all levels and on all sides of the crime, including Madoff’s first interviews for publication since his arrest. Henriques also provides vivid details from the various lawsuits, government investigations, and court filings that will explode the myths that have come to surround the story.A true-life financial thriller, The Wizard of Lies contrasts Madoff's remarkable rise on Wall Street, where he became one of the country’s most trusted and respected traders, with dramatic scenes from his accelerating slide toward self-destruction. It is also the most complete account of the heartbreaking personal disasters and landmark legal battles triggered by Madoff’s downfall -- the suicides, business failures, fractured families, shuttered charities -- and the clear lessons this timeless scandal offers to Washington, Wall Street, and Main Street.

    No other investor--Warren Buffett, Peter Lynch, Ray Dalio, Steve Cohen, or George Soros--can touch his record. Since 1988, Renaissance's signature Medallion fund has generated average annual returns of 66 percent. The firm has earned profits of more than $100 billion; Simons is worth twenty-three billion dollars.Drawing on unprecedented access to Simons and dozens of current and former employees, Zuckerman, a veteran Wall Street Journal investigative reporter, tells the gripping story of how a world-class mathematician and former code breaker mastered the market. Simons pioneered a data-driven, algorithmic approach that's sweeping the world.As Renaissance became a market force, its executives began influencing the world beyond finance. Simons became a major figure in scientific research, education, and liberal politics. Senior executive Robert Mercer is more responsible than anyone else for the Trump presidency, placing Steve Bannon in the campaign and funding Trump's victorious 2016 effort. Mercer also impacted the campaign behind Brexit.The Man Who Solved the Market is a portrait of a modern-day Midas who remade markets in his own image, but failed to anticipate how his success would impact his firm and his country. It's also a story of what Simons's revolution means for the rest of us.

    Thorp invented card counting, proving the seemingly impossible: that you could beat the dealer at the blackjack table. As a result he launched a gambling renaissance. His remarkable success--and mathematically unassailable method--caused such an uproar that casinos altered the rules of the game to thwart him and the legions he inspired. They barred him from their premises, even put his life in jeopardy. Nonetheless, gambling was forever changed.Thereafter, Thorp shifted his sights to "the biggest casino in the world" Wall Street. Devising and then deploying mathematical formulas to beat the market, Thorp ushered in the era of quantitative finance we live in today. Along the way, the so-called godfather of the quants played bridge with Warren Buffett, crossed swords with a young Rudy Giuliani, detected the Bernie Madoff scheme, and, to beat the game of roulette, invented, with Claude Shannon, the world's first wearable computer.Here, for the first time, Thorp tells the story of what he did, how he did it, his passions and motivations, and the curiosity that has always driven him to disregard conventional wisdom and devise game-changing solutions to seemingly insoluble problems. An intellectual thrill ride, replete with practical wisdom that can guide us all in uncertain financial waters, A Man for All Markets is an instant classic--a book that challenges its readers to think logically about a seemingly irrational world.Praise for A Man for All Markets"In A Man for All Markets, [Thorp] delightfully recounts his progress (if that is the word) from college teacher to gambler to hedge-fund manager. Along the way we learn important lessons about the functioning of markets and the logic of investment."--The Wall Street Journal"[Thorp] gives a biological summation (think Richard Feynman's Surely You're Joking, Mr. Feynman!) of his quest to prove the aphorism 'the house always wins' is flawed. . . . Illuminating for the mathematically inclined, and cautionary for would-be gamblers and day traders"-- Library Journal

    That's what Ben Lindbergh and Sam Miller got to do when the Sonoma Stompers, an independent minor-league team in California, offered them the chance to run the team's baseball operations according to the most advanced statistics. The Only Rule Is It Has to Work is unlike any other baseball tale you've ever read.We tag along as Lindbergh and Miller apply their number-crunching insights to all aspects of assembling and running a team. We meet colorful figures like general manager Theo Fightmaster and boundary-breakers like the first openly gay professional player and the first Japanese manager in American professional baseball. Even José Canseco makes a cameo appearance.Will sabermetrics bring the Stompers a championship, or will they fall on their face? Will the team have a competitive advantage or is the old folk wisdom really true after all? Will the players be able to maximize their talents and attract the attention of big-league scouts, or will this be a fast track to oblivion?It's a wild ride, as the authors' infectious enthusiasm and feel for the absurd make the Stompers' story one that will speak to numbers geeks and traditionalists alike. And it proves that you don't need a bat or a glove to make a genuine contribution to the game.

    Jon Wertheim to overturn some of the most cherished truisms of sports, and reveal the hidden forces that shape how basketball, baseball, football, and hockey games are played, won and lost.Drawing from Moskowitz's original research, as well as studies from fellow economists such as bestselling author Richard Thaler, the authors look at: the influence home-field advantage has on the outcomes of games in all sports and why it exists; the surprising truth about the universally accepted axiom that defense wins championships;  the subtle biases that umpires exhibit in calling balls and strikes in key situations; the unintended consequences of referees' tendencies in every sport to "swallow the whistle," and more.Among the insights that Scorecasting reveals:Why Tiger Woods is prone to the same mistake in high-pressure putting situations that you and I areWhy professional teams routinely overvalue draft picks The myth of momentum  or the "hot hand" in sports, and why so many fans, coaches, and broadcasters fervently subscribe to itWhy NFL coaches rarely go for a first down on fourth-down situations--even when their reluctance to do so reduces their chances of winning.In an engaging narrative that takes us from the putting greens of Augusta to the grid iron of a small parochial high school in Arkansas, Scorecasting will forever change how you view the game, whatever your favorite sport might be.

    When former Goldman Sachs colleagues Stuart Sternberg and Matthew Silverman assumed control of the Tampa Bay Devil Rays in 2005, it looked as if they were buying the baseball equivalent of a penny stock. But the incoming regime came armed with a master plan: to leverage their skill at trading, valuation, and management to build a model twenty-first-century franchise that could compete with their bigger, stronger, richer rivals—and prevail.Together with “boy genius” general manager Andrew Friedman, the new Rays owners jettisoned the old ways of doing things, substituting their own innovative ideas about employee development, marketing and public relations, and personnel management. They exorcized the “devil” from the team’s nickname, developed metrics that let them take advantage of undervalued aspects of the game, like defense, and hired a forward-thinking field manager as dedicated to unconventional strategy as they were. By quantifying the game’s intangibles—that extra 2% that separates a winning organization from a losing one—they were able to deliver to Tampa Bay something that Billy Beane’s “Moneyball” had never brought to Oakland: an American League pennant.A book about what happens when you apply your business skills to your life’s passion, The Extra 2% is an informative and entertaining case study for any organization that wants to go from worst to first.

    How does professional baseball evaluate hitters? Is a singles hitter like Wade Boggs more valuable than a power hitter like David Ortiz? Should NFL teams pass or run more often on first downs? Could professional basketball have used statistics to expose the crooked referee Tim Donaghy? Does money buy performance in professional sports?In Mathletics, Wayne Winston describes the mathematical methods that top coaches and managers use to evaluate players and improve team performance, and gives math enthusiasts the practical tools they need to enhance their understanding and enjoyment of their favorite sports--and maybe even gain the outside edge to winning bets. Mathletics blends fun math problems with sports stories of actual games, teams, and players, along with personal anecdotes from Winston's work as a sports consultant. Winston uses easy-to-read tables and illustrations to illuminate the techniques and ideas he presents, and all the necessary math concepts--such as arithmetic, basic statistics and probability, and Monte Carlo simulations--are fully explained in the examples.After reading Mathletics, you will understand why baseball teams should almost never bunt, why football overtime systems are unfair, why points, rebounds, and assists aren't enough to determine who's the NBA's best player--and much, much more.

    But she knew her man: a famously thoughtful and broad-minded player, he was intrigued by her pitch that she wasn't interested in making money so much as learning about life. She had faced a stretch of personal bad luck, and her reflections on the role of chance had led her to a giant of game theory, who pointed her to poker as the ultimate master class in learning to distinguish between what can be controlled and what can't. And she certainly brought something to the table, including a Ph.D. in psychology and an acclaimed and growing body of work on human behavior and how to hack it. So Seidel was in, and soon she was down the rabbit hole with him, into the wild, fiercely competitive, overwhelmingly masculine world of high-stakes Texas Hold'em, their initial end point the following year's World Series of Poker.But then something extraordinary happened. Under Seidel's guidance, Konnikova did have many epiphanies about life that derived from her new pursuit, including how to better read, not just her opponents but far more importantly herself; how to identify what tilted her into an emotional state that got in the way of good decisions; and how to get to a place where she could accept luck for what it was, and what it wasn't. But she also began to win. And win. In a little over a year, she began making earnest money from tournaments, ultimately totaling hundreds of thousands of dollars. She won a major title, got a sponsor, and got used to being on television, and to headlines like How one writer's book deal turned her into a professional poker player. She even learned to like Las Vegas.But in the end, Maria Konnikova is a writer and student of human behavior, and ultimately the point was to render her incredible journey into a container for its invaluable lessons. The biggest bluff of all, she learned, is that skill is enough. Bad cards will come our way, but keeping our focus on how we play them and not on the outcome will keep us moving through many a dark patch, until the luck once again breaks our way.

    Tom Hayes, a brilliant but troubled mathematician, became the lynchpin of a wild alliance that included a prickly French trader nicknamed “Gollum”; the broker “Abbo,” who liked to publicly strip naked when drinking; a nervous Kazakh chicken farmer known as “Derka Derka”; a broker known as “Village” (short for “Village Idiot”) who racked up huge expense account bills; an executive called “Clumpy” because of his patchwork hair loss; and a broker uncreatively nicknamed “Big Nose” who had once been a semi-professional boxer. This group generated incredible riches —until it all unraveled in spectacularly vicious, backstabbing fashion.With exclusive access to key characters and evidence, The Spider Network is not only a rollicking account of the scam, but also a provocative examination of a financial system that was crooked throughout.

    The Astros were the worst baseball team in half a century, but they were more than just bad. They were an embarrassment, a club that didn't even appear to be trying to win. The cover story, combined with the specificity of Reiter's claim, met instant and nearly universal derision. But three years later, the critics were proved improbably, astonishingly wrong. How had Reiter predicted it so accurately? And, more important, how had the Astros pulled off the impossible?Astroball is the inside story of how a gang of outsiders went beyond the stats to find a new way to win--and not just in baseball. When new Astros general manager Jeff Luhnow and his top analyst, the former rocket scientist Sig Mejdal, arrived in Houston in 2011, they had already spent more than half a decade trying to understand how human instinct and expertise could be blended with hard numbers such as on-base percentage and strikeout rate to guide their decision-making. In Houston, they had free rein to remake the club. No longer would scouts, with all their subjective, hard-to-quantify opinions, be forced into opposition with the stats guys. Instead, Luhnow and Sig wanted to correct for the biases inherent in human observation, and then roll their scouts' critical thoughts into their process. The numbers had value--but so did the gut.The strategy paid off brilliantly, and surprisingly quickly. It pointed the Astros toward key draft picks like Carlos Correa and Alex Bregman; offered a path for developing George Springer, Jos� Altuve, and Dallas Keuchel; and showed them how veterans like Carlos Beltr�n and Justin Verlander represented the last piece in the puzzle of fielding a championship team.Sitting at the nexus of sports, business, and innovation--and written with years of access to the team's stars and executives--Astroball is the story of the next wave of thinking in baseball and beyond, at once a remarkable underdog story and a fascinating look at the cutting edge of evaluating and optimizing human potential.

    From inside the corner office at Lehman Brothers to secret meetings in South Korea, and the corridors of Washington, Too Big to Fail is the definitive story of the most powerful men and women in finance and politics grappling with success and failure, ego and greed, and, ultimately, the fate of the world’s economy. “We’ve got to get some foam down on the runway!” a sleepless Timothy Geithner, the then-president of the Federal Reserve of New York, would tell Henry M. Paulson, the Treasury secretary, about the catastrophic crash the world’s financial system would experience. Through unprecedented access to the players involved, Too Big to Fail re-creates all the drama and turmoil, revealing neverdisclosed details and elucidating how decisions made on Wall Street over the past decade sowed the seeds of the debacle. This true story is not just a look at banks that were “too big to fail,” it is a real-life thriller with a cast of bold-faced names who themselves thought they were too big to fail.

    One was mathematician Claude Shannon, neurotic father of our digital age, whose genius is ranked with Einstein's. The other was John L. Kelly Jr., a Texas-born, gun-toting physicist. Together they applied the science of information theory—the basis of computers and the Internet—to the problem of making as much money as possible, as fast as possible.Shannon and MIT mathematician Edward O. Thorp took the "Kelly formula" to Las Vegas. It worked. They realized that there was even more money to be made in the stock market. Thorp used the Kelly system with his phenomenonally successful hedge fund, Princeton-Newport Partners. Shannon became a successful investor, too, topping even Warren Buffett's rate of return. Fortune's Formula traces how the Kelly formula sparked controversy even as it made fortunes at racetracks, casinos, and trading desks. It reveals the dark side of this alluring scheme, which is founded on exploiting an insider's edge.Shannon believed it was possible for a smart investor to beat the market—and Fortune's Formula will convince you that he was right.