Book picks similar to
Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb
non-fiction
economics
business
finance
Crashed: How a Decade of Financial Crises Changed the World
Adam Tooze - 2018
In fact it was a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. In the United States and Europe, it caused a fundamental reconsideration of capitalist democracy, eventually leading to the war in the Ukraine, the chaos of Greece, Brexit, and Trump.It was the greatest crisis to have struck Western societies since the end of the Cold War, but was it inevitable? And is it over? Crashed is a dramatic new narrative resting on original themes: the haphazard nature of economic development and the erratic path of debt around the world; the unseen way individual countries and regions are linked together in deeply unequal relationships through financial interdependence, investment, politics, and force; the ways the financial crisis interacted with the spectacular rise of social media, the crisis of middle-class America, the rise of China, and global struggles over fossil fuels.Finally, Tooze asks, given this history, what now are the prospects for a liberal, stable, and coherent world order?
The Physics of Wall Street: A Brief History of Predicting the Unpredictable
James Owen Weatherall - 2013
While many of the mathematicians and software engineers on Wall Street failed when their abstractions turned ugly in practice, a special breed of physicists has a much deeper history of revolutionizing finance. Taking us from fin-de-siècle Paris to Rat Pack-era Las Vegas, from wartime government labs to Yippie communes on the Pacific coast, Weatherall shows how physicists successfully brought their science to bear on some of the thorniest problems in economics, from options pricing to bubbles.The crisis was partly a failure of mathematical modeling. But even more, it was a failure of some very sophisticated financial institutions to think like physicists. Models—whether in science or finance—have limitations; they break down under certain conditions. And in 2008, sophisticated models fell into the hands of people who didn’t understand their purpose, and didn’t care. It was a catastrophic misuse of science.The solution, however, is not to give up on models; it's to make them better. Weatherall reveals the people and ideas on the cusp of a new era in finance. We see a geophysicist use a model designed for earthquakes to predict a massive stock market crash. We discover a physicist-run hedge fund that earned 2,478.6% over the course of the 1990s. And we see how an obscure idea from quantum theory might soon be used to create a far more accurate Consumer Price Index.Both persuasive and accessible, The Physics of Wall Street is riveting history that will change how we think about our economic future.
The Warren Buffett Way: Investment Strategies of the World's Greatest Investor
Robert G. Hagstrom - 1997
Buy it and read it." -Kenneth L. Fisher Forbes The runaway bestseller-updated with new material included for the first time! "The Warren Buffett Way outlines his career and presents examples of how his investment techniques and methods evolved and the important individuals in that process. It also details the key investment decisions that produced his unmatched record of performance." -from the Foreword by Peter S. Lynch Bestselling author, One Up on Wall Street and Beating the Street ." . . an extraordinarily useful account of the methods of an investor held by many to be the world's greatest." -The Wall Street Journal "Robert Hagstrom presents an in-depth examination of Warren Buffett's strategies, and the 'how and why' behind his selection of each of the major securities that have contributed to his remarkable record of success. His 'homespun' wisdom and philosophy are also part of this comprehensive, interesting, and readable book." -John C. Bogle Chairman, The Vanguard Group "It's first rate. Buffett gets a lot of attention for what he preaches, but nobody has described what he practices better than Hagstrom. Here is the lowdown on every major stock he ever bought and why he bought it. Fascinating. You could even try this at home." -John Rothchild Financial columnist Time magazine
Loonshots: How to Nurture the Crazy Ideas That Win Wars, Cure Diseases, and Transform Industries
Safi Bahcall - 2019
Mountains of print have been written about culture. Loonshots identifies the small shifts in structure that control this transition, the same way that temperature controls the change from water to ice.Using examples that range from the spread of fires in forests to the hunt for terrorists online, and stories of thieves and geniuses and kings, Bahcall shows how this new kind of science helps us understand the behavior of companies and the fate of empires. Loonshots distills these insights into lessons for creatives, entrepreneurs, and visionaries everywhere.
Weapons of Math Destruction: How Big Data Increases Inequality and Threatens Democracy
Cathy O'Neil - 2016
Increasingly, the decisions that affect our lives--where we go to school, whether we can get a job or a loan, how much we pay for health insurance--are being made not by humans, but by machines. In theory, this should lead to greater fairness: Everyone is judged according to the same rules.But as mathematician and data scientist Cathy O'Neil reveals, the mathematical models being used today are unregulated and uncontestable, even when they're wrong. Most troubling, they reinforce discrimination--propping up the lucky, punishing the downtrodden, and undermining our democracy in the process.
Nonzero: The Logic of Human Destiny
Robert Wright - 1999
Now Wright attempts something even more ambitious: explaining the direction of evolution and human history–and discerning where history will lead us next.In Nonzero: The Logic of Human Destiny, Wright asserts that, ever since the primordial ooze, life has followed a basic pattern. Organisms and human societies alike have grown more complex by mastering the challenges of internal cooperation. Wright's narrative ranges from fossilized bacteria to vampire bats, from stone-age villages to the World Trade Organization, uncovering such surprises as the benefits of barbarian hordes and the useful stability of feudalism. Here is history endowed with moral significance–a way of looking at our biological and cultural evolution that suggests, refreshingly, that human morality has improved over time, and that our instinct to discover meaning may itself serve a higher purpose. Insightful, witty, profound, Nonzero offers breathtaking implications for what we believe and how we adapt to technology's ongoing transformation of the world.From the Trade Paperback edition.
Innumeracy: Mathematical Illiteracy and Its Consequences
John Allen Paulos - 1988
Dozens of examples in innumeracy show us how it affects not only personal economics and travel plans, but explains mis-chosen mates, inappropriate drug-testing, and the allure of pseudo-science.
The Lessons of History
Will Durant - 1968
With the completion of their life's work they look back and ask what history has to say about the nature, the conduct and the prospects of man, seeking in the great lives, the great ideas, the great events of the past for the meaning of man's long journey through war, conquest and creation - and for the great themes that can help us to understand our own era.To the Durants, history is "not merely a warning reminder of man's follies and crimes, but also an encouraging remembrance of generative souls ... a spacious country of the mind wherein a thousand saints, statesman, inventors, scientists, poets, artists, musicians, lovers, and philosophers still live and speak, teach and carve and sing..."Designed to accompany the ten-volume set of "The Story of Civilization, The Lessons of History" is, in its own right, a profound and original work of history and philosophy.
The Model Thinker: What You Need to Know to Make Data Work for You
Scott E. Page - 2018
But as anyone who has ever opened up a spreadsheet packed with seemingly infinite lines of data knows, numbers aren't enough: we need to know how to make those numbers talk. In The Model Thinker, social scientist Scott E. Page shows us the mathematical, statistical, and computational models—from linear regression to random walks and far beyond—that can turn anyone into a genius. At the core of the book is Page's "many-model paradigm," which shows the reader how to apply multiple models to organize the data, leading to wiser choices, more accurate predictions, and more robust designs. The Model Thinker provides a toolkit for business people, students, scientists, pollsters, and bloggers to make them better, clearer thinkers, able to leverage data and information to their advantage.
The Personal MBA: Master the Art of Business
Josh Kaufman - 2010
The consensus is clear: MBA programs are a waste of time and money. Even the elite schools offer outdated assembly-line educations about profit-and-loss statements and PowerPoint presentations. After two years poring over sanitized case studies, students are shuffled off into middle management to find out how business really works.Josh Kaufman has made a business out of distilling the core principles of business and delivering them quickly and concisely to people at all stages of their careers. His blog has introduced hundreds of thousands of readers to the best business books and most powerful business concepts of all time. In The Personal MBA, he shares the essentials of sales, marketing, negotiation, strategy, and much more.True leaders aren't made by business schools-they make themselves, seeking out the knowledge, skills, and experiences they need to succeed. Read this book and in one week you will learn the principles it takes most people a lifetime to master.
Super Thinking: The Big Book of Mental Models
Gabriel Weinberg - 2019
If the facts don't hang together on a latticework of theory, you don't have them in a usable form. You've got to have models in your head."- Charlie Munger, investor, vice chairman of Berkshire HathawayThe world's greatest problem-solvers, forecasters, and decision-makers all rely on a set of frameworks and shortcuts that help them cut through complexity and separate good ideas from bad ones. They're called mental models, and you can find them in dense textbooks on psychology, physics, economics, and more.Or, you can just read Super Thinking, a fun, illustrated guide to every mental model you could possibly need. How can mental models help you? Well, here are just a few examples... • If you've ever been overwhelmed by a to-do list that's grown too long, maybe you need the Eisenhower Decision Matrix to help you prioritize. • Use the 5 Whys model to better understand people's motivations or get to the root cause of a problem. • Before concluding that your colleague who messes up your projects is out to sabotage you, consider Hanlon's Razor for an alternative explanation. • Ever sat through a bad movie just because you paid a lot for the ticket? You might be falling prey to Sunk Cost Fallacy. • Set up Forcing Functions, like standing meeting or deadlines, to help grease the wheels for changes you want to occur.So, the next time you find yourself faced with a difficult decision or just trying to understand a complex situation, let Super Thinking upgrade your brain with mental models.Note: in the US the subtitle is The Big Book of Mental Models and outside it is Upgrade Your Reasoning and Make Better Decisions with Mental Models.
The 5 Elements of Effective Thinking
Edward B. Burger - 2012
Burger teaches at Wiliams College; Starbird at The University of Texas at Austin. Here, they “reveal the hidden powers of deep understanding (earth), failure (fire), questions (air), the flow of ideas (water), and the quintessential element of change that brings all four elements together. By mastering and applying these practical and proven strategies, readers develop better thinking habits and learn how to create their own successes.”Brilliant people aren't a special breed--they just use their minds differently. By using the straightforward and thought-provoking techniques in "The 5 Elements of Effective Thinking," you will regularly find imaginative solutions to difficult challenges, and you will discover new ways of looking at your world and yourself--revealing previously hidden opportunities.The book offers real-life stories, explicit action items, and concrete methods that allow you to attain a deeper understanding of any issue, exploit the power of failure as a step toward success, develop a habit of creating probing questions, see the world of ideas as an ever-flowing stream of thought, and embrace the uplifting reality that we are all capable of change. No matter who you are, the practical mind-sets introduced in the book will empower you to realize any goal in a more creative, intelligent, and effective manner. Filled with engaging examples that unlock truths about thinking in every walk of life, "The 5 Elements of Effective Thinking" is written for all who want to reach their fullest potential--including students, parents, teachers, businesspeople, professionals, athletes, artists, leaders, and lifelong learners.Whenever you are stuck, need a new idea, or want to learn and grow, "The 5 Elements of Effective Thinking" will inspire and guide you on your way.
The Checklist Manifesto: How to Get Things Right
Atul Gawande - 2009
Longer training, ever more advanced technologies—neither seems to prevent grievous errors. But in a hopeful turn, acclaimed surgeon and writer Atul Gawande finds a remedy in the humblest and simplest of techniques: the checklist. First introduced decades ago by the U.S. Air Force, checklists have enabled pilots to fly aircraft of mind-boggling sophistication. Now innovative checklists are being adopted in hospitals around the world, helping doctors and nurses respond to everything from flu epidemics to avalanches. Even in the immensely complex world of surgery, a simple ninety-second variant has cut the rate of fatalities by more than a third.In riveting stories, Gawande takes us from Austria, where an emergency checklist saved a drowning victim who had spent half an hour underwater, to Michigan, where a cleanliness checklist in intensive care units virtually eliminated a type of deadly hospital infection. He explains how checklists actually work to prompt striking and immediate improvements. And he follows the checklist revolution into fields well beyond medicine, from disaster response to investment banking, skyscraper construction, and businesses of all kinds.An intellectual adventure in which lives are lost and saved and one simple idea makes a tremendous difference, The Checklist Manifesto is essential reading for anyone working to get things right.
MONEY Master the Game: 7 Simple Steps to Financial Freedom
Anthony Robbins - 2014
More than 4 million people have attended his live events. Oprah Winfrey calls him super-human. Now for the first time - in his first book in two decades - he's turned to the topic that vexes us all: How to secure financial freedom for ourselves and our families. Based on extensive research and one-on-one interviews with more than 50 of the most legendary financial experts in the world - from Carl Icahn and Warren Buffett, to Ray Dalio and Steve Forbes - Tony Robbins has created a simple 7-step blueprint that anyone can use for financial freedom.Robbins has a brilliant way of using metaphor and story to illustrate even the most complex financial concepts - making them simple and actionable. With expert advice on our most important financial decisions, Robbins is an advocate for the reader, dispelling the myths that often rob people of their financial dreams.Tony Robbins walks readers of every income level through the steps to become financially free by creating a lifetime income plan. This book delivers invaluable information and essential practices for getting your financial house in order. MONEY: Master the Game is the book millions of people have been waiting for.
Barbarians at the Gate: The Fall of RJR Nabisco
Bryan Burrough - 1989
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.