Flash Crash: A Trading Savant, a Global Manhunt, and the Most Mysterious Market Crash in History


Liam Vaughan - 2020
    In the span of five minutes, a trillion dollars of valuation was lost. The Flash Crash, as it became known, represented the fastest drop in market history. When share values rebounded less than half an hour later, experts around the globe were left perplexed. What had they just witnessed?Navinder Singh Sarao hardly seemed like a man who would shake the world's financial markets to their core. Raised in a working-class neighborhood in West London, Nav was a preternaturally gifted trader who played the markets like a computer game. By the age of thirty, he had left behind London's "trading arcades," working instead out of his childhood home. For years the money poured in. But when lightning-fast electronic traders infiltrated markets and started eating into his profits, Nav built a system of his own to fight back. It worked--until 2015, when the FBI arrived at his door. Depending on whom you ask, Sarao was a scourge, a symbol of a financial system run horribly amok, or a folk hero who took on the tyranny of Wall Street and the high-frequency traders.A real-life financial thriller, Flash Crash uncovers the remarkable, behind-the-scenes narrative of a mystifying market crash, a globe-spanning investigation into international fraud, and the man at the center of them both.

I Wear the Black Hat: Grappling With Villains (Real and Imagined)


Chuck Klosterman - 2013
    As a child, he rooted for conventionally good characters like wide-eyed Luke Skywalker in Star Wars. But as Klosterman aged, his alliances shifted—first to Han Solo and then to Darth Vader. Vader was a hero who consciously embraced evil; Vader wanted to be bad. But what, exactly, was that supposed to mean? When we classify someone as a bad person, what are we really saying (and why are we so obsessed with saying it)? In I Wear the Black Hat, Klosterman questions the very nature of how modern people understand the culture of villainy. What was so Machiavellian about Machiavelli? Why don’t we see Batman the same way we see Bernhard Goetz? Who’s more worthy of our vitriol—Bill Clinton or Don Henley? What was O.J. Simpson’s second-worst decision? And why is Klosterman still obsessed with some kid he knew for one week in 1985?Masterfully blending cultural analysis with self-interrogation and limitless imagination, I Wear the Black Hat delivers perceptive observations on the complexity of the anti-hero (seemingly the only kind of hero America still creates). I Wear the Black Hat is the rare example of serious criticism that’s instantly accessible and really, really funny. Klosterman is the only writer doing whatever it is he’s doing.

The Age of Surveillance Capitalism: The Fight for a Human Future at the New Frontier of Power


Shoshana Zuboff - 2018
    The stakes could not be higher: a global architecture of behavior modification threatens human nature in the twenty-first century just as industrial capitalism disfigured the natural world in the twentieth.Zuboff vividly brings to life the consequences as surveillance capitalism advances from Silicon Valley into every economic sector. Vast wealth and power are accumulated in ominous new "behavioral futures markets," where predictions about our behavior are bought and sold, and the production of goods and services is subordinated to a new "means of behavioral modification."The threat has shifted from a totalitarian Big Brother state to a ubiquitous digital architecture: a "Big Other" operating in the interests of surveillance capital. Here is the crucible of an unprecedented form of power marked by extreme concentrations of knowledge and free from democratic oversight. Zuboff's comprehensive and moving analysis lays bare the threats to twenty-first century society: a controlled "hive" of total connection that seduces with promises of total certainty for maximum profit--at the expense of democracy, freedom, and our human future.With little resistance from law or society, surveillance capitalism is on the verge of dominating the social order and shaping the digital future--if we let it.Table of contentsINTRODUCTION1. Home or exile in the digital futureI. THE FOUNDATIONS OF SURVEILLANCE CAPITALISM2. August 9, 2011: Setting the stage for Surveillance Capitalism3. The discovery of behavioral surplus4. The moat around the castle5. The elaboration of Surveillance Capitalism: Kidnap, corner, compete6. Hijacked: The division of learning in societyII. THE ADVANCE OF SURVEILLANCE CAPITALISM7. The reality business8. Rendition: From experience to data9. Rendition from the depths10. Make them dance11. The right to the future tenseIII. INSTRUMENTARIAN POWER FOR A THIRD MODERNITY12. Two species of power13. Big Other and the rise of instrumentarian power14. A utopia of certainty15, The instrumentarian collective16. Of life in the hive17. The right to sanctuaryCONCLUSION18. A coup from aboveAcknowledgementsAbout the authorDetailed table of contentsNotesIndex

Success and Luck: Good Fortune and the Myth of Meritocracy


Robert H. Frank - 2016
    As conservatives correctly observe, people who amass great fortunes are almost always talented and hardworking. But liberals are also correct to note that countless others have those same qualities yet never earn much. In recent years, social scientists have discovered that chance plays a much larger role in important life outcomes than most people imagine. In Success and Luck, bestselling author and New York Times economics columnist Robert Frank explores the surprising implications of those findings to show why the rich underestimate the importance of luck in success--and why that hurts everyone, even the wealthy.Frank describes how, in a world increasingly dominated by winner-take-all markets, chance opportunities and trivial initial advantages often translate into much larger ones--and enormous income differences--over time; how false beliefs about luck persist, despite compelling evidence against them; and how myths about personal success and luck shape individual and political choices in harmful ways.But, Frank argues, we could decrease the inequality driven by sheer luck by adopting simple, unintrusive policies that would free up trillions of dollars each year--more than enough to fix our crumbling infrastructure, expand healthcare coverage, fight global warming, and reduce poverty, all without requiring painful sacrifices from anyone. If this sounds implausible, you'll be surprised to discover that the solution requires only a few, noncontroversial steps.Compellingly readable, Success and Luck shows how a more accurate understanding of the role of chance in life could lead to better, richer, and fairer economies and societies.

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.

Far from the Tree: Parents, Children, and the Search for Identity


Andrew Solomon - 2012
    He writes about families coping with deafness, dwarfism, Down's syndrome, autism, schizophrenia, or multiple severe disabilities; with children who are prodigies, who are conceived in rape, who become criminals, who are transgender. While each of these characteristics is potentially isolating, the experience of difference within families is universal, and Solomon documents triumphs of love over prejudice in every chapter.All parenting turns on a crucial question: to what extent should parents accept their children for who they are, and to what extent they should help them become their best selves. Drawing on ten years of research and interviews with more than three hundred families, Solomon mines the eloquence of ordinary people facing extreme challenges.Elegantly reported by a spectacularly original and compassionate thinker, Far from the Tree explores how people who love each other must struggle to accept each other—a theme in every family’s life.

The Hot Hand: The Mystery and Science of Streaks


Ben Cohen - 2020
    After all, a substantial number of decisions that we make in our everyday lives are quietly rooted in this one question: If something happened before, will it happen again? Is there such a thing as being in the zone? Can someone have a “hot hand”? Or is it simply a case of seeing patterns in randomness? Or, if streaks are possible, where can they be found?In The Hot Hand, Wall Street Journal reporter Ben Cohen offers an unfailingly entertaining and provocative investigation into these questions. He begins with how a $35,000 fine and a wild night in New York revived a debate about the existence of streaks that was several generations in the making. We learn how the ability to recognize and then bet against streaks turned a business school dropout named David Booth into a billionaire, and how the subconscious nature of streak-related bias can make the difference between life and death for asylum seekers. We see how previously unrecognized streaks hidden amidst archival data helped solve one of the most haunting mysteries of the twentieth century, the disappearance of Raoul Wallenberg. Cohen also exposes how streak-related incentives can be manipulated, from the five-syllable word that helped break arcade profit records to an arc of black paint that allowed Stephen Curry to transform from future junior high coach into the greatest three-point shooter in NBA history. Crucially, Cohen also explores why false recognition of nonexistent streaks can have cataclysmic results, particularly if you are a sugar beet farmer or the sort of gambler who likes to switch to black on the ninth spin of the roulette wheel.A brilliant investigation into when streaks exist and how they can be taken advantage of, The Hot Hand is essential reading for anyone who thinks they’ve got a shot.

Work Won't Love You Back: How Devotion to Our Jobs Keeps Us Exploited, Exhausted, and Alone


Sarah Jaffe - 2021
     You're told that if you "do what you love, you'll never work a day in your life." Whether it's working for "exposure" and "experience," or enduring poor treatment in the name of "being part of the family," all employees are pushed to make sacrifices for the privilege of being able to do what we love.In Work Won't Love You Back, Sarah Jaffe, a preeminent voice on labor, inequality, and social movements, examines this "labor of love" myth -- the idea that certain work is not really work, and therefore should be done out of passion instead of pay. Told through the lives and experiences of workers in various industries -- from the unpaid intern, to the overworked nurse, to the nonprofit worker and even the professional athlete -- Jaffe reveals how all of us have been tricked into buying into a new tyranny of work. As Jaffe argues, understanding the trap of the labor of love will empower us to work less and demand what our work is worth. And once freed from those binds, we can finally figure out what actually gives us joy, pleasure, and satisfaction.

Jackpot: How the Super-Rich Really Live—and How Their Wealth Harms Us All


Michael Mechanic - 2021
    Striking it rich is among the most resilient of American fantasies, surviving war and peace, expansions and recessions, economic meltdowns and global pandemics. We dream of the jackpot, the big exit, the life-altering payday, in whatever form that takes. (Americans spent $81 billion on lottery tickets in 2019, more than the GDPs of most nations.) We would escape “essential” day jobs and cramped living spaces, bury our debts, buy that sweet spread, and bail out struggling friends and relations. But rarely do we follow the fantasy to its conclusion—to ponder the social, psychological, and societal downsides of great affluence and the fact that so few possess it.What is it actually like to be blessed with riches in an era of plagues, political rancor, and near-Dickensian economic differences? How mind-boggling are the opportunities and access, how problematic the downsides? Does the experience differ depending on whether the money is earned or unearned, where it comes from, and whether you are male or female, white or black? Finally, how does our collective lust for affluence, and our stubborn belief in social mobility, explain how we got to the point where forty percent of Americans have literally no wealth at all?These are all questions that Jackpot sets out to explore. The result of deep reporting and dozens of interviews with fortunate citizens—company founders and executives, superstar coders, investors, inheritors, lottery winners, lobbyists, lawmakers, academics, sports agents, wealth and philanthropy professionals, concierges, luxury realtors, Bentley dealers, and even a woman who trains billionaires’ nannies in physical combat, Jackpot is a compassionate, character-rich, perversely humorous, and ultimately troubling journey into the American wealth fantasy and where it has taken us.

The Secret Life of Groceries: The Dark Miracle of the American Supermarket


Benjamin Lorr - 2020
    What does it take to run the American supermarket? How do products get to shelves? Who sets the price? And who suffers the consequences of increased convenience and efficiency? In this exposé, author Benjamin Lorr pulls back the curtain on this highly secretive industry. Combining deep sourcing and immersive reporting, Lorr leads a wild investigation in which we learn the secrets of Trader Joe's success from Trader Joe himself, why truckers call their job "sharecropping on wheels," what it takes for a product to earn certification labels like "organic" and "fair trade," the struggles entrepreneurs face as they fight for shelf space, including essential tips, tricks, and traps for any new food business, the truth behind the alarming slave trade in the shrimp industry and much more.

How Markets Fail: The Logic of Economic Calamities


John Cassidy - 2009
    Farrar, Straus and Giroux, 2009.

Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor


John C. Bogle - 1999
    Buffett Praise for Common Sense on Mutual Funds "Invoking both Thomas Paine and Benjamin Graham, Jack Bogle outlines a supremely logical plan not only to better investors' returns, but to improve the whole fund industry. This isn't just the best book yet by Bogle, it may well be the best book ever on mutual funds." -DON PHILLIPS, President & CEO, Morningstar, Inc. "Buffett cannot teach you or me how to become a Warren Buffett. Bogle's reasoned precepts can enable a few million of us savers to become in twenty years the envy of our suburban neighbors-while at the same time we have slept well in these eventful times."-PAUL A. SAMUELSON, Massachusetts Institute of Technology Department of Economics "After a lifetime of picking stocks, I have to admit that Bogle's arguments in favor of the index fund have me thinking of joining him rather than trying to beat him. Bogle's wisdom and his commonsense way of explaining things make this book indispensable reading for anyone trying to figure out how to invest in this crazy stock market."-JAMES J. CRAMER, Money Manager and Senior Columnist for TheStreet.com "Written in his characteristic forthright and visionary style, Bogle penetrates the myths and jargon to shed a powerful light on the central issues that confront every investor, no matter what their level of experience or sophistication." -MARTIN L. LEIBOWITZ, Vice Chairman and Chief Investment Officer, TIAA-CREF "Jack Bogle is one of the great pioneer/visionaries of the investment business. In this book, he shares his knowledge, experience, and judgment to enable us to become better investors. The final philosophical chapters provide insights that may help some of us become better people." -BYRON R. WIEN, Chief U.S. Investment Strategist Morgan Stanley Dean Witter

Maphead: Charting the Wide, Weird World of Geography Wonks


Ken Jennings - 2011
    Much as Brainiac offered a behind-the-scenes look at the little-known demimonde of competitive trivia buffs, Maphead finally gives equal time to that other downtrodden underclass: America's map nerds.In a world where geography only makes the headlines when college students are (endlessly) discovered to be bad at it, these hardy souls somehow thrive. Some crisscross the map working an endless geographic checklist: visiting all 3,143 U.S. counties, for example, or all 936 UNESCO World Heritage Sites. Some pore over million-dollar collections of the rarest maps of the past; others embrace the future by hunting real-world cartographic treasures like "geocaches" or "degree confluences" with GPS device in hand. Some even draw thousands of their own imaginary maps, lovingly detailing worlds that never were.Ken Jennings was a map nerd from a young age himself, you will not be surprised to learn, even sleeping with a bulky Hammond atlas at the side of his pillow, in lieu of the traditional Teddy bear. As he travels the nation meeting others of his tribe--map librarians, publishers, "roadgeeks," pint-sized National Geographic Bee prodigies, the computer geniuses behind Google Maps and other geo-technologies--he comes to admire these geographic obsessives. Now that technology and geographic illiteracy are increasingly insulating us from the lay of the land around us, we are going to be needing these people more than ever. Mapheads are the ones who always know exactly where they are--and where everything else is as well.

You Just Don't Understand: Women and Men in Conversation


Deborah Tannen - 1990
    This is the book that brought gender differences in ways of speaking to the forefront of public awareness. With a rare combination of scientific insight and delightful, humorous writing, Tannen shows why women and men can walk away from the same conversation with completely different impressions of what was said.Studded with lively and entertaining examples of real conversations, this book gives you the tools to understand what went wrong -- and to find a common language in which to strengthen relationships at work and at home. A classic in the field of interpersonal relations, this book will change forever the way you approach conversations.

Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist


Kate Raworth - 2017
    It has failed to predict, let alone prevent, financial crises that have shaken the foundations of our societies. Its outdated theories have permitted a world in which extreme poverty persists while the wealth of the super-rich grows year on year. And its blind spots have led to policies that are degrading the living world on a scale that threatens all of our futures.Can it be fixed? In Doughnut Economics, Oxford academic Kate Raworth identifies seven critical ways in which mainstream economics has led us astray, and sets out a roadmap for bringing humanity into a sweet spot that meets the needs of all within the means of the planet. En route, she deconstructs the character of ‘rational economic man’ and explains what really makes us tick. She reveals how an obsession with equilibrium has left economists helpless when facing the boom and bust of the real-world economy. She highlights the dangers of ignoring the role of energy and nature’s resources – and the far-reaching implications for economic growth when we take them into account. And in the process, she creates a new, cutting-edge economic model that is fit for the 21st century – one in which a doughnut-shaped compass points the way to human progress.Ambitious, radical and rigorously argued, Doughnut Economics promises to reframe and redraw the future of economics for a new generation.