The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It


Scott Patterson - 2010
     They were preparing to compete in a poker tournament with million-dollar stakes, but those numbers meant nothing to them.  They were accustomed to risking billions.     At the card table that night was Peter Muller, an eccentric, whip-smart whiz kid who’d studied theoretical mathematics at Princeton and now managed a fabulously successful hedge fund called PDT…when he wasn’t playing his keyboard for morning commuters on the New York subway.  With him was Ken Griffin, who as an undergraduate trading convertible bonds out of his Harvard dorm room had outsmarted the Wall Street pros and made money in one of the worst bear markets of all time.  Now he was the tough-as-nails head of Citadel Investment Group, one of the most powerful money machines on earth. There too were Cliff Asness, the sharp-tongued, mercurial founder of the hedge fund AQR, a man as famous for his computer-smashing rages as for his brilliance, and Boaz Weinstein, chess life-master and king of the credit default swap, who while juggling $30 billion worth of positions for Deutsche Bank found time for frequent visits to Las Vegas with the famed MIT card-counting team.     On that night in 2006, these four men and their cohorts were the new kings of Wall Street.  Muller, Griffin, Asness, and Weinstein were among the best and brightest of a  new breed, the quants.  Over the prior twenty years, this species of math whiz --technocrats who make billions not with gut calls or fundamental analysis but with formulas and high-speed computers-- had usurped the testosterone-fueled, kill-or-be-killed risk-takers who’d long been the alpha males the world’s largest casino.  The quants believed that a dizzying, indecipherable-to-mere-mortals cocktail of differential calculus, quantum physics, and advanced geometry held the key to reaping riches from the financial markets.  And they helped create a digitized money-trading machine that could shift billions around the globe with the click of a mouse.     Few realized that night, though, that in creating this unprecedented machine, men like Muller, Griffin, Asness and Weinstein had sowed the seeds for history’s greatest financial disaster.     Drawing on unprecedented access to these four number-crunching titans, The Quants tells the inside story of what they thought and felt in the days and weeks when they helplessly watched much of their net worth vaporize – and wondered just how their mind-bending formulas and genius-level IQ’s had led them so wrong, so fast.  Had their years of success been dumb luck, fool’s gold, a good run that could come to an end on any given day?  What if The Truth they sought -- the secret of the markets -- wasn’t knowable? Worse, what if there wasn’t any Truth?   In The Quants, Scott Patterson tells the story not just of these men, but of Jim Simons, the reclusive founder of the most successful hedge fund in history; Aaron Brown, the quant who used his math skills to humiliate Wall Street’s old guard at their trademark game of Liar’s Poker, and years later found himself with a front-row seat to the rapid emergence of mortgage-backed securities; and gadflies and dissenters such as Paul Wilmott, Nassim Taleb, and Benoit Mandelbrot.     With the immediacy of today’s NASDAQ close and the timeless power of a Greek tragedy, The Quants is at once a masterpiece of explanatory journalism, a gripping tale of ambition and hubris…and an ominous warning about Wall Street’s future.

@War: The Rise of the Military-Internet Complex


Shane Harris - 2014
    In fact, as @WAR shows, U.S. hackers were crucial to our victory in Iraq. Shane Harris delves into the frontlines of America’s new cyber war. As recent revelations have shown, government agencies are joining with tech giants like Google and Facebook to collect vast amounts of information. The military has also formed a new alliance with tech and finance companies to patrol cyberspace, and Harris offers a deeper glimpse into this partnership than we have ever seen before. Finally, Harris explains what the new cybersecurity regime means for all of us, who spend our daily lives bound to the Internet — and are vulnerable to its dangers.

Kids These Days: Human Capital and the Making of Millennials


Malcolm Harris - 2017
    An Australian millionaire says Millennials could all afford homes if we'd just give up avocado toast. Thanks, millionaire. This Millennial is here to prove them all wrong.Millennials have been stereotyped as lazy, entitled, narcissistic, and immature. We've gotten so used to sloppy generational analysis filled with dumb clichés about young people that we've lost sight of what really unites Millennials. Namely:-We are the most educated and hard-working generation in American history.-We poured historic and insane amounts of time and money into preparing ourselves for the 21st century labor market.- We have been taught to consider working for free (homework, internships) a privilege for our own benefit.- We are poorer, more medicated, and more precariously employed than our parents, grandparents, even our great grandparents, with less of a social safety net to boot. Kids These Days, is about why. In brilliant, crackling prose, early Wall Street occupier Malcolm Harris gets mercilessly real about our maligned birth cohort. Examining trends like runaway student debt, the rise of the intern, mass incarceration, social media, and more, Harris gives us a portrait of what it means to be young in America today that will wake you up and piss you off. Millennials were the first generation raised explicitly as investments, Harris argues, and in Kids These Days he dares us to confront and take charge of the consequences now that we are grown up.

The Filter Bubble: What the Internet is Hiding From You


Eli Pariser - 2011
    Instead of giving you the most broadly popular result, Google now tries to predict what you are most likely to click on. According to MoveOn.org board president Eli Pariser, Google's change in policy is symptomatic of the most significant shift to take place on the Web in recent years - the rise of personalization. In this groundbreaking investigation of the new hidden Web, Pariser uncovers how this growing trend threatens to control how we consume and share information as a society-and reveals what we can do about it.Though the phenomenon has gone largely undetected until now, personalized filters are sweeping the Web, creating individual universes of information for each of us. Facebook - the primary news source for an increasing number of Americans - prioritizes the links it believes will appeal to you so that if you are a liberal, you can expect to see only progressive links. Even an old-media bastion like "The Washington Post" devotes the top of its home page to a news feed with the links your Facebook friends are sharing. Behind the scenes a burgeoning industry of data companies is tracking your personal information to sell to advertisers, from your political leanings to the color you painted your living room to the hiking boots you just browsed on Zappos.In a personalized world, we will increasingly be typed and fed only news that is pleasant, familiar, and confirms our beliefs - and because these filters are invisible, we won't know what is being hidden from us. Our past interests will determine what we are exposed to in the future, leaving less room for the unexpected encounters that spark creativity, innovation, and the democratic exchange of ideas.While we all worry that the Internet is eroding privacy or shrinking our attention spans, Pariser uncovers a more pernicious and far-reaching trend on the Internet and shows how we can - and must - change course. With vivid detail and remarkable scope, The Filter Bubble reveals how personalization undermines the Internet's original purpose as an open platform for the spread of ideas and could leave us all in an isolated, echoing world.

The Start-Up of You: Adapt to the Future, Invest in Yourself, and Transform Your Career


Reid Hoffman - 2012
    The career escalator is jammed at every level. Unemployment rates are sky-high. Creative disruption is shaking every industry. Global competition for jobs is fierce. The employer-employee pact is over, and traditional job security is a thing of the past. Here, LinkedIn cofounder and chairman Reid Hoffman and author Ben Casnocha show how to accelerate your career in today’s competitive world. The key is to manage your career as if it were a start-up business: a living, breathing, growing start-up of you. Why? Start-ups - and the entrepreneurs who run them - are nimble. They invest in themselves. They build their professional networks. They take intelligent risks. They make uncertainty and volatility work to their advantage. These are the very same skills professionals need to get ahead today. This book isn’t about cover letters or resumes. Instead, you will learn the best practices of Silicon Valley start-ups, and how to apply these entrepreneurial strategies to your career. Whether you work for a giant multinational corporation, a small local business, or are launching your own venture, you need to know how to: Adapt your career plans as you change, the people around you change, and industries change Develop a competitive advantage to win the best jobs and opportunities Strengthen your professional network by building powerful alliances and maintaining a diverse mix of relationships Find the unique breakout opportunities that massively accelerate career growth Take proactive risks to become more resilient to industry tsunamis Tap your network for information and intelligence that help you make smarter decisions A revolutionary new guide to thriving in today's fractured world of work, the strategies in this book will help you survive and thrive and achieve your boldest professional ambitions. The Start-Up of You empowers you to become the CEO of your career and take control of your future.©2012 Reid Hoffman (P)2012 Random House

Broad Band: The Untold Story of the Women Who Made the Internet


Claire L. Evans - 2018
    But they've often been hidden in plain sight, their inventions and contributions touching our lives in ways we don't even realize.Author Claire L. Evans finally gives these unsung female heroes their due with her social history of the Broad Band, the women who made the internet what it is today. Learn from Ada Lovelace, the daughter of Lord Byron, who wove numbers into the first program for a mechanical computer in 1842. Seek inspiration from Grace Hopper, the tenacious mathematician who democratized computing by leading the charge for machine-independent programming languages after World War II. Meet Elizabeth "Jake" Feinler, the one-woman Google who kept the earliest version of the Internet online, and Stacy Horn, who ran one of the first-ever social networks on a shoestring out of her New York City apartment in the 1980s. Evans shows us how these women built and colored the technologies we can't imagine life without.Join the ranks of the pioneers who defied social convention and the longest odds to become database poets, information-wranglers, hypertext dreamers, and glass ceiling-shattering dot com-era entrepreneurs.

User Friendly: How the Hidden Rules of Design Are Changing the Way We Live, Work, and Play


Cliff Kuang - 2019
    Spanning over a century of sweeping changes, from women's rights to the Great Depression to World War II to the rise of the digital era, this book unpacks the ways in which the world has been--and continues to be--remade according to the principles of the once-obscure discipline of user-experience design.In this essential text, Kuang and Fabricant map the hidden rules of the designed world and shed light on how those rules have caused our world to change--an underappreciated but essential history that's pieced together for the first time. Combining the expertise and insight of a leading journalist and a pioneering designer, User Friendly provides a definitive, thoughtful, and practical perspective on a topic that has rapidly gone from arcane to urgent to inescapable. In User Friendly, Kuang and Fabricant tell the whole story for the first time--and you'll never interact with technology the same way again.

Revolution in The Valley: The Insanely Great Story of How the Mac Was Made


Andy Hertzfeld - 2004
    Revolution in the Valley traces this vision back to its earliest roots: the hallways and backrooms of Apple, where the groundbreaking Macintosh computer was born. The book traces the development of the Macintosh, from its inception as an underground skunkworks project in 1979 to its triumphant introduction in 1984 and beyond.The stories in "Revolution in the Valley" come on extremely good authority. That's because author Andy Hertzfeld was a core member of the team that built the Macintosh system software, and a key creator of the Mac's radically new user interface software. One of the chosen few who worked with the mercurial Steve Jobs, you might call him the ultimate insider.When "Revolution in the Valley" begins, Hertzfeld is working on Apple's first attempt at a low-cost, consumer-oriented computer: the Apple II. He sees that Steve Jobs is luring some of the company's most brilliant innovators to work on a tiny research effort the Macintosh. Hertzfeld manages to make his way onto the Macintosh research team, and the rest is history.Through lavish illustrations, period photos, and Hertzfeld's vivid first-hand accounts, Revolution in the Valley reveals what it was like to be there at the birth of the personal computer revolution. The story comes to life through the book's portrait of the talented and often eccentric characters who made up the Macintosh team. Now, over 20 years later, millions of people are benefiting from the technical achievements of this determined and brilliant group of people.

Where Good Ideas Come from: The Natural History of Innovation


Steven Johnson - 2010
    But where do they come from? What kind of environment breeds them? What sparks the flash of brilliance? How do we generate the breakthrough technologies that push forward our lives, our society, our culture? Steven Johnson's answers are revelatory as he identifies the seven key patterns behind genuine innovation, and traces them across time and disciplines. From Darwin and Freud to the halls of Google and Apple, Johnson investigates the innovation hubs throughout modern time and pulls out the approaches and commonalities that seem to appear at moments of originality.

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.

The Year Without Pants: WordPress.com and the Future of Work


Scott Berkun - 2013
    The force behind WordPress.com is a convention-defying company called Automattic, Inc., whose 120 employees work from anywhere in the world they wish, barely use email, and launch improvements to their products dozens of times a day. With a fraction of the resources of Google, Amazon, or Facebook, they have a similar impact on the future of the Internet. How is this possible? What's different about how they work, and what can other companies learn from their methods?To find out, former Microsoft veteran Scott Berkun worked as a manager at WordPress.com, leading a team of young programmers developing new ideas. "The Year Without Pants" shares the secrets of WordPress.com's phenomenal success from the inside. Berkun's story reveals insights on creativity, productivity, and leadership from the kind of workplace that might be in everyone's future.Offers a fast-paced and entertaining insider's account of how an amazing, powerful organization achieves impressive resultsIncludes vital lessons about work culture and managing creativityWritten by author and popular blogger Scott Berkun (scottberkun.com)"The Year Without Pants" shares what every organization can learn from the world-changing ideas for the future of work at the heart of Automattic's success.

Kanban: Successful Evolutionary Change for Your Technology Business


David J. Anderson - 2010
    It will allow you to avoid some likely pitfalls and it will guide you to asking, yourself and your clients, the right questions. Though many people focus on the visualization techniques in Kanban the true value only emerges when you, as a kanban system manager, are apt at noticing the anti-patterns that occur on the kanban board and are able to take appropriate actions. David generously shares his vast experience in this field, with plenty real case scenarios, to the benefit of the reader. After reading this book I toyed with the idea: Would I've changed my approach to coaching my previous clients, in their adoption of agile values and practices, had I read this at the time? Well, I certainly would have, for all of them, and I'm sure it would have meant a smoother change process for the agilely challenged organizations. David provides a comprehensive guide to implementing Kanban in a software development/maintenance environment. Covering the mechanics, dynamics, principles and rationale behind why Kanban is a so promising framework for managing the work of a variety of teams and groups and being an evolutionary-based change management driver. Kanban is the practical approach to implement Lean Software Development, and this book is the practical guide for how to start using Kanban, and how to adapt the system for advanced needs. The book is clear and flowing, even though it covers some quite technical material. I would recommend it to Development managers, Project/Program managers, Agile Coaches/Consultants. It addresses concerns/needs of Novice as well as those already familiar with Kanban and looking for advanced answers. Even if you don't intend to implement a kanban system, there are a lot of techniques and ideas that are easily applicable to any product development/maintenance environment, agile or not. Bottom line, highly recommended.

DarkMarket: Cyberthieves, Cybercops and You


Misha Glenny - 2011
    The world has become a law enforcer's nightmare and every criminal's dream. We bank online; shop online; date, learn, work and live online. But have the institutions that keep us safe on the streets learned to protect us in the burgeoning digital world? Have we become complacent about our personal security--sharing our thoughts, beliefs and the details of our daily lives with anyone who might care to relieve us of them?In this fascinating and compelling book, Misha Glenny, author of the international best seller "McMafia," explores the three fundamental threats facing us in the twenty-first century: cybercrime, cyberwarfare and cyberindustrial espionage. Governments and the private sector are losing billions of dollars each year fighting an ever-morphing, often invisible and often supersmart new breed of criminal: the hacker. Glenny has traveled and trawled the world. By exploring the rise and fall of the criminal website DarkMarket he has uncovered the most vivid, alarming and illuminating stories. Whether JiLsi or Matrix, Iceman, Master Splynter or Lord Cyric; whether Detective Sergeant Chris Dawson in Scunthorpe, England, or Agent Keith Mularski in Pittsburgh, Pennsylvania, Glenny has tracked down and interviewed all the players--the criminals, the geeks, the police, the security experts and the victims--and he places everyone and everything in a rich brew of politics, economics and history.The result is simply unputdownable. DarkMarket is authoritative and completely engrossing. It's a must-read for everyone who uses a computer: the essential crime book for our times.

Smartcuts: How Hackers, Innovators, and Icons Accelerate Success


Shane Snow - 2014
    They employ what psychologists call "lateral thinking: to rethink convention and break "rules" that aren't rules.These are not shortcuts, which produce often dubious short-term gains, but ethical "smartcuts" that eliminate unnecessary effort and yield sustainable momentum. In Smartcuts, Snow shatters common wisdom about success, revealing how conventions like "paying dues" prevent progress, why kids shouldn't learn times tables, and how, paradoxically, it's easier to build a huge business than a small one.From SpaceX to The Cuban Revolution, from Ferrari to Skrillex, Smartcuts is a narrative adventure that busts old myths about success and shows how innovators and icons do the incredible by working smarter—and how perhaps the rest of us can, too.

The Innovator's Dilemma: The Revolutionary Book that Will Change the Way You Do Business


Clayton M. Christensen - 1997
    Christensen says outstanding companies can do everything right and still lose their market leadership -- or worse, disappear completely. And he not only proves what he says, he tells others how to avoid a similar fate.Focusing on "disruptive technology" -- the Honda Super Cub, Intel's 8088 processor, or the hydraulic excavator, for example -- Christensen shows why most companies miss "the next great wave." Whether in electronics or retailing, a successful company with established products will get pushed aside unless managers know when to abandon traditional business practices. Using the lessons of successes and failures from leading companies, "The Innovator's Dilemma" presents a set of rules for capitalizing on the phenomenon of disruptive innovation.