|Emne||Finance; Stocks & shares|
|Se flere detaljer|
Om Wrong Answer Faster
The fascinating story behind the machines that trade trillionsof dollars every day “A Bildungsroman, one jacket blurb calls thisbook—and sure, it’s a traditional coming-of-age tale.But the story itself is anything but conventional. The pleasures ofthe book lie in the story of their bumpy path tosuccess.” Canadian BusinessIn 1968, Michael Goodkin is about to graduate from ColumbiaUniversity. While his classmates interview for jobs, he daydreamsof seeing the world as a man of independent means. Noticing thatthere are no computers on Wall Street and drawing on hisexperiences as a failed teenage investor and successful gambler, hehas an epiphany: since no one knows the right price for anything,the only way to beat the market is to make a computer that comes upwith the wrong answer faster than the professionals.And thus begins a journey that takes this provincialMidwesterner from nearly broke to opulent Park Avenue. The WrongAnswer Faster is the story of unintended consequences: how atechnique originally created to minimize market risk spiraled intoa multi-trillion dollar game with unparalleled risks.Having founded and sold a firm that changed the world, Goodkinleft New York to travel and play backgammon—only to return tofound another groundbreaking firm, Numerix, a software company thatsubstituted computational physics for econometrics to better managederivative risk.The story of the computerization of Wall Street by the man atthe helmPacked with keen insights, based almost entirely on poker,backgammon and game theoryGoodkin's unique insight to the markets is that everyone hasthe wrong answersThe solution is not to try to beat the market but to come upwith the wrong answers fasterThe epic tale of the untold story how one man with a great ideadecided not to play the market but to revolutionize the financialworld for generations to come by creating the most ground breakingtool for market players since the ticker tape.