Author: Gregory Zuckerman Publisher: Penguin ISBN: 0735217998 Category : Business & Economics Languages : en Pages : 401
Book Description
NEW YORK TIMES BESTSELLER Shortlisted for the Financial Times/McKinsey Business Book of the Year Award The unbelievable story of a secretive mathematician who pioneered the era of the algorithm--and made $23 billion doing it. Jim Simons is the greatest money maker in modern financial history. 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.
Author: Gregory Zuckerman Publisher: National Geographic Books ISBN: 073521798X Category : Business & Economics Languages : en Pages : 0
Book Description
NEW YORK TIMES BESTSELLER Shortlisted for the Financial Times/McKinsey Business Book of the Year Award The unbelievable story of a secretive mathematician who pioneered the era of the algorithm--and made $23 billion doing it. Jim Simons is the greatest money maker in modern financial history. 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.
Author: Gregory Zuckerman Publisher: Portfolio ISBN: 9780670923670 Category : Hydraulic fracturing Languages : en Pages : 404
Book Description
Meet the Frackers. George Mitchell, the son of a Greek goatherder, who tried to extract gas from rock that experts deemed worthless. He faced an unexpected obstacle in his quest to change history. Aubrey McClendon, the charismatic descendant of an Oklahoma energy dynasty, who scored billions leading a land grab. He wasn't prepared for the shocking fallout of his discoveries. Tom Ward, who overcame a troubled childhood to become one of the nation's wealthiest men. He could handle natural-gas fields but had more trouble with a Wall Street power broker. Harold Hamm, the son of poor farmer, who believed America had more oil than anyone imagined. Hamm was determined to find the crude before others caught on. Charif Souki, the dashing Lebanese immigrant who saw his career crumble and his fortune disintegrate, leaving one last, unlikely chance for success. Mark Papa, the Enron castoff who panicked when he realized a resurgence of American natural gas was at hand: one that his company wasn't prepared for. Praise for The Greatest Trade Ever 'Simply terrific. Easily the best of the post-crash financial books.' Malcolm Gladwell 'The definitive account of a strange and wonderful subplot of the financial crisis.' Michael Lewis 'Zuckerman is a first-rate reporter who is able to explain the complexities of finance in layman's terms. At times, The Greatest Trade Ever reads like a thriller.' The New York Times
Author: Gregory Zuckerman Publisher: Crown Currency ISBN: 0385529937 Category : Business & Economics Languages : en Pages : 306
Book Description
In 2006, hedge fund manager John Paulson realized something few others suspected--that the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall. Paulson's background was in mergers and acquisitions, however, and he knew little about real estate or how to wager against housing. He had spent a career as an also-ran on Wall Street. But Paulson was convinced this was his chance to make his mark. He just wasn't sure how to do it. Colleagues at investment banks scoffed at him and investors dismissed him. Even pros skeptical about housing shied away from the complicated derivative investments that Paulson was just learning about. But Paulson and a handful of renegade investors such as Jeffrey Greene and Michael Burry began to bet heavily against risky mortgages and precarious financial companies. Timing is everything, though. Initially, Paulson and the others lost tens of millions of dollars as real estate and stocks continued to soar. Rather than back down, however, Paulson redoubled his bets, putting his hedge fund and his reputation on the line. In the summer of 2007, the markets began to implode, bringing Paulson early profits, but also sparking efforts to rescue real estate and derail him. By year's end, though, John Paulson had pulled off the greatest trade in financial history, earning more than $15 billion for his firm--a figure that dwarfed George Soros's billion-dollar currency trade in 1992. Paulson made billions more in 2008 by transforming his gutsy move. Some of the underdog investors who attempted the daring trade also reaped fortunes. But others who got the timing wrong met devastating failure, discovering that being early and right wasn't nearly enough. Written by the prizewinning reporter who broke the story in The Wall Street Journal, The Greatest Trade Ever is a superbly written, fast-paced, behind-the-scenes narrative of how a contrarian foresaw an escalating financial crisis--that outwitted Chuck Prince, Stanley O'Neal, Richard Fuld, and Wall Street's titans--to make financial history.
Author: William Poundstone Publisher: Hill and Wang ISBN: 0374707081 Category : Business & Economics Languages : en Pages : 399
Book Description
In 1956, two Bell Labs scientists discovered the scientific formula for getting rich. 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 phenomenally 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 William Poundstone's Fortune's Formula will convince you that he was right.
Author: Roger Lowenstein Publisher: Random House Trade Paperbacks ISBN: 0375758259 Category : Business & Economics Languages : en Pages : 290
Book Description
“A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure.”—The New York Times NAMED ONE OF THE BEST BOOKS OF THE YEAR BY BUSINESSWEEK In this business classic—now with a new Afterword in which the author draws parallels to the recent financial crisis—Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall. When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself. The dramatic story of Long-Term’s fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein shows that LTCM’s implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instability—and as a wake-up call that Wall Street and government alike tragically ignored. Praise for When Genius Failed “[Roger] Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris.”—BusinessWeek “Compelling . . . The fund was long cloaked in secrecy, making the story of its rise . . . and its ultimate destruction that much more fascinating.”—The Washington Post “Story-telling journalism at its best.”—The Economist
Author: John P. Reese Publisher: John Wiley & Sons ISBN: 0470446773 Category : Business & Economics Languages : en Pages : 336
Book Description
Today's investor is faced with a myriad of investment options and strategies. Whether you are seeking someone to manage your money or are a self-directed investor deciding to tackle the market on your own, the options can be overwhelming. In an easy-to-read and simple format, this book will dissect the strategies of some of Wall Street's most successful investment gurus and teach readers how to weed through the all of the choices to find a strategy that works for them. The model portfolio system that author John Reese developed turns each strategy into an actionable system, addressing many of the common mistakes that doom individual investors to market underperformance. This book will focus on the principles behind the author's multi-guru approach, showing how investors can combine the proven strategies of these legendary "gurus" into a disciplined investing system that has significantly outperformed the market. Gurus covered in the book are: Benjamin Graham; John Neff; David Dreman; Warren Buffett; Peter Lynch; Ken Fisher; Martin Zweig; James O'Shaughnessy; Joel Greenblatt; and Joseph Piotroski.
Author: James Simons Publisher: ISBN: 9784082519704 Category : Business & Economics Languages : en Pages : 24
Book Description
James Simons, Medallion Hedge Fund and Renaissance Technologies, president testifies about the risks that hedge funds pose in the financial markets, before the House Oversight Committee, and HEARING BEFORE THE SENATE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS by Jonathan Mayers, Counsel on Behalf of Renaissance Technologies LLC... The most successful hedge fund in history describe their business model as a positive expected value game. The model developed by Renaissance for Medallion and Medallion with barrier options makes predictions that are profitable only slightly more often than not. Moreover, the predicted price movements can be easily overwhelmed by external events. To compensate for these factors, the model generates a large number of recommendations, so that by virtue of the mathematical principle known as the law of large numbers, the variability of the returns produced by the model is greatly reduced.
Author: Liam Vaughan Publisher: Doubleday ISBN: 0385543662 Category : True Crime Languages : en Pages : 241
Book Description
"[An] extraordinary tale"—Wall Street Journal "Compelling [and] engaging"—Financial Times "Magnificently detailed yet pacy...Think Trading Places meets Wall Street"—Sunday Times (UK) The riveting story of a trading prodigy who amassed $70 million from his childhood bedroom—until the US government accused him of helping trigger an unprecedented market collapse On May 6, 2010, financial markets around the world tumbled simultaneously and without warning. In the span of five minutes, a trillion dollars of valuation was lost. The Flash Crash, as it became known, represented what was then 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 a man at the center of them both.
Author: Gregory Zuckerman
Author: Gregory Zuckerman
Author: Edward O. Thorp
Author: Gregory Zuckerman
Author: Gregory Zuckerman
Author: William Poundstone
Author: Roger Lowenstein
Author: John P. Reese
Author: James Simons
Author: Liam Vaughan