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Author: Pablo Triana
Publisher: John Wiley & Sons
ISBN: 0470406755
Category : Business & Economics
Languages : en
Pages : 405
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Book Description
LECTURING BIRDS ON FLYING For the past few decades, the financial world has often displayed an unreasonable willingness to believe that "the model is right, the market is wrong," in spite of the fact that these theoretical machinations were largely responsible for the stock market crash of 1987, the LTCM crisis of 1998, the credit crisis of 2008, and many other blow-ups, large and small. Why have both financial insiders (traders, risk managers, executives) and outsiders (academics, journalists, regulators, the public) consistently demonstrated a willingness to treat quantifications as gospel? Nassim Taleb first addressed the conflicts between theoretical and real finance in his technical treatise on options, Dynamic Hedging. Now, in Lecturing Birds on Flying, Pablo Triana offers a powerful indictment on the trustworthiness of financial theory, explaining—in jargon-free plain English—how malfunctions in these quantitative machines have wreaked havoc in our real world. Triana first analyzes the fundamental question of whether financial markets can in principle really be solved mathematically. He shows that the markets indeed cannot be tamed with equations, presenting a long and powerful list of obstacles to prove his point: maverick unlawful human actions rule the markets, unexpected and unimaginable events shape the markets, and historical data is not necessarily a trustworthy guide to the future of the markets. The author then examines the sources of origin of many prevalent theories and mathematical dictums. He details how the field of financial economics evolved from a descriptive discipline to an abstract one dedicated to technically concocting professors' own versions of how such a world should work. He goes on to explain how Wall Street and other financial centers became eager employers of scientists, and how scientists became eager employees of financial firms. Triana concludes with an in-depth discussion of the most significant historical episodes of theory-caused real-life market malaise, with a strong emphasis on the current credit crisis. In the end, Lecturing Birds on Flying calls for the radical substitution of good old-fashioned common sense in place of mathematical decision-making and the restoration to financial power of those who are completely unchained to the iron ball of classroom-obtained qualifications.
Author: Pablo Triana
Publisher: John Wiley & Sons
ISBN: 0470406755
Category : Business & Economics
Languages : en
Pages : 405
Get Book Here
Book Description
LECTURING BIRDS ON FLYING For the past few decades, the financial world has often displayed an unreasonable willingness to believe that "the model is right, the market is wrong," in spite of the fact that these theoretical machinations were largely responsible for the stock market crash of 1987, the LTCM crisis of 1998, the credit crisis of 2008, and many other blow-ups, large and small. Why have both financial insiders (traders, risk managers, executives) and outsiders (academics, journalists, regulators, the public) consistently demonstrated a willingness to treat quantifications as gospel? Nassim Taleb first addressed the conflicts between theoretical and real finance in his technical treatise on options, Dynamic Hedging. Now, in Lecturing Birds on Flying, Pablo Triana offers a powerful indictment on the trustworthiness of financial theory, explaining—in jargon-free plain English—how malfunctions in these quantitative machines have wreaked havoc in our real world. Triana first analyzes the fundamental question of whether financial markets can in principle really be solved mathematically. He shows that the markets indeed cannot be tamed with equations, presenting a long and powerful list of obstacles to prove his point: maverick unlawful human actions rule the markets, unexpected and unimaginable events shape the markets, and historical data is not necessarily a trustworthy guide to the future of the markets. The author then examines the sources of origin of many prevalent theories and mathematical dictums. He details how the field of financial economics evolved from a descriptive discipline to an abstract one dedicated to technically concocting professors' own versions of how such a world should work. He goes on to explain how Wall Street and other financial centers became eager employers of scientists, and how scientists became eager employees of financial firms. Triana concludes with an in-depth discussion of the most significant historical episodes of theory-caused real-life market malaise, with a strong emphasis on the current credit crisis. In the end, Lecturing Birds on Flying calls for the radical substitution of good old-fashioned common sense in place of mathematical decision-making and the restoration to financial power of those who are completely unchained to the iron ball of classroom-obtained qualifications.
Author: Sam Keen
Publisher: Broadway
ISBN: 9780767901772
Category : Acrobatics
Languages : en
Pages : 0
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Book Description
Using his experiences learning the trapeze as a metaphor, best-selling author Sam Keen writes provocatively of overcoming his fears and self-perceived limitations. In learning to let go in life, Keen, a leader in the New Age spirituality community, takes readers on a journey of spiritual enlightenment and fulfilment much as the best-seller Zen and the Art of Archery did.
Author: Pablo Triana
Publisher: John Wiley & Sons
ISBN: 1118171543
Category : Business & Economics
Languages : en
Pages : 263
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Book Description
A critical look at the risk measurement tool that has repeatedly hurt the financial world The Number That Killed Us finally tells the "greatest story never told": how a mysterious financial risk measurement model has ruled the world for the past two decades and how it has repeatedly, and severely, caused market, economic, and social turmoil. This model was the key factor behind the unleashing of the cataclysmic credit crisis that erupted in 2007 and which the effects are still being felt around the world. The Number That Killed Us is the first and only book to thoroughly explain this hitherto-uncovered phenomenon, making it the key reference for truly understanding why the malaise took place. The very number financial institutions and regulators use to measure risk (Vale at Risk/VaR) has masked it, allowing firms to leverage up their speculative bets to unimaginable levels. VaR sanctioned and allowed the monstrously geared toxic punts that sank Wall Street, and the world, during the latest crisis. We can confidently say that VaR was the culprit. In The Number That Killed Us, derivatives expert Pablo Triana takes you through the development of VaR and shows how its inevitable structural flaws allowed banks to take on even greater risks. The precise role of VaR in igniting the latest crisis is thoroughly covered, including in-depth analysis of how and why regulators, by falling in love with the tool, condemned us to chaos. Uncritically embraced worldwide for way too long, VaR is, in the face of such destruction, just starting to be examined as problematic, and in this book Triana (long an open critic of the tool's role in encouraging mayhem) uncovers exactly why it makes our financial world a more dangerous place. If we care for our safety, we should let VaR go. Contains controversial analysis of the hotly debated risk metric Value at Risk (VaR) and its central role in the credit crisis Denounces the role of regulators and academics in forcing the presence of the inevitably malfunctioning in financeland Describes how bonus-hungry traders can use VaR as an alibi to take on the most reckless of bets Reveals how the most recent financial crisis will simply repeat itself if the problems behind VaR are not unmasked Pablo Triana is also the author of Lecturing Birds on Flying The very risk measurement tool that was intended to contain risk allowed financial firms to blindly take on more. The model that was supposed to save us condemned us to misery. The Number That Killed Us reveals how this has happened and what needs to be done to correct the situation.
Author: Nassim Nicholas Taleb
Publisher: Random House Trade Paperbacks
ISBN: 0812979680
Category : Business & Economics
Languages : en
Pages : 546
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Book Description
Antifragile is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. The other books in the series are Fooled by Randomness, The Black Swan, Skin in the Game, and The Bed of Procrustes. Nassim Nicholas Taleb, the bestselling author of The Black Swan and one of the foremost thinkers of our time, reveals how to thrive in an uncertain world. Just as human bones get stronger when subjected to stress and tension, and rumors or riots intensify when someone tries to repress them, many things in life benefit from stress, disorder, volatility, and turmoil. What Taleb has identified and calls “antifragile” is that category of things that not only gain from chaos but need it in order to survive and flourish. In The Black Swan, Taleb showed us that highly improbable and unpredictable events underlie almost everything about our world. In Antifragile, Taleb stands uncertainty on its head, making it desirable, even necessary, and proposes that things be built in an antifragile manner. The antifragile is beyond the resilient or robust. The resilient resists shocks and stays the same; the antifragile gets better and better. Furthermore, the antifragile is immune to prediction errors and protected from adverse events. Why is the city-state better than the nation-state, why is debt bad for you, and why is what we call “efficient” not efficient at all? Why do government responses and social policies protect the strong and hurt the weak? Why should you write your resignation letter before even starting on the job? How did the sinking of the Titanic save lives? The book spans innovation by trial and error, life decisions, politics, urban planning, war, personal finance, economic systems, and medicine. And throughout, in addition to the street wisdom of Fat Tony of Brooklyn, the voices and recipes of ancient wisdom, from Roman, Greek, Semitic, and medieval sources, are loud and clear. Antifragile is a blueprint for living in a Black Swan world. Erudite, witty, and iconoclastic, Taleb’s message is revolutionary: The antifragile, and only the antifragile, will make it. Praise for Antifragile “Ambitious and thought-provoking . . . highly entertaining.”—The Economist “A bold book explaining how and why we should embrace uncertainty, randomness, and error . . . It may just change our lives.”—Newsweek
Author: David Allen Sibley
Publisher: Knopf
ISBN: 0525520295
Category : Nature
Languages : en
Pages : 241
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Book Description
The bird book for birders and nonbirders alike that will excite and inspire by providing a new and deeper understanding of what common, mostly backyard, birds are doing—and why: "Can birds smell?"; "Is this the same cardinal that was at my feeder last year?"; "Do robins 'hear' worms?" "The book's beauty mirrors the beauty of birds it describes so marvelously." —NPR In What It's Like to Be a Bird, David Sibley answers the most frequently asked questions about the birds we see most often. This special, large-format volume is geared as much to nonbirders as it is to the out-and-out obsessed, covering more than two hundred species and including more than 330 new illustrations by the author. While its focus is on familiar backyard birds—blue jays, nuthatches, chickadees—it also examines certain species that can be fairly easily observed, such as the seashore-dwelling Atlantic puffin. David Sibley's exacting artwork and wide-ranging expertise bring observed behaviors vividly to life. (For most species, the primary illustration is reproduced life-sized.) And while the text is aimed at adults—including fascinating new scientific research on the myriad ways birds have adapted to environmental changes—it is nontechnical, making it the perfect occasion for parents and grandparents to share their love of birds with young children, who will delight in the big, full-color illustrations of birds in action. Unlike any other book he has written, What It's Like to Be a Bird is poised to bring a whole new audience to David Sibley's world of birds.
Author: Sam Keen
Publisher: Chronicle Books
ISBN: 1452103933
Category : Nature
Languages : en
Pages : 121
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Book Description
Sam Keen, the New York Times best-selling author of Fire in the Belly, has spent a lifetime reflecting on nature. In Sightings, a collection of essays, bird watching forms the basis for observations spiritual and soulful, witty and wise. He describes his childhood ramblings in the silence of the Tennessee wilderness as feeling distinctly more spiritual than the hard pews of his grandmother's church. Later in life, the presumed extinction and subsequent rediscovery of the Ivory-billed Woodpecker prompts a meditation on the nature of the sacred. Blessed with moments of beauty and the insight to recognize them as such, Keen translates the marvels of nature into the language of heart and soul.
Author: Pablo Triana
Publisher:
ISBN: 9781742466736
Category :
Languages : en
Pages :
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Book Description
This print pack contains Lecturing Birds on Flying: Can Mathematical Theories Destroy the Financial Markets? + Savage / Flaw of Averages.
Author: Nassim Nicholas Taleb
Publisher: Editeurs divers USA
ISBN: 0399590455
Category : Business & Economics
Languages : en
Pages : 1570
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Book Description
Nassim Nicholas Taleb's landmark Incerto series is an investigation of luck, uncertainty, probability, opacity, human error, risk, disorder, and decision-making in a world we don't understand, in nonoverlapping and standalone books. All four volumes--Antifragile, The Black Swan, Fooled by Randomness, and the expanded edition of The Bed of Procrustes, updated with more than 50 percent new material--are now together in one boxed set. ANTIFRAGILE "Startling . . . richly crammed with insights, stories, fine phrases and intriguing asides."--The Wall Street Journal Just as human bones get stronger when subjected to stress and tension, many things in life benefit from disorder, volatility, and turmoil. What Taleb has identified and calls "antifragile" is that category of things that not only gain from chaos but need it in order to survive and flourish. The resilient resists shocks and stays the same; the antifragile gets better and better. What is crucial is that the antifragile loves errors, as it incurs small harm and large benefits from them. Spanning politics, urban planning, war, personal finance, economic systems, and medicine in an interdisciplinary and erudite style, Antifragile is a blueprint for living in a Black Swan world. THE BLACK SWAN "[A book] that altered modern thinking."--The Times (London) A black swan is a highly improbable event with three principal characteristics: It is unpredictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random and more predictable. The astonishing success of Google was a black swan; so was 9/11. In this groundbreaking and prophetic book, Taleb shows that black swan events underlie almost everything about our world, from the rise of religions to events in our own personal lives, and yet we--especially the experts--are blind to them. FOOLED BY RANDOMNESS "[Fooled by Randomness] is to conventional Wall Street wisdom approximately what Martin Luther's ninety-five theses were to the Catholic Church."--Malcolm Gladwell, The New Yorker Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? Fooled by Randomness is about luck: more precisely, about how we perceive luck in our personal and professional experiences. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill--the markets--Fooled by Randomness is an irreverent, eye-opening, and endlessly entertaining exploration of one of the least understood forces in our lives. THE BED OF PROCRUSTES "Taleb's crystalline nuggets of thought stand alone like esoteric poems."--Financial Times This collection of aphorisms and meditations expresses Taleb's major ideas in ways you least expect. The Bed of Procrustes takes its title from Greek mythology: the story of a man who made his visitors fit his bed to perfection by either stretching them or cutting their limbs. With a rare combination of pointed wit and potent wisdom, Taleb plows through human illusions, contrasting the classical views of courage, elegance, and erudition against the modern diseases of nerdiness, philistinism, and phoniness.
Author: Matt Kracht
Publisher: Chronicle Books
ISBN: 1452177392
Category : Humor
Languages : en
Pages : 178
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Book Description
National bestselling book: Featured on Midwest, Mountain Plains, New Atlantic, Northern, Pacific Northwest and Southern Regional Indie Bestseller Lists Perfect book for the birder and anti-birder alike A humorous look at 50 common North American dumb birds: For those who have a disdain for birds or bird lovers with a sense of humor, this snarky, illustrated handbook is equal parts profane, funny, and—let's face it—true. Featuring common North American birds, such as the White-Breasted Butt Nugget and the Goddamned Canada Goose (or White-Breasted Nuthatch and Canada Goose for the layperson), Matt Kracht identifies all the idiots in your backyard and details exactly why they suck with humorous, yet angry, ink drawings. With The Field Guide to Dumb Birds of North America, you won't need to wonder what all that racket is anymore! • Each entry is accompanied by facts about a bird's (annoying) call, its (dumb) migratory pattern, its (downright tacky) markings, and more. • The essential guide to all things wings with migratory maps, tips for birding, musings on the avian population, and the ethics of birdwatching. • Matt Kracht is an amateur birder, writer, and illustrator who enjoys creating books that celebrate the humor inherent in life's absurdities. Based in Seattle, he enjoys gazing out the window at the beautiful waters of Puget Sound and making fun of birds. "There are loads of books out there for bird lovers, but until now, nothing for those that love to hate birds. The Field Guide to Dumb Birds of North America fills the void, packed with snarky illustrations that chastise the flying animals in a funny, profane way. " – Uncrate A humorous animal book with 50 common North American birds for people who love birds and also those who love to hate birds • A perfect coffee table or bar top conversation-starting book • Makes a great Mother's Day, Father's Day, birthday, or retirement gift
Author: NASSIM NICHOLAS. TALEB
Publisher: Random House Trade
ISBN: 059324365X
Category : Business & Economics
Languages : en
Pages : 1873
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Book Description
The landmark five-book series--all together in one boxed set The Incerto is an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision making when we don't understand the world, expressed in the form of a personal essay with autobiographical sections, stories, parables, and philosophical, historical, and scientific discussions, in non-overlapping volumes that can be accessed in any order. The main thread is that while there is inordinate uncertainty about what is going on, there is great certainty as to what one should do about it. This boxed set includes: FOOLED BY RANDOMNESS THE BLACK SWAN THE BED OF PROCRUSTES ANTIFRAGILE SKIN IN THE GAME
