Posts filed under “Books”

Books Bought By Big Picture Readers (December 2012)

Click to enlarge:

Once again, its time to peruse the data to see which books TBP readers bought last month. Amazon’s embed code lets me track every click from these links — how many people look at the page, how many books get seen, and/or collectively purchased.

Its anonymous — I don’t know who bought what — but there’s lots of data on the various books generated.

These were the most popular TBP books for December:

Exploring Wine: Completely Revised 3rd Ed (Steven Kolpan & Brian H. Smith)

Underwater Dogs (Seth Casteel)

Antifragile: Things That Gain from Disorder (Nassim Nicholas Taleb)

The Information: A History, A Theory, A Flood (James Gleick)

How Music Works (David Byrne)

Paul Wilmott Introduces Quantitative Finance (Paul Wilmott)

Hugh Johnson’s Wine Companion: The Encyclopedia of Wines, Vineyards and Winemakers (Hugh Johnson)

Thinking, Fast and Slow (Daniel Kahneman)

Let’s Pray (Not Just Say) the Rosary: Classic Edition; Luminous Mysteries Added (Richard Rooney S.J.)

Wait: The Art and Science of Delay (Frank Partnoy)

Bailout Nation, with New Post-Crisis Update: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy (Barry Ritholtz)

The Rolling Stones 50 (The Rolling Stones)

Kindle and eBooks after the jump

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Category: Books, Consumer Spending

Broadening the Debate on HFT & Market Structure

As traders, the fact that we wrote a book that has gained attention and accolades is exciting and humbling.  We’d be less than candid if we didn’t acknowledge that we had a lot of help putting together Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street Are Destroying Investor Confidence and Your Portfolio (see web site here as well)   To all of you, and you know who you are, thank you very much.

As anybody who has written a book will tell you, it is not easy, particularly if it’s the first.  We were anxious every step of the way.  What approach should we take?  How should we organize it?  Have we thoroughly documented our theories and facts?  What if we get something wrong?

We are happy to report that it all turned out OK.  The HFT crowd wasn’t too pleased, but they didn’t come up with anything new to refute what we wrote.  All they could say was more of the same:  “Technology is good…Speed is even better…Joe and Sal are wrong…”  The vast majority of reviewers, readers, Wall Street executives, regulators and legislators got it.  As of December 18th, the book was in Amazon’s Top 100 Best Sellers in the “economics” category.

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Category: Books

Bloomberg: Best Books of 2012

Bloomberg did an interesting thing with their Best Books of 2012 — they surveyed lots of people, and published all of the suggestions. My book suggestions were wedged between Olli Rehn, European Union Economic and Monetary Affairs Commissioner and Stephen Roach, senior lecturer at Yale University and former chewif economist for Morgan Stanley. I picked: The…Read More

Category: Books, Philosophy

Books Bought By Big Picture Readers (November 2012)

Click to enlarge:

Once again, its time to peruse the data to see which books TBP readers bought last month. Amazon’s embed code lets me track every click from these links — how many people look at the page, how many books get seen, and/or collectively purchased.

Its anonymous — I don’t know who bought what — but there’s lots of data on the various books generated.

These were the most popular TBP books for November:

Antifragile: Things That Gain from Disorder (Nassim Nicholas Taleb)

Bailout Nation, with New Post-Crisis Update: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy (Barry Ritholtz)

Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself (Sheila Bair)

Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System (Scott Patterson)

Exploring Wine: Completely Revised 3rd Edition (Steven Kolpan)

Go the F**k to Sleep (Adam Mansbach)

Hedge Fund Market Wizards (Jack D. Schwager)

How We Know What Isn’t So: The Fallibility of Human Reason in Everyday Life (Thomas Gilovich)

The Art of Contrary Thinking (Humphrey B. Neill)

The Black Swan: Second Edition: The Impact of the Highly Improbable: With a new section: “On Robustness and Fragility” (Nassim Nicholas Taleb)

 

Kindle and eBooks after the jump

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Category: Books, Consumer Spending

Taleb: Learn to Love Volatility

“In economic life and history more generally, just about everything of consequence comes from black swans; ordinary events have paltry effects in the long term.” -Nassim Nicholas Taleb   Nassim Taleb’s contribution to the world of finance are two fascinating concepts — essays really — subsequently expanded into book length. The first is Fooled By…Read More

Category: Books, Psychology, Trading

Books Bought By Big Picture Readers (October 2012)

Click to enlarge:

Once again, its time to peruse the data to see which books TBP readers bought last month. Amazon’s embed code lets me track every click from these links — how many people look at the page, how many books get seen, and/or collectively purchased.

Its anonymous — I don’t know who bought what — but there’s lots of data on the various books generated.

These were the most popular TBP books for October:

Go the F**k to Sleep (Adam Mansbach)

Black Monday: The Catastrophe of October 19, 1987 . . . and Beyond (Tim Metz)

Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself (Sheila Bair)

Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System (Scott Patterson)

Underwater Dogs (Seth Casteel)

Memos from the Chairman (Alan C. Greenberg)

The Payoff: Why Wall Street Always Wins (Jeff Connaughton)

The Art of Contrary Thinking (Humphrey B. Neill)

Extraordinary Popular Delusions & the Madness of Crowds (Charles Mackay)

How We Know What Isn’t So: The Fallibility of Human Reason in Everyday Life (Thomas Gilovich)

Hedge Fund Market Wizards (Jack D. Schwager)

Thinking, Fast and Slow (Daniel Kahneman)

Bailout Nation (Barry Ritholtz)

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Category: Books, Consumer Spending

Misunderstanding Financial Crisis: Why We Don’t See Them Coming

In his new book MISUNDERSTANDING FINANCIAL CRISES: Why We Don’t See Them Coming, Gary Gorton explores how the economic “Quiet Period” from 1934-2007 left economists fundamentally unprepared for the financial collapse that was to come. Gorton offers a back-to-basics overview of financial crises, showing they are not rare events caused by a perfect storm of…Read More

Category: Books

Books Bought By Big Picture Readers (September 2012)

Click to enlarge: Once again, its time to peruse the data to see which books TBP readers bought last month. Amazon’s embed code lets me track every click from these links — how many people look at the page, how many books get seen, and/or collectively purchased. Its anonymous — I don’t know who bought…Read More

Category: Books, Consumer Spending

Review: Bull by the Horns by Sheila Bair

Book Review:  Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself. By Sheila Bair Free Press (2012), 415pgs   “Bull by the Horns” is a really excellent book. Former FDIC Chairman Sheila Bair accurately describes the conflicted world of bank regulation in our democracy. Her well-written narrative…Read More

Category: Bailouts, Books, Regulation


Scott Patterson’s Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System is as insider view of the world of Algos, HFT, and software driven markets. Patterson does a great job of taking a dark, highly complex subject as the basis for a compelling, character driven narrative. The book reveals the historical evolution of High-Speed Traders, making it easy to understand how the modern stock market is what it is today. Patterson also explains the dangerous microstructure of modern markets, how they are increasingly subject to “flash crashes” disruptions, and volatility.

Dark Pools is an up close account of the global stock market’s subterranean battles and the rise of the “bots” — artificially intelligent systems that execute trades in milliseconds and use the cover of darkness to out-maneuver the humans who’ve created them. It is a fascinating story of how global markets have been hijacked by trading robots – many so self-directed that humans can’t predict what they’ll do next. And it shows how the new players moving into artificial intelligence are on the verge of tipping the entire system toward a global meltdown that could happen in minutes – maybe even seconds.

I loved Scott Patterson’s first book, The Quants. Patterson will be speaking at TBP conference next month.

Reviews:

“Scott Patterson’s Dark Pools is about the most important financial issue no one talks about—how high-frequency traders have rigged the market.” –Mark Cuban

“Remarkable…even long-time participants in electronic markets will learn a lot from this book.” –Forbes

“Richly reported…an invaluable piece of timely journalism that should be read by regulators and anyone with a cent in the stock market…You will never look at the opening bell in the same way.” –FT

“An engaging narrative…DARK POOLS is easily the most entertaining and accessible book to cover the new world of stock trading.” –Fortune

“An entertaining account of the key battles in the “algo wars” and the colorful math geeks who fight them—some of whom are now fighting to rein in the monsters they created. Dark Pools is an alarming account.” –Canadian Business

Scott Patterson is a staff reporter at the Wall Street Journal, covering government regulation from the nation’s capital.

Full chapter after the jump.

 

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Category: Books, Trading