The Wrong Answer Faster by Michael Goodkin
The fascinating story behind the machines that trade trillions of dollars every day "A Bildungsroman , one jacket blurb calls this book-and sure, it's a traditional coming-of-age tale. But the story itself is anything but conventional. The pleasures of the book lie in the story of their bumpy path to success." Canadian Business In 1968, Michael Goodkin is about to graduate from Columbia University. While his classmates interview for jobs, he daydreams of seeing the world as a man of independent means. Noticing that there are no computers on Wall Street and drawing on his experiences as a failed teenage investor and successful gambler, he has 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 up with the wrong answer faster than the professionals. And thus begins a journey that takes this provincial Midwesterner from nearly broke to opulent Park Avenue. The Wrong Answer Faster is the story of unintended consequences: how a technique originally created to minimize market risk spiraled into a multi-trillion dollar game with unparalleled risks. Having founded and sold a firm that changed the world, Goodkin left New York to travel and play backgammon-only to return to found another groundbreaking firm, Numerix, a software company that substituted computational physics for econometrics to better manage derivative risk. The story of the computerization of Wall Street by the man at the helm Packed with keen insights, based almost entirely on poker, backgammon and game theory Goodkin's unique insight to the markets is that everyone has the wrong answers The solution is not to try to beat the market but to come up with the wrong answers faster The epic tale of the untold story how one man with a great idea decided not to play the market but to revolutionize the financial world for generations to come by creating the most ground breaking tool for market players since the ticker tape.
A fascinating book that chronicles the life of this man who had the foresight to understand the potential of harnessing the power of the computer and who has thereby revolutionised the trading basis of the financial markets in his lifetime--FT Advisor, 28th June 2012 Even after the 2008 crisis proved that many of the banks' computer-based models were flawed, computers and rocket scientists still play a major role on Wall Street. They have pioneers like 70-year-old Michael Goodkin to thank. On paper, Goodkin was an unlikely revolutionary... he was one of the first to spot that computers could be used to automate trading. Goodwin made millions, but he received little public credit. . There are no trading tips or secret formulae in the book. Instead, it's what Jordan Simm in Canadian Business calls a 'traditional coming-of-age tale'. But, as Simm points out, 'the story is anything but conventional', providing a window into a time when Wall Street was a very different place. Goodkin's blunt style makes him an engaging writer, while few others have gone from street hustler to high finance via such an interesting path.--MoneyWeek A Bildungsroman, one jacket blurb calls this book--and sure, it's a traditional coming-of-age tale. But the story itself is anything but conventional. The pleasures of the book lie in the story of their bumpy path to success.--Canadian Business Michael Goodwin brought the first computer to Wall Street sparking a financial revolution - proving it isn't what you know, but how fast you know it. Here's how his story began...--Hedge Magazine
Michael Goodkin , a successful gambler, failed investor, and mediocre student, was advised by his high school guidance counselor to become a plumber. Eight years later, in 1968 he combined his knack for gambling and lessons learned as a failed investor with the expertise of future Nobel laureate economists to found the company that introduced computerized trading to Wall Street. After seeing the world as a professional backgammon player, in 1996 he founded the software company that pioneered the application of computational physics to financial derivatives. A lecturer at forums including the University of Chicago and the Office of the Comptroller of the Currency, Goodkin holds a JD from Northwestern University and an MBA from Columbia University. The author of Paper Gold , a bestselling novel of financial intrigue, he lives in Chicago.
| SKU | Unavailable |
| ISBN 13 | 9781118133408 |
| ISBN 10 | 1118133404 |
| Title | The Wrong Answer Faster |
| Author | Michael Goodkin |
| Condition | Unavailable |
| Publisher | John Wiley & Sons Inc |
| Year published | 2012-02-21 |
| Number of pages | 326 |
| Cover note | Book picture is for illustrative purposes only, actual binding, cover or edition may vary. |
| Note | Unavailable |