A thrilling read for anybody who is interested in 1) the history of ideas, and 2) probability and statistics (measuring stuff, predicting stuff). ... (show more)
Against the Gods: The Remarkable Story of Risk
A Business Week, New York Times Business, and USA Today Bestseller
"Ambitious and readable . . . an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism." -The New York Times
"An extraordinarily entertaining and informative book." -The Wall Street Journal
"A lively panoramic book . . . Against the Gods sets up an ambitious premise and then delivers on it."... (show more)
A Business Week, New York Times Business, and USA Today Bestseller
"Ambitious and readable . . . an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism." -The New York Times
"An extraordinarily entertaining and informative book." -The Wall Street Journal
"A lively panoramic book . . . Against the Gods sets up an ambitious premise and then delivers on it." -Business Week
"Deserves to be, and surely will be, widely read." -The Economist
"[A] challenging book, one that may change forever the way people think about the world." -Worth
"No one else could have written a book of such central importance with so much charm and excitement." -Robert Heilbroner author, The Worldly Philosophers
"With his wonderful knowledge of the history and current manifestations of risk, Peter Bernstein brings us Against the Gods. Nothing like it will come out of the financial world this year or ever. I speak carefully: no one should miss it." -John Kenneth Galbraith Professor of Economics Emeritus, Harvard University
In this unique exploration of the role of risk in our society, Peter Bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the distant past. Against the Gods chronicles the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today.
"An extremely readable history of risk." -Barron's
"Fascinating . . . this challenging volume will help you understand the uncertainties that every investor must face." -Money
"A singular achievement." -Times Literary Supplement
"There's a growing market for savants who can render the recondite intelligibly-witness Stephen Jay Gould (natural history), Oliver Sacks (disease), Richard Dawkins (heredity), James Gleick (physics), Paul Krugman (economics)-and Bernstein would mingle well in their company." -The Australian (show less)
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Interesting book that unfortunately fails to fulfill its early promise. By the time Bernstein gets into modern risk management, he essentially has... (show more)
Interesting book that unfortunately fails to fulfill its early promise. By the time Bernstein gets into modern risk management, he essentially has to place most of these techniques in a black box -- they are too complex (or at least he believes they are) for us to understand. (show less)
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I found this book very interesting reading. It was leant to me by a friend after I had read a similar book about hedge funds. While all the mathematical therory meant very little to me. I could still grasp the underlying message of the risk principle and basically that is is no good to put all of your eggs in one basket. The historical references are also fascinating in that they show you the evolution of the principles and theorum that we use every day and the difficulty with which simple... (show more)
I found this book very interesting reading. It was leant to me by a friend after I had read a similar book about hedge funds. While all the mathematical therory meant very little to me. I could still grasp the underlying message of the risk principle and basically that is is no good to put all of your eggs in one basket. The historical references are also fascinating in that they show you the evolution of the principles and theorum that we use every day and the difficulty with which simple statistics were derived in the past. This is quite a fascinating read not just for those involved in the practice of risk management but for anyone wanting to understand the business of casinos or insurance or anyone who finds the theory of the odds fun. It is a bit long but every page puts forward something new for the reader. (show less)
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Great book for understanding the evolution of thought on risk management. Starts out with a good historical overview of the development of probability theory and statistical analysis. This is followed by the evolution of thought about how people make economic decisions and the various rationalist theories that dominated until the mid 20th century. The last part of the book covers the introduction and evolution of behavioral economic theory which I always find fascinating.
The last coupl... (show more)
Great book for understanding the evolution of thought on risk management. Starts out with a good historical overview of the development of probability theory and statistical analysis. This is followed by the evolution of thought about how people make economic decisions and the various rationalist theories that dominated until the mid 20th century. The last part of the book covers the introduction and evolution of behavioral economic theory which I always find fascinating.
The last couple of chapters are very timely again. They cover the theory of derivatives and even mention a warning about how complex they are and the serious impacts to the economy that would result should they spin out of control. Too bad more people hadn't read that and understood it.
Recommended for those with an interest in risk or economic theory. (show less)
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