The Wrong Answer Faster: The Inside Story of Making the Machine That Trades Trillions

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The Wrong Answer Faster: The Inside Story of Making the Machine That Trades Trillions

Format:  Hardcover,

326 pages

Publisher: John Wiley & Sons Inc

Publish Date: Feb 2012

ISBN-13: 9781118133408

ISBN-10: 1118133404

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The following content was provided by the publisher.
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 helmPacked with keen insights, based almost entirely on poker, backgammon and game theoryGoodkin's unique insight to the markets is that everyone has the wrong answersThe 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.

Specifications

Author:
Publisher: John Wiley & Sons Inc
Publish Date: Feb 2012
ISBN-13: 9781118133408
ISBN-10: 1118133404
Format: Hardcover
Number of Pages: 326
Shipping Weight (in pounds): 1.14
Product in Inches (L x W x H): 6.39 x 1.23 x 9.2
Walmart No.: 9781118133408

Chapter outline

Prologuep. 1
High School Hustlerp. 9
Older Doesn't Mean Smarter, and Bigger Doesn't Mean Betterp. 10
My First Bank Accountp. 15
Working in the Off-Seasonp. 16
The Bill Collectorp. 20
Sundays on Maxwell Streetp. 24
Birth of a Bankerp. 26
Graduation Dayp. 31
The Late Bloomerp. 35
Harvard on the Rocksp. 39
Home for the Holidaysp. 41
The Rat Practicalp. 43
Developing a New Perspectivep. 45
Politics Is Politicsp. 50
Moving to the Downstate Campusp. 54
Leaving on a Jet Planep. 58
Leading a Double Lifep. 75
In the Mayor's Officep. 79
The Best of the Worstp. 82
Preparing for the Worstp. 86
Becoming a New Yorkerp. 89
A Big Ideap. 91
Still Daydreaming after All These Yearsp. 95
The Wrong Answer Fasterp. 97
Mispriced Merchandisep. 100
Chasing Venture Capitalp. 109
Shelly Likes the Horsep. 112
The Problem Is with the Jockeyp. 120
Shelly Takes a Flyerp. 121
The Guy without the Moneyp. 123
Negotiating My Termsp. 125
Banking the Venture Capitalp. 127
A Phone with a Viewp. 128
Recruiting Sheltonp. 132
Meeting an Investorp. 141
Quitting Timep. 143
Hiring Lawyers and Accountantsp. 145
Money by a Nosep. 147
Miles to Gop. 153
Stepping Out in the Worldp. 157
Recruiting the Brain Trustp. 163
I Can't Even Give It Awayp. 172
Worth More Dead than Alivep. 174
Making the Impossiblep. 177
One Door Closes and Another Door Opensp. 178
Turning Luck into a Craftp. 182
Changing Jockeys in Midstreamp. 185
Conducting a Symphony Orchestrap. 186
Person-to-Person Call for Dr. Sheltonp. 187
Turning on the Lightsp. 189
Targeting the Wrong Marketp. 191
If I Were a Rich Manp. 195
Rich People Play Backgammonp. 201
Entering a Parallel Universep. 203
The New York Circuitp. 204
Stretching Rubber Bandsp. 206
The King and Ip. 208
Looking in All the Wrong Placesp. 211
Fishing in Seattlep. 217
The Best Execution in the Businessp. 220
Too Good to Be Truep. 223
Snagging an Invitation to Londonp. 225
An American Capitalist in Sir Sigmund's Courtp. 229
The Swiss Connectionp. 233
Closing the Dealp. 237
Creating a Competitive Bidp. 244
Graduation Ceremonyp. 248
The Year of Transitionp. 249
Breaking Awayp. 251
Backgammon and Businessp. 253
Not the Man I Used to Bep. 259
Does God Play with Loaded Dice?p. 269
Back to the Futuresp. 271
Accessing the World of Master Physicistsp. 272
Examining the Dicep. 277
Making Physics into a Businessp. 283
Home Alonep. 289
Seed Moneyp. 292
The Russians Are Coming, the Russians Are Comingp. 296
A Made Manp. 300
If You Build It They Will Comep. 301
Running on Emptyp. 306
Entering the Big Leaguesp. 311
Everything Is Connectedp. 312
Time to Get Out of the Wayp. 315
Epiloguep. 317
Acknowledgmentsp. 319
Indexp. 321

Book description

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.

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