How would you feel if you outperformed the market, year after year? Would you become convinced that the good times were here to stay, that nothing could possibly go wrong? And how would you then feel if everything suddenly collapsed around you?
Quants - quantitative analysts - were the maths geniuses let loose in Wall Street's candy store, and this gripping narrative of talent and ambition follows their dizzying rise from the bottom of the Street's pecking order to its pinnacle. Their ascent was predicated on the belief that they had invented - and were fine-tuning - brilliant and impregnable computer programs that would always beat the market. Unfortunately, as the events of 2007 and 2008 showed all too clearly, these programs turned out to be ticking timebombs.
The story actually begins in the early 1960s, when a successful maths-professor-turned-gambler named Ed Thorp realised that skills learned at the Vegas tables could also be applied to the financial markets. He soon acquired followers and imitators who, over the next few decades, assumed positions of ever-greater power and influence. Clever, eccentric, often larger than life, they achieved extraordinary success and massive wealth. The Quants follows them from obscurity to boom and then to bust, explaining why they were so self-confident, and how they got it so disastrously wrong.
‘The man who can really make a whole industry happen.’ Eric Schmidt, Executive Chairman of Google
‘A punchy and provocative book . . . WTF? is an insightful and heartfelt plea, daring us to reimagine a better economy and society.’ Financial Times
Renowned as ‘the Oracle of Silicon Valley’, Tim O’Reilly has spent three decades exploring the world-transforming power of information technology. Now, the leading thinker of the internet age turns his eye to the future – and asks the questions that will frame the next stage of the digital revolution:
· Will increased automation destroy jobs or create new opportunities? · What will the company of tomorrow look like? · Is a world dominated by algorithms to be welcomed or feared? · How can we ensure that technology serves people, rather than the other way around? ·How can we all become better at mapping future trends?
Tim O’Reilly’s insights create an authoritative, compelling and often surprising portrait of the world we will soon inhabit, highlighting both the many pitfalls and the enormous opportunities that lie ahead.
‘Tim O’Reilly has been at the cutting edge of the internet since it went commercial.’ New York Times
‘O’Reilly’s ability to quickly identify nascent trends is unparalleled.’ Wired