A touch long and wobbly but just the thing for alt-finance geeks with background in trading language and practice.
Mezrich delivers a knotty tale of the futures market and its discontents.
At the heart of the story are two characters whom we meet early on: “Vlad Tenev and Baiju Bhatt weren’t household names,” writes Mezrich in prose that harkens to the new journalism of old, “but their product was spreading through households and dorm rooms at an exponential rate, like a phone-born virus powered by pixie dust, exceptional design, and more than a little triggered greed.” The product, arrived at after the two experienced pangs of remorse for “helping rich people get richer,” was an app, Robinhood, that allowed ordinary people to trade on the stock market without brokerage fees (and not much regulatory oversight, as it turns out). One stock that took Robinhood’s interest was coincidentally attracting the attention of hedge fund managers: GameStop, a company that seemed to lack much vision of how to position itself in a video game market that, while its products were digital, required physical players to interpret the software. The managers were betting against it, shorting the stock. The investors who came to the game—Tenev and Bhatt would later be damned for the “gamification of trading”—through the app drove it up to improbable heights, costing Wall Street billions. Mezrich’s story is a tangle, necessarily, since the author has to sort out many threads: the drive to “democratize” Wall Street on one hand, the opposite drive to keep trading out of the hands of amateurs on the other, and more. In the hands of Michael Lewis, the narrative might have been neater, and Mezrich lets a few key terms go by without adequate explication—for example, readers new to the notion of order flow trading may get lost. The takeaway, though, is that life is short and Wall Street complicated. In that world, the winners are few and the losers, legion.
A touch long and wobbly but just the thing for alt-finance geeks with background in trading language and practice.Pub Date: Sept. 7, 2021
ISBN: 978-1-5387-0755-5
Page Count: 304
Publisher: Grand Central Publishing
Review Posted Online: July 9, 2021
Kirkus Reviews Issue: Aug. 1, 2021
BOOK TO SCREEN
BOOK TO SCREEN
BOOK TO SCREEN
Cogent, well-timed ideas for meeting today’s biggest challenges.
Helping liberals get out of their own way.
Klein, a New York Times columnist, and Thompson, an Atlantic staffer, lean to the left, but they aren’t interrogating the usual suspects. Aware that many conservatives have no interest in their opinions, the authors target their own side’s “pathologies.” Why do red states greenlight the kind of renewable energy projects that often languish in blue states? Why does liberal California have the nation’s most severe homelessness and housing affordability crises? One big reason: Liberal leadership has ensnared itself in a web of well-intentioned yet often onerous “goals, standards, and rules.” This “procedural kludge,” partially shaped by lawyers who pioneered a “democracy by lawsuit” strategy in the 1960s, threatens to stymie key breakthroughs. Consider the anti-pollution laws passed after World War II. In the decades since, homeowners’ groups in liberal locales have cited such statutes in lawsuits meant to stop new affordable housing. Today, these laws “block the clean energy projects” required to tackle climate change. Nuclear energy is “inarguably safer” than the fossil fuel variety, but because Washington doesn’t always “properly weigh risk,” it almost never builds new reactors. Meanwhile, technologies that may cure disease or slash the carbon footprint of cement production benefit from government support, but too often the grant process “rewards caution and punishes outsider thinking.” The authors call this style of governing “everything-bagel liberalism,” so named because of its many government mandates. Instead, they envision “a politics of abundance” that would remake travel, work, and health. This won’t happen without “changing the processes that make building and inventing so hard.” It’s time, then, to scrutinize everything from municipal zoning regulations to the paperwork requirements for scientists getting federal funding. The authors’ debut as a duo is very smart and eminently useful.
Cogent, well-timed ideas for meeting today’s biggest challenges.Pub Date: March 18, 2025
ISBN: 9781668023488
Page Count: 320
Publisher: Avid Reader Press
Review Posted Online: Jan. 16, 2025
Kirkus Reviews Issue: Feb. 15, 2025
BOOK REVIEW
PERSPECTIVES
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
IN THE NEWS
IN THE NEWS
© Copyright 2025 Kirkus Media LLC. All Rights Reserved.
Follow
Popular in this Genre
We can’t wait for you to join Kirkus!
It’s free and takes less than 10 seconds!
Already have an account? Log in.
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
Welcome Back!
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
