Imserba Webstore - Against the Gods: The Remarkable Story of Risk

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Binding: Audio Cassette Dewey Decimal Number: 368 EAN: 9780671576462 Format: Abridged ISBN: 0671576461 Label: Simon & Schuster Audio Manufacturer: Simon & Schuster Audio Number Of Items: 4 Publication Date: 1997-03-01 Publisher: Simon & Schuster Audio Studio: Simon & Schuster Audio
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Editorial Reviews: Peter Bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the more distant past. When investors buy stocks, surgeons perform operations, entrepreneurs launch new businesses, and politicians run for office, risk is their inescapable partner. Bernstein clarifies the major components of risk, explaining how they can be applied to our professional endeavors. 4 cassettes.
Spotlight customer reviews: Customer Rating: Summary: Economy for those who have given up Comment: Risk is a key issue in money affairs and this tome gets all round under over and inside this important issue. Pity the bloke is dead we could do with more of his work. Customer Rating: Summary: The rise of risk management Comment: Huge enterprises and vast industries now depend on complex risk management techniques. Against the Gods explains the origins of those techniques. The text starts with Renaissance gamblers, moves through the Victorians with their fascination with measurement, and into our age of precision. For the most part this is a history of the people who made those techniques, more than an examination of the techniques themselves. The actual math is superficially described in the early stages when things were still relatively simple. The later more complicated techniques are not described in any detail. Bernstein also discusses the fascinating question of why these ideas were not discovered earlier. Many of our most modern risk management techniques require computers. However most of the things covered in this book do not. Why did were these ideas not discovered and used before the Renaissance? Against the Gods has answers. Against the Gods is very well written, the author has an engaging style and explains the concepts clearly. The story of how we learned to manage risks is an interesting one. Customer Rating: Summary: Risk education Comment: I found this book very enjoyable. The author writes about the origins, and, most importantly, the evolution of risk. It starts with ancient times and takes us to today's financial world. I really like how he explained the evolution of risk management from primitive ways to more complex and sophisticated methods. It also features certain individuals who contributed to the development of theories about risk and probabilities. I think that readers who are interested in learning more about risk will find this book valuable. - Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market Customer Rating: Summary: math teachers delight Comment: Great book for a math teacher who delights in the historical minutia that can enhance the teaching environment as well as a philosophical approach to why and how people make decisions. Customer Rating: Summary: Somewhat interesting read in the history of quantifying financial risk Comment: The author has done extensive research and provided a historical account of the academic study of quantifying financial risk. It starts at the beginning of the Arabic numeral system all the way to the Black-Scholes options formula. The book is generally interesting from the historical perspective. Yet it suffers from a few flaws: (a) the grandiose claim that modernity depends on this quantification is grossly exaggerated and not justified in the text(seems like a common suffering of tunnel vision shaped by the narrowness of your own field), (b) certain account of the theory is not quite right, although the general gist is correct, (c) narrowly focused on financial risk, (d) generally missing the issues about non quantifiable risk, feedback mechanisms in the markets, and the variety of cognitive failures not captured by a nice Gaussian distribution, (e) only celebrates successes of the theories while ignoring its often monumental failures. That said, if you take it for what it is (i.e., ignoring the Grandiose Title of "Against the Gods" and know it is a narrowly focused discussion of a branch of math/finance theories), then it is probably worth a read. I would recommend continuing with Taleb's Black Swan to see a completely different perspective after you finish with this one.