The physics of Wall Street: a brief history of predicting the unpredictable

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Pub. Date:
2013.
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English
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After the economic meltdown of 2008, Warren Buffett famously warned, "beware of geeks bearing formulas." But as James Weatherall demonstrates, not all geeks are created equal. While many of the mathematicians and software engineers on Wall Street failed when their abstractions turned ugly in practice, a special breed of physicists has a much deeper history of revolutionizing finance. Taking us from fin-de-sic̈le Paris to Rat Pack-era Las Vegas, from wartime government labs to Yippie communes on the Pacific coast, Weatherall shows how physicists successfully brought their science to bear on some of the thorniest problems in economics, from options pricing to bubbles. The crisis was partly a failure of mathematical modeling. But even more, it was a failure of some very sophisticated financial institutions to think like physicists. Models-whether in science or finance-have limitations; they break down under certain conditions. And in 2008, sophisticated models fell into the hands of people who didn't understand their purpose, and didn't care. It was a catastrophic misuse of science. The solution, however, is not to give up on models; it's to make them better. Weatherall reveals the people and ideas on the cusp of a new era in finance. We see a geophysicist use a model designed for earthquakes to predict a massive stock market crash. We discover a physicist-run hedge fund that earned 2,478.6% over the course of the 1990s. And we see how an obscure idea from quantum theory might soon be used to create a far more accurate Consumer Price Index. Both persuasive and accessible, The Physics of Wall Street is riveting history that will change how we think about our economic future.
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Read by Kaleo Griffith.
11413325Midwest Tape, LLChttp://www.midwesttapes.com
Griffith, Kaleo. Narrator
online resourcecr
ISBN:
9780547317274
9781452692272
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Grouped Work ID 56d9c9b2-1127-be37-b5fc-9348a7131beb
full_title physics of wall street a brief history of predicting the unpredictable
author weatherall james owen
grouping_category book
lastUpdate 2017-10-18 01:56:33AM

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accelerated_reader_interest_level
accelerated_reader_point_value 0
accelerated_reader_reading_level 0
auth_author2 Griffith, Kaleo.
author Weatherall, James Owen.
author2-role , 0547317271, 1 online resource (1 audio file (600 min.)) :digital., 11413325Midwest Tape, LLChttp://www.midwesttapes.com, 1452692270 (sound recording : hoopla Audio Book), 911447, 2012017323, 33021024875483abusiBUSINESScc1252295a, 332.63/20973, 9780547317274, 9781452692272 (sound recording : hoopla Audio Book), After the economic meltdown of 2008, Warren Buffett famously warned, "beware of geeks bearing formulas." But as James Weatherall demonstrates, not all geeks are created equal. While many of the mathematicians and software engineers on Wall Street failed when their abstractions turned ugly in practice, a special breed of physicists has a much deeper history of revolutionizing finance. Taking us from fin-de-sic̈le Paris to Rat Pack-era Las Vegas, from wartime government labs to Yippie communes on the Pacific coast, Weatherall shows how physicists successfully brought their science to bear on some of the thorniest problems in economics, from options pricing to bubbles. The crisis was partly a failure of mathematical modeling. But even more, it was a failure of some very sophisticated financial institutions to think like physicists. Models-whether in science or finance-have limitations; they break down under certain conditions. And in 2008, sophisticated models fell into the hands of people who didn't understand their purpose, and didn't care. It was a catastrophic misuse of science. The solution, however, is not to give up on models; it's to make them better. Weatherall reveals the people and ideas on the cusp of a new era in finance. We see a geophysicist use a model designed for earthquakes to predict a massive stock market crash. We discover a physicist-run hedge fund that earned 2,478.6% over the course of the 1990s. And we see how an obscure idea from quantum theory might soon be used to create a far more accurate Consumer Price Index. Both persuasive and accessible, The Physics of Wall Street is riveting history that will change how we think about our economic future., BUSINESS, BUSINESS & ECONOMICS, BUSINESS & ECONOMICS / Investments & Securities / General, Boston :Houghton Mifflin Harcourt,2013., Business & Economics / Economics / General, Business., DLCDLC, Digital content provided by hoopla., Griffith, Kaleo.|Narrator, HG4910.W357 2013, Includes bibliographical references (p. [250]-268) and index., MWT11413325, Made available through hoopla, Midwestrda, Mode of access: World Wide Web., Primordial seeds -- Swimming upstream -- From coastlines to cotton prices -- Beating the dealer -- Physics hits the street -- The prediction company -- Tyranny of the dragon king -- A new manhattan project., Read by Kaleo Griffith., SCI012000BUS027000SCI040000BUS069000BUS036000, SCIENCE / Chaotic Behavior in Systems, SCIENCE / Physics / Mathematical & Computational, Securities, The physics of Wall Street :a brief history of predicting the unpredictable /James Owen Weatherall., The physics of wall street :a brief history of predicting the unpredictableJames Owen Weatherall., Unabridged., Wall Street (New York, N.Y.), Weatherall, James Owen., [United States]:Tantor Audio ,2013., computerc, data file, digital, eAudiobook hoopla, hoopla digital., https://d2snwnmzyr8jue.cloudfront.net/ttm_9781452692272_180.jpeg, n-us---n-us-ny, online resourcecr, pcc, spoken wordspw, xviii, 286 p. ;25 cm.
author_display Weatherall, James Owen
available_at_catalog Commerce City
detailed_location_catalog Commerce City - Adult Nonfiction
display_description After the economic meltdown of 2008, Warren Buffett famously warned, "beware of geeks bearing formulas." But as James Weatherall demonstrates, not all geeks are created equal. While many of the mathematicians and software engineers on Wall Street failed when their abstractions turned ugly in practice, a special breed of physicists has a much deeper history of revolutionizing finance. Taking us from fin-de-sic̈le Paris to Rat Pack-era Las Vegas, from wartime government labs to Yippie communes on the Pacific coast, Weatherall shows how physicists successfully brought their science to bear on some of the thorniest problems in economics, from options pricing to bubbles. The crisis was partly a failure of mathematical modeling. But even more, it was a failure of some very sophisticated financial institutions to think like physicists. Models-whether in science or finance-have limitations; they break down under certain conditions. And in 2008, sophisticated models fell into the hands of people who didn't understand their purpose, and didn't care. It was a catastrophic misuse of science. The solution, however, is not to give up on models; it's to make them better. Weatherall reveals the people and ideas on the cusp of a new era in finance. We see a geophysicist use a model designed for earthquakes to predict a massive stock market crash. We discover a physicist-run hedge fund that earned 2,478.6% over the course of the 1990s. And we see how an obscure idea from quantum theory might soon be used to create a far more accurate Consumer Price Index. Both persuasive and accessible, The Physics of Wall Street is riveting history that will change how we think about our economic future.
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id 56d9c9b2-1127-be37-b5fc-9348a7131beb
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primary_isbn 9780547317274
publishDate 2013
record_details hoopla:MWT11413325|eAudiobook|Audio Books|Unabridged.|English|Tantor Audio ,|2013.|1 online resource (1 audio file (600 min.)) : digital., ils:911447|Book|Books||English|Houghton Mifflin Harcourt,|2013.|xviii, 286 p. ; 25 cm.
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subject_facet BUSINESS & ECONOMICS -- Finance, BUSINESS & ECONOMICS / Investments & Securities / General, Business, Business & Economics / Economics / General, SCIENCE / Chaotic Behavior in Systems, SCIENCE / Physics / Mathematical & Computational, Securities -- United States, Wall Street (New York, N.Y.)
title_display The physics of Wall Street : a brief history of predicting the unpredictable
title_full The physics of Wall Street : a brief history of predicting the unpredictable / James Owen Weatherall, The physics of wall street : a brief history of predicting the unpredictable [electronic resource] / James Owen Weatherall
title_short The physics of Wall Street :
title_sub a brief history of predicting the unpredictable
topic_facet Business, Securities