book data
107 ratings,
3.45
average rating, 33 reviews
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published
December 1st 2008
by W. W. Norton
binding
Hardcover, 352 pages
isbn
0393065146
(isbn13: 9780393065145)
description
A masterful account of today's money culture, showing how the underpricing of risk leads to catastrophe.
When it comes to markets, the first deadly sin...more
When it comes to markets, the first deadly sin...more
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other reviews (showing 1-20 of 305)
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avg 3.45
editions: all | this edition
editions: all | this edition
Read in January, 2009
Lewis believes that recent costly financial upheavals (crash of 1987, Russian default of 1987,, the Asian currency crisis of 1999, and the current subprime) were caused by a recurring problem of models underestimating the risk of rare events, thereby encouraging investors to take more chances than they rationally would.
It is difficult book to understand because it is collection of essays. Michael Lewis is the editor of the book, and did not write it. I was very disappointed that the b...more
It is difficult book to understand because it is collection of essays. Michael Lewis is the editor of the book, and did not write it. I was very disappointed that the b...more
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Interesting, well-chosen collection of newspaper and magazine pieces, a couple by the editor but most of them not, from before/during/after some recent business/$-related crises (oct. 1987 stock market crash, Asian markets crash late 90's, tech bubble of 2000 or so, housing bubble, subprime mortgages......). Nice balance in that it's not absolutely current, which means there is a chance with hindsight to get a better perspective on what happened, how bad it got, how long it took to recover, etc...more
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Read in March, 2009
An anthology of magazine articles, newspaper articles, and blog posts chronicling four recent market panics put together by McSweeney interns and Michael Lewis. All proceeds go to charity, though I got my copy from the library.
These are the four recent market panics:
1. Black Monday 1987
I was in college during this crash. I remember my college roommate watching TV and getting very upset that he lost the meager savings (from our summer co-op jobs) that he invested in ...more
These are the four recent market panics:
1. Black Monday 1987
I was in college during this crash. I remember my college roommate watching TV and getting very upset that he lost the meager savings (from our summer co-op jobs) that he invested in ...more
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Read in January, 2009
I was hoping that by reading about the folly of others I could be a bit wiser for the current financial crisis. But I still don't feel wise. This book does provide some relief for today's remorseful investor by telling stories of others who lost more.
"Everything, in retrospect, is obvious. But if everything were obvious, authors of histories of financial folly would be rich . . ." It is incredible how naive and stupid some of the pre-panic articles are. But on the other h...more
"Everything, in retrospect, is obvious. But if everything were obvious, authors of histories of financial folly would be rich . . ." It is incredible how naive and stupid some of the pre-panic articles are. But on the other h...more
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Read in May, 2009
This book wasn't what I was expecting when I bought it. I was expecting a book solely about the subprime crisis; I got a book about the 1987 stock market crash, the 1997-8 asian currency crisis/LTCM bailout, the dot-com bust AND the subprime crisis. I was expecting a book written solely by Michael Lewis; I got a book that is a collection of articles written by a number of writers during the times of these panics. Although it wasn't what I was expecting, it was still very interesting. Lewis i...more
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Read in June, 2009
My recommendation is to read this book at the same time as you read "The Black Swan: The Impact of the Highly Improbable" by Nassim Nicholas Taleb, as this book by Michael Lewis shows definitive examples of improbable events crashing down on those investors and financial entities who miscalculate risk either by design or by naivety.
The book contains interesting morsels from financial reporters to Nobel Laureates on past events like the Asian Currency Crisis, The Russian Ba...more
The book contains interesting morsels from financial reporters to Nobel Laureates on past events like the Asian Currency Crisis, The Russian Ba...more
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Read in March, 2009
Interesting book. It's a collection of articles written during the times of various financial panics and then articles written after the panic to explain what caused it, etc. The articles were much more easy-to-understand than I thought they would be and gave a great account of what it felt like to live through those times. I recommend this book, particularly for people who did not pay attention to and/or do not understand the crash of 1987, the asian crisis, etc.
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This is bunch of articles over the last 15 years outlining the various financial crises. Abotu 75% fo the articles are good. There are some misses in there. And some too technical. But if you want a quick overview of the dot com bust or the current subprime mess this is a good book. Although I think all articles can be found probably on original publisher web sites.
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Anything Mr Lewis touches is fun to read. This is an anthology of articles and essays, a few of his, a good many by others, from the last 20 years of financial shenanigans. It's a good thing that it's only money.
I hope that when the real end of the world comes around, Michael Lewis is there to write about it - it won't seem so bad.
I hope that when the real end of the world comes around, Michael Lewis is there to write about it - it won't seem so bad.
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Read in January, 2009
a fascinating selection of articles before, during and after four separate significant global economic down turns. the writing, on the whole is solid (occasionally excellent) and taken together the articles provide a nice introductory education in modern finance. the major failing of the collection, is the failure to weave the articles together more effectively to unearth meaningful patterns or themes between the various downturns.
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Read in January, 2009
Was a little dissapointed with the format here...Lewis is a great write but this is actually a compilation of articles pre-real estate and market bubble, and then after...what was said, people's perception of risk, etc...
If he wrote more of it, I would have probably spent more time with it.
If he wrote more of it, I would have probably spent more time with it.
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Pretty much anything Michael Lewis touches turns to gold in my book. And a review of writings about financial panics was excellent in going beyond hype (each claimed to be the worst since the Great Depression) and highlight consistent trends: derivatives, leverage, suckers. Worth reading.
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Read in May, 2009
Michael Lewis does a really nice job of weaving together accounts of financial crises from the past quarter century. The book provides both some great history lessons and a financial education. Also, all of the profits from the book go to charity.
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Read in May, 2009
And interesting read on the last 3 mini-bubbles of the large super-bubble that the market has been in... Savings and Loan/Currency '87, Internet Tech-Stock '99, and Mortgage/CDO/CDS '08. I did like how the book was arranged through news articles, opinion pieces, book chapters, and interviews, those from before the bubbles, during, and after. I couldn't get everything out of it that the book presented, not having backgrounds in economics, finance, or business investing (although the glossary of t...more
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Read in January, 2009
If you're a lay person and curious about the current financial state of the world or the increasing pace of bubbles and busts in the financial world, this can explain it. I found the explanations of CDOs to be quite helpful in my understanding of the situation.
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Read in May, 2009
I really enjoyed the articles in re to the 2000 downturn when some people were still optimistc about internet startups. Must read for those you think the latest news is the end all news ever.
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Read in June, 2009
recommends it for:
finance geeks
Most interesting insight in this book: If enough people have an irrational fear, it becomes rational. I'm sure this applies to economics, but I don't know about politics. Werewolves, of course, are right out.
Michael Lewis worked at Salomon Brothers and was paid for that. Then he wrote a book about his experiences there and was paid for that. Now he has published a collection of excerpts from that book, some of his other books and articles, and some articles by other reporters on the ...more
Michael Lewis worked at Salomon Brothers and was paid for that. Then he wrote a book about his experiences there and was paid for that. Now he has published a collection of excerpts from that book, some of his other books and articles, and some articles by other reporters on the ...more
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Really a compendium of articles re: recent financial meltdowns beginning with 1987 crash. Very little insight or critical review offered by author. Way overhyped!
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An interesting overview of the financial markets of the past 30 years. Some of the articles are shockingly very modern.
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quotes from this book
"Everything, in retrospect, is obvious. But if everything were obvious, authors of histories of financial folly would be rich . . ."
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