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Red-Blooded Risk: The Secret History of Wall Street, by Aaron Brown
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An innovative guide that identifies what distinguishes the best financial risk takers from the rest
From 1987 to 1992, a small group of Wall Street quants invented an entirely new way of managing risk to maximize success: risk management for risk-takers. This is the secret that lets tiny quantitative edges create hedge fund billionaires, and defines the powerful modern global derivatives economy. The same practical techniques are still used today by risk-takers in finance as well as many other fields. Red-Blooded Risk examines this approach and offers valuable advice for the calculated risk-takers who need precise quantitative guidance that will help separate them from the rest of the pack.
While most commentators say that the last financial crisis proved it's time to follow risk-minimizing techniques, they're wrong. The only way to succeed at anything is to manage true risk, which includes the chance of loss. Red-Blooded Risk presents specific, actionable strategies that will allow you to be a practical risk-taker in even the most dynamic markets.
- Contains a secret history of Wall Street, the parts all the other books leave out
- Includes an intellectually rigorous narrative addressing what it takes to really make it in any risky activity, on or off Wall Street
- Addresses essential issues ranging from the way you think about chance to economics, politics, finance, and life
- Written by Aaron Brown, one of the most calculated and successful risk takers in the world of finance, who was an active participant in the creation of modern risk management and had a front-row seat to the last meltdown
- Written in an engaging but rigorous style, with no equations
- Contains illustrations and graphic narrative by renowned manga artist Eric Kim
There are people who disapprove of every risk before the fact, but never stop anyone from doing anything dangerous because they want to take credit for any success. The recent financial crisis has swelled their ranks, but in learning how to break free of these people, you'll discover how taking on the right risk can open the door to the most profitable opportunities.
- Sales Rank: #527024 in eBooks
- Published on: 2011-09-19
- Released on: 2011-09-19
- Format: Kindle eBook
Review
"Wickedly original, one of the most fascinating accounts I have ever seen. A rollicking and highly opinionated read." (Risk Professional, October 2011)
“No one who reads Red-Blooded Risk: The Secret History of Wall Street will ever again regard risk management as a necessary but unproductive appendage of the financial industry. Other authors have chronicled how quantitative finance influenced investment management, but Aaron Brown has made a compelling case for a far more profound economic impact. . . If Red-Blooded Risk: The Secret History of Wall Street dealt with nothing more than the inadequacy of models used in highly important activities, it would represent a valuable contribution to financial economics. Brown’s book, however, covers a great deal more than econometric malpractice. Probably no other book offers as much insight into the process with so little resort to mathematical notation. Especially valuable are Brown’s discussions of middle-office risk management and value at risk, comparatively recent innovations that are essential to understanding modern financial institutions. Readers of Red-Blooded Risk should be prepared to have many of their assumptions challenged. Red-Blooded Risk is one of the most original and thought-provoking books reviewed in these pages in the past 20 years. No one who reads it will ever again regard risk management as a necessary but unproductive appendage of the financial industry. Other authors have chronicled how quantitative finance influenced investment management, but Aaron Brown has made a compelling case for a far more profound economic impact.”
—Martin S. Fridson, CFA Institute Publications Book Reviews
“Red-Blooded Risk mixes risk history and philosophy nimbly and provides a perspective that can be both refreshing and challenging (often on the same page). While the book is not without weaknesses, it is also brimming with original perspectives and controversial opinions. Those who work in risk management or quantitative finance will enjoy Brown’s story-telling and expert perspectives, even if they do not share his views, while non-quants will find his insights and confessions to be a useful glimpse into the psyche and ethos of an influential group of early quantitative risk takers.
—Roger M. Stein, Research and Academic Relations, Moody’s Corporation, as reviewed in Quantitative Finance (August 6, 2012)
From the Inside Flap
Everyone talks about risk, but few people give serious thought to what risk is. It's hard to describe it without expressing an opinion—we like things that are innovative, daring, creative, and bold; but those are exactly the same things that are reckless, speculative, risky, and irresponsible.
This book is the story of a group of young math whizzes who unleashed a revolution—one that reshaped our financial system and continues to echo through the halls of government, universities, and corporations today. In the 1970s, disillusioned with the sorry state of quantitative analysis, these young mathematicians (soon to be known as "quants") invented a new way of looking at probability and set out to prove it in the ultimate testing ground of odds-making: Las Vegas.
Once there, the quants turned conventional wisdom about gambling on its head. People said you can't beat the house, yet the quants managed to beat blackjack and other casino games. People said you needed a lifetime to learn poker, yet the quants' aggressive mathematical tactics swept the table against the best players in the world. Then the quants turned to sports betting, overturning the business model and squeezing out local bookies with a global organization that matched bets without taking risk.
Armed with their theories and experience, the quants raised their sights and headed to Wall Street, determined to replicate their success. Finance was a tougher challenge than gambling, but by the mid-1990s, the quants had remade Wall Street as thoroughly as they had remade Las Vegas. That transformation went unnoticed by the bond salesmen and investment bankers who ran Wall Street, as well as by academics, regulators, journalists, and investors; yet these changes caused both the greatest wealth creation event in the history of the world, and also to the financial disasters we have witnessed in its wake.
There's more here than just a lesson in recent financial history, however. Brown's story goes beyond the headlines to explore basic questions of economics, like the meaning of property and the nature of exchange. Along the way, it reveals secrets about the building of the pyramids, the glory of ancient Athens, the forcethat built the Roman Empire, a world-changing invention from medieval Italy, a secret in a mysterious letter written in 1654 and not decoded until the 1990s, and an essential aspect of the American Revolution left out of history books.
This book will change the way you think about everything from history, risk, and money to vampires, zombies, and tulips. It offers a fascinating and thrilling account of great events that have never before been described in an easily accessible form. There are bold ideas, colorful characters, and, most important, the keys to understanding the modern financial world and how its inner workings affect our daily lives.
From the Back Cover
"Aaron Brown combines his characteristic no-nonsense approach to risk management with the latest, cutting-edge research in behavioral finance. The result makes other books on risk look pale and anemic by comparison."
—Dylan Evans, author of Risk Intelligence
"I highly recommend these ruminations on the history, philosophy, and practice of risk management; on risk, money, and the social value of derivatives markets; and much else written by a prominent risk management practitioner. This unconventional book is not only a good read but is also a treasure trove of valuable insights into trading and markets."
—Jim Gatheral, professor at Baruch College and author of The Volatility Surface
"Aaron Brown is the dean of Wall Street risk managers, and the one I respect the most. He describes risk clearly and presents techniques for managing it. My disagreement is with the applicability of those techniques to extreme tail events. Aside from that he has been my principal recourse in the field owing to his acuity, depth, and clarity of exposition."
—Nassim Nicholas Taleb, professor at the Polytechnic Institute of New York University and author of The Black Swan
"Aaron Brown eloquently explains the history of money and risk, and predicts a future with an increasing role for financial derivatives. After decades of serious poker playing and front-line risk management, he has a unique perspective. His blood is considerably redder than mine, which is looking rather pink after reading this book. I'm not sure I've got the nerve to follow all of his advice, but then again I like quiche."
—Paul Wilmott, mathematician and winner of thePeel sandcastle-building competition, August 2001
"Aaron is a modern-day alchemist, able to transform complex and somewhat esoteric mathematical concepts into something easily understandable through the use of everydayexamples. He's a master of one of the most important skills required of any risk manager: the ability to communicate effectively. Red-Blooded Risk is uniquely written to appeal to both the novice and the professional."
—Richard Apostolik, President and CEO, Global Association of Risk Professionals
"An original and provocative introduction to risk by an experienced Wall Street manager. Entertaining and informative for beginners and professionals alike."
—Edward O. Thorp, author of Beat the Dealer and Beat the Market
Most helpful customer reviews
50 of 60 people found the following review helpful.
Interesting story but boringly written
By Gordon
I was impressed by the 5 stars of this book and bought it on my kindle. I realized the book is not as great as I have expected for the following reasons:
1. Interesting story made boring.
The author has many interesting little facts, academic experiment results and logic. I believe they will make him an interesting person to chat with, or an interesting presentation in a conference or seminar. However they become boring in text mainly because of the book's prolixity and disorganized article structure.
2. Misleading titles:
Both the book title and the chapter titles provide misleading information to what the content will tell you. For the most obvious example, you can hardly expect too much history on the wall-street on the "secret history of wall street". You will expect to be traced back history as far as stone age about how ancient people (and even animals) react to risk. (Probably "the history that made wall-street"?)
3. Lengthy introductions before making a point:
Whenever the author tried to put forth an idea, the author will trace all the way to its origin, and the origin of the origin. You often find yourself reading something like this: "before we talk about C, let's talk about B first.". Then it will follow "before we talk about B, let's talk about A." The author believe the origin of his knowledge is very important and he would like you to be equaly fascinated by the evolution of his ideas. This is understandable perhaps given his math background as he would just felt inclined to proof every result. However I just find myself lost within the process like I got lost in a math class. And often you will annoyingly read through redundant phrases like "However I will not go in to much detail here since this book is not about A or B" I often ended up not knowing what the book is about.
4. Debating against other view points without laying out the reasons constituting the counter-augument:
Frequently you will see the author claimed passionately "This is wrong!", "i don't agree with this!". And went on validating his points with his arguement. However I believe it will be more helpful if he can also lay out the reaons consitituting the opposing arguement of the point he was arguing against. Else I just felt like he was arguing with a wall.
5. Manga style illustration
The author seem to acknowledge the audience will not get him. So he added in manga to make his points clear. He stated if you would understand what he has written and agreed with the manga, you have got his point. (+1 stars from me for the effort.) However the manga was not a conversion from words to pictures, but a series of dialogues sparsely pasted over a series of seemingly related pictures.
The author has great ideas. However should he organize his writings in a clearer and more succint manner, I believe his ideas will be more efficient delivered to his audience.
Now, coming back and read through the reviews of this book again, I find some commenter seem to have a personal connection with the author and simply wanted to be made known their support. I think this is very unfortunate for the general audience such as myself.
34 of 41 people found the following review helpful.
Best book on risk currently on the market
By Brandon G. Adams
Aaron is the quant's quant --- a god on Internet forums on topics ranging from quantitative finance to applied probability to poker. He left academics a long time ago to become rich (he's currently the head risk manager at the hedge fund AQR), and, in the process, he picked up some hard-won lessons about the realities of risk. This is not an academic book --- it's a quick-reading guide to thinking about risk in an intuitive way.
Aaron is good friends with Nassim Taleb and they share similar views about risk. As compared to Taleb's Black Swan, this book is a faster, more entertaining read. It's less conceptually dense, but it probably packs more of a punch. This is the book to learn from. The practical philosophy about speculation presented by both books is that one should spend much of one's energy playing defense; one should be constantly paranoid about unlikely events that might decimate one's portfolio.
Red-Blooded Risk contains the best intuitive explanation of the Kelly Criterion contained in any book that I've read. It also has innovative material about the powerful role of exponential growth in economics and investing. Aaron lays out a convincing case for the idea that investors should spend much of their time looking for attractively priced "lottery tickets" (potential exponential growth that is underpriced by the market).
This book is about more than investing. Red-Blooded Risk is really a comprehensive guide to thinking about risk in life, and it's probably the best guide of this sort currently on the market.
16 of 19 people found the following review helpful.
Bubble
By Dimitri Shvorob
I envy Mr. Brown's gift for networking and self-promotion - two highlights are the book-cover endorsements by his associates, and use of "we" when (constantly) referring to an unidentified group of heroic ancient (PhD-toting) "rocket scientists" to which the author (dissonantly, with a master's) presumably belonged, without spelling out his individual contribution - but his writing is a different matter. Outsiders will be impressed, entertained and, yes, educated, but should notice that some things aren't actually explained - take the mysterious, profound, heterodox (but actually quite trivial) Kelly criterion - and will not notice when sound second-hand advice is mixed with the author's much less sound additions and interpretations. (On page 87, a finance ABD writes that "MPT tells us the relative prices that assets should have" - it doesn't, and we are talking about basics here - Brown's theory of the Dutch tulipmania on page 113 is, ahem, intriguing, and page 146's Story of the Disappearing Dollar is downright crazy-person stuff). You may enjoy Aaron Brown's Reminiscences, Philosophical Musings and Erudite Observations, which fill page after page - or you may consider it padding. "Red-blooded risk" is not a sloppy book - resident Grammar Nazi readied his M-40 when the very first paragraph of Chapter 1 used "discretely" instead of "discreetly", but left without a scene - just a shallow one.
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