Against the Gods: The Remarkable Story of RiskA Business Week, New York Times Business, and USA Today Bestseller "Ambitious and readable . . . an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism." —The New York Times "An extraordinarily entertaining and informative book." —The Wall Street Journal "A lively panoramic book . . . Against the Gods sets up an ambitious premise and then delivers on it." —Business Week "Deserves to be, and surely will be, widely read." —The Economist "[A] challenging book, one that may change forever the way people think about the world." —Worth "No one else could have written a book of such central importance with so much charm and excitement." —Robert Heilbroner author, The Worldly Philosophers "With his wonderful knowledge of the history and current manifestations of risk, Peter Bernstein brings us Against the Gods. Nothing like it will come out of the financial world this year or ever. I speak carefully: no one should miss it." —John Kenneth Galbraith Professor of Economics Emeritus, Harvard University In this unique exploration of the role of risk in our society, Peter Bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the distant past. Against the Gods chronicles the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today. "An extremely readable history of risk." —Barron's "Fascinating . . . this challenging volume will help you understand the uncertainties that every investor must face." —Money "A singular achievement." —Times Literary Supplement "There's a growing market for savants who can render the recondite intelligibly-witness Stephen Jay Gould (natural history), Oliver Sacks (disease), Richard Dawkins (heredity), James Gleick (physics), Paul Krugman (economics)-and Bernstein would mingle well in their company." —The Australian |
Contents
I | 1 |
II | 9 |
III | 11 |
IV | xxiii |
V | 37 |
VI | 39 |
VII | 57 |
VIII | 73 |
XIV | 172 |
XV | 187 |
XVI | 195 |
XVII | 197 |
XVIII | 215 |
XX | 231 |
XXI | 247 |
XXII | 267 |
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Common terms and phrases
analysis appeared assets AT&T average behavior bell curve bonds calculations Cardano century chaos theory Chapter choice coin concept Daniel Daniel Bernoulli decision-making decisions dice dividends economic economists endowment effect estimate example expected Fibonacci finance forecasting future Galton gambling game theory games of chance Gauss Graunt Greeks Halley human Ibid idea interest rates investment investors Jacob Bernoulli Journal Kahneman and Tversky Keynes Knight Laplace Large Numbers laws of probability Leibniz Liber Abaci loss Markowitz mathematical mathematician matter mean measurement mental accounting Moivre Morgenstern Neumann Nicolaus normal distribution numbering system observations odds option outcome Paccioli's paper Pascal's Triangle play players portfolio predict premium probability theory problem Prospect Theory Quetelet random rational regression result risk management risky sample selling standard deviation statistical Stephen Stigler Stigler stock market stock prices Thaler throws tion uncertainty utility volatility wealth