The wrong answer faster [electronic resource] : the inside story of making the machine that trades trillions / Michael Goodkin.
Goodkin, Michael.
2012
HG4928.5.G66 A3 2012eb
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Title The wrong answer faster [electronic resource] : the inside story of making the machine that trades trillions / Michael Goodkin.
Author Goodkin, Michael.
ISBN 9781118225103 (electronic book)
9781118133408
Imprint Hoboken, N.J. : John Wiley & Sons, 2012.
Language English
Description 1 online resource (x, 326 p.) : ill.
Call Number HG4928.5.G66 A3 2012eb
Dewey Decimal Classification 332.6092 B
Summary "The fascinating story behind the machines that trade trillions of dollars every day. In 1968, Michael Goodkin is about to graduate from Columbia University. While his classmates interview for jobs, he daydreams of seeing the world as a man of independent means. Noticing that there are no computers on Wall Street and drawing on his experiences as a failed teenage investor and successful gambler, he has an epiphany: since no one knows the right price for anything, the only way to beat the market is to make a computer that comes up with the wrong answer faster than the professionals. And thus begins a journey that takes this provincial Midwesterner from nearly broke to opulent Park Avenue. The Wrong Answer Faster is the story of unintended consequences: how a technique originally created to minimize market risk spiraled into a multi-trillion dollar game with unparalleled risks. Having founded and sold a firm that changed the world, Goodkin left New York to travel and play backgammon--only to return to found another groundbreaking firm, Numerix, a software company that substituted computational physics for econometrics to better manage derivative risk. The story of the computerization of Wall Street by the man at the helm. Packed with keen insights, based almost entirely on poker, backgammon and game theory. Goodkin's unique insight to the markets is that everyone has the wrong answers. The solution is not to try to beat the market but to come up with the wrong answers faster. The epic tale of the untold story how one man with a great idea decided not to play the market but to revolutionize the financial world for generations to come by creating the most ground breaking tool for market players since the ticker tape"-- Provided by publisher.
Note Includes index.
Access Note Access limited to authorized users.
Source of Description Description based on print version record.
Available in Other Form Wrong answer faster.
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Chapter 1. High School Hustler. Older Doesn't Mean Smarter, and Bigger Doesn't Mean Better
My First Bank Account
Working in the "Off-Season"
The Bill Collector
Sundays on Maxwell Street
Birth of a Banker
Graduation Day
Chapter 2. The Late Bloomer. Harvard on the Rocks
Home for the Holidays
The Rat Practical
Developing a New Perspective
Politics is Politics
Moving to the Downstate Campus
Leaving on a Jet Plane
Chapter 3. Leading a Double Life. In the Mayor's Office
The Best of the Worst
Preparing for the Worst
Becoming a New Yorker
Chapter 4. A Big Idea. Still Daydreaming after All These Years
The Wrong Answer Faster
Mispriced Merchandise
Chapter 5. Chasing Venture Capital. Shelly Likes the Horse
The Problem Is with the Jockey
Shelly Takes a Flyer
The Guy without the Money
Negotiating My Terms
Chapter 6. Banking the Venture Capital. A Phone with a View
Recruiting Shelton
Meeting an Investor
Quitting Time
Hiring Lawyers and Accountants
Money by a Nose
Miles to Go
Chapter 7. Stepping Out in the World
Recruiting the Brain Trust
I Can't Even Give It Away
Worth More Dead Than Alive
Chapter 8. Making the Impossible. One Door Closes and Another Door Opens
Turning Luck into Craft
Changing Jockeys in Midstream
Conducting a Symphony Orchestra
Person to Person Call for Dr. Shelton
Turning on the Lights
Targeting the Wrong Market
Chapter 9. If I Were a Rich Man. Rich People Play Backgammon
Entering a Parallel Universe
Stretching Rubber Bands
The King and I
Looking in All the Wrong Places
Fishing in Seattle
The Best Execution in the Business
Chapter 10. Too Good to be True. Snagging an Invitation to London
An American Capitalist in Sir Sigmund's Court
The Swiss Connection
Closing the Deal
Creating a Competitive Bid
Graduation Ceremony
The Year of Transition
Chapter 11. Breaking Away
Backgammon and Business
Not the Man I Used to Be
Chapter 12. Does God Play With Loaded Dice? Back to the Futures
Accessing the World of Master Physicists
Examining the Dice
Chapter 13. Making Physics into a Business
Home Alone
Seed Money
The Russians Are Coming, the Russians Are Coming
A Made Man
If You Build It They Will Come
Running on Empty
Entering the Big Leagues
Everything is Connected
Time to Get out of the Way
Epilogue.

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