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Red-Blooded Risk: The Secret History of Wall Street, by Aaron Brown
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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)
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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.
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Product details
Hardcover: 432 pages
Publisher: Wiley; 1 edition (October 11, 2011)
Language: English
ISBN-10: 1118043863
ISBN-13: 978-1118043868
Product Dimensions:
6.3 x 1.5 x 9.1 inches
Shipping Weight: 3 pounds (View shipping rates and policies)
Average Customer Review:
4.1 out of 5 stars
25 customer reviews
Amazon Best Sellers Rank:
#467,418 in Books (See Top 100 in Books)
The book has some interesting topics but so much rant it's not worth time or money. Illustrations are hard to impossible to read on kindle and not very revealing or interesting even if you manage to do it. Instead, a brief summary of each chapter would make the book more valuable in my opinion. The logic is often very hard to follow because the author jumps from one thing to second and then to third and back. I had to reread some parts several times just to understand what the author was trying to say (and I can't say I always succeeded). Reading description and reviews on Amazon I was quite excited to get this book but my expectations got lower after each chapter. To summarize, I don't think I've learned too much about finance, trading, or risk that I didn't know before or that could possibly be learned from the book (and didn't sound like conspiracy theory), and the historical chapters weren't very interesting or revealed secrets (but they were a bit self-promoting). I am puzzled and disappointed, partly because I've seen comments made by the author on various forums and his reviews of other books on Amazon and I always found them good.
I found that this was the most in-depth risk management book I have read so far! Brown’s theoretical and practical background, his natural-born appetite of risk taking made this book pragmatic and applicable to the real investment world.Brown’s call on thin and hot-blooded, cold and red-blooded people helped me to visualize different risk taking mentalities. I was even more impressed by his vision on “the end of paperâ€, which is exactly we have seen this year as the merging of crypto-currencies.
This author walks through (rather, with his facility with words, sometimes gracefully flies high over, then zooms down for sharp-focus closeup of) what seemed like more or less familiar concepts in probability and finance, and the whole landscape of government, asset classes, and strategies, as played out over history. He is able to hold so many of these seemingly familiar things up in new lights, and in a clever turn of phrase, to hit insights that, to use a fond word of his, "ignite" my imagination. I was plodding along assessing various alternative strategies for my personal portfolio -- being elsewhere inspired by works such as Poundstone's "Fortune's Formula" (introducing me to Kelly criterion) and Rebonato's "Plight of the Fortune Tellers" (critiquing frequentist versus subjectivist/Bayesian probability). Now comes Mr Brown to pull these ideas elegantly together, connect innumerable dots, and point ways forward for my thinking. I now have some elegant models of my own for portfolio construction including "igniting risk," as Mr Brown puts it, in a knowing and deliberate way.
Focus is on what risk management can actually accomplish, not the checking the boxes which most books limit themselves to.
If you like taleb, this is a must read. I have not seen a better distillation of what finance is all about, and the personalities within it.
Emerson said that America's geography is sublime but the men are not. Aaron Brown instantiates that statement by officiating this risk-ladden matrimony between conventional finance and gambling. If the real-world nuances of risk, and in particular, Value-at-Risk is critical to your portfolio of interests, then forget any more reviews and get the book!
Excellent reading and very analytical.Would be interesting to hear what Taleb has to say!Comparing to other books it makes fun reading.
Red-Blooded Risk is a great read. It is written in a down to earth and accessible style. The author offers his hard earned wisdom and observations in a well thought out and novel presentation designed to be as entertaining as it is illuminating.His stories add factual detail to what many may think are merely amusing urban myths--fleshing out, correcting misconceptions, and educating so painlessly that readers may forget they are learning valuable lessons and insights from an accomplished practitioner.I loved the "100 useful books" section. There is so much to read and learn; a guide like this could prove invaluable.
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