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| george soros nassim taleb: What I Learned Losing a Million Dollars Jim Paul, Brendan Moynihan, 2013-05-21 Jim Paul's meteoric rise took him from a small town in Northern Kentucky to governor of the Chicago Mercantile Exchange, yet he lost it all--his fortune, his reputation, and his job--in one fatal attack of excessive economic hubris. In this honest, frank analysis, Paul and Brendan Moynihan revisit the events that led to Paul's disastrous decision and examine the psychological factors behind bad financial practices in several economic sectors. This book--winner of a 2014 Axiom Business Book award gold medal--begins with the unbroken string of successes that helped Paul achieve a jet-setting lifestyle and land a key spot with the Chicago Mercantile Exchange. It then describes the circumstances leading up to Paul's $1.6 million loss and the essential lessons he learned from it--primarily that, although there are as many ways to make money in the markets as there are people participating in them, all losses come from the same few sources. Investors lose money in the markets either because of errors in their analysis or because of psychological barriers preventing the application of analysis. While all analytical methods have some validity and make allowances for instances in which they do not work, psychological factors can keep an investor in a losing position, causing him to abandon one method for another in order to rationalize the decisions already made. Paul and Moynihan's cautionary tale includes strategies for avoiding loss tied to a simple framework for understanding, accepting, and dodging the dangers of investing, trading, and speculating. |
| george soros nassim taleb: Fooled by Randomness Nassim Nicholas Taleb, 2007-05-03 'One of the smartest books of all time' Fortune Everyone wants to succeed in life. But what causes some of us to be more successful than others? Is it really down to skill and strategy - or something altogether more unpredictable? This book is the word-of-mouth sensation that will change the way you think about business and the world. It is all about luck- more precisely, how we perceive luck in our personal and professional experiences. Nowhere is this more obvious than in the markets - we hear an entrepreneur has 'vision' or a trader is 'talented', but all too often their performance is down to chance rather than skill. It is only because we fail to understand probability that we continue to believe events are non-random, finding reasons where none exist. This irreverent bestseller has shattered the illusions of people around the world by teaching them how to recognize randomness. Now it can do the same for you. Nassim Nicholas Taleb is a radical and paradoxical philosopher for our times. He has spent his life immersing himself in problems of luck, uncertainty, probability, and knowledge, and he has led three high-profile careers around his ideas, as a man of letters, as a businessman-trader, and as a university professor and researcher. He is currently Distinguished Professor of Risk Engineering at New York University's Polytechnic Institute. His books Fooled by Randomness and The Black Swan have been published in thirty-three languages. Taleb refuses all awards and honours as they debase knowledge by turning it into competitive sports. |
| george soros nassim taleb: The Education of a Speculator Victor Niederhoffer, 1997-01-14 Acclaim for The Education of a Speculator, a provocative and penetrating look into the mind, the soul, and the strategies of one of the most controversial traders of all time A compelling and an entertaining read. -The Wall Street Journal Victor Niederhoffer gives us page after page of distilled investment wisdom. Taken together, this is pure nectar to those who aim for consistently superior stock market performance. -Barron's The Education of a Speculator offers plenty of insights into the way markets work, but the epiphanies are what a reader might expect from Lao-tzu rather than, say, Graham and Dodd. -Worth magazine The Education of a Speculator is the first meaningful book on speculating. Successful speculating is as fine an art as chess, checkers, fishing, poker, tennis, painting, and music. Niederhoffer brings forth the best from each of these fields and shows the investor how their principles can enrich one's life and net worth. -Martin Edelston, President, Boardroom Inc., publishers of Boardroom Classics and Bottom Line/Personal With an original mind and an eclectic approach, Victor Niederhoffer takes the reader from Brighton Beach to Wall Street, visiting all stops of interest along the way. What emerges is a book full of insights, useful to the professional and layman alike. -George Soros, Principal Investment Advisor, The Quantum Fund |
| george soros nassim taleb: The Bed of Procrustes Nassim Nicholas Taleb, 2010-11-30 The Bed of Procrustes is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. The other books in the series are Fooled by Randomness, The Black Swan, Antifragile, and Skin in the Game. By the author of the modern classic The Black Swan, this collection of aphorisms and meditations expresses his major ideas in ways you least expect. The Bed of Procrustes takes its title from Greek mythology: the story of a man who made his visitors fit his bed to perfection by either stretching them or cutting their limbs. It represents Taleb’s view of modern civilization’s hubristic side effects—modifying humans to satisfy technology, blaming reality for not fitting economic models, inventing diseases to sell drugs, defining intelligence as what can be tested in a classroom, and convincing people that employment is not slavery. Playful and irreverent, these aphorisms will surprise you by exposing self-delusions you have been living with but never recognized. With a rare combination of pointed wit and potent wisdom, Taleb plows through human illusions, contrasting the classical values of courage, elegance, and erudition against the modern diseases of nerdiness, philistinism, and phoniness. “Taleb’s crystalline nuggets of thought stand alone like esoteric poems.”—Financial Times |
| george soros nassim taleb: The Dao of Capital Mark Spitznagel, 2013-09-03 As today's preeminent doomsday investor Mark Spitznagel describes his Daoist and roundabout investment approach, one gains by losing and loses by gaining. This is Austrian Investing, an archetypal, counterintuitive, and proven approach, gleaned from the 150-year-old Austrian School of economics, that is both timeless and exceedingly timely. In The Dao of Capital, hedge fund manager and tail-hedging pioneer Mark Spitznagel—with one of the top returns on capital of the financial crisis, as well as over a career—takes us on a gripping, circuitous journey from the Chicago trading pits, over the coniferous boreal forests and canonical strategists from Warring States China to Napoleonic Europe to burgeoning industrial America, to the great economic thinkers of late 19th century Austria. We arrive at his central investment methodology of Austrian Investing, where victory comes not from waging the immediate decisive battle, but rather from the roundabout approach of seeking the intermediate positional advantage (what he calls shi), of aiming at the indirect means rather than directly at the ends. The monumental challenge is in seeing time differently, in a whole new intertemporal dimension, one that is so contrary to our wiring. Spitznagel is the first to condense the theories of Ludwig von Mises and his Austrian School of economics into a cohesive and—as Spitznagel has shown—highly effective investment methodology. From identifying the monetary distortions and non-randomness of stock market routs (Spitznagel's bread and butter) to scorned highly-productive assets, in Ron Paul's words from the foreword, Spitznagel brings Austrian economics from the ivory tower to the investment portfolio. The Dao of Capital provides a rare and accessible look through the lens of one of today's great investors to discover a profound harmony with the market process—a harmony that is so essential today. |
| george soros nassim taleb: Heroes and Villains of Finance Adam Baldwin, 2015-04-27 Explore history's titans of finance, and their lasting global impact Heroes and Villains of Finance is a fascinating dive into the history of money as an institution, highlighting the fifty most significant figures that, rightly or wrongly, are responsible for the financial landscape we live in today. From philosophers and bankers to fraudsters and academics, this book provides a striking introduction to the most remarkable characters in the history of finance. Their impact reaches far beyond the financial system itself, and has helped shape the course of human history. The economic systems of today would look very differently if it weren't for these innovators, thought leaders, storytellers, and rebels, and this captivating examination takes you inside their stories to understand their thinking, their background, their perspective, and their inspiration. People both inside and outside the world of finance are perpetually curious about the larger-than-life characters who built, shaped, and continue to populate the industry. Their actions, both positive and negative, are responsible for what we understand as finance today. This book provides a glimpse into the events and motivations that contributed to the industry's evolution. Learn how the Knights Templar became the first banking institution Examine the Rothschild family's pioneering use of financial instruments in order to safeguard their wealth from distrusting European monarchs Study the origins and evolution of the Ponzi scheme Realise how Reaganomics still affects the U.S. economy today The finance industry is always in the public eye, and it's one of the few places where the actions of a few — or even a single person — can ripple throughout large populations. Heroes and Villains of Finance gives you a closer look at the biggest names that had the biggest impact, for better or worse. This book is a marvellous introduction to a gallery of fascinating figures from the world of Big Money. The author has chosen a brilliant collection of crooks, entrepreneurs, philosophers, economists and bankers. These highly readable short lives provide an excellent education to any reader who wants to understand the personalities who shaped today's world of investment —Luke Johnson, Chairman of Risk Capital Partners, former chairman of Pizza Express and Channel 4 Television, Financial Times columnist and author of Start It Up Heroes and Villains of Finance provides a fascinating and insightful guide to the personalities and developments that have transformed finance and continue to do so. Anyone trying to understand where finance is now, how it got there and where it might go should read this book —Dr Stephen Davies, Institute of Economic Affairs An exciting, informative ride through the big ideas and even bigger personalities that have shaped the world of finance. —Sam Bowman, The Adam Smith Institute This delightful book provides a punchy reminder that, whilst we should rightly celebrate the longevity of the vision of the heroes of finance like Adam Smith, the potential downsides of financial innovation have always been with us which we are inclined to forget —Professor Mike Wright, Professor of Entrepreneurship at Imperial College London and ranked #1 worldwide for publications in academic entrepreneurship |
| george soros nassim taleb: The Alchemy of Finance George Soros, 2015-06-15 New chapter by Soros on the secrets to his success along with a new Preface and Introduction. New Foreword by renowned economist Paul Volcker An extraordinary . . . inside look into the decision-making process of the most successful money manager of our time. Fantastic. —The Wall Street Journal George Soros is unquestionably one of the most powerful and profitable investors in the world today. Dubbed by BusinessWeek as the Man who Moves Markets, Soros made a fortune competing with the British pound and remains active today in the global financial community. Now, in this special edition of the classic investment book, The Alchemy of Finance, Soros presents a theoretical and practical account of current financial trends and a new paradigm by which to understand the financial market today. This edition's expanded and revised Introduction details Soros's innovative investment practices along with his views of the world and world order. He also describes a new paradigm for the theory of reflexivity which underlies his unique investment strategies. Filled with expert advice and valuable business lessons, The Alchemy of Finance reveals the timeless principles of an investing legend. This special edition will feature a new chapter by Soros on the secrets of his success and a new Foreword by the Honorable Paul Volcker, former Chairman of the Federal Reserve. George Soros (New York, NY) is President of Soros Fund Management and Chief Investment Advisor to Quantum Fund N.V., a $12 billion international investment fund. Besides his numerous ventures in finance, Soros is also extremely active in the worlds of education, culture, and economic aid and development through his Open Society Fund and the Soros Foundation. |
| george soros nassim taleb: The Crash of 2008 and What it Means George Soros, 2009-01-15 In the midst of one of the most serious financial upheavals since the Great Depression, George Soros, the legendary financier and philanthropist, writes about the origins of the crisis and proposes a set of policies that should be adopted to confront it. Soros, whose breadth of experience in financial markets is unrivaled, places the crisis in the context of his decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. In a concise essay that combines practical insight with philosophical depth, Soros makes an invaluable contribution to our understanding of the great credit crisis and its implications for our nation and the world. |
| george soros nassim taleb: So Far, So Good Roy R. Neuberger, 1999-06 |
| george soros nassim taleb: The Embedded Firm Cynthia A. Williams, Peer Zumbansen, 2011-08-11 The globalization of capital markets since the 1980s has been accompanied by a vigorous debate over the convergence of corporate governance standards around the world towards the shareholder model. But even before the financial and economic crisis of 2008/2009, the dominance of the shareholder model was challenged with regard to persisting divergences and national differences in corporate law, labor law and industrial relations. This collection explores this debate at an important crossroads, echoing Karl Polanyi's famous observation in 1944 of the disembeddedness of the market from society. Drawing on pertinent insights from scholars, practitioners and regulators in corporate and labor law, securities regulation as well as economic sociology and management theory, the contributions shed important light on the empirical effects on the economy of the shift to shareholder primacy, in light of a comprehensive reconsideration of the global context, policy goals and regulatory forms which characterize market governance today. |
| george soros nassim taleb: Practical Speculation Victor Niederhoffer, Laurel Kenner, 2005-01-21 Hier kommt der Nachfolger des viel gepriesenen Bestsellers The Education of a Speculator vom gleichen Autor. (ebenfalls bei Wiley erschienen, 0471 13747 2) Practical Speculation ist die Fortsetzungsgeschichte einer echten Finanzmarkt-Legende. Niederhoffer war im Futures-Handel äußerst erfolgreich, bis unvorhergesehene Verluste ihn 1997 zur Aufgabe seines Unternehmens zwangen. Wie Phönix aus der Asche kehrte Niederhoffer 1999 in die Welt des Aktien-, Futures- und Optionshandels zurück - allerdings mit einer neuen Kollegin und einer neuen Methode. Dieses Buch erzählt die spannende und inspirierende Geschichte eines Top-Händlers, der sich selbst neu erfunden hat. Hier enthüllt er - gemeinsam mit Coautorin Laurel Kenner - seine einzigartigen Ideen, wie man auch in volatilen Märkten Gewinne machen kann. Eine aufregende Lektüre, die sowohl den alten Hasen als auch den Neulingen unter den Händlern und Anlegern zeigt, wo und wie sie die ungewöhnlichsten Marktchancen aufspüren können. |
| george soros nassim taleb: Inside the House of Money Steven Drobny, 2011-02-02 Inside the House of Money lifts the veil on the typically opaque world of hedge funds, offering a rare glimpse at how today's highest paid money managers approach their craft. Author Steven Drobny demystifies how these star traders make billions for well-heeled investors, revealing their theories, strategies and approaches to markets. Drobny, cofounder of Drobny Global Advisors, an international macroeconomic research and advisory firm, has tapped into his network and beyond in order assemble this collection of thirteen interviews with the industry's best minds. Along the way, you'll get an inside look at firsthand trading experiences through some of the major world financial crises of the last few decades. Whether Russian bonds, Pakistani stocks, Southeast Asian currencies or stakes in African brewing companies, no market or instrument is out of bounds for these elite global macro hedge fund managers. Highly accessible and filled with in-depth expert opinion, Inside the House of Money is a must-read for financial professionals and anyone else interested in understanding the complexities at stake in world financial markets. The ruminations of supposedly hush-hush hedge fund operators are richly illuminating. --New York Times |
| george soros nassim taleb: Restoring Confidence in the Financial System Sean Tully, Richard Bassett, 2010 Explains the intricacies of the regulatory framework of Basel I and Basel II, the two landmark events in banking regulation which inadvertently laid the foundation for the economic crisis. |
| george soros nassim taleb: Soros on Soros George Soros, Byron Wien, Krisztina Koenen, 1995-08-18 This interview offers insight into the little-known personal and professional life of the reknown investor who is also a major philanthropist, describing his early family life, his years as a Guru in Training, and the founding of The Quantum Fund. |
| george soros nassim taleb: Incerto 4-Book Bundle Nassim Nicholas Taleb, 2016-01-26 Nassim Nicholas Taleb’s landmark Incerto series is an investigation of luck, uncertainty, probability, opacity, human error, risk, disorder, and decision-making in a world we don’t understand, in nonoverlapping and standalone books. All four volumes—Antifragile, The Black Swan, Fooled by Randomness, and the expanded edition of The Bed of Procrustes, updated with more than 50 percent new material—are now together in one ebook bundle. ANTIFRAGILE “Startling . . . richly crammed with insights, stories, fine phrases and intriguing asides.”—The Wall Street Journal Just as human bones get stronger when subjected to stress and tension, many things in life benefit from disorder, volatility, and turmoil. What Taleb has identified and calls “antifragile” is that category of things that not only gain from chaos but need it in order to survive and flourish. The resilient resists shocks and stays the same; the antifragile gets better and better. What is crucial is that the antifragile loves errors, as it incurs small harm and large benefits from them. Spanning politics, urban planning, war, personal finance, economic systems, and medicine in an interdisciplinary and erudite style, Antifragile is a blueprint for living in a Black Swan world. THE BLACK SWAN “[A book] that altered modern thinking.”—The Times (London) A black swan is a highly improbable event with three principal characteristics: It is unpredictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random and more predictable. The astonishing success of Google was a black swan; so was 9/11. In this groundbreaking and prophetic book, Taleb shows that black swan events underlie almost everything about our world, from the rise of religions to events in our own personal lives, and yet we—especially the experts—are blind to them. FOOLED BY RANDOMNESS “[Fooled by Randomness] is to conventional Wall Street wisdom approximately what Martin Luther’s ninety-five theses were to the Catholic Church.”—Malcolm Gladwell, The New Yorker Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? Fooled by Randomness is about luck: more precisely, about how we perceive luck in our personal and professional experiences. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill—the markets—Fooled by Randomness is an irreverent, eye-opening, and endlessly entertaining exploration of one of the least understood forces in our lives. THE BED OF PROCRUSTES “Taleb’s crystalline nuggets of thought stand alone like esoteric poems.”—Financial Times This collection of aphorisms and meditations expresses Taleb’s major ideas in ways you least expect. The Bed of Procrustes takes its title from Greek mythology: the story of a man who made his visitors fit his bed to perfection by either stretching them or cutting their limbs. With a rare combination of pointed wit and potent wisdom, Taleb plows through human illusions, contrasting the classical views of courage, elegance, and erudition against the modern diseases of nerdiness, philistinism, and phoniness. |
| george soros nassim taleb: The Acquirer's Multiple Tobias E. Carlisle, 2017-10-16 The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market is an easy-to-read account of deep value investing. The book shows how investors Warren Buffett, Carl Icahn, David Einhorn and Dan Loeb got started and how they do it. Carlisle combines engaging stories with research and data to show how you can do it too. Written by an active value investor, The Acquirer's Multiple provides an insider's view on deep value investing.The Acquirer's Multiple covers: How the billionaire contrarians invest How Warren Buffett got started The history of activist hedge funds How to Beat the Little Book That Beats the Market A simple way to value stocks: The Acquirer's Multiple The secret to beating the market How Carl Icahn got started How David Einhorn and Dan Loeb got started The 9 rules of deep value The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market provides a simple summary of the way deep value investors find stocks that beat the market. |
| george soros nassim taleb: The Soros Lectures George Soros, 2010-02-09 Five lectures George Soros recently delivered at the Central European University in Budapest - which he founded in 1991 - distill a lifetime of thinking on finance, capitalism and open society In a series of lectures delivered at the Central European University in October 2009, George Soros provided a broad overview of his thoughts on economics and politics. The lectures are the culmination of a lifetime of practical and philosophical reflection. In the first and second lecture, Soros discusses his general theory of reflexivity and its application to financial markets, providing insight into the recent financial crisis. The third and fourth lectures examine the concept of open society, which has guided Soros' global philanthropy, as well as the potential for conflict between capitalism and open society. The closing lecture focuses on the way ahead, closely examining the increasingly important economic and political role that China will play in the future. The Budapest Lectures presents these five seminal talks into one volume, which offers a condensed and highly readable summary of Soros' world view. |
| george soros nassim taleb: The Man Who Solved the Market Gregory Zuckerman, 2019-11-05 NEW YORK TIMES BESTSELLER Shortlisted for the Financial Times/McKinsey Business Book of the Year Award The unbelievable story of a secretive mathematician who pioneered the era of the algorithm–and made $23 billion doing it. The greatest money maker in modern financial history, no other investor–Warren Buffett, Peter Lynch, Ray Dalio, Steve Cohen, or George Soros–has touched Jim Simons’ record. Since 1988, Renaissance’s signature Medallion fund has generated average annual returns of 66 percent. The firm has earned profits of more than $100 billion, and upon his passing, Simons left a legacy of investors who use his mathematical, computer-oriented approach to trading and building wealth. Drawing on unprecedented access to Simons and dozens of current and former employees, Zuckerman, a veteran Wall Street Journal investigative reporter, tells the gripping story of how a world-class mathematician and former code breaker mastered the market. Simons pioneered a data-driven, algorithmic approach that’s swept the world. As Renaissance became a market force, its executives began influencing the world beyond finance. Simons became a major figure in scientific research, education, and liberal politics. Senior executive Robert Mercer is more responsible than anyone else for the Trump presidency, placing Steve Bannon in the campaign and funding Trump’s victorious 2016 effort. Mercer also impacted the campaign behind Brexit. The Man Who Solved the Market is a portrait of a modern-day Midas who remade markets in his own image, but failed to anticipate how his success would impact his firm and his country. It’s also a story of what Simons’s revolution will mean for the rest of us long after his death in 2024. |
| george soros nassim taleb: A World Without a Safety Net W. Croft Frederick W. Croft, Frederick W. Croft, 2009-10 As global competition heats up and drives the economy, it touches many businesses and industries. A World without a Safety Net is a hands-on guide to the tough new world of business performance. Author Frederick W. Croft, an expert who has built value for private equity buyers and major corporations, provides options for managing more effectively in a global world. He examines global competition what companies are doing and how they are doing it. As managers cope with the permanent changes in management performance resulting from the economic crisis; the failure of the financial engineering approaches that drove share value in the past two decades; and the end of cheap capital, they must build value or they'll fail. Croft, a restructuring expert, shows managers how to create value through three essential disciplines: managing information, managing execution, and managing decision-making. With straight talk, specific tools, real-world practices and the experiences of U.S. and multinational companies, A World without a Safety Net equips managers to work more effectively and keep businesses alive and thriving in the unforgiving world of the post-crisis economy. |
| george soros nassim taleb: An End to the Bull Gary Norden, 2020-05-11 Go beyond technical analysis tools with this comprehensive look at trading analysis Strategies for successful trading analysis for all markets are out there, but they're not often found in books for the general public. So what are the secrets that professional traders know, but aren't willing to share? An End to the Bull: Cut Through the noise to Develop A Sustainable Trading Career is a robust, honest resource that presents an alternative approach to the markets, combining traditional technical tools with fundamental analysis, behavioral finance, and other key concepts to enrich readers' trading knowledge. The author's comprehensive, educated look at the topic fills a huge need in the trading community, and is ideal both for novices and experienced traders. In An End to the Bull, Norden suggests that total reliance on traditional technical analysis can lead to failure, and has ended in disappointment for many. The book offers up a unique approach for anyone looking to establish a sustainable trading career based on a combination of the most tried-and-true methods. While it focuses especially on trading in Australia, the book is a useful resource for international traders at all levels. Explains why change is needed in trading analysis and presents a revolutionary approach used by successful professional traders Shares the core techniques and strategies to build knowledge and establish a business-minded attitude Discusses more advanced ideas crucial for all traders, including understanding volatility and the typical flaws of behavioral finance Gives solid advice for traders anywhere in the world An End to the Bull takes the mystery out of trading analysis and puts the power to navigating markets into the hands of readers. |
| george soros nassim taleb: Obsessives, Pioneers, and Other Varieties of Minor Genius Malcolm Gladwell, 2009-10-20 !--StartFragment--What is the difference between choking and panicking? Why are there dozens of varieties of mustard-but only one variety of ketchup? What do football players teach us about how to hire teachers? What does hair dye tell us about the history of the 20th century? In the past decade, Malcolm Gladwell has written three books that have radically changed how we understand our world and ourselves: The Tipping Point; Blink; and Outliers. Now, in What the Dog Saw, he brings together, for the first time, the best of his writing from TheNew Yorker over the same period. Here is the bittersweet tale of the inventor of the birth control pill, and the dazzling inventions of the pasta sauce pioneer Howard Moscowitz. Gladwell sits with Ron Popeil, the king of the American kitchen, as he sells rotisserie ovens, and divines the secrets of Cesar Millan, the dog whisperer who can calm savage animals with the touch of his hand. He explores intelligence tests and ethnic profiling and hindsight bias and why it was that everyone in Silicon Valley once tripped over themselves to hire the same college graduate. Good writing, Gladwell says in his preface, does not succeed or fail on the strength of its ability to persuade. It succeeds or fails on the strength of its ability to engage you, to make you think, to give you a glimpse into someone else's head. What the Dog Saw is yet another example of the buoyant spirit and unflagging curiosity that have made Malcolm Gladwell our most brilliant investigator of the hidden extraordinary. !--EndFragment-- |
| george soros nassim taleb: Trend Following Michael W. Covel, 2017-04-24 Want to take the financial journey to a new investing philosophy that might very well affect the rest of your moneymaking life? No one can guarantee the yellow brick road, but Michael Covel promises the red pill will leave you wide freaking awake. Trend Following reveals the truth about a trading strategy that makes money in up, down and surprise markets. By applying straightforward and repeatable rules, anyone can learn to make money in the markets whether bull, bear, or black swan—by following the trend to the end when it bends. In this timely reboot of his bestselling classic, Michael Covel dives headfirst into trend following strategy to examine the risks, benefits, people, and systems. You’ll hear from traders who have made millions by following trends, and learn from their successes and mistakes—insights only here. You’ll learn the trend philosophy, and how it has performed in booms, bubbles, panics and crashes. Using incontrovertible data and overwhelming supporting evidence, with a direct connection to the foundations of behavioral finance, Covel takes you inside the core principles of trend following and shows everyone, from brand new trader to professional, how alpha gets pulled from the market. Covel’s newest edition has been revised and extended, with 7 brand new interviews and research proof from his one of kind network. This is trend following for today’s generation. If you’re looking to go beyond passive index funds and trusting the Fed, this cutting edge classic holds the keys to a weatherproof portfolio. Meet great trend followers learning their rules and philosophy of the game Examine data to see how trend following excels when the you-know-what hits the fan Understand trend trading, from behavioral economics to rules based decision-making to its lambasting of the efficient markets theory Compare trend trading systems to do it yourself or invest with a trend fund Trend following is not prediction, passive index investing, buy and hope or any form of fundamental analysis. It utilizes concrete rules, or heuristics, to profit from a behavioral perspective. Trend Following is clear-cut, straightforward and evidence-based and will secure your financial future in bull, bear and black swan markets. If you’re finally ready to profit in the markets, Trend Following is the definitive treatise for a complex world in constant chaos. |
| george soros nassim taleb: Stocks and Exchange Ladis Konecny, 2021-08-13 The book Stocks and Exchange - the only Book you need is intended for the general public from 11 to 85 years. Although the book is easily understandable, it describes in detail the parameters, which are ideal for safe and profitable investments in stocks or companies - whether short term or long term. When to sell or buy? This is technical and fundamental analysis at its finest. Which stocks can finance your pension with dividend payments? This book is the result of many years of practice and study of relevant literature. The book describes the strategies of the most famous investors and also my own experiences with stocks. Investment funds and pension insurance are discussed. The book contains a little information on business economics for investors and a lot of important information about the business on the stock exchange. The courses of three economic crises and crashes are investigated. The small lexicon explains 195 technical terms. There are some case studies about investors, companies and their stocks. Also described is the investment in gold, commodities and derivatives. Because the state expects ever more personal responsibility for your retirement arrangements, this book is also a very meaningful gift for your younger family members. Unfortunately there are only very few profound and above all honest books on shares thereby making this one all the more valuable. |
| george soros nassim taleb: Regulated Exchanges Larry Harris, 2010-11-04 Exchanges play an essential and central role in the world's economy. They epitomize transparency in the price-formation process, informing investors and disseminating vital information for the functioning of financial markets, and in so doing they represent an important source of capital for nascent and established companies alike. Even during the recent crisis, exchanges remained open and liquid in the face of extreme volatility-thus the trust investors place in regulated exchanges when confronted with uncertainty is beyond doubt. Since the inception of the World Federation of Exchanges in the 1960s, the operational and competitive landscape for organized exchanges has changed radically. Technology and globalization have allowed financial flows to move freely across borders, and burgeoning competition and lower regulatory barriers have spurred far-reaching transformations in the way securities are traded. Against this background, and on the occasion of the 50th anniversary of the World Federation of Exchanges, the WFE has partnered with Larry Harris and the Centre for European Policy Studies to produce a definitive volume of essays to take a look at the historic role exchanges have played in the global economy, highlighting pivotal innovations that shaped this role, and to lay out prospective ways in which exchanges will continue to shape the global economy in the future. Opening with key conceptual essays by leading academics, Regulated Exchanges examines the historical contribution of exchanges to the world's economic growth, exchanges' economic importance, and the regulatory characteristics of the space in which exchanges operate. The volume then presents essays on several defining milestones in the history of exchanges written by leading figures that took part in that very history, showing the interaction between the founding of exchanges, local cultures, and world financial markets. The book appropriately closes with a look forward, examining the competitive landscape and the exciting and promising future of regulated exchanges. Offering an unparalleled collection of perspectives from leading academics and practitioners involved in the history of exchanges, Regulated Exchanges sheds a brilliant and welcome light on how exchanges have influenced and fostered successful financial markets, and how they will do so for many years to come. |
| george soros nassim taleb: Lecturing Birds on Flying Pablo Triana, 2009-06-09 LECTURING BIRDS ON FLYING For the past few decades, the financial world has often displayed an unreasonable willingness to believe that the model is right, the market is wrong, in spite of the fact that these theoretical machinations were largely responsible for the stock market crash of 1987, the LTCM crisis of 1998, the credit crisis of 2008, and many other blow-ups, large and small. Why have both financial insiders (traders, risk managers, executives) and outsiders (academics, journalists, regulators, the public) consistently demonstrated a willingness to treat quantifications as gospel? Nassim Taleb first addressed the conflicts between theoretical and real finance in his technical treatise on options, Dynamic Hedging. Now, in Lecturing Birds on Flying, Pablo Triana offers a powerful indictment on the trustworthiness of financial theory, explaining—in jargon-free plain English—how malfunctions in these quantitative machines have wreaked havoc in our real world. Triana first analyzes the fundamental question of whether financial markets can in principle really be solved mathematically. He shows that the markets indeed cannot be tamed with equations, presenting a long and powerful list of obstacles to prove his point: maverick unlawful human actions rule the markets, unexpected and unimaginable events shape the markets, and historical data is not necessarily a trustworthy guide to the future of the markets. The author then examines the sources of origin of many prevalent theories and mathematical dictums. He details how the field of financial economics evolved from a descriptive discipline to an abstract one dedicated to technically concocting professors' own versions of how such a world should work. He goes on to explain how Wall Street and other financial centers became eager employers of scientists, and how scientists became eager employees of financial firms. Triana concludes with an in-depth discussion of the most significant historical episodes of theory-caused real-life market malaise, with a strong emphasis on the current credit crisis. In the end, Lecturing Birds on Flying calls for the radical substitution of good old-fashioned common sense in place of mathematical decision-making and the restoration to financial power of those who are completely unchained to the iron ball of classroom-obtained qualifications. |
| george soros nassim taleb: Blog Theory Jodi Dean, 2013-04-17 Blog Theory offers a critical theory of contemporary media. Furthering her account of communicative capitalism, Jodi Dean explores the ways new media practices like blogging and texting capture their users in intensive networks of enjoyment, production, and surveillance. Her wide-ranging and theoretically rich analysis extends from her personal experiences as a blogger, through media histories, to newly emerging social network platforms and applications. Set against the background of the economic crisis wrought by neoliberalism, the book engages with recent work in contemporary media theory as well as with thinkers such as Giorgio Agamben, Jean Baudrillard, Guy Debord, Jacques Lacan, and Slavoj ?i?ek. Through these engagements, Dean defends the provocative thesis that reflexivity in complex networks is best understood via the psychoanalytic notion of the drives. She contends, moreover, that reading networks in terms of the drives enables us to grasp their real, human dimension, that is, the feelings and affects that embed us in the system. In remarkably clear and lucid prose, Dean links seemingly trivial and transitory updates from the new mass culture of the internet to more fundamental changes in subjectivity and politics. Everyday communicative exchangesÑfrom blog posts to text messagesÑhave widespread effects, effects that not only undermine capacities for democracy but also entrap us in circuits of domination. |
| george soros nassim taleb: The Black Swan Nassim Nicholas Taleb, 2009-10-13 In the author's point of view, a black swan is an improbable event with three principal characteristics - It is unpredictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random, and more predictable, than it was. Why do we not acknowledge the phenomenon of black swans until after they occur? Part of the answer, according to Taleb, is that humans are hardwired to learn specifics when they should be focused on generalities. We concentrate on things we already know and time and time again fail to take into consideration what we don't know. We are, therefore, unable to truly estimate opportunities, too vulnerable to the impulse to simplify, narrate, and categorize, and not open enough to rewarding those who can imagine the 'impossible'. |
| george soros nassim taleb: Deep Value Tobias E. Carlisle, 2014-07-22 The economic climate is ripe for another golden age of shareholder activism Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations is a must-read exploration of deep value investment strategy, describing the evolution of the theories of valuation and shareholder activism from Graham to Icahn and beyond. The book combines engaging anecdotes with industry research to illustrate the principles and methods of this complex strategy, and explains the reasoning behind seemingly incomprehensible activist maneuvers. Written by an active value investor, Deep Value provides an insider's perspective on shareholder activist strategies in a format accessible to both professional investors and laypeople. The Deep Value investment philosophy as described by Graham initially identified targets by their discount to liquidation value. This approach was extremely effective, but those opportunities are few and far between in the modern market, forcing activists to adapt. Current activists assess value from a much broader palate, and exploit a much wider range of tools to achieve their goals. Deep Value enumerates and expands upon the resources and strategies available to value investors today, and describes how the economic climate is allowing value investing to re-emerge. Topics include: Target identification, and determining the most advantageous ends Strategies and tactics of effective activism Unseating management and fomenting change Eyeing conditions for the next M&A boom Activist hedge funds have been quiet since the early 2000s, but economic conditions, shareholder sentiment, and available opportunities are creating a fertile environment for another golden age of activism. Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations provides the in-depth information investors need to get up to speed before getting left behind. |
| george soros nassim taleb: The Capitalist Economy and its Prosthetics Gerhard H. Wächter, 2024-05-06 Notwithstanding its ruthless dynamics, the capitalist economy has the flaw of deficient employment-generating spending. This leads to unemployment of non-owners, individual suffering, social unrest and it undermines military strength. To deal with these issues, states use prosthetic policies, artificial transfers to the productive economy and to non-owners. But the funding of such prosthetic policies – through violent wealth appropriation abroad, protectionism, war, domestic expropriation and taxation, debt and money creation – is caught in dilemmas, while politicians are caught between non-solutions. According to Gerhard H. Wächter, the history of capitalist society is largely the history of this dilemmatic brotherhood. |
| george soros nassim taleb: The Committee to Destroy the World Michael E. Lewitt, 2016-03-15 An updated examination of what's weakening the U.S. economy, and how to fix it The Committee to Destroy the World: Inside the Plot to Unleash a Super Crash on the Global Economy is a passionate and informed analysis of the struggling global economy. In this masterfully conceived and executed work, Michael Lewitt, one of Wall Street's most respected market strategists and money managers, updates his groundbreaking examination of the causes of the 2008 crisis and argues that economic and geopolitical conditions are even more unstable today. His analysis arrives in time for the impending economic and geopolitical debates of the 2016 election season. Lewitt explains in detail how debt has now overrun the world's capacity, how federal policies of the past few decades have created a downward vortex sapping growth and vitality from the American economy, and how greed and corruption are preventing reform. The financial crisis created tens of trillions of debt, leaving investors to pay a huge price for these policy failures: The highest asset inflation we've seen in our lifetimes, although the government claims there isn't enough inflation More than $2 trillion of stock buybacks funded with low cost debt that are artificially inflating stock prices The Federal Reserve and other global central banks becoming the largest buyers of government debt in order to suppress interest rates An M&A boom resulting from companies needing to find growth outside of their core businesses While the financial media misses the story, Lewitt pulls no punches explaining how all of these trends are leading to the brink of another crisis. Lewitt lays out a survival plan for the average investor to protect their assets when the debt bubble bursts. The first edition of this book expressed hope that policymakers would not let the financial crisis go to waste. This book urges investors to learn from the crushed hope and take action before the next crisis. |
| george soros nassim taleb: Between Debt and the Devil Adair Turner, 2017-08-02 Why our addiction to debt caused the global financial crisis and is the root of our financial woes Adair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn’t happen because banks are too big to fail—our addiction to private debt is to blame. Between Debt and the Devil challenges the belief that we need credit growth to fuel economic growth, and that rising debt is okay as long as inflation remains low. In fact, most credit is not needed for economic growth—but it drives real estate booms and busts and leads to financial crisis and depression. Turner explains why public policy needs to manage the growth and allocation of credit creation, and why debt needs to be taxed as a form of economic pollution. Banks need far more capital, real estate lending must be restricted, and we need to tackle inequality and mitigate the relentless rise of real estate prices. Turner also debunks the big myth about fiat money—the erroneous notion that printing money will lead to harmful inflation. To escape the mess created by past policy errors, we sometimes need to monetize government debt and finance fiscal deficits with central-bank money. Between Debt and the Devil shows why we need to reject the assumptions that private credit is essential to growth and fiat money is inevitably dangerous. Each has its advantages, and each creates risks that public policy must consciously balance. |
| george soros nassim taleb: The Ultra High Net Worth Bankers Handbook Heinrich Weber, Stephan Meier, 2009-08-10 Estimates show that there are around 20,000 Ultra High Net Worth individuals in existence today, each with bankable assets in excess of $50 million. Between them they possess a wealth of $5,000 billion, 10% of the world's estimated total wealth. The UHNW wealth management business is therefore a critically important as well as complex part of modern finance. It exists within a client-banker-bank triangle and is influenced by serious exogenous factors in political, economic and fiscal environments, as well as by numerous emotional, familial and personal dimensions. In this book the authors address these complex relationships, serving as guides and advisors for UHNW bankers, banks and clients alike. The authors' clients have taught them that the three major frustrations for private banking clients are bad performance, bad communication with the banker, and confusion in the face of poorly explained financial processes. In the first part of the book the authors offer their expert solutions to these problems and, in the second, help to eliminate confusion by explaining UHNW financial processes as clearly and simply as possible. The authors mix authoritative advice, gained from long careers in wealth management, with anecdotes and narrative, to make the book approachable as well as informative. The book also contains five major case studies that help to exemplify certain elements involved in UHNW banking across the world, including the importance and impact of: family values and governance; client confidence and connections; cultural and religious considerations; philanthropy; market crises and volatility; portfolio diversity and enterprise management. This book is for private bankers who work or aim to work in the Ultra High Net Worth field, the most sought-after and secluded high-end client segment of private banking and wealth management. For UHNW clients, this book is a guide on how to deal with your bankers and what you can expect from them, depicting the view from the other side of the table. And for the management of a private bank or private banking division of a financial institution, this book will serve as an essential introduction on how to improve performance. Expert, in-depth and accessible, The Ultra High Net Worth Banker's Handbook is the ultimate guide to this area of modern finance. |
| george soros nassim taleb: What Every Economics Student Needs to Know and Doesn't Get in the Usual Principles Text John Komlos, 2015-07-17 This short book explores a core group of 40 topics that tend to go unexplored in an Introductory Economics course. Though not a replacement for an introductory text, the work is intended as a supplement to provoke further thought and discussion by juxtaposing blackboard models of the economy with empirical observations. Each chapter starts with a short refresher of standard neoclassical economic modelling before getting into real world economic life. Komlos shows how misleading it can be to mechanically apply the perfect competition model in an oligopolistic environment where only an insignificant share of economic activity takes place in perfectly competitive conditions. Most economics texts introduce the notion of oligopoly and differentiate it from the perfect competition model with its focus on price takers. Komlos contends that oligopolies are price makers like monopolies and cause consumers and economies nearly as much harm. Likewise, most textbook authors eschew any distortions of market pricing by government, but there is usually little discussion of the real impact of minimum wages, which Komlos corrects. The book is an affordable supplement for all basic economics courses or for anyone who wants to review the basic ideas of economics with clear eyes. |
| george soros nassim taleb: QFINANCE Bloomsbury Publishing, 2014-11-20 QFINANCE: The Ultimate Resource (5th edition) is the first-step reference for the finance professional or student of finance. Its coverage and author quality reflect a fine blend of practitioner and academic expertise, whilst providing the reader with a thorough education in the may facets of finance. |
| george soros nassim taleb: QFINANCE: The Ultimate Resource, 4th edition Bloomsbury Publishing, 2013-09-26 QFINANCE: The Ultimate Resource (4th edition) offers both practical and thought-provoking articles for the finance practitioner, written by leading experts from the markets and academia. The coverage is expansive and in-depth, with key themes which include balance sheets and cash flow, regulation, investment, governance, reputation management, and Islamic finance encompassed in over 250 best practice and thought leadership articles. This edition will also comprise key perspectives on environmental, social, and governance (ESG) factors -- essential for understanding the long-term sustainability of a company, whether you are an investor or a corporate strategist. Also included: Checklists: more than 250 practical guides and solutions to daily financial challenges; Finance Information Sources: 200+ pages spanning 65 finance areas; International Financial Information: up-to-date country and industry data; Management Library: over 130 summaries of the most popular finance titles; Finance Thinkers: 50 biographies covering their work and life; Quotations and Dictionary. |
| george soros nassim taleb: Applied Wisdom Alexander Ineichen, 2021-11-16 Applying wisdom and avoiding foolishness are two sides of the same coin. Slipping away from either can lead to risky and uncertain situations. Luckily, author Alexander Ineichen has been collecting witticisms for thirty-five years that have made him successful in his career and life. In Applied Wisdom, he collects an anthology of wit and wisdom containing over 700 quotations from sources as wide ranging as Thomas Aquinas and Frank Zappa. He provides entertaining food for thought for businesspeople and the general audience alike, and enables readers to think outside the box to find wisdom. These nuggets, along with his commentary for each, are the valuable words needed for those facing risk and uncertainty. The witticisms provide a full range of being level-headed, truth seeking, brutally heretical, wonderfully insightful, refreshingly politically incorrect, and other intellectual treats and provocations. The advice, blending economics, politics, history, philosophy, psychology, risk management, and much more, provides a winning mix of humor, intellectual heft, and economic survival tips. |
| george soros nassim taleb: Traders, Guns and Money Satyajit Das, 2014-02-05 A sensational and compelling insider's view that lifts the lid on the fast-paced and dazzling world of derivatives, now in a smaller, paperback format. Traders Guns and Money is a wickedly comic exposé of the culture, games and pure deceptions played out every day in trading rooms around the world. And played out with other people's money. This sensational insider's view of the business of trading and marketing derivatives, explains the frighteningly central role that derivatives and financial products played in the global financial crisis. This worldwide bestseller reveals the truth about derivatives: those financial tools memorably described by Warren Buffett as 'financial weapons of mass destruction'. Traders, Guns and Money will introduce you to the players and the practices and reveals how the real money is made and lost. 'The sexier side of finance ... at last ... a convincing picture of what life is like in today's modern financial industry.' Corporate Financier '....more riveting than the Da Vinci Code...in the mould of Liars' Poker...an insider's account of how derivatives markets work...' Goola Warden, The Edge |
| george soros nassim taleb: Uncertainty and Challenges in Contemporary Economic Behaviour Ercan Özen, Simon Grima, 2020-09-25 Every day presents new challenges as the face of global economics changes. In this first book in the Emerald Studies in Finance, Insurance, and Risk Management, expert editors and contributors come together to discuss global response to new uncertainty and challenges. |
| george soros nassim taleb: Postcapitalism Raphael Sassower, 2015-11-17 Debates over the role of government have intensified in the wake of America's deepest financial crisis since the Depression. This book suggests new ways of moving forward based on the policies and principles that have worked in the past. Sassower shows how American pragmatism has guided the more successful financial policies undertaken during the past century. This means that from the workplace to foreign aid, Americans benefit when they collaborate with each other rather than only pursue their self-interest in competitive ways. Drawing on thinkers from Adam Smith to Keynes to Bernanke, Sassower shows how a new era of postideological capitalism can emerge in the wake of the current economic crisis-renewing America's leadership for the future. |
| george soros nassim taleb: The Great Recession Michael Roberts, 2009-12-03 The Great Recession of 2008-9 was the worst slump in the world economy since the Great Depression in the 1930s. Michael Roberts forecast that it would happen a few years before and in this book he explains why the Great Recession happened - relying on Marx's analysis of the laws of motion in a capitalist economy. And he makes predictions of whether and when it could happen again. |
George (given name) - Wikipedia
George Washington, the first president of the United States. George (English: / ˈ dʒ ɔːr dʒ /) is a masculine given name derived from the Greek Georgios (Γεώργιος; Ancient Greek: [ɡeɔː́rɡi.os], …
George - Name Meaning and Origin
The name George is of Greek origin and means "farmer" or "earthworker." It is derived from the Greek word "georgos," which combines "ge" meaning "earth" and "ergon" meaning "work." The …
George - Meaning of George, What does George mean? - BabyNamesPedia
George is used predominantly in the English language and its origin is Old Greek. The name's meaning is farmer, earthworker . Georgius (Latin) and Georgos (Old Greek) are old forms of …
George - Name Meaning, What does George mean? - Think Baby Names
What does George mean? G eorge as a boys' name is pronounced jorj. It is of Greek origin, and the meaning of George is "farmer". From Greek Georgios, a derivative of geôrgos "farmer", from gê …
George: Name Meaning and Origin - SheKnows
George is a traditionally masculine name with Greek and English roots. The prevailing meaning of George is "farmer" — in Greek it comes from "georgos" which indicates a tiller of the soil.
George Name Meaning, Origin, Popularity, Boy Names Like George …
Apr 6, 2025 · The name George has remained popular throughout the centuries, and is one of the most common names in the English-speaking world. In the United States, the name George …
Meaning, origin and history of the name George
May 30, 2025 · Initially Saint George was primarily revered by Eastern Christians, but returning crusaders brought stories of him to Western Europe and he became the patron of England, …
George: Name Meaning, Popularity and Info on BabyNames.com
Jun 4, 2025 · The name George is a male given name of Greek origin, which means "farmer" or "earthworker." It was originally derived from the Greek name Georgios, which was composed of …
George - Wiktionary, the free dictionary
May 29, 2025 · George Soros remains a favorite target of conservative conspiracy theorists, seeing his corrupting influence behind every liberal movement and within every nook and cranny. An …
George - Wikipedia
GEORGE (computer), early computer built by Argonne National Laboratory in 1957; GEORGE (operating system), a range of operating systems (George 1–4) for the ICT 1900 range of …
George (given name) - Wikipedia
George Washington, the first president of the United States. George (English: / ˈ dʒ ɔːr dʒ /) is a masculine given name derived from the Greek Georgios (Γεώργιος; Ancient Greek: …
George - Name Meaning and Origin
The name George is of Greek origin and means "farmer" or "earthworker." It is derived from the Greek word "georgos," which combines "ge" meaning "earth" and "ergon" meaning "work." …
George - Meaning of George, What does George mean? - BabyNamesPedia
George is used predominantly in the English language and its origin is Old Greek. The name's meaning is farmer, earthworker . Georgius (Latin) and Georgos (Old Greek) are old forms of …
George - Name Meaning, What does George mean? - Think Baby Names
What does George mean? G eorge as a boys' name is pronounced jorj. It is of Greek origin, and the meaning of George is "farmer". From Greek Georgios, a derivative of geôrgos "farmer", …
George: Name Meaning and Origin - SheKnows
George is a traditionally masculine name with Greek and English roots. The prevailing meaning of George is "farmer" — in Greek it comes from "georgos" which indicates a tiller of the soil.
George Name Meaning, Origin, Popularity, Boy Names Like George …
Apr 6, 2025 · The name George has remained popular throughout the centuries, and is one of the most common names in the English-speaking world. In the United States, the name George …
Meaning, origin and history of the name George
May 30, 2025 · Initially Saint George was primarily revered by Eastern Christians, but returning crusaders brought stories of him to Western Europe and he became the patron of England, …
George: Name Meaning, Popularity and Info on BabyNames.com
Jun 4, 2025 · The name George is a male given name of Greek origin, which means "farmer" or "earthworker." It was originally derived from the Greek name Georgios, which was composed …
George - Wiktionary, the free dictionary
May 29, 2025 · George Soros remains a favorite target of conservative conspiracy theorists, seeing his corrupting influence behind every liberal movement and within every nook and …
George - Wikipedia
GEORGE (computer), early computer built by Argonne National Laboratory in 1957; GEORGE (operating system), a range of operating systems (George 1–4) for the ICT 1900 range of …
