The Wrong Answer Faster: The Inside Story of Making the Machine that Trades Trillions

The Wrong Answer Faster: The Inside Story of Making the Machine that Trades Trillions

by Michael Goodkin
     
 

The incredible true story behind the development of computerized trading on Wall Street from the man who began it all, The Wrong Answer Faster: The Inside Story of Making the Machine that Trades Trillions offers an unprecedented, firsthand account of one of the greatest revolutions in financial history. In 1967, moving from Chicago to New York in hopes

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Overview

The incredible true story behind the development of computerized trading on Wall Street from the man who began it all, The Wrong Answer Faster: The Inside Story of Making the Machine that Trades Trillions offers an unprecedented, firsthand account of one of the greatest revolutions in financial history. In 1967, moving from Chicago to New York in hopes of making his mark on the world, Michael Goodkin notices by chance there are no computers on Wall Street. Drawing on his teenage trading experience that no one knows the right price for anything, he sees the opportunity to earn investors a consistent profit by joining his instinct for gambling with the expertise of future Nobel laureate economists and the speed of a computer to calculate the wrong answer faster than the professionals.

From that moment onward, Goodkin's ascent was precipitous, within one year propelling him from holes in the soles of his shoes to a Park Avenue penthouse, and in The Wrong Answer Faster, he tells the remarkable story for the first time. Goodkin changed the financial world with one company, left to travel the globe and play backgammon, and eventually returned to Chicago once again to found a second groundbreaking business that has cemented his reputation as an innovation genius.

The untold story of how one man with a great idea decided not to play the market but to revolutionize the financial world by creating the most vital trading tool since the ticker tape, The Wrong Answer Faster goes inside one of the most remarkable stories of our time. From strategizing with his team of eminent economists, almost crashing in a plane with Carl Icahn, and playing backgammon with Bernie Cornfeld to being shown the door by Sir Sigmund Warburg who thought the idea of using a computer to trade the market was utterly preposterous, the book details the inspiring journey of a man who literally revolutionized the way the money game is played.

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Editorial Reviews

From the Publisher
"A fascinating book that chronicles the life of this man who had the foresight to understand the potential of harnessing the power of the computer and who has thereby revolutionised the trading basis of the financial markets in his lifetime."—FT Advisor, 28th June 2012

“Even after the 2008 crisis proved that many of the banks’ computer-based models were flawed, computers and “rocket scientists” still play a major role on Wall Street. They have pioneers like 70-year-old Michael Goodkin to thank. On paper, Goodkin was an unlikely revolutionary. . . he was one of the first to spot that computers could be used to automate trading. Goodwin made millions, but he received little public credit. . There are no trading tips or secret formulae in the book. Instead, it’s what Jordan Simm in Canadian Business calls a ‘traditional coming-of-age tale’. But, as Simm points out, ‘the story is anything but conventional’, providing a window into a time when Wall Street was a very different place. Goodkin’s blunt style makes him an engaging writer, while few others have gone from street hustler to high finance via such an interesting path.”—MoneyWeek

“A Bildungsroman, one jacket blurb calls this book—and sure, it’s a traditional coming-of-age tale. But the story itself is anything but conventional. The pleasures of the book lie in the story of their bumpy path to success.”—Canadian Business 

"Michael Goodkin brought the first computer to Wall Street sparking a financial revolution - proving it isn't what you know, but how fast you know it. Here's how his story began..."—Hedge Magazine

“In this rags-to-riches tale, Goodkin recounts the story of how he created a computerised trading system that revolutionised Wall Street in the late 1960s. It is an inspiring story of how a young man with no money or career assembles a group of smart economists and investors and creates a new business that transforms a whole industry. Here, bold ambition triumphs over mediocrity…” —The Irish Times

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Product Details

ISBN-13:
9781118133408
Publisher:
Wiley
Publication date:
02/21/2012
Pages:
326
Product dimensions:
6.30(w) x 9.10(h) x 1.30(d)

Meet the Author

Michael Goodkin, a successful gambler, failed investor, and mediocre student, was advised by his high school guidance counselor to become a plumber. Eight years later, in 1968 he combined his knack for gambling and lessons learned as a failed investor with the expertise of future Nobel laureate economists to found the company that introduced computerized trading to Wall Street. After seeing the world as a professional backgammon player, in 1996 he founded the software company that pioneered the application of computational physics to financial derivatives. A lecturer at forums including the University of Chicago and the Office of the Comptroller of the Currency, Goodkin holds a JD from Northwestern University and an MBA from Columbia University. The author of Paper Gold, a bestselling novel of financial intrigue, he lives in Chicago.

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