Wall Street is where poker and modern finance, and the theory behind these "games"?clash head on. In both worlds, real risk means real money is made or lost in a heart beat, and neither camp is always rational with the risk it takes. As a result, business and financial professionals who want to use poker insights to improve their job performance will find this entertaining book a "must read." So will poker players searching for an edge in applying the insights of risk-takers on Wall Street.
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About the Author
Aaron Brown is an executive director at the investment bank Morgan Stanley and a serious lifelong poker player who has played with Wall Street tycoons and world champion poker pros. He holds degrees in applied mathematics from Harvard and finance from the University of Chicago. He has been a finance professor and a trader as well as a portfolio manager and risk manager for Prudential Insurance, JPMorgan, Rabobank, and Citigroup.
Most Helpful Customer Reviews
In this unusual study, math geek and poker addict Aaron Brown uses royal flushes as a way to meditate on the oft-overlooked topic of financial risk. Poker and trading share many similarities, he argues, and you can apply similar skills and mindsets profitably to both endeavors. Brown travels from California card rooms to Texas back rooms to Yukon gold mining camps, with numerous stops on Wall Street and in the Ivy League. In lesser hands, such a far-reaching study would have lost focus, but Brown manages to keep making meaty points. Unlike the stereotypical quant, Brown writes clearly and gracefully, making his work rewarding to read. getAbstract recommends his book to investors seeking an edge in a risky world. Your deal.
Let me start out by stating that this is a well written book that presents a detailed hypothesis that financial markets are essentially a gambling institution. In fact, the author presents the case that this premise is critical to the markets' existence and viability. The author makes a number of detailed analogies to support his thesis. Ultimately, however, the book fails for two reasons, one of which is critical. The first non-critical point is that the book fails to offer any practical advice whatsoever. If you're looking for any advice as to poker or investing, you will be sorely disappointed. However, if you're looking to read a well written hypothesis, you won't be disappointed. The next point is more critical. I admit that I do not know enough about financial markets to make a determination as to how accurate some of the discussions are. I do, however, know quite a bit about poker. When poker analogies are used, the author is quite often wrong in some of his assumptions. Thus, the veracity of his conclusions have to be called into question when the underlying assumption is wrong. Now, the author is a financial expert and not a poker expert so perhaps the conclusions are accurate. However, if you are going to write this book, you should get your poker facts right.