Tomasz Tunguz

The incredible true story of the card-counting mathematics professor who taught the world how to beat the dealer and, as the first of the great quantitative investors, ushered in a revolution on Wall Street. A child of the Great Depression, legendary mathematician Edward O. Thorp invented card counting, proving the seemingly that you could beat the dealer at the blackjack table. As a result he launched a gambling renaissance. His remarkable success—and mathematically unassailable method—caused such an uproar that casinos altered the rules of the game to thwart him and the legions he inspired. They barred him from their premises, even put his life in jeopardy. Nonetheless, gambling was forever changed. Thereafter, Thorp shifted his sights to “the biggest casino in the world”: Wall Street. Devising and then deploying mathematical formulas to beat the market, Thorp ushered in the era of quantitative finance we live in today. Along the way, the so-called godfather of the quants played bridge with Warren Buffett, crossed swords with a young Rudy Giuliani, detected the Bernie Madoff scheme, and, to beat the game of roulette, invented, with Claude Shannon, the world’s first wearable computer. Here, for the first time, Thorp tells the story of what he did, how he did it, his passions and motivations, and the curiosity that has always driven him to disregard conventional wisdom and devise game-changing solutions to seemingly insoluble problems. An intellectual thrill ride, replete with practical wisdom that can guide us all in uncertain financial waters, A Man for All Markets is an instant classic—a book that challenges its readers to think logically about a seemingly irrational world. Praise for A Man for All Markets “In A Man for All Markets , [Thorp] delightfully recounts his progress (if that is the word) from college teacher to gambler to hedge-fund manager. Along the way we learn important lessons about the functioning of markets and the logic of investment.” — The Wall Street Journal “[Thorp] gives a biological summation (think Richard Feynman’s Surely You’re Joking, Mr. Feynman! ) of his quest to prove the aphorism ‘the house always wins’ is flawed. . . . Illuminating for the mathematically inclined, and cautionary for would-be gamblers and day traders” — Library Journal

Technological Revolutions and Financial Capital presents a novel interpretation of the good and bad times in the economy, taking a long-term perspective and linking technology and finance in an original and convincing way.Carlota Perez draws upon Schumpeter's theories of the clustering of innovations to explain why each technological revolution gives rise to a paradigm shift and a 'New Economy' and how these 'opportunity explosions', focused on specific industries, also lead to the recurrence of financial bubbles and crises. These findings are illustrated with examples from the past two centuries: the industrial revolution, the age of steam and railways, the age of steel and electricity, the emergence of mass production and automobiles, and the current information revolution/knowledge society. By analyzing the changing relationship between finance capital and production capital during the emergence, diffusion and assimilation of new technologies throughout the global economic system, this seminal book sheds new light on some of the most pressing economic problems of today. A bold interpretation of how the changing relationship between technological advances and financial capital shapes the patterns of economic cycles, this path-breaking book will provide essential insights for business leaders, policymakers, academics and others concerned with managing change in the world economy.

A New York Times Best Book of the Year A Time Best Book of the Year A Kirkus Reviews Best Nonfiction Book of the Year 2020 Andrew Carnegie Medals for Excellence Winner One of NPR’s Best Books of 2019 Journalist Adam Higginbotham’s definitive, years-in-the-making account of the Chernobyl nuclear power plant disaster—and a powerful investigation into how propaganda, secrecy, and myth have obscured the true story of one of the twentieth century’s greatest disasters. Early in the morning of April 26, 1986, Reactor Number Four of the Chernobyl Atomic Energy Station exploded, triggering history’s worst nuclear disaster. In the thirty years since then, Chernobyl has become lodged in the collective nightmares of the world: shorthand for the spectral horrors of radiation poisoning, for a dangerous technology slipping its leash, for ecological fragility, and for what can happen when a dishonest and careless state endangers its citizens and the entire world. But the real story of the accident, clouded from the beginning by secrecy, propaganda, and misinformation, has long remained in dispute. Drawing on hundreds of hours of interviews conducted over the course of more than ten years, as well as letters, unpublished memoirs, and documents from recently-declassified archives, Adam Higginbotham has written a harrowing and compelling narrative which brings the disaster to life through the eyes of the men and women who witnessed it firsthand. The result is a masterful nonfiction thriller, and the definitive account of an event that changed history: a story that is more complex, more human, and more terrifying than the Soviet myth. Midnight in Chernobyl is an indelible portrait of one of the great disasters of the twentieth century, of human resilience and ingenuity, and the lessons learned when mankind seeks to bend the natural world to his will—lessons which, in the face of climate change and other threats, remain not just vital but necessary.

One of TIME’s Ten Best Nonfiction Books of the Decade "Meet the new Stephen Hawking . . . The Order of Time is a dazzling book." --The Sunday Times From the bestselling author of Seven Brief Lessons on Physics, Reality Is Not What It Seems, Helgoland, and Anaximander comes a concise, elegant exploration of time. Why do we remember the past and not the future? What does it mean for time to "flow"? Do we exist in time or does time exist in us? In lyric, accessible prose, Carlo Rovelli invites us to consider questions about the nature of time that continue to puzzle physicists and philosophers alike. For most readers this is unfamiliar terrain. We all experience time, but the more scientists learn about it, the more mysterious it remains. We think of it as uniform and universal, moving steadily from past to future, measured by clocks. Rovelli tears down these assumptions one by one, revealing a strange universe where at the most fundamental level time disappears. He explains how the theory of quantum gravity attempts to understand and give meaning to the resulting extreme landscape of this timeless world. Weaving together ideas from philosophy, science and literature, he suggests that our perception of the flow of time depends on our perspective, better understood starting from the structure of our brain and emotions than from the physical universe. Already a bestseller in Italy, and written with the poetic vitality that made Seven Brief Lessons on Physics so appealing, The Order of Time offers a profoundly intelligent, culturally rich, novel appreciation of the mysteries of time.

THE NEW YORK TIMES BESTSELLER * Winner of the Financial Times & McKinsey Business Book of the Year Award * Bronze Medal, Arthur Ross Book Award (Council on Foreign Relations) "Written in the hot, propulsive prose of a spy thriller" (The New York Times), the untold story of the cyberweapons market-the most secretive, government-backed market on earth-and a terrifying first look at a new kind of global warfare. Zero-day: a software bug that allows a hacker to break into your devices and move around undetected. One of the most coveted tools in a spy's arsenal, a zero-day has the power to silently spy on your iPhone, dismantle the safety controls at a chemical plant, alter an election, and shut down the electric grid (just ask Ukraine). For decades, under cover of classification levels and nondisclosure agreements, the United States government became the world's dominant hoarder of zero-days. U.S. government agents paid top dollar-first thousands, and later millions of dollars-to hackers willing to sell their lock-picking code and their silence. Then the United States lost control of its hoard and the market. Now those zero-days are in the hands of hostile nations and mercenaries who do not care if your vote goes missing, your clean water is contaminated, or our nuclear plants melt down. Filled with spies, hackers, arms dealers, and a few unsung heroes, written like a thriller and a reference, This Is How They Tell Me the World Ends is an astonishing feat of journalism. Based on years of reporting and hundreds of interviews, Nicole Perlroth lifts the curtain on a market in shadow, revealing the urgent threat faced by us all if we cannot bring the global cyberarms race to heel.

The long-awaited guide to writing long-form nonfiction by the legendary author and teacher Draft No. 4 is a master class on the writer’s craft. In a series of playful, expertly wrought essays, John McPhee shares insights he has gathered over his career and has refined while teaching at Princeton University, where he has nurtured some of the most esteemed writers of recent decades. McPhee offers definitive guidance in the decisions regarding arrangement, diction, and tone that shape nonfiction pieces, and he presents extracts from his work, subjecting them to wry scrutiny. In one essay, he considers the delicate art of getting sources to tell you what they might not otherwise reveal. In another, he discusses how to use flashback to place a bear encounter in a travel narrative while observing that “readers are not supposed to notice the structure. It is meant to be about as visible as someone’s bones.” The result is a vivid depiction of the writing process, from reporting to drafting to revising―and revising, and revising. Draft No. 4 is enriched by multiple diagrams and by personal anecdotes and charming reflections on the life of a writer. McPhee describes his enduring relationships with The New Yorker and Farrar, Straus and Giroux, and recalls his early years at Time magazine. Throughout, Draft No. 4 is enlivened by his keen sense of writing as a way of being in the world.

Get lost in the pages of this great summer read Preeminent psychologist Lisa Barrett lays out how the brain constructs emotions in a way that could revolutionize psychology, health care, the legal system, and our understanding of the human mind. “Fascinating . . . A thought-provoking journey into emotion science.”—The Wall Street Journal “A singular book, remarkable for the freshness of its ideas and the boldness and clarity with which they are presented.”—Scientific American “A brilliant and original book on the science of emotion, by the deepest thinker about this topic since Darwin.”—Daniel Gilbert, best-selling author of Stumbling on Happiness The science of emotion is in the midst of a revolution on par with the discovery of relativity in physics and natural selection in biology. Leading the charge is psychologist and neuroscientist Lisa Feldman Barrett, whose research overturns the long-standing belief that emotions are automatic, universal, and hardwired in different brain regions. Instead, Barrett shows, we construct each instance of emotion through a unique interplay of brain, body, and culture. A lucid report from the cutting edge of emotion science, How Emotions Are Made reveals the profound real-world consequences of this breakthrough for everything from neuroscience and medicine to the legal system and even national security, laying bare the immense implications of our latest and most intimate scientific revolution.

“Ray Dalio’s excellent study provides an innovative way of thinking about debt crises and the policy response.” - Ben Bernanke ?“Ray Dalio’s book is must reading for anyone who aspires to prevent or manage through the next financial crisis.” - Larry Summers “A terrific piece of work from one of the world’s top investors who has devoted his life to understanding markets and demonstrated that understanding by navigating the 2008 financial crisis well.” - Hank Paulson “An outstanding history of financial crises, including the devastating crisis of 2008, with a very valuable framework for understanding why the engine of the financial system occasionally breaks down, and what types of policy actions by central banks and governments are necessary to resolve systemic financial crises. This should serve as a play book for future policy makers, with practical guidance about what to do and what not to do.” - Tim Geithner “Dalio’s approach, as in his investment management, is to synthesize information, and to convert a sprawling and multi-faceted issue into a clear-cut process of cause and effect.  Critically, he simplifies without over-simplifying.” - Financial Times For the 10th anniversary of the 2008 financial crisis, one of the world’s most successful investors, Ray Dalio, shares his unique template for how debt crises work and principles for dealing with them well. This template allowed his firm, Bridgewater Associates, to anticipate events and navigate them well while others struggled badly. As he explained in his #1 New York Times Bestseller, Principles: Life & Work, Dalio believes that most everything happens over and over again through time so that by studying their patterns one can understand the cause-effect relationships behind them and develop principles for dealing with them well. In this 3-part research series, he does that for big debt crises and shares his template in the hopes reducing the chances of big debt crises happening and helping them be better managed in the future. The template comes in three parts:: 1) The Archetypal Big Debt Cycle (which explains the template), 2) 3 Detailed Cases (which examines in depth the 2008 financial crisis, the 1930’s Great Depression, and the 1920’s inflationary depression of Germany’s Weimar Republic), and 3) Compendium of 48 Cases (which is a compendium of charts and brief descriptions of the worst debt crises of the last 100 years). Whether you’re an investor, a policy maker, or are simply interested, the unconventional perspective of one of the few people who navigated the crises successfully, Principles for Navigating Big Debt Crises will help you understand the economy and markets in revealing new ways.

NEW YORK TIMES BESTSELLER • From the Booker Prize–winning author of Lincoln in the Bardo and Tenth of December comes a literary master class on what makes great stories work and what they can tell us about ourselves—and our world today. LONGLISTED FOR THE PEN/DIAMONSTEIN-SPIELVOGEL AWARD • ONE OF THE BEST BOOKS OF THE YEAR: The Washington Post, NPR, Time, San Francisco Chronicle, Esquire, Milwaukee Journal Sentinel, Town & Country, The Rumpus, Electric Lit, Thrillist, BookPage • “[A] worship song to writers and readers.”—Oprah Daily For the last twenty years, George Saunders has been teaching a class on the Russian short story to his MFA students at Syracuse University. In A Swim in a Pond in the Rain, he shares a version of that class with us, offering some of what he and his students have discovered together over the years. Paired with iconic short stories by Chekhov, Turgenev, Tolstoy, and Gogol, the seven essays in this book are intended for anyone interested in how fiction works and why it’s more relevant than ever in these turbulent times. In his introduction, Saunders writes, “We’re going to enter seven fastidiously constructed scale models of the world, made for a specific purpose that our time maybe doesn’t fully endorse but that these writers accepted implicitly as the aim of art—namely, to ask the big questions, questions like, How are we supposed to be living down here? What were we put here to accomplish? What should we value? What is truth, anyway, and how might we recognize it?” He approaches the stories technically yet accessibly, and through them explains how narrative functions; why we stay immersed in a story and why we resist it; and the bedrock virtues a writer must foster. The process of writing, Saunders reminds us, is a technical craft, but also a way of training oneself to see the world with new openness and curiosity. A Swim in a Pond in the Rain is a deep exploration not just of how great writing works but of how the mind itself works while reading, and of how the reading and writing of stories make genuine connection possible.

A Best Book of 2021 by Bloomberg BusinessWeek, Time, and The Washington Post The bestselling author of Leonardo da Vinci and Steve Jobs returns with a “compelling” (The Washington Post) account of how Nobel Prize winner Jennifer Doudna and her colleagues launched a revolution that will allow us to cure diseases, fend off viruses, and have healthier babies. When Jennifer Doudna was in sixth grade, she came home one day to find that her dad had left a paperback titled The Double Helix on her bed. She put it aside, thinking it was one of those detective tales she loved. When she read it on a rainy Saturday, she discovered she was right, in a way. As she sped through the pages, she became enthralled by the intense drama behind the competition to discover the code of life. Even though her high school counselor told her girls didn’t become scientists, she decided she would. Driven by a passion to understand how nature works and to turn discoveries into inventions, she would help to make what the book’s author, James Watson, told her was the most important biological advance since his codiscovery of the structure of DNA. She and her collaborators turned a curiosity of nature into an invention that will transform the human race: an easy-to-use tool that can edit DNA. Known as CRISPR, it opened a brave new world of medical miracles and moral questions. The development of CRISPR and the race to create vaccines for coronavirus will hasten our transition to the next great innovation revolution. The past half-century has been a digital age, based on the microchip, computer, and internet. Now we are entering a life-science revolution. Children who study digital coding will be joined by those who study genetic code. Should we use our new evolution-hacking powers to make us less susceptible to viruses? What a wonderful boon that would be! And what about preventing depression? Hmmm…Should we allow parents, if they can afford it, to enhance the height or muscles or IQ of their kids? After helping to discover CRISPR, Doudna became a leader in wrestling with these moral issues and, with her collaborator Emmanuelle Charpentier, won the Nobel Prize in 2020. Her story is an “enthralling detective story” (Oprah Daily) that involves the most profound wonders of nature, from the origins of life to the future of our species.

Two investment advisors present their predictions for the coming years and outline the practical consequences of adapting to the new global economy and the information age

NEW YORK TIMES BESTSELLER * MORE THAN ONE MILLION COPIES SOLD “A provocative read...There are few tomes that coherently map such broad economic histories as well as Mr. Dalio’s. Perhaps more unusually, Mr. Dalio has managed to identify metrics from that history that can be applied to understand today.” —Andrew Ross Sorkin, The New York Times From legendary investor Ray Dalio, author of the #1 New York Times bestseller Principles, who has spent half a century studying global economies and markets, Principles for Dealing with the Changing World Order examines history’s most turbulent economic and political periods to reveal why the times ahead will likely be radically different from those we’ve experienced in our lifetimes—and to offer practical advice on how to navigate them well. A few years ago, Ray Dalio noticed a confluence of political and economic conditions he hadn’t encountered before. They included huge debts and zero or near-zero interest rates that led to massive printing of money in the world’s three major reserve currencies; big political and social conflicts within countries, especially the US, due to the largest wealth, political, and values disparities in more than 100 years; and the rising of a world power (China) to challenge the existing world power (US) and the existing world order. The last time that this confluence occurred was between 1930 and 1945. This realization sent Dalio on a search for the repeating patterns and cause/effect relationships underlying all major changes in wealth and power over the last 500 years. In this remarkable and timely addition to his Principles series, Dalio brings readers along for his study of the major empires—including the Dutch, the British, and the American—putting into perspective the “Big Cycle” that has driven the successes and failures of all the world’s major countries throughout history. He reveals the timeless and universal forces behind these shifts and uses them to look into the future, offering practical principles for positioning oneself for what’s ahead.

Learn the science behind the headlines―the tools of terrorists, the dangers of nuclear power, and the reality of global warming. We live in complicated, dangerous times. They are also hyper-technical times. As citizens who will elect future presidents of the most powerful and influential country in the world, we need to know―truly understand, not just rely on television's talking heads―if Iran's nascent nuclear capability is a genuine threat to the West, if biochemical weapons are likely to be developed by terrorists, if there are viable alternatives to fossil fuels that should be nurtured and supported by the government, if nuclear power should be encouraged, and if global warming is actually happening. This book is written in everyday, nontechnical language on the science behind the concerns that our nation faces in the immediate future. Even active readers of serious journalism will be surprised by the lessons that the book contains. It is "must-have" information for all presidents―and citizens―of the twenty-first century.

An instant New York Times bestseller! In his last completed novel, John le Carré turns his focus to the world that occupied his writing for the past sixty years—the secret world itself. “[Le Carré] was often considered one of the finest novelists, period, since World War II. It’s not that he 'transcended the genre,' as the tired saying goes; it’s that he elevated the level of play… [Silverview’s] sense of moral ambivalence remains exquisitely calibrated.” —The New York Times Book Review Julian Lawndsley has renounced his high-flying job in the city for a simpler life running a bookshop in a small English seaside town. But only a couple of months into his new career, Julian’s evening is disrupted by a visitor. Edward, a Polish émigré living in Silverview, the big house on the edge of town, seems to know a lot about Julian’s family and is rather too interested in the inner workings of his modest new enterprise. When a letter turns up at the door of a spy chief in London warning him of a dangerous leak, the investigations lead him to this quiet town by the sea . . . Silverview is the mesmerizing story of an encounter between innocence and experience and between public duty and private morals. In his inimitable voice John le Carré, the greatest chronicler of our age, seeks to answer the question of what we truly owe to the people we love.

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.

Wall Street Journal, USA Today, and Publishers Weekly Bestseller The secret to leading growth is your mindset Snowflake CEO Frank Slootman is one of the tech world's most accomplished executives in enterprise growth, having led Snowflake to the largest software IPO ever after leading ServiceNow and Data Domain to exponential growth and the public market before that. In Amp It Up: Leading for Hypergrowth by Raising Expectations, Increasing Urgency, and Elevating Intensity, he shares his leadership approach for the first time. Amp It Up delivers an authoritative look at what it takes to transform an organization for maximum growth and scale. Slootman shows that most leaders have significant room to improve their organization's performance without making expensive changes to their talent, structure, or fundamental business model―and they don’t need to bring in an army of consultants to do it. What they do need is to align people around what matters and execute with urgency and intensity every day. Leading for unprecedented growth means declaring war on mediocrity, breaking the status quo, and making conflicted choices daily, all with a relentless focus on the mission. Amp It Up provides the first principles to guide that change, and the tactical advice for organizing a company around them. Perfect for executives, entrepreneurs, founders, managers, and leaders of all kinds, Amp It Up is a must-read resource for anyone who seeks to unleash the growth potential of a company and scale it to heights they never thought possible.

An Economist Best Book of the Year A Financial Times Best Book of the Year A Foreign Affairs Best Book of the Year A ProMarket Best Political Economy Book of the Year One of The Week’s Ten Best Business Books of the Year A cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse. We think we’ve seen financial innovation. We bank from laptops and buy coffee with the wave of a phone. But these are minor miracles compared with the dizzying experiments now underway around the globe, as businesses and governments alike embrace the possibilities of new financial technologies. As Eswar Prasad explains, the world of finance is at the threshold of major disruption that will affect corporations, bankers, states, and indeed all of us. The transformation of money will fundamentally rewrite how ordinary people live. Above all, Prasad foresees the end of physical cash. The driving force won’t be phones or credit cards but rather central banks, spurred by the emergence of cryptocurrencies to develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve unpredictably as global corporations like Meta and Amazon join the game. The changes will be accompanied by snowballing innovations that are reshaping finance and have already begun to revolutionize how we invest, trade, insure, and manage risk. Prasad shows how these and other changes will redefine the very concept of money, unbundling its traditional functions as a unit of account, medium of exchange, and store of value. The promise lies in greater efficiency and flexibility, increased sensitivity to the needs of diverse consumers, and improved market access for the unbanked. The risk is instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.

From the host of NPR’s Planet Money, the deeply-investigated story of how one visionary, dogged investor changed American finance forever. Before Bill Gross was known among investors as the Bond King, he was a gambler. In 1966, a fresh college grad, he went to Vegas armed with his net worth ($200) and a knack for counting cards. $10,000 and countless casino bans later, he was hooked: so he enrolled in business school. The Bond King is the story of how that whiz kid made American finance his casino. Over the course of decades, Bill Gross turned the sleepy bond market into a destabilized game of high risk, high reward; founded Pimco, one of today’s most powerful, secretive, and cutthroat investment firms; helped to reshape our financial system in the aftermath of the Great Recession―to his own advantage; and gained legions of admirers, and enemies, along the way. Like every American antihero, his ambition would also be his undoing. To understand the winners and losers of today’s money game, journalist Mary Childs argues, is to understand the bond market―and to understand the bond market is to understand the Bond King.

An electrifying biography of one of the most extraordinary scientists of the twentieth century and the world he made. The smartphones in our pockets and computers like brains. The vagaries of game theory and evolutionary biology. Nuclear weapons and self-replicating spacecrafts. All bear the fingerprints of one remarkable, yet largely overlooked, man: John von Neumann. Born in Budapest at the turn of the century, von Neumann is one of the most influential scientists to have ever lived. A child prodigy, he mastered calculus by the age of eight, and in high school made lasting contributions to mathematics. In Germany, where he helped lay the foundations of quantum mechanics, and later at Princeton, von Neumann’s colleagues believed he had the fastest brain on the planet―bar none. He was instrumental in the Manhattan Project and the design of the atom bomb; he helped formulate the bedrock of Cold War geopolitics and modern economic theory; he created the first ever programmable digital computer; he prophesized the potential of nanotechnology; and, from his deathbed, he expounded on the limits of brains and computers―and how they might be overcome. Taking us on an astonishing journey, Ananyo Bhattacharya explores how a combination of genius and unique historical circumstance allowed a single man to sweep through a stunningly diverse array of fields, sparking revolutions wherever he went. The Man from the Future is an insightful and thrilling intellectual biography of the visionary thinker who shaped our century. 12 illustrations