Against the gods is a beautiful narrative on the history of risk management. The book is divided in to 5 periods where the story of risk is presented. Jun 18, 2015 i came across this book when i was searching for a book that covers the history of reinsurance industry. Rent against the gods the remarkable story of risk 1st edition 9780471295631 and save up to 80% on textbook rentals and 90% on used textbooks. Bernstein, an economic consultant, describes in against the gods how the rational process of risk taking propelled the process of science and enterprise into the modern world of speed, power, instant communication, and sophisticated finance. Download for offline reading, highlight, bookmark or take notes while you read against the gods. He managed the fidelity magellan fond, which achieve an annual return of 29% between 19771990, and never had a year with negative returns even 1987. Peter l bernstein against the gods, a narrative that reads like a novel, chronicles the remarkable intellectual adventure that liberated humanity from the oracles and soothsayers by means of the powerful tools of. At this point, the whole story takes a more practical turn, and elements of modern finance start to appear. Shadow finds out that wednesday is really the norse god odin, and that all the gods came to america with the immigrants who believed in them. Unfortunately, bernstein just isnt a very strong writer.
What are some important takeaways from against the gods. The remarkable story of risk traces not only their relationship, but the complete history of mans understanding of probability and risk. This book dives into how these incredible results was achieved. Beginning with greek mythology, bernstein shows how cultural ideas about risk and probability evolved through arab mathematics, the european enlightenment and chicago school. Fibonacci, liber abaci to the 1990s option pricing by blackscholes. The actions we dare to take, which depend on how free we are to make choices, are what the story of risk is all about. I expected this book to be a typical dry book on a given financial subject, detailing use, application, and theory. The remarkable story of risk discusses the history of risk management. The concept of risk and probability was not developed during ancient times, though the need was certainly there. As a former mathematics and classics student, i was intrigued by the books early discussion of risk from a perspective ranging from the time of cave dwellers to ancient grecoroman philosophers. Bernstein, and i highly recommend it to just about everyone not just engineers or economists. However the initial few chapters are fascinating full of small stories about. Bernstein is an outstanding book about the evolution of risk and mans attempt to understand it. The remarkable story of risk ebook written by peter l.
Robert heilbroner author, the worldly philosophers with his wonderful knowledge of the history and current manifestations of risk, peter bernstein brings us against the gods. When economic activity consists of agriculture, hunting and fishing, the great unknown is the weather. In chapter 1 bernstein elevates these achievements to a defining role in history. In the same chapter in which he discusses the work of john graunt, for. Against the gods the remarkable story of risk company logo peter l. Though we have come a long way since pascal and fermat, the story of risk is not over. Oct 15, 2017 the author of beating the street, peter lynch, is indeed a phenomenal investor. It is stated that bernstein has authored six books on economics and finance and is the head of a consulting firm for institutional investors.
Booz prize for the most insightful, innovative management book published in 1996. Worthno one else could have written a book of such central importance with so much charm and. Everyday low prices and free delivery on eligible orders. Throughout history man has always experienced winning and losing streaks. In a narrative that reads like a novel and on a timeline from the greek philosophers to todays computer generation, bernstein takes us on a detailed, knowledgeable and thoroughly enjoyable journey through the key periods of history, in which he details man. Whether youve loved the book or not, if you give your honest and detailed thoughts then people will find new books that are right for them. In this book peter bernstein takes through the story of risk right from the. Gambling is mentioned in the chapter by not only in the means of game purposes, but in life trials. Chapter 10 peapods and perils regression to the mean provides many decisionmaking systems with their philosophical underpinnings. The remarkable story of risk, a book about risk management and probability, on the redchip money report. With the stock market breaking records almost daily, leaving longtime market analysts shaking their heads and revising their forecasts, a study of the concept of risk seems quite timely.
Start your 48hour free trial to unlock this a god against the gods study guide and get instant access to the following analysis. Against the gods follows the linear progression of mans understanding of probability and risk. The remarkable story of risk in this unique exploration of the role of risk in our society, peter bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the distant past. Against the godsthe remarkable story of risk free download as. Against the gods does not address the first category of risk and, a more important weakness, blurs the boundary between quantified and virtual risks. The remarkable story of risk answers the question by following the path of handling uncertainty from ancient times to modern risk management. Against the gods is an outstanding book about the evolution of risk and mans attempt to understand it. Worth no one else could have written a book of such central importance with so much charm and excitement. Against the gods the remarkable story of risk by peter l. There are few occasions in life when the large selection from against the gods. In the excerpt, dorson explains how immigrants describe their old gods as scared to cross the ocean.
Access a free summary of against the gods, by peter l. Use features like bookmarks, note taking and highlighting while reading against the gods. Against the gods increases our understanding of the evolution of risk, which is not as quite straight forward as we think. It is essentially the story of the achievements of the risk quantifiers and their success in displacing the gods. Ane studies is a relatively recent development only 200 years old and is currently a booming area of research as archaeological discoveries continue to be made. Bernstein and 20,000 other business, leadership and nonfiction books on getabstract. Reinsurance in its simplest form is an insurance bought by an insurance company to spread the risk.
Linkpage citation peter bernstein has done it again. Bernstein i have to admit i was pleasantly surprised by against the gods. The word risk derives from the early italian risicare, whjicjh means to dare. Describe how risk, chance, and probability effect outcomes in our daily lives and in financial markets. It talks about the development of statistical sampling and other various techniques used to quantify events. Bernstein 1996, hardcover at the best online prices at. Worthno one else could have written a book of such central importance with so much charm and excitement.
Book summary of beating the street digging for value. Against the godsthe remarkable story of risk probability. Gaiman then opens the chapter with a quote from an essay titled the american from joe millers jest book, an americanized version of a british joke and witticism book. Against the gods the remarkable story of risk 1st edition. Against the gods the remarkable story of risk, 11102017 pdf against the gods. In this sense, risk is a choice rather than a fate. This book is about how our perception of risk, especially with respect to decisions with financial outcomes, advanced rather slowly from ancient times to the present. Against the gods scientific and mathematical pioneers employed bold thinking to embark on a remarkable adventure of intellectual discovery.
The forgotten wisdom of earths lost civilisation the sequel to fingerprints of the gods injustice. The present book report against the gods the remarkable story of risk analysis argues that capitalism originated from the mathematics of chance or risk. The remarkable story of risk new ed by bernstein, peter l. In this book peter bernstein takes through the story of risk right from the greek history and origin of numbers. The book against god works best when the tone is comic, and tom is at times like the antihero of a picaresque novel, resembling a toneddown version of sebastian dangerfield in j. What is a good summary of the book the winning way. Free shipping and pickup in store on eligible orders. The economista challenging book, one that may change forever the way people think about the world.
Against the gods chronicles the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today. Against the gods sets up an ambitious premise and then delivers on it. Business weekdeserves to be, and surely will be, widely read. Bernstein executive summary as a former mathematics and classics student, i was intrigued by the books early discussion of risk from a perspective ranging from the time of cave dwellers to ancient grecoroman philosophers. First, the book provides a complete overview of the historical role of gambling. Jan 16, 2016 peter bernstein has written a comprehensive history of mans efforts to understand risk and probability, beginning with early gamblers in ancient greece, continuing through the 17thcentury french. The book points out some of problems especially in the area of forecasting where a new way of interpreting and measuring risk may be needed. A business week, new york times business, and usa today bestsellerambitious and readable. The essay portrays americas boundaries as the sun, the. I came across this book when i was searching for a book that covers the history of reinsurance industry.
Peter bernstein has written a comprehensive history of mans efforts to understand risk and probability, beginning with early gamblers in ancient greece, continuing through the. Together with his highly successful predecessor, capital ideas the improbable origins of modern wall street the free press, new york, 1992, bernstein has laid out a remarkably insightful and entertaining history of the. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Through this journey of over 800 years you would read about the history right from the 1200s about leonardo pisano s aka. Times literary supplementtheres a growing market for savants who can render the recondite intelligibly. Peter bernsteins latest book, against the gods the remarkable story of risk, establishes his standing as americas preeminent.
American gods summary from litcharts the creators of sparknotes. The history of probability theory laid out in the initial chapters were fascinating for me. The remarkable story of risk kindle edition by bernstein, peter l download it once and read it on your kindle device, pc, phones or tablets. Bernstein 1998, paperback at the best online prices at. Apr 19, 2009 against the gods the remarkable story of risk company logo peter l. The beginnings of research in the ancient near east 17981872. The remarkable story of risk book online at best prices in india on. Pure chapter submitted 2 hours ago by pure chapter against the gods. The book goes through the early years of probability and comes full circle to the present day. Chapter one begins by informing how the scheme of gambling has dated back from the greco roman era.
And that story helps define what it means to be a human being. Against the gods the remarkable story of riskanalysis. In 1992 he wrote an extraordinarily lucid story of the modern revolution in finance and investment in his book capital ideas. Other readers will always be interested in your opinion of the books youve read. Peter bernsteins latest book, against the gods the remarkable story of risk, establishes his standing as americas preeminent scholarpractitioner in the field of finance. New perspectives on risk perception earthscan risk in society magicians of the gods.
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