An earnest but flawed investigative report.

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THE ASYLUM

THE RENEGADES WHO HIJACKED THE WORLD'S OIL MARKET

A journalist specializing in finance examines the obscure but influential New York Mercantile Exchange (Nymex).

Goodman wrote about Nymex for many years for the Wall Street Journal and other publications before expanding her knowledge into a book. The takeaway is supposed to be that the rough-and-tumble Nymex traders have exercised a powerful influence on domestic and global oil prices for decades. Although the author developed remarkable access to the key players, her hypothesis is sourced more by assertion than by hard evidence. The repeated assertion that the Nymex traders influence oil prices more than oil-producing nations or national governments suggests that Goodman is inflating the importance of her subject. Still, the inside look at a mostly closed institution is enlightening. The traders cut deals on all types of commodities—potatoes dominated until the late ’70s—but oil and other energy sources, including natural gas, interest Goodman the most. Her cast of characters at the beginning of the book numbers nearly 40 individuals, and less-omnipresent characters bring the total to at least 100. Unfortunately, that number is too high for the author to maintain a coherent narrative. The readability of the book is also harmed by Goodman’s valiant but only partially successful attempts to explain the complex world of futures contracts, arbitrage, hedging, short selling and other artifices intended to make Nymex traders wealthy. The traders are almost all male and almost all macho, many without education beyond high school and many on the trading floor while under the influence of illegal narcotics, alcohol and tobacco. Only a handful of characters are even remotely sympathetic. Goodman's details about the infighting within the Nymex membership are astounding, mainly because the members do not seem to realize they are destroying their path to wealth. An epilogue brings readers up to date about many of the characters.

An earnest but flawed investigative report.

Pub Date: Feb. 15, 2011

ISBN: 978-0-06-176627-5

Page Count: 416

Publisher: Morrow/HarperCollins

Review Posted Online: Dec. 2, 2010

Kirkus Reviews Issue: Dec. 1, 2010

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Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...

THINKING, FAST AND SLOW

A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.

The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.

Pub Date: Nov. 1, 2011

ISBN: 978-0-374-27563-1

Page Count: 512

Publisher: Farrar, Straus and Giroux

Review Posted Online: Sept. 4, 2011

Kirkus Reviews Issue: Sept. 15, 2011

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A timely, vividly realized reminder to slow down and harness the restorative wonders of serenity.

STILLNESS IS THE KEY

An exploration of the importance of clarity through calmness in an increasingly fast-paced world.

Austin-based speaker and strategist Holiday (Conspiracy: Peter Thiel, Hulk Hogan, Gawker, and the Anatomy of Intrigue, 2018, etc.) believes in downshifting one’s life and activities in order to fully grasp the wonder of stillness. He bolsters this theory with a wide array of perspectives—some based on ancient wisdom (one of the author’s specialties), others more modern—all with the intent to direct readers toward the essential importance of stillness and its “attainable path to enlightenment and excellence, greatness and happiness, performance as well as presence.” Readers will be encouraged by Holiday’s insistence that his methods are within anyone’s grasp. He acknowledges that this rare and coveted calm is already inside each of us, but it’s been worn down by the hustle of busy lives and distractions. Recognizing that this goal requires immense personal discipline, the author draws on the representational histories of John F. Kennedy, Buddha, Tiger Woods, Fred Rogers, Leonardo da Vinci, and many other creative thinkers and scholarly, scientific texts. These examples demonstrate how others have evolved past the noise of modern life and into the solitude of productive thought and cleansing tranquility. Holiday splits his accessible, empowering, and sporadically meandering narrative into a three-part “timeless trinity of mind, body, soul—the head, the heart, the human body.” He juxtaposes Stoic philosopher Seneca’s internal reflection and wisdom against Donald Trump’s egocentric existence, with much of his time spent “in his bathrobe, ranting about the news.” Holiday stresses that while contemporary life is filled with a dizzying variety of “competing priorities and beliefs,” the frenzy can be quelled and serenity maintained through a deliberative calming of the mind and body. The author shows how “stillness is what aims the arrow,” fostering focus, internal harmony, and the kind of holistic self-examination necessary for optimal contentment and mind-body centeredness. Throughout the narrative, he promotes that concept mindfully and convincingly.

A timely, vividly realized reminder to slow down and harness the restorative wonders of serenity.

Pub Date: Oct. 1, 2019

ISBN: 978-0-525-53858-5

Page Count: 288

Publisher: Portfolio

Review Posted Online: July 21, 2019

Kirkus Reviews Issue: Aug. 15, 2019

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