A look inside what one investing whiz kid called a Pandora’s box—one that, Popper makes clear, won’t soon be closed.
A sidelong though revealing look at the odd “laddish” subculture that has fueled private Wall Street trading for the last few years.
Whereas Ben Mezrich’s The Antisocial Network and Spencer Jakab’s The Revolution That Wasn’t were straightforward takes on the GameStop meltdown, former New York Times finance and technology reporter Popper, author of Digital Gold, is more interested in some of the subthemes behind the debacle. Though he pays attention to the bigger picture, he is especially good in his portraits of the little actors whose interactions turned disastrous—and even dangerous. At the center of the narrative is WallStreetBets, an online forum that “fed into a whole universe of lonely, often mistrustful young men.” The community arose at a time when many young men decided that they were just aggrieved enough to become vocal Trump supporters, some diving headlong into QAnon and 4chan, most venting at some point or another about the unfair economic cards they’d been handed after the recession of 2008. In the process, Popper writes, WallStreetBets and its founders remade the small-investment landscape: Whereas $21 billion came onto the table through amateur traders in 2019, four years later, that figure was $118 billion. Much of the side-bet activity centered on cryptocurrency. However, as a survey conducted by Charles Schwab revealed, those young investors “started with the goal of notching short-term wins but were learning from their mistakes and focusing more on long-term investing,” democratizing the market with fresh blood and money. Popper’s account is densely detailed on both the financial and technical fronts—aspiring investors will learn some valuable information—but the author never loses focus on the people involved, however disaffected and conflicted.
A look inside what one investing whiz kid called a Pandora’s box—one that, Popper makes clear, won’t soon be closed.Pub Date: June 11, 2024
ISBN: 9780063205864
Page Count: 352
Publisher: Dey Street/HarperCollins
Review Posted Online: May 4, 2024
Kirkus Reviews Issue: June 1, 2024
BOOK REVIEW
Highly instructive for would-be tycoons, with plenty of entertaining interludes.
Well-crafted memoir by the noted media mogul.
Diller’s home life as a youngster was anything but happy; as he writes early on, “The household I grew up in was perfectly dysfunctional.” His mother lived in her own world, his father was knee-deep in business deals, his brother was a heroin addict, and he tried to play by all the rules in order to allay “my fear of the consequences from my incipient homosexuality.” Somehow he fell into the orbit of show business figures like Lew Wasserman (“I was once arrested for joy-riding in Mrs. Wasserman’s Bentley”) and decided that Hollywood offered the right kind of escape. Starting in the proverbial mailroom, he worked his way up to be a junior talent agent, then scrambled up the ladder to become a high-up executive at ABC, head of Paramount and Fox, and an internet pioneer who invested in Match.com and took over a revitalized Ticketmaster. None of that ascent was easy, and Diller documents several key failures along the way, including boardroom betrayals (“What a monumental dope I’d been. They’d taken over the company—in a merger I’d created—with venality and duplicity”) and strategic missteps. It’s no news that the corporate world is rife with misbehavior, but the better part of Diller’s book is his dish on the players: He meets Jack Nicholson at the William Morris Agency, “wandering through the halls, looking for anyone who’d pay attention to him”; hangs out with Warren Beatty, ever on the make; mispronounces Barbra Streisand’s name (“her glare at me as she walked out would have fried a fish”); learns a remedy for prostatitis from Katharine Hepburn (“My father was an expert urological surgeon, and I know what I’m doing”); and much more in one of the better show-biz memoirs to appear in recent years.
Highly instructive for would-be tycoons, with plenty of entertaining interludes.Pub Date: May 20, 2025
ISBN: 9780593317877
Page Count: 352
Publisher: Simon & Schuster
Review Posted Online: May 12, 2025
Kirkus Reviews Issue: June 15, 2025
SEEN & HEARD
SEEN & HEARD
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
SEEN & HEARD
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