A welcome book that blends financial investigation with useful investment strategies.
There’s a sucker born every minute—and, as the recent GameStop bubble showed, there’s a Wall Street army waiting to take their money.
Financial journalist Jakab, a former stock analyst at Credit Suisse, turns received wisdom on its head. Where the recent GameStop run from nearly worthless paper to vastly inflated stock has been touted as a win for the little guy, the author considers the situation a model of stock market insiders knowing how to play whatever game is on the table. Those who bargained that GameStop was a sure thing didn’t understand the game of selling short, one that requires nerves of steel and, typically, deep pockets. “Wall Street likes volatility,” Jakab writes, again against received wisdom, “and it absolutely loves it when millions of new, inexperienced investors rush in with their savings.” Because those new investors trusted not the insiders but instead the knowledge of a crowd, they were ripe for the plucking, while big investors were also clamoring for a piece of the action. “Suddenly brokers like Robinhood suspended the ability to buy more of the stocks that were on everybody’s lips,” writes the author. “No such restrictions were placed on the fat cats, though. The game was rigged! But it always has been.” Jakab’s account of how Wall Street works requires financial common sense and some numeracy, though it’s quite accessible. He’s also a seasoned journalist who leavens money talk with human interest stories, including some that concern people who couldn’t really afford the loss but who lost on GameStop anyway. This is the valuable part of the book for would-be investors. The author writes that he “has warned against the dangers of free trading and free advice on the internet, both of which spurred mainly young people to be hyperactive trend chasers.” Good advice is available, but it costs—just as it costs time and money to be a conscious investor.
A welcome book that blends financial investigation with useful investment strategies.Pub Date: Feb. 1, 2022
ISBN: 978-0-593-42115-4
Page Count: 320
Publisher: Portfolio
Review Posted Online: Jan. 20, 2022
Kirkus Reviews Issue: Feb. 15, 2022
Cogent, well-timed ideas for meeting today’s biggest challenges.
Helping liberals get out of their own way.
Klein, a New York Times columnist, and Thompson, an Atlantic staffer, lean to the left, but they aren’t interrogating the usual suspects. Aware that many conservatives have no interest in their opinions, the authors target their own side’s “pathologies.” Why do red states greenlight the kind of renewable energy projects that often languish in blue states? Why does liberal California have the nation’s most severe homelessness and housing affordability crises? One big reason: Liberal leadership has ensnared itself in a web of well-intentioned yet often onerous “goals, standards, and rules.” This “procedural kludge,” partially shaped by lawyers who pioneered a “democracy by lawsuit” strategy in the 1960s, threatens to stymie key breakthroughs. Consider the anti-pollution laws passed after World War II. In the decades since, homeowners’ groups in liberal locales have cited such statutes in lawsuits meant to stop new affordable housing. Today, these laws “block the clean energy projects” required to tackle climate change. Nuclear energy is “inarguably safer” than the fossil fuel variety, but because Washington doesn’t always “properly weigh risk,” it almost never builds new reactors. Meanwhile, technologies that may cure disease or slash the carbon footprint of cement production benefit from government support, but too often the grant process “rewards caution and punishes outsider thinking.” The authors call this style of governing “everything-bagel liberalism,” so named because of its many government mandates. Instead, they envision “a politics of abundance” that would remake travel, work, and health. This won’t happen without “changing the processes that make building and inventing so hard.” It’s time, then, to scrutinize everything from municipal zoning regulations to the paperwork requirements for scientists getting federal funding. The authors’ debut as a duo is very smart and eminently useful.
Cogent, well-timed ideas for meeting today’s biggest challenges.Pub Date: March 18, 2025
ISBN: 9781668023488
Page Count: 320
Publisher: Avid Reader Press
Review Posted Online: Jan. 16, 2025
Kirkus Reviews Issue: Feb. 15, 2025
BOOK REVIEW
PERSPECTIVES
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
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. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
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