The poker face of Wall Street
Aaron BrownGamblers, be they poker players or stock traders, often talk in terms of limiting risk, turning a steady profit and keeping their heads down.
Not Aaron Brown, a Morgan Stanley executive director and card player who specializes in quantitative finance. He says the secret to winning is to embrace risk, not avoid it.
Gambling is more than a sucker's game in which the house wins even when it loses, he says in The Poker Face of Wall Street.
Gambling lies at the heart of economic institutions, he writes, and the reason is obvious: "In order to win, you must take risk.''
Brown's book is both a how-to guide for poker players and an analysis of risk-management techniques he learned on trading floors at banks like Citigroup Inc. and JPMorgan Chase & Co. He convincingly argues that card strategies apply to investing, and he drives his thesis home with real-life examples.
Whether on the Street or on the Strip, Brown steers a course through the choppiest waters in hopes of netting the biggest rewards. Playing it safe is fine for the meek middle classes; he's writing for nonconformists with outsize egos.
Idioma Inglés
Publicación 2006
Editorial Wiley
Categoría Economía y Derecho
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