Book Recommendations From Nassim Taleb
Book Recommendations From Nassim Taleb
Book Recommendations From Nassim Taleb
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(Jan 2017) Perilous Interventions: The Security Council and the Politics of Chaos
(July 2016) Idea Makers: Personal Perspectives on the Lives & Ideas of Some Notable
People
Masterly! This is the page turner par excellence; every new page brings some
surprise and it was impossible for me to put the book down. I even read some of it
during elevator rides, not being able to resist. And truly sophisticated: Nobody but
Peter Tanous would have imagined to cross James Bond with a Catholic priest.”
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A gem: how to go from the abstract to the abstract in a playful way. There is no
book like it.
This book takes us through the formulation of the theorems in “On Landau
damping” by Clément Mouhot and Cédric Villani. Villani is playful in real life, his
research is playful, and the book is playful.
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This is a gem for a singular reason. One sees exactly how Villani (or a pure
mathematician) goes from abstract to abstract without ever exiting the world of
pure and symbolic mathematics, even though the subject concerns a very concrete
real-world topic. I kept waiting for him to use simulations or even plots to see how
the equations worked. But he did not … he and Mouhot had recourse to outside help
(a student or an assistant) for the graphs and he camly noted that they “looked”
great. Later in the book he relied on others to do the numerical work… as an
afterthought. Most physicists, quants, and applied mathematicians would have
played with a computer to get the intuition; Villani just worked with mathematical
objects, abstract mathematical objects, and very abstract at that. And this is a big
deal for the subject because it belongs to a certain class of problems that do not
have analytic solutions, usually requiring numerical approaches.
Landau damping is about something many people are indirectly familiar with. Some
history: Fokker–Planck equation, itself the Kolmogorov forward equation, is used
commonly as the law of motion of particles (hence diffusions in finance). We
quants use it in the main partial stochastic differential equation. In plasma physics
it is related to the Boltzman equation, which, by using mean-interraction in place of
every interration (mean-field), leads to the Vlasov equation. Landau damping is
(sort of) about how things don’t blow up because of some exponential decay.
Proving it outside the linear version remained elusive. Villani and Mouhot set to
prove it. They eventually do.
One note. I read it in the English translation (because I was in a hurry to get the
book), but noticed an oddity that may confuse the reader. “Calcul” in French does
not mean “calculation” (in the sense of numerical calculation) but “derivation”, so
the reader might be confused about calculations thinking they were numerical when
Villani stayed at the abstract/symbolic level.
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I would have read the book in one sitting. It grips you like a detective novel.
PS- Some UK BS operator, the type of journalist with an attempt at some PhD in
something related to physics who thinks he knows it all and is the representative of
the general public trashed the book in the Spectator. Ignore him: the fellow is
clueless. Look at reviews by PRACTICING quants and mathematicians. I do not
think there is another book like this one.
(November
15 2014) Modern Aramaic-English/English-Modern Aramaic Dictionary &
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Phrasebook: Assyrian/Syriac (5 Stars)
There is no way we Levantines can learn the language of our ancestors in an organic
way except via nerds insisting on 1) grammar, 2) writing in one of the unwieldy
Syriac scripts that one cannot even read on a computer screen without dowloading
strange fonts. But Aramaic is still spoken, let us take advantage of it, and figure out
how to say “I want to eat mjaddara” rather than memorize poetry by some dead
author. Aramaic isn’t a dead language and it is the shame Levantines study Arabic
instead of our own heritage.
This book in the Latin alphabet makes both Swadaya and Turoyo alive and easy to
read, with all manner of real-world expressions. One can use it to supplement
scholarly studies, or just to figure out how modern people speak our ancient
language. There are Arabic influences, but the distance between the spoken
language and, say, Bar Hebraeus is quite narrow.
I would suggest the authors expand the dictionary. It would be the only one in the
latin script.
Most excellent, except for very few and small mistakes. “Debo” in Turoyo is not
wolf, but bear.
(April 2014) The Tyranny of Experts: Economists, Dictators, and the Forgotten Rights
of the Poor (5 Stars)
The point that top-down development methods are great on paper but have not
produced benefits (“so far”) is a point Easterly has made before, heavily influencing
yours truly in the formation his own argument against naive interventionism and
the collection of “humanitarians” fulfilling their personal growth and shielding
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themselves from their conscience… This is more powerful: the West has been
putting development ahead of moral issues, patronizingly setting aside the right of
the people to decide their own fate, including whether they want these
“improvements”, hence compounding failure and turning much of development
into an agenda that benefits the careers (and angst) of “humanitarians”, imperial
policies, and, not least, local autocrats *without* any moral contribution. Talking
about a sucker problem.
15 ***
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To put it in an aphorism, they didn’t ask the people if they would rather get respect
and no aid rather than aid and no respect.
(Jan 2014) Modelling Extremal Events: for Insurance and Finance (Stochastic
Modelling and Applied Probability) (5 stars “Indispensable”)
Now this book is the bible for the field. It has been diligently updated. It is
complete, in the sense that there is nothing of relevance that is not mentioned,
treated, or referred to in the text. My business is hidden risk which starts where this
book stops, and I need the most complete text for that.
In spite of the momentous importance of the field, there is a very small number of
mathematicians who deal with tail events; of these there is a smaller group who go
both inside and outside the “Cramer conditions” (intuitively, thin-tailed or
exponential decline).
It is also a book that grows on you. I would have given it a 5 stars when I started
using it; today I give it 6 stars, and certainly 7 next year.
I am buying a second copy for the office. If I had to go on a desert island with 2
probability books, I would take Feller’s two volumes (written >40 years ago) and
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this one.
One housecleaning detail: buy the hardcover, not the paperback as the ink quality is
weaker for the latter.
(Dec 1/2013) The Kelly Capital Growth Investment Criterion: Theory and Practice (5
Stars)
1) The first is to know all parameters about the future and engage in optimized
portfolio construction, a lunacy unless one has a god-like knowledge of the future.
Let us call it Markowitz-style. In order to implement a full Markowitz- style
optimization, one needs to know the entire joint probability distribution of all
assets for the entire future, plus the exact utility function for wealth at all future
times. And without errors! (I have shown that estimation errors make the system
explode.)
2) Kelly’s method (or, rather, Kelly-Thorpe), developed around the same period,
which requires no joint distribution or utility function. It is very robust. In practice
one needs to estimate the ratio of expected profit to worst- case return–
dynamically adjusted to avoid ruin. In the case of barbell transformations, the worst
case is guaranteed (leave 80% or so of your money in reserves). And model error is
much, much milder under Kelly criterion. So, assuming one has the edge (as a sole
central piece of information), engage in a dynamic strategy of variable betting,
getting more conservative after losses (“cut your losses”) and more aggressive
“with the house’s money”. The entire focus is the avoidance of gambler’s ruin.
The first strategy was only embraced by academic financial economists –empty suits
without skin in the game — because you can make an academic career writing BS
papers with method 1 much better than with method 2. On the other hand EVERY
SURVIVING speculator uses explicitly or implicitly method 2 (evidence: Ray Dalio,
Paul Tudor Jones, Renaissance, even Goldman Sachs!) For the first method, think of
LTCM and the banking failure.
Let me repeat. Method 2 is much, much, much more scientific in the true sense of
the word, that is rigorous and applicable. Method 1 is good for “job market papers” .
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Now this book presents all the major papers for the second line of thinking. It is
almost exhaustive; many great thinkers in Information theory and probability (Ed
Thorpe, Leo Breiman, T M Cover, Bill Ziemba) are represented… even the original
paper by Bernouilli.
Buy 2 copies, just in case you lose one. This book has more meat than any other
book in decision theory, economics, finance, etc…
(Sept
15 5/2013) A Few Lessons from Sherlock Holmes (5 Stars)
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We Sherlock Holmes fans, readers, and secret imitators need a map. Here it is. Peter
Bevelin is one of the wisest people on the planet. He went through the books and
pulled out sections from Conan Doyle’s stories that are relevant to us moderns, a
guide to both wisdom and Sherlock Holmes. It makes you both wiser and eager to
reread Sherlock Holmes.
(Aug 31/2013) The Science of Conjecture: Evidence and Probability before Pascal (5
Stars)
This book stands above, way above the rest: I’ve never seen a deeper exposition of
the subject, as this text covers, in addition to the mathematical bases, the true
philosophical origin of the notion of probability. In addition Franklin covers matters
related to ethics and contract law, such as the works of the medieval thinker Pierre
de Jean Olivi, that very few people discuss today.
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When readers and students ask to me for a useable book for nonmathematicians to
get into probability (or a probabilistic approach to statistics), before embarking into
deeper problems, I suggest this book by the Late A. Papoulis. I even recommend it
to mathematicians as their training often tends to make them spend too much time
on limit theorems and very little on the actual “plumbing”.
15 The treatment has no measure theory, cuts to the chase, and can be used as a desk
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reference. If you want measure theory, go spend some time reading Billingsley. A
deep understanding of measure theory is not necessary for scientific and
engineering applications; it is not necessary for those who do not want to work on
theorems and technical proofs.
I’ve notice a few complaints in the comments section by people who felt frustrated
by the treatment: do not pay attention to them. Ignore them. It the subject itself
that is difficult, not this book. The book, in fact, is admirable and comprehensive
given the current state of the art.
I am using this book as a benchmark while writing my own, but more advanced,
textbook (on errors in use of statistical models). Anything derived and presented in
Papoulis, I can skip. And when students ask me what they need as pre-requisite to
attend my class or read my book, my answer is: Papoulis if you are a scientist,
Varadhan if you are more abstract.
There is something admirable about the school of the Russians: they are thinkers
doing math, with remarkable clarity, minimal formalism, and total absence of
unnecessary pedantry one finds in more modern texts (in the post Bourbaki era).
This is of course surprising as one would have expected the exact opposite from the
products of the communist era. Mathematicians should be using this book as a
model for their own composition. You can read it and reread it. Professors should
assign this in addition to modern texts, as readers can get intutions, something alas
absent from modern texts.
I know which books I value when I end up buying a second copy after losing the first
one. This book gives a complete overview of the basis of probability theory with
some grounding in measure theory, and presents the main proofs. It is remarkable
because of its concision and completeness: visibly prof Varadhan lectured from
these notes and kept improving on them until we got this gem. There is not a single
sentence too many, yet nothing is missing.
For those who don’t know who he is, Varadhan stands as one of the greatest
15 probabilists of all time. Learning probability from him is like learning from
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Aristotle.
Varadhan has two other similar volumes one covering stochastic processes the
other into the theory of large deviations (though older than this current text). The
book on Stochastic Processes should be paired with this one.
From the remarks here, people seem to be blaming Derman for not having written
the type of books they usually read… They are blaming him for being original! This
is very philistinic. This book is a personal essay; if you don’t like it, don’t read it,
there is no need to blame the author for not delivering your regular science
reporting. Why don’t you go blame Montaigne for discussing his personal habits in
the middle of a meditation on war inspired by Plutarch?
Body by Science: A Research Based Program to Get the Results You Want in 12
Minutes a Week (5 Stars)
I feel guilty for not having posted a review earlier: I owe a lot to this book. I figured
out the value of intensity training and maximizing recovery. I use the ideas but with
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minor modifications (my own personal workout is entirely based on free weights
and barbells, but I incur –and accept –a risk of injury). I have been applying the
ideas for more than three years. Just get over the inhibitions (and illusions of
control) and accept the idea of training less.
Gratitude.
The Hour Between Dog and Wolf: Risk Taking, Gut Feelings and the Biology of Boom
and Bust (5 Stars)
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I read this book after completing my exposition of overcompensation, how a
stressor or a random event causes an increase in strength, in excess of what is
needed, like a redundancy. I was also looking for evidence of convex reaction to
stressor, or the effect of a mathematical property called Jensen’s inequality in
domains and found it exposed here (in other words, why a combination low dose
(most of the time) and high dose (rarely) beats medium dose all the time. The
authors presents the evidence for the phenomenon in the following: 1) acute
stressors cum recovery beat both absence of stressors and chronic ones; 2) stressors
make one stronger (post traumatic growth); 3) risk management is mediated by the
deep structures in us, not rational decision-making; 4) winning causes an increase
in strength (the latter are more complicated effects of convexity/Jensen’s
Inequality).
Great book. I ignored the connection to financial markets while reading it. But I
learned that when under stress, one should seek the familiar. Bravo!
Until I read this book, Buzzati’s “Il deserto dei tartari” was my favorite novel,
perhaps my only novel, the only one I cared to keep re-reading through life. This is,
remarkably a very similar story about the antichamber of anticipation (rather than
“the antichamber of hope” as I called Buzzati’s book), but written in a much finer
language, by a real writer (Buzzati was a journalist, which made his prose more
functional) ; the style is lapidary with remarkable precision; it has texture, wealth of
details, and creates a mesmerizing athmosphere. Once you enter it, you are stuck
there. I kept telling myself while reading it: “this is the book”. It suddenly replaced
the “deserto”.
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A few caveats/comments. First, I read it in the original French Le Rivage des Syrtes
(French Edition), not in this English translation, but I doubt that the translator can
mess up such a fine style and the imagery. Second, the blurb says Gracq received the
Goncourt prize for it. Julien Gracq REFUSED the Goncourt, he despised the
Parisian literary circles and by 1951 decided to stay in the margin. He stuck to his
publisher José Corti rather than switch to the fancy Gallimard after his success (as
Proust did) (or other publishing houses for the fakes and the selfpromoters). Third,
this book came out a few years after Buzzati’s “deserto”, but before Buzzati was
15 translated into French. I wonder if Gracq had heard of the “deserto”; the
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coincidence is too strong to be ignored.
Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from
Itself (5 Stars)
I don’t have time for a full review for now; all I have to say is that we have the
account of a person who says it the way it was, revealing the types of truths that
don’t fit the New York Times and others pawns. When history is written, this will be
used, not the spin by the bankers’ slaves and soldiers (Geithner, Rubin et al.) Bravo
Sheila!
Free The Animal: Lose Weight & Fat With The Paleo Diet (5 stars)
A charming primer on the paleo idea, with an illustration through the authors own
life. I read it in one sitting.
Why Everyone (Else) Is a Hypocrite: Evolution and the Modular Mind (5 stars)
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The style is readable, & the author has an attitude (with is a very good thing, but his
jokes are often bland, not aggressive enough). While I strongly disagree with his
treatment of morality (I am deontic), I can safely say, so far, that this is not just one
of the best books in cognitive science, but certainly one of the most readable.
Explaining Social Behavior: More Nuts and Bolts for the Social Sciences (5 stars)
I read this book twice. The first time, I thought that it was excellent, the best
15 compendium of ideas of social science by arguably the best thinker in the field. I
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took copious notes, etc. I agreed with its patchwork-style approach to rational
decision making. I knew that it had huge insights applicable to my refusal of general
theories [they don’t work], rather limit ourselves to nuts and bolts [they work].
Then I started reading it again, as the book tends to locate itself by my bedside and
sneaks itself in my suitcase when I go on a trip. It is as if the book wanted me to
read it. It is what literature does to you when it is at its best. So I realized why: it
had another layer of depth –and the author distilled ideas from the works of Proust,
La Rochefoucault, Tocqueville, Montaigne, people with the kind of insights that
extend beyond the ideas, and that makes you feel that a reductionist academic
treatment of the subject will necessary distort it [& somehow Elster managed to
combine Montaigne and Kahneman-Tversky]. So as an anti-Platonist I finally found
a rigorous treatment of human nature that is not Platonistic –not academic (in the
bad sense of the word).
The Discovery of France: A Historical Geography from the Revolution to the First
World War (5 stars)
This book has wonderful qualities that I am certain will be picked up by other
reviewers. But I would like to add the following. This is the most profound
examination of how nationality is enforced on a group of people, with the internal
colonization process and the stamping out of idiosyncratic traits. As someone
suspicious of government and state control, I was wondering how France did so
well in spite of having a big government. This book gave me the answer: it took a
long time for the government and the “nation” to penetrate the depth of deep
France, “la France profonde”. It was not until recently that French was spoken by
the majority of the citizens. Schools taught French but it was just like Greek or
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Latin: people forgot it right after they finished their (short) school life. For a long
time France’s villages were unreachable.
Good Calories, Bad Calories: Challenging the Conventional Wisdom on Diet, Weight
Control, and Disease (5 stars)
15 Gary Taubes is a true empiricist. I can’t believe people hold on to the Platonicity of
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the thermodynamic theory of diet (calorie in = calorie out).
Read it twice, once for the diet, once a a rich document in the history of science.
Plato and a Platypus Walk into a Bar: Understanding Philosophy Through Jokes (4
stars)
I read Plato and the Platypus by Umberto Eco, which I found brilliant and was
sucked into buying this book thinking it was about the same problem of categories.
But Philosophy this is not, or if it is, it is not deep enough to give satisfaction. This
is like a brief drink in an airplane lounge with someone funny, smart, witty, but not
too funny. So I would give it my lowest rating: 4 stars (as an author I can’t give
below that –I just would not review).
Would I buy it again? Perhaps, but only for a plane ride. It left me very very hungry
for both jokes and philosophy.
I like the book for many reasons –the main one is that it was written by a
practitioner who knows what he wants, not by an academic.
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Enjoy it.
I initially bought this book as I was curious about the differences between Eastern &
Western traditions, particularly with the notion of theosis –the deification of man.
This book goes far deeper, and covers pre-Christian practices (like Stoic thoughts,
the deifications of Kings, Roman Emperors, that of private citizens who committed
15 symbolic acts –such as Antinous, Hadrian’s obsession, who drowned to “save”
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mankind and other sotirologies).
The book was initially Russell’s doctoral thesis, which, as far as I can guess from the
dates, had to have been completed when he was in late middle age. But he made it
very readable, free of the theophilosophical jargon of similar texts. He still has
quotes in the original language and it is a true piece of scholarship.
I spent my life focusing on the errors of statistics and how they sometimes fail us in
real life, because of the misinterpretation of what the techniques can do for you.
This book is outstanding in the following two aspects: 1) It is of immense clarity,
embedding everything in real situations, 2) It uses the real-life situation to critique
the statistical model and show you the limit of statistic. For instance, he shows a
few anecdotes here and there to illustrate how correlation between two variables
might not mean anything causal, or how asymptotic properties may not be relevant
in real life.
This is the first statistics book I’ve seen that cares about presenting statistics as a
tool to GET TO THE TRUTH.
Please buy it.
Controlled experiment can easily show absence of design in medical research: you
compare the results of top-down directed research to randomly generated
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discoveries. Well, the U.S. government provides us with the perfect experiment for
that: the National Cancer Institute that came out of the Nixon “war on cancer” in
the early 1970s.
“Despite the Herculean effort and enormous expense, only a few drugs for the
treatment of cancer were found through NCI’s centrally directed, targeted program.
Over a twenty-year period of screening more than 144,000 plant extracts,
representing about 15,000 species, not a single plant-based anticancer drug reached
15 approved status. This failure stands in stark contrast to the discovery in the late
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1950s of a major group of plant-derived cancer drugs, the Vinca Alcaloids -a
discovery that came about by chance, not through directed research.”
We did not realize that cures for cancer had been coming from other brands of
research. You search for noncancer drugs and find something you were not looking
for (and vice versa). But the interesting constant:
a- The discoverer is almost always treated like an idiot by his colleagues. Meyers
describes the vicious side effect of “peer reviewing”.
b- Often people see the result but cannot connect the dots (researchers are autistic
in their own way).
c- The members of the guild gives the researcher a hard time for not coming from
their union. Pasteur was a chemist not a doctor/biologist. The establishment kept
asking him “where is your M.D., monsieur”. Luckily Pasteur had too much
confidence to be deterred.
d- Many of the results are initially discovered by an academic researchers who
neglects the consequences because it is not his job –he has a script to follow. Or he
cannot connect the dots because he is a nerd. Meyers uses Darwin as the ultimate
model: the independent gentleman scholar who does not need anyone and can
follow a lead when he sees it.
e- It seems to me that discoverers are nonnerds.
Now it is depressing to see the works of the late Roy Porter, a man with remarkable
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curiosity and a refined intellect, who wrote many charming books on the history of
medicine. Does the narrative fallacy cancels everything he did? I hope not. We
urgently need to rewrite the history of medicine without the ex post explanations.
Meyers started the process: he provides data for modern medicine since, say,
Pasteur. I am more interested in the genesis of the field before the Galenic
nerdification.
Other quant books do not have such notions as “pricing kernel” and economic
theoretical matters. I would recommend it as a necessary piece of the “quant”
toolkit. Every quant should have it as a background tool as the usual quant literature
is standalone and devoid of these concepts.
People vote with their wallet –particularly when they do it a second time, when they
REpurchase. Those who believe in the “revelation of preferences” should note that
there are books one buys again when a copy is lost –particularly when they are read
cover to cover.
I am buying another copy of this book as mine was lost or misplaced. That should
speak volumes.
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The Wisdom Paradox: How Your Mind Can Grow Stronger As Your Brain Grows Older
(5 stars)
If you like the thinker’s prose, the so-called “romantic science”,a style attributed to
the Russian neuroscientist A. R. Luria,which consists in publishing original research
in literary form, you would love this book. Clearly intellectual scientists are
vanishing under the weight of the commoditization of the discipline. But once in a
while someone emerges to reverse such setbacks.
Goldberg, who was the great Luria’s student and collaborator, is even more colorful
and fun to read than the master. He is egocentric, abrasive, opinionated, and
colorful. He is also disdainful of the conventional beliefs in neurosciences –for
instance he is suspicious of the assignment of specific functions, such as language,
to anatomical regions. He is also skeptical of the journalistic “triune” brain. His
theory is that the hemispheric specialization is principally along pattern matching
and information processing lines:the left side stores patterns, while the right one
processes novel tasks. It is convincing to see that children suffer more from a right
brain injury, while adults have the opposite effect.
There is a little bit of open plugging of Goldberg’s for-profit institute;he would have
gotten better results by being subtle. A fre minor points. I did not understand why
Goldberg discusses “modularity”, of which he is critical, as if it were the same thing
in both neurobiology and in cognitive science. In neurobiology, modularity implies
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regional localization, while cognitive scientists (Marr, Fodor, etc.) make no such
assumption: for them it is entirely functional and they would be in great agreement
with Goldberg. Also I did not understand why he attributes the language instinct to
Pinker, not Chomsky, and why he makes snide remarks about behavioral scientists
like Kahneman and Tversky. But these are very minor details that do not weaken the
message (I still gave the book 5 stars). I am now spoiled; I need more essays by
opinionated, original,and intellectual, contemporary scientists.
The
15 Sunday Philosophy Club : An Isabel Dalhousie Mystery (5 stars)
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If your interests are limited to mystery books, nothing else, this book is not for you.
I initially bought this book because of the title, thinking that we would have a
female version of Her Professor Dr Dr (Hon.) Moritz-Maria von Igenfeld, the
Pninish uberscholar philologist who wrote the seminal Portugese Irregular Verbs
(“after which there was nothing left to discuss about the subject, Nothing.”). I was
curious to see how he would present a female version of such scholar.
He did not. Nor was it a detective story, although there is an element of suspense.
This book is about Applied Ethics, a subject about which the author seems to know
a bit. It also makes you feel like leading a quite thinking life in Edinburgh.
I don’t want to spoil the story but I felt that I was reading a detective story until I
realized what it was…
Some people are critical of Bak’s approach, some even suggesting that we may not
get power laws in these “sandpile” effects, but something less scalable in the tails.
The point is :so what? The man has vision.
I looked at the reviews of this book. Clearly a few narrow-minded scientists do not
seem to like it (many did not like Per Bak’s ego). But the book is remarkably
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intuitive and the presentation is so clear that he takes you by the hand. It is even
entertaining. If you are looking to find flaws in his argument his pedagogy allows it
(it is immediately obvious to us who dabble with simulations of these processes
that you need an infinite sandpile to get a pure power law).
Another problem. I have been ordering the book on Amazon for ages. Copernicus
books does not respond to emails. I got my copy at the NYU library. Bak passed
away 2 years ago and nobody seems to be pushing for his interest and that of us his
15 readers (for used books to sell for 99 implies some demand). This convinces me
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NEVER to publish with Springer.
I spent some time looking for a simple bedside aggregation of the various topics
associated with the psychology of decision making and the various perceptual
biases, without finding much. Most of the books are excellent; but, aside from this
one (and Jon Baron’s) they are usually compilation of original research. I like to
have a readable consolidation of the material not far from my figertips. I was lucky
to have found this book, which provides a wonderful and comprehensive coverage
of the topics.
Now the bad news. The author passed away recently at the age of 48.
I have been involved in the professional practice of uncertainty for almost all of my
adult life. I’ve seen and read books and papers on the subject of deviations, with
“this is interesting” here and there. I closed this book feeling that it was the first
book in economics that spoke directly to me. Not only that, but this astonishing
simplicity, realism, and relevance of the subject makes it the only work in finance
I’ve read that seemed to make sense.
I cannot make justice to the book other than say 1) MAKES SENSE, 2) EASY TO
UNDERSTAND, 3) PRESENT SUCH EMPIRICAL VALIDY that it will make financial
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economists (charlatans) have to hide deeper from the common man with their
complicated “mathematics”.
The Status Syndrome: How Social Standing Affects Our Health and Longevity (5 stars)
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You are a hot shot in a company, though not the boss. You are paid extremely well,
but, again you have plenty of bosses above you (say the partners of an investment
firm). Is it better than deriving a modest income being your own boss? The
counterintuive answer is NO. You will live longer in the second situation, even
controlling for diet, lifestyle, and genetic predispositions.
Marmot spent years poring over data; he left no stone unturned and is well read in
the general literature on human nature. This idea of people living longer when they
exert control over their lives has not spread yet. That people lead longer lives when
they trust their neighbors and feel part of a community is far reaching. Just think of
the implications on social justice etc. Also think that everything you learn on human
preferences and well-being in both economics and medicine is either incomplete
(medicine) or bogus (economics).
The book is well written, humorous at times, and rigorous –it reads like a well-
translated scientific paper. But it feels that it is just the introduction to a topic.
Please, write the continuation.
Clearly this is not for scholars as it is extremely diluted and slow at times; this is a
popular science book. Still, I could not put it down.
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The Dream of Reason: A History of Philosophy from the Greeks to the Renaissance (5
stars)
I could not put it down. It hit me at some point that I was at the intersection of
readability and scholarship. Clearly the value of this book lies beyond its readability:
Gottlieb is both a philosopher and a journalist (in the good sense), not a journalist
who writes about philosophy. He investigates and provides a fresh look at the
material: For instance what we bemoan as the flaws of Aristotelianism during the
15 scholastic period came 2000 years after his work. Aristotle had an empirical bent –
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his followers are the ones to blame.
I liked his constant questioning of the labels put on philosophers and philosophies
by the second hand readers.
Clearly he missed a few authors who deserve real coverage like Algazali, but I take
what I can get.
The only other readable history of philosophy is Russell’s. This one was less
hurriedly put together.
Someone should bug the author to hurry with the sequel on Locke, Hume, etc.
Excellent, be it only for the presentation of the difference between the pompous
scholastic thinker laboring in the academy and the other nonacademic humanist
laboring in the the “luxe calme et volupte” of his study.
Another of the attributes is the readability of the work Le Goff is a gifted writer.
I read the review of Simon Blackburn trashing the book: Eco made a few mistakes
concerning the two dogmas of empiricism (he confused Davidson’s work with
Quine’s first dogma). So I am sure many readers hesitated after a review by such a
rigorous big gun thinker as Blackburn.
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When I started reading the book I was taken aback by the combination of depth and
the vividness of the style. Eco is sprightly and alive, something that cannot be said
of many philosophers dealing with the subject of categories.
The notion of categories is not trivial: you need a simple conditional prior to
identify an object; it is a simple mathematical fact. You need to know what a table is
to see it in the background separated from its surroundings. You need to know what
a face is so when it rotates you know it is still the same face. Computers have had a
15 hard time with such pattern recognition. A PRIOR category is a necessity. This was
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Kant’s intuition (the so-called “rationalism”). This is also the field of semiotics as
initially conceived. Eco took it to greater levels with his notion of what I would call
in scientific language a compression, a “simplifation”. This leads to the major
problem we face today: what if the act of compressing is arbitrary?
Not just very deep but it is a breath of fresh air to see such a philosophical
discussion nondull, nondry, alive!
Magee was close enough to Popper to present us with his ideas first-hand (nobody
reads Popper; people read about him). He also debunks a few idiotic myths about
Wittgenstein as an atomist (Magee read W and realized that people read
commentary on him rarely the original).
Philosophy has been under severe challenge from science, literally eating up its
provinces: philosophy of mind went to neuroscience; philosophy of language to
Artificial Intelligence and Computer Science,etc. This book shows that there is a
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need for someone to just specialize in the TRUTH, its scructure, its accessibility, its
INVARIANCE.
Aside from the purely philosophical answers that scientists were grappling with, the
book is like a manual for a new regimen in philosophy. It reviews everything from
epistemology to the logic of contingency, with insights here and there about such
topics as the observer biases (about computing probabilities when our existence has
been linked to a particular realization of the process).
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I am not a philosopher but a probabilist; I found that this book just spoke to me. It
certainly rid me of my prejudice against modern philosophers.
Humphreys is the only person I know of who can work on nonhuman primates,
write philosophy, and edit a literary magazine.
The latter shows in this writing: I read this book in a single sitting. You may not
agree with the ideas on consciousness (I don’t) but you get a clear exposition of all
the work from Descartes to McGinn. Also if you want to figure out what Dennett is
saying it helps to read this book first.
Bull! : A History of the Boom, 1982-1999: What drove the Breakneck Market–and What
Every Investor Needs to Know About Financial Cycles (5 stars)
Maggie Mahar had the courage to take a look at what was behind all of this religious
belief in markets. Clearly I do not understand how she was able to work as a
journalist when she has the attitude and mindset of a truth-seeker. I spent some
time looking at the difference between her book and Lowenstein’s: not even
possible to start comparing. One needs to be a trader to value her work.
I found this copy last week at Waterstone in London . It made me feel the plane ride
was very short! I should have bought a couple. This is a great book for a refresher in
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analytical philosophy: pleasant, clear. Great training for people who tend to forget
elementary relationships.
I did not know that JAP was a logician. Go buy this book!
This is a great book but I felt something cold inside of me while reading it. I don’t
know if it is cultural (the modern English philosopher’s fear of displaying passion)
but I had the feeling to talk to a plumber who developed expertise in abstract
concepts and their relationships just as if they were small plumbing problems fitting
together under a generalized plumbing theory. Perhaps philosophy needs to be
treated like that, just like engineering –but not for me. At least I give myself the
illusion of doing something more…literary.
Colin McGINN teaches us that we need nevertheless to master the art of clarity of
both thought and exposition. He write with perfect clarity: a clear, unburdened,
unaffected, UnFrench UnGerman philosophical prose.
The book has a presentation of the Kripke idea of naming as necessity of such
clarity that I felt actually smart reading it.
Other than that there is the feeling of drabness in part of the book of the type I got
once at a conference in an industrial city West of London.
I became interested in this book while reading a review panning it in The Nation by
one Danny Postell (thanks to Arts & Letters Daily). Clearly it was visible that John
Gray was after a definition of humans that integrates our discoveries from cognitive
science, that we are just animals who are curse with intelligence, sufficient
intelligence to figure out things but insufficient to control our actions –what I call
the ability to rationalize (“much of the difference between us and other primates
lies in our being considerably better than them at explaining our behavior”). Postel
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(I have no clue who he is and what kind of training he has in modern scientific
thought but I am sure that he is sufficiently burdened with a knowledge of
humanities verbiage to get the book wrong); Postel was panning Gray exactly for the
reasons that would make this book insightful. So I BOUGHT THIS BOOK
BECAUSE OF A BAD REVIEW!
What struck me with this book is that Gray converges in opinion to the discoveries
of the New Science of Man –without quoting from neurobiology, cognitive science,
15 evolutionary psychology, the Kahneman-Tversky Heuristics & Biases Tradition. It is
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remarkable that he identified the ills of the so-called humanist tradition without
assistance from the works on rationality posited by Kahneman and his peers.
This book is worth 4 stars because here we have a literary intellectual who manages
to break through the mud in his knowledge. It would have been worth 5 stars had
Gray read a few more works in scientific thought beyond Darwin. Anyway I am very
impressed with a literary intellectual capable of this empirical and realistic view of
man.
But it was not so. I picked up this book again last weekend and was both astonished
at a) the ease of reading , b) the clarity of the text and c) the breadth of the
approach! I was looking for a refresher as I am trying to capture a general idea of the
functioning of that black box and found exactly what I needed without the excess
burden of prominent textbooks.
Very pedagogical.
I read here and there comments by neuroscientists dissing the book over small
details perhaps invisible even to experts. I just realize that Carter should keep
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15 This critique of the computational theory of mind and the pan-adaptionist tradition
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is clearly so honest that it goes after the ideas promoted by Fodor’s own 1983
watershed book “The Modularity of Mind”. In brief the essay is an attack on massive
modularity by saying that there are things after all that escape the programming
(encapsulation and opacity are key: how can we talk about something OPAQUE? We
know nothing about a few critical things…).
Granted the book is horribly written (that is Fodor’s charm after all) but his
argumentation is so ferocious that he ends up loud & clear.
The man is critical of his own ideas, and of the current in thought that he he helped
create –one may use Fodor-1 against Fodor-2. Perhaps persons I hold in highest
respect are those who go after their own ideas!
Bravo Fodor. Even if I do not agree I can’t help admiring the man.
Say one wants to get an idea of Dan Dennett’s theory of consciousness (without
having to get through Dennett’s circuitous, unfocused and evasive prose) or Searle’s
Chinese room argument or Turing’s test or Chalmer’s position or Churchland’s
neurophilosophy or a presentation of research on the neural correlates of
consciousness…Everything I could think about is there.
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Mean Genes: From Sex to Money to Food: Taming Our Primal Instincts (5 stars)
I read the book once when it came out. Since then I’ve had the chance to reread it a
few times, discovering more and more layers as my interests take me in new
directions(for instance the discussion on the happiness treadmill goes to the core of
the current discussions in the economics of happiness). I now carry a copy on my
trips as I can kill time in airports by perusing random sections.
15 The book is so readable as to perhaps set a standard. Yet it is complete in the sense
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that it covers more of the evolutionary thinking than meets the eye. I didn’t realize
it until I went to the site www.meangenes.org and got into the more technical
research material.
Reread it.
Why Stock Markets Crash: Critical Events in Complex Financial Systems (5 stars)
The author aside from the problem of crashes presents an insightful exposition of
tipping points. I don’t know why his approach makes it clearer and deeper than
those of Watts and Barabasi –is it due to his using financial markets as a base? or his
being an expert at fat-tailed dynamics?
His work builds on the “abyssus abyssum invocat” (panic begets panics) and the
dynamics of compounding disequilibria. In addition the notion of “CRITICAL
POINT” is made very clear.
Honestly I don’t care for the idea of crashes; the same concepts can apply to sudden
and unexpected euphorias.
Robert Shiller has the remarkable ability to think independently and the courage to
propose ideas that to middlebrow thinkers may sound speculative.
Think of what your reaction would have been had someone discussed risk sharing
(insurance) before it became popular. A lunacy people would have thought. Most
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risk management is like that: we think backwards with the benefit of past history
and find these ideas obvious. They were not at the time.
Throughout his career Shiller stood for unpopular ideas and was proven right (his
1981 paper on volatility, his 2000 discussion of the bubble). I would read and re-
read this book.
We are more resilient than we think (“immune neglect”). The book also discusses
the reversion to baseline happiness after what we thought would bring a permanent
improvement in our moods (yet we never learn from it).
The most important part covers the “hindsight bias” how we see past misfortunes
as deterministic –and how we can confront negative emotions by making them even
more so (by creating a narrative that make the events appear unavoidable).
As a speculator I learned to take the best from books and ideas without arguments
(many readers seem to be training to be shallow critics)–good insights are hard to
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come by. One does not find these in the writings of a journalist. There are some
things personal to the author that might be uninteresting to some, but I take the
package. The man is one of the greatest traders in history. There are a few jewels in
there.
The man did it. I’d rather listen to him than read better written but hollow prose
from some journalist-writer.
The
15 Statistical Mechanics of Financial Markets (5 stars)
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I never understood why the book never made it in the Anglo-Saxon world. Il deserto
is one of the 20th century’s masterpieces.
The best intuition builder in both statitics and econometrics. I have been reading
the various editions throught my career. Please, keep updating it, Peter Kennedy!
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Suggested Reading
We read for the same reasons we have conversations — to enrich our lives.
Reading helps us to think, feel, and reflect — not only upon ourselves and others
but upon our ideas, and our relationship with the world. Reading deepens our
understanding and helps us live consciously. Of the 46 articles we published on
FS this […]
CONTINUE READING
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Markets tend to favor unequal distributions of market share and profits, with a
few leaders emerging in any industry. Winner-take-all markets are hard to
disrupt and suppress the entry of new players by locking in market share for
leading players. *** In almost any market, crowds of competitors fight for
business within their niche. But […]
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