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Chaos Kings
Book

Chaos Kings

How Wall Street Traders Make Billions in the New Age of Crisis

Scott Patterson
Scribner, 2023

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Editorial Rating

8

Qualities

  • Eye Opening
  • Background
  • Engaging

Recommendation

The coronavirus pandemic reminded even the most resolute of optimists that things can go horribly wrong when you least expect it. But that reality has made some fund managers quite wealthy. In this intriguing look at “black swan” investing, journalist Scott Patterson offers valuable insights into this pessimistic brand of trading. Black-swan traders don’t try to forecast crashes or predict crises; they just assume that one is always lurking around the corner. Then, when disaster does strikes, the traders reap huge rewards. Patterson provides readers an engaging overview of the broad theory and telling details about this niche in investing for calamity.

Take-Aways

  • The coronavirus pandemic underscored the appeal of “black swan” investing strategies.
  • Market crashes and political chaos are growing more common.
  • Mark Spitznagel learned trading discipline at a commodities exchange.

About the Author

Scott Patterson has been a financial reporter for more than two decades, mostly at The Wall Street Journal. He is the author of The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It and Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System.

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