Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein

By Peter L. Bernstein

A company Week, ny occasions company, and united states this day Bestseller

"Ambitious and readable . . . an enticing advent to the oddsmakers, whom Bernstein regards as actual humanists assisting to free up mankind from the choke holds of superstition and fatalism." -The ny Times

"An terribly enjoyable and informative book." -The Wall highway Journal

"A vigorous panoramic booklet . . . opposed to the Gods units up an formidable premise after which supplies on it." -Business Week

"Deserves to be, and definitely can be, broadly read." -The Economist

"[A] difficult booklet, person who may well switch eternally the way in which humans take into consideration the world." -Worth

"No one else can have written a booklet of such valuable value with loads allure and excitement." -Robert Heilbroner writer, The Worldly Philosophers

"With his great wisdom of the background and present manifestations of threat, Peter Bernstein brings us opposed to the Gods. not anything love it will pop out of the monetary international this yr or ever. I converse rigorously: nobody may still omit it." -John Kenneth Galbraith Professor of Economics Emeritus, Harvard University

during this exact exploration of the position of probability in our society, Peter Bernstein argues that the idea of bringing hazard lower than keep watch over is among the important rules that distinguishes smooth instances from the far-off earlier. opposed to the Gods chronicles the extraordinary highbrow event that liberated humanity from oracles and soothsayers via the robust instruments of possibility administration which are to be had to us today.

"An tremendous readable heritage of risk." -Barron's

"Fascinating . . . this difficult quantity can help the uncertainties that each investor needs to face." -Money

"A singular achievement." -Times Literary Supplement

"There's a growing to be marketplace for savants who can render the recondite intelligibly-witness Stephen Jay Gould (natural history), Oliver Sacks (disease), Richard Dawkins (heredity), James Gleick (physics), Paul Krugman (economics)-and Bernstein could mingle good of their company." -The Australian

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The length of each successive bone in our fingers, from tip to hand, also bears this ratio. b In one of its more romantic manifestations, the Fibonacci ratio defines the proportions and shape of a beautiful spiral. The accompanying illustrations demonstrate how the spiral develops from a series of squares whose successive relative dimensions are determined by the Fibonacci series. The process begins with two small squares of equal size. It then progresses to an adjacent square twice the size of the first two, then to a square three times the size of the first two, then to five times, and so on.

The passage concerns the problem of how many rabbits will be born in the course of a year from an original pair of rabbits, assuming that every month each pair produces another pair and that rabbits begin to breed when they are two months old. Fibonacci discovered that the original pair of rabbits would have spawned a total of 233 pairs of offspring in the course of a year. He discovered something else, much more interesting. He had assumed that the original pair would not breed until the second month and then would produce another pair every month.

The early Christians limited their prophecies to what would happen in the afterlife, no matter how fervidly they beseeched God to influence worldly events in their favor. Yet the search for a better life on earth persisted. By the year 1000, Christians were sailing great distances, meeting new peoples, and encountering new ideas. Then came the Crusades—a seismic culture shock. Westerners collided with an Arab empire that had been launched at Mohammed’s urging and that stretched as far eastward as India.

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