Summary of The Poker Face of Wall Street

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The Poker Face of Wall Street book summary
Wall Street and poker have more in common than you might think. Start with risk, bluffing, guts and glory.

Rating

8 Overall

6 Applicability

9 Innovation

9 Style

Recommendation

In this unusual study, math geek and poker addict Aaron Brown uses royal flushes as a way to meditate on the oft-overlooked topic of financial risk. Poker and trading share many similarities, he argues, and you can apply similar skills and mindsets profitably to both endeavors. Brown travels from California card rooms to Texas back rooms to Yukon gold mining camps, with numerous stops on Wall Street and in the Ivy League. In lesser hands, such a far-reaching study would have lost focus, but Brown manages to keep making meaty points. Unlike the stereotypical quant, Brown writes clearly and gracefully, making his work rewarding to read. getAbstract recommends his book to investors seeking an edge in a risky world. Your deal.

In this summary, you will learn

  • How poker and finance are similar
  • How to analyze risk
  • Why game theory is a flawed tool, for players and for investors
 

Summary

Poker and High Finance: Two of a Kind
Economists and Wall Streeters cringe at any suggestion that buying stocks and bonds is similar to playing poker. They especially scoff at any hint that derivatives and other complex products used to hedge risk are akin to gambling. After all, they ...
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About the Author

Lifelong poker player Aaron Brown is an executive director at a major stock brokerage. He writes a column for Wilmott, a quantitative finance journal, and holds degrees in math and finance from Harvard and the University of Chicago.


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