The Wrong Answer Faster: The Inside Story of Making the Machine that Trades Trillions
"A fascinating book that chronicles the life of this man who had the foresight to understand the potential of harnessing the power of the computer and who has thereby revolutionised the trading basis of the financial markets in his lifetime."—FT Advisor, 28th June 2012“Even after the 2008 crisis proved that many of the banks’ computer-based models were flawed, computers and “rocket scientists” still play a major role on Wall Street. They have pioneers like 70-year-old Michael Goodkin to thank. On paper, Goodkin was an unlikely revolutionary. . . he was one of the first to spot that computers could be used to automate trading. Goodwin made millions, but he received little public credit. . There are no trading tips or secret formulae in the book. Instead, it’s what Jordan Simm in Canadian Business calls a ‘traditional coming-of-age tale’. But, as Simm points out, ‘the story is anything but conventional’, providing a window into a time when Wall Street was a very different place. Goodkin’s blunt style makes him an engaging writer, while few others have gone from street hustler to high finance via such an interesting path.”—MoneyWeek“A Bildungsroman, one jacket blurb calls this book—and sure, it’s a traditional coming-of-age tale. But the story itself is anything but conventional. The pleasures of the book lie in the story of their bumpy path to success.”—Canadian Business "Michael Goodkin brought the first computer to Wall Street sparking a financial revolution - proving it isn't what you know, but how fast you know it. Here's how his story began..."—Hedge Magazine“In this rags-to-riches tale, Goodkin recounts the story of how he created a computerised trading system that revolutionised Wall Street in the late 1960s. It is an inspiring story of how a young man with no money or career assembles a group of smart economists and investors and creates a new business that transforms a whole industry. Here, bold ambition triumphs over mediocrity…” —The Irish Times