Overview

For fans of The Black Swan and written by a veteran Wall Street Journal reporter, this is a fascinating deep dive into the world of billion-dollar traders and high-stakes crisis predictors who strive to turn extreme events into financial windfalls. There’s no doubt that our world has gotten more extreme. Pandemics, climate change, superpower rivalries, technological disruption, political radicalisation, religious fundamentalism — all threaten chaos that put trillions in assets at risk. But around the world, across a wide variety of disciplines, would-be super-forecasters are trying to take the guesswork out of what formerly seemed like random chance. Some put their faith in ‘black swans’ — unpredictable, catastrophic events that can’t be foreseen but send exotic financial instruments screaming in high-profit directions. Most famous among this group of big-bet traders are those who run the Universa fund, who, on days of extreme upheaval, have made as much as $1 billion. Author Scott Patterson gained exclusive access to Universa strategists and met with savvy seers in a variety of fields, from earthquake prediction to counterterrorism to climatology, to see if it’s actually possible to bet on disaster — and win. Riveting, relevant, and revelatory, this is a must-read for anyone curious about how some of today’s investors alchemise catastrophe into profit.

Full Product Details

9781915590497

Table of Contents

Reviews

'In Chaos Kings, the indefatigable Scott Patterson has done it again: delivered a riveting account of Wall Street mavericks whose unconventional understanding of risk has netted them a fortune and us a fascinating account of how they did it. The unlikely partnership between Mark Spitznagel and Nassim Taleb has made them rich, saved their clients from financial calamity and, under Patterson's deft pen, produced an epic page turner.' -- William D. Cohan, <i>New York Times</i> bestselling author of <i>Power Failure</i>, <i>Money and Power</i>, and <i>House of Cards</i> 'Scott Patterson's Chaos Kings is an extraordinary exploration of cutting-edge efforts to understand the manifold and interconnected risks slamming civilisation at an alarming rate. It's a critical read for anyone with an interest in what's coming next and how to prepare for it, financially and otherwise. Scott has an uncanny knack for diving into the fascinating convergence of technology and investing, so I'm always excited to see what he's discovering.' -- Bradley Hope, <em>New York Times</em> bestselling co-author of <em>Billion Dollar Whale</em> and co-founder of Project Brazen 'Fast paced like a thriller but, also, thought-provoking in its willingness to show us the range of possible catastrophes, Chaos Kings tracks the adventures of contrarian investors who, rather than hide from chaos and confusion, seek it out. Their reward in many cases: a fortune. This book teems with great stories as well as market insights that you won't get from conventional investors.' -- Aaron Brown, former Chief Risk Manager at AQR Capital Management, and author of <em>The Poker Face of Wall Street</em> and <em>Red-Blooded Risk</em> Praise for Dark Pools: 'Richly reported ... an invaluable piece of timely journalism that should be read by regulators and anyone with a cent in the stock market ... You will never look at the opening bell in the same way.' * Financial Times * Praise for Dark Pools: 'Remarkable ... even long-time participants in electronic markets will learn a lot from this book.' * Forbes * Praise for The Quants: 'Fascinating and deeply disturbing ... Patterson gives faces and personalities to the quants, making their saga accessible and intriguing ... [he's] onto a big story that begs follow-up.' * New York Times * Praise for The The Quants: 'Scott Patterson has the ability to see things you and I don't notice. In The Quants he does an admirable job of debunking the myths of black box traders and provides a very entertaining narrative in the process.' -- Nassim Nicholas Taleb, <em>New York Times</em> bestselling author of <em>Fooled by Randomness</em> and <em>The Black Swan</em> 'Financial markets covet stability; they don't like surprises. In our new age of crisis, Scott Patterson convincingly recounts how a unique type of trader has learned to embrace the disruptions and make a lot of money doing so. Combining risk theory, finance, and portraits of some of the most interesting billionaires of doom, Patterson takes us on a disturbing tour of what could come tumbling down. But he also provides a detailed road map showing average citizens how to steer past catastrophe. You'll be left wondering whether these Chaos Kings are brilliant, opportunistic, visionary, or even loathsome. In Patterson's lively account, you'll definitely find them fascinating.' -- Juliette Kayyem, former Assistant Secretary of the Department of Homeland Security, and author of <em>The Devil Never Sleeps: learning to live in an age of disasters</em> 'The world is an increasingly unstable place, threatening to go off the rails at any time. This chaos is devastating to many, but a boon to a few who are cashing in on it. Read this engaging book to learn about who they are and how they do it.' -- Mark Zandi, chief economist of Moody's Analytics and author of <em>Financial Shock</em> and <em>Paying the Price</em> 'We live in a world of pandemics, climate change, war, and unstable institutions. Scott Patterson's fascinating Chaos Kings is a provocative look at those placing big bets who believe they have tamed the financial risk whipped up by these unruly beasts. It holds perceptive insights for anyone who lives-or invests-in our modern uncertain world.' -- Russell Gold, author of <em>Superpower</em> and <em>The Boom</em> 'A captivating, important, and unsettling book. Chaos Kings takes a timely look at how to survive and prosper in an increasingly uncertain and unstable world of global warming, pandemics, and geopolitical danger.' -- William Green, author of <em>Richer, Wiser, Happier: how the world's greatest investors win in markets and life</em> 'A richly reported work that features a fascinating ensemble of quirky characters. Important reading for anyone interested in risk-taking now - and in the future.' -- Anita Raghaven, author of <i>The Billionaire's Apprentice</i>

'In Chaos Kings, the indefatigable Scott Patterson has done it again: delivered a riveting account of Wall Street mavericks whose unconventional understanding of risk has netted them a fortune and us a fascinating account of how they did it. The unlikely partnership between Mark Spitznagel and Nassim Taleb has made them rich, saved their clients from financial calamity and, under Patterson's deft pen, produced an epic page turner.' -- William D. Cohan, <i>New York Times</i> bestselling author of <i>Power Failure</i>, <i>Money and Power</i>, and <i>House of Cards</i> 'Scott Patterson's Chaos Kings is an extraordinary exploration of cutting-edge efforts to understand the manifold and interconnected risks slamming civilisation at an alarming rate. It's a critical read for anyone with an interest in what's coming next and how to prepare for it, financially and otherwise. Scott has an uncanny knack for diving into the fascinating convergence of technology and investing, so I'm always excited to see what he's discovering.' -- Bradley Hope, <em>New York Times</em> bestselling co-author of <em>Billion Dollar Whale</em> and co-founder of Project Brazen 'Fast paced like a thriller but, also, thought-provoking in its willingness to show us the range of possible catastrophes, Chaos Kings tracks the adventures of contrarian investors who, rather than hide from chaos and confusion, seek it out. Their reward in many cases: a fortune. This book teems with great stories as well as market insights that you won't get from conventional investors.' -- Aaron Brown, former Chief Risk Manager at AQR Capital Management, and author of <em>The Poker Face of Wall Street</em> and <em>Red-Blooded Risk</em> Praise for Dark Pools: 'Richly reported ... an invaluable piece of timely journalism that should be read by regulators and anyone with a cent in the stock market ... You will never look at the opening bell in the same way.' * Financial Times * Praise for Dark Pools: 'Remarkable ... even long-time participants in electronic markets will learn a lot from this book.' * Forbes * Praise for The Quants: 'Fascinating and deeply disturbing ... Patterson gives faces and personalities to the quants, making their saga accessible and intriguing ... [he's] onto a big story that begs follow-up.' * New York Times * Praise for The The Quants: 'Scott Patterson has the ability to see things you and I don't notice. In The Quants he does an admirable job of debunking the myths of black box traders and provides a very entertaining narrative in the process.' -- Nassim Nicholas Taleb, <em>New York Times</em> bestselling author of <em>Fooled by Randomness</em> and <em>The Black Swan</em> 'Financial markets covet stability; they don't like surprises. In our new age of crisis, Scott Patterson convincingly recounts how a unique type of trader has learned to embrace the disruptions and make a lot of money doing so. Combining risk theory, finance, and portraits of some of the most interesting billionaires of doom, Patterson takes us on a disturbing tour of what could come tumbling down. But he also provides a detailed road map showing average citizens how to steer past catastrophe. You'll be left wondering whether these Chaos Kings are brilliant, opportunistic, visionary, or even loathsome. In Patterson's lively account, you'll definitely find them fascinating.' -- Juliette Kayyem, former Assistant Secretary of the Department of Homeland Security, and author of <em>The Devil Never Sleeps: learning to live in an age of disasters</em> 'The world is an increasingly unstable place, threatening to go off the rails at any time. This chaos is devastating to many, but a boon to a few who are cashing in on it. Read this engaging book to learn about who they are and how they do it.' -- Mark Zandi, chief economist of Moody's Analytics and author of <em>Financial Shock</em> and <em>Paying the Price</em> 'We live in a world of pandemics, climate change, war, and unstable institutions. Scott Patterson's fascinating Chaos Kings is a provocative look at those placing big bets who believe they have tamed the financial risk whipped up by these unruly beasts. It holds perceptive insights for anyone who lives-or invests-in our modern uncertain world.' -- Russell Gold, author of <em>Superpower</em> and <em>The Boom</em> 'A captivating, important, and unsettling book. Chaos Kings takes a timely look at how to survive and prosper in an increasingly uncertain and unstable world of global warming, pandemics, and geopolitical danger.' -- William Green, author of <em>Richer, Wiser, Happier: how the world's greatest investors win in markets and life</em> 'A richly reported work that features a fascinating ensemble of quirky characters. Important reading for anyone interested in risk-taking now - and in the future.' -- Anita Raghavan, author of <i>The Billionaire's Apprentice</i>

'In Chaos Kings, the indefatigable Scott Patterson has done it again: delivered a riveting account of Wall Street mavericks whose unconventional understanding of risk has netted them a fortune and us a fascinating account of how they did it. The unlikely partnership between Mark Spitznagel and Nassim Taleb has made them rich, saved their clients from financial calamity and, under Patterson's deft pen, produced an epic page turner.' -- William D. Cohan, <i>New York Times</i> bestselling author of <i>Power Failure</i>, <i>Money and Power</i>, and <i>House of Cards</i> 'Scott Patterson's Chaos Kings is an extraordinary exploration of cutting-edge efforts to understand the manifold and interconnected risks slamming civilisation at an alarming rate. It's a critical read for anyone with an interest in what's coming next and how to prepare for it, financially and otherwise. Scott has an uncanny knack for diving into the fascinating convergence of technology and investing, so I'm always excited to see what he's discovering.' -- Bradley Hope, <em>New York Times</em> bestselling co-author of <em>Billion Dollar Whale</em> and co-founder of Project Brazen 'Fast paced like a thriller but, also, thought-provoking in its willingness to show us the range of possible catastrophes, Chaos Kings tracks the adventures of contrarian investors who, rather than hide from chaos and confusion, seek it out. Their reward in many cases: a fortune. This book teems with great stories as well as market insights that you won't get from conventional investors.' -- Aaron Brown, former Chief Risk Manager at AQR Capital Management, and author of <em>The Poker Face of Wall Street</em> and <em>Red-Blooded Risk</em> 'Financial markets covet stability; they don't like surprises. In our new age of crisis, Scott Patterson convincingly recounts how a unique type of trader has learned to embrace the disruptions and make a lot of money doing so. Combining risk theory, finance, and portraits of some of the most interesting billionaires of doom, Patterson takes us on a disturbing tour of what could come tumbling down. But he also provides a detailed road map showing average citizens how to steer past catastrophe. You'll be left wondering whether these Chaos Kings are brilliant, opportunistic, visionary, or even loathsome. In Patterson's lively account, you'll definitely find them fascinating.' -- Juliette Kayyem, former Assistant Secretary of the Department of Homeland Security, and author of <em>The Devil Never Sleeps: learning to live in an age of disasters</em> 'The world is an increasingly unstable place, threatening to go off the rails at any time. This chaos is devastating to many, but a boon to a few who are cashing in on it. Read this engaging book to learn about who they are and how they do it.' -- Mark Zandi, chief economist of Moody's Analytics and author of <em>Financial Shock</em> and <em>Paying the Price</em> 'We live in a world of pandemics, climate change, war, and unstable institutions. Scott Patterson's fascinating Chaos Kings is a provocative look at those placing big bets who believe they have tamed the financial risk whipped up by these unruly beasts. It holds perceptive insights for anyone who lives-or invests-in our modern uncertain world.' -- Russell Gold, author of <em>Superpower</em> and <em>The Boom</em> 'A captivating, important, and unsettling book. Chaos Kings takes a timely look at how to survive and prosper in an increasingly uncertain and unstable world of global warming, pandemics, and geopolitical danger.' -- William Green, author of <em>Richer, Wiser, Happier: how the world's greatest investors win in markets and life</em> 'A richly reported work that features a fascinating ensemble of quirky characters. Important reading for anyone interested in risk-taking now - and in the future.' -- Anita Raghavan, author of <i>The Billionaire's Apprentice</i> Praise for Dark Pools: 'Richly reported ... an invaluable piece of timely journalism that should be read by regulators and anyone with a cent in the stock market ... You will never look at the opening bell in the same way.' * Financial Times * Praise for Dark Pools: 'Remarkable ... even long-time participants in electronic markets will learn a lot from this book.' * Forbes * Praise for The Quants: 'Fascinating and deeply disturbing ... Patterson gives faces and personalities to the quants, making their saga accessible and intriguing ... [he's] onto a big story that begs follow-up.' * New York Times * Praise for The The Quants: 'Scott Patterson has the ability to see things you and I don't notice. In The Quants he does an admirable job of debunking the myths of black box traders and provides a very entertaining narrative in the process.' -- Nassim Nicholas Taleb, <em>New York Times</em> bestselling author of <em>Fooled by Randomness</em> and <em>The Black Swan</em>

Author Information

Scott Patterson has been a reporter for nearly two decades, mostly at The Wall Street Journal in New York City; Washington, DC; and London. Most recently, he has been focused on the negative impacts of climate change and their effect on the financial system. His 2010 New York Times bestseller The Quants was about the rise of mathematical traders and their near destruction of the financial system. His second book, Dark Pools, exposed high-frequency trading risks and was lauded by a pantheon of financial writers, including James Stewart and Michael Lewis. A winner of the Loeb Breaking News Award, Patterson has made frequent appearances in the media, including on CNBC, The Daily Show, and Fresh Air. He lives in Alexandria, Virginia, with his wife and son. 

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