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Title: The Money Formula
Subtitle: Dodgy Finance, Pseudo Science, and How Mathematicians Took Over the Markets
Author: Paul Wilmott, David Orrell
Narrator: Gavin Osborn
Format: Unabridged
Length: 8 hrs and 46 mins
Language: English
Release date: 01-11-18
Publisher: Audible Studios
Genres: Nonfiction, Economics

Publisher's Summary:
Explore the deadly elegance of finance's hidden powerhouse
The Money Formula takes you inside the engine room of the global economy to explore the little-understood world of quantitative finance, and show how the future of our economy rests on the backs of this all-but-impenetrable industry. Written not from a post-crisis perspective - but from a preventative point of view - this book traces the development of financial derivatives from bonds to credit default swaps, and shows how mathematical formulas went beyond pricing to expand their use to the point where they dwarfed the real economy. You'll learn how the deadly allure of their ice-cold beauty has misled generations of economists and investors, and how continued reliance on these formulas can either assist future economic development, or send the global economy into the financial equivalent of a cardiac arrest.
Rather than rehash tales of post-crisis fallout, this book focuses on preventing the next one. By exploring the heart of the shadow economy, you'll be better prepared to ride the rough waves of finance into the turbulent future.
How do you create a quadrillion dollars out of nothing, blow it away, and leave a hole so large that even years of "quantitative easing" can't fill it - and then go back to doing the same thing? Even amidst global recovery, the financial system still has the potential to seize up at any moment. The Money Formula explores the how and why of financial disaster, what must happen to prevent the next one.

Members Reviews:
The Numerical Deceptions Behind Todayâs Trillion Dollar Swindles
Just like everything else, mathematics can be corrupted by big money. This book lays bare the mathematical deceptions behind the trillion dollar swindles on Wall Street and in London. These are the false assumptions and claims used to bait both investors and the public, the âinnovationsâ (mathematical models and algorithms) that hide risk and shift it to you and me while pretending to do the opposite. Meanwhile obvious reforms never seem to happen due to the obscene levels of greed, corruption, regulatory capture, etc. The lack of enforced ethical standards in economics and finance is no accident, with the possibility of even bigger financial crashes and scandals in the future.
Paul Wilmott and David Orrell are both good applied mathematicians, authors, and critics, with Paul being the consummate insider, or âquantâ, while David is the outsider, having already taken on academic economics with his insightful book âEconomythsâ. Their chatty dialogue explains the key role of the Black-Scholes formula in setting realistic prices for various kinds of financial options, but also emphasizes its limitations, so often ignored in practice. They find it astonishing how many quants actually believe in the Efficient Market Hypothesis, but note how it excuses all manner of selfish behavior, with extraordinary pay and bonuses.
Using his insider background, Wilmott exposes a litany of âmathematical tricks for betting on the marketsâ, noting that traditional quant concepts like âmodern portfolio theoryâ and âvalue at riskâ tend to âfail just when you need them mostâwhen apparent stability breaks downâ. However, hedge funds are good at looking âfor small pockets of predictabilityâ while they lastâ.