the new new thing

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pages: 146 words: 43,446

The New New Thing: A Silicon Valley Story by Michael Lewis

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Albert Einstein, Andy Kessler, business climate, Chance favours the prepared mind, creative destruction, data acquisition, family office, high net worth, invention of the steam engine, invisible hand, Jeff Bezos, Marc Andreessen, Menlo Park, pre–internet, risk tolerance, Sand Hill Road, Silicon Valley, Silicon Valley startup, the new new thing, Thorstein Veblen, wealth creators, Y2K

For that matter, there is no name for what he's looking for, which, typically, is a technology, or an idea, on the cusp of commercial viability. The new new thing. It's easier to say what the new new thing is not than to say what it is. It is not necessarily a new invention. It is not even necessarily a new ideamost everything has been considered by someone, at some point. The new new thing is a notion that is poised to be taken seriously in the marketplace. It's the idea that is a tiny push away from general acceptance and, when it gets that push, will change the world. The searcher for the new new thing conforms to no well-established idea of what people should do for a living. He gropes. Finding the new new thing is as much a matter of timing as of technical or financial aptitude, though both of those qualities help. The sensation that defines the search is the sweet, painful feeling that you get when you can't think of a word that feels as if it's right on the tip of your tongue.

cover title: author: publisher: isbn10 | asin: print isbn13: ebook isbn13: language: subject publication date: lcc: ddc: subject: The New New Thing : A Silicon Valley Story Lewis, Michael. W. W. Norton & Company, Inc. 0393048136 9780393048131 9780585224183 English Clark, Jim,--1944- , Businessmen--United States-Biography, Computer software industry--United States-History. 1999 HD9696.63L49 2000eb 338.4/700 Clark, Jim,--1944- , Businessmen--United States-Biography, Computer software industry--United States-History. cover Page 1 The New New Thing Page 3 Also by Michael Lewis Liar's Poker The Money Culture Pacific Rift Trail Fever Page 4 Page 5 The New New Thing A Silicon Valley Story Michael Lewis Page 6 Copyright © 2000 by Michael Lewis All rights reserved Printed in the United States of America First Edition For information about permission to reproduce selections from this book, write to Permissions, W.

That's where his job ended, so far as Clark was concerned. After he'd drawn his little diagram of the world's largest market with himself in the middle, he was finished. Other people could take care of the messy details of turning Healtheon into a giant corporation. That's what he always said just after he had disgorged the new new thing, and the new new thing became, simply, the new thing. He was not finished, however. The one hard rule in Jim Clark's life was that he must always pursue the new new thing. Three multibillion-dollar companies was not enough for one lifetime. Once when I'd asked him how he planned to convert his wealth to leisure, he said, "You've got to figure out something that is out of the path of Microsoft. You can forget building a big software business. If it is going to be big and it is software, then it will be controlled by Microsoft."


pages: 239 words: 45,926

As the Future Catches You: How Genomics & Other Forces Are Changing Your Work, Health & Wealth by Juan Enriquez

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Albert Einstein, Berlin Wall, bioinformatics, borderless world, British Empire, Buckminster Fuller, creative destruction, double helix, global village, half of the world's population has never made a phone call, Howard Rheingold, Jeff Bezos, Joseph Schumpeter, Kevin Kelly, knowledge economy, more computing power than Apollo, new economy, personalized medicine, purchasing power parity, Ray Kurzweil, Richard Feynman, Richard Feynman, Robert Metcalfe, Search for Extraterrestrial Intelligence, SETI@home, Silicon Valley, spice trade, stem cell, the new new thing

For a summary see Juan Enriquez, “Latin America’s Changing Media: Social, Political, and Economic Implications,” Latin American Studies Association, September 24, 1998, Chicago. 5. Because the speed of change is so rapid, it is sometimes easier to follow the day-to-day changes in the digital world through magazines rather than books. I find Wired, Fast Company, and Red Herring useful ways to follow the intersection of technology and business. 6. Michael Lewis describes the uncertainty and fragility of big business beautifully in The New New Thing: A Silicon Valley Story (New York: W.W. Norton, 1999). Chapter VI: Genetics … the Next Dominant Language 1. Richard Lewontin is a source of never-ending smart and wry observations: See It Ain’t Necessarily So: The Dream of the Human Genome and Other Illusions (New York: NYRB, 2000). 2. Would you like to read the original paper or its English translation? See MendelWeb, edited by Roger B.

See David Malakoff, “Biocomputing,” Science, June 11, 1999. 5. Hal Varian and Peter Lyman, “How Much Information?” at www.sims.berkeley.edu/how-much-info/print.html. Meanwhile, a series of Web companies are trying to catalog all global digital knowledge. 6. One of the leading authorities in the field is Nagoya University’s Makoto Fujita. 7. You can read a great description of Clark and Silicon Valley in Michael Lewis’ The New New Thing. 8. There is a really interesting article in Science that outlines the initial possibilities. James R. Heath et al., “A Defect Tolerant Computer Architecture: Opportunities for Nanotechnology,” 280 (June 12, 1998): 1716. 9. www.beowulf.org. 10. You can see what is discovered daily by looking at the Protein Data Bank: www.rcsb.org/pdb/index.html. 11. Ironically, it was a gift from the reverend, a Penaud toy helicopter, that began the kids’ fascination with flying machines.


pages: 103 words: 24,033

The Immigrant Exodus: Why America Is Losing the Global Race to Capture Entrepreneurial Talent by Vivek Wadhwa

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3D printing, card file, corporate governance, crowdsourcing, Elon Musk, immigration reform, labour mobility, Marc Andreessen, open economy, pattern recognition, Ray Kurzweil, Sand Hill Road, Silicon Valley, Silicon Valley startup, software as a service, the new new thing, Y2K

Valley insiders joked that IC engineers—meaning “Indian and Chinese” rather than “integrated circuit” (which is commonly abbreviated as IC)—built the region’s tech industry. Silicon Valley legend and former Stanford engineering professor James Clark (who co-founded Netscape and later WebMD) famously sung the praises of Indian engineers in the pop-culture version of Silicon Valley history and the Internet in Michael Lewis’s book The New New Thing. Few doubted that these immigrant engineers had become significant contributors to the rapid growth and cycle of innovation of Silicon Valley. But how much of a contribution had they made? Using a combination of US Census data and interviews with 175 immigrant entrepreneurs, AnnaLee Saxenian arrived at some surprising conclusions in the report “Silicon Valley’s New Immigrant Entrepreneurs,” published in 1999.


pages: 325 words: 99,983

Globish: How the English Language Became the World's Language by Robert McCrum

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Alistair Cooke, anti-communist, Berlin Wall, British Empire, call centre, colonial rule, credit crunch, cuban missile crisis, Deng Xiaoping, Etonian, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, invention of movable type, invention of writing, invisible hand, Isaac Newton, jimmy wales, knowledge economy, Livingstone, I presume, Martin Wolf, Naomi Klein, Norman Mailer, Parag Khanna, Ralph Waldo Emerson, Republic of Letters, Ronald Reagan, sceptred isle, Scramble for Africa, Silicon Valley, Steven Pinker, the new new thing, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade route, transatlantic slave trade, transcontinental railway, upwardly mobile

., p. 216. 232 The Berlin Wall began to crumble: Judt, Postwar, p. 614. 232 ‘If I celebrate the fall of the Wall’: quoted in Thomas L. Friedman, The World is Flat: The Globalized World in the Twenty-First Century (London, 2005), p. 53. 232 In the next two decades: Zakaria, The Post-American World, p. 20. 234 ‘the Internet boom triggered’: Michael Lewis, The New New Thing (New York,1999), p. 2 235 called it ‘an abstract’: quoted in Friedman, op. cit., p. 60 235 Two weeks after Netscape: see Michael Lewis, The New New Thing (New York, 1999). 235 the next Californian Gold Rush: see John Naughton, A Brief History of the Future: The Origins of the Internet (London, 1999). 235 ‘a whole new global platform for collaboration’: Friedman, The World is Flat, p. 91. 237 Anglophile Latin Americans: Allen Guttmann, Sports: The First Five Millennia (Amherst, Mass., 2004). 237 the Superbowl and the World Cup: Franklin Foer, How Soccer Explains the World (London, 2004). 237 The international dimension is comparatively new: David Goldblatt, The Ball is Round, (London, 2006), p. 681. 238 a dreadful anthem: David Goldblatt, The Ball is Round: A Global History of Football (London, 2006), p. 840. 239 ‘You like muffin?’


pages: 113 words: 36,785

Home Game: An Accidental Guide to Fatherhood by Michael Lewis

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airport security, Berlin Wall, Fall of the Berlin Wall, psychological pricing, the new new thing

HOME GAME BOOKS BY MICHAEL LEWIS Liar’s Poker The Money Culture Pacific Rift Losers The New New Thing Next Moneyball The Blind Side Coach EDITED BY MICHAEL LEWIS Panic HOME GAME An Accidental Guide to Fatherhood MICHAEL LEWIS W. W. Norton & Company New York • London Copyright © 2009 by Michael Lewis All rights reserved For information about permission to reproduce selections from this book, write to Permissions, W. W. Norton & Company, Inc., 500 Fifth Avenue, New York, NY 10110 Library of Congress Cataloging-in-Publication Data Lewis, Michael (Michael M.) Home game: an accidental guide to fatherhood / Michael Lewis; photographs by Tabitha Soren.—1st ed. p. cm. ISBN: 978-0-393-07138-2 1. Lewis, Michael (Michael M.) 2.


pages: 538 words: 147,612

All the Money in the World by Peter W. Bernstein

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Albert Einstein, anti-communist, Berlin Wall, Bill Gates: Altair 8800, call centre, corporate governance, corporate raider, creative destruction, currency peg, David Brooks, Donald Trump, estate planning, family office, financial innovation, George Gilder, high net worth, invisible hand, Irwin Jacobs: Qualcomm, Jeff Bezos, job automation, job-hopping, John Markoff, Long Term Capital Management, Marc Andreessen, Martin Wolf, Maui Hawaii, means of production, mega-rich, Menlo Park, Mikhail Gorbachev, new economy, Norman Mailer, PageRank, Peter Singer: altruism, pez dispenser, popular electronics, Renaissance Technologies, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, Sand Hill Road, school vouchers, Search for Extraterrestrial Intelligence, shareholder value, Silicon Valley, Silicon Valley startup, stem cell, Stephen Hawking, Steve Ballmer, Steve Jobs, Steve Wozniak, the new new thing, Thorstein Veblen, too big to fail, traveling salesman, urban planning, wealth creators, William Shockley: the traitorous eight, women in the workforce

Clark’s quest led him to a software program called Mosaic, written by a twenty-two-year-old student at the University of Illinois, Marc Andreessen. In the early 1990s Clark and Andreessen developed the Web-browsing software that became Netscape and begat the Internet craze. Once again, Clark had come up with another blockbuster. “Bill Gates sent a memo45 to his employees saying that the Internet now posed the greatest threat to Microsoft’s control of the computer industry,” writes Michael Lewis in The New New Thing: A Silicon Valley Story, an entertaining account of the life and times of Jim Clark. “The one thousand Microsoft employees dedicated to building a telecomputer were reassigned to compete with Jim Clark’s startup. Thousands of others at Oracle and Sun and even Time Warner were similarly redirected.” Microsoft was ultimately able to outmaneuver Netscape and leave the company, which AOL bought in 1998, a shadow of its former self.

“Too many companies here”: Thomas Siebel, quoted in Symonds, Softwar, p. 215. 41. “PeopleSoft prided itself”: The information on David Duffield comes primarily from the interview with him. 42. Only half of the top forty: AnnaLee Saxenian, The New Argonauts: Regional Advantage in a Global Economy (Cambridge, Mass.: Harvard University Press, 2006), p. 34. 43. Soon Silicon Graphics was earning billions: Michael Lewis, The New New Thing: A Silicon Valley Story (New York: Penguin, 2001), p. 47. 44. Clark also foresaw: Ibid., p. 50. 45. “Bill Gates sent a memo”: Ibid., p. 70. 46. “The speed with which Clark”: Ibid., p. 75. 47. When the bubble burst: Ken Kurson, “Don’t Worry Be Happy: Yacht Designers Say They’ve Got a Depression-Proof Business. Could That Be True?” Forbes, Oct. 9, 2000. 48. Their software calibrated that ranking: Battelle, The Search, p. 75. 49.


pages: 515 words: 132,295

Makers and Takers: The Rise of Finance and the Fall of American Business by Rana Foroohar

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3D printing, accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, additive manufacturing, Airbnb, algorithmic trading, Alvin Roth, Asian financial crisis, asset allocation, bank run, Basel III, bonus culture, Bretton Woods, British Empire, call centre, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, carried interest, centralized clearinghouse, clean water, collateralized debt obligation, commoditize, computerized trading, corporate governance, corporate raider, corporate social responsibility, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, crowdsourcing, David Graeber, deskilling, Detroit bankruptcy, diversification, Double Irish / Dutch Sandwich, Emanuel Derman, Eugene Fama: efficient market hypothesis, financial deregulation, financial intermediation, Frederick Winslow Taylor, George Akerlof, gig economy, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, High speed trading, Home mortgage interest deduction, housing crisis, Howard Rheingold, Hyman Minsky, income inequality, index fund, information asymmetry, interest rate derivative, interest rate swap, Internet of things, invisible hand, John Markoff, joint-stock company, joint-stock limited liability company, Kenneth Rogoff, knowledge economy, labor-force participation, labour mobility, London Whale, Long Term Capital Management, manufacturing employment, market design, Martin Wolf, money market fund, moral hazard, mortgage debt, mortgage tax deduction, new economy, non-tariff barriers, offshore financial centre, oil shock, passive investing, Paul Samuelson, pensions crisis, Ponzi scheme, principal–agent problem, quantitative easing, quantitative trading / quantitative finance, race to the bottom, Ralph Nader, Rana Plaza, RAND corporation, random walk, rent control, Robert Shiller, Robert Shiller, Ronald Reagan, Satyajit Das, Second Machine Age, shareholder value, sharing economy, Silicon Valley, Silicon Valley startup, Snapchat, sovereign wealth fund, Steve Jobs, technology bubble, The Chicago School, the new new thing, The Spirit Level, The Wealth of Nations by Adam Smith, Tim Cook: Apple, Tobin tax, too big to fail, trickle-down economics, Tyler Cowen: Great Stagnation, Vanguard fund, zero-sum game

And that’s a shame, because a 2015 survey of hundreds of high-level financial professionals found that more than a third had witnessed instances of malfeasance at their own firms and 38 percent disagreed that the industry puts a client’s best interests first.69 THE THEATER OF FINANCIALIZATION Of course, there are other theories about why financialization occurs. Nobel Prize winner Robert Shiller has described the “irrational exuberance” that he believes is a natural human tendency. The fact that we go repeatedly from boom to bust throughout history, moving like lemmings toward the New New Thing—be it tulips or collateralized debt obligations (CDOs)—points to the idea that there are strong psychological forces at work. (The neuroscience of traders’ brains, which respond to deal making similarly to how addicts’ brains respond to cocaine, is in itself a fascinating area of scholarly inquiry.)70 Other academics, like University of Michigan scholar Gerald Davis, focus on the importance of new management theories such as our notion of shareholder value that puts the investor before everyone and everything else in society, including customers, employees, and the public good.71 The changes in the financial system have gone hand in hand with changes in business culture.

Since then, though, IBM has come under renewed pressure from the markets to “disgorge” its cash. Altogether, it has shelled out some $138 billion on share buybacks and dividend payments from 2000 to 2014, while spending only $59 billion on its own capital expenditures (along with $32 billion on acquisitions).36 Basically, IBM, like so many companies in our taker economy, is using a lot more cash to please investors than to discover the New New Thing. There are those who would argue that $59 billion isn’t small change. True enough; yet the mercurial nature of the tech business makes it imperative for companies like Apple and IBM, which depend on innovation for growth, to save as much as possible in order to stay ahead of unexpected competitors, rather than disgorging all their free cash to investors. Even a few years ago, who could have predicted the rise of companies like Facebook, Snapchat, or WhatsApp?


pages: 162 words: 50,108

The Little Book of Hedge Funds by Anthony Scaramucci

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Andrei Shleifer, asset allocation, Bernie Madoff, business process, carried interest, corporate raider, Credit Default Swap, diversification, diversified portfolio, Donald Trump, Eugene Fama: efficient market hypothesis, fear of failure, fixed income, follow your passion, Gordon Gekko, high net worth, index fund, John Meriwether, Long Term Capital Management, mail merge, margin call, mass immigration, merger arbitrage, money market fund, Myron Scholes, NetJets, Ponzi scheme, profit motive, quantitative trading / quantitative finance, random walk, Renaissance Technologies, risk-adjusted returns, risk/return, Ronald Reagan, Saturday Night Live, Sharpe ratio, short selling, Silicon Valley, the new new thing, too big to fail, transaction costs, Vanguard fund, Y2K, Yogi Berra, zero-sum game

Tom Copeland and Vladimir Antikarov, Real Options: A Practitioner’s Guide (New York: Texere, 2001). 2. Hugo Lindgre, “Long-Short Story Short,” New York Magazine, April 9, 2007. 3. Sebastian Mallaby, More Money Than God: Hedge Funds and the Making of a New Elite (New York: The Penguin Press, 2010). 4. Daniel A. Strachman, Getting Started in Hedge Funds, 3rd ed. (Hoboken, NJ: John Wiley & Sons, 2011). 5. Michael Lewis, The New New Thing: A Silicon Valley Story (New York: W.W. Norton, 1999). 6. Gregory Zuckerman, The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History (New York: Crown Business, 2010). Chapter Three Accessing the Inaccessible From the Elite to Main Street Hedge fund investors are no longer an elite core of the world’s wealthiest investors.


pages: 199 words: 43,653

Hooked: How to Build Habit-Forming Products by Nir Eyal

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Airbnb, AltaVista, Cass Sunstein, choice architecture, cognitive bias, cognitive dissonance, en.wikipedia.org, framing effect, game design, Google Glasses, Inbox Zero, invention of the telephone, iterative process, Jeff Bezos, Lean Startup, Mahatma Gandhi, Mark Zuckerberg, meta analysis, meta-analysis, Oculus Rift, Paul Buchheit, Paul Graham, Peter Thiel, QWERTY keyboard, Silicon Valley, Silicon Valley startup, Snapchat, TaskRabbit, telemarketer, the new new thing, Toyota Production System, Y Combinator

The variety of what Dribbble users can create is limitless, and the constantly changing site always offers new surprises. Platforms like YouTube, Facebook, Pinterest and Twitter all leverage user-generated content to provide visitors with a never-ending stream of newness. Of course, even sites utilizing infinite variability are not guaranteed to hold onto users forever. Eventually — to borrow from Michael Lewis’s title — the “new, new thing” comes along and consumers migrate to it for the reasons discussed in earlier chapters. However, products utilizing infinite variability stand a better chance of holding onto users’ attention, while those with finite variability must constantly reinvent themselves just to keep pace. Which Rewards Should You Offer? Fundamentally, variable reward systems must satisfy users’ needs, while leaving them wanting to re-engage.


pages: 180 words: 61,340

Boomerang: Travels in the New Third World by Michael Lewis

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Berlin Wall, Bernie Madoff, Carmen Reinhart, Celtic Tiger, collapse of Lehman Brothers, collateralized debt obligation, Credit Default Swap, credit default swaps / collateralized debt obligations, fiat currency, financial thriller, full employment, German hyperinflation, Irish property bubble, Kenneth Rogoff, offshore financial centre, pension reform, Ponzi scheme, Ronald Reagan, Ronald Reagan: Tear down this wall, South Sea Bubble, the new new thing, tulip mania, women in the workforce

ALSO BY MICHAEL LEWIS The Big Short Home Game Liar’s Poker The Money Culture Pacific Rift Losers The New New Thing Next Moneyball Coach The Blind Side EDITED BY MICHAEL LEWIS Panic Michael Lewis Travels in the New Third World W. W. Norton & Company New York • London To Doug Stumpf, gifted editor and gentle soul, without whom it never would have occurred to me to tour the ruins CONTENTS Preface: The Biggest Short I WALL STREET ON THE TUNDRA II AND THEY INVENTED MATH III IRELAND’S ORIGINAL SIN IV THE SECRET LIVES OF GERMANS V TOO FAT TO FLY Acknowledgments PREFACE THE BIGGEST SHORT This book began accidentally, while I was at work on another book, about Wall Street and the 2008 U.S. financial disaster. I’d become interested in a tiny handful of investors who had made their fortunes from the collapse of the subprime mortgage market.


pages: 225 words: 11,355

Financial Market Meltdown: Everything You Need to Know to Understand and Survive the Global Credit Crisis by Kevin Mellyn

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asset-backed security, bank run, banking crisis, Bernie Madoff, bonus culture, Bretton Woods, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, cuban missile crisis, disintermediation, diversification, fiat currency, financial deregulation, financial innovation, financial intermediation, fixed income, Francis Fukuyama: the end of history, George Santayana, global reserve currency, Home mortgage interest deduction, Isaac Newton, joint-stock company, liquidity trap, London Interbank Offered Rate, long peace, margin call, market clearing, mass immigration, money market fund, moral hazard, mortgage tax deduction, Northern Rock, offshore financial centre, paradox of thrift, pattern recognition, pension reform, pets.com, Plutocrats, plutocrats, Ponzi scheme, profit maximization, pushing on a string, reserve currency, risk tolerance, risk-adjusted returns, road to serfdom, Ronald Reagan, shareholder value, Silicon Valley, South Sea Bubble, statistical model, The Great Moderation, the new new thing, the payments system, too big to fail, value at risk, very high income, War on Poverty, Y2K, yield curve

Banks also absorb a more confident attitude about risk from each other. Banks are herd animals. A feeling of safety for a banker comes from doing what all the other banks are doing. If one bank begins to make money doing something that banks had previously steered clear of in the way of lending, other banks are under 17 18 FINANCIAL MARKET MELTDOWN great pressure to follow suit. It takes real courage to buck the herd. Even if the ‘‘new new thing’’ blows up, the bankers who simply did what everyone else was doing seldom lose their jobs. This tendency to lend too easily when times are good is matched by an equally strong instinct for the bank herd to stampede away from lending markets when the economy turns down. In short, bank lending fuels an economic boom on the way up and fuels an economic bust when lending suddenly dries up. In the United States alone, banks have, over the last two generations, been burned on multiple occasions by commercial real estate booms, foreign lending booms, home mortgage lending booms, consumer credit booms, and other types of lending that earlier generations of bankers would never have touched.


pages: 316 words: 105,384

Moneyball by Michael Lewis

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Cass Sunstein, high batting average, Norman Mailer, old-boy network, placebo effect, RAND corporation, Richard Thaler, systematic trading, the new new thing, the scientific method, upwardly mobile

If you know anything about baseball, you will enjoy it four times as much as I did, which means that you might explode.” —Nick Hornby, The Believer “Fantastically informative and entertaining…bound to excite extreme envy.” —Josh Benson, New York Observer “Open this book…and your mind.” —Nat Newell, Columbia, South Carolina, State ALSO BY MICHAEL LEWIS Liar’s Poker The Money Culture Pacific Rift Losers The New New Thing Next MONEYBALL The Art of Winning an Unfair Game MICHAEL LEWIS W. W. NORTON & COMPANY NEW YORK LONDON Copyright © 2004, 2003 by Michael Lewis All rights reserved First published as a Norton 2004 For information about permission to reproduce selections from this book, write to Permissions, W. W. Norton & Company, Inc., 500 Fifth Avenue, New York, NY 10110 Library of Congress Cataloging-in-Publication Data Lewis, Michael (Michael M.)


pages: 319 words: 89,477

The Power of Pull: How Small Moves, Smartly Made, Can Set Big Things in Motion by John Hagel Iii, John Seely Brown

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Albert Einstein, Andrew Keen, barriers to entry, Black Swan, business process, call centre, Clayton Christensen, cleantech, cloud computing, commoditize, corporate governance, creative destruction, Elon Musk, en.wikipedia.org, future of work, game design, George Gilder, intangible asset, Isaac Newton, job satisfaction, knowledge economy, knowledge worker, loose coupling, Louis Pasteur, Malcom McLean invented shipping containers, Maui Hawaii, medical residency, Network effects, old-boy network, packet switching, pattern recognition, peer-to-peer, pre–internet, profit motive, recommendation engine, Ronald Coase, shareholder value, Silicon Valley, Skype, smart transportation, software as a service, supply-chain management, The Nature of the Firm, the new new thing, too big to fail, trade liberalization, transaction costs

As top surfers, Dusty and his friends might already know how to execute a “pop-shove-it,” in which you rotate your board 180 degrees while in midair (a move learned from skateboarders), but what about the “superman,” where you quickly thrust the board in front of you, at arm’s length, while “flying” behind it? When somebody mastered that move on a surf break half a world away, Dusty and the others were some of the first to know about it. In this case the surfer’s “stock” of knowledge—the pop-shove-it—had just become less than the newest thing. Its value had diminished relative to the new new thing—the superman—that was getting its own fifteen minutes of fame before something else would inevitably supplant it. And yet these young men knew about it almost immediately. How do they keep up? By heading over to Surfermag.com, Surfingthemag.com, Surfline.com, or TWsurf.com and making sure they’ve seen the newest surfing maneuvers nearly as soon as they’ve been shot. Refreshing the stocks of what we know by participating in flows of new knowledge is fundamental to performance improvement, no matter the endeavor, both for individuals and, more broadly, for institutions.


pages: 313 words: 101,403

My Life as a Quant: Reflections on Physics and Finance by Emanuel Derman

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Berlin Wall, bioinformatics, Black-Scholes formula, Brownian motion, capital asset pricing model, Claude Shannon: information theory, Donald Knuth, Emanuel Derman, fixed income, Gödel, Escher, Bach, haute couture, hiring and firing, implied volatility, interest rate derivative, Jeff Bezos, John Meriwether, John von Neumann, law of one price, linked data, Long Term Capital Management, moral hazard, Murray Gell-Mann, Myron Scholes, Paul Samuelson, pre–internet, publish or perish, quantitative trading / quantitative finance, Richard Feynman, Sharpe ratio, statistical arbitrage, statistical model, Stephen Hawking, Steve Jobs, stochastic volatility, technology bubble, the new new thing, transaction costs, value at risk, volatility smile, Y2K, yield curve, zero-coupon bond, zero-sum game

As I waited, an old Mother Goose couplet I used to read to my children suddenly flashed through my consciousness: I am his Majesty's dog at Kew/ Pray tell me sir, whose dog are you? Years earlier, reading it aloud without thinking, I had thought it only a forced rhyme about a talking dog. Now, I suddenly understood it. Though I was "upstairs" and more critical to the business than she was, she was "downstairs" in a finer establishment. As years went by I learned that quants, like the little boy in A. A. Milne's poem, are always halfway down the stairs. The new new thing in the derivatives world in 1990 was exotic options. My absorption in this world was triggered by the excitement at Goldman over what we all referred to as the "Kingdom of Denmark puts" On the last trading day of 1989, the Nikkei 225 index of Japanese stocks reached its zenith of 38,915.90. Throughout its ascent during what is in retrospect called the Japanese equity bubble, many Japanese companies had come to the capital markets to borrow from investors.


pages: 361 words: 81,068

The Internet Is Not the Answer by Andrew Keen

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3D printing, A Declaration of the Independence of Cyberspace, Airbnb, AltaVista, Andrew Keen, augmented reality, Bay Area Rapid Transit, Berlin Wall, bitcoin, Black Swan, Bob Geldof, Burning Man, Cass Sunstein, citizen journalism, Clayton Christensen, clean water, cloud computing, collective bargaining, Colonization of Mars, computer age, connected car, creative destruction, cuban missile crisis, David Brooks, disintermediation, Donald Davies, Downton Abbey, Edward Snowden, Elon Musk, Erik Brynjolfsson, Fall of the Berlin Wall, Filter Bubble, Francis Fukuyama: the end of history, Frank Gehry, Frederick Winslow Taylor, frictionless, full employment, future of work, gig economy, global village, Google bus, Google Glasses, Hacker Ethic, happiness index / gross national happiness, income inequality, index card, informal economy, information trail, Innovator's Dilemma, Internet of things, Isaac Newton, Jaron Lanier, Jeff Bezos, job automation, Joseph Schumpeter, Julian Assange, Kevin Kelly, Kickstarter, Kodak vs Instagram, Lean Startup, libertarian paternalism, lifelogging, Lyft, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Martin Wolf, Metcalfe’s law, move fast and break things, move fast and break things, Nate Silver, Network effects, new economy, Nicholas Carr, nonsequential writing, Norbert Wiener, Norman Mailer, Occupy movement, packet switching, PageRank, Paul Graham, peer-to-peer, peer-to-peer rental, Peter Thiel, Plutocrats, plutocrats, Potemkin village, precariat, pre–internet, RAND corporation, Ray Kurzweil, ride hailing / ride sharing, Robert Metcalfe, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, smart cities, Snapchat, social web, South of Market, San Francisco, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, TaskRabbit, Ted Nelson, telemarketer, The Future of Employment, the medium is the message, the new new thing, Thomas L Friedman, Tyler Cowen: Great Stagnation, Uber for X, urban planning, Vannevar Bush, Whole Earth Catalog, WikiLeaks, winner-take-all economy, working poor, Y Combinator

Over the last twenty-five years, the Internet has indeed sucked much of the musical creativity out of the world. In 2008 alone, there were 39,000 jobs lost in the British creative economy.57 Today, in 2014, the prospects of young musicians or entrepreneurs breaking into the industry are dramatically worse than they were twenty-five years ago. Back in 1989, we all wanted to work in the music business; but today, in 2014, the new new thing is multibillion-dollar companies like Spotify and Pandora that are destroying the livelihoods of independent musicians. Yes, the Internet did change everything in the music industry. Music is, indeed, now abundant. And that’s been the catastrophe of the last quarter century. CHAPTER SIX THE ONE PERCENT ECONOMY An Abundance of Stupidity My own epiphany about the Internet’s disastrous impact on culture is well documented.


pages: 274 words: 93,758

Phishing for Phools: The Economics of Manipulation and Deception by George A. Akerlof, Robert J. Shiller, Stanley B Resor Professor Of Economics Robert J Shiller

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Andrei Shleifer, asset-backed security, Bernie Madoff, Capital in the Twenty-First Century by Thomas Piketty, collapse of Lehman Brothers, corporate raider, Credit Default Swap, Daniel Kahneman / Amos Tversky, dark matter, David Brooks, en.wikipedia.org, endowment effect, equity premium, financial intermediation, financial thriller, fixed income, full employment, George Akerlof, greed is good, income per capita, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kenneth Arrow, Kenneth Rogoff, late fees, loss aversion, Menlo Park, mental accounting, Milgram experiment, money market fund, moral hazard, new economy, Pareto efficiency, Paul Samuelson, payday loans, Ponzi scheme, profit motive, publication bias, Ralph Nader, randomized controlled trial, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, Silicon Valley, the new new thing, The Predators' Ball, the scientific method, The Wealth of Nations by Adam Smith, theory of mind, Thorstein Veblen, too big to fail, transaction costs, Unsafe at Any Speed, Upton Sinclair, Vanguard fund, Vilfredo Pareto, wage slave

Just before Prilosec went off patent to be producible as a generic, its producer, Astra Zeneca, brought out a new drug, Nexium. Some molecules have “chirality”: they come in either right-handed or left-handed form. The only difference between Nexium and Prilosec lies in the chirality of some of their molecules. (See Goldacre, Bad Pharma, pp. 146–48.) The marketing division then was assigned its task: to convince the good doctor that he should prescribe the new, new thing, just as the good teacher conscientiously assigns the latest-edition textbook. Chapter Seven: Innovation: The Good, the Bad, and the Ugly 1. The US Census estimated the world population of adults (those over the age of 20) at 4.725 billion in mid-2014. US Census Bureau, “World Population by Age and Sex,” last accessed December 1, 2014, http://www.census .gov/cgi-bin/broker. (For our calculation of buyers/seller pairs we approximate this as five billion.)


pages: 301 words: 86,278

Women and Autoimmune Disease by Robert G. Lahita

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medical residency, stem cell, the new new thing, Yogi Berra

Another wonderful advance in treating rheumatoid arthritis is the advent of drugs called DMARDs, or disease-modifying arthritisrelated drugs, which do not treat the symptoms, but rather treat the disease process. The chemotherapeutic drugs such as methotrexate, hydroxychloroquine, and Imuran are examples of DMARDs that I give to patients early in the game to prevent the destruction of bone and joints. � Biological Response Modifiers: The New New Thing As terrific as it is to be able to relieve pain and prevent the inexorable destruction of joints, today the big excitement is in the biological response modifiers. This new approach to RA is designed to interrupt the work of cytokines, the communications molecules. If we block these message-carrying molecules—cytokines, like tumor necrosis factor (TNF), and chemokines—we can block the messages and ultimately abort or at least slow down the disease process.


pages: 398 words: 108,889

The Paypal Wars: Battles With Ebay, the Media, the Mafia, and the Rest of Planet Earth by Eric M. Jackson

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bank run, business process, call centre, creative destruction, disintermediation, Elon Musk, index fund, Internet Archive, iterative process, Joseph Schumpeter, market design, Menlo Park, Metcalfe’s law, money market fund, moral hazard, Network effects, new economy, offshore financial centre, Peter Thiel, Robert Metcalfe, Sand Hill Road, shareholder value, Silicon Valley, Silicon Valley startup, telemarketer, The Chicago School, the new new thing, Turing test

PR Newswire - X.com press release, “X.com Surpasses One Million Customer Mark,” April 5, 2000, no longer available online. 13. Adam Feuerstein, “X.com Raises $100 Million,” Upside Today, April 5, 2000, no longer available online. 14. Jim Seymour, “The Perils of Betting on ‘Concept Companies,’” TheStreet.com, http://www.thestreet.com/pf/comment/techsavvy/1139783.html. This story is also delightfully told by Michael Lewis in his classic Silicon Valley tale The New New Thing, (New York: Penguin Books, 2000), 91-101. 15. Sam Ames, “Earnings Season May Stabilize Jittery Markets,” News.com, April 10, 2000, http://news.com.com/2100-1023_3-239062.html. 16. For a recent history of the federal funds target rate, see Federal Reserve Monitor, The Wall Street Journal, http://online.wsj.com/documents/mktindex.htm?fedwatch.htm. 17. Price Waterhouse Coopers, “Money Tree Survey”, http://www.pwcmoneytree.com.


pages: 327 words: 102,322

Losing the Signal: The Spectacular Rise and Fall of BlackBerry by Jacquie McNish, Sean Silcoff

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Albert Einstein, Clayton Christensen, corporate governance, diversified portfolio, indoor plumbing, Iridium satellite, patent troll, QWERTY keyboard, rolodex, Silicon Valley, Silicon Valley startup, skunkworks, Skype, Stephen Hawking, Steve Ballmer, Steve Jobs, the new new thing

“How would you like e-mail on your hip for way cheaper and in a smaller package?” By the end of the first day, Klimstra’s pockets bulged with business cards. “It was like shooting fish in a barrel,” he said. The next day, McMurtry and a few more evangelists were on the first plane to Boston. Conference goers hadn’t seen anything like the BlackBerry. At a time when primitive two-way paging was considered the new new thing and Internet browsing was still a novelty, a device offering instant access to office e-mails was startling. Initially, the miniature keyboard baffled conference attendees. Some scrunched fingers to try to type on the tiny keyboard as they would on their personal computers. Others poked at the tiny keys with a pencil. Klimstra quickly corrected them, demonstrating how thumb-typing worked: you had to cradle the device in your hands, with thumbs hovering above the keyboard to type.


pages: 250 words: 87,722

Flash Boys: A Wall Street Revolt by Michael Lewis

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automated trading system, bash_history, Berlin Wall, Bernie Madoff, collateralized debt obligation, computerized markets, drone strike, Fall of the Berlin Wall, financial intermediation, Flash crash, High speed trading, latency arbitrage, pattern recognition, risk tolerance, Rubik’s Cube, Sergey Aleynikov, Small Order Execution System, Spread Networks laid a new fibre optics cable between New York and Chicago, the new new thing, too big to fail, trade route, transaction costs, Vanguard fund

They are: Lana Amer, Benjamin Aisen, Daniel Aisen, Joshua Blackburn, Donald Bollerman, James Cape, Francis Chung, Adrian Facini, Stan Feldman, Brian Foley, Ramon Gonzalez, Bradley Katsuyama, Craig Katsuyama, Joe Kondel, Gerald Lam, Frank Lennox, Tara McKee, Rick Molakala, Tom O’Brien, Robert Park, Stefan Parker, Zoran Perkov, Eric Quinlan, Ronan Ryan, Rob Salman, Prerak Sanghvi, Eric Schmid, John Schwall, Constantine Sokoloff, Beau Tateyama, Matt Trudeau, Larry Yu, Allen Zhang, and Billy Zhao. ALSO BY MICHAEL LEWIS Boomerang The Big Short Home Game The Blind Side Coach Moneyball Next The New New Thing Losers Pacific Rift The Money Culture Liar’s Poker EDITED BY MICHAEL LEWIS Panic Don’t miss other bestselling titles by MICHAEL LEWIS michaellewiswrites.com “It is the work of our greatest financial journalist, at the top of his game. And it’s essential reading.” —Graydon Carter, Vanity Fair “Lewis has such a gift for storytelling . . . he writes as lucidly for sports fans as for those who read him for other reasons.”


pages: 336 words: 113,519

The Undoing Project: A Friendship That Changed Our Minds by Michael Lewis

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Albert Einstein, availability heuristic, Cass Sunstein, choice architecture, complexity theory, Daniel Kahneman / Amos Tversky, Donald Trump, Douglas Hofstadter, endowment effect, feminist movement, framing effect, hindsight bias, John von Neumann, Kenneth Arrow, loss aversion, medical residency, Menlo Park, Murray Gell-Mann, Nate Silver, New Journalism, Paul Samuelson, Richard Thaler, Saturday Night Live, statistical model, the new new thing, Thomas Bayes, Walter Mischel, Yom Kippur War

Without the pushing and prodding of my editor, Starling Lawrence, I wouldn’t have bothered to write it in the first place, and if I had, I certainly wouldn’t have worked as hard at it as I wound up working. Finally, the possibility that this might be the last book that I ever give Bill Rusin to sell got my rear end in the desk chair sooner than I otherwise would have, so that he might work his magic. But not for the last time, I hope. ALSO BY MICHAEL LEWIS Flash Boys The Big Short Boomerang Home Game The Blind Side Coach Moneyball Next The New New Thing Losers Pacific Rift The Money Culture Liar’s Poker EDITED BY MICHAEL LEWIS Panic Copyright © 2017 by Michael Lewis All rights reserved First Edition For information about permission to reproduce selections from this book, write to Permissions, W. W. Norton & Company, Inc., 500 Fifth Avenue, New York, NY 10110 For information about special discounts for bulk purchases, please contact W.


pages: 265 words: 93,231

The Big Short: Inside the Doomsday Machine by Michael Lewis

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Asperger Syndrome, asset-backed security, collateralized debt obligation, Credit Default Swap, credit default swaps / collateralized debt obligations, diversified portfolio, facts on the ground, financial innovation, fixed income, forensic accounting, Gordon Gekko, high net worth, housing crisis, illegal immigration, income inequality, index fund, interest rate swap, John Meriwether, London Interbank Offered Rate, Long Term Capital Management, medical residency, money market fund, moral hazard, mortgage debt, pets.com, Ponzi scheme, Potemkin village, quantitative trading / quantitative finance, Robert Bork, short selling, Silicon Valley, the new new thing, too big to fail, value at risk, Vanguard fund, zero-sum game

The Big Short Also by Michael Lewis Home Game Liar's Poker The Money Culture Pacific Rift Losers The New New Thing Next Moneyball Coach The Blind Side EDITED BY MICHAEL LEWIS Panic The Big Short INSIDE THE DOOMSDAY MACHINE Michael Lewis W. W. NORTON & COMPANY NEW YORK LONDON Copyright (c) 2010 by Michael Lewis All rights reserved For information about permission to reproduce selections from this book, write to Permissions, W. W. Norton & Company, Inc., 500 Fifth Avenue, New York, NY 10110 ISBN: 978-0-393-07819-0 W. W. Norton & Company, Inc. 500 Fifth Avenue, New York, N.Y. 10110 www.wwnorton.com W. W. Norton & Company Ltd. Castle House, 75/76 Wells Street, London W1T 3QT For Michael Kinsley To whom I still owe an article The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him.


pages: 525 words: 142,027

CIOs at Work by Ed Yourdon

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8-hour work day, Apple's 1984 Super Bowl advert, business intelligence, business process, call centre, cloud computing, crowdsourcing, distributed generation, Donald Knuth, Flash crash, Googley, Grace Hopper, Infrastructure as a Service, Innovator's Dilemma, inventory management, Julian Assange, knowledge worker, Mark Zuckerberg, Nicholas Carr, rolodex, shareholder value, Silicon Valley, six sigma, Skype, smart grid, smart meter, software as a service, Steve Ballmer, Steve Jobs, Steven Levy, the new new thing, the scientific method, WikiLeaks, Y2K, Zipcar

Ellyn: But I’m hoping one day it will change. Yourdon: I have two relatively small question areas left for you. One is the whole generational issue. Do you see significant differences in the behaviors and attitudes of the new generation of workers that you’re hiring out of university today as compared to, I don’t know, five or ten years ago? Ellyn: Yes. However, because I’ve always been at the edge of advanced technologies and the new, new things, even back in my Chrysler days, I had the fresh-out-of-the-university rotational. Everybody wanted to be in the advanced technology group for at least one rotation. Yourdon: Right. Ellyn: When I was in Silicon Valley, the two times I was there, obviously, I was doing the adult supervision thing. I think, there are some characteristics about being young, not being jaded, having your whole life in front of you that are kind of durable.


pages: 598 words: 140,612

Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier by Edward L. Glaeser

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affirmative action, Andrei Shleifer, Berlin Wall, British Empire, Broken windows theory, carbon footprint, Celebration, Florida, clean water, congestion charging, declining real wages, desegregation, diversified portfolio, Edward Glaeser, endowment effect, European colonialism, financial innovation, Frank Gehry, global village, Guggenheim Bilbao, haute cuisine, Home mortgage interest deduction, James Watt: steam engine, Jane Jacobs, job-hopping, John Snow's cholera map, Mahatma Gandhi, McMansion, megacity, mortgage debt, mortgage tax deduction, New Urbanism, place-making, Ponzi scheme, Potemkin village, Ralph Waldo Emerson, rent control, RFID, Richard Florida, Rosa Parks, school vouchers, Seaside, Florida, Silicon Valley, Skype, smart cities, Steven Pinker, strikebreaker, the built environment, The Death and Life of Great American Cities, the new new thing, The Wealth of Nations by Adam Smith, trade route, transatlantic slave trade, upwardly mobile, urban planning, urban renewal, urban sprawl, William Shockley: the traitorous eight, Works Progress Administration, young professional

The engines were being built and serviced for the ships on the Great Lakes; the carriages were made from the plentiful wood of Michigan’s forests. Henry Ford got his start in the engine business, while Billy Durant, the entrepreneur behind General Motors, began making horse-drawn carriages in nearby Flint. At the end of the nineteenth century, Detroit looked a lot like Silicon Valley in the 1960s and 1970s. The Motor City thrived as a hotbed of small innovators, many of whom focused on the new new thing, the automobile. The basic science of the automobile had been worked out in Germany in the 1880s, but the German innovators had no patent protection in the United States. As a result, Americans were competing furiously to figure out how to produce good cars on a mass scale. In general, there’s a strong correlation between the presence of small firms and the later growth of a region. Competition, the “racing men” phenomenon, seems to create economic success.


pages: 744 words: 142,748

Exploding the Phone: The Untold Story of the Teenagers and Outlaws Who Hacked Ma Bell by Phil Lapsley

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air freight, Apple II, Bill Gates: Altair 8800, Bob Noyce, card file, Chance favours the prepared mind, cuban missile crisis, dumpster diving, Hush-A-Phone, index card, Jason Scott: textfiles.com, John Markoff, Menlo Park, popular electronics, Richard Feynman, Richard Feynman, Saturday Night Live, Silicon Valley, Steve Jobs, Steve Wozniak, Steven Levy, the new new thing, the scientific method, urban renewal, wikimedia commons

For thousands of years we humans have tried every trick we could think of to communicate at a distance: torches on mountaintops were big with the Greeks, the Romans released carrier pigeons to report the results of chariot races, African bush tribes sounded drums, American Indians had smoke signals, and ships at sea hoisted signal flags to communicate with each other. The problem, of course, was that these techniques all pretty much sucked; this is why you carry a cell phone in your pocket and not a signal flag or a pigeon. But we didn’t get to cell phones overnight. It took repeated assaults on the problem to before humanity managed to make a dent in it. In the late 1700s the new new thing in the world of communications was something called the optical telegraph. A network of windmill-like towers with pivoting shutters, blades, arms, or paddles that could be seen from a distance, the optical telegraph allowed reliable long-distance communications. Several systems were built but the best known was created by Claude Chappe and his brothers and deployed throughout France starting in 1793.


pages: 349 words: 134,041

Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives by Satyajit Das

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accounting loophole / creative accounting, Albert Einstein, Asian financial crisis, asset-backed security, beat the dealer, Black Swan, Black-Scholes formula, Bretton Woods, BRICs, Brownian motion, business process, buy low sell high, call centre, capital asset pricing model, collateralized debt obligation, commoditize, complexity theory, computerized trading, corporate governance, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, cuban missile crisis, currency peg, disintermediation, diversification, diversified portfolio, Edward Thorp, Eugene Fama: efficient market hypothesis, Everything should be made as simple as possible, financial innovation, fixed income, Haight Ashbury, high net worth, implied volatility, index arbitrage, index card, index fund, interest rate derivative, interest rate swap, Isaac Newton, job satisfaction, John Meriwether, locking in a profit, Long Term Capital Management, mandelbrot fractal, margin call, market bubble, Marshall McLuhan, mass affluent, mega-rich, merger arbitrage, Mexican peso crisis / tequila crisis, money market fund, moral hazard, mutually assured destruction, Myron Scholes, new economy, New Journalism, Nick Leeson, offshore financial centre, oil shock, Parkinson's law, placebo effect, Ponzi scheme, purchasing power parity, quantitative trading / quantitative finance, random walk, regulatory arbitrage, Right to Buy, risk-adjusted returns, risk/return, Satyajit Das, shareholder value, short selling, South Sea Bubble, statistical model, technology bubble, the medium is the message, the new new thing, time value of money, too big to fail, transaction costs, value at risk, Vanguard fund, volatility smile, yield curve, Yogi Berra, zero-coupon bond

Expensive cars and houses, designer clothes, the latest electronic gadgets and toys, trendy restaurants, exotic holidays and beautiful women (some of whom charge by the hour) are cliched elements of this lifestyle. Some traders collect art or wine. A few cultivate a taste for narcotics to fuel the blood-lust of the trading rooms. Over time, the impact of high income on the survivors is different. The divorces, maintenance payments and lifestyle require vast sums, but money also becomes a scorecard of success. Michael Lewis, the successful author of Liar’s Poker and The New New Thing, writing about the failure of Long Term Capital Management (LTCM), finds himself fixated by something that seems like envy. Hans Hufschmid, a former colleague of Lewis’s at Salomon, had worked at LTCM where his investment was worth maybe $50 million, at least until it DAS_C03.QXP 8/7/06 78 4:25 PM Page 78 Tr a d e r s , G u n s & M o n e y collapsed. Lewis experiences something like relief.


pages: 481 words: 120,693

Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else by Chrystia Freeland

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activist fund / activist shareholder / activist investor, Albert Einstein, algorithmic trading, assortative mating, banking crisis, barriers to entry, Basel III, battle of ideas, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, Branko Milanovic, Bretton Woods, BRICs, business climate, call centre, carried interest, Cass Sunstein, Clayton Christensen, collapse of Lehman Brothers, commoditize, conceptual framework, corporate governance, creative destruction, credit crunch, Credit Default Swap, crony capitalism, Deng Xiaoping, don't be evil, double helix, energy security, estate planning, experimental subject, financial deregulation, financial innovation, Flash crash, Frank Gehry, Gini coefficient, global village, Goldman Sachs: Vampire Squid, Gordon Gekko, Guggenheim Bilbao, haute couture, high net worth, income inequality, invention of the steam engine, job automation, John Markoff, joint-stock company, Joseph Schumpeter, knowledge economy, knowledge worker, liberation theology, light touch regulation, linear programming, London Whale, low skilled workers, manufacturing employment, Mark Zuckerberg, Martin Wolf, Mikhail Gorbachev, Moneyball by Michael Lewis explains big data, NetJets, new economy, Occupy movement, open economy, Peter Thiel, place-making, Plutocrats, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, postindustrial economy, Potemkin village, profit motive, purchasing power parity, race to the bottom, rent-seeking, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, self-driving car, short selling, Silicon Valley, Silicon Valley startup, Simon Kuznets, Solar eclipse in 1919, sovereign wealth fund, stem cell, Steve Jobs, the new new thing, The Spirit Level, The Wealth of Nations by Adam Smith, Tony Hsieh, too big to fail, trade route, trickle-down economics, Tyler Cowen: Great Stagnation, wage slave, Washington Consensus, winner-take-all economy, zero-sum game

This is not a group that plays hooky: the conference room is full from nine a.m. to six p.m. on conference days, and during coffee breaks the lawns are crowded with executives checking their BlackBerrys and iPads. The 2010 lineup of Zeitgeist speakers included such notables as Archbishop Desmond Tutu, London mayor Boris Johnson, and Starbucks CEO Howard Schultz (not to mention, of course, Google’s own CEO, Eric Schmidt). But the most potent currency at this and comparable gatherings is neither fame nor money. Rather, it’s what author Michael Lewis has dubbed “the new new thing”—the insight or algorithm or technology with the potential to change the world. Hence the presence of three Nobel laureates, including Daniel Kahneman, a pioneer in behavioral economics. One of the business stars in attendance was then thirty-six-year-old entrepreneur Tony Hsieh, who had sold his Zappos online shoe retailer to Amazon for more than a billion dollars the previous summer. And the most popular session of all was the one in which Google showed off some of its new inventions, including the Nexus phone.


pages: 390 words: 114,538

Digital Wars: Apple, Google, Microsoft and the Battle for the Internet by Charles Arthur

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activist fund / activist shareholder / activist investor, AltaVista, Build a better mousetrap, Burning Man, cloud computing, commoditize, credit crunch, crowdsourcing, disintermediation, don't be evil, en.wikipedia.org, Firefox, gravity well, Jeff Bezos, John Gruber, Mark Zuckerberg, Menlo Park, Network effects, PageRank, pre–internet, Robert X Cringely, Silicon Valley, Silicon Valley startup, skunkworks, Skype, slashdot, Snapchat, software patent, speech recognition, stealth mode startup, Steve Ballmer, Steve Jobs, the new new thing, the scientific method, Tim Cook: Apple, turn-by-turn navigation, upwardly mobile

filingID=1047469-98-44981&CIK=320193 3 http://www.sec.gov/Archives/edgar/data/789019/000132210-98-001067.txt References and further reading Auletta, Ken (2009) Googled: The end of the world as we know it, Virgin Books, London Battelle, John (2005) The Search: How Google and its rivals rewrote the rules of business and transformed our culture, Nicholas Brealey, London Deutschman, Alan (2000) The Second Coming of Steve Jobs, Broadway Books, New York Edwards, Douglas (2011) I’m Feeling Lucky: The confessions of Google employee number 59, Allen Lane, London Elliot, Jay (2011) The Steve Jobs Way: iLeadership for a new generation, Vanguard Press, New York Foley, Mary Jo (2008) Microsoft 2.0: How Microsoft plans to stay relevant in the post-Gates era, John Wiley, Hoboken, NJ Isaacson, Walter (2011) Steve Jobs, Little, Brown, London Kirkpatrick, David (2010) The Facebook Effect: The inside story of the company that is connecting the world, Simon & Schuster, New York Levis, Kieran (2009) Winners and Losers: Creators and casualties of the age of the internet, Atlantic Books, London Levy, Steven (2006) The Perfect Thing: How the iPod became the defining object of the 21st century, Ebury Press, London Levy, Steven (2011) In the Plex: How Google thinks, works and shapes our lives, Simon & Schuster, New York Lewis, Michael (1999) The New New Thing: A Silicon Valley story, Hodder & Stoughton, London Norman, Donald A (2004) Emotional Design: Why we love (or hate) everyday things, Basic Books, New York Wu, Tim (2011) The Master Switch: The rise and fall of information empires, Atlantic Books, London Acknowledgements First mention must go to Susannah Lear, who e-mailed me out of the blue with the Velcro-covered idea of a book about these three companies and their interactions.


pages: 469 words: 146,487

Empire: How Britain Made the Modern World by Niall Ferguson

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British Empire, Cape to Cairo, colonial rule, Corn Laws, European colonialism, imperial preference, income per capita, John Harrison: Longitude, joint-stock company, Khartoum Gordon, Khyber Pass, land reform, land tenure, liberal capitalism, Livingstone, I presume, Mahatma Gandhi, mass immigration, night-watchman state, profit motive, Scramble for Africa, spice trade, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the new new thing, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, transatlantic slave trade, transatlantic slave trade, union organizing, zero-sum game

By the end of the eighteenth century, per capita sugar consumption was ten times what it was in France (20 lbs. per head per year compared with just two). More than anyone else in Europe, the English developed an insatiable appetite for imported commodities. In particular, what the English consumer liked was to mix his sugar with an orally administered and highly addictive drug, caffeine, supplemented with an inhaled but equally addictive substance, nicotine. In Defoe’s time, tea, coffee, tobacco and sugar were the new, new things. And all of them had to be imported. The first recorded English request for a pot of tea is in a letter dated 27 June 1615 from Mr R. Wickham, agent of the East India Company on the Japanese island of Hirado, to his colleague Mr Eaton at Macao, asking him to send on only ‘the best sort of chaw’. However, it was not until 1658 that the first advertisement appeared in England for what was to become the national drink.

Culture and Prosperity: The Truth About Markets - Why Some Nations Are Rich but Most Remain Poor by John Kay

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Albert Einstein, Asian financial crisis, Barry Marshall: ulcers, Berlin Wall, Big bang: deregulation of the City of London, California gold rush, complexity theory, computer age, constrained optimization, corporate governance, corporate social responsibility, correlation does not imply causation, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, Donald Trump, double entry bookkeeping, double helix, Edward Lloyd's coffeehouse, equity premium, Ernest Rutherford, European colonialism, experimental economics, Exxon Valdez, failed state, financial innovation, Francis Fukuyama: the end of history, George Akerlof, George Gilder, greed is good, Gunnar Myrdal, haute couture, illegal immigration, income inequality, industrial cluster, information asymmetry, intangible asset, invention of the telephone, invention of the wheel, invisible hand, John Meriwether, John Nash: game theory, John von Neumann, Kenneth Arrow, Kevin Kelly, knowledge economy, labour market flexibility, late capitalism, light touch regulation, Long Term Capital Management, loss aversion, Mahatma Gandhi, market bubble, market clearing, market fundamentalism, means of production, Menlo Park, Mikhail Gorbachev, money: store of value / unit of account / medium of exchange, moral hazard, Myron Scholes, Naomi Klein, Nash equilibrium, new economy, oil shale / tar sands, oil shock, Pareto efficiency, Paul Samuelson, pets.com, popular electronics, price discrimination, price mechanism, prisoner's dilemma, profit maximization, purchasing power parity, QWERTY keyboard, Ralph Nader, RAND corporation, random walk, rent-seeking, Right to Buy, risk tolerance, road to serfdom, Ronald Coase, Ronald Reagan, second-price auction, shareholder value, Silicon Valley, Simon Kuznets, South Sea Bubble, Steve Jobs, telemarketer, The Chicago School, The Death and Life of Great American Cities, The Market for Lemons, The Nature of the Firm, the new new thing, The Predators' Ball, The Wealth of Nations by Adam Smith, Thorstein Veblen, total factor productivity, transaction costs, tulip mania, urban decay, Vilfredo Pareto, Washington Consensus, women in the workforce, yield curve, yield management

Leijonhufvud, A. 1968. On Keynesian Economics and the Economics of Keynes. London and New York: Oxford University Press. Levy, M. R 1989. The VCR Age: Home Video and Mass Communication. Newbury Park, Cali£: Sage Publications. Lewis, A., and T. W. Schultz. 1953. The Economic Organization ofAgriculture. New York: McGraw-Hill. Lewis, M. 1989. Liar's Poker: Two Cities) True Greed. New York: Penguin. ---. 2000. The New New Thing. New York: W. W. Norton. Lewis, W. A. 1954. "Economic Development with Unlimited Supplies of Labor." Manchester School 22 (May): 139-91. Liebowitz, S.]., and S. E. Margolis. 1990. "The Fable of the Keys." journal ofLaw and Economics 33 (April): 1-25. Little, I. 1996. Picking Winners: The East Asian Experience. London: Social Market Foundation. Loewenstein, G. 1999. "Because It Is There: The Challenge ofMountaineering ... for Utility Theory."


pages: 406 words: 115,719

The Case Against Sugar by Gary Taubes

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Albert Einstein, British Empire, cuban missile crisis, epigenetics, Everything should be made as simple as possible, Gary Taubes, Isaac Newton, meta analysis, meta-analysis, microbiome, phenotype, pre–internet, Ralph Nader, RAND corporation, randomized controlled trial, selection bias, the new new thing, the scientific method, Works Progress Administration

New technologies will lead inevitably to new areas of research, new observations, and new discoveries. The ability to sequence the genomes of these bacterial species has opened up a new frontier of research, just as the ability to measure blood pressure, cholesterol, or insulin sensitivity did for earlier generations of researchers. The microbiome research, because it’s brand-new, is at a very preliminary stage. Still, as the new new thing (to borrow a phrase from the journalist Michael Lewis) in obesity and diabetes research, gut bacteria get an inordinate amount of attention, particularly from the media, though we may not know for decades what to make of the observations that ensue—what is signal and what is noise. Most of the work so far has been done in laboratory mice and rats, and the relevance to human life (or even to other laboratory animals) is unclear.


pages: 584 words: 187,436

More Money Than God: Hedge Funds and the Making of a New Elite by Sebastian Mallaby

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Andrei Shleifer, Asian financial crisis, asset-backed security, automated trading system, bank run, barriers to entry, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Bonfire of the Vanities, Bretton Woods, capital controls, Carmen Reinhart, collapse of Lehman Brothers, collateralized debt obligation, computerized trading, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, currency manipulation / currency intervention, currency peg, Elliott wave, Eugene Fama: efficient market hypothesis, failed state, Fall of the Berlin Wall, financial deregulation, financial innovation, financial intermediation, fixed income, full employment, German hyperinflation, High speed trading, index fund, John Meriwether, Kenneth Rogoff, Long Term Capital Management, margin call, market bubble, market clearing, market fundamentalism, merger arbitrage, money market fund, moral hazard, Myron Scholes, natural language processing, Network effects, new economy, Nikolai Kondratiev, pattern recognition, Paul Samuelson, pre–internet, quantitative hedge fund, quantitative trading / quantitative finance, random walk, Renaissance Technologies, Richard Thaler, risk-adjusted returns, risk/return, rolodex, Sharpe ratio, short selling, Silicon Valley, South Sea Bubble, sovereign wealth fund, statistical arbitrage, statistical model, survivorship bias, technology bubble, The Great Moderation, The Myth of the Rational Market, the new new thing, too big to fail, transaction costs

Druckenmiller interview, March 13, 2008. 23. Levit interview. Robertson confirms that Tiger’s sale of South Korea Telecom helped to drive the price down in the summer. See Julian H. Robertson, letter to limited partners, September 10, 1999. 24. David Einhorn. Fooling Some of the People All of the Time: A Long Short Story (Hoboken, NJ: John Wiley & Sons, 2008), pp. 33–34. 25. Cassidy, Dot.con, pp. 95–96. 26. Michael Lewis, The New New Thing: A Silicon Valley Story (New York: W. W. Norton, 1999), p. 165. 27. Einhorn, Fooling Some of the People All of the Time: A Long Short Story, p. 37. It should be noted that Einhorn’s other short positions generated a large profit in 1999, a rare case of a hedge fund successfully bucking the bubble. 28. The Fed’s monetary looseness featured in Druckenmiller’s thinking. Druckenmiller interview. 29.


pages: 651 words: 180,162

Antifragile: Things That Gain From Disorder by Nassim Nicholas Taleb

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Air France Flight 447, Andrei Shleifer, banking crisis, Benoit Mandelbrot, Berlin Wall, Black Swan, Chuck Templeton: OpenTable, commoditize, creative destruction, credit crunch, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, discrete time, double entry bookkeeping, Emanuel Derman, epigenetics, financial independence, Flash crash, Gary Taubes, George Santayana, Gini coefficient, Henri Poincaré, high net worth, hygiene hypothesis, Ignaz Semmelweis: hand washing, informal economy, invention of the wheel, invisible hand, Isaac Newton, James Hargreaves, Jane Jacobs, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Arrow, knowledge economy, Lao Tzu, Long Term Capital Management, loss aversion, Louis Pasteur, mandelbrot fractal, Marc Andreessen, meta analysis, meta-analysis, microbiome, money market fund, moral hazard, mouse model, Myron Scholes, Norbert Wiener, pattern recognition, Paul Samuelson, placebo effect, Ponzi scheme, principal–agent problem, purchasing power parity, quantitative trading / quantitative finance, Ralph Nader, random walk, Ray Kurzweil, rent control, Republic of Letters, Ronald Reagan, Rory Sutherland, selection bias, Silicon Valley, six sigma, spinning jenny, statistical model, Steve Jobs, Steven Pinker, Stewart Brand, stochastic process, stochastic volatility, The Great Moderation, the new new thing, The Wealth of Nations by Adam Smith, Thomas Bayes, Thomas Malthus, too big to fail, transaction costs, urban planning, Vilfredo Pareto, Yogi Berra, Zipf's Law

This treadmill effect has been investigated by Danny Kahneman and his peers when they studied the psychology of what they call hedonic states. People acquire a new item, feel more satisfied after an initial boost, then rapidly revert to their baseline of well-being. So, when you “upgrade,” you feel a boost of satisfaction with changes in technology. But then you get used to it and start hunting for the new new thing. But it looks as though we don’t incur the same treadmilling techno-dissatisfaction with classical art, older furniture—whatever we do not put in the category of the technological. You may have an oil painting and a flat-screen television set inhabiting the same room of your house. The oil painting is an imitation of a classic Flemish scene made close to a century ago, with the dark ominous skies of Flanders, majestic trees, and an uninspiring but calmative rural scene.


pages: 741 words: 179,454

Extreme Money: Masters of the Universe and the Cult of Risk by Satyajit Das

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affirmative action, Albert Einstein, algorithmic trading, Andy Kessler, Asian financial crisis, asset allocation, asset-backed security, bank run, banking crisis, banks create money, Basel III, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, Bonfire of the Vanities, bonus culture, Bretton Woods, BRICs, British Empire, capital asset pricing model, Carmen Reinhart, carried interest, Celtic Tiger, clean water, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, debt deflation, Deng Xiaoping, deskilling, discrete time, diversification, diversified portfolio, Doomsday Clock, Edward Thorp, Emanuel Derman, en.wikipedia.org, Eugene Fama: efficient market hypothesis, eurozone crisis, Fall of the Berlin Wall, financial independence, financial innovation, financial thriller, fixed income, full employment, global reserve currency, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, happiness index / gross national happiness, haute cuisine, high net worth, Hyman Minsky, index fund, information asymmetry, interest rate swap, invention of the wheel, invisible hand, Isaac Newton, job automation, Johann Wolfgang von Goethe, John Meriwether, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, labour market flexibility, laissez-faire capitalism, load shedding, locking in a profit, Long Term Capital Management, Louis Bachelier, margin call, market bubble, market fundamentalism, Marshall McLuhan, Martin Wolf, mega-rich, merger arbitrage, Mikhail Gorbachev, Milgram experiment, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, mutually assured destruction, Myron Scholes, Naomi Klein, negative equity, Network effects, new economy, Nick Leeson, Nixon shock, Northern Rock, nuclear winter, oil shock, Own Your Own Home, Paul Samuelson, pets.com, Philip Mirowski, Plutocrats, plutocrats, Ponzi scheme, price anchoring, price stability, profit maximization, quantitative easing, quantitative trading / quantitative finance, Ralph Nader, RAND corporation, random walk, Ray Kurzweil, regulatory arbitrage, rent control, rent-seeking, reserve currency, Richard Feynman, Richard Feynman, Richard Thaler, Right to Buy, risk-adjusted returns, risk/return, road to serfdom, Robert Shiller, Robert Shiller, Rod Stewart played at Stephen Schwarzman birthday party, rolodex, Ronald Reagan, Ronald Reagan: Tear down this wall, Satyajit Das, savings glut, shareholder value, Sharpe ratio, short selling, Silicon Valley, six sigma, Slavoj Žižek, South Sea Bubble, special economic zone, statistical model, Stephen Hawking, Steve Jobs, survivorship bias, The Chicago School, The Great Moderation, the market place, the medium is the message, The Myth of the Rational Market, The Nature of the Firm, the new new thing, The Predators' Ball, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, trickle-down economics, Turing test, Upton Sinclair, value at risk, Yogi Berra, zero-coupon bond, zero-sum game

Why Everyone Owes Everyone and No One Can Pay, Allen Lane, London. Randall Lane (2010) The Zeroes: My Misadventures in the Decade Wall Street Went Insane, Scribe Publications, Melbourne. Edwin Lefèvre (2005) Reminiscences of a Stock Operator, John Wiley, New Jersey. Michael Lewis (1989) Liar’s Poker: Two Cities, True Greed, Hodder & Stoughton, London. Michael Lewis (1991) The Money Culture, Penguin Books, New York. Michael Lewis (1999) The New New Thing: A Silicon Valley Story, Coronet, London. Michael Lewis (ed.) (2008) Panic: The Story of Modern Financial Insanity, Penguin Books, London. Michael Lewis (2010) The Big Short: Inside the Doomsday Machine, Allen Lane, London. Michael E. Lewitt (2010) The Death of Capital: How Creative Policy Can Restore Policy, John Wiley, New Jersey. Roger Lowenstein (1995) Buffett: The Making of an American Capitalist, Broadway Books, New York.


pages: 843 words: 223,858

The Rise of the Network Society by Manuel Castells

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Apple II, Asian financial crisis, barriers to entry, Big bang: deregulation of the City of London, Bob Noyce, borderless world, British Empire, capital controls, complexity theory, computer age, computerized trading, creative destruction, Credit Default Swap, declining real wages, deindustrialization, delayed gratification, dematerialisation, deskilling, disintermediation, double helix, Douglas Engelbart, Douglas Engelbart, edge city, experimental subject, financial deregulation, financial independence, floating exchange rates, future of work, global village, Gunnar Myrdal, Hacker Ethic, hiring and firing, Howard Rheingold, illegal immigration, income inequality, Induced demand, industrial robot, informal economy, information retrieval, intermodal, invention of the steam engine, invention of the telephone, inventory management, James Watt: steam engine, job automation, job-hopping, John Markoff, knowledge economy, knowledge worker, labor-force participation, labour market flexibility, labour mobility, laissez-faire capitalism, Leonard Kleinrock, low skilled workers, manufacturing employment, Marc Andreessen, Marshall McLuhan, means of production, megacity, Menlo Park, moral panic, new economy, New Urbanism, offshore financial centre, oil shock, open economy, packet switching, Pearl River Delta, peer-to-peer, planetary scale, popular capitalism, popular electronics, post-industrial society, postindustrial economy, prediction markets, Productivity paradox, profit maximization, purchasing power parity, RAND corporation, Robert Gordon, Robert Metcalfe, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, social software, South China Sea, South of Market, San Francisco, special economic zone, spinning jenny, statistical model, Steve Jobs, Steve Wozniak, Ted Nelson, the built environment, the medium is the message, the new new thing, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, total factor productivity, trade liberalization, transaction costs, urban renewal, urban sprawl, zero-sum game

Levy, Pierre (1994) L’Intelligence collective: pour une anthropologie du cyberspace, Paris: La Découverte. Levy, R.A., Bowes, M. and Jondrow, J.M. (1984) “Technical advance and other sources of employment change in basic industry”, in E.L. Collins and L.D. Tanner (eds), American Jobs and the Changing Industrial Base, Cambridge, MA: Ballinger, pp. 77–95. Levy, Stephen (1984) Hackers: Heroes of the Computer Revolution, Garden City, NY: Doubleday. Lewis, Michael (2000) The New New Thing: a Silicon Valley Story, New York: W. W. Norton. Lichtenberg, Judith (ed.) (1990) Democracy and Mass Media, New York: Cambridge University Press. Lillyman, William, Moriarty, Marilyn F. and Neuman, David J. (eds) (1994) Critical Architecture and Contemporary Culture, New York: Oxford University Press. Lim, Hyun-Chin (1982) Dependent Development in Korea (1963–79), Seoul: Seoul National University Press.


pages: 901 words: 234,905

The Blank Slate: The Modern Denial of Human Nature by Steven Pinker

affirmative action, Albert Einstein, Alfred Russel Wallace, anti-communist, British Empire, clean water, cognitive dissonance, Columbine, conceptual framework, correlation coefficient, correlation does not imply causation, cuban missile crisis, Daniel Kahneman / Amos Tversky, Defenestration of Prague, desegregation, epigenetics, Exxon Valdez, George Akerlof, germ theory of disease, ghettoisation, glass ceiling, Hobbesian trap, income inequality, invention of agriculture, invisible hand, long peace, meta analysis, meta-analysis, More Guns, Less Crime, Murray Gell-Mann, mutually assured destruction, Norman Mailer, Peter Singer: altruism, phenotype, Plutocrats, plutocrats, Potemkin village, prisoner's dilemma, profit motive, QWERTY keyboard, Richard Feynman, Richard Feynman, Richard Thaler, risk tolerance, Robert Bork, Rodney Brooks, Saturday Night Live, speech recognition, stem cell, Steven Pinker, The Bell Curve by Richard Herrnstein and Charles Murray, the new new thing, theory of mind, Thomas Malthus, Thorstein Veblen, ultimatum game, urban renewal, War on Poverty, women in the workforce, Yogi Berra, zero-sum game

The psychologist Colin Martindale has documented that every art form increases in complexity, ornamentation, and emotional charge until the evocative potential of the style is fully exploited.51 Attention then turns to the style itself, at which point the style gives way to a new one. Martindale attributes this cycle to habituation on the part of the audience, but it also comes from the desire for attention on the part of the artists. In twentieth-century art, the search for the new new thing became desperate because of the economies of mass production and the affluence of the middle class. As cameras, art reproductions, radios, records, magazines, movies, and paperbacks became affordable, ordinary people could buy art by the carload. It is hard to distinguish oneself as a good artist or discerning connoisseur if people are up to their ears in the stuff, much of it of reasonable artistic merit.


pages: 1,009 words: 329,520

The Last Tycoons: The Secret History of Lazard Frères & Co. by William D. Cohan

activist fund / activist shareholder / activist investor, bank run, carried interest, cognitive dissonance, commoditize, computer age, corporate governance, corporate raider, creative destruction, credit crunch, diversification, Donald Trump, East Village, fear of failure, fixed income, hiring and firing, interest rate swap, intermodal, Joseph Schumpeter, late fees, Long Term Capital Management, Marc Andreessen, market bubble, offshore financial centre, Ponzi scheme, Ralph Nader, Ralph Waldo Emerson, rolodex, Ronald Reagan, shareholder value, The Nature of the Firm, the new new thing, Yogi Berra

The Wall Street Journal reported that he told them that a 1 percent ownership stake in Lazard was worth $38 million, a value consistent with the $3.8 billion valuation, and, according to Bruce, was consistent with other prices paid for stakes in Lazard, including his own. Bruce told the Journal that the new financial supermarkets, such as Citigroup and JPMorgan Chase, were the "new fandangos" and said that he believed "good advice is the new, new thing." The new year not only brought the announcement of Bruce's "new" management team but also revealed to all the partners the complexity of the deal Michel had cut with Bruce. A summary of the 116-page "Third Amended and Restated Operating Agreement of Lazard LLC, Dated as of January 1, 2002" bluntly stated the changes: "BW will take over from MDW as Chairman of the Executive Committee, will take on the positions of Head of Lazard (for an initial five-year term) and CEO of Lazard and will assume all of the powers of MDW and the Executive Committee.