Against the Gods

By Peter Bernstein
John Wiley, $27.95

ISBN 0471121045

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A terrific anecdotal history of risk

Review by Michael Pellecchia

Investors have various opinions and attitudes about it. So do gamblers. So do we all, if the truth be known, form our relationship with risk somewhat unconsciously. Risk-taking is such an integral part of social and cultural life in America, it is woven into the fabric of everything we do. And yet the study of history does not emphasize all the risk-taking that has come before us.

In his lucid style, Peter Bernstein, traces 400 years of risk in Western civilization in Against the Gods. Not surprisingly, the main characters in these events are also some of the titans of quantitative culture, from Pascal and Keynes to Harry Markowitz and Kenneth Arrow. This is a wonderful anecdotal study of uncertainty, certain to please the reader engaged by topical history.

Michael Pellecchia writes about business and finance books each month He can be reached at michael_pellecchia@bookpage.com.

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