Books
When Society Collapses, These Traders Win Big

Published
4 months agoon
By
Press Room
CHAOS KINGS: How Wall Street Traders Make Billions in the New Age of Crisis, by Scott Patterson
Almost everyone knows someone who seems to take a perverse pleasure in imagining worst-case scenarios. In life, this is usually a coping mechanism devised to cushion the blows of disappointment. In markets, it is a way to make billions of dollars.
But converting market anxiety into eye-popping personal gain — by shorting stocks in the off-chance the economy tanks — can be an unsavory strategy, and not just because it can mean profiting off disasters like Sept. 11 and Covid. In the school of Nassim Taleb, the former derivatives trader and “Black Swan” theorist, betting on catastrophe requires acknowledging that we can never know when it will strike. And while that may sound like a bland truism, it goes against much of the conventional wisdom on Wall Street, which says that with the right statistical models, nearly every outcome is quantifiable. The frightening alternative would be to admit that chaos reigns.
Of course, it’s chaos that Taleb thrives on. He is the unwitting protagonist of The Wall Street Journal reporter Scott Patterson’s “Chaos Kings,” a closely observed chronicle of the storm-chasing edgelords of finance and the critics with whom they clash.
This drama unfolds in lecture halls, in conference rooms and on trading floors, which lend themselves naturally to drama. In an early scene, a young Taleb finds the “meaty fists” of a hotheaded pit trader wrapped around his neck. The men who make up the cast are daredevilish and eccentric. They ride motorcycles at “suicidal speeds,” and hire kung fu masters to learn qinna, an intricate martial art technique of physically incapacitating an opponent. And they learn to love losing money day to day, so that they can win big down the line.
Even those unfamiliar with, or uninterested in, the oscillations of the stock market may find themselves gripped by Patterson’s account, which returns to pivot points like the 1987 Black Monday, the 2008 financial crisis and the 2010 flash crash, and ambitiously, though not always as successfully, tries to connect these events in a single thread to the present day.
The world Patterson portrays is largely divided among two camps: investors who subscribe to Taleb’s “Black Swan” philosophy of financial markets as vulnerable to unforeseeable shocks and those more convinced by the French researcher Didier Sornette’s “Dragon Kings,” anomalous but somewhat foreseeable events. Sornette, who steadfastly believes in “pockets of predictability,” finds Taleb and his partner Mark Spitznagel’s credo a touch too woo-woo. “Quants,” the financial engineers who trust complex formulas to tell them what the future holds — and who are the focus of another book by Patterson — are the extreme foil to both groups.
“The Black Swan concept is dangerous,” Sornette tells Patterson. “It puts us back at the time of pre-science where the wrath of nature, the lightning, the storms were the expression of the anger of the gods.”
Patterson doesn’t come out and say what we should think of these camps: He is primarily showing us how their machinations work. But rarely does the reader see his chaos kings err, and as the author threads in more contemporary issues like the climate crisis, cryptocurrency and the war in Ukraine, we see their ideas becoming only more ascendant. While these final sections tend to feel more rushed — with glancing mentions of, say, the Jan. 6 attack on the Capitol, the murder of George Floyd and the pandemic peppered throughout the last few chapters — in such current events a reader might also detect an implicit endorsement of Taleb’s “Black Swan” philosophy.
Perhaps what comes through most strongly is just how many theories there are about how financial markets behave. Patterson cites one of Joan Didion’s most oft-quoted lines, “We tell ourselves stories in order to live,” to account for the reader’s potential resistance to Taleb’s visions of chaos. “The human brain craves order,” he writes. But if it’s true that we live in “unprecedented times,” then it stands to reason that the human brain may occasionally thrill to giving itself over to suspense, surprise and unpredictability — at least when it comes to picking a book.
Marie Solis is an editing resident at The Times. Her work has appeared in The Nation, The New Republic and other publications.
CHAOS KINGS: How Wall Street Traders Make Billions in the New Age of Crisis | 322 pp. | Scribner | $30
You may like
-
Home Depot Says Surveillance Footage Shows Tyrese Gibson Is Lying
-
Wynonna Judd’s Cheeky Comment About Tim McGraw Proves She’s a Champion
-
68 Beauty Products That Work So Well, It’s Almost Ridiculous
-
Kelly Ripa and Mark Consuelos’ NSFW Sex Confessions
-
Taylor Swift Gives Ice Spice Top Props: ‘Impresses the Hell Out of Me’
-
Blake Shelton Reveals the Epic Diss Toby Keith Once Gave Him on Tour
Books
Whatever Happened to Local Comedy Scenes?

Published
11 hours agoon
September 28, 2023By
Press Room
Paris in the 1920s. Hollywood in the ’70s. Chicago in the ’90s?
It’s long been my after-midnight-at-the-bar theory that when it comes to urban cultural vanguards, the Michael Jordan era belongs in the pantheon. Full disclosure: I was there and missed it all.
Despite living in Chicago when young improvisers like Tina Fey, Amy Poehler, Steve Carell, Stephen Colbert and Adam McKay were killing in front of live crowds, I never saw any perform. I don’t have a story of bumping into the legendary comedy teacher Del Close or catching Kanye West’s original rap group. I missed Liz Phair as well as the indie-rock renaissance pushed by labels like Drag City and Touch and Go Records.
Just when I thought the cultural obliviousness of my college years couldn’t be greater, a new book, “The Perfect Amount of Wrong: The Rise of Alt Comedy on Chicago’s North Side,” opens another avenue of regret. Its author, the comic Mike Bridenstine, makes a persuasive case that Chicago in the late ’90s and aughts was one of the great incubators of modern stand-up. Bridenstine was part of it, but his account, catnip for comedy nerds, benefits from detailed reporting, tracking the careers of, among others, Kumail Nanjiani, Kyle Kinane, Pete Holmes, Hannibal Buress, Beth Stelling and Cameron Esposito.
Packed with fabled stand-ups who never made it big and their intimate shows, his punchy chapters are perfect for those who argue about comedy the way Stephen A. Smith does about sports. Was the Lyon’s Den (where Holmes and Nanjiani started the same week) the greatest comedy open mic in history? Did T.J. Miller revolutionize crowd work? Does Matt Braunger deserve to be compared to Robin Williams and Will Ferrell? This book should start some fights.
But there’s also a challenging broader argument buried here, about the conditions that make for great art, one that hints at a pessimistic outlook about local scenes in the age of social media.
Chicago has long been known as a place for artists to get good, not famous. It’s far enough from the coasts to keep industry executives at bay. This has produced many eccentric artists and chips on shoulders. For stand-ups, the fact that it was renowned as an improv town was one chip; the second was that the only major club, Zanies, did not book many local acts.
“The best thing that ever happened to comedy in Chicago was Zanies saying you can’t perform here,” Bridenstine, 44, told me in a recent phone interview. Rejection fueled comics to start their own shows, presenting bills in restaurant back rooms, bars and scrappy festivals. The isolation of these shows, their lack of publicity, meant that crowds were locals not tourists, die-hards not casual fans. Originality mattered as much as killing. “There was pressure, in a really good way, to be different and weird,” the comic Brooke Van Poppelen says in the book.
This resulted in comics like the wry political observer Dwayne Kennedy, who inspired considerable awe and gushing among peers. “The fact Dwayne Kennedy is not a household name is insanity,” Sarah Silverman has said. One possible explanation might be found from a producer, who says that to book him, you needed to fax his dad.
An early provocateur, Bill O’Donnell was famous for incorporating vomiting into his act. There were guys with nicknames like Tommy Mayo, and others like Nick Vatterott, who refused to do the same joke twice in a week and performed a bit as a ventriloquist’s dummy that required him to sit inside a box for two hours. He delivered a hilarious set on “The Tonight Show” years ago that hinged on him pretending to forget a joke. “Nick Vatterott is my evidence that comedy is not a meritocracy,” Bridenstine said. “I don’t know anybody funnier than him. And I know a lot of people more famous and successful.”
Along with stories of the famous and forgotten, the book leans on the journalism of Allan Johnson, a critic for The Chicago Tribune who died at 46 in 2006. He was an early champion of Bernie Mac, probably the greatest comic to emerge from Chicago that decade and the book’s most glaring omission. (In the 1990s, comedy was more segregated than today, and there is scant coverage here of predominantly Black rooms.) The attention Johnson lavished on local shows, in praise and criticism, was an important spotlight, drawing audiences and creating conversation. His coverage is also an integral source for this book. Considering the depleted state of newspapers, in Chicago and elsewhere, one wonders about the local comedy coverage future authors will draw upon.
The more significant contrast with comedy today is the minor role of the internet. It’s not merely that there wasn’t the push to turn your jokes into videos. Comics were less aware of their peers in other cities in the 1990s, and thus there wasn’t the same anxiety of influence. One Chicago comic, John Roy, describes the sense of wanting to embrace alt comedy on the coasts, but only vaguely knowing about it from reading about Patton Oswalt or seeing Janeane Garofalo on HBO. “We’re trying to reverse engineer this idea of alternative comedy from a couple articles in Rolling Stone and a special,” Roy says in the book. “You don’t really know what it is. But you subsequently get a lot of creativity because people start going: ‘Well, I got to be weird.’”
The internet — with social media and sites like YouTube — diminished the distance between scenes and put all comics in the same digital room. This has advantages. Comedy is bigger than ever, and it’s easier to find quality jokes. Bridenstine argued that while there are more good stand-up shows in Chicago today, the scene isn’t producing “Kinanes, Kumails, Beths or Hannibals.”
Is this merely nostalgia? Perhaps a bit, but it’s fair to ask a troubling question: Is the internet killing off distinct local comedy scenes?
There is a long history of cities producing their own comedic aesthetics. Boston is blustery and blue collar (think Bill Burr), while San Francisco is wild and experimental (see Robin Williams). Washington, D.C., and Portland, Ore., have their own styles, too. These are all simplifications, but they matter. When everyone can see everyone else online, parallel thinking in jokes increases, and comics move to New York and Los Angeles quickly after viral fame, making coherent local identities harder to maintain.
Who you are around as a young artist is tremendously important. Now we are all, to some degree, around the same people. To be sure, “you had to be there” is a real thing, especially with live comedy, and the internet is full of niches where subcultures can flourish, but whether they will be closely associated with cities is an open question.
Bridenstine sounded skeptical. “City scenes don’t exist in isolation like they used to,” he said, adding a note of optimism while tossing one more chip on his shoulder. “I think new styles will evolve and people will decide to be new and different whenever this current way of arena rock comedy gets old.”
Books
The Most Novelistic Part That Patrick Stewart Ever Played

Published
12 hours agoon
September 28, 2023By
Press Room
“I acted Macbeth for exactly 365 days,” says the actor, whose new memoir is “Making It So.” “The role got into me so deeply it dominated my life at the time and caused me to drink too much alcohol after the performance was over. No other role I have played has affected me so profoundly.”

Thrall first recounted the story of Abed Salama’s search for his 5-year-old son after a bus crash on the outskirts of Jerusalem in a 2021 piece for The New York Review of Books. Now he’s expanded it, weaving the wrenching human saga with a history of the Israeli-Palestinian conflict.
Metropolitan Books, Oct. 3
Bohannon presents nothing less than a new history of the species by examining human evolution through the lens of womankind. It’s a provocative corrective that will answer dozens of questions you’ve always had — and even more you never thought to ask.
Knopf, Oct. 3
When the cryptocurrency exchange FTX collapsed in 2022, the journalist Michael Lewis had been spending time with its founder, Sam Bankman-Fried, in order to write a book. Now his intimate look at the now-disgraced entrepreneur is scheduled to be published around the time that his trial on fraud charges is set to begin.
Norton, Oct. 3
This return to the horror-soaked setting of “The Haunting of Hill House” — which was greenlit by Shirley Jackson’s estate — features a group of friends who make the mistake of renting the moldering old mansion.
Mulholland Books, Oct. 3
Sinclair, an award-winning Jamaican poet (“Cannibal”) recounts her coming-of-age in a strict Rastafarian community in Montego Bay and the rebellion that grew within her, until she escaped — through education and through language.
37 Ink, Oct. 3
After years as a journeyman stage actor, Stewart found himself an unlikely celebrity in his 40s after being cast as Jean-Luc Picard in “Star Trek: The Next Generation.” His memoir vividly recounts the tribulations he overcame — a provincial upbringing, an embittered father — and the teachers and mentors who pointed him skyward.
Gallery, Oct. 3
The Maniac, by Benjamín Labatut
In his new novel, Labatut chronicles the life and legacy of John von Neumann, the polymath who worked on the Manhattan Project and made pivotal contributions to physics, economics, computing and other fields. It’s a study of scientific genius and the darkness of a hyper-rational mind, told through imagined remembrances by colleagues, associates and loved ones.
Monica, by Daniel Clowes
Clowes’s latest graphic novel tells the story of a woman’s life from birth to old age and her long quest to track down, or at least understand, her mother. Progressing from the 1960s to the present day, the genre-bending episodes in this book draw upon counterculture, women’s empowerment, apocalypse and the supernatural, among other themes.
Fantagraphics, Oct. 3
A master of intimate, psychologically precise narratives featuring ordinary people caught in extreme circumstances, Garner, now 80, has amassed a devoted following in her native Australia. With the republication of “The Children’s Bach,” a novel about a loosely connected group of 1970s Melbourne residents sorting out their lives, and “This House of Grief,” a nonfiction account of a wrenching murder trial, she is sure to attract new fans here.
Pantheon, Oct. 10
What is there to say about Madonna Louise Ciccone that she hasn’t said herself, in song and video, on talk shows and TikTok, through provocative pronouncements and a book called “Sex”? Over 800 pages, Gabriel, an indefatigable biographer who has also tackled Karl Marx and his wife Jenny von Westphalen, provides an answer.
Little, Brown, Oct. 10
More than three decades after “The Firm” rocketed onto best-seller lists and made him a household name, Grisham revisits the novel’s indelible main characters, Mitch and Abby McDeere.
Doubleday, Oct. 17
Reid, an executive editor at Foreign Affairs, traces the life and death of Patrice Lumumba, the first prime minister of the Republic of Congo, who was in office only a few months before he was deposed and assassinated in 1961. As he plumbs recently declassified files, Reid sheds light on the C.I.A.’s role in the killing.
Knopf, Oct. 17
Tremor, by Teju Cole
A Nigerian-born photography professor at a New England college narrates this novel about art and power, finding much to ponder — on colonialism, subjectivity, identity — in the everyday details of teaching, travel and working. Around him is a world not of idyllic pleasures but of latent violence and instability.
Random House, Oct. 17
Ward, the two-time National Book Award-winning novelist, conjures the horrors of antebellum slavery through the story of Annis, who is forced on a harrowing march from a plantation in North Carolina to the slave markets of New Orleans — a journey overseen by spirits and steeped in allusions to Dante’s “Inferno.”
Scribner, Oct. 24
“I never lost sight of what the character gave me,” Winkler, the star of “Happy Days,” writes in a showbiz memoir flavored with gratitude — for a life-changing audition, a long marriage, a sideline writing kids’ books and a second stab at TV acclaim in HBO’s “Barry.”
Celadon, Oct. 31
In her revelatory memoir, the two-time Olympic gold medalist and three-time world champion exposes the pain and humiliation she’s endured at the hands of the international body governing athletics and the international public, who have challenged her identity as a woman — and as the fastest woman in the world.
Norton, Oct. 31
History meets horror in Due’s latest novel, about a Black boy in 1950s Florida, Robbie, who gets sent to a brutal reformatory school after defending his sister from a racist attack. But it’s not just the warden Robbie needs to watch out for — this school is also haunted by the ghosts of students who died there.
Saga Press, Oct. 31


Home Depot Says Surveillance Footage Shows Tyrese Gibson Is Lying

Wynonna Judd’s Cheeky Comment About Tim McGraw Proves She’s a Champion

68 Beauty Products That Work So Well, It’s Almost Ridiculous

Kelly Ripa and Mark Consuelos’ NSFW Sex Confessions

Taylor Swift Gives Ice Spice Top Props: ‘Impresses the Hell Out of Me’

24 of Country Music’s Cutest Couples That Are Ultimate Goals

Modern Masculinity Is Broken. She Knows How to Fix It.

People Revealed What It’s Like Being In Relationships With Huge Age Gaps, And It’s Eye-Opening

Hulk Hogan Marries Sky Daily in Intimate Florida Wedding Ceremony

Kerry Washington Goes Deep

Home Depot Says Surveillance Footage Shows Tyrese Gibson Is Lying

Kelly Ripa and Mark Consuelos’ NSFW Sex Confessions

Taylor Swift Gives Ice Spice Top Props: ‘Impresses the Hell Out of Me’

Sir Michael Gambon Dead: ‘Harry Potter’ Stars and More Stars React

Infowars’ Alex Jones Choked Unconscious By Jiu-Jitsu Champ, Snores On Mic
Trending
-
Celebrity5 days ago
24 of Country Music’s Cutest Couples That Are Ultimate Goals
-
Books5 days ago
Modern Masculinity Is Broken. She Knows How to Fix It.
-
Trending1 week ago
People Revealed What It’s Like Being In Relationships With Huge Age Gaps, And It’s Eye-Opening
-
TV & Movies5 days ago
Hulk Hogan Marries Sky Daily in Intimate Florida Wedding Ceremony
-
Books5 days ago
Kerry Washington Goes Deep
-
News2 days ago
Airbnb Features Shrek’s Swamp, Complete With Outhouse
-
Music5 days ago
Keith Richards says John Lennon and George Harrison would have fitted into The Rolling Stones
-
Music1 week ago
Lana Del Rey explains viral Waffle House shift photos