Against the Gods
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Against the Gods : The Remarkable Story of Risk

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A Business Week, New York Times Business, and USA Today Bestseller



"Ambitious and readable . . . an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism." -The New York Times



"An extraordinarily entertaining and informative book." -The Wall Street Journal



"A lively panoramic book . . . Against the Gods sets up an ambitious premise and then delivers on it." -Business Week



"Deserves to be, and surely will be, widely read." -The Economist



"[A] challenging book, one that may change forever the way people think about the world." -Worth



"No one else could have written a book of such central importance with so much charm and excitement." -Robert Heilbroner author, The Worldly Philosophers



"With his wonderful knowledge of the history and current manifestations of risk, Peter Bernstein brings us Against the Gods. Nothing like it will come out of the financial world this year or ever. I speak carefully: no one should miss it." -John Kenneth Galbraith Professor of Economics Emeritus, Harvard University



In this unique exploration of the role of risk in our society, Peter Bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the distant past. Against the Gods chronicles the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today.



"An extremely readable history of risk." -Barron's



"Fascinating . . . this challenging volume will help you understand the uncertainties that every investor must face." -Money



"A singular achievement." -Times Literary Supplement



"There's a growing market for savants who can render the recondite intelligibly-witness Stephen Jay Gould (natural history), Oliver Sacks (disease), Richard Dawkins (heredity), James Gleick (physics), Paul Krugman (economics)-and Bernstein would mingle well in their company." -The Australian
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Product details

  • Paperback | 400 pages
  • 154 x 226 x 32mm | 499.99g
  • New York, United States
  • English
  • 1. Auflage
  • Mit Abb.
  • 0471295639
  • 9780471295631
  • 25,238

Back cover copy

A Business Week, New York Times Business, and USA Today Bestseller

"Ambitious and readable . . . an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism." --The New York Times

"An extraordinarily entertaining and informative book." --The Wall Street Journal

"A lively panoramic book . . . Against the Gods sets up an ambitious premise and then delivers on it." --Business Week

"Deserves to be, and surely will be, widely read." --The Economist

"[A] challenging book, one that may change forever the way people think about the world." --Worth

"No one else could have written a book of such central importance with so much charm and excitement." --Robert Heilbroner author, The Worldly Philosophers

"With his wonderful knowledge of the history and current manifestations of risk, Peter Bernstein brings us Against the Gods. Nothing like it will come out of the financial world this year or ever. I speak carefully: no one should miss it." --John Kenneth Galbraith Professor of Economics Emeritus, Harvard University
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Table of contents

Acknowledgments ix


Introduction 1


TO 1200: BEGINNINGS


1. The Winds of the Greeks and the Role
of the Dice 11


2. As Easy as I, II, III 23


1200 1700: A THOUSAND OUTSTANDING FACTS


3. The Renaissance Gambler 39


4. The French Connection 57


5. The Remarkable Notions of the Remarkable Notions Man 73


1700 1900: MEASUREMENT UNLIMITED


6. Considering the Nature of Man 99


7. The Search for Moral Certainty 116


8. The Supreme Law of Unreason 135


9. The Man with the Sprained Brain 152


10. Peapods and Perils 172


11. The Fabric of Felicity 187


1900 1960: CLOUDS OF VAGUENESS AND THE DEMAND FOR PRECISION


12. The Measure of Our Ignorance 197


13. The Radically Distinct Notion 215


14. The Man Who Counted Everything Except Calories 231


15. The Strange Case of the Anonymous Stockbroker 247


DEGREES OF BELIEF:EXPLORING UNCERTAINTY


16. The Failure of Invariance 269


17. The Theory Police 284


18. The Fantastic System of Side Bets 304


19. Awaiting the Wildness 329


Notes 339


Bibliography 353


Name Index 365


Subject Index 369
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Review Text

Human existence is based upon risk. This text charts the adventures of a group of thinkers who embarked on a voyage of intellectual discovery, transforming primeval superstition into the powerful tools of risk control employed today.
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Review quote

"...provides an excellent history about risk and it's vital role in markets." (
Wall Street Journal, August 7, 2006)
an excellent book on what can be a dry subject (Financial World, 1st December 2005)


"I must say that I enjoyed the book, it was written in a light-hearted manner".(Money Matters, April 2001)


No. 7 bestseller in 'Risk' (erivativesreview.com, December 2001)
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About Peter L. Bernstein

PETER L. BERNSTEIN is President of Peter L. Bernstein, Inc., economic consultants to institutional advisors and corporations. His semimonthly analysis of the capital markets and the real economy, Economics and Portfolio Strategy, is read by managers and owners of investments totaling over one trillion dollars. Mr. Bernstein is the author of many articles in the professional and popular press, as well as six books in economics and finance, including the bestselling Capital Ideas: The Improbable Origins of Modern Wall Street. He is the coeditor of Investment Management (Wiley), and was the first editor of The Journal of Portfolio Management.
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Rating details

8,573 ratings
3.95 out of 5 stars
5 35% (2,998)
4 35% (3,017)
3 22% (1,899)
2 6% (506)
1 2% (153)
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