The House Advantage: Playing the Odds to Win Big In Business Review

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(More customer reviews)We're not designed to think unemotionally nor about abstract statistics. But Ma's book shows us that if we do learn to do so, we can achieve something we are designed to pursue--success. This book outlines and explores just how to do that. It's a great read for various demographics: the not-so-business savvy who wants to become so; the "layperson" looking to find ways for making better life-decisions; or the expert businessperson looking to uncover an edge in bringing down their own sort of house.
Ma describes things for the reader that will get you up to speed on both your gambling--i.e. the nuances of 21--and your business-speak--i.e. I finally learned what an option is and then how it relates to volatility and the Mexican economic crisis' affect on the U.S. dollar--without turning the expert off in either arena. Not an easy task as a writer and is done exceptionally well here.
The book is of the same genre as Lewis' Moneyball (a book Ma cites as life-changing in the Acknowledgments). Ideal for the neophyte interested in economics, finance, etc., combining the highfalutin world of casino gambling with modern day finance. In a sense, Ma urges us to put our faith in something that we believe in--which is rooted in clear thinking and statistics--and forge ahead, regardless of the valleys that may occur in the arena of "ups and downs."
Ma uses well-told personal anecdotes to explain cognitive errors common in academic psychology such as the gambler's fallacy and confirmation bias. Clearly not a man of superstition, frowning up on the "same-roller" phenomenon in craps and the concept of `statistical atheist', making sure the reader knows he's not involved in magic or some form of voodoo. Instead, he employs a more stoic approach that follows the logic--follows the math--and never gives up.
This book isn't just fun, it isn't just interesting (though it is both of those) but it's also something that will help the reader make better decisions both inside the business world and out.

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