Flash Crash book cover

Flash Crash by Liam Vaughan Summary

Flash Crash
Liam Vaughan
4.19 (3098 Reviews)
Finance
Biography
Economics
Panoramica
Punti Chiave
Autore
Domande Frequenti

Overview of Flash Crash

How a lone trader from his bedroom triggered a trillion-dollar market meltdown. "Flash Crash" exposes Wall Street's algorithmic vulnerabilities, soon to be a Dev Patel film. As Bethany McLean asks: "How could one person crash the world's most sophisticated financial system?"

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Punti chiave

1

When a Trillion Dollars Vanished in Minutes

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On May 6, 2010, the impossible happened. In less than five minutes, a trillion dollars evaporated from U.S. stock markets before mysteriously reappearing. Procter & Gamble shares plummeted from $62 to $39 in seconds. Apple stock briefly traded at $100,000 per share. The financial world watched in horror, paralyzed by a phenomenon no one could explain. For five years, the Flash Crash remained Wall Street's greatest mystery-until investigators traced the chaos back to an unlikely source: a socially awkward day trader working from his childhood bedroom in suburban London. Navinder Singh Sarao had never attended business school, never worked for a bank, and never even visited America. Yet somehow, this solitary figure had developed a technique so effective at manipulating markets that it would briefly break the entire global financial system. The S&P 500 dropped 5 percent in four minutes. Individual stocks traded at absurd prices-some at pennies, others at $100,000 per share. After a five-second trading halt, markets mysteriously recovered almost as quickly as they'd fallen, but the damage was done. A trillion dollars had briefly vanished, and no one knew why.

2

The Accidental Millionaire and His Lucky Break

3

When the Machines Took Over and Nav Fought Back

4

Building the Perfect Deception

5

The Investigation That Changed Everything

6

The Arrest and the Folk Hero

7

The Price of Genius and What It Means for All of Us

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@Raaaaaachelw
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@Matt, YC alum
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108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC
platform
comments
254
likes
17

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore
platform
star
star
star
star
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"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful
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comments
96
likes
4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

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